v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net income (loss) $ (7,806,322) $ 3,168,205
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Accretion of commercial mortgage loans held-for-investment discounts (971,833) (1,181,563)
Accretion of deferred loan fees (1,270,053) (1,192,902)
Amortization of deferred financing costs 1,402,116 627,596
Provision for credit losses, net 7,893,322 5,842,433
Depreciation and amortization 695,157 138,777
(Gain) on sale of real estate owned (145,435) 0
Loss on extinguishment of debt 1,152,861 0
Real estate owned impairment expense 1,350,435 0
Unrealized loss on mortgage servicing rights 47,513 58,974
Non-cash compensation expense 104,999 84,987
Net change in:    
Accrued interest receivable 918,694 310,299
Other assets 355,071 (542,998)
Accrued interest payable (445,136) (515,352)
Fees and expenses payable to Manager 1,636,549 231,869
Other liabilities (845,837) 675,136
Net cash provided by operating activities 4,072,101 7,705,461
Cash flows from investing activities:    
Purchase and funding of commercial mortgage loans held-for-investment (138,791,911) (3,605,000)
Purchase of real estate owned (246,437) 0
Principal payments from commercial mortgage loans held-for-investment 244,397,863 118,376,467
Proceeds from sale of real estate owned 12,611,050 0
Cash assumed from acquisition of real estate owned 1,044,784 0
Capital expenditures on real estate owned, held-for-investment (523,591) 0
Deferred loan fees 1,385,963 1,186,611
Net cash provided by investing activities 119,877,721 115,958,078
Cash flows from financing activities:    
Dividends paid on common stock (4,193,549) (13,078,523)
Dividends paid on preferred stock (2,370,001) (2,370,000)
Proceeds from secured financing agreements 191,617,908 0
Proceeds from secured term loan 2,250,000 0
Payment of secured financing agreements (112,814,342) 0
Payment of securitized debt obligations (169,655,462) (119,031,157)
Payment of deferred financing costs (724,505) 0
Net cash (used in) financing activities (95,889,951) (134,479,680)
Net increase (decrease) in cash, cash equivalents and restricted cash 28,059,871 (10,816,141)
Cash, cash equivalents and restricted cash, beginning of period 26,618,082 71,564,098
Cash, cash equivalents and restricted cash, end of period 54,677,953 60,747,957
Supplemental disclosure of cash flow information    
Cash paid for interest 28,977,698 28,081,380
Cash paid for income taxes 19,550 0
Non-cash investing and financing activities information    
Dividends declared but not paid at end of period 3,096,945  
Transfer of senior loans to real estate owned, held-for-investment 23,353,185 23,957,120
Accrued capital expenditures on real estate owned $ 84,611 $ 0