v3.26.1
FAIR VALUE - Fair Value Information on Financial Instruments (Details) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents [1] $ 28,979,474 $ 23,112,995
Restricted cash [1] 25,698,479 3,505,087
Total assets [1] 1,115,459,199 1,215,980,159
Collateralized loan obligations and secured financings [1] 580,686,518 748,433,484
Master repurchase agreements 271,140,326 191,943,220
Secured Term Loan [1] 49,667,476 47,719,278
Total Liabilities [1] 910,640,830 996,893,441
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total assets 1,046,342,779 1,140,666,074
Total Liabilities 901,494,320 988,095,982
Carrying Value | Quoted prices in active markets for identical assets Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 28,979,474 23,112,995
Restricted cash 25,698,479 3,505,087
Commercial mortgage loans held-for-investment, net   1,114,047,992
Carrying Value | Significant other observable inputs Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized loan obligations and secured financings 580,686,518 748,433,484
Carrying Value | Unobservable inputs Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commercial mortgage loans held-for-investment, net 991,664,826  
Master repurchase agreements 246,645,997 175,204,869
Term lending agreement 24,494,329 16,738,351
Secured Term Loan 49,667,476 47,719,278
Face Amount    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total assets 1,069,343,912 1,166,886,299
Total Liabilities 907,980,347 996,582,243
Face Amount | Quoted prices in active markets for identical assets Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 28,979,474 23,112,995
Restricted cash 25,698,479 3,505,087
Commercial mortgage loans held-for-investment, net   1,140,268,217
Face Amount | Significant other observable inputs Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized loan obligations and secured financings 584,983,000 754,638,462
Face Amount | Unobservable inputs Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commercial mortgage loans held-for-investment, net 1,014,665,959  
Master repurchase agreements 248,297,347 177,193,781
Term lending agreement 24,700,000 17,000,000
Secured Term Loan 50,000,000 47,750,000
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total assets 1,049,744,938 1,146,263,108
Total Liabilities 908,410,353 995,741,456
Fair Value | Quoted prices in active markets for identical assets Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and cash equivalents 28,979,474 23,112,995
Restricted cash 25,698,479 3,505,087
Commercial mortgage loans held-for-investment, net   1,119,645,026
Fair Value | Significant other observable inputs Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Collateralized loan obligations and secured financings 587,815,230 756,051,842
Fair Value | Unobservable inputs Level 3    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Commercial mortgage loans held-for-investment, net 995,066,985  
Master repurchase agreements 246,645,997 175,204,869
Term lending agreement 24,494,329 16,738,351
Secured Term Loan $ 49,454,797 $ 47,746,394
[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company was the primary beneficiary of these VIEs. As of June 30, 2026 and December 31, 2025, assets of consolidated VIEs totaled $662,520,376 and $889,507,091, respectively, and the liabilities of consolidated VIEs totaled $581,587,437 and $750,274,556, respectively. See Note 4 for further discussion.