XML 46 R33.htm IDEA: XBRL DOCUMENT
v3.26.1

FAIR VALUE (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Carried at Fair Value on a Recurring Basis | The following tables summarize the valuation of the Company's assets and liabilities carried at fair value on a recurring basis within the fair value hierarchy levels as of March 31, 2026 and December 31, 2025:
|  | March 31, 2026
|  | Quoted prices in active markets for identical assets Level 1 |  | Significant other observable inputs Level 2 |  | Unobservable inputs Level 3 |  | Balance as of March 31, 2026
Assets: |  |  |  |  |  |  |  |
Mortgage servicing rights |  | $ | — |  |  | $ | — |  |  | $ | 524,001 |  |  | $ | 524,001 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 524,001 |  |  | $ | 524,001 |
|  | December 31, 2025
|  | Quoted prices in active markets for identical assets Level 1 |  | Significant other observable inputs Level 2 |  | Unobservable inputs Level 3 |  | Balance as of December 31, 2025
Assets: |  |  |  |  |  |  |  |
Mortgage servicing rights |  | $ | — |  |  | $ | — |  |  | $ | 554,246 |  |  | $ | 554,246 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 554,246 |  |  | $ | 554,246 |
Schedule of Quantitative Information About the Significant Unobservable Inputs Used in the Fair Value Measurement of MSRs Classified as Level 3 | The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Company's MSRs classified as Level 3 fair value assets at March 31, 2026 and December 31, 2025:
As of March 31, 2026
Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
Discounted cash flow |  | Constant prepayment rate |  | 7.0 - 8.7% |  | 7.9 | %
|  | Discount rate |  | 12.0 | % |  | 12.0 | %
As of December 31, 2025
Valuation Technique |  | Unobservable Input |  | Range |  | Weighted Average
Discounted cash flow |  | Constant prepayment rate |  | 7.0 - 8.6% |  | 7.9 | %
|  | Discount rate |  | 12.0 | % |  | 12.0 | %
Schedule of Fair Value Schedule of Financial Instruments | The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2:
|  | March 31, 2026
|  | Level in Fair Value Hierarchy |  | Carrying Value |  | Face Amount |  | Fair Value
Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 1 |  | $ | 21,249,107 |  |  | $ | 21,249,107 |  |  | $ | 21,249,107 |
Restricted cash |  | 1 |  | 9,372,908 |  |  | 9,372,908 |  |  | 9,372,908 |
Commercial mortgage loans held-for-investment, net |  | 3 |  | 1,108,061,062 |  |  | 1,130,899,066 |  |  | 1,112,987,038 |
Total |  |  |  | $ | 1,138,683,077 |  |  | $ | 1,161,521,081 |  |  | $ | 1,143,609,053 |
Liabilities: |  |  |  |  |  |  |  |
Collateralized loan obligations and secured financings |  | 2 |  | $ | 580,302,828 |  |  | $ | 584,983,000 |  |  | $ | 588,122,325 |
Master repurchase agreements |  | 3 |  | 313,515,142 |  |  | 315,342,045 |  |  | 313,515,142 |
Term lending agreement |  | 3 |  | 35,208,815 |  |  | 35,450,000 |  |  | 35,208,815 |
Secured Term Loan |  | 3 |  | 49,635,956 |  |  | 50,000,000 |  |  | 48,913,772 |
Total |  |  |  | $ | 978,662,741 |  |  | $ | 985,775,045 |  |  | $ | 985,760,054 |
|  | December 31, 2025
|  | Level in Fair Value Hierarchy |  | Carrying Value |  | Face Amount |  | Fair Value
Assets: |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 1 |  | $ | 23,112,995 |  |  | $ | 23,112,995 |  |  | $ | 23,112,995 |
Restricted cash |  | 1 |  | 3,505,087 |  |  | 3,505,087 |  |  | 3,505,087 |
Commercial mortgage loans held-for-investment, net |  | 3 |  | 1,114,047,992 |  |  | 1,140,268,217 |  |  | 1,119,645,026 |
Total |  |  |  | $ | 1,140,666,074 |  |  | $ | 1,166,886,299 |  |  | $ | 1,146,263,108 |
Liabilities: |  |  |  |  |  |  |  |
Collateralized loan obligations and secured financings |  | 2 |  | $ | 748,433,484 |  |  | $ | 754,638,462 |  |  | $ | 756,051,842 |
Master repurchase agreements |  | 3 |  | 175,204,869 |  |  | 177,193,781 |  |  | 175,204,869 |
Term lending agreement |  | 3 |  | 16,738,351 |  |  | 17,000,000 |  |  | 16,738,351 |
Secured term loan |  | 3 |  | 47,719,278 |  |  | 47,750,000 |  |  | 47,746,394 |
Total |  |  |  | $ | 988,095,982 |  |  | $ | 996,582,243 |  |  | $ | 995,741,456 |

X
- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 55 -Paragraph 10 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-10 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-13 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482881/825-10-55-12 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-12 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482907/825-10-50-11 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration