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COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT - Summary of Commercial Mortgage Loans (Details) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2026 USD ($) mortgageLoan | Dec. 31, 2025 USD ($) mortgageLoan
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Allowance for credit losses | [1] | $ (19,543,903) | $ (22,658,121)
One month SOFR rate ( as a percent) |  |  | 3.85%
Weighted average LIBOR floor rate (as a percent) |  | 2.25% | 2.18%
Weighted average floating rate |  | 100.00% | 100.00%
Commercial mortgage loans held-for-investment, net of allowance for credit losses | [1] | $ 1,108,061,062 | $ 1,114,047,992
Commercial Real Estate Portfolio Segment |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Unpaid Principal Balance |  | 1,130,899,067 | 1,140,268,217
Carrying Value |  | 1,127,604,965 | 1,136,706,113
Coupon Value, net |  | $ 1,108,061,062 | $ 1,114,047,992
Loan Count | mortgageLoan |  | 57 | 61
Weighted average, floating rate loan % |  | 100.00% | 100.00%
Weighted Average, Coupon rate |  | 7.10% | 7.20%
Weighted Average, Term (years) |  | 1 year 7 months 6 days | 1 year 8 months 12 days
Unaccreted purchase discounts |  | $ (1,255,406) | $ (1,657,584)
Commercial mortgage loans held-for-investment, net of allowance for credit losses |  | 1,108,061,062 | 1,114,047,992
Outstanding senior secured loans from loan participations |  | 452,155,924 | 257,983,507
Commercial Real Estate Portfolio Segment | Hunt CMT |  |  |
Accounts, Notes, Loans and Financing Receivable [Line Items] |  |  |
Commercial mortgage loans held-for-investment, net of allowance for credit losses |  | $ 655,905,141 | $ 856,064,487
[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 March 31, 2026 and December 31, 2025, assets of consolidated VIEs totaled $666,553,315 and $889,507,091, respectively and the liabilities of consolidated VIEs totaled $581,030,250 and $750,274,556 respectively. See Note 4 for further discussion.

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