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Consolidated Balance Sheets - USD ($)
Mar. 31, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents [1] $ 21,249,107 $ 23,112,995
Restricted cash [1] 9,372,908 3,505,087
Commercial mortgage loans held-for-investment, at amortized cost [1] 1,127,604,965 1,136,706,113
Less: Allowance for credit losses [1] (19,543,903) (22,658,121)
Commercial mortgage loans held-for-investment, net of allowance for credit losses [1] 1,108,061,062 1,114,047,992
Real estate owned, held-for-investment, net [1] 34,430,492 26,839,010
Real estate owned, held-for-sale [1] 23,040,000 24,099,072
Mortgage servicing rights, at fair value [1] 524,001 554,246
Accrued interest receivable [1] 5,551,847 5,428,255
Investment related receivable [1] 0 15,449,323
Other assets [1] 2,588,447 2,944,179
Total assets [1] 1,204,817,864 1,215,980,159
LIABILITIES    
Securitized debt obligations, net [1] 580,302,828 748,433,484
Secured financing agreements, net [1] 348,723,957 191,943,220
Secured term loan, net [1] 49,635,956 47,719,278
Accrued interest payable [1] 1,774,654 1,869,876
Dividends payable [1] 3,098,787 3,093,470
Fees and expenses payable to Manager [1] 2,988,500 1,428,500
Other liabilities [1] 2,229,919 2,405,613
Total Liabilities [1] 988,754,601 996,893,441
COMMITMENTS AND CONTINGENCIES (NOTES 10 & 11) [1]
EQUITY    
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized; 7.875% Series A Cumulative Redeemable, $60,000,000 aggregate liquidation preference, 2,400,000 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively [1] 57,254,935 57,254,935
Common Stock: par value $0.01 per share; 450,000,000 shares authorized,52,439,463 and 52,399,265 shares issued and outstanding, at March 31, 2026 and December 31, 2025, respectively [1] 524,397 523,995
Additional paid-in capital [1] 314,941,298 314,889,201
Cumulative distributions to stockholders [1] (224,241,239) (220,958,702)
Accumulated earnings [1] 67,484,372 67,277,789
Total stockholders' equity [1] 215,963,763 218,987,218
Noncontrolling interests [1] 99,500 99,500
Total equity [1] 216,063,263 219,086,718
Total liabilities and equity [1] $ 1,204,817,864 $ 1,215,980,159
[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.