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COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Schedule of Commercial Mortgage Loans

The following tables summarize certain characteristics of the Company's investments in commercial mortgage loans as of March 31, 2026 and December 31, 2025:

																								Weighted Average
Loan Type						Unpaid Principal Balance						Carrying Value(1)						Loan Count						Floating Rate Loan %						Coupon(2)						Term  (Years)(3)
March 31, 2026
Loans held-for-investment
Senior secured loans(4)						$	1,130,899,067					$	1,127,604,965					57						100.0		%				7.1		%				1.6
Allowance for credit losses						N/A						(19,543,903)
						1,130,899,067						1,108,061,062						57						100.0		%				7.1		%				1.6

																								Weighted Average
Loan Type						Unpaid Principal Balance						Carrying Value(1)						Loan Count						Floating Rate Loan %						Coupon(2)						Term  (Years)(3)
December 31, 2025
Loans held-for-investment
Senior secured loans(4)						$	1,140,268,217					$	1,136,706,113					61						100.0		%				7.2		%				1.7
Allowance for credit losses						N/A						(22,658,121)
						1,140,268,217						1,114,047,992						61						100.0		%				7.2		%				1.7

(1)    Carrying Value includes $1,255,406 and $1,657,584 in unamortized purchase discounts as of March 31, 2026 and December 31, 2025, respectively.

(2)    Weighted average coupon assumes applicable 30-day term Secured Overnight Financing Rate ("SOFR") of 3.67% and 3.85% as of March 31, 2026 and December 31, 2025, respectively, inclusive of weighted average interest rate floor of 2.25% and 2.18%, respectively. As of March 31, 2026 and December 31, 2025, 100.0% of the investments by total investment exposure earned a floating rate indexed to 30-day term SOFR.

(3)    Weighted average remaining term assumes all extension options are exercised by the borrower; provided, however, that our loans may be repaid prior to such date.

(4)    As of March 31, 2026, $655,905,141 of the outstanding senior secured loans were held in VIEs and $452,155,924 of the outstanding senior secured loans were held outside of VIEs. As of December 31, 2025, $856,064,487 of the outstanding senior secured loans were held in VIEs and $257,983,507 of the outstanding senior secured loans were held outside of VIEs.

Activity: For the three months ended March 31, 2026, the loan portfolio activity was as follows:

						Commercial Mortgage Loans Held-for-Investment
Balance at December 31, 2025						$	1,114,047,992
Purchases and advances						47,925,609
Principal payments						(46,762,914)
Transfer to real estate owned						(10,531,845)

Charge-offs						2,381,845
Purchase discount						(80,461)
Origination and other loan fees						(931,808)
Accretion of purchase discount						482,639
Accretion of deferred loan fees						797,632
Release of allowance for credit losses						732,373
Balance at March 31, 2026						$	1,108,061,062

Schedule of Loan Risk Ratings

The following table presents the principal balance and net book value of the loan portfolio based on the Company's internal risk ratings as of March 31, 2026 and December 31, 2025:

						March 31, 2026
																		Amortized Cost by Year of Origination
Risk Rating						Number of Loans						Outstanding Principal						2025						2024						2023						2022						2021
1						—						$	—					$	—					$	—					$	—					$	—					$	—
2						13						255,595,193						87,627,492						78,808,172						—						88,760,135						—
3						29						598,294,755						185,913,526						84,531,808						—						114,219,412						210,489,628
4						8						169,076,610						—						—						—						73,374,274						93,628,560
5						7						107,932,509						—						—						—						77,041,334						13,666,721
						57						$	1,130,899,067					$	273,541,018					$	163,339,980					$	—					$	353,395,155					$	317,784,909

						December 31, 2025
																		Amortized Cost by Year of Origination
Risk Rating						Number of Loans						Outstanding Principal						2025						2024						2023						2022						2021
1						—						$	—					$	—					$	—					$	—					$	—					$	—
2						9						161,089,912						43,904,254						48,438,856						—						68,375,256						—
3						38						752,514,730						182,723,449						133,591,415						—						134,038,225						297,723,546
4						6						109,281,497						—						—						—						73,034,316						34,009,099
5						8						117,382,078						—						—						—						84,542,855						13,666,721
						61						$	1,140,268,217					$	226,627,703					$	182,030,271					$	—					$	359,990,652					$	345,399,366

Schedule of Geographic Concentrations

The following tables present the geographic and property types of collateral underlying the Company's commercial mortgage loans as a percentage of the loans' carrying value as of March 31, 2026 and December 31, 2025:

Loans Held-for-Investment

						March 31, 2026						December 31, 2025
Geography
South						32.6		%				32.4		%
Southwest						22.8						26.2
Mid-Atlantic						20.0						16.9
Midwest						15.2						13.9

West						9.4						10.6
Total						100.0		%				100.0		%

						March 31, 2026						December 31, 2025
Collateral Property Type
Multifamily						92.6		%				92.6		%
Seniors Housing and Healthcare						7.4						7.4
Total						100.0		%				100.0		%

Schedule of Provision for Credit Losses

The following table presents the changes for the three months ended March 31, 2026 and March 31, 2025 in the provision for credit losses on loans held-for-investment:

						Three months ended
						March 31, 2026						March 31, 2025
Allowance for credit losses at beginning of period						$	22,658,121					$	11,320,220
(Release of) provision for credit losses						(732,373)						5,739,974
Charge offs						(2,381,845)						—
Allowance for credit losses at end of period						$	19,543,903					$	17,060,194

The following table presents the changes for the three months ended March 31, 2026 and March 31, 2025 in the provision for credit losses on the unfunded commitments of the Company's loans held-for-investment:

						Three months ended
						March 31, 2026						March 31, 2025
Allowance for credit losses at beginning of period						$	—					$	57,554
(Release of) provision for credit losses						—						(42,313)
Allowance for credit losses at end of period						$	—					$	15,241

The following tables present the allowance for credit losses for loans held-for-investment as of March 31, 2026 and December 31, 2025:

						March 31, 2026
						General Reserve						Specific Reserve						Total Reserve
Allowance for credit losses:
Loans held for investment						$	3,728,254					$	15,815,649					$	19,543,903
Total allowance for credit losses						$	3,728,254					$	15,815,649					$	19,543,903
Total unpaid principal balance						$	1,022,966,558					$	107,932,509					$	1,130,899,067

						December 31, 2025
						General Reserve						Specific Reserve						Total Reserve
Allowance for credit losses:
Loans held for investment						$	5,029,531					$	17,628,590					$	22,658,121
Total allowance for credit losses						$	5,029,531					$	17,628,590					$	22,658,121
Total unpaid principal balance						$	1,022,886,139					$	117,382,078					$	1,140,268,217

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