XML 19 R6.htm IDEA: XBRL DOCUMENT v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net income (loss) $ 206,583 $ (522,568)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Accretion of commercial mortgage loans held-for-investment discounts (482,639) (487,996)
Accretion of deferred loan fees (797,632) (523,944)
Amortization of deferred financing costs 775,839 312,065
(Release of) provision for credit losses, net (732,373) 5,739,974
Depreciation and amortization 304,885 0
Loss on extinguishment of debt 1,152,861 0
Real estate owned impairment expense 1,350,435 0
Unrealized loss on mortgage servicing rights 30,245 22,518
Non-cash compensation expense 52,499 42,492
Net change in:    
Accrued interest receivable (123,592) 383,566
Other assets 543,631 (392,690)
Accrued interest payable (95,222) (210,993)
Fees and expenses payable to Manager 1,560,000 (5,067)
Other liabilities (175,694) (263,460)
Net cash provided by operating activities 3,569,826 4,093,897
Cash flows from investing activities:    
Purchase and funding of commercial mortgage loans held-for-investment (47,845,148) 0
Purchase of real estate owned (246,437) 0
Principal payments from commercial mortgage loans held-for-investment 62,212,238 54,977,677
Proceeds from sale of real estate owned 381,752 0
Capital expenditures on real estate owned, held-for-investment (191,183) 0
Deferred loan fees 931,808 315,943
Net cash provided by investing activities 15,243,030 55,293,620
Cash flows from financing activities:    
Dividends paid on common stock (2,095,971) (8,892,566)
Dividends paid on preferred stock (1,181,250) (1,181,250)
Proceeds from secured financing agreements 191,617,908 0
Proceeds from secured term loan 2,250,000 0
Payment of secured financing agreements (35,019,643) 0
Payment of securitized debt obligations (169,655,462) (56,355,740)
Payment of deferred financing costs (724,505) 0
Net cash (used in) financing activities (14,808,923) (66,429,556)
Net increase (decrease) in cash, cash equivalents and restricted cash 4,003,933 (7,042,039)
Cash, cash equivalents and restricted cash, beginning of period 26,618,082 71,564,098
Cash, cash equivalents and restricted cash, end of period 30,622,015 64,522,059
Supplemental disclosure of cash flow information    
Cash paid for interest 14,690,162 14,474,314
Non-cash investing and financing activities information    
Dividends declared but not paid at end of period 3,098,787 5,187,166
Transfer of senior loans to real estate owned, held-for-investment 8,150,000 0
Accrued capital expenditures on real estate owned $ 47,562 $ 0