[
  {
    "table_id": "lft-2026q1-supplemental-p16-t1",
    "content_fingerprint": "f1d50c39",
    "title": "Condensed Consolidated Balance Sheets",
    "subtitle": "",
    "markdown": "|  | March 31, 2026(1) | December 31, 2025(1) |\n| --- | --- | --- |\n|  | (unaudited) |  |\n| ASSETS |  |  |\n| Cash and cash equivalents | $ 21,249,107 | $ 23,112,995 |\n| Restricted cash | 9,372,908 | 3,505,087 |\n| Commercial mortgage loans held-for-investment, at amortized cost | 1,127,604,965 | 1,136,706,113 |\n| Less: Allowance for credit losses | (19,543,903) | (22,658,121) |\n| Commercial mortgage loans held-for-investment, net of allowance for credit losses | 1,108,061,062 | 1,114,047,992 |\n| Real estate owned, held-for-investment, net | 34,430,492 | 26,839,010 |\n| Real estate owned, held-for-sale | 23,040,000 | 24,099,072 |\n| Mortgage servicing rights, at fair value | 524,001 | 554,246 |\n| Accrued interest receivable | 5,551,847 | 5,428,255 |\n| Investment related receivable | \u2014 | 15,449,323 |\n| Other assets | 2,588,447 | 2,944,179 |\n| Total assets | $ 1,204,817,864 | $ 1,215,980,159 |\n| LIABILITIES AND EQUITY |  |  |\n| LIABILITIES |  |  |\n| Securitized debt obligations, net | 580,302,828 | 748,433,484 |\n| Secured financing agreements, net | 348,723,957 | 191,943,220 |\n| Secured term loan, net | 49,635,956 | 47,719,278 |\n| Accrued interest payable | 1,774,654 | 1,869,876 |\n| Dividends payable | 3,098,787 | 3,093,470 |\n| Fees and expenses payable to Manager | 2,988,500 | 1,428,500 |\n| Other liabilities | 2,229,919 | 2,405,613 |\n| Total liabilities | 988,754,601 | 996,893,441 |\n| COMMITMENTS AND CONTINGENCIES (NOTES 10 & 11) |  |  |\n| EQUITY |  |  |\n| 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 | 57,254,935 | 57,254,935 |\n| 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 | 524,397 | 523,995 |\n| Additional paid-in capital | 314,941,298 | 314,889,201 |\n| Cumulative distributions to stockholders | (224,241,239) | (220,958,702) |\n| Accumulated earnings | 67,484,372 | 67,277,789 |\n| Total stockholders' equity | 215,963,763 | 218,987,218 |\n| Noncontrolling interests | $ 99,500 | $ 99,500 |\n| Total equity | $ 216,063,263 | $ 219,086,718 |\n| Total liabilities and equity | $ 1,204,817,864 | $ 1,215,980,159 |",
    "footnotes": [
      {
        "marker": "1",
        "text": ""
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    "footnote_refs": [
      "(1)"
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        "marker": "(1)",
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        "col": 1,
        "kind": "footnote",
        "scope": "cell"
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      {
        "marker": "(1)",
        "row": 0,
        "col": 2,
        "kind": "footnote",
        "scope": "cell"
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    "units": "",
    "header_rows": 2,
    "page": 16,
    "bbox": null,
    "som_region": [
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        {
          "text": "March 31, 2026(1)",
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        {
          "text": "December 31, 2025(1)",
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          "box": [
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        {
          "text": "(unaudited)",
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            0.17434253945158232
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          "box": null,
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      ],
      [
        {
          "text": "ASSETS",
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        {
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          "box": null,
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        {
          "text": "",
          "box": [
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            0.7544290284939102,
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      [
        {
          "text": "Cash and cash equivalents",
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            0.5912280536493799,
            0.2072832576731314
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        {
          "text": "21,249,107",
          "box": [
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            0.19087817340367444,
            0.671791222152648,
            0.20729975082733
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        {
          "text": "23,112,995",
          "box": [
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            0.19089711209983518,
            0.7544284946880537,
            0.20731666796612874
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        {
          "text": "Restricted cash",
          "box": [
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            0.5912255554094727,
            0.22508763537461
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          "status": null,
          "note": null
        },
        {
          "text": "9,372,908",
          "box": [
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            0.2072832576731314,
            0.6717915542002013,
            0.22510033172774807
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          "status": null,
          "note": null
        },
        {
          "text": "3,505,087",
          "box": [
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            0.20729975082733,
            0.7544279664820904,
            0.22511335382768574
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          "status": null,
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      ],
      [
        {
          "text": "Commercial mortgage loans held-for-investment, at amortized cost",
          "box": [
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            0.22503299763465634,
            0.5912228440788777,
            0.2412130650785158
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          "status": null,
          "note": null
        },
        {
          "text": "1,127,604,965",
          "box": [
            0.5912203884260239,
            0.22508763537461,
            0.6717918548511937,
            0.2412177891813845
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          "status": null,
          "note": null
        },
        {
          "text": "1,136,706,113",
          "box": [
            0.6717915542002013,
            0.22510033172774807,
            0.7544273932966387,
            0.24122263427544194
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          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Less: Allowance for credit losses",
          "box": [
            0.24450267656364172,
            0.24119273616792347,
            0.5912203884260239,
            0.25830460770034114
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          "status": null,
          "note": null
        },
        {
          "text": "(19,543,903)",
          "box": [
            0.5912177856491561,
            0.2412130650785158,
            0.6717921736531638,
            0.25830829384242177
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(22,658,121)",
          "box": [
            0.6717918548511937,
            0.2412177891813845,
            0.7544268744581728,
            0.2583120742151508
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          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Commercial mortgage loans held-for-investment, net of allowance for credit losses",
          "box": [
            0.24450355524726172,
            0.25828874611024677,
            0.5912177856491561,
            0.27502585309787886
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,108,061,062",
          "box": [
            0.5912152392628125,
            0.25830460770034114,
            0.671792485603971,
            0.2750315177399678
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,114,047,992",
          "box": [
            0.6717921736531638,
            0.25830829384242177,
            0.7544263240512924,
            0.2750373269241864
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Real estate owned, held-for-investment, net",
          "box": [
            0.24450441423159427,
            0.275001479061518,
            0.5912152392628125,
            0.29220873017645266
          ],
          "status": null,
          "note": null
        },
        {
          "text": "34,430,492",
          "box": [
            0.5912126225771235,
            0.27502585309787886,
            0.6717928063125814,
            0.2922242345904175
          ],
          "status": null,
          "note": null
        },
        {
          "text": "26,839,010",
          "box": [
            0.671792485603971,
            0.2750315177399678,
            0.7544257853739452,
            0.29224013387563613
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Real estate owned, held-for-sale",
          "box": [
            0.24450529520398945,
            0.29214202030215036,
            0.5912126225771235,
            0.30914815387539374
          ],
          "status": null,
          "note": null
        },
        {
          "text": "23,040,000",
          "box": [
            0.5912100429656084,
            0.29220873017645266,
            0.6717931220109021,
            0.30914835717222355
          ],
          "status": null,
          "note": null
        },
        {
          "text": "24,099,072",
          "box": [
            0.6717928063125814,
            0.2922242345904175,
            0.754425231315805,
            0.30914856563702003
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Mortgage servicing rights, at fair value",
          "box": [
            0.2445061692232782,
            0.3091472792029527,
            0.5912100429656084,
            0.325900951914701
          ],
          "status": null,
          "note": null
        },
        {
          "text": "524,001",
          "box": [
            0.5912074917742869,
            0.30914815387539374,
            0.6717934345606474,
            0.3259036892661865
          ],
          "status": null,
          "note": null
        },
        {
          "text": "554,246",
          "box": [
            0.6717931220109021,
            0.30914835717222355,
            0.7544246867387321,
            0.32590649607461536
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Accrued interest receivable",
          "box": [
            0.24450702970650168,
            0.3258891751582093,
            0.5912074917742869,
            0.3424596638422712
          ],
          "status": null,
          "note": null
        },
        {
          "text": "5,551,847",
          "box": [
            0.5912049701392701,
            0.325900951914701,
            0.6717937434680205,
            0.3424637591333157
          ],
          "status": null,
          "note": null
        },
        {
          "text": "5,428,255",
          "box": [
            0.6717934345606474,
            0.3259036892661865,
            0.7544241470089195,
            0.34246795814706443
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Investment related receivable",
          "box": [
            0.2445078804743854,
            0.34244204568743597,
            0.5912049701392701,
            0.3598050875579804
          ],
          "status": null,
          "note": null
        },
        {
          "text": "\u2014",
          "box": [
            0.5912023287002491,
            0.3424596638422712,
            0.6717940672389343,
            0.3598206415659779
          ],
          "status": null,
          "note": null
        },
        {
          "text": "15,449,323",
          "box": [
            0.6717937434680205,
            0.3424637591333157,
            0.7544236136068473,
            0.3598365887579287
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Other assets",
          "box": [
            0.24450876944362038,
            0.35973817655083334,
            0.5912023287002491,
            0.37690990036065325
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2,588,447",
          "box": [
            0.5911997239025386,
            0.3598050875579804,
            0.6717943869614705,
            0.37696049642980656
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2,944,179",
          "box": [
            0.6717940672389343,
            0.3598206415659779,
            0.7544230542079536,
            0.3770123690676992
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total assets",
          "box": [
            0.24450964083232307,
            0.3766922537479367,
            0.5911997239025386,
            0.3938570047448437
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$ 1,204,817,864",
          "box": [
            0.5911971431213743,
            0.37690990036065325,
            0.6717947032363154,
            0.39391552562668997
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$ 1,215,980,159",
          "box": [
            0.6717943869614705,
            0.37696049642980656,
            0.754422501020272,
            0.39397552024206267
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.24451051011112582,
            0.39360527991025657,
            0.5911971431213743,
            0.4102373089035751
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5911946486550936,
            0.3938570047448437,
            0.6717950089034059,
            0.4103018887155856
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6717947032363154,
            0.39391552562668997,
            0.7544219546808275,
            0.410368091875387
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "LIABILITIES AND EQUITY",
          "box": [
            0.24451135067073,
            0.40995953418715964,
            0.7544214267182819,
            0.427609411453604
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "LIABILITIES",
          "box": [
            0.24451223695034424,
            0.4272033347445822,
            0.7544208714197489,
            0.44392642807002414
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Securitized debt obligations, net",
          "box": [
            0.24451308600149904,
            0.4437228039291267,
            0.5911895282512251,
            0.4609835524361795
          ],
          "status": null,
          "note": null
        },
        {
          "text": "580,302,828",
          "box": [
            0.5911869207892293,
            0.44386124418733736,
            0.6717959549838199,
            0.4610198680416139
          ],
          "status": null,
          "note": null
        },
        {
          "text": "748,433,484",
          "box": [
            0.6717956355116151,
            0.4438934330785986,
            0.7544203458906357,
            0.4610570913475726
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Secured financing agreements, net",
          "box": [
            0.2445139651249275,
            0.4608273709560452,
            0.5911869207892293,
            0.4782776168141751
          ],
          "status": null,
          "note": null
        },
        {
          "text": "348,723,957",
          "box": [
            0.591184287171439,
            0.4609835524361795,
            0.6717962774705796,
            0.4783079088574307
          ],
          "status": null,
          "note": null
        },
        {
          "text": "191,943,220",
          "box": [
            0.6717959549838199,
            0.4610198680416139,
            0.7544197941560576,
            0.47833895657466713
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Secured term loan, net",
          "box": [
            0.24451485531972272,
            0.478147346796203,
            0.591184287171439,
            0.4950765211013362
          ],
          "status": null,
          "note": null
        },
        {
          "text": "49,635,956",
          "box": [
            0.591181728958851,
            0.4782776168141751,
            0.6717965907211447,
            0.4951008108692223
          ],
          "status": null,
          "note": null
        },
        {
          "text": "47,719,278",
          "box": [
            0.6717962774705796,
            0.4783079088574307,
            0.7544192375516536,
            0.49512570543254864
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Accrued interest payable",
          "box": [
            0.2445157200599381,
            0.49497206843955566,
            0.591181728958851,
            0.5114962684598374
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,774,654",
          "box": [
            0.5911792284859829,
            0.4950765211013362,
            0.6717968969409405,
            0.5115168036718798
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,869,876",
          "box": [
            0.6717965907211447,
            0.4951008108692223,
            0.754418696893674,
            0.5115378492486014
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Dividends payable",
          "box": [
            0.24451656481572848,
            0.5114079653441301,
            0.5911792284859829,
            0.5290410823719203
          ],
          "status": null,
          "note": null
        },
        {
          "text": "3,098,787",
          "box": [
            0.5911765566829273,
            0.5114962684598374,
            0.6717972241155961,
            0.5290561556906448
          ],
          "status": null,
          "note": null
        },
        {
          "text": "3,093,470",
          "box": [
            0.6717968969409405,
            0.5115168036718798,
            0.7544181683007587,
            0.5290716028874061
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Fees and expenses payable to Manager",
          "box": [
            0.2445174677738248,
            0.5289762689301286,
            0.5911765566829273,
            0.5457400788070508
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2,988,500",
          "box": [
            0.5911740136847559,
            0.5290410823719203,
            0.6717975355719308,
            0.5457528716404718
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,428,500",
          "box": [
            0.6717972241155961,
            0.5290561556906448,
            0.7544176035836774,
            0.5457659811879599
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          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Other liabilities",
          "box": [
            0.24451832655625869,
            0.5456850736626949,
            0.5911740136847559,
            0.5628206285152378
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2,229,919",
          "box": [
            0.5911714125819383,
            0.5457400788070508,
            0.6717978542079982,
            0.5628344825086797
          ],
          "status": null,
          "note": null
        },
        {
          "text": "2,405,613",
          "box": [
            0.6717975355719308,
            0.5457528716404718,
            0.7544170659007156,
            0.5628486788240762
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total liabilities",
          "box": [
            0.24451920421090398,
            0.5627610634727469,
            0.5911714125819383,
            0.579924385219624
          ],
          "status": null,
          "note": null
        },
        {
          "text": "988,754,601",
          "box": [
            0.591168807945055,
            0.5628206285152378,
            0.6717981735558674,
            0.5799542520239325
          ],
          "status": null,
          "note": null
        },
        {
          "text": "996,893,441",
          "box": [
            0.6717978542079982,
            0.5628344825086797,
            0.7544165157109871,
            0.5799848553823354
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          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.24452007975446857,
            0.5797959792765753,
            0.591168807945055,
            0.5965859366043842
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5911662706491838,
            0.579924385219624,
            0.6717984843204932,
            0.5966138864850292
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          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6717981735558674,
            0.5799542520239325,
            0.7544159637988405,
            0.5966425243406748
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "COMMITMENTS AND CONTINGENCIES (NOTES 10 & 11)",
          "box": [
            0.24452093653208423,
            0.5964657774859176,
            0.754415427298192,
            0.6131304758754946
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.24452177948377427,
            0.612866573114517,
            0.754414896263705,
            0.6295301688679773
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "EQUITY",
          "box": [
            0.24452263015720246,
            0.6294176058805148,
            0.591161259241805,
            0.6470536270729982
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.591158585202631,
            0.6294941293398264,
            0.7544143680717984,
            0.6470790610857257
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "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",
          "box": [
            0.24452353382017303,
            0.6469996237741464,
            0.5911585852026311,
            0.6856518263979887
          ],
          "status": null,
          "note": null
        },
        {
          "text": "57,254,935",
          "box": [
            0.5911527072954952,
            0.6470536270729982,
            0.6718001456072129,
            0.6856730237953612
          ],
          "status": null,
          "note": null
        },
        {
          "text": "57,254,935",
          "box": [
            0.6717994254450641,
            0.6470661903477677,
            0.7544138028671424,
            0.6856947376674263
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "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",
          "box": [
            0.2445255157447674,
            0.6855607188008577,
            0.5911527072954952,
            0.7137766461802395
          ],
          "status": null,
          "note": null
        },
        {
          "text": "524,397",
          "box": [
            0.5911484243216313,
            0.6856518263979887,
            0.6718006704813031,
            0.7138107516923017
          ],
          "status": null,
          "note": null
        },
        {
          "text": "523,995",
          "box": [
            0.6718001456072129,
            0.6856730237953612,
            0.7544125591555778,
            0.7138456854973396
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Additional paid-in capital",
          "box": [
            0.24452695842520325,
            0.7136300699452428,
            0.5911484243216313,
            0.730545894531448
          ],
          "status": null,
          "note": null
        },
        {
          "text": "314,941,298",
          "box": [
            0.5911458706251824,
            0.7137766461802395,
            0.6718009828771812,
            0.7305578351878715
          ],
          "status": null,
          "note": null
        },
        {
          "text": "314,889,201",
          "box": [
            0.6718006704813031,
            0.7138107516923017,
            0.7544116524859953,
            0.7305700652767442
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Cumulative distributions to stockholders",
          "box": [
            0.24452782521038047,
            0.7304945791606693,
            0.5911458706251824,
            0.7473583376116529
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(224,241,239)",
          "box": [
            0.5911433103508463,
            0.730545894531448,
            0.6718012966515674,
            0.7473788184761572
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(220,958,702)",
          "box": [
            0.6718009828771812,
            0.7305578351878715,
            0.7544111138367628,
            0.747399794816487
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Accumulated earnings",
          "box": [
            0.24452868743335643,
            0.747270324416027,
            0.5911433103508463,
            0.764650280251045
          ],
          "status": null,
          "note": null
        },
        {
          "text": "67,484,372",
          "box": [
            0.5911406796768253,
            0.7473583376116529,
            0.6718016184333501,
            0.7646330712664833
          ],
          "status": null,
          "note": null
        },
        {
          "text": "67,277,789",
          "box": [
            0.6718012966515674,
            0.7473788184761572,
            0.7544105717944859,
            0.7646290665105656
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total stockholders' equity",
          "box": [
            0.24452958071094344,
            0.7646330712664833,
            0.5911406796768253,
            0.7815201294760123
          ],
          "status": null,
          "note": null
        },
        {
          "text": "215,963,763",
          "box": [
            0.591138108039762,
            0.7646290665105656,
            0.6718019335724723,
            0.7815232112945542
          ],
          "status": null,
          "note": null
        },
        {
          "text": "218,987,218",
          "box": [
            0.6718016184333501,
            0.7646249650647085,
            0.7544100170160815,
            0.7815263673740482
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Noncontrolling interests",
          "box": [
            0.24453044708996194,
            0.7815068870850247,
            0.591138108039762,
            0.7984658785789632
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99,500",
          "box": [
            0.5911355274649859,
            0.7815201294760123,
            0.6718022502660563,
            0.7985006884830319
          ],
          "status": null,
          "note": null
        },
        {
          "text": "99,500",
          "box": [
            0.6718019335724723,
            0.7815232112945542,
            0.754409472665409,
            0.7985363355295055
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total equity",
          "box": [
            0.2445313110438351,
            0.7983163093501116,
            0.5911355274649859,
            0.8150766377502766
          ],
          "status": null,
          "note": null
        },
        {
          "text": "216,063,263",
          "box": [
            0.5911329979039812,
            0.7984658785789632,
            0.6718025595880133,
            0.8150829835841227
          ],
          "status": null,
          "note": null
        },
        {
          "text": "219,086,718",
          "box": [
            0.6718022502660563,
            0.7985006884830319,
            0.7544089248181101,
            0.815089481733787
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": [
            0.24453217107308184,
            0.8150493725561685,
            0.5911329979039812,
            0.8312299666571535
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.5911305380025114,
            0.8150766377502766,
            0.6718028612470093,
            0.8312544786184884
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6718025595880133,
            0.8150829835841227,
            0.7544083916838707,
            0.8312795778186246
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total liabilities and equity",
          "box": [
            0.24453299729433925,
            0.8311246543867868,
            0.5911305380025114,
            0.8494824839941515
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,204,817,864",
          "box": [
            0.5911277732231807,
            0.8312299666571535,
            0.6718031990333644,
            0.8493853238661837
          ],
          "status": null,
          "note": null
        },
        {
          "text": "1,215,980,159",
          "box": [
            0.6718028612470093,
            0.8312544786184884,
            0.7544078702425412,
            0.8493627082453531
          ],
          "status": null,
          "note": null
        }
      ]
    ],
    "corrected_grid": [
      [
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "March 31, 2026(1)",
          "box": [
            0.5912330787840094,
            0.1406142205753398,
            0.6717902995755405,
            0.1578798385237692
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "December 31, 2025(1)",
          "box": [
            0.67178997821756,
            0.1405735136153135,
            0.7544301161073274,
            0.15784174919055502
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "(unaudited)",
          "box": [
            0.5912305777693269,
            0.15780267541986556,
            0.7544295612003651,
            0.17434253945158232
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "ASSETS",
          "box": [
            0.24449923433734533,
            0.17421944379504917,
            0.6717909161819557,
            0.19089711209983518
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Cash and cash equivalents",
          "box": [
            0.24450008635676457,
            0.190796664685928,
            0.5912280536493799,
            0.2072832576731314
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$ 21,249,107",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows '21,249,107' printed in the March 31, 2026 column for the Cash and cash equivalents row, preceded by a dollar sign."
        },
        {
          "text": "$ 23,112,995",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows '23,112,995' printed in the December 31, 2025 column for the Cash and cash equivalents row, preceded by a dollar sign."
        }
      ],
      [
        {
          "text": "Restricted cash",
          "box": [
            0.24450093007000215,
            0.20721227727985303,
            0.5912255554094727,
            0.22508763537461
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "9,372,908",
          "box": [
            0.5912228440788777,
            0.2072832576731314,
            0.6717915542002013,
            0.22510033172774807
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "3,505,087",
          "box": [
            0.671791222152648,
            0.20729975082733,
            0.7544279664820904,
            0.22511335382768574
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Commercial mortgage loans held-for-investment, at amortized cost",
          "box": [
            0.2445018460015631,
            0.22503299763465634,
            0.5912228440788777,
            0.2412130650785158
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,127,604,965",
          "box": [
            0.5912203884260239,
            0.22508763537461,
            0.6717918548511937,
            0.2412177891813845
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,136,706,113",
          "box": [
            0.6717915542002013,
            0.22510033172774807,
            0.7544273932966387,
            0.24122263427544194
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Less: Allowance for credit losses",
          "box": [
            0.24450267656364172,
            0.24119273616792347,
            0.5912203884260239,
            0.25830460770034114
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(19,543,903)",
          "box": [
            0.5912177856491561,
            0.2412130650785158,
            0.6717921736531638,
            0.25830829384242177
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(22,658,121)",
          "box": [
            0.6717918548511937,
            0.2412177891813845,
            0.7544268744581728,
            0.2583120742151508
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Commercial mortgage loans held-for-investment, net of allowance for credit losses",
          "box": [
            0.24450355524726172,
            0.25828874611024677,
            0.5912177856491561,
            0.27502585309787886
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,108,061,062",
          "box": [
            0.5912152392628125,
            0.25830460770034114,
            0.671792485603971,
            0.2750315177399678
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,114,047,992",
          "box": [
            0.6717921736531638,
            0.25830829384242177,
            0.7544263240512924,
            0.2750373269241864
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Real estate owned, held-for-investment, net",
          "box": [
            0.24450441423159427,
            0.275001479061518,
            0.5912152392628125,
            0.29220873017645266
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "34,430,492",
          "box": [
            0.5912126225771235,
            0.27502585309787886,
            0.6717928063125814,
            0.2922242345904175
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "26,839,010",
          "box": [
            0.671792485603971,
            0.2750315177399678,
            0.7544257853739452,
            0.29224013387563613
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Real estate owned, held-for-sale",
          "box": [
            0.24450529520398945,
            0.29214202030215036,
            0.5912126225771235,
            0.30914815387539374
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "23,040,000",
          "box": [
            0.5912100429656084,
            0.29220873017645266,
            0.6717931220109021,
            0.30914835717222355
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "24,099,072",
          "box": [
            0.6717928063125814,
            0.2922242345904175,
            0.754425231315805,
            0.30914856563702003
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Mortgage servicing rights, at fair value",
          "box": [
            0.2445061692232782,
            0.3091472792029527,
            0.5912100429656084,
            0.325900951914701
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "524,001",
          "box": [
            0.5912074917742869,
            0.30914815387539374,
            0.6717934345606474,
            0.3259036892661865
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "554,246",
          "box": [
            0.6717931220109021,
            0.30914835717222355,
            0.7544246867387321,
            0.32590649607461536
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Accrued interest receivable",
          "box": [
            0.24450702970650168,
            0.3258891751582093,
            0.5912074917742869,
            0.3424596638422712
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "5,551,847",
          "box": [
            0.5912049701392701,
            0.325900951914701,
            0.6717937434680205,
            0.3424637591333157
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "5,428,255",
          "box": [
            0.6717934345606474,
            0.3259036892661865,
            0.7544241470089195,
            0.34246795814706443
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Investment related receivable",
          "box": [
            0.2445078804743854,
            0.34244204568743597,
            0.5912049701392701,
            0.3598050875579804
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2014",
          "box": [
            0.5912023287002491,
            0.3424596638422712,
            0.6717940672389343,
            0.3598206415659779
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          "status": "reconciled",
          "note": null
        },
        {
          "text": "15,449,323",
          "box": [
            0.6717937434680205,
            0.3424637591333157,
            0.7544236136068473,
            0.3598365887579287
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Other assets",
          "box": [
            0.24450876944362038,
            0.35973817655083334,
            0.5912023287002491,
            0.37690990036065325
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2,588,447",
          "box": [
            0.5911997239025386,
            0.3598050875579804,
            0.6717943869614705,
            0.37696049642980656
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2,944,179",
          "box": [
            0.6717940672389343,
            0.3598206415659779,
            0.7544230542079536,
            0.3770123690676992
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Total assets",
          "box": [
            0.24450964083232307,
            0.3766922537479367,
            0.5911997239025386,
            0.3938570047448437
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$ 1,204,817,864",
          "box": [
            0.5911971431213743,
            0.37690990036065325,
            0.6717947032363154,
            0.39391552562668997
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$ 1,215,980,159",
          "box": [
            0.6717943869614705,
            0.37696049642980656,
            0.754422501020272,
            0.39397552024206267
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "LIABILITIES AND EQUITY",
          "box": [
            0.24451135067073,
            0.40995953418715964,
            0.7544214267182819,
            0.427609411453604
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "LIABILITIES",
          "box": [
            0.24451223695034424,
            0.4272033347445822,
            0.7544208714197489,
            0.44392642807002414
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Securitized debt obligations, net",
          "box": [
            0.24451308600149904,
            0.4437228039291267,
            0.5911895282512251,
            0.4609835524361795
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "580,302,828",
          "box": [
            0.5911869207892293,
            0.44386124418733736,
            0.6717959549838199,
            0.4610198680416139
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "748,433,484",
          "box": [
            0.6717956355116151,
            0.4438934330785986,
            0.7544203458906357,
            0.4610570913475726
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Secured financing agreements, net",
          "box": [
            0.2445139651249275,
            0.4608273709560452,
            0.5911869207892293,
            0.4782776168141751
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "348,723,957",
          "box": [
            0.591184287171439,
            0.4609835524361795,
            0.6717962774705796,
            0.4783079088574307
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "191,943,220",
          "box": [
            0.6717959549838199,
            0.4610198680416139,
            0.7544197941560576,
            0.47833895657466713
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Secured term loan, net",
          "box": [
            0.24451485531972272,
            0.478147346796203,
            0.591184287171439,
            0.4950765211013362
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "49,635,956",
          "box": [
            0.591181728958851,
            0.4782776168141751,
            0.6717965907211447,
            0.4951008108692223
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "47,719,278",
          "box": [
            0.6717962774705796,
            0.4783079088574307,
            0.7544192375516536,
            0.49512570543254864
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Accrued interest payable",
          "box": [
            0.2445157200599381,
            0.49497206843955566,
            0.591181728958851,
            0.5114962684598374
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,774,654",
          "box": [
            0.5911792284859829,
            0.4950765211013362,
            0.6717968969409405,
            0.5115168036718798
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,869,876",
          "box": [
            0.6717965907211447,
            0.4951008108692223,
            0.754418696893674,
            0.5115378492486014
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Dividends payable",
          "box": [
            0.24451656481572848,
            0.5114079653441301,
            0.5911792284859829,
            0.5290410823719203
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "3,098,787",
          "box": [
            0.5911765566829273,
            0.5114962684598374,
            0.6717972241155961,
            0.5290561556906448
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "3,093,470",
          "box": [
            0.6717968969409405,
            0.5115168036718798,
            0.7544181683007587,
            0.5290716028874061
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Fees and expenses payable to Manager",
          "box": [
            0.2445174677738248,
            0.5289762689301286,
            0.5911765566829273,
            0.5457400788070508
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2,988,500",
          "box": [
            0.5911740136847559,
            0.5290410823719203,
            0.6717975355719308,
            0.5457528716404718
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,428,500",
          "box": [
            0.6717972241155961,
            0.5290561556906448,
            0.7544176035836774,
            0.5457659811879599
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Other liabilities",
          "box": [
            0.24451832655625869,
            0.5456850736626949,
            0.5911740136847559,
            0.5628206285152378
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2,229,919",
          "box": [
            0.5911714125819383,
            0.5457400788070508,
            0.6717978542079982,
            0.5628344825086797
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "2,405,613",
          "box": [
            0.6717975355719308,
            0.5457528716404718,
            0.7544170659007156,
            0.5628486788240762
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Total liabilities",
          "box": [
            0.24451920421090398,
            0.5627610634727469,
            0.5911714125819383,
            0.579924385219624
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "988,754,601",
          "box": [
            0.591168807945055,
            0.5628206285152378,
            0.6717981735558674,
            0.5799542520239325
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "996,893,441",
          "box": [
            0.6717978542079982,
            0.5628344825086797,
            0.7544165157109871,
            0.5799848553823354
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "COMMITMENTS AND CONTINGENCIES (NOTES 10 & 11)",
          "box": [
            0.24452093653208423,
            0.5964657774859176,
            0.754415427298192,
            0.6131304758754946
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "EQUITY",
          "box": [
            0.24452263015720246,
            0.6294176058805148,
            0.591161259241805,
            0.6470536270729982
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "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",
          "box": [
            0.24452353382017303,
            0.6469996237741464,
            0.5911585852026311,
            0.6856518263979887
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "57,254,935",
          "box": [
            0.5911527072954952,
            0.6470536270729982,
            0.6718001456072129,
            0.6856730237953612
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "57,254,935",
          "box": [
            0.6717994254450641,
            0.6470661903477677,
            0.7544138028671424,
            0.6856947376674263
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "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",
          "box": [
            0.2445255157447674,
            0.6855607188008577,
            0.5911527072954952,
            0.7137766461802395
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "524,397",
          "box": [
            0.5911484243216313,
            0.6856518263979887,
            0.6718006704813031,
            0.7138107516923017
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "523,995",
          "box": [
            0.6718001456072129,
            0.6856730237953612,
            0.7544125591555778,
            0.7138456854973396
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Additional paid-in capital",
          "box": [
            0.24452695842520325,
            0.7136300699452428,
            0.5911484243216313,
            0.730545894531448
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "314,941,298",
          "box": [
            0.5911458706251824,
            0.7137766461802395,
            0.6718009828771812,
            0.7305578351878715
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "314,889,201",
          "box": [
            0.6718006704813031,
            0.7138107516923017,
            0.7544116524859953,
            0.7305700652767442
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Cumulative distributions to stockholders",
          "box": [
            0.24452782521038047,
            0.7304945791606693,
            0.5911458706251824,
            0.7473583376116529
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(224,241,239)",
          "box": [
            0.5911433103508463,
            0.730545894531448,
            0.6718012966515674,
            0.7473788184761572
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(220,958,702)",
          "box": [
            0.6718009828771812,
            0.7305578351878715,
            0.7544111138367628,
            0.747399794816487
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Accumulated earnings",
          "box": [
            0.24452868743335643,
            0.747270324416027,
            0.5911433103508463,
            0.764650280251045
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "67,484,372",
          "box": [
            0.5911406796768253,
            0.7473583376116529,
            0.6718016184333501,
            0.7646330712664833
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "67,277,789",
          "box": [
            0.6718012966515674,
            0.7473788184761572,
            0.7544105717944859,
            0.7646290665105656
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Total stockholders' equity",
          "box": [
            0.24452958071094344,
            0.7646330712664833,
            0.5911406796768253,
            0.7815201294760123
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "215,963,763",
          "box": [
            0.591138108039762,
            0.7646290665105656,
            0.6718019335724723,
            0.7815232112945542
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "218,987,218",
          "box": [
            0.6718016184333501,
            0.7646249650647085,
            0.7544100170160815,
            0.7815263673740482
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Noncontrolling interests",
          "box": [
            0.24453044708996194,
            0.7815068870850247,
            0.591138108039762,
            0.7984658785789632
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$ 99,500",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows '99,500' printed in the March 31, 2026 column for the Noncontrolling interests row, preceded by a dollar sign."
        },
        {
          "text": "$ 99,500",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows '99,500' printed in the December 31, 2025 column for the Noncontrolling interests row, preceded by a dollar sign."
        }
      ],
      [
        {
          "text": "Total equity",
          "box": [
            0.2445313110438351,
            0.7983163093501116,
            0.5911355274649859,
            0.8150766377502766
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$ 216,063,263",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows '216,063,263' printed in the March 31, 2026 column for the Total equity row, preceded by a dollar sign."
        },
        {
          "text": "$ 219,086,718",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows '219,086,718' printed in the December 31, 2025 column for the Total equity row, preceded by a dollar sign."
        }
      ],
      [
        {
          "text": "Total liabilities and equity",
          "box": [
            0.24453299729433925,
            0.8311246543867868,
            0.5911305380025114,
            0.8494824839941515
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$ 1,204,817,864",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows '1,204,817,864' printed in the March 31, 2026 column for the Total liabilities and equity row, preceded by a dollar sign."
        },
        {
          "text": "$ 1,215,980,159",
          "box": null,
          "status": "label_printed_unlocated",
          "note": "The image shows '1,215,980,159' printed in the December 31, 2025 column for the Total liabilities and equity row, preceded by a dollar sign."
        }
      ]
    ],
    "merged_cells": [
      {
        "result": "March 31, 2026(1)",
        "row": 0,
        "col": 1,
        "sources": [
          "March 31, 2026(1)"
        ],
        "source_cells": [
          "B1"
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        "source_boxes": [
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      {
        "result": "December 31, 2025(1)",
        "row": 0,
        "col": 2,
        "sources": [
          "December 31, 2025(1)"
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        "source_cells": [
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        "grounded_by": "cell_address"
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      {
        "result": "$ 21,249,107",
        "row": 4,
        "col": 1,
        "sources": [
          "21,249,107"
        ],
        "source_cells": [
          "B4"
        ],
        "source_boxes": [
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        "grounded_by": "cell_address"
      },
      {
        "result": "$ 23,112,995",
        "row": 4,
        "col": 2,
        "sources": [
          "23,112,995"
        ],
        "source_cells": [
          "C4"
        ],
        "source_boxes": [
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        "box": [
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        "grounded_by": "cell_address"
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      {
        "result": "$ 1,204,817,864",
        "row": 11,
        "col": 1,
        "sources": [
          "$ 1,204,817,864"
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        "source_cells": [
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        "source_boxes": [
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        "box": [
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        "grounded_by": "cell_address"
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      {
        "result": "$ 1,215,980,159",
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        "col": 2,
        "sources": [
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    "markdown": "| | Three Months Ended March 31, 2026 | Three Months Ended March 31, 2025 |\n| --- | --- | --- |\n| Revenues: | | |\n| Interest income: | | |\n| Commercial mortgage loans held-for-investment | $ 20,901,542 | $ 21,684,890 |\n| Cash and cash equivalents | 165,847 | 624,967 |\n| Interest expense: | | |\n| Securitized debt obligations | (10,375,765) | (13,636,474) |\n| Secured financing agreements | (3,855,105) | \u2014 |\n| Secured term loan | (1,139,841) | (938,849) |\n| Net interest income | 5,696,678 | 7,734,534 |\n| Expenses: | | |\n| Management and incentive fees | 1,095,000 | 1,113,314 |\n| General and administrative expenses | 1,066,737 | 924,060 |\n| Operating expenses reimbursable to Manager | 466,431 | 404,620 |\n| Other operating expenses | 917,172 | 40,009 |\n| Compensation expense | 111,250 | 111,250 |\n| Total expenses | 3,656,590 | 2,593,253 |\n| Other income and expense: | | |\n| Release of (provision for) credit losses, net | 732,373 | (5,697,661) |\n| Net income (expense) from real estate owned operations | (91,406) | \u2014 |\n| Real estate owned impairment expense | (1,350,435) | \u2014 |\n| Change in unrealized (loss) gain on mortgage servicing rights | (30,245) | (22,518) |\n| Loss on extinguishment of debt | (1,152,861) | \u2014 |\n| Servicing income, net | 54,421 | 64,880 |\n| Total other income and expense | (1,838,153) | (5,655,299) |\n| Net (loss) income before provision for income taxes | 201,935 | (514,018) |\n| (Provision for) income taxes | 4,648 | (8,550) |\n| Net (loss) income | 206,583 | (522,568) |\n| Dividends accrued to preferred stockholders | (1,184,958) | (1,184,958) |\n| Net (loss) income attributable to common stockholders | $ (978,375) | $ (1,707,526) |\n| Earnings per share: | | |\n| Net (loss) income attributable to common stockholders (basic and diluted) | $ (978,375) | $ (1,707,526) |\n| Weighted average number of shares of common stock outstanding | 52,400,158 | 52,309,887 |\n| Basic and diluted income per share | $ (0.02) | $ (0.03) |\n| Dividends declared per share of common stock | $ 0.04 | $ 0.08 |",
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          "text": "Three Months Ended March 31, 2026",
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          "box": [
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            0.5798939019363527,
            0.8130161294788789,
            0.6006937054935357
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Real estate owned impairment expense",
          "box": [
            0.1874935299799931,
            0.6006629235379045,
            0.6376696702238815,
            0.6209198379539834
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(1,350,435)",
          "box": [
            0.6376665816461495,
            0.6006850765206212,
            0.7250391526217665,
            0.62091933217886
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7250345338564308,
            0.6006893759083443,
            0.8130219635747323,
            0.6209192340188138
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Change in unrealized (loss) gain on mortgage servicing rights",
          "box": [
            0.1874916947040458,
            0.62091933217886,
            0.637672812155353,
            0.6415273011842547
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(30,245)",
          "box": [
            0.6376696702238815,
            0.6209192340188138,
            0.7250438511466293,
            0.6415031251652684
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(22,518)",
          "box": [
            0.7250391526217665,
            0.6209191351696899,
            0.8130278983821755,
            0.6414984330895335
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Loss on extinguishment of debt",
          "box": [
            0.18748981772704928,
            0.6415031251652684,
            0.6376760252354934,
            0.6626030061746799
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(1,152,861)",
          "box": [
            0.637672812155353,
            0.6414984330895335,
            0.7250486559986464,
            0.6625530357242595
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7250438511466293,
            0.641493708093495,
            0.813033967404162,
            0.6625433374046734
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Servicing income, net",
          "box": [
            0.1874879974391117,
            0.6625530357242595,
            0.6376791966417039,
            0.6833299271060225
          ],
          "status": null,
          "note": null
        },
        {
          "text": "54,421",
          "box": [
            0.6376760252354934,
            0.6625433374046734,
            0.7250534146245191,
            0.6833857745523727
          ],
          "status": null,
          "note": null
        },
        {
          "text": "64,880",
          "box": [
            0.7250486559986464,
            0.6625335710778333,
            0.8130399985174019,
            0.6834420134079178
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Total other income and expense",
          "box": [
            0.18748617324144,
            0.6830421759887558,
            0.637682294850288,
            0.7036272775418763
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(1,838,153)",
          "box": [
            0.6376791966417039,
            0.6833299271060225,
            0.7250580405697599,
            0.7036470801279815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(5,655,299)",
          "box": [
            0.7250534146245191,
            0.6833857745523727,
            0.8130458324916268,
            0.7036670214264668
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net (loss) income before provision for income taxes",
          "box": [
            0.18748435580756664,
            0.7035252463959437,
            0.6376854183170839,
            0.7240901025622833
          ],
          "status": null,
          "note": null
        },
        {
          "text": "201,935",
          "box": [
            0.637682294850288,
            0.7036272775418763,
            0.7250627149930928,
            0.7241207162412813
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(514,018)",
          "box": [
            0.7250580405697599,
            0.7036470801279815,
            0.8130517413238031,
            0.7241515442470664
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "(Provision for) income taxes",
          "box": [
            0.18748249890916216,
            0.7239323692455476,
            0.6376885900202314,
            0.744868939272062
          ],
          "status": null,
          "note": null
        },
        {
          "text": "4,648",
          "box": [
            0.6376854183170839,
            0.7240901025622833,
            0.7250674559335317,
            0.7448856924665254
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(8,550)",
          "box": [
            0.7250627149930928,
            0.7241207162412813,
            0.8130577270276292,
            0.7449025628860155
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net (loss) income",
          "box": [
            0.1874806387436052,
            0.744782621028924,
            0.6376918097323396,
            0.765962297962831
          ],
          "status": null,
          "note": null
        },
        {
          "text": "206,583",
          "box": [
            0.6376885900202314,
            0.744868939272062,
            0.7250722809955604,
            0.7660191151724729
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(522,568)",
          "box": [
            0.7250674559335317,
            0.7448856924665254,
            0.8130638346746507,
            0.766076329724876
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Dividends accrued to preferred stockholders",
          "box": [
            0.18747881103259714,
            0.7656695581536336,
            0.6376949224908661,
            0.7863549697025195
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(1,184,958)",
          "box": [
            0.6376918097323396,
            0.765962297962831,
            0.7250769311796516,
            0.7863865851588884
          ],
          "status": null,
          "note": null
        },
        {
          "text": "(1,184,958)",
          "box": [
            0.7250722809955604,
            0.7660191151724729,
            0.813069702422121,
            0.7864184215936615
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net (loss) income attributable to common stockholders",
          "box": [
            0.18747696608037082,
            0.7861920781869561,
            0.6376980624374274,
            0.8069257589099389
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$ (978,375)",
          "box": [
            0.6376949224908661,
            0.7863549697025195,
            0.7250816213446213,
            0.806929168502136
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$ (1,707,526)",
          "box": [
            0.7250769311796516,
            0.7863865851588884,
            0.8130756198091064,
            0.8069326019128868
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Eamings per share:",
          "box": [
            0.18747510826399247,
            0.8069081918715116,
            0.6377012543091531,
            0.8278367263954791
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.6376980624374274,
            0.8069257589099389,
            0.7250863978507373,
            0.8278499198226222
          ],
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": [
            0.7250816213446213,
            0.806929168502136,
            0.8130816573147993,
            0.8278632053651943
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Net (loss) income attributable to common stockholders (basic and diluted)",
          "box": [
            0.18747329129745127,
            0.8277687511583264,
            0.6377043844119265,
            0.848343025815452
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$ (978,375)",
          "box": [
            0.6377012543091531,
            0.8278367263954791,
            0.7250910843590573,
            0.8483764873043815
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$ (1,707,526)",
          "box": [
            0.7250863978507373,
            0.8278499198226222,
            0.8130875841620812,
            0.8484101822935018
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Weighted average number of shares of common stock outstanding",
          "box": [
            0.18747142118856827,
            0.848170626551639,
            0.6377075801621238,
            0.8692794024015653
          ],
          "status": null,
          "note": null
        },
        {
          "text": "52,400,158",
          "box": [
            0.6377043844119265,
            0.848343025815452,
            0.7250958616759121,
            0.8693007896013347
          ],
          "status": null,
          "note": null
        },
        {
          "text": "52,309,887",
          "box": [
            0.7250910843590573,
            0.8483764873043815,
            0.8130936163429849,
            0.8693223259621111
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Basic and diluted income per share",
          "box": [
            0.18746960510662006,
            0.869169212676941,
            0.6377107241631021,
            0.8898767533861669
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$ (0.02)",
          "box": [
            0.6377075801621238,
            0.8692794024015653,
            0.7251005734477787,
            0.8899380095898941
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$ (0.03)",
          "box": [
            0.7250958616759121,
            0.8693007896013347,
            0.8130995808016874,
            0.8899996927849836
          ],
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Dividends declared per share of common stock",
          "box": [
            0.18746768087483234,
            0.8895611553854718,
            0.6377139756407861,
            0.9111782184734999
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$ 0.04",
          "box": [
            0.6377107241631021,
            0.8898767533861669,
            0.7251054233672668,
            0.9111803061696454
          ],
          "status": null,
          "note": null
        },
        {
          "text": "$ 0.08",
          "box": [
            0.7251005734477787,
            0.8899380095898941,
            0.8131056910300174,
            0.9111824084099034
          ],
          "status": null,
          "note": null
        }
      ]
    ],
    "corrected_grid": [
      [
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "Three Months Ended March 31, 2026",
          "box": [
            0.6375963764584942,
            0.1407222344395734,
            0.7249400675218183,
            0.18701602761349576
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "Three Months Ended March 31, 2025",
          "box": [
            0.7249295167931886,
            0.14069573236264263,
            0.8128967550218432,
            0.18693366273908604
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Revenues:",
          "box": [
            0.18752849533342916,
            0.20718161315596453,
            0.812908662259988,
            0.22831008553976137
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Interest income:",
          "box": [
            0.1875266588401234,
            0.22815557798983147,
            0.7249541567703054,
            0.24893121792471062
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Commercial mortgage loans held-for-investment",
          "box": [
            0.1875248170037924,
            0.2486903027801981,
            0.6376160550985072,
            0.2696695828949687
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$ 20,901,542",
          "box": [
            0.6376128527994709,
            0.24864355208410827,
            0.724958959849215,
            0.26968069031704334
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "$ 21,684,890",
          "box": [
            0.7249541567703056,
            0.24859647000308138,
            0.8129206508448346,
            0.2696918764303411
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Cash and cash equivalents",
          "box": [
            0.18752301343236763,
            0.26961234466402223,
            0.6376191373954863,
            0.2898638125016971
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "165,847",
          "box": [
            0.6376160550985072,
            0.2696695828949687,
            0.7249635676384207,
            0.2898626913419884
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "624,967",
          "box": [
            0.724958959849215,
            0.26968069031704334,
            0.8129264690609068,
            0.2898624737727832
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Interest expense:",
          "box": [
            0.18752111890016399,
            0.2898626913419884,
            0.6376223835132011,
            0.31113663677819337
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Securitized debt obligations",
          "box": [
            0.18751931390170712,
            0.3111290415646078,
            0.6376254851288915,
            0.33144871303946927
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(10,375,765)",
          "box": [
            0.6376223835132011,
            0.31112756764778926,
            0.7249730643457912,
            0.3314573651907643
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(13,636,474)",
          "box": [
            0.7249684227628568,
            0.3111260833001836,
            0.8129384698292592,
            0.33146607854039356
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Secured financing agreements",
          "box": [
            0.18751742763752718,
            0.3314041280981665,
            0.63762873007551,
            0.352707391037915
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(3,855,105)",
          "box": [
            0.6376254851288915,
            0.33144871303946927,
            0.7249779214919881,
            0.35273131423198867
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "\u2014",
          "box": [
            0.7249730643457912,
            0.3314573651907643,
            0.812944610810303,
            0.35275540654637033
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Secured term loan",
          "box": [
            0.18751558900263007,
            0.3525841145671388,
            0.6376318974636273,
            0.3734579586126492
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(1,139,841)",
          "box": [
            0.63762873007551,
            0.352707391037915,
            0.7249826638122302,
            0.3735023338962575
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "(938,849)",
          "box": [
            0.7249779214919881,
            0.35273131423198867,
            0.8129506082246281,
            0.3735470227140542
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Net interest income",
          "box": [
            0.1875137844224772,
            0.3732292938890335,
            0.637634974910528,
            0.39361929265363266
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "5,696,678",
          "box": [
            0.6376318974636273,
            0.3734579586126492,
            0.724987262437149,
            0.393643978436897
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "7,734,534",
          "box": [
            0.7249826638122302,
            0.3735023338962575,
            0.8129564124327062,
            0.3936688385456844
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Expenses:",
          "box": [
            0.18751192861938246,
            0.39349208826705406,
            0.6376381254585335,
            0.4143300413250708
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        },
        {
          "text": "",
          "box": null,
          "status": null,
          "note": null
        }
      ],
      [
        {
          "text": "Management and incentive fees",
          "box": [
            0.18751007275995749,
            0.41425953529528226,
            0.637641315350602,
            0.43516862688904967
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,095,000",
          "box": [
            0.6376381254585335,
            0.414245852526902,
            0.7249967400827183,
            0.4351575334162006
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,113,314",
          "box": [
            0.7249919661390424,
            0.41423207318652283,
            0.8129683787453067,
            0.43515538054401404
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "General and administrative expenses",
          "box": [
            0.18750827218342245,
            0.4351575334162006,
            0.6376443993818436,
            0.4553864664974523
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "1,066,737",
          "box": [
            0.637641315350602,
            0.43515538054401404,
            0.7250013524592377,
            0.4553620035697939
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "924,060",
          "box": [
            0.7249967400827183,
            0.4351532124852511,
            0.8129742052931979,
            0.4553572561018739
          ],
          "status": "reconciled",
          "note": null
        }
      ],
      [
        {
          "text": "Operating expenses reimbursable to Manager",
          "box": [
            0.18750636369280024,
            0.4553620035697939,
            0.637647676297024,
            0.47683011779231377
          ],
          "status": "reconciled",
          "note": null
        },
        {
          "text": "466,431",
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        {
          "text": "404,620",
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          "text": "Other operating expenses",
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        {
          "text": "917,172",
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            0.725010894772706,
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        {
          "text": "40,009",
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          "text": "Compensation expense",
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        {
          "text": "111,250",
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            0.7250156478670912,
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        {
          "text": "111,250",
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          "text": "Total expenses",
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        {
          "text": "2,593,253",
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        {
          "text": "",
          "box": null,
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          "note": null
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          "box": null,
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        {
          "text": "(5,697,661)",
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        {
          "text": "(91,406)",
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        {
          "text": "\u2014",
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        {
          "text": "(1,350,435)",
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        {
          "text": "\u2014",
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          "text": "(30,245)",
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        {
          "text": "(22,518)",
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        {
          "text": "(1,152,861)",
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        {
          "text": "54,421",
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        {
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        {
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          "text": "Net (loss) income attributable to common stockholders (basic and diluted)",
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    "markdown": "|  | Three months ended March 31, 2026 | Three months ended March 31, 2025 |\n| --- | --- | --- |\n| Allowance for credit losses at beginning of period | $ 22,658,121 | $ 11,320,220 |\n| (Release of) provision for credit losses | (732,373) | 5,739,974 |\n| Charge offs | (2,381,845) | \u2014 |\n| Allowance for credit losses at end of period | $ 19,543,903 | $ 17,060,194 |",
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