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INVESTMENT IN UNCONSOLIDATED REAL ESTATE JOINT VENTURE - Summary of Investment in Unconsolidated Real Estate Joint Venture (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated real estate joint venture	$ 24,635,000	$ 0
123 Lex Ave Hotel Holdings LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	65.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2026
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements and results of operations included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”). Refer to Note 2 to the Company’s Annual Report on Form 10-K for a description of the Company’s significant accounting policies. The Company has included disclosures below regarding basis of presentation and other accounting policies that (i) are required to be disclosed quarterly, (ii) have material changes or (iii) the Company views as critical as of the date of this report. Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and in conformity with the rules and regulations of the SEC applicable to interim financial information and include the accounts of the Company and its wholly-owned subsidiaries. The unaudited interim consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the current expected credit losses reserve (“CECL Reserve”) and the valuation of real estate owned (“REO”) acquired through foreclosure proceedings. Equity Method Investments The Company accounts for its investment in unconsolidated real estate joint ventures over which it has the ability to exercise significant influence, but does not control, under the equity method of accounting in accordance with ASC 323, Investments—Equity Method and Joint Ventures. Under the equity method, the Company initially records the investment at cost and subsequently adjusts the carrying value of the investment to recognize the Company’s proportionate share of the investee’s earnings or losses, which are included in equity in earnings (loss) of unconsolidated joint ventures in the consolidated statements of operations. In instances where the Company acquires real estate through foreclosure proceedings and contributes such real estate to an unconsolidated real estate joint venture, the Company initially records its investment in the joint venture at the fair value of the real estate contributed on the date of contribution. Fair value is generally determined based on the appraised value of the underlying real estate, less estimated costs to sell, as applicable. Distributions received from equity method investees are recorded as reductions of the investment balance to the extent they represent returns of investment. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may not be recoverable or that a decline in value may be other-than-temporary. In evaluating whether an other-than-temporary impairment exists, the Company considers various qualitative and quantitative factors, including the financial condition and near-term prospects of the investee, the underlying collateral and asset quality, expected holding period, market conditions and other relevant factors. If the Company determines that a decline in value is other-than-temporary, the investment is written down to its estimated fair value, with the resulting impairment recognized in earnings. Recent Accounting Pronouncements Pending Adoption In November 2024, the FASB issued ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) and in January 2025, the FASB issued ASU 2025-01—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”), which requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The adoption of ASU 2024-03 is not expected to have a material impact on the Company’s consolidated financial statements.

ORGANIZATION	3 Months Ended
ORGANIZATION	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Sunrise Realty Trust, Inc. (the “Company” or “SUNS”) was formed on August 28, 2023, and converted from a Delaware limited liability company to a Maryland corporation in February 2024. The Company is an institutional lender that provides debt capital solutions to the commercial real estate (“CRE”) market in the Southern United States, with a primary focus on opportunities in Arizona, Florida, Georgia, Nevada, North Carolina, South Carolina, Tennessee and Texas. The Company focuses on originating, underwriting and managing CRE debt investments and providing capital to high-quality borrowers and sponsors with transitional business plans collateralized by CRE assets with opportunities for near-term value creation, as well as recapitalization opportunities. The Company intends to further diversify its investment portfolio, targeting investments in senior mortgage loans, mezzanine loans, B-notes, commercial mortgage-backed securities (“CMBS”) and debt-like preferred equity securities across CRE asset classes. The Company intends for its investment mix to include high quality residential (including multi-family, condominiums and single-family residential communities), retail, office, hospitality, industrial, mixed-use and specialty-use real estate. The Company operates in one operating segment. SUNS is externally managed and advised by Sunrise Manager LLC (“SUNS Manager” or the “Manager”), a registered investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Company consolidates all of its subsidiaries, which are consolidated within the Company’s consolidated financial statements. The Company has elected to be taxed as a REIT for United States federal income tax purposes under the Internal Revenue Code (the “Code”), commencing with the taxable year ending December 31, 2024. The Company generally will not be subject to United States federal income taxes on its REIT taxable income as long as it annually distributes all of its REIT taxable income prior to the deduction for dividends paid to shareholders and complies with various other requirements as a REIT.

DEBT - Narrative (Details) - Revolving Credit Facility - USD ($)			3 Months Ended		12 Months Ended
	Dec. 09, 2024	Nov. 06, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Feb. 28, 2026
Secured Debt
Line of Credit Facility [Line Items]
Agent fee		$ 75,000.0
Loan fee payable (as a percent)		0.25%
Unamortized debt issuance expense		$ 500,000
Minimum liquidity covenant			$ 5,000,000
Outstanding obligations (as a percent)			10.00%
Quarterly debt service coverage ratio			1.50
Maximum leverage ratio			3.25
Revolving Credit Facility \| Secured Debt
Line of Credit Facility [Line Items]
Revolving credit loan commitment		$ 50,000,000.0			$ 140,000,000.0
Increase in revolving credit facility					25,000,000.0
Increase limit					165,000,000.0	$ 200,000,000.0
Increase in interest rate (as a percent)		0.25%
Line of credit payable			$ 88,100,000		102,300,000
Line of credit, available to borrow			$ 76,900,000		37,700,000
Line of credit facility, interest rate (as a percent)			6.41%	6.59%
Revolving Credit Facility \| Secured Debt \| Secured Overnight Financing Rate (SOFR)
Line of Credit Facility [Line Items]
Basis spread on variable interest rate (as a percent)		2.75%
Revolving Credit Facility \| Secured Debt \| Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate (as a percent)		2.63%
SRTF Revolving Credit Facility \| Unsecured Debt
Line of Credit Facility [Line Items]
Revolving credit loan commitment	$ 75,000,000.0
Loan fee payable (as a percent)	0.25%
Unamortized debt issuance expense	$ 25,500
Line of credit payable			$ 51,400,000		19,800,000
Line of credit, available to borrow			$ 23,600,000		$ 55,200,000
Line of credit facility, interest rate (as a percent)	8.00%

DEBT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

DEBT

Revolving Credit Facility

On November 6, 2024, the Company entered into a Loan and Security Agreement (as amended, the “Revolving Credit Agreement”) with the lenders party thereto and East West Bank, as administrative agent. The Revolving Credit Agreement provides for a senior secured revolving credit facility (the “Revolving Credit Facility”) with initial aggregate commitments of $50.0 million, which may be borrowed, repaid and redrawn, subject to a borrowing base based on eligible loan obligations held by the Company and subject to the satisfaction of other conditions provided under the Revolving Credit Agreement.

During the year ended December 31, 2025, the Company entered into a series of amendments to the Revolving Credit Facility that, among other things, increased the aggregate commitment from $50.0 million to $140.0 million.

In February 2026, the Company entered into Amendment Number Seven to the Revolving Credit Facility (“Amendment Number Seven”), by and among the Company and certain subsidiaries, as borrowers, the lenders party thereto, and East West Bank, as administrative agent, which, among other things (i) facilitated the entry of an additional lender; (ii) increased the aggregate commitment by $25.0 million, for a total maximum revolver usage of $165.0 million; and (iii) revised the required consent from certain lenders to advance additional funds under the Revolving Credit Agreement. Pursuant to the Revolving Credit Agreement, total commitments may be increased to up to $200.0 million, subject to borrowing base availability and lender participation. The Revolving Credit Facility matures on November 8, 2027.

Borrowings under the Revolving Credit Facility bear interest at a rate per annum equal to SOFR plus 2.75%, subject to a SOFR floor of 2.63%, with an additional 0.25% during any Increase Rate Month (as defined in the Revolving Credit Agreement).

The Company is required to pay certain fees under the Revolving Credit Agreement, including a $75.0 thousand agent fee and a 0.25% per annum unused commitment fee, payable semi-annually in arrears, subject to waiver if specified utilization thresholds are met. During the three months ended March 31, 2026 and 2025, the Company did not incur any unused commitment fees. In connection with the Revolving Credit Agreement and related amendments, the Company incurred certain closing costs of approximately $0.5 million, which were included in prepaid expenses and other assets on the Company’s consolidated balance sheets and amortized over the life of the Revolving Credit Facility.

The Revolving Credit Facility is guaranteed by certain material subsidiaries of the Company and is secured by substantially all assets of the Company; provided that upon the meeting of certain conditions, the Revolving Credit Facility will be secured only by certain assets of the Company comprising of or relating to loan obligations designed for inclusion in the borrowing base. In addition, the Company is subject to various financial and other covenants, including a liquidity and debt service coverage ratio covenant. As amended, the Revolving Credit Facility requires us to, among other things: (i) maintain liquidity equal to the greater of (A) $5 million and (B) an amount equal to 10% of the outstanding obligations thereunder so long as we maintain at least $5 million in qualified cash, (ii) maintain a quarterly debt service coverage ratio of at least 1.50 to 1.0 and (iii) maintain a leverage ratio of not more than 3.25x measured as of the end of each fiscal quarter. To the best of the Company’s knowledge, as of March 31, 2026, the Company was in compliance in all material respects with these covenants.

As of March 31, 2026 and December 31, 2025, outstanding borrowings under the Revolving Credit Facility were $88.1 million and $102.3 million, respectively, and $76.9 million and $37.7 million were available for borrowing as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026 and December 31, 2025, the interest rate on the Company’s borrowings under the Revolving Credit Facility was 6.41% and 6.59%, respectively.

SRTF Credit Facility

On December 9, 2024, the Company entered into an unsecured revolving credit agreement (the “SRTF Credit Agreement”) with SRT Finance LLC, an affiliate, as agent and lender. The SRTF Credit Agreement provides for an unsecured revolving credit facility (the “SRTF Credit Facility”) with aggregate commitments of $75.0 million, which may be borrowed, repaid and redrawn, subject to a draw fee and other customary conditions.

Borrowings under the SRTF Credit Facility bear interest at a rate per annum of 8.00%. The SRTF Credit Facility matures on the earlier of (i) May 31, 2028 and (ii) the closing date of certain Refinancing Indebtedness, as defined in the SRTF Credit Agreement. As amended, beginning January 1, 2026, the Company is required to pay a quarterly fee equal to 0.25% of the aggregate commitments ratably to the lenders, payable on the first business day of each quarter; provided that the fee due and payable on April 1, 2028 will be prorated on the basis of a year of 360 days for the actual number of days elapsed from and including April 1, 2028 until and excluding May 31, 2028.

In connection with the SRTF Credit Agreement, the Company incurred approximately $25.5 thousand of deferred financing costs, which are included in prepaid expenses and other assets and are amortized over the term of the facility.

As of March 31, 2026 and December 31, 2025, outstanding borrowings under the SRTF Credit Facility were $51.4 million and $19.8 million, respectively, and $23.6 million and $55.2 million were available for borrowing as of March 31, 2026 and December 31, 2025, respectively.

The following tables reflect a summary of interest expense incurred during the three months ended March 31, 2026 and 2025:


















	Three Months Ended March 31, 2026
	Revolving Credit Facility		SRTF Revolving Credit Facility		Total Borrowings

Interest expense	$	1,702,172	$	921,356	$	2,623,528
Unused fee expense	—		—		—
Amortization of deferred financing costs	154,652		189,457		344,109
Total interest expense	$	1,856,824	$	1,110,813	$	2,967,637

	Three Months Ended March 31, 2025
	Revolving Credit Facility		SRTF Revolving Credit Facility		Total Borrowings

Interest expense	$	245,505	$	22,604	$	268,109
Unused fee expense	—		—		—
Amortization of deferred financing costs	66,633		1,417		68,050
Total interest expense	$	312,138	$	24,021	$	336,159

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and in conformity with the rules and regulations of the SEC applicable to interim financial information and include the accounts of the Company and its wholly-owned subsidiaries. The unaudited interim consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the current expected credit losses reserve (“CECL Reserve”) and the valuation of real estate owned (“REO”) acquired through foreclosure proceedings.
Equity Method Investments	Equity Method Investments The Company accounts for its investment in unconsolidated real estate joint ventures over which it has the ability to exercise significant influence, but does not control, under the equity method of accounting in accordance with ASC 323, Investments—Equity Method and Joint Ventures. Under the equity method, the Company initially records the investment at cost and subsequently adjusts the carrying value of the investment to recognize the Company’s proportionate share of the investee’s earnings or losses, which are included in equity in earnings (loss) of unconsolidated joint ventures in the consolidated statements of operations. In instances where the Company acquires real estate through foreclosure proceedings and contributes such real estate to an unconsolidated real estate joint venture, the Company initially records its investment in the joint venture at the fair value of the real estate contributed on the date of contribution. Fair value is generally determined based on the appraised value of the underlying real estate, less estimated costs to sell, as applicable. Distributions received from equity method investees are recorded as reductions of the investment balance to the extent they represent returns of investment. The Company evaluates its equity method investments for impairment whenever events or changes in circumstances indicate that the carrying value of the investment may not be recoverable or that a decline in value may be other-than-temporary. In evaluating whether an other-than-temporary impairment exists, the Company considers various qualitative and quantitative factors, including the financial condition and near-term prospects of the investee, the underlying collateral and asset quality, expected holding period, market conditions and other relevant factors. If the Company determines that a decline in value is other-than-temporary, the investment is written down to its estimated fair value, with the resulting impairment recognized in earnings.
Recent Accounting Pronouncements Pending Adoption	Recent Accounting Pronouncements Pending Adoption In November 2024, the FASB issued ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) and in January 2025, the FASB issued ASU 2025-01—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”), which requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The adoption of ASU 2024-03 is not expected to have a material impact on the Company’s consolidated financial statements.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

DEBT (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Interest Expense

The following tables reflect a summary of interest expense incurred during the three months ended March 31, 2026 and 2025:


















	Three Months Ended March 31, 2026
	Revolving Credit Facility		SRTF Revolving Credit Facility		Total Borrowings

Interest expense	$	1,702,172	$	921,356	$	2,623,528
Unused fee expense	—		—		—
Amortization of deferred financing costs	154,652		189,457		344,109
Total interest expense	$	1,856,824	$	1,110,813	$	2,967,637

	Three Months Ended March 31, 2025
	Revolving Credit Facility		SRTF Revolving Credit Facility		Total Borrowings

Interest expense	$	245,505	$	22,604	$	268,109
Unused fee expense	—		—		—
Amortization of deferred financing costs	66,633		1,417		68,050
Total interest expense	$	312,138	$	24,021	$	336,159

CURRENT EXPECTED CREDIT LOSSES - Schedule of Financing Receivable, Allowance for Credit Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 1,891,170
Provision for current expected credit losses	60,283	$ 117,648
Write-offs	(1,577,907)
Ending balance	322,786
CECL Reserve
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	2,069,236
Provision for current expected credit losses	60,283
Write-offs	(1,577,907)
Recoveries	0
Ending balance	551,612
Outstanding
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for current expected credit losses	300,000
Outstanding \| CECL Reserve
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	1,891,170
Provision for current expected credit losses	9,523
Write-offs	(1,577,907)
Recoveries	0
Ending balance	322,786
Unfunded
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Ending balance	200,000
Unfunded \| CECL Reserve
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	178,066
Provision for current expected credit losses	50,760
Write-offs	0
Recoveries	0
Ending balance	$ 228,826

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Related Party Transactions

The following table summarizes the related party costs incurred by the Company for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025
Affiliate costs


Base management fees		$	698,604	$	—
Incentive fees earned		936,532		—
General and administrative expenses reimbursable to Manager		612,241		612,565
Professional fees reimbursable to Manager		17,223		4,989
Total		$	2,264,600	$	617,554

LOANS HELD FOR INVESTMENT AT CARRYING VALUE - Schedule of Changes in Loans Held at Carrying Value (Details)	3 Months Ended
	Mar. 31, 2026 USD ($)
Principal
Total loans held at carrying value, principal, beginning balance	$ 305,513,185
New fundings	86,095,064
Interest drawn on loans	4,124,684
Loan repayments	(70,099,302)
Foreclosure and contribution to real estate joint venture	(26,379,740)
PIK interest	32,847
Total loans held at carrying value, principal, ending balance	299,286,738
Original Issue (Discount) Premium
Total loans held at carrying value, original issue discount, beginning balance	(2,838,442)
New fundings	(903,135)
Accretion of original issue discount and premium, net	1,129,036
Foreclosure and contribution to real estate joint venture	166,833
Total loans held at carrying value, original issue discount, ending balance	(2,445,708)
Carrying Value
Total loans held at carrying value, carrying value, beginning balance	302,674,743
New fundings	85,191,929
Interest drawn on loans	4,124,684
Accretion of original issue discount and premium, net	1,129,036
Loan repayments	(70,099,302)
Foreclosure and contribution to real estate joint venture	(26,212,907)
PIK interest	32,847
Total loans held at carrying value, carrying value, ending balance	$ 296,841,030

ORGANIZATION (Details)	3 Months Ended
ORGANIZATION (Details)	Mar. 31, 2026 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

DIVIDENDS AND DISTRIBUTIONS (Tables)

3 Months Ended

Mar. 31, 2026

DIVIDENDS AND DISTRIBUTIONS [Abstract]

Schedule of Dividends Declared

The following table summarizes the Company’s dividends declared during the three months ended March 31, 2026 and 2025:


	Declaration Date	Record Date	Payment Date	Per Common Share Distribution Amount		Total Distribution Amount






Regular cash dividend	3/4/2025	3/31/2025	4/15/2025	$	0.30	$	4,026,448



2025 Period Subtotal				$	0.30	$	4,026,448
Regular cash dividend	3/10/2026	3/31/2026	4/15/2026	$	0.30	$	4,055,897
2026 Period Subtotal				$	0.30	$	4,055,897

LOANS HELD FOR INVESTMENT AT CARRYING VALUE

3 Months Ended

Mar. 31, 2026

LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]

LOANS HELD FOR INVESTMENT AT CARRYING VALUE

As of March 31, 2026 and December 31, 2025, the Company’s portfolio included 15 and 16 loans held at carrying value, respectively. The aggregate originated commitment under these loans was approximately $397.1 million and $420.7 million, respectively, and outstanding principal was approximately $299.3 million and $305.5 million, respectively, as of March 31, 2026 and December 31, 2025. During the three months ended March 31, 2026, the Company funded approximately $90.2 million of new loans and additional principal on existing loans and had approximately $70.1 million of principal repayments of loans held at carrying value. As of March 31, 2026 and December 31, 2025, approximately 96.2% and 96.4%, respectively, of the Company’s loans held at carrying value had floating interest rates. As of March 31, 2026, these floating benchmark rates included one-month Secured Overnight Financing Rate (“SOFR”) quoted at 3.7% and subject to a weighted average floor of 3.9%, and U.S. prime rate quoted at 6.75% and subject to a weighted average floor of 8.0% based on outstanding principal.

The following tables summarizes the Company’s loans held at carrying value as of March 31, 2026 and December 31, 2025:


	As of March 31, 2026
	Outstanding Principal(1)		Original Issue (Discount) Premium		Carrying Value(1)		Weighted Average Remaining Life (Years)(2)

Senior mortgage loans(3)(4)	$	226,160,188	$	(1,962,510)	$	224,197,678	1.6
Subordinate debt	73,126,550		(483,198)		72,643,352		2.6
Total loans held at carrying value	$	299,286,738	$	(2,445,708)	$	296,841,030	1.8


	As of December 31, 2025
	Outstanding Principal(1)		Original Issue (Discount) Premium		Carrying Value(1)		Weighted Average Remaining Life (Years)(2)

Senior mortgage loans(3)(4)	$	282,678,920	$	(2,803,998)	$	279,874,922	1.9
Subordinate debt	22,834,265		(34,444)		22,799,821		2.4
Total loans held at carrying value	$	305,513,185	$	(2,838,442)	$	302,674,743	1.9

(1)The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID or premium and loan origination costs.

(2)Weighted average remaining life is calculated based on the carrying value of each respective group of loans as of March 31, 2026 and December 31, 2025.

(3)Senior mortgage loans include senior loans that also have a contiguous subordinate loan because as a whole, the expected credit quality of the subordinate loan is more similar to that of a senior loan.

(4)If the Company holds both the A-note and B-note, the loan is categorized as a senior mortgage loan.

The following table presents changes in loans held at carrying value as of and for the three months ended March 31, 2026:


	Principal		Original Issue (Discount) Premium		Carrying Value

Total loans held at carrying value at December 31, 2025	$	305,513,185	$	(2,838,442)	$	302,674,743
New fundings	86,095,064		(903,135)		85,191,929
Interest drawn on loans	4,124,684		—		4,124,684
Accretion of original issue discount and premium, net	—		1,129,036		1,129,036
Loan repayments	(70,099,302)		—		(70,099,302)
Foreclosure and contribution to real estate joint venture	(26,379,740)		166,833		(26,212,907)

PIK interest	32,847		—		32,847
Total loans held at carrying value at March 31, 2026	$	299,286,738	$	(2,445,708)	$	296,841,030

As of March 31, 2026, there were no loans in the Company’s portfolio on nonaccrual status. As of December 31, 2025, the Company had one loan held at carrying value on nonaccrual status.

During the three months ended March 31, 2026, the Company derecognized its senior hospitality loan in San Antonio, Texas (the “San Antonio Loan”) in connection with the foreclosure on the underlying collateral and the contemporaneous contribution of the acquired real estate to a newly formed unconsolidated joint venture. In exchange, the Company received

an equity interest in the joint venture, which is accounted for under the equity method. The contribution was recorded based on the fair value of the underlying collateral of approximately $24.6 million. See Note 6 included in these consolidated financial statements for additional information.

A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of March 31, 2026 is as follows:


Loan Type	Location	Outstanding Principal(1)		Original Issue (Discount) Premium		Carrying Value(1)		Interest Rate			Maturity Date(2)	Payment Terms(3)

Senior mortgage loans:
Residential	Austin, TX	$	14,087,288	$	(136,919)	$	13,950,369	9.75	%	(4)	7/3/2027	I/O

Residential	Palm Beach Gardens, FL	28,637,600		(193,860)		28,443,740		12.25	%	(5)	9/1/2027	I/O
Residential	Palm Beach Gardens, FL	25,114,339		(171,053)		24,943,286		10.25	%	(6)	9/1/2027	I/O
Residential	Fort Lauderdale, FL	16,672,674		(103,846)		16,568,828		11.48	%	(7)	12/30/2026	I/O
Hospitality	Austin, TX	32,000,000		(222,222)		31,777,778		9.50	%	(8)	12/11/2027	I/O
Residential	Aventura, FL	30,750,872		(120,329)		30,630,543		9.00	%	(9)	1/27/2027	I/O
Net Leased Tenant	New Orleans, LA	18,196,973		(268,889)		17,928,084		10.10	%	(10)	1/30/2028	I/O

Residential	Park City, UT	4,295,478		(142,308)		4,153,170		11.25	%	(11)	8/1/2027	I/O
Residential	Miami, FL	23,468,054		(145,834)		23,322,220		8.41	%	(12)	9/25/2028	I/O
Industrial	Doral, FL	8,887,586		(70,350)		8,817,236		9.95	%	(13)	10/6/2027	I/O
Industrial	West Palm Beach, FL	1,830,567		(128,567)		1,702,000		9.95	%	(13)	10/16/2027	I/O
Retail	Houston, TX	22,218,757		(258,333)		21,960,424		9.50	%	(14)	10/24/2028	I/O
Subordinate debt:
Residential	Miami, FL	11,296,455		(68,611)		11,227,844		13.25	%	(15)	11/15/2027	I/O
Residential	Miami, FL	16,536,991		41,250		16,578,241		14.50	%	(16)	12/13/2028	I/O
Hospitality	Diversified	45,293,104		(455,837)		44,837,267		11.25	%	(17)	2/13/2029	I/O
Total loans held at carrying value		$	299,286,738	$	(2,445,708)	$	296,841,030

(1)The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID or premium and loan origination costs.

(2)Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.

(3)I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(4)Base interest rate of 5.00% plus SOFR (SOFR floor of 4.75%).

(5)Base interest rate of 8.25% plus SOFR (SOFR floor of 4.00%).

(6)Base interest rate of 6.25% plus SOFR (SOFR floor of 4.00%).

(7)Cash interest rate represents a blended rate of differing cash interest rates applicable to each of the A-Notes and B-Notes to which the Company is a lender under the credit agreements. The A-Notes bear interest at a base interest rate of 4.75% plus SOFR (SOFR floor of 4.75%) and the B-Notes bear interest at a base interest rate of 11.00% plus SOFR (SOFR floor of 4.75%).

(8)Base interest rate of 5.50% plus SOFR (SOFR floor of 4.00%).

(9)Base interest rate of 5.00% plus SOFR (SOFR floor of 4.00%).

(10)Base interest rate of 5.60% plus SOFR (SOFR floor of 4.50%).

(11)Base interest rate of 3.25% plus U.S. prime rate (U.S. prime floor of 8.00%).

(12)Base interest rate of 4.75% plus SOFR (SOFR floor of 3.50%).

(13)Base interest rate of 6.20% plus SOFR (SOFR floor of 3.75%).

(14)Base interest rate of 5.75% plus SOFR (SOFR floor of 3.75%).

(15)Base interest rate of 13.25%.

(16)Base interest rate of 9.50% plus SOFR (SOFR floor of 4.00%) and PIK interest rate of 1.00%.

(17)Base interest rate of 8.25% plus SOFR (SOFR floor of 3.00%)

SHAREHOLDERS' EQUITY (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Stock-Based Compensation Expense

The following table summarizes the stock-based compensation expense incurred by the Company for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025

Stock-based compensation		$	369,962	$	243,621

Schedule of Nonvested Share Activity

The following table summarizes restricted stock (i) converted, (ii) granted, (iii) vested and (iv) forfeited for the Company’s directors and officers and employees of the Manager as of March 31, 2026 and December 31, 2025:


	As of
	March 31, 2026	December 31, 2025
Converted	88,685	88,685
Granted	233,938	135,269
Vested	(127,231)	(76,350)
Forfeited	(3,315)	(3,315)
Balance	192,077	144,289

Schedule of Restricted Stock Awards Activity

The fair value of the Company’s restricted stock awards is based on the Company’s stock price on the date of grant. The following tables summarize the restricted stock activity as of and during the three months ended March 31, 2026:


	Number of shares of restricted stock	Weighted-average grant date fair value
Balance as of December 31, 2025	144,289	$	12.88

Granted	98,669	9.34
Vested	(50,881)	11.93
Forfeited	—	—
Balance as of March 31, 2026	192,077	$	11.31

LOANS HELD FOR INVESTMENT AT CARRYING VALUE - Schedule of Loans Held at Carrying Value Portfolio (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 299,286,738	$ 305,513,185
Original Issue (Discount) Premium	(2,445,708)	(2,838,442)
Carrying Value	296,841,030	302,674,743
Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	226,160,188	282,678,920
Original Issue (Discount) Premium	(1,962,510)	(2,803,998)
Carrying Value	224,197,678	279,874,922
Subordinate debt
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	73,126,550	22,834,265
Original Issue (Discount) Premium	(483,198)	(34,444)
Carrying Value	72,643,352	$ 22,799,821
TEXAS \| Hospitality
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 26,400,000
Residential-use senior mortgage loan (Austin, TX) \| Base Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	5.00%
Residential-use senior mortgage loan (Austin, TX) \| Secured Overnight Financing Rate (SOFR) \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4.75%
Residential-use senior mortgage loan (Austin, TX) \| TEXAS \| Residential \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 14,087,288
Original Issue (Discount) Premium	(136,919)
Carrying Value	$ 13,950,369
Interest Rate	9.75%
Residential-use senior mortgage loan (PBG, FL) \| Base Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	8.25%
Residential-use senior mortgage loan (PBG, FL) \| Secured Overnight Financing Rate (SOFR) \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4.00%
Residential-use senior mortgage loan (PBG, FL) \| FLORIDA \| Residential \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 28,637,600
Original Issue (Discount) Premium	(193,860)
Carrying Value	$ 28,443,740
Interest Rate	12.25%
Residential-use senior mortgage loan (PBG, FL) II \| Base Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	6.25%
Residential-use senior mortgage loan (PBG, FL) II \| Secured Overnight Financing Rate (SOFR) \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4.00%
Residential-use senior mortgage loan (PBG, FL) II \| FLORIDA \| Residential \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 25,114,339
Original Issue (Discount) Premium	(171,053)
Carrying Value	$ 24,943,286
Interest Rate	10.25%
Residential-use senior mortage loan (Fort Lauderdale, FL) \| Base Rate \| Senior term loans \| A-Notes
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4.75%
Residential-use senior mortage loan (Fort Lauderdale, FL) \| Base Rate \| Senior term loans \| B-Notes
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	11.00%
Residential-use senior mortage loan (Fort Lauderdale, FL) \| Secured Overnight Financing Rate (SOFR) \| Senior term loans \| A-Notes
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4.75%
Residential-use senior mortage loan (Fort Lauderdale, FL) \| Secured Overnight Financing Rate (SOFR) \| Senior term loans \| B-Notes
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4.75%
Residential-use senior mortage loan (Fort Lauderdale, FL) \| FLORIDA \| Residential \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 16,672,674
Original Issue (Discount) Premium	(103,846)
Carrying Value	$ 16,568,828
Interest Rate	11.48%
Mixed-use senior mortgage loan (Austin, TX) \| Base Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	5.50%
Mixed-use senior mortgage loan (Austin, TX) \| Secured Overnight Financing Rate (SOFR) \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4.00%
Mixed-use senior mortgage loan (Austin, TX) \| TEXAS \| Hospitality \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 32,000,000
Original Issue (Discount) Premium	(222,222)
Carrying Value	$ 31,777,778
Interest Rate	9.50%
Residential Senior Mortgage Loan (Aventura, FL) \| Base Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	5.00%
Residential Senior Mortgage Loan (Aventura, FL) \| Secured Overnight Financing Rate (SOFR) \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4.00%
Residential Senior Mortgage Loan (Aventura, FL) \| FLORIDA \| Residential \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 30,750,872
Original Issue (Discount) Premium	(120,329)
Carrying Value	$ 30,630,543
Interest Rate	9.00%
Mixed-Use Senior Mortgage Loan (New Orleans, LA) \| Base Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	5.60%
Mixed-Use Senior Mortgage Loan (New Orleans, LA) \| Secured Overnight Financing Rate (SOFR) \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4.50%
Mixed-Use Senior Mortgage Loan (New Orleans, LA) \| LOUISIANA \| Net Leased Tenant \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 18,196,973
Original Issue (Discount) Premium	(268,889)
Carrying Value	$ 17,928,084
Interest Rate	10.10%
Residential Senior Mortgage Loan (Park City, UT) \| Base Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	3.25%
Residential Senior Mortgage Loan (Park City, UT) \| Prime Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	8.00%
Residential Senior Mortgage Loan (Park City, UT) \| UTAH \| Residential \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 4,295,478
Original Issue (Discount) Premium	(142,308)
Carrying Value	$ 4,153,170
Interest Rate	11.25%
Residential-Use Senior Mortgage Loan (Miami, FL) \| Base Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4.75%
Residential-Use Senior Mortgage Loan (Miami, FL) \| Secured Overnight Financing Rate (SOFR) \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	3.50%
Residential-Use Senior Mortgage Loan (Miami, FL) \| FLORIDA \| Residential \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 23,468,054
Original Issue (Discount) Premium	(145,834)
Carrying Value	$ 23,322,220
Interest Rate	8.41%
Industrial-Use Senior Mortgage Loan (Doral, FL) \| Base Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	6.20%
Industrial-Use Senior Mortgage Loan (Doral, FL) \| Secured Overnight Financing Rate (SOFR) \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	3.75%
Industrial-Use Senior Mortgage Loan (Doral, FL) \| FLORIDA \| Industrial \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 8,887,586
Original Issue (Discount) Premium	(70,350)
Carrying Value	$ 8,817,236
Interest Rate	9.95%
Industrial-Use Senior Mortgage Loan (West Palm Beach, FL) \| FLORIDA \| Industrial \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 1,830,567
Original Issue (Discount) Premium	(128,567)
Carrying Value	$ 1,702,000
Interest Rate	9.95%
Mixed-Use Senior Mortgage Loan (Houston, TX) \| Base Rate \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	5.75%
Mixed-Use Senior Mortgage Loan (Houston, TX) \| Secured Overnight Financing Rate (SOFR) \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	3.75%
Mixed-Use Senior Mortgage Loan (Houston, TX) \| TEXAS \| Retail \| Senior term loans
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 22,218,757
Original Issue (Discount) Premium	(258,333)
Carrying Value	$ 21,960,424
Interest Rate	9.50%
Residential-use Subordinate debt (Miami, FL) \| Base Rate \| Subordinate debt
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	13.25%
Residential-use Subordinate debt (Miami, FL) \| FLORIDA \| Residential \| Subordinate debt
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 11,296,455
Original Issue (Discount) Premium	(68,611)
Carrying Value	$ 11,227,844
Interest Rate	13.25%
Residential-Use Subordinate debt (Miami, FL) II \| Base Rate \| Subordinate debt
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	9.50%
Residential-Use Subordinate debt (Miami, FL) II \| Secured Overnight Financing Rate (SOFR) \| Subordinate debt
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4.00%
Residential-Use Subordinate debt (Miami, FL) II \| Payment in Kind (PIK) Interest Rate \| Subordinate debt
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	1.00%
Residential-Use Subordinate debt (Miami, FL) II \| FLORIDA \| Residential \| Subordinate debt
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 16,536,991
Original Issue Premium	41,250
Carrying Value	$ 16,578,241
Interest Rate	14.50%
Mixed-Use Subordinate debt \| Hospitality \| Subordinate debt
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 45,293,104
Original Issue (Discount) Premium	(455,837)
Carrying Value	$ 44,837,267
Interest Rate	11.25%
Mixed-Use Subordinate debt \| Base Rate \| Subordinate debt
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	8.25%
Mixed-Use Subordinate debt \| Secured Overnight Financing Rate (SOFR) \| Subordinate debt
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	3.00%

INVESTMENT IN UNCONSOLIDATED REAL ESTATE JOINT VENTURE - Narrative (Details) - USD ($)	1 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 296,841,030	$ 302,674,743
San Antonio Property
Schedule of Equity Method Investments [Line Items]
Ownership interest	65.00%
TCG RE Agent \| Hospitality
Schedule of Equity Method Investments [Line Items]
Carrying Value	$ 24,600,000
Joint ventures in real estate	$ 40,600,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

INVESTMENT IN UNCONSOLIDATED REAL ESTATE JOINT VENTURE (Tables)

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

Summary of the Company’s Investment in Unconsolidated Real Estate Joint Ventures

The following table summarizes the Company’s investment in unconsolidated real estate joint ventures as of March 31, 2026 and December 31, 2025:


Entity	Date Formed	Ownership %	As of March 31, 2026		As of December 31, 2025

123 Lex Ave Hotel Holdings LLC	2/27/2026	65%	$	24,635,000	$	—

SUBSEQUENT EVENTS (Details) - USD ($)	Apr. 01, 2026	Mar. 31, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Loans held at carrying value, outstanding principal		$ 299,286,738	$ 305,513,185
Residential \| TEXAS \| Subsequent Event
Subsequent Event [Line Items]
Loans held at carrying value, outstanding principal	$ 14,100,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

LOANS HELD FOR INVESTMENT AT CARRYING VALUE - Schedule of Loans Held at Carrying Value (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Loans and Leases Receivable Disclosure [Line Items]
Outstanding Principal	$ 299,286,738		$ 305,513,185
Original Issue (Discount) Premium	(2,445,708)		(2,838,442)
Carrying value	$ 296,841,030		302,674,743
Weighted Average Remaining Life (Years)	1 year 9 months 18 days	1 year 10 months 24 days
Senior mortgage loans
Loans and Leases Receivable Disclosure [Line Items]
Outstanding Principal	$ 226,160,188		282,678,920
Original Issue (Discount) Premium	(1,962,510)		(2,803,998)
Carrying value	$ 224,197,678		279,874,922
Weighted Average Remaining Life (Years)	1 year 7 months 6 days	1 year 10 months 24 days
Subordinate debt
Loans and Leases Receivable Disclosure [Line Items]
Outstanding Principal	$ 73,126,550		22,834,265
Original Issue (Discount) Premium	(483,198)		(34,444)
Carrying value	$ 72,643,352		$ 22,799,821
Weighted Average Remaining Life (Years)	2 years 7 months 6 days	2 years 4 months 24 days

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Total loan commitments	$ 397,086,697	$ 420,707,524
Less: drawn commitments	(299,181,328)	(305,440,623)
Total undrawn commitments	$ 97,905,369	$ 115,266,901

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following information sets forth the computations of basic and diluted earnings per common share for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
		2026		2025

Net income		$	4,253,350	$	3,099,437

Dividends paid on unvested restricted stock		(43,287)		(85,480)
Net income attributable to common shareholders		4,210,063		3,013,957
Divided by:
Basic weighted average shares of common stock outstanding		13,319,225		11,208,015
Weighted average unvested restricted stock		5,986		13,001
Diluted weighted average shares of common stock outstanding		13,325,211		11,221,016
Basic earnings per common share		$	0.32	$	0.27
Diluted earnings per common share		$	0.32	$	0.27

Diluted earnings per common share was computed using the treasury stock method for restricted stock. Diluted earnings per common share excluded 120,222 and 87,463 weighted average shares of unvested restricted stock due to anti-dilutive effect for the three months ended March 31, 2026 and 2025, respectively

CURRENT EXPECTED CREDIT LOSSES - Schedule of Financing Receivable Credit Quality Indicators (Details)	3 Months Ended
	Mar. 31, 2026 USD ($)
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
2026	$ 44,837,267
2025	125,091,918
2024	126,911,845
Total	296,841,030
Gross write-offs
2026	0
2025	0
2024	(1,577,907)
Total	(1,577,907)
1
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
2026	0
2025	0
2024	13,950,369
Total	13,950,369
2
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
2026	44,837,267
2025	125,091,918
2024	112,961,476
Total	282,890,661
3
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
2026	0
2025	0
2024	0
Total	0
4
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
2026	0
2025	0
2024	0
Total	0
5
Financing Receivable, before Allowance for Credit Loss, by Origination Year [Abstract]
2026	0
2025	0
2024	0
Total	$ 0

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Base management fees	$ 700,000	$ 0
Incentive fees earned	900,000	0
General and administrative expenses reimbursable to Manager	743,099	753,126
Professional fees reimbursable to Manager	243,219	408,532
Related Party
Related Party Transaction [Line Items]
Base management fees	698,604	0
Incentive fees earned	936,532	0
General and administrative expenses reimbursable to Manager	612,241	612,565
Professional fees reimbursable to Manager	17,223	4,989
Total	$ 2,264,600	$ 617,554

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(k)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(k)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
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-Name Accounting Standards Codification
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-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481990/310-10-45-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c)(2)(ii))
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

+ Details

SHAREHOLDERS' EQUITY - Schedule of Restricted Stock Awards Activity (Details) - Restricted Stock - $ / shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Number of shares of restricted stock
Beginning balance (in shares)	144,289
Granted (in shares)	98,669	19,625
Vested (in shares)	(50,881)	(34,671)
Forfeited (in shares)	0
Ending balance (in shares)	192,077
Weighted-average grant date fair value
Beginning balance (in dollars per share)	$ 12.88
Granted (in dollars per share)	9.34	$ 11.78
Vested (in dollars per share)	11.93	$ 13.13
Forfeited (in dollars per share)	0
Ending balance (in dollars per share)	$ 11.31

FAIR VALUE - Schedule of Book Value and Fair Value of the Financial Instruments (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Financial assets:
Investment in unconsolidated real estate joint venture	$ 24,635,000	$ 0
Carrying Value
Financial assets:
Cash and cash equivalents	5,658,839
Loans held for investment, net	296,841,030
Investment in unconsolidated real estate joint venture	24,635,000
Fair Value
Financial assets:
Cash and cash equivalents	5,658,839
Loans held for investment, net	297,745,713
Investment in unconsolidated real estate joint venture	$ 24,635,000

SHAREHOLDERS' EQUITY - Schedule of Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity [Abstract]
Stock-based compensation	$ 369,962	$ 243,621

SHAREHOLDERS' EQUITY

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

SHAREHOLDERS’ EQUITY

Preferred Stock

As of March 31, 2026 and 2025, the Company was authorized to issue up to 10,000 shares of Preferred Stock, par value $0.01 per share (the “Preferred Stock”), respectively, of which none have been issued. The Board of Directors has the authority, without action by our shareholders, to issue up to 10,000 shares of Preferred Stock in one or more series or classes and to designate the rights, preferences and privileges of each series or class, which may be greater than the rights of Common Stock. There were no shares of Preferred Stock designated or outstanding as of March 31, 2026 and December 31, 2025, respectively.

Common Stock

As of March 31, 2026 and December 31, 2025, the Company was authorized to issue up to 50,000,000 shares of Common Stock, respectively, and issued 13,519,655 and 13,420,986 shares of Common Stock, respectively.

Shelf Registration Statement

On August 1, 2025, the Company filed a shelf registration statement on Form S-3 (File No. 333-289188) (the “Shelf Registration Statement”), which was declared effective on August 6, 2025. Under the Shelf Registration Statement, the Company may, from time to time, issue and sell up to $500.0 million of the Company’s common stock, preferred stock, debt securities, warrants and rights (including as part of a unit) to purchase shares of the Company’s common stock or preferred stock.

On January 29, 2025, the Company completed a registered public offering of common stock at a public offering price of $12.00 per share (the “January 2025 Offering”), including a partial exercise of the underwriters’ over-allotment option. In aggregate, the Company issued 6,400,000 shares and received total net proceeds of approximately $70.8 million after underwriting discounts and offering expenses.

At-the-Market Offering Program (“ATM Program”)

On August 13, 2025, the Company entered into an Equity Distribution Agreement (the “Equity Distribution Agreement”) by and among the Company, SUNS Manager and Raymond James & Associates, Inc. (the “Sales Agent”) under which the Company may, from time to time, offer and sell shares of common stock, having an aggregate offering price of up to $50.0 million. Under the terms of the Equity Distribution Agreement, the Company has agreed to pay the Sales Agents a commission of up to 2.0% of the gross sales price of common stock sold through the Sales Agents. Sales of common stock, if any, may be made in transactions that are deemed to be “at-the-market” offerings, as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). There were no shares issued under the ATM Program during the three months ended March 31, 2026.

Dividend Reinvestment Plan

On September 3, 2025, the Company established a dividend reinvestment plan (“DRIP”). The DRIP allows shareholders to reinvest all or a portion of their cash dividends in additional shares of the Company’s common stock (which shares, at the Company’s option, are either newly issued directly from the Company or purchased by the plan administrator in the open market). The Company may issue up to 1,000,000 shares of common stock under the DRIP. There were no shares issued under the DRIP during the three months ended March 31, 2026.

Stock Incentive Plan

The Company maintains the 2024 Stock Incentive Plan (the “2024 Plan”), which provides for the grant of stock options, stock appreciation rights, restricted stock, stock bonuses, stock units and other forms of awards granted or denominated in the Company’s Common Stock or units of Common Stock. The 2024 Plan is intended to provide flexibility to offer competitive incentives and to tailor benefits to specific needs and circumstances. Any award may be structured to be paid or settled in cash. The Company has granted, and currently intends to continue to grant, restricted stock awards to participants in the 2024 Plan, but it may also grant any other type of award available under the 2024 Plan in the future. Persons eligible to receive awards under the 2024 Plan include officers or employees of the Company or any of its subsidiaries, directors of the Company, employees of the Manager and certain directors, consultants and other service providers to the Company or any of its subsidiaries.

During the three months ended March 31, 2026, the Company’s Board of Directors approved grants of restricted stock to the Company’s directors and certain officers, as well as certain employees of the Manager or its affiliates, with an aggregate of 98,669 shares of restricted stock granted to such eligible persons. The restricted stock awards granted during the three months ended March 31, 2026 under the 2024 Plan contain vesting periods that vary from immediately, vesting over a one-year period, and vesting over a three-year period, with approximately 33% vesting on each of the first, second and third anniversaries of the vesting commencement date.

During the three months ended March 31, 2025, the Company’s Board of Directors approved grants of restricted stock to the Company’s directors and certain officers, as well as certain employees of the Manager or its affiliates, with an aggregate of 19,625 shares of restricted stock granted to such eligible persons. The restricted stock awards granted in February 2025 under the 2024 Plan vest over a three-year period, with approximately 33% vesting on each of the first, second and third anniversaries of the vesting commencement date.

As of March 31, 2026, there were 230,623 shares of restricted stock granted under the 2024 Plan.

As of March 31, 2026, the maximum number of shares of the Company’s Common Stock that may be delivered pursuant to awards under the 2024 Plan (the “Share Limit”) equaled 1,191,122 shares, of which 960,499 shares remained available for future issuance under the 2024 Plan.

Stock Compensation

The following table summarizes the stock-based compensation expense incurred by the Company for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025

Stock-based compensation		$	369,962	$	243,621

Restricted Stock


	As of
	March 31, 2026	December 31, 2025
Converted	88,685	88,685
Granted	233,938	135,269
Vested	(127,231)	(76,350)
Forfeited	(3,315)	(3,315)
Balance	192,077	144,289


	Number of shares of restricted stock	Weighted-average grant date fair value
Balance as of December 31, 2025	144,289	$	12.88

Granted	98,669	9.34
Vested	(50,881)	11.93
Forfeited	—	—
Balance as of March 31, 2026	192,077	$	11.31

The total fair value of shares vested during the three months ended March 31, 2026 was approximately $0.5 million.

During the three months ended March 31, 2025, 19,625 shares of restricted stock were granted with a weighted-average grant date fair value of $11.78. During the three months ended March 31, 2025, 34,671 shares of restricted stock vested with a weighted-average grant date fair value of $13.13. The total fair value of shares vested during the three months ended March 31, 2025 was approximately $0.5 million.

As of March 31, 2026, there was approximately $1.8 million of total unrecognized compensation cost related to non-vested restricted stock. That cost is expected to be recognized over a weighted-average period of 1.98 years.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 08, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-41971
Entity Registrant Name	SUNRISE REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	93-3168928
Entity Address, Address Line One	525 Okeechobee Blvd.
Entity Address, Address Line Two	Suite 1650
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	561
Local Phone Number	530-3315
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	SUNS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,518,205
Entity Central Index Key	0002012706
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

DEBT - Schedule of Interest Expense (Details) - USD ($)	3 Months Ended
DEBT - Schedule of Interest Expense (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Line of Credit Facility [Line Items]
Amortization of deferred financing costs	$ 344,109	$ 68,050
Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest expense	2,623,528	268,109
Unused fee expense	0	0
Amortization of deferred financing costs	344,109	68,050
Total interest expense	2,967,637	336,159
Revolving Credit Facility \| Secured Debt \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest expense	1,702,172	245,505
Unused fee expense	0	0
Amortization of deferred financing costs	154,652	66,633
Total interest expense	1,856,824	312,138
Revolving Credit Facility \| Unsecured Debt \| SRTF Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest expense	921,356	22,604
Unused fee expense	0	0
Amortization of deferred financing costs	189,457	1,417
Total interest expense	$ 1,110,813	$ 24,021

FAIR VALUE

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE

Fair Value of Financial Instruments

GAAP requires disclosure of fair value information about financial instruments, whether or not recognized at fair value in the balance sheets, for which it is practicable to estimate that value.

The following table details the carrying value and fair value of the Company’s financial instruments not recognized at fair value in the unaudited interim balance sheets as of March 31, 2026:


	As of March 31, 2026
	Carrying Value		Fair Value
Financial assets:
Cash and cash equivalents	$	5,658,839	$	5,658,839
Loans held for investment, net	$	296,841,030	$	297,745,713
Investment in unconsolidated real estate joint venture	$	24,635,000	$	24,635,000

Cash and cash equivalents have a carrying value which approximates their fair value due to the short-term nature of these instruments.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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-Paragraph 6A
-Subparagraph (h)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 6A
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions					3 Months Ended
	Aug. 13, 2025	Aug. 01, 2025	Jan. 31, 2025	Jan. 29, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	Sep. 03, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, authorized (in shares)					10,000		10,000
Preferred stock, par value (in dollars per share)					$ 0.01		$ 0.01
Preferred stock, issued (in shares)					0		0
Preferred stock, outstanding (in shares)					0		0
Common stock, authorized (in shares)					50,000,000		50,000,000
Common stock, issued (in shares)					13,519,655		13,420,986
Common stock, outstanding (in shares)					13,519,655		13,420,986
Shares issued under the DRIP Plan (in shares)					0
Cost not yet recognized					$ 1.8
Cost not yet recognized, period for recognition (in years)					1 year 11 months 23 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock, granted (in shares)					98,669	19,625
Fair value of shares vested					$ 0.5	$ 0.5
Granted (in dollars per share)					$ 9.34	$ 11.78
Vested (in shares)					50,881	34,671
Vested (in dollars per share)					$ 11.93	$ 13.13
Dividend Reinvestment Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)								1,000,000
Equity Incentive Plan 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares reserved for future issuance (in shares)					960,499
Share limit (in shares)					1,191,122
Equity Incentive Plan 2024 \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock, granted (in shares)						19,625
Vesting period (in years)						3 years
Restricted stock under 2024 plan (in shares)					230,623
Equity Incentive Plan 2024 \| Restricted Stock \| Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)					1 year
Equity Incentive Plan 2024 \| Restricted Stock \| Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period (in years)					3 years
Equity Incentive Plan 2024 \| Restricted Stock \| Tranche one
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)					33.00%	33.00%
Equity Incentive Plan 2024 \| Restricted Stock \| Tranche two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)					33.00%	33.00%
Equity Incentive Plan 2024 \| Restricted Stock \| Tranche three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage (as a percent)					33.00%	33.00%
Shelf Registration Statement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum offering proceeds		$ 500.0
January 2025 Public Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering price per share (in dollars per share)				$ 12.00
Common stock offering (in shares)				6,400,000
Proceeds from transaction costs			$ 70.8
At-the-Market Offering Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum offering proceeds	$ 50.0
Commission percentage	2.00%

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the consolidated financial statements were available to be issued. There were no material subsequent events, other than those described below, that required disclosure in these unaudited interim financial statements. On April 1, 2026, the Company’s senior loan for a residential property in Austin, TX was repaid in full. The outstanding principal balance of the senior secured term loan on the date of repayment was approximately $14.1 million.

CURRENT EXPECTED CREDIT LOSSES - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	$ 322,786		$ 1,891,170
Basis points of total loans and loans receivable at carrying value (as a percent)	0.19%		0.68%
Loans receivable at carrying value, commitment balance	$ 296,800,000		$ 302,700,000
Provision for current expected credit losses	60,283	$ 117,648
Current expected credit loss reserve	228,826		178,066
Writeoffs	1,577,907
Loans held at carrying value, outstanding principal	299,286,738		305,513,185
Investment in unconsolidated real estate joint venture	24,635,000		0
Hospitality \| TEXAS
Financing Receivable, Past Due [Line Items]
Loans held at carrying value, outstanding principal	26,400,000
Loan receivable held at carrying value, net	26,200,000
CECL Reserve
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	551,612		2,069,236
Provision for current expected credit losses	60,283
Writeoffs	1,577,907
CECL Reserve \| Hospitality \| TEXAS
Financing Receivable, Past Due [Line Items]
Writeoffs	1,600,000
Outstanding
Financing Receivable, Past Due [Line Items]
Provision for current expected credit losses	300,000
Outstanding \| CECL Reserve
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	322,786		1,891,170
Provision for current expected credit losses	9,523
Writeoffs	1,577,907
Unfunded
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	200,000
Unfunded \| CECL Reserve
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	228,826		$ 178,066
Provision for current expected credit losses	50,760
Writeoffs	$ 0

INTEREST RECEIVABLE (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Interest Receivable and Other Assets [Abstract]
Interest receivable	$ 2,552,955	$ 2,251,700
Unused fees receivable	4,455	2,203
PIK receivable	9,805	7,037
Other fees receivable	3,958	3,193
Total interest receivable	$ 2,571,173	$ 2,264,133

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2026

RELATED PARTY TRANSACTIONS

Management Agreement

On February 22, 2024, the Company entered into a management agreement (the “Management Agreement”) with SUNS Manager, effective upon the listing of the Company’s common stock. Following the listing of the Company’s Common Stock on July 9, 2024, the Company became managed by its Board of Directors and executive officers and by SUNS Manager, pursuant to the Management Agreement.

Pursuant to the Management Agreement, the Manager manages the Company’s investment activities and day-to-day operations, subject at all times to the further terms and conditions set forth in the Management Agreement and such further limitations or parameters as may be imposed from time to time by the Board of Directors.

The Manager receives base management fees (the “Base Management Fees”), calculated and payable quarterly in arrears, equal to 0.375% of the Company’s Equity (as defined in the Management Agreement), subject to certain adjustments, less 50% of the aggregate amount of any other fees (“Outside Fees”), including any agency fees relating to the Company’s loans, but excluding the Incentive Compensation (as defined below) and any diligence fees paid to and earned by the Manager and paid by third parties in connection with the Manager’s due diligence of potential loans.

Base Management Fees incurred for the three months ended March 31, 2026 were approximately $0.7 million. There were no Base Management Fees incurred for the three months ended March 31, 2025. Refer to the fee waiver below.

In addition to the Base Management Fees, the Manager is entitled to receive incentive compensation (the “Incentive Compensation” or “Incentive Fees”) with respect to each fiscal quarter (or portion thereof that the Management Agreement is in effect) based upon the Company’s achievement of targeted levels of Core Earnings. “Core Earnings” is defined in the Management Agreement as, for a given period, the net income (loss) for such period, computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) Incentive Compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income and (v) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between the Manager and the Company’s independent directors and approval by a majority of the independent directors.

Incentive Fees incurred for the three months ended March 31, 2026 were approximately $0.9 million. There were no Incentive Fees incurred for the three months ended March 31, 2025. Refer to the fee waiver below.

Fee Waiver

From time to time, the Manager may waive fees it would otherwise be entitled to under the terms of the Management Agreement. The Manager agreed to waive (i) the inclusion of the net proceeds from the January 2025 Offering in the Company’s Equity for purposes of calculating the management fee until the earlier of (a) December 31, 2025 and (b) the quarter in which the total amount of the net proceeds of the January 2025 Offering have been utilized to fund loans in our portfolio and (ii) an additional $1.0 million in fees.

For the three months ended March 31, 2026, no Base Management Fees or Incentive Fees were waived. For the three months ended March 31, 2025, approximately $0.6 million of Base Management Fees and $0.3 million of Incentive Fees were waived.

Administrative Services Agreement

In July 2024, SUNS Manager entered into the Administrative Services Agreement with TCG Services LLC, an affiliate of SUNS Manager. The Administrative Services Agreement sets forth the terms on which TCG Services LLC will provide SUNS certain administrative services, including providing personnel, office facilities, information technology and other equipment and legal, accounting, human resources, clerical, bookkeeping and record keeping services at such facilities as well as other services.

Services Agreement

In July 2024, SUNS Manager entered into a Services Agreement with SRT Group LLC, an affiliate of SUNS Manager and certain officers. The Services Agreement sets forth the terms on which SRT Group LLC will provide SUNS the services of its investment personnel.

The Company is required to pay all of its allocable costs and expenses and reimburse the Manager or its affiliates for such expenses paid or incurred on behalf of the Company by the Manager or its affiliates, excepting only those expenses that are specifically the responsibility of the Manager pursuant to the Management Agreement.

The following table summarizes the related party costs incurred by the Company for the three months ended March 31, 2026 and 2025:


	Three Months Ended March 31,
		2026		2025
Affiliate costs


Base management fees		$	698,604	$	—
Incentive fees earned		936,532		—
General and administrative expenses reimbursable to Manager		612,241		612,565
Professional fees reimbursable to Manager		17,223		4,989
Total		$	2,264,600	$	617,554

Amounts payable to the Manager as of March 31, 2026 and December 31, 2025 were approximately $2.3 million and $1.0 million, respectively, and are recorded within accrued management and incentive fees and accrued direct administrative expenses in the Company’s consolidated Balance Sheets.

The Manager is beneficially owned by certain officers and directors as of the date of this Quarterly Report on Form 10-Q.

Investments in Loans and Unconsolidated Real Estate Joint Venture

From time to time, the Company may co-invest with other investment vehicles managed by the SUNS Manager or its affiliates, including by means of splitting loans, participating in loans or other means of syndicating loans. The Company is not obligated to provide, nor has it provided, any financial support to the other managed investment vehicles. As such, the Company’s risk is limited to the carrying value of its investment in any such loan. Additionally, SUNS Manager or its affiliates, including TCG RE Agent, may from time to time serve as administrative and collateral agents to the lenders under the loans in the Company’s portfolio. As of March 31, 2026, there were 15 co-invested loans held by the Company and affiliates of the Company.

In March 2026, in connection with the foreclosure of the San Antonio Loan, the Company formed a joint venture with an affiliate co-lender to acquire the underlying hotel property. The Company holds a 65.0% ownership interest in the joint venture. Refer to Note 6 for more information.

Unsecured Revolving Credit Facility with Affiliate

The Company maintains an unsecured revolving credit facility with SRT Finance LLC, an affiliate of the Company. Refer to Note 7 for more information.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments to Fund Various Investments

As of March 31, 2026 and December 31, 2025, the Company had the following commitments to fund various investments:



	As of March 31, 2026		As of December 31, 2025

Total loan commitments	$	397,086,697	$	420,707,524
Less: drawn commitments	(299,181,328)		(305,440,623)
Total undrawn commitments	$	97,905,369	$	115,266,901

INTEREST RECEIVABLE

3 Months Ended

Mar. 31, 2026

Interest Receivable and Other Assets [Abstract]

INTEREST RECEIVABLE

The following table summarizes the interest receivable balance for the Company as of March 31, 2026 and December 31, 2025:



	As of March 31, 2026		As of December 31, 2025

Interest receivable	$	2,552,955	$	2,251,700
Unused fees receivable	4,455		2,203
PIK receivable	9,805		7,037
Other fees receivable	3,958		3,193
Total interest receivable	$	2,571,173	$	2,264,133

SHAREHOLDER’S EQUITY - Schedule of Nonvested Share Activity (Details) - Restricted Stock - shares	Mar. 31, 2026	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Converted (in shares)	88,685	88,685
Granted (in shares)	233,938	135,269
Vested (in shares)	(127,231)	(76,350)
Forfeited (in shares)	(3,315)	(3,315)
Balance (in shares)	192,077	144,289

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

EARNINGS PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share Reconciliation [Abstract]
Net income	$ 4,253,350	$ 3,099,437
Dividends paid on unvested restricted stock	(43,287)	(85,480)
Net income attributable to common shareholders, basic	4,210,063	3,013,957
Net income attributable to common shareholders, diluted	$ 4,210,063	$ 3,013,957
Divided by:
Basic weighted average shares of common stock outstanding (in shares)	13,319,225	11,208,015
Weighted average unvested restricted stock (in shares)	5,986	13,001
Diluted weighted average shares of common stock outstanding (in shares)	13,325,211	11,221,016
Basic earnings per common share (in dollars per share)	$ 0.32	$ 0.27
Diluted earnings per common share (in dollars per share)	$ 0.32	$ 0.27

EARNINGS PER SHARE - Narrative (Details) - shares	3 Months Ended
EARNINGS PER SHARE - Narrative (Details) - shares	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Antidilutive stock options (in shares)	120,222	87,463

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Assets
Loans held for investment at carrying value, net	$ 296,841,030	$ 302,674,743
Current expected credit loss reserve	(322,786)	(1,891,170)
Loans held for investment at carrying value, net of current expected credit loss reserve	296,518,244	300,783,573
Cash and cash equivalents	5,658,839	6,445,328
Interest receivable	2,571,173	2,264,133
Investment in unconsolidated real estate joint venture	24,635,000	0
Prepaid expenses and other assets	647,696	735,230
Total assets	330,030,952	310,228,264
Liabilities
Accrued interest	1,080,911	730,644
Dividends payable	4,055,897	4,026,296
Current expected credit loss reserve	228,826	178,066
Accrued management and incentive fees	1,635,136	692,716
Accrued direct administrative expenses	633,432	282,296
Accounts payable and other liabilities	466,954	355,865
Total liabilities	147,501,156	128,265,883
Commitments and contingencies (Note 8)
Shareholders' equity
Preferred stock, par value $0.01 per share, 10,000 shares authorized at March 31, 2026 and December 31, 2025 and 0 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	0	0
Common stock, par value $0.01 per share, 50,000,000 shares authorized at March 31, 2026 and December 31, 2025 and 13,519,655 and 13,420,986 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	135,197	134,210
Additional paid-in capital	187,114,464	186,745,489
Accumulated (deficit) earnings	(4,719,865)	(4,917,318)
Total shareholders' equity	182,529,796	181,962,381
Total liabilities and shareholders' equity	330,030,952	310,228,264
Nonrelated Party
Liabilities
Line of credit payable	88,050,000	102,250,000
Related Party
Liabilities
Line of credit payable	$ 51,350,000	$ 19,750,000

RELATED PARTY TRANSACTIONS - Narrative (Details)	1 Months Ended	3 Months Ended
RELATED PARTY TRANSACTIONS - Narrative (Details)	Mar. 31, 2026 USD ($)	Mar. 31, 2026 USD ($) loan	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Feb. 22, 2024
Related Party Transaction [Line Items]
Base management fees		$ 700,000	$ 0
Incentive fee		900,000	0
Management fee	$ 1,635,136	1,635,136		$ 692,716
San Antonio Property
Related Party Transaction [Line Items]
Ownership interest	65.00%
Related Party
Related Party Transaction [Line Items]
Base management fees (as a percent)					0.375%
Aggregate amount of any outside fees (as a percent)					50.00%
Base management fees		698,604	0
Incentive fee		936,532	0
Accounts payable	$ 2,300,000	2,300,000		$ 1,000,000.0
Management
Related Party Transaction [Line Items]
Base management fees		0	600,000
Incentive fee		0	$ 300,000
Management fee	$ 1,000,000.0	$ 1,000,000.0
Affiliated Entity
Related Party Transaction [Line Items]
Number of co-invested loans held \| loan		15

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue
Interest income	$ 10,272,686	$ 4,958,523
Interest expense	(2,967,637)	(336,159)
Net interest income	7,305,049	4,622,364
Expenses
Management and incentive fees	1,635,136	0
General and administrative expenses	743,099	753,126
Stock-based compensation	369,962	243,621
Professional fees	243,219	408,532
Total expenses	2,991,416	1,405,279
Provision for current expected credit losses	(60,283)	(117,648)
Net income before income taxes	4,253,350	3,099,437
Income tax expense	0	0
Net income	$ 4,253,350	$ 3,099,437
Earnings per common share:
Basic (in dollars per share)	$ 0.32	$ 0.27
Diluted (in dollars per share)	$ 0.32	$ 0.27
Weighted average number of common shares outstanding:
Basic (in shares)	13,319,225	11,208,015
Diluted (in shares)	13,325,211	11,221,016

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

As of March 31, 2026 and December 31, 2025, the Company had the following commitments to fund various investments:



	As of March 31, 2026		As of December 31, 2025

Total loan commitments	$	397,086,697	$	420,707,524
Less: drawn commitments	(299,181,328)		(305,440,623)
Total undrawn commitments	$	97,905,369	$	115,266,901

The Company from time to time may be a party to litigation in the normal course of business. The Company investigates these claims as they arise. If the potential loss from any claim or legal claim is considered probable and the amount can be estimated, the Company accrues a liability for the estimated loss. As of March 31, 2026, the Company was not aware of any legal claims that could materially impact its business, financial condition or results of operations.

INVESTMENT IN UNCONSOLIDATED REAL ESTATE JOINT VENTURE

3 Months Ended

Mar. 31, 2026

Equity Method Investments and Joint Ventures [Abstract]

INVESTMENT IN UNCONSOLIDATED REAL ESTATE JOINT VENTURE

In February 2026, the Company, together with the affiliate co-lender to the San Antonio Loan, formed 123 Lex Ave Hotel Holdings LLC (the “Lex Ave JV”) in proportion to their respective interests in the San Antonio Loan.

In March 2026, the lenders exercised their rights to foreclose on the hotel property that served as the underlying collateral for the San Antonio Loan. Upon foreclosure, legal title to the property was obtained by the lenders, and the property was contemporaneously contributed to the Lex Ave JV. Upon foreclosure, the Company recognized real estate owned (“REO”) at the lesser of the carrying value of the San Antonio Loan and the fair value of the underlying collateral. The Company’s contribution to the Lex Ave JV was recorded at the fair value of the contributed REO of approximately $24.6 million. The Lex Ave JV acquired the hotel property through a credit bid equal to the aggregate unpaid principal balance of approximately $40.6 million.

Following the contribution, the Company holds a 65.0% ownership interest in the Lex Ave JV. The Company’s investment in the Lex Ave JV was initially recorded based on its proportionate share of the fair value of the contributed net assets. No gain or loss was recognized upon foreclosure and contribution, as the transaction was accounted for as an exchange of the loan for an equity method investment.

Activity in the Company’s investment in the Lex Ave JV during the three months ended March 31, 2026 consisted of the initial contribution described above. There were no additional capital contributions, distributions, or equity in earnings (loss) during the period.

The formation of the Lex Ave JV and related contribution resulted in the derecognition of the San Antonio Loan from the Company’s consolidated balance sheet.

The following table summarizes the Company’s investment in unconsolidated real estate joint ventures as of March 31, 2026 and December 31, 2025:


Entity	Date Formed	Ownership %	As of March 31, 2026		As of December 31, 2025

123 Lex Ave Hotel Holdings LLC	2/27/2026	65%	$	24,635,000	$	—

REPORTABLE SEGMENTS	3 Months Ended
REPORTABLE SEGMENTS	Mar. 31, 2026
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	REPORTABLE SEGMENTS ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. The Company is an institutional lender that provides debt capital solutions to CRE markets in the Southern United States, with a primary focus on opportunities in Arizona, Florida, Georgia, Nevada, North Carolina, South Carolina, Tennessee and Texas. The Company generates revenue from originating and investing in secured CRE loans and providing capital to high-quality borrowers and sponsors with transitional business plans collateralized by CRE assets with opportunities for near-term value creation, as well as recapitalization opportunities. The accounting policies of the institutional lending segment are the same as those described in the summary of significant accounting policies. The presentation of financial results as one reportable segment is consistent with the way the Company operates its business and is consistent with the manner in which the Company’s Chief Operating Decision Maker (“CODM”), the Company’s Chief Executive Officer, evaluates performance and makes resource and operating decisions for the business. The Company has no operations outside of the United States. The Company’s portfolio exhibits similar economic characteristics, similar yields and is operated using consistent business strategies. The Company operates as one operating segment and has one reportable operating segment for activities related to institutional lending. The CODM assesses performance and evaluates the allocation of resources of the Company on a consolidated basis, based on the Company’s net income, which is reported on the Company’s consolidated statements of operations. The CODM is regularly provided with only the consolidated expenses, as noted on the consolidated statement of operations. Significant segment expenses are listed on the accompanying consolidated statement of operations. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM uses net income to evaluate income generated from segment assets and in deciding the amount of dividends to be distributed, as well as using net income as a basis for evaluating lender terms for CRE loans with borrowers and sponsors. Interest income earned on the Company’s portfolio was concentrated with two borrowers each comprising more than 10% of consolidated interest income for an aggregate amount of $4.0 million, or 39%, of consolidated interest income during the three months ended March 31, 2026. Interest income earned on the Company’s portfolio was concentrated with five borrowers each comprising more than 10% of consolidated interest income for an aggregate amount of $4.0 million, or 81%, of consolidated interest income during the three months ended March 31, 2025.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

REPORTABLE SEGMENTS (Details)	3 Months Ended
REPORTABLE SEGMENTS (Details)	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Revenue from External Customer [Line Items]
Number of reportable segments \| segment	1
Number of operating segments \| segment	1
Interest income	$ 10,272,686	$ 4,958,523
Two Borrowers \| Revenue Benchmark \| Customer Concentration Risk
Revenue from External Customer [Line Items]
Interest income	$ 4,000,000.0
Concentration risk (as a percent)	39.00%
Five Borrowers \| Revenue Benchmark \| Customer Concentration Risk
Revenue from External Customer [Line Items]
Interest income		$ 4,000,000.0
Concentration risk (as a percent)		81.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

LOANS HELD FOR INVESTMENT AT CARRYING VALUE - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2026 USD ($) loan	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($) loan
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Line Items]
Number of loans held for investments in portfolio (in loans) \| loan	15		16
Loans held for investments aggregate commitments	$ 397,100,000		$ 420,700,000
Loans held at carrying value, outstanding principal	299,286,738		$ 305,513,185
Loans held at carrying value, outstanding principal fundings	90,200,000
Loan repayments, carrying value	$ 70,100,000
Percentage of loans held at carrying value with floating interest rates (as a percent)	96.20%		96.40%
Interest rate floor (as a percent)	3.90%
Number of loans on non accrual status \| loan	0		1
Non-cash investment in unconsolidated real estate joint venture	$ 24,635,000	$ 0
Secured Overnight Financing Rate (SOFR)
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Line Items]
Quoted interest rate (as a percent)	3.70%
Prime Rate
Certain Loans Acquired in Transfer Accounted for as Debt Securities Accretable Yield Movement Schedule [Line Items]
Quoted interest rate (as a percent)	6.75%
Interest rate floor (as a percent)	8.00%

FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Book Value and Fair Value of the Financial Instruments

The following table details the carrying value and fair value of the Company’s financial instruments not recognized at fair value in the unaudited interim balance sheets as of March 31, 2026:


	As of March 31, 2026
	Carrying Value		Fair Value
Financial assets:
Cash and cash equivalents	$	5,658,839	$	5,658,839
Loans held for investment, net	$	296,841,030	$	297,745,713
Investment in unconsolidated real estate joint venture	$	24,635,000	$	24,635,000

DIVIDENDS AND DISTRIBUTIONS (Details) - USD ($)	3 Months Ended
DIVIDENDS AND DISTRIBUTIONS (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
DIVIDENDS AND DISTRIBUTIONS [Abstract]
Per Common Share Distribution Amount (in dollars per share)	$ 0.30	$ 0.30
Total Distribution Amount	$ 4,055,897	$ 4,026,448

CURRENT EXPECTED CREDIT LOSSES

3 Months Ended

Mar. 31, 2026

Credit Loss [Abstract]

CURRENT EXPECTED CREDIT LOSSES

As of March 31, 2026 and December 31, 2025, the Company’s CECL Reserve for its loans held at carrying value was approximately $0.6 million and $2.1 million, respectively, or 0.19% and 0.68%, respectively, of the Company’s total loans held at carrying value of approximately $296.8 million and $302.7 million, respectively, and is bifurcated between the current expected credit loss reserve (contra-asset) related to outstanding balances on loans held at carrying value of approximately $0.3 million and $1.9 million, respectively, and a liability for unfunded commitments of approximately $0.2 million and $0.2 million, respectively. The liability was based on the unfunded portion of the loan commitment over the full contractual period over which the Company is exposed to credit risk through a current obligation to extend credit. Management considered the likelihood that funding will occur and, if funded, the expected credit loss on the funded portion when determining the amount to allocate to its CECL Reserve.

Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value as of and for the three months ended March 31, 2026 was as follows:


	Outstanding(1)		Unfunded(2)		Total
Balance at December 31, 2025	$	1,891,170	$	178,066	$	2,069,236
Provision for current expected credit losses	9,523		50,760		60,283
Write-offs(3)	(1,577,907)		—		(1,577,907)
Recoveries	—		—		—
Balance at March 31, 2026	$	322,786	$	228,826	$	551,612

(1)As of March 31, 2026 and December 31, 2025, the CECL Reserve related to outstanding balances on loans held at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.

(2)As of March 31, 2026 and December 31, 2025, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within current expected credit loss reserve as a liability in the Company’s consolidated balance sheets.

(3)During the three months ended March 31, 2026, the Company wrote off the provision for credit losses associated with the San Antonio Loan that was derecognized in connection with the foreclosure and contribution to a joint venture.

The Company continuously evaluates the credit quality of each loan by assessing the risk factors of each loan and assigning a risk rating based on a variety of factors. Such factors may include property type, geographic and local market dynamics, physical condition, projected cash flow, loan structure and exit plan, loan-to-value ratio, fixed charge coverage ratio, project sponsorship, and other factors deemed necessary by the Company. Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:


Rating			Definition
1			Very Low Risk — Investment exceeds performance expectations. Trends and risk factors since time of investment are favorable.
2			Low Risk — Investment performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
3			Medium Risk — Performing investments requiring closer monitoring. Trends and risk factors show some deterioration.
4			High Risk/ Potential for Loss — Investment underperforming with the potential of some interest loss. Trends and risk factors are negative.
5			Impaired/ Loss Likely — Investment underperforming with expected loss of interest, and full recovery of principal is unlikely.

The risk ratings are primarily based on historical data as well as taking into account future economic conditions.

As of March 31, 2026, the carrying value, excluding the CECL Reserve, of the Company’s loans held at carrying value within each risk rating by year of origination is as follows:


Risk Rating:	2026		2025		2024		Total
1	$	—	$	—	$	13,950,369	$	13,950,369
2	44,837,267		125,091,918		112,961,476		282,890,661
3	—		—		—		—
4	—		—		—		—
5	—		—		—		—
Total	$	44,837,267	$	125,091,918	$	126,911,845	$	296,841,030

Gross write-offs	$	—	$	—	$	(1,577,907)	$	(1,577,907)

During the three months ended March 31, 2026, the Company and its affiliate co-lender exercised their rights to foreclose on the hotel property underlying the San Antonio Loan. Upon foreclosure, the Company derecognized the loan and the related CECL reserve of approximately $1.6 million. At the time of foreclosure, the San Antonio Loan had an outstanding principal balance of approximately $26.4 million and an amortized cost basis of approximately $26.2 million. Prior to foreclosure, the loan had a risk rating of “5.” The amortized cost basis of the loan, net of the related CECL reserve, approximated the fair value of the acquired collateral of approximately $24.6 million, which was subsequently contributed to a newly formed unconsolidated joint venture. See Note 6 included in these consolidated financial statements for additional information.

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-42

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 44
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-44

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-20

+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net income	$ 4,253,350	$ 3,099,437
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for current expected credit losses	60,283	117,648
Amortization of deferred financing costs	344,109	68,050
Accretion of deferred loan original issue discount and premium, net	(1,129,036)	(292,672)
Stock-based compensation	369,962	243,621
Interest drawn on loans	(4,124,684)	(3,740,082)
PIK interest	(32,847)	0
Changes in operating assets and liabilities:
Interest receivable	(307,040)	(534,325)
Prepaid expenses and other assets	(23,772)	378,337
Accrued interest	350,267	680
Accrued management and incentive fees	942,420	(393,063)
Accrued direct administrative expenses	351,136	(75,137)
Accounts payable and other liabilities	111,089	212,915
Net cash provided by (used in) operating activities	1,165,237	(914,591)
Cash flows from investing activities:
Issuance of and fundings on loans	(85,191,929)	(104,743,576)
Principal repayment of loans	70,099,302	9,015,769
Net cash used in investing activities	(15,092,627)	(95,727,807)
Cash flows from financing activities:
Proceeds from sale of common stock	0	72,588,000
Payment of offering costs - equity offering	0	(313,421)
Payment of financing costs	(232,803)	(34,207)
Borrowings on revolving credit facilities	87,100,000	81,060,000
Repayment of revolving credit facilities	(69,700,000)	(236,700,000)
Dividends paid to common shareholders	(4,026,296)	(2,941,964)
Net cash provided by (used in) financing activities	13,140,901	(86,341,592)
Net decrease in cash and cash equivalents	(786,489)	(182,983,990)
Cash and cash equivalents, beginning of period	6,445,328	184,626,770
Cash and cash equivalents, end of period	5,658,839	1,642,780
Supplemental disclosure of non-cash activity:
OID withheld from funding of loans	903,135	1,412,778
Non-cash investment in unconsolidated real estate joint venture	24,635,000	0
Dividends declared and not yet paid	4,055,897	4,026,448
Offering costs included in accounts payable and other liabilities	0	920,838
Supplemental information:
Interest paid during the period	2,273,261	267,429
Income taxes paid during the period	$ 0	$ 0

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (unaudited) (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Stockholders' Equity [Abstract]
Dividends declared on common shares (in dollars per share)	$ 0.30	$ 0.30
Stock-based compensation	$ 369,962	$ 243,621

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Shareholders' Equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000	10,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	13,519,655	13,420,986
Common stock, outstanding (in shares)	13,519,655	13,420,986

INTEREST RECEIVABLE (Tables)

3 Months Ended

Mar. 31, 2026

Interest Receivable and Other Assets [Abstract]

Schedule of Interest Receivable

The following table summarizes the interest receivable balance for the Company as of March 31, 2026 and December 31, 2025:



	As of March 31, 2026		As of December 31, 2025

Interest receivable	$	2,552,955	$	2,251,700
Unused fees receivable	4,455		2,203
PIK receivable	9,805		7,037
Other fees receivable	3,958		3,193
Total interest receivable	$	2,571,173	$	2,264,133

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Tables)

3 Months Ended

Mar. 31, 2026

LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]

Schedule of Loans Held at Carrying Value

The following tables summarizes the Company’s loans held at carrying value as of March 31, 2026 and December 31, 2025:


	As of March 31, 2026
	Outstanding Principal(1)		Original Issue (Discount) Premium		Carrying Value(1)		Weighted Average Remaining Life (Years)(2)

Senior mortgage loans(3)(4)	$	226,160,188	$	(1,962,510)	$	224,197,678	1.6
Subordinate debt	73,126,550		(483,198)		72,643,352		2.6
Total loans held at carrying value	$	299,286,738	$	(2,445,708)	$	296,841,030	1.8


	As of December 31, 2025
	Outstanding Principal(1)		Original Issue (Discount) Premium		Carrying Value(1)		Weighted Average Remaining Life (Years)(2)

Senior mortgage loans(3)(4)	$	282,678,920	$	(2,803,998)	$	279,874,922	1.9
Subordinate debt	22,834,265		(34,444)		22,799,821		2.4
Total loans held at carrying value	$	305,513,185	$	(2,838,442)	$	302,674,743	1.9

(1)The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID or premium and loan origination costs.

(2)Weighted average remaining life is calculated based on the carrying value of each respective group of loans as of March 31, 2026 and December 31, 2025.

(4)If the Company holds both the A-note and B-note, the loan is categorized as a senior mortgage loan.

Schedule of Changes in Loans Held at Carrying Value

The following table presents changes in loans held at carrying value as of and for the three months ended March 31, 2026:


	Principal		Original Issue (Discount) Premium		Carrying Value

Total loans held at carrying value at December 31, 2025	$	305,513,185	$	(2,838,442)	$	302,674,743
New fundings	86,095,064		(903,135)		85,191,929
Interest drawn on loans	4,124,684		—		4,124,684
Accretion of original issue discount and premium, net	—		1,129,036		1,129,036
Loan repayments	(70,099,302)		—		(70,099,302)
Foreclosure and contribution to real estate joint venture	(26,379,740)		166,833		(26,212,907)

PIK interest	32,847		—		32,847
Total loans held at carrying value at March 31, 2026	$	299,286,738	$	(2,445,708)	$	296,841,030

Schedule of Loans Held at Carrying Value Portfolio

A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of March 31, 2026 is as follows:


Loan Type	Location	Outstanding Principal(1)		Original Issue (Discount) Premium		Carrying Value(1)		Interest Rate			Maturity Date(2)	Payment Terms(3)

Senior mortgage loans:
Residential	Austin, TX	$	14,087,288	$	(136,919)	$	13,950,369	9.75	%	(4)	7/3/2027	I/O

Residential	Palm Beach Gardens, FL	28,637,600		(193,860)		28,443,740		12.25	%	(5)	9/1/2027	I/O
Residential	Palm Beach Gardens, FL	25,114,339		(171,053)		24,943,286		10.25	%	(6)	9/1/2027	I/O
Residential	Fort Lauderdale, FL	16,672,674		(103,846)		16,568,828		11.48	%	(7)	12/30/2026	I/O
Hospitality	Austin, TX	32,000,000		(222,222)		31,777,778		9.50	%	(8)	12/11/2027	I/O
Residential	Aventura, FL	30,750,872		(120,329)		30,630,543		9.00	%	(9)	1/27/2027	I/O
Net Leased Tenant	New Orleans, LA	18,196,973		(268,889)		17,928,084		10.10	%	(10)	1/30/2028	I/O

Residential	Park City, UT	4,295,478		(142,308)		4,153,170		11.25	%	(11)	8/1/2027	I/O
Residential	Miami, FL	23,468,054		(145,834)		23,322,220		8.41	%	(12)	9/25/2028	I/O
Industrial	Doral, FL	8,887,586		(70,350)		8,817,236		9.95	%	(13)	10/6/2027	I/O
Industrial	West Palm Beach, FL	1,830,567		(128,567)		1,702,000		9.95	%	(13)	10/16/2027	I/O
Retail	Houston, TX	22,218,757		(258,333)		21,960,424		9.50	%	(14)	10/24/2028	I/O
Subordinate debt:
Residential	Miami, FL	11,296,455		(68,611)		11,227,844		13.25	%	(15)	11/15/2027	I/O
Residential	Miami, FL	16,536,991		41,250		16,578,241		14.50	%	(16)	12/13/2028	I/O
Hospitality	Diversified	45,293,104		(455,837)		44,837,267		11.25	%	(17)	2/13/2029	I/O
Total loans held at carrying value		$	299,286,738	$	(2,445,708)	$	296,841,030