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Consolidated Balance Sheets - USD ($)
Sep. 30, 2021
Dec. 31, 2020
Assets    
Cash and cash equivalents $ 51,975,601 $ 18,607,952
Restricted cash 10,201,589 12,145,616
Cash held in escrow by lender 3,941,142 2,166,755
Marketable securities 4,437,855 1,287,500
Loans held for investment 480,462,652 422,280,515
Equity investment in a limited partnership, net 49,909,985 36,259,959
Real estate owned, Net    
Land, building and building improvements, net 62,136,708 63,385,339
Lease intangible assets, net 8,233,891 9,793,600
Operating lease right-of-use assets 27,398,786 16,105,888
Deal deposits 9,529,476 0
Interest receivable 2,692,367 2,509,589
Other assets 3,334,108 3,934,468
Total assets 714,254,160 588,477,181
Liabilities    
Term loan payable, net of deferred financing fees 91,633,624 105,245,801
Unsecured notes payable, net of debt issuance cost 81,706,136 0
Obligations under participation agreements (Note 8 ) 106,190,225 71,581,897
Mortgage loan payable, net of deferred financing fees and other 32,301,666 44,117,293
Revolving line of credit payable, net of deferred financing fees 24,832,405 0
Secured borrowing 31,525,439 18,187,663
Interest reserve and other deposits held on investments 10,201,589 12,145,616
Operating lease liabilities 27,398,786 16,105,888
Lease intangible liabilities, net (Note 6) 9,885,182 10,249,776
Due to Manager (Note 8) 1,912,557 1,257,098
Interest payable 1,950,670 1,185,502
Accounts payable and accrued expenses 1,315,337 3,968,603
Unearned income 424,976 677,856
Distributions Payable 3,906 0
Other liabilities 1,231,289 429,123
Total liabilities 422,513,787 285,152,116
Commitments and Contingencies
Equity    
Preferred stock, $0.01 par value, 50,000,000 shares authorized and none issued 0 0
Common stock, $0.01 par value, 450,000,000 shares authorized and 19,487,460 shares issued and outstanding at both September 30, 2021 and December 31, 2020, respectively 194,875 194,875
Additional paid-in capital 373,443,672 373,443,672
Accumulated deficit (82,023,174) (70,438,482)
Total equity 291,740,373 303,325,065
Total liabilities and equity 714,254,160 588,477,181
Loans held for investment, net    
Assets    
Loans held for investment 480,462,652 417,986,462
Loans Held For Investment Acquired Through Participation    
Assets    
Loans held for investment 0 4,294,053
Cumulative Preferred Stock    
Equity    
Preferred stock, $0.01 par value, 50,000,000 shares authorized and none issued $ 125,000 $ 125,000