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Debt - Narratives - Repurchase agreement (Details) | 3 Months Ended | 12 Months Ended |
--- | --- | --- | ---
Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 31, 2021 USD ($)
Debt Instrument |  |  |
Cash and cash equivalents | $ 9,858,153 | $ 35,783,956 | $ 18,464,161
Repurchase agreements payable, net of deferred financing fees | 173,698,002 | 43,974,608 |
UBS Master Repurchase Agreement |  |  |
Debt Instrument |  |  |
Repurchase agreements payable, net of deferred financing fees | 58,169,600 | $ 44,569,600 |
UBS Master Repurchase Agreement | Terra Mortgage Capital LLC |  |  |
Debt Instrument |  |  |
Other Deferred Costs, Gross | $ 600,000 |  |
Maturity Date | Nov. 07, 2024 |  |
Cash liquidity | $ 5,000,000 |  |
Minimum net worth required for compliance | $ 215,700,000 |  |
Debt instrument covenant requirement on consolidated tangible net worth minimum percent | 75.00% |  |
EBITDA To interest expense ratio | 1.25 | 1.50 |
Cash and cash equivalents | $ 15,000,000 |  |
Ratio of Debt to Net Worth | 3.50 |  |
Repurchase agreements payable, net of deferred financing fees | $ 13,600,000 |  |
Increase (Decrease) in Payables under Repurchase Agreements | $ 0 |  |
Payment guarantee maximum percent | 25.00% |  |
Covenant Description | the UBS Guarantee Agreement contains financial covenants, which require the Company to maintain: (i) cash liquidity of at least the greater of $5 million or 5% of the then-current outstanding amount under the UBS Master Repurchase Agreement; (ii) total liquidity of at least the greater of $15 million or 10% of the then-current outstanding amount under the UBS Master Repurchase Agreement (iii) tangible net worth at an amount equal to or greater than $215.7 million plus 75% of new capital contributions thereafter; (iv) an EBITDA to interest expense ratio of not less than 1.50 to 1.00; and (v) a total indebtedness to tangible net worth ratio of not more than 3.50 to 1.00. In March 2022, the Company amended the UBS Guarantee Agreement to reduce the EBITDA to interest expense ratio of not less than 1.25 to 1.00, |  |
Covenant Compliance | as of March 31, 2022 and December 31, 2021, the Company was in compliance with these covenants. | as of March 31, 2022 and December 31, 2021, the Company was in compliance with these covenants. |
UBS Master Repurchase Agreement | Terra Mortgage Capital LLC | Minimum |  |  |
Debt Instrument |  |  |
Value-added assets with loan-to-value ratio | 65.00% |  |
Value added assets yield ratio | 2.50% |  |
Debt instrument covenant minimum percentage of cash liquidity | 5.00% |  |
Minimum percentage of total liquidity | 10.00% |  |
UBS Master Repurchase Agreement | Terra Mortgage Capital LLC | Maximum |  |  |
Debt Instrument |  |  |
Maximum Borrowing Capacity | $ 195,000,000 |  |
Value-added assets with loan-to-value ratio | 80.00% |  |
Value added assets yield ratio | 5.00% |  |
UBS Master Repurchase Agreement | Terra Mortgage Capital LLC | SOFR | Minimum |  |  |
Debt Instrument |  |  |
Debt Instrument, Basis Spread on Variable Rate | 1.60% |  |
UBS Master Repurchase Agreement | Terra Mortgage Capital LLC | SOFR | Maximum |  |  |
Debt Instrument |  |  |
Debt Instrument, Basis Spread on Variable Rate | 2.25% |  |
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital LLC |  |  |
Debt Instrument |  |  |
Maximum Borrowing Capacity | $ 200,000,000 |  |
Other Deferred Costs, Gross | 600,000 |  |
Unamortized deferred financing fees | $ 1,700,000 |  |
Maturity Date | Feb. 18, 2024 |  |
Cash liquidity | $ 5,000,000 |  |
Debt instrument covenant requirement on consolidated tangible net worth minimum percent | 75.00% |  |
EBITDA To interest expense ratio | 1.50 |  |
Cash and cash equivalents | $ 15,000,000 |  |
Ratio of Debt to Net Worth | 3.00 |  |
Repurchase agreements payable, net of deferred financing fees | $ 118,349,549 |  |
Increase (Decrease) in Payables under Repurchase Agreements | $ 0 |  |
Covenant Description | The Repurchase Agreement and the Guarantee Agreement contain various representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. In addition, the Guarantee Agreement contains financial covenants, which require the Company to maintain: (i) cash liquidity of at least the greater of $5 million or 5% of the then-current outstanding amount under the Repurchase Agreement; (ii) total liquidity in an amount equal to or greater than the lesser of $15 million or 10% of the then-current outstanding amount under the Repurchase Agreement (iii) tangible net worth at an amount no less than 75% of that at closing; (iv) an EBITDA to adjusted interest expense ratio of not less than 1.50 to 1.00; and (v) a total indebtedness to tangible net worth ratio of not more than 3.00 to 1.00. |  |
Covenant Compliance | as of March 31, 2022, the Company was in compliance with these covenants. |  |
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital LLC | SOFR | Minimum |  |  |
Debt Instrument |  |  |
Debt Instrument, Basis Spread on Variable Rate | 1.75% |  |
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital LLC | SOFR | Maximum |  |  |
Debt Instrument |  |  |
Debt Instrument, Basis Spread on Variable Rate | 3.00% |  |
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital LLC | Performing Loans |  |  |
Debt Instrument |  |  |
Payment guarantee maximum percent | 25.00% |  |
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital LLC | Nonperforming Loans |  |  |
Debt Instrument |  |  |
Payment guarantee maximum percent | 50.00% |  |

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- Definition Amount to be repaid to the counterparty to the repurchase agreement when the carrying amount (or market value, if higher than the carrying amount) of securities or other assets sold under the repurchase agreement exceeds 10 percent of total assets. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(m)(1)(ii)(A)(ii)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(m)(1)(i)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=123570139&loc=d3e3044-108585 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=124098289&loc=d3e6676-107765 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.1) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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