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v3.22.1

Debt (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
Debt Instrument |
Unsecured Notes Payable | The table below presents detailed information regarding the unsecured notes payable at March 31, 2022 and December 31, 2021:
|  | March 31, 2022 |  | December 31, 2021
|  | Principal Balance |  | Carrying Value (1) |  | Fair Value |  | Principal Balance |  | Carrying Value (1) |  | Fair Value
Unsecured notes payable |  | $ | 85,125,000 |  |  | $ | 82,010,107 |  |  | $ | 84,239,700 |  |  | $ | 85,125,000 |  |  | $ | 81,856,799 |  |  | $ | 85,210,125 |
_______________ (1)Amount is net of unamortized issue discount of $2.3 million and $2.4 million, and unamortized deferred financing costs of $0.8 million and $0.9 million as of March 31, 2022 and December 31, 2021, respectively.
Schedule of Line of Credit Facilities | The following tables present detailed information with respect to each borrowing under the Revolving Line of Credit as of March 31, 2022 and December 31, 2021 :
| March 31, 2022
| Borrowing Base |  | Borrowings Under the Revolving Line of Credit
| Principal Amount |  | Carrying Value |  | Fair Value |
870 Santa Cruz, LLC | $ | 19,760,033 |  |  | $ | 19,934,619 |  |  | $ | 19,993,943 |  |  | $ | 13,832,023 |
606 Fayetteville LLC and 401 E. Lakewood LLC | 17,536,492 |  |  | 17,663,959 |  |  | 17,690,666 |  |  | 10,521,896 |
AAESUF Property LLC | 16,800,000 |  |  | 16,849,956 |  |  | 17,456,207 |  |  | 9,240,000 |
AARSHW Property LLC | 18,771,608 |  |  | 18,541,648 |  |  | 18,911,932 |  |  | 13,156,108 |
Austin H. I. Borrower LLC | 13,695,947 |  |  | 13,824,587 |  |  | 13,832,906 |  |  | 8,172,000 |
D-G Acquistion #6, LLC and D-G Quimisa, LLC | 8,846,216 |  |  | 8,854,524 |  |  | 8,886,221 |  |  | 6,192,351 |
The Lux Washington, LLC | 7,424,855 |  |  | 7,376,668 |  |  | 7,489,172 |  |  | 3,839,171 |
| $ | 102,835,151 |  |  | $ | 103,045,961 |  |  | $ | 104,261,047 |  |  | $ | 64,953,549 |
| December 31, 2021
| Borrowing Base |  | Borrowings Under the Revolving Line of Credit
| Principal Amount |  | Carrying Value |  | Fair Value |
870 Santa Cruz, LLC | $ | 17,540,875 |  |  | $ | 17,669,303 |  |  | $ | 17,781,285 |  |  | $ | 12,278,613 |
606 Fayetteville LLC and 401 E. Lakewood LLC | 16,829,962 |  |  | 16,935,803 |  |  | 16,974,601 |  |  | 10,312,187 |
Austin H. I. Borrower LLC | 13,625,000 |  |  | 13,725,690 |  |  | 13,735,569 |  |  | 7,493,750 |
D-G Acquistion #6, LLC and D-G Quimisa, LLC | 8,607,092 |  |  | 8,605,341 |  |  | 8,645,413 |  |  | 6,024,965 |
The Lux Washington, LLC | 3,523,401 |  |  | 3,382,683 |  |  | 3,553,330 |  |  | 2,466,380 |
| $ | 60,126,330 |  |  | $ | 60,318,820 |  |  | $ | 60,690,198 |  |  | $ | 38,575,895 |
Schedule of Debt | The following tables present detailed information with respect to each borrowing under the Term Loan as of December 31, 2021:
| December 31, 2021
| Mortgage Assets |  | Borrowings Under the Term Loan (1)(2)
| Principal Amount |  | Carrying Value |  | Fair Value |
330 Tryon DE LLC | $ | 22,800,000 |  |  | $ | 22,902,354 |  |  | $ | 22,594,654 |  |  | $ | 13,680,000 |
1389 Peachtree St, LP; 1401 Peachtree St, LP; and 1409 Peachtree St, LP | 53,289,288 |  |  | 53,536,884 |  |  | 52,031,363 |  |  | 31,283,661 |
AGRE DCP Palm Springs, LLC | 43,222,381 |  |  | 43,669,992 |  |  | 43,829,842 |  |  | 23,146,265 |
Patrick Henry Recovery Acquisition, LLC | 18,000,000 |  |  | 18,041,124 |  |  | 18,055,377 |  |  | 10,800,000 |
University Park Berkeley, LLC | 25,815,378 |  |  | 25,991,962 |  |  | 26,015,500 |  |  | 14,853,544 |
| $ | 163,127,047 |  |  | $ | 164,142,316 |  |  | $ | 162,526,736 |  |  | $ | 93,763,470 |
The following table presents detailed information with respect to each borrowing under the UBS Master Repurchase Agreement as of March 31, 2022 and December 31, 2021:
| March 31, 2022
| Collateral |  | Borrowings Under Master Repurchase Agreement
| Principal Amount |  | Carrying Value |  | Fair Value |  | Borrowing Date |  | Principal Amount |  | Interest Rate
14th & Alice Street Owner, LLC | $ | 39,468,000 |  |  | $ | 40,197,784 |  |  | $ | 40,222,586 |  |  | 11/8/2021 |  | $ | 25,599,600 |  |  | LIBOR+1.45% (LIBOR floor of 0.1%)
NB Factory TIC 1, LLC | 28,000,000 |  |  | 28,529,857 |  |  | 28,861,172 |  |  | 11/8/2021 |  | 18,970,000 |  |  | LIBOR+1.74% (LIBOR floor of 0.1%)
Grandview’s Madison Place, LLC | 17,000,000 |  |  | 17,111,299 |  |  | 17,111,299 |  |  | 3/7/2022 |  | 13,600,000 |  |  | Term SOFR + 1.965%
| $ | 84,468,000 |  |  | $ | 85,838,940 |  |  | $ | 86,195,057 |  |  |  |  | $ | 58,169,600 |  |  |
| December 31, 2021
| Collateral |  | Borrowings Under Master Repurchase Agreement
| Principal Amount |  | Carrying Value |  | Fair Value |  | Borrowing Date |  | Principal Amount |  | Interest Rate
14th & Alice Street Owner, LLC | $ | 39,384,000 |  |  | $ | 40,089,153 |  |  | $ | 40,130,448 |  |  | 11/8/2021 |  | $ | 25,599,600 |  |  | LIBOR+1.45% (LIBOR floor of 0.1%)
NB Factory TIC 1, LLC | 28,000,000 |  |  | 28,420,056 |  |  | 28,851,547 |  |  | 11/8/2021 |  | 18,970,000 |  |  | LIBOR+1.74% (LIBOR floor of 0.1%)
| $ | 67,384,000 |  |  | $ | 68,509,209 |  |  | $ | 68,981,995 |  |  |  |  | $ | 44,569,600 |  |  |
The following table presents detailed information with respect to each borrowing under the Repurchase Agreement as of March 31, 2022:
| March 31, 2022
| Collateral |  | Borrowings Under Repurchase Agreement
| Principal Amount |  | Carrying Value |  | Fair Value |  | Borrowing Date |  | Principal Amount |  | Interest Rate
330 Tryon DE LLC | $ | 22,800,000 |  |  | $ | 22,903,651 |  |  | $ | 22,638,331 |  |  | 2/18/2022 |  | $ | 18,240,000 |  |  | Term SOFR +2.015% (0.10% floor)
1389 Peachtree St, LP; 1401 Peachtree St, LP; and 1409 Peachtree St, LP | 53,970,491 |  |  | 54,221,854 |  |  | 53,083,178 |  |  | 2/18/2022 |  | 40,285,866 |  |  | Term SOFR + 2.465%
AGRE DCP Palm Springs, LLC | 43,222,381 |  |  | 43,696,133 |  |  | 43,738,712 |  |  | 2/18/2022 |  | 28,094,548 |  |  | Term SOFR + 1.315% (1.80% floor)
Patrick Henry Recovery Acquisition, LLC | 18,000,000 |  |  | 18,041,590 |  |  | 18,049,540 |  |  | 2/18/2022 |  | 14,400,000 |  |  | Term SOFR +0.865% (1.50% floor)
University Park Berkeley, LLC | 25,815,378 |  |  | 25,995,342 |  |  | 26,008,381 |  |  | 2/18/2022 |  | 17,329,135 |  |  | Term SOFR + 1.365% (1.50% floor)
| $ | 163,808,250 |  |  | $ | 164,858,570 |  |  | $ | 163,518,142 |  |  |  |  | $ | 118,349,549 |  |  |
Mortgage note payable | The following table presents certain information about the mortgage loan payable as of March 31, 2022 and December 31, 2021:
|  |  |  |  |  | March 31, 2022 |  | December 31, 2021
Lender |  | Current Interest Rate |  | Maturity Date |  | Principal Amount |  | Carrying Value |  | Carrying Value of Collateral |  | Principal Amount |  | Carrying Value |  | Carrying Value of Collateral
Centennial Bank |  | LIBOR + 3.85% (LIBOR Floor of 2.23%) |  | September 27, 2022 |  | $ | 31,757,725 |  |  | $ | 31,963,840 |  |  | $ | 44,627,576 |  |  | $ | 31,962,692 |  |  | $ | 32,134,295 |  |  | $ | 46,067,129 |
Schedule of Long-term Debt Instruments | Scheduled debt principal payments for each of the five calendar years following March 31, 2022 are as follows:
Years Ending December 31, |  | Total
2022 (April 1 to December 31) |  | $ | 31,757,725 |
2023 |  | — |
2024 |  | 241,472,698 |
2025 |  | — |
2026 |  | 85,125,000 |
2027 |  | — |
Thereafter |  | — |
|  | 358,355,423 |
Unamortized deferred financing costs |  | (6,269,467) |
Total |  | $ | 352,085,956 |

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