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Equity Investment in Unconsolidated Investments (Tables) | 3 Months Ended
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Mar. 31, 2022
Equity Method Investments and Joint Ventures [Abstract] |
Equity Method Investments | The following tables present summarized financial information of the Company’s equity investment in RESOF. Amounts provided are the total amounts attributable to the investment and do not represent the Company’s proportionate share:
|  | March 31, 2022 |  | December 31, 2021
Investments at fair value (cost of $117,829,371 and $107,261,022, respectively) |  | $ | 119,003,881 |  |  | $ | 108,359,898 |
Other assets |  | 15,892,206 |  |  | 5,484,087 |
Total assets |  | 134,896,087 |  |  | 113,843,985 |
Revolving line of credit, net of financing costs |  | 16,834,326 |  |  | 14,909,717 |
Obligations under participation agreement (proceeds of $15,523,107 and $14,252,357, respectively) |  | 15,637,326 |  |  | 14,351,617 |
Other liabilities |  | 13,361,069 |  |  | 5,296,603 |
Total liabilities |  | 45,832,721 |  |  | 34,557,937 |
Partners’ capital |  | $ | 89,063,366 |  |  | $ | 79,286,048 |
|  |  | Three Months Ended March 31,
|  |  | 2022 |  | 2021
Total investment income |  |  | $ | 4,844,664 |  |  | $ | 2,042,100 |
Total expenses |  |  | 1,293,316 |  |  | 471,212 |
Net investment income |  |  | 3,551,348 |  |  | 1,570,888 |
Unrealized appreciation on investments |  |  | 69,051 |  |  | 53,697 |
Net increase in partners' capital resulting from operations |  |  | $ | 3,620,399 |  |  | $ | 1,624,585 |
The following tables present estimated combined summarized financial information of the Company’s equity investment in the joint ventures. Amounts provided are the total amounts attributable to the joint ventures and do not represent the Company’s proportionate share:
|  | March 31, 2022 |  | December 31, 2021
Net investments in real estate |  | $ | 198,906,122 |  |  | $ | 115,636,424 |
Other assets |  | 9,730,764 |  |  | 4,856,249 |
Total assets |  | 208,636,886 |  |  | 120,492,673 |
Mortgage loan payable |  | 145,641,352 |  |  | 83,445,235 |
Other liabilities |  | 1,887,030 |  |  | 1,305,572 |
Total liabilities |  | 147,528,382 |  |  | 84,750,807 |
Members’ capital |  | $ | 61,108,504 |  |  | $ | 35,741,866 |
|  |  | Three Months Ended March 31,
|  |  | 2022 |  | 2021
Revenues |  |  | $ | 2,450,438 |  |  | $ | — |
Operating expenses |  |  | (816,681) |  |  | — |
Depreciation expense |  |  | (690,831) |  |  | $ | — |
Interest expense |  |  | (1,085,561) |  |  | $ | — |
Unrealized gains |  |  | 235,511 |  |  | $ | — |
Net income |  |  | $ | 92,876 |  |  | $ | — |
Schedule of Joint Venture Ownership Interests | The following table presents the Company’s ownership interests in its equity investments in the joint ventures and their respective carrying values:
|  |  |  | Ownership Interest at March 31, 2022 |  | Carrying Value at
Entity |  | Co-owner |  |  | March 31, 2022 |  | December 31, 2021
LEL Arlington JV LLC |  | Third party |  | 80% |  | $ | 23,962,388 |  |  | $ | 23,949,044 |
LEL NW 49th JV LLC |  | Third party |  | 80% |  | 4,838,353 |  |  | 5,306,467 |
TCG Corinthian FL Portfolio JV LLV (1) |  | Third Party |  | 90% |  | 22,615,435 |  |  | — |
|  |  |  |  |  | $ | 51,416,176 |  |  | $ | 29,255,511 |
_______________ (1)This investment was purchased in March 2022.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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- Definition Tabular disclosure of other units or shares or classes of ownership in a partnership. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 5 -Subparagraph (SAB TOPIC 4.F) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187171-122770 + Details
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