
	March 31, 2022									December 31, 2021
	Fixed Rate			Floating Rate (1)(2)(3)			Total			Fixed Rate			Floating Rate (1)(2)(3)			Total
Number of loans	7			18			25			6			15			21
Principal balance	$	97,914,340		$	469,606,633		$	567,520,973		$	74,880,728		$	405,270,423		$	480,151,151
Carrying value	$	99,264,597		$	458,754,403		$	558,019,000		$	75,520,212		$	394,153,102		$	469,673,314
Fair value	$	99,045,593		$	457,961,364		$	557,006,957		$	75,449,410		$	391,752,209		$	467,201,619
Weighted-average coupon rate	12.92		%	7.16		%	8.15		%	12.39		%	7.01		%	7.85		%
Weighted-average remaining term (years)	1.98			1.32			1.44			1.93			1.45			1.53

(1)These loans pay a coupon rate of LIBOR or Secured Overnight Financing Rate (“SOFR”), as applicable, plus a fixed spread. Coupon rate shown was determined using LIBOR of 0.45% and SOFR of 0.16% as of March 31, 2022 and LIBOR of 0.10% as of December 31, 2021.

(2)As of March 31, 2022 and December 31, 2021, amount included $351.1 million and $290.6 million of senior mortgages used as collateral for $241.5 million and $176.9 million of borrowings under credit facilities, respectively (Note 8).


	Loans Held for Investment		Loans Held for Investment through Participation Interests		Total
Balance, January 1, 2022	$	457,329,582	$	12,343,732	$	469,673,314
New loans made	87,538,133		581,688		88,119,821
Principal repayments received	(750,000)		—		(750,000)
Net amortization of premiums on loans	(15,348)		—		(15,348)
Accrual, payment and accretion of investment-related fees and other, net	1,029,625		11,884		1,041,509
Provision for loan losses	(50,296)		—		(50,296)
Balance, March 31, 2022	$	545,081,696	$	12,937,304	$	558,019,000


	Loans Held for Investment		Loans Held for Investment through Participation Interests		Total
Balance, January 1, 2021	$	417,986,462	$	4,294,053	$	422,280,515
New loans made	14,410,706		—		14,410,706
Principal repayments received	(31,531,804)		—		(31,531,804)
PIK interest (1)	676,646		—		676,646
Net amortization of premiums on loans	(15,348)		—		(15,348)
Accrual, payment and accretion of investment-related fees and other, net	526,081		(1,905)		524,176
Provision for loan losses	(276,020)		—		(276,020)
Balance, March 31, 2021	$	401,776,723	$	4,292,148	$	406,068,871

(1)Certain loans in the Company’s portfolio contain PIK interest provisions. The PIK interest represents contractually deferred interest that is added to the principal balance. PIK interest related to obligations under participation agreements amounted $0.5 million for the three months ended March 31, 2021.

The tables below detail the types of loans in the Company’s loan portfolio, as well as the property type and geographic location of the properties securing these loans as of March 31, 2022 and December 31, 2021:


	March 31, 2022						December 31, 2021
Loan Structure	Principal Balance		Carrying Value		% of Total		Principal Balance		Carrying Value		% of Total
First mortgages	$	410,635,036	$	413,619,050	74.1	%	$	345,454,454	$	348,101,455	74.0	%
Preferred equity investments	93,441,580		93,607,463		16.8	%	92,252,340		92,400,572		19.7	%
Credit facility	46,000,000		46,885,375		8.4	%	25,000,000		25,206,964		5.4	%
Mezzanine loans	17,444,357		17,615,889		3.2	%	17,444,357		17,622,804		3.8	%
Allowance for loan losses	—		(13,708,777)		(2.5)	%	—		(13,658,481)		(2.9)	%
Total	$	567,520,973	$	558,019,000	100.0	%	$	480,151,151	$	469,673,314	100.0	%


	March 31, 2022						December 31, 2021
Property Type	Principal Balance		Carrying Value		% of Total		Principal Balance		Carrying Value		% of Total
Office	$	229,192,520	$	230,101,500	41.2	%	$	221,596,870	$	222,426,872	47.3	%
Multifamily	120,216,869		122,074,241		21.9	%	80,805,787		81,835,756		17.4	%
Industrial	67,571,608		67,606,537		12.1	%	32,000,000		32,206,964		6.9	%
Hotel - full/select service	56,918,328		57,520,720		10.3	%	56,847,381		57,395,682		12.2	%
Infill land	33,807,563		33,895,151		6.1	%	28,960,455		28,923,827		6.2	%
Student housing	31,000,000		31,667,292		5.7	%	31,000,000		31,565,670		6.7	%
Mixed use	28,814,085		28,862,336		5.2	%	28,940,658		28,977,024		6.2	%
Allowance for loan losses	—		(13,708,777)		(2.5)	%	—		(13,658,481)		(2.9)	%
Total	$	567,520,973	$	558,019,000	100.0	%	$	480,151,151	$	469,673,314	100.0	%


	March 31, 2022						December 31, 2021
Geographic Location	Principal Balance		Carrying Value		% of Total		Principal Balance		Carrying Value		% of Total
United States
California	$	241,635,304	$	243,830,108	43.7	%	$	234,968,151	$	237,015,597	50.4	%
New York	93,441,580		93,607,463		16.8	%	92,252,340		92,400,572		19.7	%
Georgia	53,970,491		54,221,854		9.7	%	53,289,288		53,536,884		11.4	%
North Carolina	45,781,188		46,026,460		8.2	%	44,492,971		44,704,699		9.5	%
New Jersey	35,571,608		35,391,604		6.3	%	—		—		—	%
Utah	28,000,000		28,529,857		5.1	%	28,000,000		28,420,056		6.1	%
Washington	24,424,855		24,487,967		4.4	%	3,523,401		3,382,683		0.7	%
Pennsylvania	21,000,000		21,670,442		3.9	%	—		—		—	%
Texas	13,695,947		13,824,587		2.5	%	13,625,000		13,725,690		2.9	%
Massachusetts	7,000,000		7,000,000		1.3	%	7,000,000		7,000,000		1.5	%
South Carolina	3,000,000		3,137,435		0.6	%	3,000,000		3,145,614		0.7	%
Allowance for loan losses	—		(13,708,777)		(2.5)	%	—		(13,658,481)		(2.9)	%
Total	$	567,520,973	$	558,019,000	100.0	%	$	480,151,151	$	469,673,314	100.0	%

As described in Note 2, the Manager evaluates the Company’s loan portfolio on a quarterly basis or more frequently as needed. In conjunction with the quarterly review of the Company’s loan portfolio, the Manager assesses the risk factors of each loan, and assigns a risk rating based on a five-point scale with “1” being the lowest risk and “5” being the greatest risk.


	March 31, 2022							December 31, 2021
Loan Risk Rating	Number of Loans	Principal Balance		Carrying Value		% of Total		Number of Loans	Principal Balance		Carrying Value		% of Total
1	—	$	—	$	—	—	%	—	$	—	$	—	—	%
2	2	25,000,000		25,041,590		4.4	%	2	25,000,000		25,041,124		5.2	%
3	19	435,383,446		439,254,137		76.8	%	15	349,273,811		352,164,409		72.9	%
4	1	60,583,057		60,583,057		10.6	%	1	60,012,639		60,012,639		12.4	%
5	—	—		—		—	%	—	—		—		—	%
Other (1)	3	46,554,470		46,848,993		8.2	%	3	45,864,701		46,113,623		9.5	%
	25	$	567,520,973	571,727,777		100.0	%	21	$	480,151,151	483,331,795		100.0	%
Allowance for loan losses				(13,708,777)							(13,658,481)
Total, net of allowance for loan losses				$	558,019,000						$	469,673,314

(1)Because these loans have an event of default, they are removed from the pool of loans on which a general allowance is calculated and are evaluated for collectability individually. As of both March 31, 2022 and December 31, 2021, the specific allowance for loan losses on these loans were $12.8 million, as a result of a decline in the fair value of the respective collateral.

As of March 31, 2022, the Company had one loan with a loan risk rating of “4” and no loans with a loan risk rating of “5” and recorded general allowance for loan losses of $0.01 million for the three months ended March 31, 2022. As of March 31, 2021, the Company had three loans with a loan risk rating of “4” and one loan with a loan risk rating of “5” and recorded general allowance for loan losses of $0.04 million for the three months ended March 31, 2021. Additionally, as of March 31, 2022 and 2021, the Company had three and one loans, respectively, deemed impaired and recorded specific allowance for loan losses of $0.04 million and $0.2 million, respectively, as a result of a decline in the value of the underlying collateral.


	Three Months Ended March 31,
	2022		2021
Allowance for loan losses, beginning of period	$	13,658,481	$	3,738,758
Provision for loan losses	50,296		276,020
Charge-offs	—		—
Recoveries	—		—
Allowance for loan losses, end of period	$	13,708,777	$	4,014,778

As of both March 31, 2022 and December 31, 2021, the Company had one loan that was in maturity default. Additionally, for the three months ended March 31, 2022 and 2021, the Company suspended interest income accrual of $1.1 million and $0.7 million on two loans, respectively, because recovery of such income was doubtful.

Due to financial difficulty resulting from the COVID-19 pandemic, a borrower defaulted on interest payments in May 2020 on a $3.5 million mezzanine loan, and the Company subsequently suspended the interest accrual. The Company purchased the

senior loan from a third-party lender on September 3, 2021 in order to facilitate a refinancing. Subsequently on September 23, 2021, the senior and mezzanine loans were refinanced and the Company issued a new senior loan with a committed amount of $14.7 million, of which $13.6 million was funded at closing. The concession granted in the refinancing was the forgiveness of principal and accrued interest of $1.3 million on the mezzanine loan, of which $1.0 million was previously recorded as an allowance for loan losses, in addition to $0.4 million of nonaccrual interest. The Company classified the refinancing as a TDR as it met all the conditions to be considered a TDR pursuant to ASC 310-40.

(1)As of March 31, 2022, the principal balance of this loan was $13.7 million and the carrying value of this loan, which includes the present value of the exit fee, was $13.8 million. There is no allowance for loan losses recorded for this new senior loan.

Once classified as a TDR, the new senior loan is classified as an impaired loan until it is extinguished and the carrying value is evaluated at each reporting date for collectability based on the fair value of the underlying collateral. Since the fair value of the collateral is greater than the carrying value of the new senior loan, no specific allowance was recorded as of March 31, 2022. For the three months ended March 31, 2022, interest income from the new senior loan was $0.3 million. In April 2022, this loan was repaid in full.