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Consolidated Balance Sheets - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Assets    
Cash and cash equivalents $ 9,858,153 $ 35,783,956
Restricted cash 8,058,767 7,411,811
Cash held in escrow by lender 7,651,900 7,902,880
Marketable securities 510,151 1,310,000
Loans held for investment 558,019,000 469,673,314
Equity investment in unconsolidated investments 91,662,090 69,713,793
Real estate owned, Net    
Land, building and building improvements, net 47,908,857 58,325,068
Lease intangible assets, net 6,145,077 7,451,771
Assets held for sale 8,395,011 0
Operating lease right-of-use asset 27,391,012 27,394,936
Interest receivable 3,020,009 2,463,037
Due from related party 0 2,605,639
Other assets 3,976,018 3,505,953
Total assets 772,596,045 693,542,158
Liabilities    
Term loan payable, net of deferred financing fees 0 91,940,062
Unsecured notes payable, net of debt issuance cost 82,010,107 81,856,799
Repurchase agreements payable, net of deferred financing fees 173,698,002 43,974,608
Obligations under participation agreements (Note 7 ) 58,587,148 42,232,027
Mortgage loan payable, net of deferred financing fees and other 31,963,840 32,134,295
Revolving line of credit payable, net of deferred financing fees 64,414,007 38,186,472
Secured borrowing 37,503,542 34,586,129
Interest reserve and other deposits held on investments 8,058,767 7,411,811
Operating lease liability 27,391,012 27,394,936
Lease intangible liabilities, net (Note 5) 9,426,358 9,709,710
Due to Manager (Note 7) 3,462,062 2,388,317
Interest payable 1,450,843 1,879,626
Accounts payable and accrued expenses 1,581,660 1,264,131
Unearned income 364,630 449,690
Distributions Payable 3,906 0
Other liabilities 3,491,971 4,289,967
Total liabilities 503,407,855 419,698,580
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 March 31, 2022 and December 31, 2021 194,875 194,875
Additional paid-in capital 373,443,672 373,443,672
Accumulated deficit (104,575,357) (99,919,969)
Total equity 269,188,190 273,843,578
Total liabilities and equity 772,596,045 693,542,158
Loans held for investment, net    
Assets    
Loans held for investment 545,081,696 457,329,582
Loans Held For Investment Acquired Through Participation    
Assets    
Loans held for investment 12,937,304 12,343,732
Preferred Stock | Series A Preferred Stock    
Equity    
Preferred stock, $0.01 par value, 50,000,000 shares authorized and none issued $ 125,000 $ 125,000