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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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