XML 16 R7.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows - USD ($)
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Net (loss) income $ (757,887) $ 1,476,096
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Paid-in-kind interest income, net 0 (224,197)
Depreciation and amortization 1,718,516 931,725
Provision for loan losses 50,296 276,020
Gain (Loss) on Sale of Assets and Asset Impairment Charges 1,604,989 0
Amortization of net purchase premiums on loans 15,348 15,348
Straight-line rent adjustments 359,056 (12,008)
Amortization of deferred financing costs 520,991 172,692
Amortization of discount on unsecured notes payable 113,147 0
Amortization of above- and below-market rent intangibles (246,375) (84,555)
Amortization and accretion of investment-related fees, net (195,932) 0
Amortization of above-market rent ground lease (32,588) (32,588)
Realized gains on marketable securities (51,133) 0
Net unrealized losses on marketable securities 99,044 14,608
Income from equity investment in excess of distributions received (1,119,913) (1,337,827)
Changes in operating assets and liabilities:    
Interest receivable (556,972) (472)
Due from related party 2,605,639 0
Other assets (705,897) (528,133)
Due to Manager 336,805 93,228
Unearned income 261,193 (391,727)
Interest payable (428,783) 27,716
Accounts payable and accrued expenses 317,529 (2,146,110)
Other liabilities (797,996) (6,964)
Net cash provided by (used in) operating activities 3,109,077 (1,757,148)
Cash flows from investing activities:    
Origination and purchase of loans (88,119,821) (14,410,706)
Proceeds from repayments of loans 750,000 31,531,804
Purchase of equity interests in unconsolidated investments (21,164,384) (12,907,725)
Distributions in excess of net income 336,000 0
Purchase of marketable securities 0 (4,979,088)
Proceeds from sale of marketable securities 628,715 0
Net cash used in investing activities (107,569,490) (765,715)
Cash flows from financing activities:    
Repayments of obligations under participation agreements 0 (3,962,509)
Proceeds from obligations under participation agreements 15,863,187 3,520,514
Proceeds from borrowings under repurchase agreement 131,949,549 0
Proceeds from borrowings under revolving line of credit 26,377,654 8,030,611
Distributions paid (3,893,595) (3,893,595)
Repayment of borrowings under the term loan (93,763,471) (2,600,000)
Proceeds from secured borrowing 2,850,520 3,751,680
Repayment of mortgage principal (204,967) (3,423,245)
Proceeds from borrowings under the term loan 0 1,469,656
Change in interest reserve and other deposits held on investments 646,956 (5,049,067)
Payment of financing costs (895,247) (641,446)
Cash, cash equivalents and restricted cash at beginning of period 51,098,647 32,920,323
Cash, cash equivalents and restricted cash at end of period (Note 2) $ 25,568,820 $ 27,600,059