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Equity Investment in Unconsolidated Investments (Tables)

12 Months Ended

Dec. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

Schedule of 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:

						As of December 31,
						2022						2021
Investments at fair value (cost of $176,035,290 and $107,261,022, respectively)						$	178,283,703					$	108,359,898
Other assets						23,918,841						5,484,087
Total assets						202,202,544						113,843,985
Revolving line of credit, net of financing costs						14,795,985						14,909,717
Obligations under participation agreement (proceeds of $41,726,565 and     $14,252,357, respectively)						41,962,861						14,351,617
Other liabilities						17,120,804						5,296,603
Total liabilities						73,879,650						34,557,937
Partners’ capital						$	128,322,894					$	79,286,048

									Years Ended December 31,
															2022						2021
Total investment income															$	31,436,886					$	11,769,083
Total expenses															9,042,066						2,381,145
Net investment income															22,394,820						9,387,938
Unrealized (depreciation) appreciation on investments															(2,180,632)						524,113
Net increase in partners’ capital resulting from operations															$	20,214,188					$	9,912,051

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:

						As of December 31,
						2022						2021
Net investments in real estate						$	192,616,298					$	115,636,424
Other assets						12,817,388						4,856,249
Total assets						205,433,686						120,492,673
Mortgage loan payable						147,740,645						83,445,235
Other liabilities						3,104,624						1,305,572
Total liabilities						150,845,269						84,750,807
Members’ capital						$	54,588,417					$	35,741,866

									Years Ended December 31,
															2022						2021
Revenues															$	15,071,626					$	1,448,431
Operating expenses															(6,710,172)						(518,904)
Depreciation and amortization expense															(9,914,314)						(541,119)
Interest expense															(7,572,790)						(692,500)
Unrealized gains															3,244,813						447
Net loss															$	(5,880,837)					$	(303,645)

Schedule of Joint Venture Ownership Interests

The following table presents a summary of the Company’s equity investment in unconsolidated investments as of:

												December 31, 2022												December 31, 2021
Entity						Co-owner (1)						Beneficial Ownership Interest						Carrying Value						Beneficial Ownership Interest						Carrying Value
LEL Arlington JV LLC (1)						Affiliate/Third party						27.2%						$	7,271,603					80%						$	23,949,044
LEL NW 49th JV LLC (1)						Affiliate/Third party						27.2%						1,521,556						80%						5,306,467
TCG Corinthian FL Portfolio     JV LLV (1)(2)						Affiliate/Third Party						30.6%						6,896,816						—%						—
SF-Dallas Industrial, LLC (3)						N/A						N/A						10,013,691						—%						—
																		$	25,703,666											$	29,255,511

_______________

(1)The Company sold a portion of the interest in this investment to an affiliate in September 2022.

(2)This investment was purchased from a third party in March 2022.

(3)This investment that meets the definition of an equity investment was entered into in December 2022.

X

- References

No definition available.

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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 https://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

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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 https://asc.fasb.org/extlink&oid=120397183&loc=d3e187171-122770

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