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Consolidated Balance Sheets - USD ($)
Dec. 31, 2022
Dec. 31, 2021
Assets    
Cash and cash equivalents $ 28,567,825 $ 35,783,956
Restricted cash 4,633,204 7,411,811
Cash held in escrow by lender 3,268,563 7,902,880
Marketable securities 147,960 1,310,000
Loans held for investment 626,490,767 469,673,314
Equity investment in unconsolidated investments 62,498,340 69,713,793
Real estate owned, net (Note 6)    
Land, building and building improvements, net 46,660,226 58,325,068
Lease intangible assets, net 2,568,461 7,451,771
Operating lease right-of-use asset 27,378,786 27,394,936
Deal deposit 4,241,892 0
Interest receivable 4,100,501 2,463,037
Due from related party 0 2,605,639
Other assets 2,780,367 3,505,953
Total assets 813,336,892 693,542,158
Liabilities:    
Term loan payable 25,000,000 91,940,062
Unsecured notes payable, net of debt issuance cost 116,530,673 81,856,799
Repurchase agreements payable, net of deferred financing fees 169,304,710 43,974,608
Obligations under participation agreements (Note 8 ) 12,680,594 42,232,027
Mortgage loan payable, net of deferred financing fees and other 29,488,326 32,134,295
Revolving line of credit payable, net of deferred financing fees 89,807,448 38,186,472
Secured borrowing 0 34,586,129
Interest reserve and other deposits held on investments 4,633,204 7,411,811
Operating lease liability 27,378,786 27,394,936
Lease intangible liabilities, net (Note 6) 8,646,840 9,709,710
Due to Manager (Note 8) 3,935,997 2,388,317
Interest payable 1,058,001 1,879,626
Accounts payable and accrued expenses 1,452,236 1,264,131
Unearned income 378,018 449,690
Other liabilities 1,159,885 4,289,967
Total liabilities 491,454,718 419,698,580
Commitments and contingencies (Note 10)
Equity:    
Common stock   194,875
Additional paid-in capital 444,449,813 373,443,672
Accumulated deficit (122,935,993) (99,919,969)
Total equity 321,882,174 273,843,578
Total liabilities and equity 813,336,892 693,542,158
Loans held for investment, net    
Assets    
Loans held for investment 584,417,939 457,329,582
Loans held for investment acquired through participation, net    
Assets    
Loans held for investment 42,072,828 12,343,732
Series A Preferred Stock    
Equity:    
Preferred stock 125,000 $ 125,000
Class B Common stock, $0.01 par value, 450,000,000 and no shares authorized and 24,335,370 and no shares issued and outstanding at December 31, 2022 and 2021, respectively    
Equity:    
Common stock $ 243,354