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Debt (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Unsecured Notes Payable

The table below presents detailed information regarding the unsecured notes payable as of:

						December 31, 2022																		December 31, 2021
						Principal Balance						Carrying Value						Fair Value						Principal Balance						Carrying Value						Fair Value
6.00% Senior Notes Due 2026 (1)						$	85,125,000					$	82,487,769					$	68,100,000					$	85,125,000					$	81,856,799					$	85,210,125
7.00% Senior Notes Due 2026 (2)						38,375,000						34,042,904						35,381,748						—						—						—
						$	123,500,000					$	116,530,673					$	103,481,748					$	85,125,000					$	81,856,799					$	85,210,125

_______________

(1)Carrying value is net of unamortized issue discount of $1.9 million and $2.4 million, and unamortized deferred financing costs of $0.7 million and $0.9 million as of December 31, 2022 and 2021, respectively.

(2)Carrying value is net of unamortized purchase discount of $4.3 million as of December 31, 2022.

Schedule of Debt

The following table presents detailed information with respect to each borrowing under the Term Loan as of:

			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 tables present detailed information with respect to each borrowing under the UBS Master Repurchase Agreement as of:

			December 31, 2022
			Collateral																		Borrowings Under Master Repurchase Agreement
			Principal Amount						Carrying Value						Fair Value						Borrowing Date						Principal Amount						Interest Rate
NB Factory TIC 1, LLC			$	28,000,000					$	28,857,892					$	28,902,234					11/8/2021						$	18,970,000					LIBOR+1.74% (LIBOR floor of 0.1%)
Grandview’s Madison Place, LLC			17,000,000						17,105,928						17,105,928						3/7/2022						13,600,000						Term SOFR + 1.965%
Grandview’s Remington Place,    LLC			23,100,000						23,199,620						23,203,343						5/6/2022						18,480,000						Term SOFR + 1.965%
			$	68,100,000					$	69,163,440					$	69,211,505											$	51,050,000

			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:

			December 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					$	22,902,215					$	22,687,235					2/18/2022						$	18,240,000					Term SOFR + 2.015% (0.01% floor)
1389 Peachtree St, LP; 1401 Peachtree St, LP; and    1409 Peachtree St, LP			57,184,178						57,453,482						56,844,322						2/18/2022						41,587,275						Term SOFR + 2.465%
AGRE DCP Palm Springs, LLC			43,222,382						43,758,804						43,062,933						2/18/2022						28,094,548						Term SOFR + 1.315% (1.8% floor)
Patrick Henry Recovery Acquisition, LLC			18,000,000						18,041,782						17,824,300						2/18/2022						14,400,000						Term SOFR +0.865% (1.5% floor)
University Park Berkeley, LLC			26,342,468						26,536,122						26,472,938						2/18/2022						17,504,783						Term SOFR + 1.365% (1.5% floor)
			$	167,549,028					$	168,692,405					$	166,891,728											$	119,826,606

As of December 31, 2022, the Company had a $29.3 million mortgage loan payable collateralized by a multi-tenant office building that the Company acquired through foreclosure. The following table presents certain information about the mortgage loan payable as of:

																		December 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%)						May 31, 2023						$	29,252,308					$	29,488,326					$	40,581,847					$	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 December 31, 2022 are as follows:

Years Ending December 31,						Total
2023						$	54,252,308
2024						261,012,472
2025						—
2026						123,500,000
2027						—
Thereafter						—
						438,764,780
Unamortized deferred financing costs						(8,633,623)
Total						$	430,131,157

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