XML 19 R8.htm IDEA: XBRL DOCUMENT v3.22.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (6,951,693) $ (12,355,727)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Paid-in-kind interest income, net 0 (1,000,028)
Depreciation and amortization 6,530,595 3,989,114
Provision for loan losses 11,813,409 10,904,163
Impairment charge 1,604,989 3,395,430
Amortization of net purchase premiums on loans 557,012 61,390
Straight-line rent adjustments 1,357,247 (146,317)
Amortization of deferred financing costs 2,271,556 963,986
Amortization of discount on unsecured notes payable 738,583 248,108
Amortization of above- and below-market rent intangibles (914,965) (392,161)
Amortization and accretion of investment-related fees, net (1,210,524) (264,697)
Amortization of above-market rent ground lease (130,348) (130,349)
Realized gain on marketable securities (83,411) (129,248)
Unrealized losses (gains) on marketable securities 122,299 (22,500)
Loss on sale of real estate 51,984 0
Realized loss on loan repayments 0 517,989
Gain on extinguishment of obligations under participation agreements (3,435,902) 0
Income from equity investment in excess of distributions received (1,091,372) (1,276,726)
Gain on sale of interests in unconsolidated investments (799,827) 0
Changes in operating assets and liabilities:    
Deal deposits (4,241,892) 0
Interest receivable (323,606) 46,552
Due from related party 2,421,388 (2,605,639)
Other assets (2,918,189) 574,832
Due to Manager 0 93,226
Unearned income (71,672) (215,075)
Interest payable (821,625) 694,124
Accounts payable and accrued expenses (552,728) (2,704,472)
Other liabilities (3,517,540) 3,860,844
Net cash provided by operating activities 403,768 4,106,819
Cash flows from investing activities:    
Origination and purchase of loans (290,005,676) (252,437,733)
Proceeds from repayments of loans 197,484,239 196,780,456
Purchase of equity interests in unconsolidated investments (25,504,979) (32,177,108)
Proceeds from sale of interests in unconsolidated investments 33,688,430 0
Cash and restricted cash acquired in connection with the BDC Merger 24,582,565 0
Proceeds from sale of real estate 8,585,500 0
Proceeds from sale of marketable securities 1,259,417 6,608,396
Distributions in excess of net income 923,200 0
Repayments of promissory note receivable (386,395) 0
Proceeds from promissory note receivable 386,395 0
Purchase of marketable securities (136,265) (6,479,148)
Cash paid to stockholders of Terra BDC in connection with the BDC Merger (12,920) 0
Net cash used in investing activities (49,136,489) (87,705,137)
Cash flows from financing activities:    
Proceeds from borrowings under repurchase agreements 151,906,606 44,569,600
Proceeds from borrowings under revolving line of credit 130,519,295 38,575,895
Repayment of borrowings under the term loan (93,763,471) (16,585,001)
Repayments of borrowings under revolving line of credit (78,959,325) 0
Repayment of secured borrowing (38,672,291) 0
Proceeds from obligations under participation agreements 29,607,969 71,682,634
Repayments of borrowings under repurchase agreements (25,599,600) 0
Repayments of obligations under participation agreements (22,239,670) (101,722,161)
Distributions paid (16,064,331) (17,125,760)
Proceeds from secured borrowing 4,151,186 16,239,256
Change in interest reserve and other deposits held on investments (3,039,221) (4,733,805)
Repayment of mortgage principal (2,710,384) (12,057,533)
Payment of financing costs (1,033,097) (2,295,347)
Proceeds from issuance of unsecured notes payable, net of discount 0 82,464,844
Proceeds from borrowings under the term loan 0 2,764,020
Net cash provided by financing activities 34,103,666 101,776,642
Net (decrease) increase in cash, cash equivalents and restricted cash (14,629,055) 18,178,324
Cash, cash equivalents and restricted cash at beginning of year 51,098,647 32,920,323
Cash, cash equivalents and restricted cash at end of year (Note 2) 36,469,592 51,098,647
Supplemental Disclosure of Cash Flows Information:    
Cash paid for interest $ 22,569,976 $ 22,219,386