Lument Finance Trust (LFT) 10-K 15 Mar 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Mar. 12, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-35845
Entity Registrant Name	LUMENT FINANCE TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-4966519
Entity Address, Address Line One	230 Park Avenue, 23rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10169
City Area Code	212
Local Phone Number	521-6323
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	LFT
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 55.5
Entity Common Stock, Shares Outstanding		24,943,383
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001547546

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)		Dec. 31, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents		$ 11,375,960	$ 10,942,115	[1]
Restricted cash		57,999,396	5,069,715	[1]
Commercial mortgage loans held-for-investment, at amortized cost		547,345,334	635,260,420	[1]
Mortgage servicing rights, at fair value		919,678	2,700,207	[1]
Deferred offering costs		0	40,000	[1]
Accrued interest receivable		2,015,617	2,342,354	[1]
Other assets		1,833,794	1,547,187	[1]
Total assets	[1]	621,489,779	657,901,998
LIABILITIES:
Collateralized loan obligations, net		463,060,090	505,930,065	[1]
Secured Term Loan, net		39,556,198	39,384,041	[1]
Accrued interest payable		432,936	805,126	[1]
Dividends payable		3,242,640	1,776,912	[1]
Fees and expenses payable to Manager		1,156,340	991,981	[1]
Other accounts payable and accrued expenses		338,423	369,161	[1]
Total liabilities	[1]	507,786,627	549,257,286
Commitments and contingencies	[1]
EQUITY:
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 24,943,383 and 23,692,164 shares issued and outstanding, at December 31, 2020 and December 31, 2019, respectively		249,389	236,877	[1]
Additional paid-in capital		233,850,271	228,135,116	[1]
Cumulative distributions to stockholders		(131,355,978)	(122,236,981)	[1]
Accumulated earnings (deficit)		10,859,970	2,410,200	[1]
Total stockholders' equity	[1]	113,603,652	108,545,212
Noncontrolling interests	[1]	99,500	99,500
Total equity	[1]	113,703,152	108,644,712
Total liabilities and equity	[1]	$ 621,489,779	$ 657,901,998
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs) as the Company was the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of the consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $591,318,506 and $636,541,489, respectively and the liabilities of consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $463,411,967 and $506,662,238, respectively.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)		Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		450,000,000	450,000,000
Common stock, shares issued (in shares)		24,943,383	23,692,164
Common stock, shares outstanding (in shares)		24,943,383	23,692,164
Total Assets	[1]	$ 621,489,779	$ 657,901,998
Total Liabilities	[1]	507,786,627	549,257,286
Cash and cash equivalents		11,375,960	10,942,115	[1]
Restricted cash		57,999,396	5,069,715	[1]
Loans held for investment		547,345,334	635,260,420	[1]
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Total Assets		591,318,506	636,541,489
Total Liabilities		463,411,967	506,662,238
Cash and cash equivalents		57,999,396	5,069,715
Loans held for investment		$ 531,363,401	$ 629,157,956
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs) as the Company was the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of the consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $591,318,506 and $636,541,489, respectively and the liabilities of consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $463,411,967 and $506,662,238, respectively.

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Interest income:
Commercial mortgage loans held-for-investment	$ 33,570,949	$ 38,969,471
Multifamily loans held in securitization trusts	0	78,361
Cash and cash equivalents	45,782	9,647
Interest expense:
Collateralized loan obligations	(12,047,300)	(20,882,076)
Secured term loan	(3,138,917)	(2,761,561)
Net interest income	18,430,514	15,413,842
Other income:
Realized (loss) on investments, net	0	(709,439)
Change in unrealized (loss) on mortgage servicing rights	(1,780,528)	(1,297,579)
Change in unrealized gain on multifamily loans held in securitization trusts	0	694,339
Servicing income, net	709,565	869,032
Other income	2	0
Total other (loss)	(1,070,961)	(443,647)
Expenses:
Management and incentive fees	2,524,139	2,245,065
General and administrative expenses	3,518,500	4,335,376
Operating expenses reimbursable to Manager	1,644,886	1,629,908
Other operating expenses	1,493,214	360,517
Compensation expense	205,292	193,962
Total expenses	9,386,031	8,764,828
Net income before provision for income taxes	7,973,522	6,205,367
Benefit from income taxes	476,248	43,523
Net income	8,449,770	6,248,890
Dividends to preferred stockholders	(15,000)	(491,764)
Deemed dividend on preferred stock related to redemption	0	(3,093,028)
Net income attributable to common stockholders (basic and diluted)	8,434,770	2,664,098
Earnings per share:
Net income attributable to common stockholders	$ 8,434,770	$ 2,664,098
Weighted average number of shares of common stock outstanding (in shares)	24,934,505	23,687,812
Basic and diluted income (loss) per share (in dollars per share)	$ 0.34	$ 0.11
Dividends declared per share of common stock (in dollars per share)	$ 0.37	$ 0.30

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($)	Total		Preferred Stock	Common Stock	Additional Paid in Capital	Cumulative Distributions to Stockholders	Accumulated Earnings (Deficit)	Total Stockholders' Equity	Noncontrolling interests
Balance (in shares) at Dec. 31, 2018			1,610,000	23,687,664
Balance at Dec. 31, 2018	$ 150,203,338		$ 37,156,972	$ 236,832	$ 231,305,743	$ (114,757,019)	$ (3,838,690)	$ 150,103,838	$ 99,500
Issuance of common stock, net (in shares)				4,500
Issuance of stock	15,300			$ 45	15,255			15,300
Redemption of preferred stock, net (in shares)			(1,610,000)
Redemption of preferred stock, net	(40,250,000)		$ (37,156,972)		(3,093,028)			(40,250,000)
Cost of issuing common stock	(86,516)				(86,516)			(86,516)
Restricted stock compensation expense	(6,338)				(6,338)			(6,338)
Net income (loss)	6,248,890						6,248,890	6,248,890
Common dividends declared	(6,988,198)					(6,988,198)		(6,988,198)
Preferred dividends declared	(491,764)					(491,764)		(491,764)
Balance (in shares) at Dec. 31, 2019			0	23,692,164
Balance at Dec. 31, 2019	108,644,712	[1]	$ 0	$ 236,877	228,135,116	(122,236,981)	2,410,200	108,545,212	99,500
Issuance of common stock, net (in shares)				1,251,219
Issuance of stock	5,762,360			$ 12,512	5,749,848			5,762,360
Cost of issuing common stock	(40,000)				(40,000)			(40,000)
Restricted stock compensation expense	5,307				5,307			5,307
Net income (loss)	8,449,770						8,449,770	8,449,770
Common dividends declared	(9,103,997)					(9,103,997)		(9,103,997)
Preferred dividends declared	(15,000)					(15,000)		(15,000)
Balance (in shares) at Dec. 31, 2020			0	24,943,383
Balance at Dec. 31, 2020	$ 113,703,152	[1]	$ 0	$ 249,389	$ 233,850,271	$ (131,355,978)	$ 10,859,970	$ 113,603,652	$ 99,500
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs) as the Company was the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of the consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $591,318,506 and $636,541,489, respectively and the liabilities of consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $463,411,967 and $506,662,238, respectively.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 8,449,770	$ 6,248,890
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of collateralized loan obligations discounts, net	1,137,156	1,095,750
Amortization of deferred offering costs	(40,000)	(86,516)
Amortization of deferred financing costs	1,029,899	1,006,858
Realized loss on investments, net	0	709,439
Unrealized (gain) loss on mortgage servicing rights	1,780,528	1,297,579
Unrealized (gain) loss on multifamily loans held in securitization trusts	0	(694,339)
Restricted stock compensation expense	20,292	8,962
Net change in:
Accrued interest receivable	326,737	88,436
Deferred offering costs	40,000	86,516
Other assets	(286,607)	(536,516)
Accrued interest payable	(372,190)	(62,668)
Fees and expenses payable to Manager	164,359	(183,019)
Other accounts payable and accrued expenses	(30,735)	(1,697,029)
Net cash provided by operating activities	12,219,209	7,282,343
Cash flows from investing activities:
Purchase of commercial mortgage loans held-for-investment	(57,601,572)	(300,319,433)
Proceeds from sales of commercial mortgage loans held-for-investment	0	6,816,250
Principal payments from retained beneficial interests	0	4,747,049
Principal payments from commercial mortgage loans held-for-investment	145,516,658	213,415,654
Investment related receivable	0	33,042,234
Net cash provided by (used in) investing activities	87,915,086	(42,298,246)
Cash flows from financing activities:
Proceeds from issuance of common stock	5,747,375	0
Redemption of preferred stock	0	(40,250,000)
Dividends paid on common stock	(7,638,270)	(6,632,546)
Dividends paid on preferred stock	(15,000)	(536,114)
Proceeds from secured term loan	0	40,250,000
Payment of collateralized loan obligations	(44,864,874)	0
Payment of deferred financing costs	0	(1,017,419)
Net cash (used in) financing activities	(46,770,769)	(8,186,079)
Net increase (decrease) in cash, cash equivalents and restricted cash	53,363,526	(43,201,982)
Cash, cash equivalents and restricted cash, beginning of period	16,011,830	59,213,812
Cash, cash equivalents and restricted cash, end of period	69,375,356	16,011,830
Supplemental disclosure of cash flow information
Cash paid for interest	13,386,816	21,603,697
Cash paid for income taxes	180,898	1,956,337
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	$ 3,242,640	$ 1,776,912	[1]
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs) as the Company was the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of the consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $591,318,506 and $636,541,489, respectively and the liabilities of consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $463,411,967 and $506,662,238, respectively.

ORGANIZATION AND BUSINESS OPERA

ORGANIZATION AND BUSINESS OPERATIONS	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS OPERATIONS	Lument Finance Trust, Inc. (together with its consolidated subsidiaries, the "Company”), formerly Hunt Companies Finance Trust, Inc., is a Maryland corporation that focuses primarily on investing in, financing and managing a portfolio of commercial real estate debt investments. Effective January 3, 2020, the Company is externally managed by OREC Investment Management, LLC, doing business as Lument Investment Management (the "Manager" or "Lument IM"), who replaced the prior manager, Hunt Investment Management, LLC ("HIM"). On December 28, 2020, the Company changed its name from Hunt Companies Finance Trust, Inc. to Lument Finance Trust, Inc., and its common stock began trading on the NYSE under the symbol "LFT." Previously, the Company's common stock was listed on the NYSE under the symbol "HCFT." The Company was incorporated on March 28, 2012 and commenced operations on May 16, 2012. The Company began trading as a publicly traded company on March 22, 2013. The Company has elected to be taxed as a real estate investment trust ("REIT") and to comply with Sections 856 through 859 of the Internal Revenue Code of 1986, as amended, (the "Code"). Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. On February 14, 2019, the Company drew on its secured term loan ("Secured Term Loan") in the aggregate principal amount of $40.25 million and used the net proceeds of $39.2 million and working capital of $1.1 million to redeem all 1,610,000 shares of its outstanding 8.75% Series A Cumulative Redeemable Preferred Stock at its $25 per share liquidation preference plus accrued and unpaid dividends. The redeemed shares have been reclassified as authorized and unissued shares of the Company's preferred stock, $0.01 per value per share, without designation of a class or series. On March 18, 2019, the Company entered into a support agreement with HIM, pursuant to which HIM agreed to reduce the expense reimbursement cap by 25% per annum (subject to such reduction not exceeding $568,000 per annum) until such time as the aggregate support provided thereunder equaled approximately $1.96 million. The terms of the support agreement are materially unchanged in the new management agreement with the Manager. On January 3, 2020, the Company and HIM entered into a termination agreement pursuant to which the Company and HIM agreed to mutually and immediately terminate that certain management agreement dated January 18, 2018. The Company simultaneously entered into a new management agreement with Lument IM. Pursuant to the terms of the termination agreement between the Company and HIM, the termination of the management agreement did not trigger, and HIM was not paid, a termination fee by the Company. See Note 10 for further discussion.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These financial statements have been prepared in accordance with U.S. GAAP and are expressed in United States dollars. The consolidated financial statements of the Company include the accounts of its subsidiaries. Principles of Consolidation The accompanying consolidated financial statements of the Company include the accounts of the Company and all subsidiaries which it controls (i) through voting or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not the primary beneficiary are accounted for under the equity method or other appropriate GAAP. All significant intercompany transactions have been eliminated on consolidation. VIEs An entity is considered a VIE when any of the following applies: (1) the equity investors (if any) lack one or more essential characteristics of a controlling financial interest; (2) the equity investment at risk is not sufficient to finance that entity's activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both the following characteristics: (1) the power to direct activities that, when taken together, most significantly impact the VIE performance; and (2) the obligation to absorb losses and right to receive returns from the VIE that would be significant to the VIE. The Company evaluates quarterly its junior retained notes and preferred shares of Hunt CRE 2017-FL1, Ltd and Hunt CRE 2018-FL2, Ltd. for potential consolidation. At December 31, 2020, the Company determined it was the primary beneficiary of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. based on its obligation to absorb losses derived from ownership of its preferred shares. Accordingly, the Company consolidated the assets, liabilities, income and expenses of the underlying issuing entities. The Company's maximum exposure to loss from collateralized loan obligations was $124,046,671 at December 31, 2020 and December 31, 2019. Use of Estimates The financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires the Company to make a number of significant estimates. On March 11, 2020, the WHO declared COVID-19 a global pandemic, which continues to spread throughout the United States and around the world. The outbreak has adversely impacted, and continues to adversely impact economic and market conditions globally, nationally and locally. Actions taken around the world to help mitigate the spread of COVID-19 include imposition of quarantines, "stay-at-home" orders, restrictions on travel and forced closures for certain types of public places, businesses and schools. The prolonged duration of the COVID-19 pandemic and its impact on our borrowers and their tenants, cash flows and future results of operations could be significant and will largely depend on future developments, which are highly uncertain and cannot be predicted. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2020, however uncertainty over the ultimate impact of COVID-19 on the global economy generally, and our business in particular, makes any estimates and assumptions inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results could differ from its estimates and the differences may be material. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents at time of purchase include cash held in bank accounts on an overnight basis and other short term deposit accounts with banks having maturities of 90 days or less at time of acquisition. The Company maintains its cash and cash equivalents in highly rated financial institutions, and at times these balances exceed insurable amounts. Restricted cash includes cash held within Hunt CRE 2018-FL2, Ltd. as of December 31, 2020 and within Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. as of December 31, 2019 for purposes of reinvestment in qualifying commercial mortgage loans. The reinvestment period for Hunt CRE 2017-FL1, Ltd. expired on February 20, 2020. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the statement of cash flows. December 31, 2020 December 31, 2019 Cash and cash equivalents $ 11,375,960 $ 10,942,115 Restricted cash CRE 2017-FL1, Ltd. $ — $ 2,158,497 Restricted cash CRE 2018-FL2, Ltd. $ 57,999,396 $ 2,911,218 Total cash, cash equivalents and restricted cash $ 69,375,356 $ 16,011,830 Deferred Offering Costs Direct costs incurred to issue shares classified as equity, such as legal and accounting fees, are deducted from the related proceeds and the net amount recorded as stockholders’ equity. Accordingly, payments made by the Company in respect of such costs related to the issuance of shares are recorded as an asset in the accompanying consolidated balance sheets in the line item "Deferred offering costs", for subsequent deduction from the related proceeds upon closing of the offering. To the extent that certain costs, in particular legal fees, are known to have been accrued but have not yet been invoiced and paid, they are included in "Other accounts payable and accrued expenses" on the accompanying consolidated balance sheets. Fair Value Measurements The "Fair Value Measurements and Disclosures" Topic 820 of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurement under GAAP. Specifically, the guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at measurement date. ASC 820 specifies a hierarchy of valuation techniques based on the inputs used in measuring fair value. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable market data from independent sources, while unobservable inputs reflect the Company's market assumptions. The three levels are defined as follows: • Level 1 Inputs - Quoted prices for identical instruments in active markets • Level 2 Inputs - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 Inputs - Instruments with primarily unobservable value drivers. Pursuant to ASC 820 we disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate fair value for those certain instruments. The following methods and assumptions are used to estimate the fair value of each class of financial instrument, for which it is practicable to estimate that value: • Cash and cash equivalents : The carrying amount of cash and cash equivalents approximates fair value. • Restricted cash : The carrying amount of restricted cash approximates fair value. • Commercial mortgage loans : The Company determines the fair value of commercial mortgage loans by utilizing a pricing model based on discounted cash flow methodologies using discount rates, which reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. Additionally, the Company may record fair value adjustments on a non-recurring basis when it has determined it necessary to record a specific impairment reserve or charge-off against a loan and the Company measures such specific reserve or charge-off using the fair value of the loan's collateral. To determine the fair value of loan collateral, the Company employs the income capitalization approach, appraised values, broker opinion of value, sale offers, letters of intention to purchase, or other valuation benchmarks, as applicable, depending upon the nature of such collateral and other relevant market factors. • Mortgage servicing rights : The Company determines the fair value of MSRs from a third-party pricing service on a recurring basis. The third-party pricing service uses common market pricing methods that include using discounted cash flow models to calculate present value estimated net servicing income and observed market pricing for MSR purchase and sale transactions. The model considers contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service and other economic factors. • Collateralized loan obligations : The Company determines the fair value of collateralized loan obligations by utilizing a third-party pricing service. In determining the value of a particular investment, pricing service providers may use market spreads, inventory levels, trade and bid history, as well as market insight from clients, trading desks and global research platform. • Secured term loan : The Company determines the fair value of its secured term loan based on a discounted cash flow methodology. Commercial Mortgage Loans Held-for-Investment Commercial mortgage loans held-for-investment represent floating-rate transitional loans and other commercial mortgage loans purchased by the Company. These loans include loans sold into securitizations that the Company consolidates. Commercial mortgage loans held-for-investment are intended to be held-to-maturity and, accordingly, are carried at their unpaid principal balances, adjusted for net unamortized loan fees and costs (in respect of originated loans), premiums and discounts (in respect of purchased loans) and impairment, if any. Interest income is recognized as revenue using the effective interest method and is recorded on the accrual basis according to the terms of the underlying loan agreement. Any fees, costs, premiums and discounts associated with these loan investments are deferred and amortized over the term of the loan using the effective interest method, or on a straight line basis when it approximates the effective interest method. Income accrual is generally suspended and loans are placed on non-accrual status on the earlier of the date at which payment has become 90 days past due or when full and timely collection of interest and principal is considered not probable. The Company may return a loan to accrual status when repayment of principal and interest is reasonably assured under the terms of the underlying loan agreement. As of December 31, 2020, the Company did not hold any loans placed in non-accrual status. Quarterly, the Company assesses the risk factors of each loan classified as held-for-investment and assigns a risk rating based on a variety of factors, including, without limitation, debt-service coverage ratio ("DSCR"), loan-to-value ratio ("LTV"), property type, geographic and local market dynamics, physical condition, leasing and tenant profile, adherence to business plan and exit plan, maturity default risk and project sponsorship. The Company's loans are rated on a 5-point scale, from least risk to greatest risk, respectively, which ratings are described as follows: 1. Very Low Risk : exceeds expectations and is outperforming underwriting or it is very likely that the underlying loan can be refinanced easily in the period's prevailing capital market conditions 2. Low Risk : meeting or exceeding underwritten expectations 3. Moderate Risk : in-line with underwritten expectations or the sponsor may be in the early stages of executing the business plan and the loan structure appropriately mitigates additional risks 4. High Risk : potential risk of default, a loss may occur in the event of default 5. Default Risk : imminent risk of default, a loss is likely in the event of default The Company evaluates each loan rated High Risk or above as to whether it is impaired on a quarterly basis. Impaired loans are individually evaluated based on the Company's quarterly assessment of each loan and assignment of a risk rating. Impairment occurs when the Company determines that the facts and circumstances of the loan deem it probable that the Company will not be able to collect all amounts due in accordance with the contractual terms of the loan. If a loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan through a charge to the provision for loan losses. Impairment of these loans, all of which are deemed collateral dependent, is measured by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, actions of other lenders, and other factors deemed necessary by the Manager. Actual losses, if any, could ultimately differ from estimated losses. In addition, the Company evaluates the entire portfolio to determine whether the portfolio has any impairment that requires a valuation allowance on the remainder of the loan portfolio. As of December 31, 2020, the Company has not recognized any impairments on its loans held-for-investment. We also assessed the remainder of the portfolio, considering the absence of delinquencies and current market conditions, and, as such has not recorded any allowance for loan losses. Mortgage Servicing Rights, at Fair Value Mortgage servicing rights ("MSRs") are associated with residential mortgage loans that the Company historically purchased and subsequently sold or securitized. MSRs are held and managed at Five Oaks Acquisition Corp. ("FOAC"), the Company's taxable REIT subsidiary ("TRS"). As the owner of MSRs, the Company is entitled to receive a portion of the interest payments from the associated residential mortgage loan, and is obligated to service, directly or through a subservicer, the associated loan. MSRs are reported at fair value. Residential mortgage loans for which the Company owns the MSRs are directly serviced by two sub-servicers retained by the Company. The Company does not directly service any residential mortgage loans. MSR income is recognized at the contractually agreed upon rate, net of the costs of sub-servicers retained by the Company. If a sub-servicer with which the Company contracts were to default, an evaluation of MSR assets for impairment would be undertaken at that time. Collateralized Loan Obligations Collateralized loan obligations represent third-party liabilities of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. (the "CLOs"). The CLOs are VIEs that the Company has determined it is the primary beneficiary of and accordingly are consolidated in the Company's financial statements, excluding liabilities of the CLOs acquired by the Company that are eliminated on consolidation. The third-party obligations of the CLOs do not have any recourse to the Company as the consolidator of the CLOs. CLOs are carried at their outstanding unpaid principal balances, net of any unamortized discounts or deferred financing costs. Any premiums, discounts or deferred financing costs associated with these liabilities are amortized to interest expense using the effective interest method over the expected average life of the related obligations, or on a straight line basis when it approximates the effective interest method. In light of the current market environment, which has been impacted by the ongoing COVID-19 pandemic, the Company determined that a previously contemplated collateralized loan transaction would not be executed by year-end 2020. Accordingly, $624,816 in costs related to the contemplated transaction were expensed as "Other operating expenses" in the statements of operations in the second quarter of 2020. Such costs had previously been deferred as "Other assets" in the balance sheet. Secured Term Loan The Company and certain of its subsidiaries are party to a $40.25 million credit and guaranty agreement with the lenders referred to therein and Cortland Capital Service LLC, as administrative agent and collateral agent for the lenders (the "Secured Term Loan"). The Secured Term Loan is carried at its unpaid principal balance, net of deferred financing costs. Deferred financing costs of $1,017,419 associated with this liability are amortized to interest expense on a straight line basis when it approximates the effective interest method. Common Stock At December 31, 2020, and December 31, 2019, the Company was authorized to issue up to 450,000,000 shares of common stock, par value $0.01 per share. The Company had 24,943,383 shares of common stock issued and outstanding at December 31, 2020 and 23,692,164 at December 31, 2019. Stock Repurchase Program On December 15, 2015, the Company’s Board of Directors authorized a stock repurchase program ("Repurchase Program") to repurchase up to $10 million of the Company’s outstanding common stock. Subject to applicable securities laws, repurchase of common stock under the Repurchase Program may be made at times and in amounts as the Company deems appropriate, using available cash resources. Shares of common stock repurchased by the Company under the Repurchase Program, if any, will be canceled and, until reissued by the Company, will be deemed to be authorized but unissued shares of common stock. The Repurchase Program may be suspended or discontinued by the Company at any time and without prior notice. Preferred Stock On February 14, 2019, the Company redeemed all 1,610,000 shares of its outstanding 8.75% Series A Cumulative Redeemable Preferred Stock at its $25 per share liquidation preference plus accrued and unpaid dividends. At December 31, 2020 and December 31, 2019, the Company was authorized to issue up to 50,000,000 shares of preferred stock, par value $0.01 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company's Board of Directors. The Company had no shares of preferred stock issued and outstanding at December 31, 2020 and December 31, 2019. Income Taxes The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes, commencing with the Company’s short taxable period ended December 31, 2012. A REIT is generally taxable as a U.S. C-Corporation; however, so long as the Company qualifies as a REIT it is entitled to a special deduction for dividends paid to stockholders not otherwise available to corporations. Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent its distributions to stockholders equals, or exceeds, its REIT taxable income for the year. In addition, the Company must continue to meet certain REIT qualification requirements with respect to distributions, as well as certain asset, income and share ownership tests, in accordance with Sections 856 through 860 of the Code, as summarized below. In addition, the TRS is maintained to perform certain services and earn income for the Company that the Company is not permitted engage in as a REIT. To maintain its qualification as a REIT, the Company must meet certain requirements, including but not limited to the following: (i) distribute at least 90% of its REIT taxable income to its stockholders; (ii) invest at least 75% of its assets in REIT qualifying assets, with additional restrictions with respect to asset concentration risk; and (iii) earn at least 95% of its gross income from qualifying sources of income, including at least 75% from qualifying real estate and real estate related sources. Regardless of the REIT election, the Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax as a U.S. C-Corporation, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company has historically met the requisite ownership, asset and income tests, with the exception of a failure to meet the 75% gross income test for the 2018 calendar year ("2018 75% Income Test Failure). Refer to Note 16 for further discussion of the 2018 75% Income Test Failure. Certain activities of the Company are conducted through a TRS and therefore are taxed as a standalone U.S. C-Corporation. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The TRS is not subject to a distribution requirement with respect to its REIT owner. The TRS may retain earnings annually, resulting in an increase in the consolidated book equity of the Company and without a corresponding distribution requirement by the REIT. If the TRS generates net income, and declares dividends to the Company, such dividends will be included in its taxable income and necessitate a distribution to its stockholders in accordance with the REIT distribution requirements. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes. The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company's accounting policy with respect to interest and penalties is to classify these amounts as other interest expense. Earnings per Share The Company calculates basic and diluted earnings per share by dividing net income attributable to common stockholders for the period by the weighted-average shares of the Company’s common stock outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as warrants, stock options, and unvested restricted stock, but use the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. See Note 17 for details of the computation of basic and diluted earnings per share. Stock-Based Compensation The Company is required to recognize compensation costs relating to stock-based payment transactions in the consolidated financial statements. The Company accounts for share-based compensation issued to its Manager and non-management directors using the fair-value based methodology prescribed by ASC 505, Equity ("ASC 505"), or ASC 718, Share-Based Payment ("ASC 718"), as appropriate. Compensation cost related to restricted common stock issued to the Manager is initially measured at estimated fair value at the grant date, and is remeasured on subsequent dates to the extent the awards are unvested. Additionally, the compensation cost related to restricted common stock issued to the non-management directors is measured at its estimated fair value at the grant date and amortized and expensed over the vesting period. See Note 13 for details of stock-based awards issuable under the Manager Equity Plan. Comprehensive Income (Loss) Attributable to Common Stockholders For the years ended December 31, 2020 and December 31, 2019, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying financial statements. Recently Issued and/or Adopted Accounting Standards Credit Losses In June 2016, the FASB issued ASU 2016-13, which is a comprehensive amendment of credit losses on financial instruments. Currently, GAAP requires an "incurred loss" methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The standard’s core principle is that an entity replaces the "incurred loss" impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to support credit loss estimates. For public business entities that are SEC filers, the amendment in this update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, the FASB issued ASU 2019-10 which amended the effective dates for implementation of ASU 2016-13. ASU 2019-10 defers the effective date of ASU 2016-13 for SEC filers that are eligible to be smaller reporting companies, public business entities that are not SEC filers and all other companies, including not-for-profit companies and employee benefit plans for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is designated as a smaller reporting company and has deferred implementation of ASU 2016-13 pursuant to ASU 2019-10 and is continuing to assess the impact of this guidance. In February 2020, the FASB issued ASU 2020-02, amending SEC paragraphs in the Codification to reflect the issuance of SEC Staff Accounting Bulletin ("SAB") No. 119 related to the new credit losses standard and revised effective date of the new leases standard. SAB No. 119 provides interpretive guidance on methodologies and supporting documentation for measuring credit losses, with a focus on the documentation the staff would normally expect registrants engaged in lending transactions to prepare and maintain to support estimates of current expected credit losses for loan transactions. This new guidance is effective for fiscal years beginning after December 15, 2022 for smaller reporting companies such as the Company. The Company is assessing the impact of this guidance. Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." This guidance eliminates certain exceptions to the general principles in Topic 740. This new guidance is effective for us on January 1, 2021, with early adoption permitted. The Company adopted ASU 2019-12 beginning with the first quarter of 2021, which had no material impact on the Company's financial condition or results of operations. Financial Instruments In March 2020, the FASB issued ASU 2020-03 which makes improvements to financial instruments guidance, including the current expected credit losses (CECL) guidance in ASU 2016-13. Only Issue 1, of the 7 improvement issues applies to the Company, which is effective upon issuance, requires all entities to provide fair value option disclosures. MSRs are reported at fair value as a result of the fair value election, as discussed in Mortgage Servicing Rights, at Fair Value above. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 828): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The standard was issued to ease the accounting effects of reform to the London Interbank Offered Rate ("LIBOR") and other reference rates. The standard provides optional expedients and exceptions for applying GAAP to debt instruments, leases, derivatives and other contracts affected by reference rate reform. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. The standard is effective for all entities as of March 12, 2020 through December 31, 2022 and may be elected over time as reference rate reform activities occur. We are currently evaluating the impact of this guidance on our financial statements. CARES Act On March 27, 2020, former President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). Section 4013 of the CARES Act includes a provision that permits financial institutions an election to suspend temporarily troubled debt restructuring ("TDR") accounting under ASC Subtopic 310-40 in certain circumstances ("Section 4013 Elections"). Additionally, Section 4014 of the CARES Act includes a provision that permits deferral of the effective date of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), for insured depository institutions, bank holding companies, or any affiliates thereof ("Section 4014 Election"). The Company is not a financial institution, nor a depository institution, bank holding company or an affiliate of one and therefore would not be permitted to make Section 4013 or Section 4014 Elections. The Company is designated as a smaller reporting company for SEC filing purposes and has previously deferred implementation of ASU 2016-13 until January 1, 2023 pursuant to ASU 2019-10.

COMMERCIAL MORTGAGE LOANS HELD-

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Commercial mortgage loans held-for-investment	COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENTThe following tables summarize certain characteristics of the Company's investments in commercial mortgage loans as of December 31, 2020 and December 31, 2019: Weighted Average Loan Type Unpaid Principal Balance Carrying Value Loan Count Floating Rate Loan % Coupon (1) Term (Years) (2) December 31, 2020 Loans held-for-investment Senior secured loans (3) $ 547,345,334 $ 547,345,334 40 100.0 % 5.1 % 3.1 $ 547,345,334 $ 547,345,334 40 100.0 % 5.1 % 3.1 Weighted Average Loan Type Unpaid Principal Balance Carrying Value Loan Count Floating Rate Loan % Coupon (1) Term (Years) (2) December 31, 2019 Loans held-for-investment Senior secured loans (3) $ 635,260,420 $ 635,260,420 51 100.0 % 5.4 % 3.8 $ 635,260,420 $ 635,260,420 51 100.0 % 5.4 % 3.8 (1) Weighted average coupon assumes applicable one-month LIBOR of 0.14% and 1.70% as of December 31, 2020 and December 31, 2019, respectively, inclusive of weighted average LIBOR floors of 1.64% and 1.56%, respectively. (2) Weighted average term assumes all extension options are exercised by the borrower; provided, however, that our loans may be repaid prior to such date. (3) As of December 31, 2020, $531,363,401 of the outstanding senior secured loans were held in VIEs and $15,981,933 of the outstanding senior secured loans were held outside VIEs. As of December 31, 2019, $629,157,956 of the outstanding senior secured loans were held in VIEs and $6,102,464 of the outstanding senior secured loans were held outside VIEs. Activity: For the years ended December 31, 2020 and December 31, 2019, the loan portfolio activity was as follows: Commercial Mortgage Loans Held-for-Investment Balance at December 31, 2018 $ 555,172,891 Purchases and advances 300,319,433 Proceeds from principal payments (213,415,654) Proceeds from sales (6,816,250) Balance at December 31, 2019 $ 635,260,420 Purchases and advances 57,601,572 Proceeds from principal repayments (145,516,658) Balance at December 31, 2020 $ 547,345,334 Loan Risk Ratings: As further described in Note 2, the Company evaluates the commercial mortgage loan portfolio on a quarterly basis and assigns a risk rating based on a variety of factors. The following table presents the principal balance and net book value of the loan portfolio based on the Company's internal risk ratings as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 Risk Rating Number of Loans Unpaid Principal Balance Net Carrying Value Number of Loans Unpaid Principal Balance Net Carrying Value 1 — $ — — 1 $ 9,000,000 9,000,000 2 14 168,401,366 168,401,366 9 87,176,088 87,176,088 3 20 309,726,343 309,726,343 37 487,513,256 487,513,256 4 6 69,217,625 69,217,625 4 51,571,076 48,260,809 5 — — — — — — 40 547,345,334 547,345,334 51 635,260,420 631,950,153 As of December 31, 2020, the average risk rating of the commercial mortgage loan portfolio was 3.1 (Moderate Risk), weighted by investment carrying value, with 84.4% of commercial loans held-for-investment rated 3 (Moderate Risk) or better by the Company's Manager. As of December 31, 2019, the average risk rating of the commercial mortgage loan portfolio was 2.8 (Moderate Risk), weighted by investment carrying value, with 91.9% of commercial loans held-for-investment rated 3 (Moderate Risk) or better by the Company's Manager. The increase in average risk rating during 2020 is primarily the result of downgrade of several non multifamily loans to a risk rating of "4" to reflect higher risk in loans collateralized by retail and office properties that are particularly negatively impacted by the COVID-19 pandemic. Concentration of Credit Risk: The following tables present the geographic and property types of collateral underlying the Company's commercial mortgage loans as a percentage of the loans' carrying value as of December 31, 2020 and December 31, 2019: Loans Held-for-Investment December 31, 2020 December 31, 2019 Geography Southwest 38.7 % 38.7 % South 36.5 27.5 Midwest 16.8 16.9 Mid-Atlantic 6.2 8.4 West 1.8 3.0 Various — 5.5 Total 100.0 % 100.0 % December 31, 2020 (1) December 31, 2019 Collateral Property Type Multifamily 89.5 % 93.9 % Retail 6.4 2.7 Office 3.3 2.0 Self-Storage 0.8 0.7 Mixed-Use — 0.7 Total 100.0 % 100.0 % (1) During the period ended March 31, 2020, two multifamily loans were adjusted to retail and office, respectively, due to the primary nature of the underlying properties. The adjustment represented a reduction in multifamily of 3.6% and an increase to retail and office of 2.8% and 0.8%, respectively, to the percentages presented for December 31, 2019. We did not have any impaired loans, nonaccrual loans, or loans in maturity default as of December 31, 2020 or December 31, 2019.

THE FREMF TRUSTS

THE FREMF TRUSTS	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
THE FREMF TRUSTS	THE FREMF TRUSTS As of December 31, 2020 and December 31, 2019, the Company no longer held any FREMF Trusts. The Company previously elected the fair value option on the assets and liabilities of the FREMF 2012-KF01 Trust, which required that changes in valuations of the trust be reflected in the Company’s statements of operations. The Company’s net investment in the trust was limited to the Multifamily MBS comprised of first loss PO securities and IO securities acquired by the Company in 2014. On January 25, 2019, the FREMF 2012-KF01 Trust was paid-in full. The consolidated statement of operations of the FREMF trusts for the year ended December 31, 2019 is as follows: Statements of Operations December 31, 2019 Interest income $ 78,361 Interest expense — Net interest income $ 78,361 General and administrative fees (709,439) Unrealized gain (loss) on multifamily loans held in securitization trusts 694,339 Net income (loss) $ 63,261

USE OF SPECIAL PURPOSE ENTITIES

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES	USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES As further discussed in Notes 2 and 4, the Company evaluated its investments in Multifamily MBS and determined that it was a VIE. The Company determined that it was the primary beneficiary of the FREMF 2012-KF01 Trust through January 25, 2019, the repayment date of the underlying security. Accordingly, the Company consolidated the assets, liabilities, income and expenses of this trust in its financial statements through January 25, 2019. However, the assets of the trust were restricted, and could only have been used to fulfill the obligations of the trust. Additionally, the obligations of the trust did not have any recourse to the Company as the consolidator of the trust. The Company had elected the fair value option in respect of the assets and liabilities of the trust. As noted in Note 4, the FREMF 2012-KF01 Trust was paid-in full effective January 25, 2019, and henceforth the Company no longer consolidates this trust. On April 30, 2018, the Company acquired Hunt CMT Equity LLC, which was comprised of commercial mortgage loans financed through collateralized loan obligations ("Hunt CRE 2017-FL1, Ltd."), a licensed commercial mortgage lender and eight loan participations. As discussed in Note 2 ("Summary of Significant Accounting Policies - Principles of Consolidation - VIE"), the Company determined Hunt CRE 2017-FL1, Ltd., a CRE CLO, was a VIE and that the Company was the primary beneficiary of the issuing entity, and accordingly consolidated its assets and liabilities into the Company's financial statements in accordance with GAAP. On August 20, 2018, the Company closed a CRE CLO ("Hunt CRE 2018-FL2, Ltd."). As discussed in Note 2 ("Summary of Significant Accounting Policies - Principles of Consolidation - VIE"), the Company determined Hunt CRE 2018-FL2, Ltd., a CRE CLO, was a VIE and the Company was the primary beneficiary of the issuing entity, and accordingly consolidated its assets and liabilities into the Company's financial statements in accordance with GAAP. However, the assets of each of the trusts are restricted, and can only be used to fulfill the obligations of the respective trusts. Additionally, the obligations of each of the trusts do not have any recourse to the Company as the consolidator of the trusts. At December 31, 2020, the Company continued to determine it was the primary beneficiary of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. based on its obligations to absorb losses derived from ownership of preferred shares. The CLOs we consolidate are subject to collateralization and coverage tests that are customary for these types of securitizations. As of December 31, 2020, and December 31, 2019 all such collateralization and coverage tests in the CLOs we consolidate were met. If the duration of the COVID-19 pandemic continues to prolong, its impact on our borrowers and their tenants could result in a sustained deterioration in a material amount of assets and may impact these tests. The carrying values of the Company's total assets and liabilities related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. at December 31, 2020 and December 31, 2019 included the following VIE assets and liabilities: ASSETS December 31, 2020 December 31, 2019 Cash, cash equivalents and restricted cash $ 57,999,396 $ 5,069,715 Accrued interest receivable 1,955,709 2,313,818 Loans held for investment 531,363,401 629,157,956 Total Assets $ 591,318,506 $ 636,541,489 LIABILITIES Accrued interest payable $ 351,877 $ 732,173 Collateralized loan obligations (1) 463,060,090 505,930,065 Total Liabilities $ 463,411,967 $ 506,662,238 Equity 127,906,539 129,879,251 Total liabilities and equity $ 591,318,506 $ 636,541,489 (1) The stated maturity of the collateral loan obligations per the terms of the underlying collateralized loan obligation agreement is August 15, 2034 for Hunt CRE 2017-FL1, Ltd. and August 15, 2028 for Hunt CRE 2018-FL2, Ltd. The following tables present certain loan and borrowing characteristics of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.as of December 31, 2020 and December 31, 2019: As of December 31, 2020 Collateralized Loan Obligations Count Principal Value Carrying Value (1) Wtd. Avg. Coupon Collateral (loan investments) 40 531,363,401 531,363,401 L + 3.50% Financings provided 2 465,316,126 463,060,090 L + 1.44% As of December 31, 2019 Collateralized Loan Obligations Count Principal Value Carrying Value (1) Wtd. Avg. Coupon Collateral (loan investments) 51 629,157,956 629,157,956 L + 3.60% Financings provided 2 510,181,000 505,930,065 L + 1.40% (1) The carrying value for Hunt CRE 2017-FL1, Ltd. is net of discount of $207,767 and $1,344,923 for December 31, 2020 and December 31, 2019, respectively and the carrying value for Hunt CRE 2018-FL2, Ltd. is net of debt issuance costs of $2,048,269 and $2,906,012 for December 31, 2020 and December 31, 2019, respectively. The statement of operations related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. at December 31, 2020 and December 31, 2019 include the following income and expense items: Statements of Operations December 31, 2020 December 31, 2019 Interest income $ 32,831,608 $ 38,530,632 Interest expense 12,047,300 20,882,076 Net interest income $ 20,784,308 $ 17,648,556 General and administrative fees (675,624) (708,207) Net income (loss) $ 20,108,684 $ 16,940,349

RESTRICTED CASH

RESTRICTED CASH	12 Months Ended
	Dec. 31, 2020
Cash and Cash Equivalents [Abstract]
RESTRICTED CASH	RESTRICTED CASHHunt CRE 2017-FL1, Ltd. was actively managed with an initial reinvestment period of 30 months which expired on February 20, 2020. Hunt CRE 2018-FL2, Ltd. is actively managed with initial reinvestment period of 36 months that expires on August 17, 2021. As loans payoff or mature, as applicable, during this reinvestment period, cash received is restricted and intended to be reinvested within Hunt CRE 2018-FL2, Ltd. in accordance with the terms and conditions of its respective governing agreement.

SECURED TERM LOAN

SECURED TERM LOAN	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
SECURED TERM LOAN	SECURED TERM LOAN On January 15, 2019, the Company, together with its FOAC and Hunt CMT Equity subsidiaries (together with the Company, the "Credit Parties"), entered into the Secured Term Loan, as amended on February 13, 2019 and July 9, 2020 with the lenders party thereto and Cortland Capital Market Services, LLC, as administrative agent (in such capacity, the "Agent"), providing for a term facility ("Credit Agreement") to be drawn in an aggregate principal amount of $40.25 million with a maturity of 6 years. On February 14, 2019, the Company drew on the Secured Term Loan in the aggregate principal amount of $40.25 million generating net proceeds of $39.2 million. The outstanding balance of the Secured Term Loan in the table below is presented gross of deferred financing costs ($693,802 at December 31, 2020 and $865,959 at December 31, 2019). As of December 31, 2020 and December 31, 2019, the outstanding balance and total commitment under the Credit Agreement consisted of the following: December 31, 2020 December 31, 2019 Outstanding Balance Total Commitment Outstanding Balance Total Commitment Secured Term Loan $ 40,250,000 $ 40,250,000 $ 40,250,000 $ 40,250,000 Total $ 40,250,000 $ 40,250,000 $ 40,250,000 $ 40,250,000 The borrowings under the Secured Term Loan are joint and several obligations of the Credit Parties. In addition, the Credit Parties' obligations under the Secured Term Loan are secured by substantially all the assets of the Credit Parties through pledge and security documentation. Amounts advanced under the Secured Term Loan are subject to compliance with a borrowing base comprised of assets of the Credit Parties and certain of their subsidiaries, and include senior and subordinated commercial real estate mortgage loans, preferred equity in commercial real estate assets (directly or indirectly), commercial real estate construction mortgage loans and certain types of equity interests (the "Eligible Assets"). Borrowings under the Secured Term Loan bear interest at a fixed rate of 7.25% for the five year period following the initial draw-down, which is subject to step up by 0.25% for the first four months after the fifth anniversary of the borrowing of the Senior Secured Term Loan, then by 0.375% for the following four months, then by 0.50% for the last four months until maturity. In response to the continued COVID-19 pandemic, on July 9, 2020, the Company entered into the Second Amendment to the Credit and Guaranty Agreement. This amendment provides the Company with additional flexibility to effectively manage any potential borrower distress related to COVID-19 that were not originally contemplated in loan documentation. The Credit Agreement contains affirmative and negative covenants binding the Company and its subsidiaries that are customary for credit facilities of this type, including, but not limited to: minimum asset coverage ratio; minimum unencumbered assets ratio; maximum total net leverage ratio, minimum tangible net worth; and an interest charge coverage ratio. As of December 31, 2020 and December 31, 2019, we were in compliance with these covenants. If the duration of the COVID-19 pandemic continues to prolong, its impact on our borrowers and their tenants could result in a sustained deterioration in a material amount of assets and may impact these covenants.

MSRs

MSRs	12 Months Ended
	Dec. 31, 2020
Mortgage Servicing Rights MSR Disclosure [Abstract]
MSRs	MSRs As of December 31, 2020, the Company retained the servicing rights associated with an aggregate principal balance of $191,799,159 of residential mortgage loans that the Company had previously transferred to residential mortgage loan securitization trusts. The Company’s MSRs are held and managed at the Company’s TRS, and the Company employs two licensed sub-servicers to perform the related servicing activities. The following table presents the Company’s MSR activity as of the years ended December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 Balance at beginning of year $ 2,700,207 $ 3,997,786 MSRs related to deconsolidation of securitization trust — — Changes in fair value due to: Changes in valuation inputs or assumptions used in valuation model (634,824) (572,963) Other changes to fair value (1) (1,145,705) (724,616) Balance at end of year $ 919,678 $ 2,700,207 Loans associated with MSRs (2) $ 191,799,159 $ 333,563,728 MSR values as percent of loans (3) 0.48 % 0.81 % (1) Amounts represent changes due to realization of expected cash flows and prepayment of principal of the underlying loan portfolio. (2) Amounts represent the unpaid principal balance of loans associated with MSRs outstanding at December 31, 2020 and December 31, 2019, respectively. (3) Amounts represent the carrying value of MSRs at December 31, 2020 and December 31, 2019, respectively divided by the outstanding balance of the loans associated with these MSRs. The following table presents the servicing income recorded on the Company’s consolidated statements of operations for the years ended December 31, 2020 and December 31, 2019: Year Ended December 31, 2020 Year Ended December 31, 2019 Servicing income, net $ 709,565 $ 869,032 Income from MSRs, net $ 709,565 $ 869,032

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following tables summarize the valuation of the Company’s assets and liabilities carried at fair value on a recurring basis within the fair value hierarchy levels as of December 31, 2020 and December 31, 2019: December 31, 2020 Quoted prices in active markets for identical assets Level 1 Significant other observable inputs Level 2 Unobservable inputs Level 3 Balance as of December 31, Assets: Mortgage servicing rights $ — $ — $ 919,678 $ 919,678 Total $ — $ — $ 919,678 $ 919,678 December 31, 2019 Quoted prices in active markets for identical assets Level 1 Significant other observable inputs Level 2 Unobservable inputs Level 3 Balance as of December 31, Assets: Mortgage servicing rights $ — $ — $ 2,700,207 $ 2,700,207 Total $ — $ — $ 2,700,207 $ 2,700,207 As of December 31, 2020 and December 31, 2019, the Company had $919,678 and $2,700,207, respectively, in Level 3 assets. The Company’s Level 3 assets are comprised of MSRs. For more detail about Level 3 assets, also see Notes 2 and 8. The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s MSRs classified as Level 3 fair value assets at December 31, 2020 and December 31, 2019: As of December 31, 2020 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 12.4 - 28.0% 21.6 % Discount rate 12.0 % 12.0 % As of December 31, 2019 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 7.4 - 27.6% 13.3 % Discount rate 12.0 % 12.0 % As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate that value. The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2: December 31, 2020 Carrying Value Face Amount Fair Value Assets: Cash and cash equivalents $ 11,375,960 $ 11,375,960 $ 11,375,960 Restricted cash 57,999,396 57,999,396 57,999,396 Commercial mortgage loans held-for-investment 547,345,334 547,345,334 547,134,755 Total $ 616,720,690 $ 616,720,690 $ 616,510,111 Liabilities: Collateralized loan obligations $ 463,060,090 $ 465,316,126 $ 458,094,412 Secured term loan 39,556,198 40,250,000 44,514,373 Total $ 502,616,288 $ 505,566,126 $ 502,608,785 December 31, 2019 Carrying Value Face Amount Fair Value Assets: Cash and cash equivalents $ 10,942,115 $ 10,942,115 $ 10,942,115 Restricted cash 5,069,715 5,069,715 5,069,715 Commercial mortgage loans held-for-investment 635,260,420 635,260,420 635,260,420 Total $ 651,272,250 $ 651,272,250 $ 651,272,250 Liabilities: Collateralized loan obligations $ 505,930,065 $ 510,181,000 $ 510,834,435 Secured term loan $ 39,384,041 $ 40,250,000 $ 42,999,082 Total $ 545,314,106 $ 550,431,000 $ 553,833,517 Estimates of cash and cash equivalents and restricted cash are measured using quoted prices, or Level 1 inputs. Estimates of the fair value of collateralized loan obligations are measured using observable, quoted market prices, in active markets, or Level 2 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Management and Incentive Fee The Company is externally managed and advised by the Manager and through January 3, 2020 by HIM, our prior manager. Pursuant to the terms of the prior management agreement in effect for the year ended December 31, 2019, the Company paid the prior manager a management fee equal to 1.5% per annum, calculated and payable quarterly (0.375% per quarter) in arrears. For purposes of calculating the management fee, the Company’s stockholders’ equity included the sum of the net proceeds from all issuances of the Company’s equity securities since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus the Company’s retained earnings at the end of the most recently completed calendar quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less any amount that the Company paid for repurchases of the Company’s common stock since inception, and excluding any unrealized gains, losses or other items that did not affect realized net income (regardless of whether such items were included in other comprehensive income or loss, or in net income). This amount was adjusted to exclude one-time events pursuant to changes in GAAP and certain non-cash items after discussions between the manager and the Company’s independent directors and approval by a majority of the Company’s independent directors. To the extent an asset impairment reduced the Company’s retained earnings at the end of any completed calendar quarter, it would reduce the management fee for such quarter. The Company’s stockholders’ equity for the purposes of calculating the management fee could be greater than the amount of stockholders’ equity shown on the consolidated financial statements. Additionally, under the terms of the prior management agreement, starting in the first full calendar quarter following January 18, 2019, the Company was also required to pay the Manager a quarterly incentive fee equal to 20% of the excess of Core Earnings (as defined in the management agreement) over the product of (i) Stockholders' Equity as of the end of such fiscal quarter, and (ii) 8% per annum. On January 3, 2020, the management agreement in effect for the year ended December 31, 2019 was terminated, and a new management agreement with the Manager became effective. Pursuant to the terms of the new management contract, the Company is required to pay the Manager an annual base management fee of 1.50% of Stockholders' Equity (as defined in the management agreement), payable quarterly (0.375% per quarter) in arrears. The definition of stockholders' equity in the new management agreement is materially unchanged from the definition in the prior management agreement. Additionally, starting in the first full calendar quarter following January 3, 2020, the Company is also required to pay the Manager a quarterly incentive fee equal to 20% of the excess of Core Earnings (as defined in the management agreement) over the product of (i) the Stockholders' Equity as of the end of such fiscal; quarter, and (ii) 8% per annum. For the year ended December 31, 2020, the Company incurred management fees of $2,351,562 (2019: $2,245,065), recorded as "Management Fee" in the statement of operations, of which $588,000 (2019: $564,620) was accrued but had not been paid, included in "fees and expenses payable to Manager" in the balance sheets. For the year ended December 31, 2020, the Company recorded $172,577 in incentive fees and for the year ended December 31, 2019, the Company did not accrue any incentive fees. Expense Reimbursement Pursuant to the management agreement, the Company is required to reimburse the Manager for operating expenses related to the Company incurred by the Manager, including accounting, auditing and tax services, technology and office facilities, operations, compliance, legal and filing fees, and miscellaneous general and administrative costs, including the cost of non-investment management personnel of the Manager who spend all or a portion of their time managing the Company’s affairs. The Manager has agreed to certain limitations on manager expense reimbursement from the Company. On March 18, 2019, the Company entered into a support agreement with the prior manager, pursuant to which, the prior manager agreed to reduce the reimbursement cap by 25% per annum (subject to such reduction not exceeding $568,000 per annum) until such time as the aggregate support provided thereunder equaled approximately $1.96 million. Pursuant to the terms of the new management agreement, the terms of the support agreement are unchanged. For the year ended December 31, 2020, the Company incurred reimbursable expenses of $1,644,886 (2019: $1,629,908) recorded as "operating expenses reimbursable to Manager" in the consolidated statement of operations, of which $395,763 (2019: $427,361) was accrued but had not yet been paid, included in "fees and expenses payable to Manager" in the consolidated balance sheets. Per the management agreement, any exit fees waived by the Company as a result of permanent financing by the Manager or any of its affiliates shall result in a reduction to reimbursed expenses by an amount equal to 50% of the amount of any such waived exit fee. For the year ended December 31, 2020, the Company waived $118,786 of reimbursable expense and for the year ended December 31, 2019, the Company waived $345,988 of reimbursable expense. Manager Equity Plan The Company has in place a Manager Equity Plan under which the Company may compensate the Manager and the Company's independent directors or consultants, or officers whom it may employ in the future. In turn, the Manager, in its sole discretion, grants such awards to its directors, officers employees or consultants. The Company is able to issue under the Manager Equity Plan up to 3.0% of the total number of issued and outstanding shares of common stock (on a fully diluted basis) at the time of each award. Stock based compensation arrangements may include incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock awards and other awards based on the Company's common stock. The following table summarizes the activity related to restricted common stock for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding Unvested Shares at Beginning of Period 4,500 $ 3.33 4,500 $ 3.40 Granted 4,500 2.60 4,500 3.33 Vested (4,500) 3.33 (4,500) 3.40 Outstanding Unvested Shares at End of Period 4,500 $ 2.60 4,500 $ 3.33 For the year ended December 31, 2020, the Company recognized compensation expense related to restricted common stock of $20,292 (2019: $8,962). The Company has unrecognized compensation expense of $5,353 as of December 31, 2020 (2019: $13,946) for unvested shares of restricted common stock. As of December 31, 2020, the weighted average period for which the unrecognized compensation expense will be recognized is 5.6 months. OREC Structured Finance Co, LLC dba Lument Structured Finance During the year ended December 31, 2020, Hunt CRE 2017-FL1 purchased two loans with unpaid principal balance of $31.9 million at par and Hunt CRE 2018-FL2 purchased two loans with unpaid principal balance of $14.4 million at par from OREC Structured Finance Co, LLC dba Lument Structured Finance ("LSF") formerly known as Hunt Finance Company, LLC ("HFC"), an affiliate of our Manager. During the year ended 2019, Hunt CRE 2017-FL1, Ltd. purchased twenty-two loans with unpaid principal balance of $180.8 million at par and Hunt CRE 2018-FL2, Ltd. purchased six loans with unpaid principal balance of $87.6 million at par and purchased twenty-five loan advances with unpaid principal balance of $12.0 million at par from LSF. Additionally, Hunt CRE 2017-FL1 Seller sold six loan advances with unpaid principal balance of $6.8 million at par to LSF. On August 5, 2020, the Company entered into an amendment to its Participation Agreements amongst Hunt CRE 2017-FL1 Seller, LLC ("FL1 Seller"), Hunt CRE 2017-FL1, Ltd., ORIX Real Estate Capital Holdings, LLC dba LSF to transfer future funding participation interests from FL1 Seller to LSF, an affiliate of the Manager (the "FL1 Future Funding Participation Transfer"). As a result of the FL1 Future Funding Participation Transfer, LSF will make all advances pursuant to the unfunded loan commitments. In connection with the FL1 Future Funding Participation Transfer, the Company has agreed that at such time it (i) has available excess capital and (ii) the satisfaction of the applicable requirements for acquiring such assets, each as determined by the Manager, it will purchase from LSF, at a price equal to par, any FL1 Participations funded by LSF. The maximum amount of future payments that the Company could be required to purchase from LSF under the Future Funding Participation Transfer, which represents the unfunded commitments of FL1 Seller, was $30.2 million as of December 31, 2020. As of December 31, 2020, $5.6 million of participation interests had been funded by LSF and $24.6 million remain unfunded. ORIX Real Estate Capital, LLC ORIX Real Estate Capital. LLC ("OREC"), an affiliate of the Manager, was appointed as the sub-servicer to the servicer with respect to mortgage assets for Hunt CRE 201-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. by KeyBank in its capacity as servicer with both CLOs. Additionally, OREC was appointed by KeyBank as servicer to act as special servicer of any serviced mortgage that becomes a specially serviced mortgage loan. As of November 20, 2020, KeyBank resigned from its role as servicer of both CLOs and OREC assumed servicer obligations and responsibilities. Hunt Companies, Inc. One of the Company's directors is also Chief Executive Officer and President of Hunt Companies, Inc. ("Hunt") and is a member of the Hunt Board of Directors, with which affiliates of the Manager have a commercial business relationship. The Manager's affiliates may from time to time sell commercial mortgage loans to Hunt or various of its subsidiaries and affiliates.

GUARANTEES

GUARANTEES	12 Months Ended
	Dec. 31, 2020
Guarantees [Abstract]
GUARANTEES	GUARANTEES The Company, through FOAC, is party to customary and standard loan repurchase obligations in respect of residential mortgage loans that it has sold into securitizations or to third parties, to the extent it is determined that there has been a breach of standard seller representations and warranties in respect of such loans. To date, the Company has not been required to repurchase any loan due to a claim of breached seller reps and warranties. In July 2016, the Company announced that it would no longer aggregate and securitize residential mortgage loans; however, the Company sought to capitalize on its infrastructure and knowledge to become the provider of seller eligibility review and backstop services to MAXEX. MAXEX’s wholly owned clearinghouse subsidiary, MAXEX Clearing LLC, formerly known as Central Clearing and Settlement LLC ("MAXEX Clearing LLC") functions as the central counterparty with which buyers and sellers transact, and acts as the buyer’s counterparty for each transaction. Pursuant to a Master Agreement dated June 15, 2016, as amended August 29, 2016, January 30, 2017 and June 27, 2018, among MAXEX, MAXEX Clearing LLC and FOAC (the "Master Agreement") FOAC provided seller eligibility review services under which it reviewed, approved and monitored sellers that sold loans via MAXEX Clearing LLC. Once approved, and having signed the standardized loan sale contract, the seller sold loan(s) to MAXEX Clearing LLC, and MAXEX Clearing LLC simultaneously sold loan(s) to the buyer on substantially the same terms including representations and warranties. The Master Agreement was terminated on November 28, 2018 (the "MAXEX Termination Date"). To the extent that a seller approved by FOAC prior to the MAXEX Termination Date failed to honor its obligations to repurchase a loan based on an arbitration finding that it breached its representations and warranties, FOAC was obligated to backstop the seller’s repurchase obligation. The term of the backstop guarantee is the earlier of the contractual maturity of the underlying mortgage, or its earlier repayment in full; however, the incidence of claims for breaches of representations and warranties over time is considered unlikely to occur more than five years from the sale of a mortgage. FOAC's obligation to provide further seller eligibility review and backstop guarantee services terminated on the MAXEX Termination Date. Pursuant to an Assumption Agreement dated December 31, 2018, among MAXEX Clearing LLC and FOAC, MAXEX Clearing LLC assumed all of FOAC's obligations under its backstop guarantees and agreed to indemnify and hold FOAC harmless against any losses, liabilities, costs, expenses and obligations under the backstop guarantee. FOAC paid MAXEX Clearing LLC, as the replacement backstop provider, a fee of $426,770 (the "Alternative Backstop Fee"). MAXEX Clearing LLC represented to FOAC in the Assumption Agreement that it (i) is rated at least "A" (or equivalent) by at least one nationally recognized statistical rating agency or (ii) has (a) adjusted tangible net worth of at least $20,000,000 and (b) minimum available liquidity equal to the greater of (x) $5,000,000 and (y) 0.1% multiplied by the scheduled unpaid principal balance of each outstanding loan covered by the backstop guarantees. MAXEX's chief financial officer is required to certify ongoing compliance by MAXEX Clearing LLC with the aforementioned criteria on a quarterly basis and if MAXEX Clearing LLC fails to satisfy such criteria, MAXEX Clearing LLC is required to deposit into an escrow account for FOAC's benefit an amount equal to the greater of (A) the unamortized Alternative Backstop Fee for each outstanding loan covered by the backstop guarantee and (B) the product of 0.01% multiplied by the scheduled unpaid principal balance of each outstanding loan covered by the backstop guarantees. The maximum potential amount of future payments that the Company could be required to make under the outstanding backstop guarantees, which represents the outstanding balance of all underlying mortgage loans sold by approved sellers to MAXEX Clearing LLC, was estimated to be $860,525,494 as of December 31, 2020 and $1,405,182,222 as of December 31, 2019, although the Company believes this amount is not indicative of the Company's actual potential losses. Amounts payable in excess of the outstanding principal balance of the related mortgage, for example any premium paid by the loan buyer or costs associated with collecting mortgage payments, are not currently estimable. Amounts that may become payable under the backstop guarantee are normally recoverable from the related seller, as well as from any payments received on (or from the sale of property securing) the mortgage loan repurchased and, as noted above, MAXEX Clearing LLC has assumed all of FOAC's obligations in respect of its backstop guarantees. Pursuant to the Master Agreement, FOAC is required to maintain minimum available liquidity equal to the greater of (i) $5.0 million or (ii) 0.10% of the aggregate unpaid principal balance of loans backstopped by FOAC, either directly or through a credit support agreement acceptable by MAXEX. As of December 31, 2020, the Company was not aware of any circumstances expected to lead to the triggering of a backstop guarantee obligation. In addition, the Company enters into certain contracts that contain a variety of indemnification obligations, principally with the Manager, brokers and counterparties to repurchase agreements. The maximum potential future payment amount the Company could be required to pay under these indemnification

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES Impact of COVID-19 As further discussed in Note 2, the full extent of the impact of COVID-19 on the global economy generally, and our business in particular, remains uncertain. AS of December 31, 2020, no contingencies have been recorded on our balance sheet as a result of COVID-19, however as the global pandemic continues and the economic implications worsen, it may have long-term impacts on our financial condition, results of operations and cash flows. Refer to Note 2 for further discussion of COVID-19. Unfunded Commitments As of December 31, 2020, LSF, an affiliate of the Manager, had $5.6 million in funded commitments and $24.6 million of unfunded commitments related to loans held in Hunt CRE 2017-FL1, Ltd. that the Company could be required to purchase from LSF under the Future Funding Participation Transfer. See Note 10 for discussion of the August 5, 2020 FL1 Future Funding Participation Agreement. These commitments are not reflected on the Company's consolidated balance sheets. As of December 31, 2019, the Company had $50.5 million of unfunded commitments related to Hunt CRE 2017-FL1, Ltd. These commitments are not reflected on the Company's consolidated balance sheets. As of December 31, 2020 and December 31, 2019, LSF, an affiliate of the Manager, had $25.8 million and $40.9 million, respectively of unfunded commitments related to Hunt CRE 2018-FL2, Ltd. These commitments are not reflected on the Company's consolidated balance sheets. Future loan fundings comprise funding for capital improvements, leasing costs, interest and carry costs, and fundings will vary depending on the progress of the business plan and cash flows at the mortgage assets. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying mortgage assets. Due to the ongoing COVID-19 pandemic, the progress of capital improvements and leasing is anticipated to be slower than otherwise expected, and, as such the pace of future funding relating to these capital needs may be commensurately lower.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Common Stock The Company has 450,000,000 authorized shares of common stock, par value $0.01 per share, with 24,943,383 and 23,692,164 shares issued and outstanding as of December 31, 2020 and December 31, 2019, respectively. On January 3, 2020, the Company issued 1,246,719 shares of common stock to an affiliate of the Company's prior manager in a private placement at a purchase price of $4.61 per share resulting in aggregate net proceeds of $5.7 million. Stock Repurchase Program On December 15, 2015, the Company’s board of directors authorized a stock repurchase program (or the "Repurchase Program"), to repurchase up to $10 million of the Company’s outstanding common stock. Shares of the Company’s common stock may be purchased in the open market, including through block purchases, or through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b18(b)(1) of the Securities Exchange Act of 1934, as amended. The timing, manner, price and amount of any repurchases will be determined at the Company’s discretion and the program may be suspended, terminated or modified at any time for any reason. Among other factors, the Company intends to only consider repurchasing shares of the Company’s common stock when the purchase price is less than the Company’s estimate of the Company’s current net asset value per common share. Shares of common stock repurchased by the Company under the Repurchase Program, if any, will be canceled and, until reissued by the Company, will be deemed to be authorized but unissued shares of the Company’s common stock. Through December 31, 2020, the Company had repurchased 126,856 shares of common stock at a weighted average share price of $5.09. No share repurchases have been made since January 19, 2016. As of December 31, 2020, $9.4 million of common stock remained authorized for future share repurchase under the Repurchase Program. Preferred Stock The Company had 50,000,000 authorized shares of preferred stock, par value $0.01 per share, with 1,610,000 shares of 8.75% Series A Cumulative Redeemable Preferred Stock ("Series A Preferred Stock"), par value of $0.01 per share and liquidation preference of $25.00 per share, issued and outstanding as of December 31, 2019. The Series A Preferred Stock was entitled to receive a dividend rate of 8.75% per year on the $25 liquidation preference and was senior to the common stock with respect to distributions upon liquidation, dissolution or winding up. The Company declared quarterly and paid monthly dividends on the shares of the Series A Preferred Stock, in arrears, on the 27th day of each month to holders of record at the close of business on the 15th day of each month. No dividends may be paid on the Company’s common stock unless full cumulative dividends have been paid on the preferred stock. The Company paid full cumulative dividends on its preferred stock on a monthly basis since it was first issued in December 2013. On February 14, 2019, the Company redeemed all 1,610,000 shares of its outstanding 8.75% Series A Cumulative Redeemable Preferred Stock at its $25 per share liquidation preference plus accrued and unpaid dividends. Distributions to stockholders For the 2020 taxable year to date, the Company has declared dividends to common stockholders totaling $9,103,997, or $0.37 per share. The following table presents cash dividends declared by the Company on its common stock for the year ended December 31, 2020: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Weighted Average Share March 12, 2020 March 31, 2020 April 15, 2020 $ 1,870,416 $ 0.075 June 17, 2020 June 30, 2020 July 15, 2020 $ 1,870,754 $ 0.075 September 17, 2020 September 30, 2020 October 15, 2020 $ 2,120,188 $ 0.085 December 18, 2020 December 31, 2020 January 15, 2021 $ 2,244,904 $ 0.090 December 21, 2020 December 31, 2020 January 15, 2021 $ 997,735 $ 0.040 Non-controlling interests

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE In accordance with ASC 260, outstanding instruments that contain rights to non-forfeitable dividends are considered participating securities. The Company is required to apply the two-class method or the treasury stock method of computing basic and diluted earnings per share when there are participating securities outstanding. The Company has determined that outstanding unvested restricted shares issued under the Manager Equity Plan are participating securities, and they are therefore included in the computation of basic and diluted earnings per share. The following tables provide additional disclosure regarding the computation for the years ended December 31, 2020 and December 31, 2019: Year Ended December 31, 2020 Year Ended December 31, 2019 Net income (loss) $ 8,449,770 $ 6,248,890 Less dividends expense: Common stock $ 9,103,997 $ 6,988,198 Preferred stock 15,000 491,764 Deemed dividend on preferred stock redemption — 3,093,028 9,118,997 10,572,990 Undistributed (deficit) $ (669,227) $ (4,324,100) Unvested Share-Based Payment Awards Common Stock Unvested Share-Based Payment Awards Common Stock Distributed earnings $ 0.37 $ 0.37 $ 0.30 $ 0.30 Undistributed (deficit) $ — $ (0.03) — (0.19) Total $ 0.37 $ 0.34 $ 0.30 $ 0.11 For the years ended December 31, 2019 2018 Basic weighted average shares of common stock outstanding 24,930,079 23,685,223 Weighted average of non-vested restricted stock 4,426 2,589 Diluted weighted average shares of common stock outstanding 24,934,505 23,687,812

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2020
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company invests in a portfolio comprised of commercial mortgage loans and other mortgage-related investments and operates as a single reporting segment.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	The Company has elected to be treated as a REIT under federal income tax laws. As a REIT, the Company must generally distribute annually at least 90% of our net taxable income, subject to certain adjustments and excluding any net capital gain, in order for U.S. federal income not to apply to our earnings that we distribute. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less that a minimum amount specified under U.S. federal tax laws. Certain activities of the Company that produce prohibited income are conducted through a TRS, FOAC, to protect REIT election and FOAC is therefore subject to tax as a U.S. C-Corporation. To maintain our REIT election, the Company must continue to meet certain ownership, asset and income requirements set forth in the Code. As further discussed below, the Company may be subject to non-income taxes on excess amounts of assets or income that cause a failure of any of the REIT testing requirements. As of December 31, 2020 and 2019, we were in compliance with all REIT requirements. The following table presents our provision for income taxes (in thousands): Year Ended December 31, 2020 2019 (in thousands) (in thousands) Current tax expense (net of $0 and $571 tax benefit of operating loss carryforward for 2020 and 2019, respectively) — 279 Deferred tax (benefit) (476) (323) Provision for income tax (benefit) (476) (44) The following is a reconciliation of our effective income tax rate as a percentage of pre-tax income to the U.S. federal statutory rate, for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 U.S. federal statutory income tax 21.0 % 21.0 % REIT income not subject to federal income tax (24.6) % (18.8) % State and local income taxes, net of federal tax benefit (1.6) % (1.1) % Tax effect of state corporate rate change — % (1.8) % Return to provision (0.8) % — % Effective income tax rate (6.0) % (0.7) % The differences between the Company's statutory rate and effective rate are largely determined by the amount of income subject to tax by the Company's TRS subsidiary. The Company expects that its future effective tax rate will be determined in a similar manner. As of December 31, 2020 and 2019, the Company's net deferred tax assets were $1.4 million and $0.9 million, respectively, and are included in other assets in the Company's consolidated balance sheets. The Company believes it is more likely than not that the deferred tax assets will be realized in the future. Realization of the net deferred tax assets is dependent on our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary difference. The amount of deferred tax assets considered realizable is subject to adjustment in future periods of future taxable income change. The TRS has a deferred tax asset , comprised of the following (in thousands): As of December 31, 2020 As of December 31, 2019 Accumulated net operating losses of TRS $ 994 $ 137 Mortgage servicing rights 319 686 Capitalized transaction costs 106 120 Net non-current deferred tax asset $ 1,419 $ 943 At December 31, 2020, and 2019, the TRS had net operating loss carryforwards for federal income tax purposes of $3.3 million and $0.4 million, which are available to offset future taxable income and begin expiring in 2034. As of December 31, 2020, the Company has concluded that there are no material uncertain tax positions requiring recognition in the Company's consolidated financial statements. As of December 31, 2020 , tax years 2017 through 2020 remain subject to examination by taxing authorities. REIT Qualification

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	We have reviewed subsequent events occurring through the date that these consolidated financial statements were issued, and determined that no subsequent events occurred that would require accrual or additional disclosure.

QUARTERLY FINANCIAL DATA

QUARTERLY FINANCIAL DATA	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL DATA	QUARTERLY FINANCIAL DATA The following table presents a comparative breakdown of our unaudited summary quarterly financial data for the immediately preceding eight quarters. 2020 Quarter Ended March 31 June 30 September 30 December 31 Total interest income $ 9,194 $ 8,480 $ 8,117 $ 7,826 Total interest expense (5,018) (3,696) (3,285) (3,187) Net interest income 4,176 4,784 4,832 4,639 Other income (loss) (684) (171) (162) (54) Total expenses 2,167 2,803 2,262 2,155 Net income before provision for income taxes 1,325 1,810 2,408 2,430 (Provision for) benefit from income taxes 226 68 143 39 Net income 1,551 1,878 2,551 2,469 Net income (loss) attributable to common stockholders (basic and diluted) 1,547 1,875 2,547 2,466 Earnings (loss) per share: Net income (loss) attributable to common stockholders (basic and diluted) 1,547 1,875 2,547 2,466 Weighted average number of shares of common stock outstanding: 24,911,483 24,939,575 24,943,383 24,943,383 Basic and diluted income (loss) per share 0.06 0.08 0.10 0.10 2019 Quarter Ended March 31 June 30 September 30 December 31 Total interest income $ 9,983 $ 10,289 $ 9,832 $ 8,954 Total interest expense (5,776) (6,242) (6,036) (5,589) Net interest income 4,207 4,047 3,796 3,365 Other income (loss) (147) (274) (202) 178 Total expenses 2,648 2,176 1,703 2,238 Net income before provision for income taxes 1,412 1,597 1,891 1,305 (Provision for) benefit from income taxes 63 (203) 267 (83) Net income 1,475 1,394 2,158 1,222 Net income (loss) attributable to common stockholders (basic and diluted) (2,099) 1,390 2,154 1,218 Earnings (loss) per share: Net income (loss) attributable to common stockholders (basic and diluted) (2,099) 1,390 2,154 1,218 Weighted average number of shares of common stock outstanding: 23,687,664 23,687,664 23,687,664 23,688,251 Basic and diluted income (loss) per share (0.09) 0.06 0.09 0.05

Schedule IV - Mortgage Loans on

Schedule IV - Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Mortgage Loans on Real Estate	Schedule IV – Mortgage Loans on Real Estate As of December 31, 2020 Type of Loan/Borrower Senior Mortgage Loans (1) Description/Location Interest (2) Payment Rates Extended Maturity Date (3) Periodic Payment Terms (4) Prior Liens (5) Unpaid Principal Balance Carrying Amount of Loans Senior Loans in excess of 3% of the carrying amount of total loans Borrower A Multifamily / IL L+4.30% 2023 I/O $ — $ 35,625,000 $ 35,625,000 Borrower B Multifamily / TX L+4.05% 2023 I/O — 35,441,348 35,441,348 Borrower C Multifamily / MD L+3.25% 2023 I/O — 33,752,111 33,752,111 Borrower D Multifamily / TX L+3.65% 2023 I/O — 32,526,660 32,526,660 Borrower E Multifamily / VA L+2.75% 2024 I/O — 26,500,000 26,500,000 Borrower F Multifamily / IL L+3.75% 2023 I/O — 25,355,116 25,355,116 Borrower G Multifamily / TX L+3.15% 2025 I/O — 24,540,507 24,540,507 Borrower H Multifamily / TN L+2.95% 2025 I/O — 24,180,000 24,180,000 Borrower I Multifamily / GA L+2.75% 2024 I/O — 20,000,000 20,000,000 Borrower K Multifamily / NC L+3.35% 2023 I/O — 18,703,039 18,703,039 Borrower L Retail / TX L+3.90% 2023 I/O — 18,000,000 18,000,000 Borrower M Multifamily / TX L+2.90% 2024 I/O — 17,754,112 17,754,112 Borrower N Retail / TX L+4.10% 2023 I/O — 17,172,624 17,172,624 Borrower O Multifamily / TX L+3.10% 2023 I/O — 16,707,856 16,707,856 Senior Loans less than 3% of the carrying amount of total loans Senior Loan Multifamily / Diversified L+2.80% - 4.75% 2021 - 2025 I/O $ — $ 178,997,101 $ 178,997,101 Senior Loan Office / Diversified L+3.75% 2023 I/O — 17,864,860 17,864,860 Senior Loan Self-Storage / VA L+3.15% 2024 I/O — 4,225,000 4,225,000 Total senior loans $ — $ 547,345,334 $ 547,345,334 (1) Includes senior mortgage loans and pari passu participations in senior mortgage loans. (2) L = one-month LIBOR rate (3) Extended maturity date assumes all extension options are exercised (4) I/O = interest only (5) Represents only third party liens 1. Reconciliation of Mortgage Loans on Real Estate The following table reconciles activity regarding mortgage loans on real estate for the years ended: 2019 2018 Balance at January 1, $ 635,260,420 $ 555,172,891 Additions during period: Mortgage loans purchased 57,601,572 300,319,433 Deductions during period Mortgage loan repayments (145,516,658) (213,415,654) Mortgage loans sold — (6,816,250) Balance at December 31, $ 547,345,334 $ 635,260,420

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These financial statements have been prepared in accordance with U.S. GAAP and are expressed in United States dollars. The consolidated financial statements of the Company include the accounts of its subsidiaries.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements of the Company include the accounts of the Company and all subsidiaries which it controls (i) through voting or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not the primary beneficiary are accounted for under the equity method or other appropriate GAAP. All significant intercompany transactions have been eliminated on consolidation.
VIEs	VIEs An entity is considered a VIE when any of the following applies: (1) the equity investors (if any) lack one or more essential characteristics of a controlling financial interest; (2) the equity investment at risk is not sufficient to finance that entity's activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both the following characteristics: (1) the power to direct activities that, when taken together, most significantly impact the VIE performance; and (2) the obligation to absorb losses and right to receive returns from the VIE that would be significant to the VIE. The Company evaluates quarterly its junior retained notes and preferred shares of Hunt CRE 2017-FL1, Ltd and Hunt CRE 2018-FL2, Ltd. for potential consolidation. At December 31, 2020, the Company determined it was the primary beneficiary of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. based on its obligation to absorb losses derived from ownership of its preferred shares. Accordingly, the Company consolidated the assets, liabilities, income and expenses of the underlying issuing entities. The Company's maximum exposure to loss from collateralized loan obligations was $124,046,671 at December 31, 2020 and December 31, 2019.
Use of Estimates	Use of Estimates The financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires the Company to make a number of significant estimates. On March 11, 2020, the WHO declared COVID-19 a global pandemic, which continues to spread throughout the United States and around the world. The outbreak has adversely impacted, and continues to adversely impact economic and market conditions globally, nationally and locally. Actions taken around the world to help mitigate the spread of COVID-19 include imposition of quarantines, "stay-at-home" orders, restrictions on travel and forced closures for certain types of public places, businesses and schools. The prolonged duration of the COVID-19 pandemic and its impact on our borrowers and their tenants, cash flows and future results of operations could be significant and will largely depend on future developments, which are highly uncertain and cannot be predicted. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of December 31, 2020, however uncertainty over the ultimate impact of COVID-19 on the global economy generally, and our business in particular, makes any estimates and assumptions
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents at time of purchase include cash held in bank accounts on an overnight basis and other short term deposit accounts with banks having maturities of 90 days or less at time of acquisition. The Company maintains its cash and cash equivalents in highly rated financial institutions, and at times these balances exceed insurable amounts. Restricted cash includes cash held within Hunt CRE 2018-FL2, Ltd. as of December 31, 2020 and within Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. as of December 31, 2019 for purposes of reinvestment in qualifying commercial mortgage loans. The reinvestment period for Hunt CRE 2017-FL1, Ltd. expired on February 20, 2020.
Deferred Offering Costs	Deferred Offering Costs Direct costs incurred to issue shares classified as equity, such as legal and accounting fees, are deducted from the related proceeds and the net amount recorded as stockholders’ equity. Accordingly, payments made by the Company in respect of such costs related to the issuance of shares are recorded as an asset in the accompanying consolidated balance sheets in the line item "Deferred offering costs", for subsequent deduction from the related proceeds upon closing of the offering. To the extent that certain costs, in particular legal fees, are known to have been accrued but have not yet been invoiced and paid, they are included in "Other accounts payable and accrued expenses" on the accompanying consolidated balance sheets.
Fair Value Measurements	Fair Value Measurements The "Fair Value Measurements and Disclosures" Topic 820 of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurement under GAAP. Specifically, the guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at measurement date. ASC 820 specifies a hierarchy of valuation techniques based on the inputs used in measuring fair value. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable market data from independent sources, while unobservable inputs reflect the Company's market assumptions. The three levels are defined as follows: • Level 1 Inputs - Quoted prices for identical instruments in active markets • Level 2 Inputs - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 Inputs - Instruments with primarily unobservable value drivers. Pursuant to ASC 820 we disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate fair value for those certain instruments. The following methods and assumptions are used to estimate the fair value of each class of financial instrument, for which it is practicable to estimate that value: • Cash and cash equivalents : The carrying amount of cash and cash equivalents approximates fair value. • Restricted cash : The carrying amount of restricted cash approximates fair value. • Commercial mortgage loans : The Company determines the fair value of commercial mortgage loans by utilizing a pricing model based on discounted cash flow methodologies using discount rates, which reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. Additionally, the Company may record fair value adjustments on a non-recurring basis when it has determined it necessary to record a specific impairment reserve or charge-off against a loan and the Company measures such specific reserve or charge-off using the fair value of the loan's collateral. To determine the fair value of loan collateral, the Company employs the income capitalization approach, appraised values, broker opinion of value, sale offers, letters of intention to purchase, or other valuation benchmarks, as applicable, depending upon the nature of such collateral and other relevant market factors. • Mortgage servicing rights : The Company determines the fair value of MSRs from a third-party pricing service on a recurring basis. The third-party pricing service uses common market pricing methods that include using discounted cash flow models to calculate present value estimated net servicing income and observed market pricing for MSR purchase and sale transactions. The model considers contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service and other economic factors. • Collateralized loan obligations : The Company determines the fair value of collateralized loan obligations by utilizing a third-party pricing service. In determining the value of a particular investment, pricing service providers may use market spreads, inventory levels, trade and bid history, as well as market insight from clients, trading desks and global research platform. • Secured term loan : The Company determines the fair value of its secured term loan based on a discounted cash flow methodology.
Commercial Mortgage Loans Held-for-Investment	Commercial Mortgage Loans Held-for-Investment Commercial mortgage loans held-for-investment represent floating-rate transitional loans and other commercial mortgage loans purchased by the Company. These loans include loans sold into securitizations that the Company consolidates. Commercial mortgage loans held-for-investment are intended to be held-to-maturity and, accordingly, are carried at their unpaid principal balances, adjusted for net unamortized loan fees and costs (in respect of originated loans), premiums and discounts (in respect of purchased loans) and impairment, if any. Interest income is recognized as revenue using the effective interest method and is recorded on the accrual basis according to the terms of the underlying loan agreement. Any fees, costs, premiums and discounts associated with these loan investments are deferred and amortized over the term of the loan using the effective interest method, or on a straight line basis when it approximates the effective interest method. Income accrual is generally suspended and loans are placed on non-accrual status on the earlier of the date at which payment has become 90 days past due or when full and timely collection of interest and principal is considered not probable. The Company may return a loan to accrual status when repayment of principal and interest is reasonably assured under the terms of the underlying loan agreement. As of December 31, 2020, the Company did not hold any loans placed in non-accrual status. Quarterly, the Company assesses the risk factors of each loan classified as held-for-investment and assigns a risk rating based on a variety of factors, including, without limitation, debt-service coverage ratio ("DSCR"), loan-to-value ratio ("LTV"), property type, geographic and local market dynamics, physical condition, leasing and tenant profile, adherence to business plan and exit plan, maturity default risk and project sponsorship. The Company's loans are rated on a 5-point scale, from least risk to greatest risk, respectively, which ratings are described as follows: 1. Very Low Risk : exceeds expectations and is outperforming underwriting or it is very likely that the underlying loan can be refinanced easily in the period's prevailing capital market conditions 2. Low Risk : meeting or exceeding underwritten expectations 3. Moderate Risk : in-line with underwritten expectations or the sponsor may be in the early stages of executing the business plan and the loan structure appropriately mitigates additional risks 4. High Risk : potential risk of default, a loss may occur in the event of default 5. Default Risk : imminent risk of default, a loss is likely in the event of default The Company evaluates each loan rated High Risk or above as to whether it is impaired on a quarterly basis. Impaired loans are individually evaluated based on the Company's quarterly assessment of each loan and assignment of a risk rating. Impairment occurs when the Company determines that the facts and circumstances of the loan deem it probable that the Company will not be able to collect all amounts due in accordance with the contractual terms of the loan. If a loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan through a charge to the provision for loan losses. Impairment of these loans, all of which are deemed collateral dependent, is measured by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, actions of other lenders, and other factors deemed necessary by the Manager. Actual losses, if any, could ultimately differ from estimated losses.
Mortgage Servicing Rights, at Fair Value	Mortgage Servicing Rights, at Fair Value Mortgage servicing rights ("MSRs") are associated with residential mortgage loans that the Company historically purchased and subsequently sold or securitized. MSRs are held and managed at Five Oaks Acquisition Corp. ("FOAC"), the Company's taxable REIT subsidiary ("TRS"). As the owner of MSRs, the Company is entitled to receive a portion of the interest payments from the associated residential mortgage loan, and is obligated to service, directly or through a subservicer, the associated loan. MSRs are reported at fair value. Residential mortgage loans for which the Company owns the MSRs are directly serviced by two sub-servicers retained by the Company. The Company does not directly service any residential mortgage loans. MSR income is recognized at the contractually agreed upon rate, net of the costs of sub-servicers retained by the Company. If a sub-servicer with which the Company contracts were to default, an evaluation of MSR assets for impairment would be undertaken at that time.
Collateralized Loan Obligations and Secured Term Loan	Collateralized Loan Obligations Collateralized loan obligations represent third-party liabilities of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. (the "CLOs"). The CLOs are VIEs that the Company has determined it is the primary beneficiary of and accordingly are consolidated in the Company's financial statements, excluding liabilities of the CLOs acquired by the Company that are eliminated on consolidation. The third-party obligations of the CLOs do not have any recourse to the Company as the consolidator of the CLOs. CLOs are carried at their outstanding unpaid principal balances, net of any unamortized discounts or deferred financing costs. Any premiums, discounts or deferred financing costs associated with these liabilities are amortized to interest expense using the effective interest method over the expected average life of the related obligations, or on a straight line basis when it approximates the effective interest method. In light of the current market environment, which has been impacted by the ongoing COVID-19 pandemic, the Company determined that a previously contemplated collateralized loan transaction would not be executed by year-end 2020. Accordingly, $624,816 in costs related to the contemplated transaction were expensed as "Other operating expenses" in the statements of operations in the second quarter of 2020. Such costs had previously been deferred as "Other assets" in the balance sheet. Secured Term Loan The Company and certain of its subsidiaries are party to a $40.25 million credit and guaranty agreement with the lenders referred to therein and Cortland Capital Service LLC, as administrative agent and collateral agent for the lenders (the "Secured Term Loan"). The Secured Term Loan is carried at its unpaid principal balance, net of deferred financing costs. Deferred financing costs of $1,017,419 associated with this liability are amortized to interest expense on a straight line basis when it approximates the effective interest method.
Common Stock, Stock Repurchase Program and Preferrd Stock	Common Stock At December 31, 2020, and December 31, 2019, the Company was authorized to issue up to 450,000,000 shares of common stock, par value $0.01 per share. The Company had 24,943,383 shares of common stock issued and outstanding at December 31, 2020 and 23,692,164 at December 31, 2019. Stock Repurchase Program On December 15, 2015, the Company’s Board of Directors authorized a stock repurchase program ("Repurchase Program") to repurchase up to $10 million of the Company’s outstanding common stock. Subject to applicable securities laws, repurchase of common stock under the Repurchase Program may be made at times and in amounts as the Company deems appropriate, using available cash resources. Shares of common stock repurchased by the Company under the Repurchase Program, if any, will be canceled and, until reissued by the Company, will be deemed to be authorized but unissued shares of common stock. The Repurchase Program may be suspended or discontinued by the Company at any time and without prior notice. Preferred Stock On February 14, 2019, the Company redeemed all 1,610,000 shares of its outstanding 8.75% Series A Cumulative Redeemable Preferred Stock at its $25 per share liquidation preference plus accrued and unpaid dividends. At December 31, 2020 and December 31, 2019, the Company was authorized to issue up to 50,000,000 shares of preferred stock, par value $0.01 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company's Board of Directors. The Company had no shares of preferred stock issued and outstanding at December 31, 2020 and December 31, 2019.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes, commencing with the Company’s short taxable period ended December 31, 2012. A REIT is generally taxable as a U.S. C-Corporation; however, so long as the Company qualifies as a REIT it is entitled to a special deduction for dividends paid to stockholders not otherwise available to corporations. Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent its distributions to stockholders equals, or exceeds, its REIT taxable income for the year. In addition, the Company must continue to meet certain REIT qualification requirements with respect to distributions, as well as certain asset, income and share ownership tests, in accordance with Sections 856 through 860 of the Code, as summarized below. In addition, the TRS is maintained to perform certain services and earn income for the Company that the Company is not permitted engage in as a REIT. To maintain its qualification as a REIT, the Company must meet certain requirements, including but not limited to the following: (i) distribute at least 90% of its REIT taxable income to its stockholders; (ii) invest at least 75% of its assets in REIT qualifying assets, with additional restrictions with respect to asset concentration risk; and (iii) earn at least 95% of its gross income from qualifying sources of income, including at least 75% from qualifying real estate and real estate related sources. Regardless of the REIT election, the Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax as a U.S. C-Corporation, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. The Company has historically met the requisite ownership, asset and income tests, with the exception of a failure to meet the 75% gross income test for the 2018 calendar year ("2018 75% Income Test Failure). Refer to Note 16 for further discussion of the 2018 75% Income Test Failure. Certain activities of the Company are conducted through a TRS and therefore are taxed as a standalone U.S. C-Corporation. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The TRS is not subject to a distribution requirement with respect to its REIT owner. The TRS may retain earnings annually, resulting in an increase in the consolidated book equity of the Company and without a corresponding distribution requirement by the REIT. If the TRS generates net income, and declares dividends to the Company, such dividends will be included in its taxable income and necessitate a distribution to its stockholders in accordance with the REIT distribution requirements. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes. The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company's accounting policy with respect to interest and penalties is to classify these amounts as other interest expense.
Earnings per Share	Earnings per Share
Stock-Based Compensation	Stock-Based Compensation The Company is required to recognize compensation costs relating to stock-based payment transactions in the consolidated financial statements. The Company accounts for share-based compensation issued to its Manager and non-management directors using the fair-value based methodology prescribed by ASC 505, Equity ("ASC 505"), or ASC 718, Share-Based Payment
Comprehensive Income (Loss) Attributable to Common Stockholders	Comprehensive Income (Loss) Attributable to Common Stockholders For the years ended December 31, 2020 and December 31, 2019, comprehensive income equaled net income; therefore, a separate statement of comprehensive income is not included in the accompanying financial statements.
Recently Issued and/or Adopted Accounting Standards	Recently Issued and/or Adopted Accounting Standards Credit Losses In June 2016, the FASB issued ASU 2016-13, which is a comprehensive amendment of credit losses on financial instruments. Currently, GAAP requires an "incurred loss" methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The standard’s core principle is that an entity replaces the "incurred loss" impairment methodology in current GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to support credit loss estimates. For public business entities that are SEC filers, the amendment in this update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, the FASB issued ASU 2019-10 which amended the effective dates for implementation of ASU 2016-13. ASU 2019-10 defers the effective date of ASU 2016-13 for SEC filers that are eligible to be smaller reporting companies, public business entities that are not SEC filers and all other companies, including not-for-profit companies and employee benefit plans for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is designated as a smaller reporting company and has deferred implementation of ASU 2016-13 pursuant to ASU 2019-10 and is continuing to assess the impact of this guidance. In February 2020, the FASB issued ASU 2020-02, amending SEC paragraphs in the Codification to reflect the issuance of SEC Staff Accounting Bulletin ("SAB") No. 119 related to the new credit losses standard and revised effective date of the new leases standard. SAB No. 119 provides interpretive guidance on methodologies and supporting documentation for measuring credit losses, with a focus on the documentation the staff would normally expect registrants engaged in lending transactions to prepare and maintain to support estimates of current expected credit losses for loan transactions. This new guidance is effective for fiscal years beginning after December 15, 2022 for smaller reporting companies such as the Company. The Company is assessing the impact of this guidance. Accounting for Income Taxes In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." This guidance eliminates certain exceptions to the general principles in Topic 740. This new guidance is effective for us on January 1, 2021, with early adoption permitted. The Company adopted ASU 2019-12 beginning with the first quarter of 2021, which had no material impact on the Company's financial condition or results of operations. Financial Instruments In March 2020, the FASB issued ASU 2020-03 which makes improvements to financial instruments guidance, including the current expected credit losses (CECL) guidance in ASU 2016-13. Only Issue 1, of the 7 improvement issues applies to the Company, which is effective upon issuance, requires all entities to provide fair value option disclosures. MSRs are reported at fair value as a result of the fair value election, as discussed in Mortgage Servicing Rights, at Fair Value above. Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 828): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The standard was issued to ease the accounting effects of reform to the London Interbank Offered Rate ("LIBOR") and other reference rates. The standard provides optional expedients and exceptions for applying GAAP to debt instruments, leases, derivatives and other contracts affected by reference rate reform. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. The standard is effective for all entities as of March 12, 2020 through December 31, 2022 and may be elected over time as reference rate reform activities occur. We are currently evaluating the impact of this guidance on our financial statements. CARES Act On March 27, 2020, former President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). Section 4013 of the CARES Act includes a provision that permits financial institutions an election to suspend temporarily troubled debt restructuring ("TDR") accounting under ASC Subtopic 310-40 in certain circumstances ("Section 4013 Elections"). Additionally, Section 4014 of the CARES Act includes a provision that permits deferral of the effective date of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), for insured depository institutions, bank holding companies, or any affiliates thereof ("Section 4014 Election"). The Company is not a financial institution, nor a depository institution, bank holding company or an affiliate of one and therefore would not be permitted to make Section 4013 or Section 4014 Elections. The Company is designated as a smaller reporting company for SEC filing purposes and has previously deferred implementation of ASU 2016-13 until January 1, 2023 pursuant to ASU 2019-10.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the statement of cash flows. December 31, 2020 December 31, 2019 Cash and cash equivalents $ 11,375,960 $ 10,942,115 Restricted cash CRE 2017-FL1, Ltd. $ — $ 2,158,497 Restricted cash CRE 2018-FL2, Ltd. $ 57,999,396 $ 2,911,218 Total cash, cash equivalents and restricted cash $ 69,375,356 $ 16,011,830

COMMERCIAL MORTGAGE LOANS HEL_2

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT (Tables)	12 Months Ended
	Dec. 31, 2020
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	The following tables summarize certain characteristics of the Company's investments in commercial mortgage loans as of December 31, 2020 and December 31, 2019: Weighted Average Loan Type Unpaid Principal Balance Carrying Value Loan Count Floating Rate Loan % Coupon (1) Term (Years) (2) December 31, 2020 Loans held-for-investment Senior secured loans (3) $ 547,345,334 $ 547,345,334 40 100.0 % 5.1 % 3.1 $ 547,345,334 $ 547,345,334 40 100.0 % 5.1 % 3.1 Weighted Average Loan Type Unpaid Principal Balance Carrying Value Loan Count Floating Rate Loan % Coupon (1) Term (Years) (2) December 31, 2019 Loans held-for-investment Senior secured loans (3) $ 635,260,420 $ 635,260,420 51 100.0 % 5.4 % 3.8 $ 635,260,420 $ 635,260,420 51 100.0 % 5.4 % 3.8 (1) Weighted average coupon assumes applicable one-month LIBOR of 0.14% and 1.70% as of December 31, 2020 and December 31, 2019, respectively, inclusive of weighted average LIBOR floors of 1.64% and 1.56%, respectively. (2) Weighted average term assumes all extension options are exercised by the borrower; provided, however, that our loans may be repaid prior to such date. (3) As of December 31, 2020, $531,363,401 of the outstanding senior secured loans were held in VIEs and $15,981,933 of the outstanding senior secured loans were held outside VIEs. As of December 31, 2019, $629,157,956 of the outstanding senior secured loans were held in VIEs and $6,102,464 of the outstanding senior secured loans were held outside VIEs. Activity: For the years ended December 31, 2020 and December 31, 2019, the loan portfolio activity was as follows: Commercial Mortgage Loans Held-for-Investment Balance at December 31, 2018 $ 555,172,891 Purchases and advances 300,319,433 Proceeds from principal payments (213,415,654) Proceeds from sales (6,816,250) Balance at December 31, 2019 $ 635,260,420 Purchases and advances 57,601,572 Proceeds from principal repayments (145,516,658) Balance at December 31, 2020 $ 547,345,334
Financing Receivable Credit Quality Indicators	The following table presents the principal balance and net book value of the loan portfolio based on the Company's internal risk ratings as of December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 Risk Rating Number of Loans Unpaid Principal Balance Net Carrying Value Number of Loans Unpaid Principal Balance Net Carrying Value 1 — $ — — 1 $ 9,000,000 9,000,000 2 14 168,401,366 168,401,366 9 87,176,088 87,176,088 3 20 309,726,343 309,726,343 37 487,513,256 487,513,256 4 6 69,217,625 69,217,625 4 51,571,076 48,260,809 5 — — — — — — 40 547,345,334 547,345,334 51 635,260,420 631,950,153
Geographic Concentrations	The following tables present the geographic and property types of collateral underlying the Company's commercial mortgage loans as a percentage of the loans' carrying value as of December 31, 2020 and December 31, 2019: Loans Held-for-Investment December 31, 2020 December 31, 2019 Geography Southwest 38.7 % 38.7 % South 36.5 27.5 Midwest 16.8 16.9 Mid-Atlantic 6.2 8.4 West 1.8 3.0 Various — 5.5 Total 100.0 % 100.0 % December 31, 2020 (1) December 31, 2019 Collateral Property Type Multifamily 89.5 % 93.9 % Retail 6.4 2.7 Office 3.3 2.0 Self-Storage 0.8 0.7 Mixed-Use — 0.7 Total 100.0 % 100.0 % (1) During the period ended March 31, 2020, two multifamily loans were adjusted to retail and office, respectively, due to the primary nature of the underlying properties. The adjustment represented a reduction in multifamily of 3.6% and an increase to retail and office of 2.8% and 0.8%, respectively, to the percentages presented for December 31, 2019.

THE FREMF TRUSTS (Tables)

THE FREMF TRUSTS (Tables)	12 Months Ended
	Dec. 31, 2020
FREMF Trusts
Variable Interest Entity [Line Items]
Condensed Consolidated Statements of Operations	The consolidated statement of operations of the FREMF trusts for the year ended December 31, 2019 is as follows: Statements of Operations December 31, 2019 Interest income $ 78,361 Interest expense — Net interest income $ 78,361 General and administrative fees (709,439) Unrealized gain (loss) on multifamily loans held in securitization trusts 694,339 Net income (loss) $ 63,261

USE OF SPECIAL PURPOSE ENTITI_2

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES (Tables) - Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.	12 Months Ended
	Dec. 31, 2020
Variable Interest Entity [Line Items]
Condensed Balance Sheet	The carrying values of the Company's total assets and liabilities related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. at December 31, 2020 and December 31, 2019 included the following VIE assets and liabilities: ASSETS December 31, 2020 December 31, 2019 Cash, cash equivalents and restricted cash $ 57,999,396 $ 5,069,715 Accrued interest receivable 1,955,709 2,313,818 Loans held for investment 531,363,401 629,157,956 Total Assets $ 591,318,506 $ 636,541,489 LIABILITIES Accrued interest payable $ 351,877 $ 732,173 Collateralized loan obligations (1) 463,060,090 505,930,065 Total Liabilities $ 463,411,967 $ 506,662,238 Equity 127,906,539 129,879,251 Total liabilities and equity $ 591,318,506 $ 636,541,489 (1) The stated maturity of the collateral loan obligations per the terms of the underlying collateralized loan obligation agreement is August 15, 2034 for Hunt CRE 2017-FL1, Ltd. and August 15, 2028 for Hunt CRE 2018-FL2, Ltd.
Schedule of Loan and Borrowing Characteristics	The following tables present certain loan and borrowing characteristics of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.as of December 31, 2020 and December 31, 2019: As of December 31, 2020 Collateralized Loan Obligations Count Principal Value Carrying Value (1) Wtd. Avg. Coupon Collateral (loan investments) 40 531,363,401 531,363,401 L + 3.50% Financings provided 2 465,316,126 463,060,090 L + 1.44% As of December 31, 2019 Collateralized Loan Obligations Count Principal Value Carrying Value (1) Wtd. Avg. Coupon Collateral (loan investments) 51 629,157,956 629,157,956 L + 3.60% Financings provided 2 510,181,000 505,930,065 L + 1.40% (1) The carrying value for Hunt CRE 2017-FL1, Ltd. is net of discount of $207,767 and $1,344,923 for December 31, 2020 and December 31, 2019, respectively and the carrying value for Hunt CRE 2018-FL2, Ltd. is net of debt issuance costs of $2,048,269 and $2,906,012 for December 31, 2020 and December 31, 2019, respectively.
Condensed Consolidated Statements of Operations	The statement of operations related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. at December 31, 2020 and December 31, 2019 include the following income and expense items: Statements of Operations December 31, 2020 December 31, 2019 Interest income $ 32,831,608 $ 38,530,632 Interest expense 12,047,300 20,882,076 Net interest income $ 20,784,308 $ 17,648,556 General and administrative fees (675,624) (708,207) Net income (loss) $ 20,108,684 $ 16,940,349

SECURED TERM LOAN (Tables)

SECURED TERM LOAN (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Summary of Credit Agreement	As of December 31, 2020 and December 31, 2019, the outstanding balance and total commitment under the Credit Agreement consisted of the following: December 31, 2020 December 31, 2019 Outstanding Balance Total Commitment Outstanding Balance Total Commitment Secured Term Loan $ 40,250,000 $ 40,250,000 $ 40,250,000 $ 40,250,000 Total $ 40,250,000 $ 40,250,000 $ 40,250,000 $ 40,250,000

MSRs (Tables)

MSRs (Tables)	12 Months Ended
	Dec. 31, 2020
Mortgage Servicing Rights MSR Disclosure [Abstract]
MSR Activity	The following table presents the Company’s MSR activity as of the years ended December 31, 2020 and December 31, 2019: December 31, 2020 December 31, 2019 Balance at beginning of year $ 2,700,207 $ 3,997,786 MSRs related to deconsolidation of securitization trust — — Changes in fair value due to: Changes in valuation inputs or assumptions used in valuation model (634,824) (572,963) Other changes to fair value (1) (1,145,705) (724,616) Balance at end of year $ 919,678 $ 2,700,207 Loans associated with MSRs (2) $ 191,799,159 $ 333,563,728 MSR values as percent of loans (3) 0.48 % 0.81 % (1) Amounts represent changes due to realization of expected cash flows and prepayment of principal of the underlying loan portfolio. (2) Amounts represent the unpaid principal balance of loans associated with MSRs outstanding at December 31, 2020 and December 31, 2019, respectively. (3) Amounts represent the carrying value of MSRs at December 31, 2020 and December 31, 2019, respectively divided by the outstanding balance of the loans associated with these MSRs.
Components of Servicing Income	The following table presents the servicing income recorded on the Company’s consolidated statements of operations for the years ended December 31, 2020 and December 31, 2019: Year Ended December 31, 2020 Year Ended December 31, 2019 Servicing income, net $ 709,565 $ 869,032 Income from MSRs, net $ 709,565 $ 869,032

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Valuation of Assets and Liabilities at Fair Value	The following tables summarize the valuation of the Company’s assets and liabilities carried at fair value on a recurring basis within the fair value hierarchy levels as of December 31, 2020 and December 31, 2019: December 31, 2020 Quoted prices in active markets for identical assets Level 1 Significant other observable inputs Level 2 Unobservable inputs Level 3 Balance as of December 31, Assets: Mortgage servicing rights $ — $ — $ 919,678 $ 919,678 Total $ — $ — $ 919,678 $ 919,678 December 31, 2019 Quoted prices in active markets for identical assets Level 1 Significant other observable inputs Level 2 Unobservable inputs Level 3 Balance as of December 31, Assets: Mortgage servicing rights $ — $ — $ 2,700,207 $ 2,700,207 Total $ — $ — $ 2,700,207 $ 2,700,207
Quantitative Information About the Significant Unobservable Inputs Used in the Fair Value Measurement of MSRs Classified as Level 3	The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s MSRs classified as Level 3 fair value assets at December 31, 2020 and December 31, 2019: As of December 31, 2020 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 12.4 - 28.0% 21.6 % Discount rate 12.0 % 12.0 % As of December 31, 2019 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 7.4 - 27.6% 13.3 % Discount rate 12.0 % 12.0 %
Fair Value, by Balance Sheet Grouping	The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2: December 31, 2020 Carrying Value Face Amount Fair Value Assets: Cash and cash equivalents $ 11,375,960 $ 11,375,960 $ 11,375,960 Restricted cash 57,999,396 57,999,396 57,999,396 Commercial mortgage loans held-for-investment 547,345,334 547,345,334 547,134,755 Total $ 616,720,690 $ 616,720,690 $ 616,510,111 Liabilities: Collateralized loan obligations $ 463,060,090 $ 465,316,126 $ 458,094,412 Secured term loan 39,556,198 40,250,000 44,514,373 Total $ 502,616,288 $ 505,566,126 $ 502,608,785 December 31, 2019 Carrying Value Face Amount Fair Value Assets: Cash and cash equivalents $ 10,942,115 $ 10,942,115 $ 10,942,115 Restricted cash 5,069,715 5,069,715 5,069,715 Commercial mortgage loans held-for-investment 635,260,420 635,260,420 635,260,420 Total $ 651,272,250 $ 651,272,250 $ 651,272,250 Liabilities: Collateralized loan obligations $ 505,930,065 $ 510,181,000 $ 510,834,435 Secured term loan $ 39,384,041 $ 40,250,000 $ 42,999,082 Total $ 545,314,106 $ 550,431,000 $ 553,833,517

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
Restricted Common Stock Activity	The following table summarizes the activity related to restricted common stock for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding Unvested Shares at Beginning of Period 4,500 $ 3.33 4,500 $ 3.40 Granted 4,500 2.60 4,500 3.33 Vested (4,500) 3.33 (4,500) 3.40 Outstanding Unvested Shares at End of Period 4,500 $ 2.60 4,500 $ 3.33

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity Note [Abstract]
Cash Dividends Declared	The following table presents cash dividends declared by the Company on its common stock for the year ended December 31, 2020: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Weighted Average Share March 12, 2020 March 31, 2020 April 15, 2020 $ 1,870,416 $ 0.075 June 17, 2020 June 30, 2020 July 15, 2020 $ 1,870,754 $ 0.075 September 17, 2020 September 30, 2020 October 15, 2020 $ 2,120,188 $ 0.085 December 18, 2020 December 31, 2020 January 15, 2021 $ 2,244,904 $ 0.090 December 21, 2020 December 31, 2020 January 15, 2021 $ 997,735 $ 0.040

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following tables provide additional disclosure regarding the computation for the years ended December 31, 2020 and December 31, 2019: Year Ended December 31, 2020 Year Ended December 31, 2019 Net income (loss) $ 8,449,770 $ 6,248,890 Less dividends expense: Common stock $ 9,103,997 $ 6,988,198 Preferred stock 15,000 491,764 Deemed dividend on preferred stock redemption — 3,093,028 9,118,997 10,572,990 Undistributed (deficit) $ (669,227) $ (4,324,100) Unvested Share-Based Payment Awards Common Stock Unvested Share-Based Payment Awards Common Stock Distributed earnings $ 0.37 $ 0.37 $ 0.30 $ 0.30 Undistributed (deficit) $ — $ (0.03) — (0.19) Total $ 0.37 $ 0.34 $ 0.30 $ 0.11
Schedule of Weighted Average Number of Shares	For the years ended December 31, 2019 2018 Basic weighted average shares of common stock outstanding 24,930,079 23,685,223 Weighted average of non-vested restricted stock 4,426 2,589 Diluted weighted average shares of common stock outstanding 24,934,505 23,687,812

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of Provision for Income Taxes	The following table presents our provision for income taxes (in thousands): Year Ended December 31, 2020 2019 (in thousands) (in thousands) Current tax expense (net of $0 and $571 tax benefit of operating loss carryforward for 2020 and 2019, respectively) — 279 Deferred tax (benefit) (476) (323) Provision for income tax (benefit) (476) (44)
Schedule of Effective Income Tax Rate Reconciliation	The following is a reconciliation of our effective income tax rate as a percentage of pre-tax income to the U.S. federal statutory rate, for the years ended December 31, 2020 and 2019: Year Ended December 31, 2020 2019 U.S. federal statutory income tax 21.0 % 21.0 % REIT income not subject to federal income tax (24.6) % (18.8) % State and local income taxes, net of federal tax benefit (1.6) % (1.1) % Tax effect of state corporate rate change — % (1.8) % Return to provision (0.8) % — % Effective income tax rate (6.0) % (0.7) %
Schedule of Deferred Tax Assets	The TRS has a deferred tax asset , comprised of the following (in thousands): As of December 31, 2020 As of December 31, 2019 Accumulated net operating losses of TRS $ 994 $ 137 Mortgage servicing rights 319 686 Capitalized transaction costs 106 120 Net non-current deferred tax asset $ 1,419 $ 943

QUARTERLY FINANCIAL DATA (Table

QUARTERLY FINANCIAL DATA (Tables)	12 Months Ended
	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Quarterly Financial Information	The following table presents a comparative breakdown of our unaudited summary quarterly financial data for the immediately preceding eight quarters. 2020 Quarter Ended March 31 June 30 September 30 December 31 Total interest income $ 9,194 $ 8,480 $ 8,117 $ 7,826 Total interest expense (5,018) (3,696) (3,285) (3,187) Net interest income 4,176 4,784 4,832 4,639 Other income (loss) (684) (171) (162) (54) Total expenses 2,167 2,803 2,262 2,155 Net income before provision for income taxes 1,325 1,810 2,408 2,430 (Provision for) benefit from income taxes 226 68 143 39 Net income 1,551 1,878 2,551 2,469 Net income (loss) attributable to common stockholders (basic and diluted) 1,547 1,875 2,547 2,466 Earnings (loss) per share: Net income (loss) attributable to common stockholders (basic and diluted) 1,547 1,875 2,547 2,466 Weighted average number of shares of common stock outstanding: 24,911,483 24,939,575 24,943,383 24,943,383 Basic and diluted income (loss) per share 0.06 0.08 0.10 0.10 2019 Quarter Ended March 31 June 30 September 30 December 31 Total interest income $ 9,983 $ 10,289 $ 9,832 $ 8,954 Total interest expense (5,776) (6,242) (6,036) (5,589) Net interest income 4,207 4,047 3,796 3,365 Other income (loss) (147) (274) (202) 178 Total expenses 2,648 2,176 1,703 2,238 Net income before provision for income taxes 1,412 1,597 1,891 1,305 (Provision for) benefit from income taxes 63 (203) 267 (83) Net income 1,475 1,394 2,158 1,222 Net income (loss) attributable to common stockholders (basic and diluted) (2,099) 1,390 2,154 1,218 Earnings (loss) per share: Net income (loss) attributable to common stockholders (basic and diluted) (2,099) 1,390 2,154 1,218 Weighted average number of shares of common stock outstanding: 23,687,664 23,687,664 23,687,664 23,688,251 Basic and diluted income (loss) per share (0.09) 0.06 0.09 0.05

ORGANIZATION AND BUSINESS OPE_2

ORGANIZATION AND BUSINESS OPERATIONS - Narrative (Details) - USD ($)	Mar. 18, 2019	Feb. 14, 2019	Dec. 31, 2019	Dec. 31, 2020	Jan. 15, 2019
Variable Interest Entity [Line Items]
Maximum borrowing capacity			$ 40,250,000	$ 40,250,000
Preferred stock, shares outstanding (in shares)			1,610,000
Preferred stock, dividend rate (percentage)			8.75%
Preferred stock, liquidation preference (in dollars per share)			$ 25	$ 25
Preferred stock, par value (in dollars per share)			$ 0.01	$ 0.01
Delayed Draw Facility | Credit Agreement
Variable Interest Entity [Line Items]
Maximum borrowing capacity		$ 40,250,000		$ 40,250,000	$ 40,250,000
Proceeds from debt		39,200,000
Redeemable Preferred Stock
Variable Interest Entity [Line Items]
Working capital		$ 1,100,000
Preferred stock, shares outstanding (in shares)		1,610,000	0	0
Preferred stock, dividend rate (percentage)		8.75%
Preferred stock, liquidation preference (in dollars per share)		$ 25
Preferred stock, par value (in dollars per share)		$ 0.01
Hunt Investment Management, LLC | Support Agreement
Variable Interest Entity [Line Items]
Maximum reduction of expense reimbursement per annum (percent)	25.00%
Maximum expense reimbursement reduction per annum	$ 568,000
Aggregate reduction of expense reimbursement	$ 1,960,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	Feb. 14, 2019USD ($)$ / sharesshares	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)sub-servicer$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Jan. 15, 2019USD ($)	Dec. 15, 2015USD ($)
Debt and Equity Securities, FV-NI [Line Items]
Nonaccrual status loans | $			$ 0
Impairments on loans held-for-investments | $			0
Allowance for loan losses | $			$ 0
Number of sub-servers | sub-servicer			2
Total Commitment | $			$ 40,250,000	$ 40,250,000
Accumulated amortization, debt issuance costs | $			$ 1,017,419
Common stock, shares authorized (in shares) | shares			450,000,000	450,000,000
Common Stock, Par or Stated Value Per Share | $ / shares			$ 0.01	$ 0.01
Common stock, shares issued (in shares) | shares			24,943,383	23,692,164
Common stock, shares outstanding (in shares) | shares			24,943,383	23,692,164
Stock repurchase program, authorized amount | $						$ 10,000,000
Preferred stock, shares outstanding (in shares) | shares				1,610,000
Preferred stock, dividend rate (percentage)				8.75%
Preferred stock, liquidation preference (in dollars per share) | $ / shares			$ 25	$ 25
Preferred stock, shares authorized (in shares) | shares			50,000,000	50,000,000
Preferred stock, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01
Preferred stock, shares issued (in shares) | shares				1,610,000
Other Operating Expenses
Debt and Equity Securities, FV-NI [Line Items]
Reclassification of deferred financing costs of other assets to other operating expenses | $		$ 624,816
Delayed Draw Facility | Credit Agreement
Debt and Equity Securities, FV-NI [Line Items]
Total Commitment | $	$ 40,250,000		$ 40,250,000		$ 40,250,000
Redeemable Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Preferred stock, shares outstanding (in shares) | shares	1,610,000		0	0
Preferred stock, dividend rate (percentage)	8.75%
Preferred stock, liquidation preference (in dollars per share) | $ / shares	$ 25
Preferred stock, shares authorized (in shares) | shares	50,000,000
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01
Preferred stock, shares issued (in shares) | shares			0	0
Collateralized Loan Obligations
Debt and Equity Securities, FV-NI [Line Items]
Maximum exposure to loss from consolidated trusts | $			$ 124,046,671	$ 124,046,671

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019		Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 11,375,960	$ 10,942,115	[1]
Restricted cash	57,999,396	5,069,715	[1]
Total cash, cash equivalents and restricted cash	69,375,356	16,011,830		$ 59,213,812
Hunt CRE 2017-FL1, Ltd.
Cash and Cash Equivalents [Line Items]
Restricted cash	0	2,158,497
Hunt CRE 2018-FL2, Ltd.
Cash and Cash Equivalents [Line Items]
Restricted cash	$ 57,999,396	$ 2,911,218
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs) as the Company was the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of the consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $591,318,506 and $636,541,489, respectively and the liabilities of consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $463,411,967 and $506,662,238, respectively.

COMMERCIAL MORTGAGE LOANS HEL_3

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT Summary of Commercial Mortgage Loans (Details)	12 Months Ended
	Dec. 31, 2020USD ($)mortgage_loan	Dec. 31, 2019USD ($)mortgage_loan		Dec. 31, 2018USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
One month LIBOR rate	$ 0.0014	$ 0.0170
Weighted average LIBOR floor rate	0.0164	0.0156
Loans held for investment	547,345,334	635,260,420	[1]
Commercial Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	547,345,334	635,260,420		$ 555,172,891
Carrying Value	$ 547,345,334	$ 635,260,420
Loan Count | mortgage_loan	40	51
Floating Rate Loan %	100.00%	100.00%
Weighted average, coupon rate, percentage	5.10%	5.40%
Weighted average, life (years)	3 years 1 month 6 days	3 years 9 months 18 days
Loans held for investment	$ 547,345,334	$ 631,950,153
Outstanding senior secured loans from loan participants	15,981,933	6,102,464
Hunt CMT Equity, LLC | Commercial Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans held for investment	$ 531,363,401	$ 629,157,956
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs) as the Company was the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of the consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $591,318,506 and $636,541,489, respectively and the liabilities of consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $463,411,967 and $506,662,238, respectively.

COMMERCIAL MORTGAGE LOANS HEL_4

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT Loan Portfolio Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Purchases and advances	$ 57,601,572	$ 300,319,433
Proceeds from principal payments	(145,516,658)	(213,415,654)
Proceeds from sales	0	(6,816,250)
Commercial Real Estate Portfolio Segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Beginning Balance	635,260,420	555,172,891
Purchases and advances	57,601,572	300,319,433
Proceeds from principal payments	(145,516,658)	(213,415,654)
Proceeds from sales		(6,816,250)
Ending Balance	$ 547,345,334	$ 635,260,420

COMMERCIAL MORTGAGE LOANS HEL_5

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT Summary of Commercial Loan Risk Ratings (Details)	12 Months Ended
	Dec. 31, 2020USD ($)mortgage_loan	Dec. 31, 2019USD ($)mortgage_loan		Dec. 31, 2018USD ($)
Financing Receivable, Recorded Investment [Line Items]
Loans held for investment	$ 547,345,334	$ 635,260,420	[1]
Average risk rate	3.1	2.8
Commercial Real Estate Portfolio Segment
Financing Receivable, Recorded Investment [Line Items]
Number of Loans | mortgage_loan	40	51
Unpaid Principal Balance	$ 547,345,334	$ 635,260,420		$ 555,172,891
Loans held for investment	$ 547,345,334	$ 631,950,153
Commercial Real Estate Portfolio Segment | Risk Rating, 1
Financing Receivable, Recorded Investment [Line Items]
Number of Loans | mortgage_loan	0	1
Unpaid Principal Balance	$ 0	$ 9,000,000
Loans held for investment	$ 0	$ 9,000,000
Commercial Real Estate Portfolio Segment | Risk Rating, 2
Financing Receivable, Recorded Investment [Line Items]
Number of Loans | mortgage_loan	14	9
Unpaid Principal Balance	$ 168,401,366	$ 87,176,088
Loans held for investment	$ 168,401,366	$ 87,176,088
Commercial Real Estate Portfolio Segment | Risk Rating, 3
Financing Receivable, Recorded Investment [Line Items]
Number of Loans | mortgage_loan	20	37
Unpaid Principal Balance	$ 309,726,343	$ 487,513,256
Loans held for investment	$ 309,726,343	$ 487,513,256
Average risk rating, percentage	84.40%	91.90%
Commercial Real Estate Portfolio Segment | Risk Rating, 4
Financing Receivable, Recorded Investment [Line Items]
Number of Loans | mortgage_loan	6	4
Unpaid Principal Balance	$ 69,217,625	$ 51,571,076
Loans held for investment	$ 69,217,625	$ 48,260,809
Commercial Real Estate Portfolio Segment | Risk Rating, 5
Financing Receivable, Recorded Investment [Line Items]
Number of Loans | mortgage_loan	0	0
Unpaid Principal Balance	$ 0	$ 0
Loans held for investment	$ 0	$ 0
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs) as the Company was the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of the consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $591,318,506 and $636,541,489, respectively and the liabilities of consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $463,411,967 and $506,662,238, respectively.

COMMERCIAL MORTGAGE LOANS HEL_6

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT Summary of Concentration of Credit Risk (Details) - numberOfMulti-familyLoans	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans reclassified	2
Commercial Loans Held-For-Investment | Collateral Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percentage)		100.00%	100.00%
Commercial Real Estate Portfolio Segment | Commercial Loans Held-For-Investment | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percentage)		100.00%	100.00%
Commercial Real Estate Portfolio Segment | Multifamily | Commercial Loans Held-For-Investment | Collateral Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percentage)		89.50%	93.90%
Increase (decrease) in concentration risk percentage			3.60%
Commercial Real Estate Portfolio Segment | Retail | Commercial Loans Held-For-Investment | Collateral Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percentage)		6.40%	2.70%
Increase (decrease) in concentration risk percentage			2.80%
Commercial Real Estate Portfolio Segment | Office | Commercial Loans Held-For-Investment | Collateral Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percentage)		3.30%	2.00%
Increase (decrease) in concentration risk percentage			0.80%
Commercial Real Estate Portfolio Segment | Self-Storage | Commercial Loans Held-For-Investment | Collateral Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percentage)		0.80%	0.70%
Commercial Real Estate Portfolio Segment | Mixed-Use | Commercial Loans Held-For-Investment | Collateral Property
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percentage)		0.00%	0.70%
Commercial Real Estate Portfolio Segment | Southwest | Commercial Loans Held-For-Investment | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percentage)		38.70%	38.70%
Commercial Real Estate Portfolio Segment | South | Commercial Loans Held-For-Investment | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percentage)		36.50%	27.50%
Commercial Real Estate Portfolio Segment | Midwest | Commercial Loans Held-For-Investment | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percentage)		16.80%	16.90%
Commercial Real Estate Portfolio Segment | Mid-Atlantic | Commercial Loans Held-For-Investment | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percentage)		6.20%	8.40%
Commercial Real Estate Portfolio Segment | West | Commercial Loans Held-For-Investment | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percentage)		1.80%	3.00%
Commercial Real Estate Portfolio Segment | Various | Commercial Loans Held-For-Investment | Geographic Concentration Risk
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk (as a percentage)		0.00%	5.50%

THE FREMF TRUSTS - Condensed Co

THE FREMF TRUSTS - Condensed Consolidated Statements of Operations (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Interest income	$ 7,826,000	$ 8,117,000	$ 8,480,000	$ 9,194,000	$ 8,954,000	$ 9,832,000	$ 10,289,000	$ 9,983,000
Interest expense	3,187,000	3,285,000	3,696,000	5,018,000	5,589,000	6,036,000	6,242,000	5,776,000
Net interest income	4,639,000	4,832,000	4,784,000	4,176,000	3,365,000	3,796,000	4,047,000	4,207,000	$ 18,430,514	$ 15,413,842
General and administrative fees									(3,518,500)	(4,335,376)
Net income	$ 2,469,000	$ 2,551,000	$ 1,878,000	$ 1,551,000	$ 1,222,000	$ 2,158,000	$ 1,394,000	$ 1,475,000	$ 8,449,770	6,248,890
FREMF Trusts
Variable Interest Entity [Line Items]
Interest income										78,361
Interest expense										0
Net interest income										78,361
General and administrative fees										(709,439)
Unrealized gain (loss) on multifamily loans held in securitization trusts										694,339
Net income										$ 63,261

USE OF SPECIAL PURPOSE ENTITI_3

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES Narrative (Details)	Apr. 30, 2018Loan_Participation
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of loan participations	8

USE OF SPECIAL PURPOSE ENTITI_4

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES Condensed Consolidated Balance Sheets (Details) - USD ($)		Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Cash and cash equivalents		$ 11,375,960	$ 10,942,115	[1]
Accrued interest receivable		2,015,617	2,342,354	[1]
Loans held for investment		547,345,334	635,260,420	[1]
Total assets	[1]	621,489,779	657,901,998
Accrued interest payable		432,936	805,126	[1]
Collateralized loan obligations, net		463,060,090	505,930,065	[1]
Total liabilities	[1]	507,786,627	549,257,286
Equity	[1]	113,603,652	108,545,212
Total liabilities and equity	[1]	621,489,779	657,901,998
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Cash and cash equivalents		57,999,396	5,069,715
Accrued interest receivable		1,955,709	2,313,818
Loans held for investment		531,363,401	629,157,956
Total assets		591,318,506	636,541,489
Accrued interest payable		351,877	732,173
Collateralized loan obligations, net		463,060,090	505,930,065
Total liabilities		463,411,967	506,662,238
Equity		127,906,539	129,879,251
Total liabilities and equity		$ 591,318,506	$ 636,541,489
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs) as the Company was the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of the consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $591,318,506 and $636,541,489, respectively and the liabilities of consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $463,411,967 and $506,662,238, respectively.

USE OF SPECIAL PURPOSE ENTITI_5

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES Summary of Loan and Borrowing Characteristics (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2019USD ($)		Dec. 31, 2020USD ($)mortgage_loancontractinsturment	Dec. 31, 2019USD ($)contractmortgage_loaninsturment
Variable Interest Entity [Line Items]
Collateralized loan obligations, net	$ 505,930,065	[1]	$ 463,060,090	$ 505,930,065	[1]
Commercial Real Estate Portfolio Segment
Variable Interest Entity [Line Items]
Number of Loans | mortgage_loan			40	51
Carrying Value	635,260,420		$ 547,345,334	$ 635,260,420
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Number of notes issued | insturment			2	2
Collateralized loan obligations, net	$ 505,930,065		$ 463,060,090	$ 505,930,065
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. | London Interbank Offered Rate (LIBOR)
Variable Interest Entity [Line Items]
Weighted average yield (as a percentage)	3.60%		3.50%
Weighted average yield (as a percentage)			1.44%	1.40%
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. | Commercial Real Estate Portfolio Segment
Variable Interest Entity [Line Items]
Number of Loans | contract			40	51
Principal Value
Variable Interest Entity [Line Items]
Collateralized loan obligations, net	$ 510,181,000		$ 465,316,126	$ 510,181,000
Principal Value | Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Carrying Value	629,157,956		531,363,401	629,157,956
Collateralized loan obligations, net	510,181,000		465,316,126	510,181,000
Carrying Value
Variable Interest Entity [Line Items]
Collateralized loan obligations, net	505,930,065		463,060,090	505,930,065
Carrying Value | Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Carrying Value	629,157,956		531,363,401	629,157,956
Collateralized loan obligations, net	505,930,065		463,060,090	505,930,065
Carrying Value | Hunt CRE 2017-FL1, Ltd.
Variable Interest Entity [Line Items]
Debt discount	1,344,923		207,767	1,344,923
Carrying Value | Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Debt issuance costs	$ 2,906,012		$ 2,048,269	$ 2,906,012
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs) as the Company was the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of the consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $591,318,506 and $636,541,489, respectively and the liabilities of consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $463,411,967 and $506,662,238, respectively.

USE OF SPECIAL PURPOSE ENTITI_6

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES Condensed Consolidated Statement of Operations (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Interest expense	$ 3,187,000	$ 3,285,000	$ 3,696,000	$ 5,018,000	$ 5,589,000	$ 6,036,000	$ 6,242,000	$ 5,776,000
Net interest income	4,639,000	4,832,000	4,784,000	4,176,000	3,365,000	3,796,000	4,047,000	4,207,000	$ 18,430,514	$ 15,413,842
General and administrative fees									(3,518,500)	(4,335,376)
Net income	$ 2,469,000	$ 2,551,000	$ 1,878,000	$ 1,551,000	$ 1,222,000	$ 2,158,000	$ 1,394,000	$ 1,475,000	8,449,770	6,248,890
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Interest income									32,831,608	38,530,632
Interest expense									12,047,300	20,882,076
Net interest income									20,784,308	17,648,556
General and administrative fees									(675,624)	(708,207)
Net income									$ 20,108,684	$ 16,940,349

RESTRICTED CASH (Details)

RESTRICTED CASH (Details)	12 Months Ended
	Dec. 31, 2020
Hunt CRE 2017-FL1, Ltd.
Restricted Cash and Cash Equivalents Items [Line Items]
Reinvestment period	30 months
Hunt CRE 2018-FL2, Ltd.
Restricted Cash and Cash Equivalents Items [Line Items]
Reinvestment period	36 months

SECURED TERM LOAN - Narrative (

SECURED TERM LOAN - Narrative (Details) - USD ($)	Feb. 14, 2019	Jan. 15, 2019	Dec. 31, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Total Commitment			$ 40,250,000	$ 40,250,000
Collateralized loan obligation, deferred financing costs			693,802	$ 865,959
Delayed Draw Facility | Credit Agreement
Debt Instrument [Line Items]
Total Commitment	$ 40,250,000	$ 40,250,000	$ 40,250,000
Maturity term		6 years
Proceeds from debt	$ 39,200,000
Delayed Draw Facility | Credit Agreement | Five year period following initial draw
Debt Instrument [Line Items]
Weighted average yield (as a percentage)		7.25%
Delayed Draw Facility | Credit Agreement | First four months after fifth anniversary
Debt Instrument [Line Items]
Weighted average yield (as a percentage)		0.25%
Delayed Draw Facility | Credit Agreement | Second four months after fifth anniversary
Debt Instrument [Line Items]
Weighted average yield (as a percentage)		0.375%
Delayed Draw Facility | Credit Agreement | Last four months until maturity
Debt Instrument [Line Items]
Weighted average yield (as a percentage)		0.50%

SECURED TERM LOAN - Summary of

SECURED TERM LOAN - Summary of Credit Agreement (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Receivables [Abstract]
Outstanding Balance	$ 40,250,000	$ 40,250,000
Total Commitment	$ 40,250,000	$ 40,250,000

MSRs - Narrative (Details)

MSRs - Narrative (Details)	12 Months Ended
	Dec. 31, 2020USD ($)sub-servicer	Dec. 31, 2019USD ($)
Mortgage Servicing Rights MSR [Line Items]
Number of sub-servers | sub-servicer	2
Mortgage servicing rights
Mortgage Servicing Rights MSR [Line Items]
Residential mortgage loan aggregate principal balance | $	$ 191,799,159	$ 333,563,728

MSRs - MSR Activity (Details)

MSRs - MSR Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Mortgage Service Rights Activity [Line Items]
Balance at beginning of year	$ 635,260,420	$ 555,172,891
Changes in fair value due to:
Balance at end of year	547,345,334	635,260,420
Mortgage servicing rights
Schedule Of Mortgage Service Rights Activity [Line Items]
Balance at beginning of year	2,700,207	3,997,786
MSRs related to deconsolidation of securitization trust	0	0
Changes in fair value due to:
Changes in valuation inputs or assumptions used in valuation model	(634,824)	(572,963)
Other changes to fair value	(1,145,705)	(724,616)
Balance at end of year	919,678	2,700,207
Loans associated with MSRs	$ 191,799,159	$ 333,563,728
MSR values as percent of loans	0.48%	0.81%

MSRs - Components of Servicing

MSRs - Components of Servicing Income (Details) - Mortgages - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Schedule Of Components Of Servicing Income [Line Items]
Servicing income, net	$ 709,565	$ 869,032
Income from MSRs, net	$ 709,565	$ 869,032

FAIR VALUE - Assets and Liabili

FAIR VALUE - Assets and Liabilities at Fair Value (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Assets:
Total assets	$ 919,678	$ 2,700,207
Quoted prices in active markets for identical assets Level 1
Assets:
Total assets	0	0
Significant other observable inputs Level 2
Assets:
Total assets	0	0
Unobservable inputs Level 3
Assets:
Total assets	919,678	2,700,207
Mortgage servicing rights
Assets:
Total assets	919,678	2,700,207
Mortgage servicing rights | Quoted prices in active markets for identical assets Level 1
Assets:
Total assets	0	0
Mortgage servicing rights | Significant other observable inputs Level 2
Assets:
Total assets	0	0
Mortgage servicing rights | Unobservable inputs Level 3
Assets:
Total assets	$ 919,678	$ 2,700,207

FAIR VALUE - Narrative (Details

FAIR VALUE - Narrative (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 919,678	$ 2,700,207
Unobservable inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	919,678	2,700,207
Mortgage servicing rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	919,678	2,700,207
Mortgage servicing rights | Unobservable inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 919,678	$ 2,700,207

FAIR VALUE - Unobservable Input

FAIR VALUE - Unobservable Inputs Information (Details) - Mortgage servicing rights - Discounted cash flow - Unobservable inputs Level 3	Dec. 31, 2020	Dec. 31, 2019
Constant prepayment rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input (percent)	0.124	0.074
Constant prepayment rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input (percent)	0.280	0.276
Constant prepayment rate | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input (percent)	0.216	0.133
Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input (percent)	0.120	0.120
Discount rate | Weighted average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable input (percent)	0.120	0.120

FAIR VALUE - Fair Value Informa

FAIR VALUE - Fair Value Information on Financial Instruments (Details) - USD ($)		Dec. 31, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		$ 11,375,960	$ 10,942,115	[1]
Restricted cash		57,999,396	5,069,715	[1]
Total assets	[1]	621,489,779	657,901,998
Collateralized loan obligations, net		463,060,090	505,930,065	[1]
Secured Term Loan, net		39,556,198	39,384,041	[1]
Total liabilities	[1]	507,786,627	549,257,286
Principal Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		11,375,960	10,942,115
Restricted cash		57,999,396	5,069,715
Commercial mortgage loans held-for-investment		547,345,334	635,260,420
Total assets		616,720,690	651,272,250
Collateralized loan obligations, net		465,316,126	510,181,000
Secured Term Loan, net		40,250,000	40,250,000
Total liabilities		505,566,126	550,431,000
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents			10,942,115
Restricted cash			5,069,715
Commercial mortgage loans held-for-investment		547,345,334	635,260,420
Total assets		616,720,690	651,272,250
Collateralized loan obligations, net		463,060,090	505,930,065
Secured Term Loan, net		39,556,198	39,384,041
Total liabilities		502,616,288	545,314,106
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		11,375,960	10,942,115
Restricted cash		57,999,396	5,069,715
Commercial mortgage loans held-for-investment		547,134,755	635,260,420
Total assets		616,510,111	651,272,250
Collateralized loan obligations, net		458,094,412	510,834,435
Secured Term Loan, net		44,514,373	42,999,082
Total liabilities		$ 502,608,785	$ 553,833,517
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs) as the Company was the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of the consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $591,318,506 and $636,541,489, respectively and the liabilities of consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $463,411,967 and $506,662,238, respectively.

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details)	Mar. 18, 2019USD ($)	Dec. 31, 2020USD ($)contractLoan_Participation	Dec. 31, 2019USD ($)mortgage_loanLoan_Participation
Related Party Transaction [Line Items]
Annual management fee (percentage)			1.50%
Quarterly management fee (percentage)			0.375%
Management fees		$ 2,351,562	$ 2,245,065
Management fee payable		588,000	564,620
Incentive fees		172,577	0
Operating expenses reimbursable to Manager		1,644,886	1,629,908
Reimbursable expenses payable		$ 395,763	427,361
Reduction to reimbursable expenses as a percentage of exit fees waived (percent)		50.00%
Reimbursable operating expense waived		$ 118,786	345,988
Unfunded commitments		30,200,000
Hunt CRE 2018-FL2, Ltd.
Related Party Transaction [Line Items]
Unfunded commitments		25,800,000	40,900,000
Hunt CRE 2017-FL1, Ltd.
Related Party Transaction [Line Items]
Unfunded commitments		24,600,000	50,500,000
Funded participation interests		5,600,000
Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Compensation expense		$ 20,292	8,962
Manager Equity Plan
Related Party Transaction [Line Items]
Maximum shares issued, percentage of issued and outstanding shares of common stock (percentage)		3.00%
Manager Equity Plan | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Unrecognized compensation expense		$ 5,353	$ 13,946
Weighted average period for compensation expense recognition		5 years 7 months 6 days
Hunt Investment Management, LLC
Related Party Transaction [Line Items]
Annual management fee (percentage)		1.50%
Quarterly management fee (percentage)		0.375%
Quarterly incentive fee (percentage)		20.00%	20.00%
Hurdle rate (percentage)		8.00%	8.00%
Lument Structured Finance | Hunt CRE 2018-FL2, Ltd.
Related Party Transaction [Line Items]
Number of loans purchased		2	6
Payments to acquire finance receivables		$ 14,400,000
Unpaid Principal Balance			$ 87,600,000
Number of loans advances | Loan_Participation		25
Origination of notes receivable from related parties			$ 12,000,000
Lument Structured Finance | Hunt CRE 2017-FL1, Ltd.
Related Party Transaction [Line Items]
Number of loans purchased		2	22
Payments to acquire finance receivables		$ 31,900,000
Unpaid Principal Balance			$ 180,800,000
Number of loans sold | Loan_Participation			6
Unpaid principal balance of funded loans			$ 6,800,000
Support Agreement | Hunt Investment Management, LLC
Related Party Transaction [Line Items]
Maximum reduction of expense reimbursement per annum (percent)	25.00%
Maximum expense reimbursement reduction per annum	$ 568,000
Aggregate reduction of expense reimbursement	$ 1,960,000

RELATED PARTY TRANSACTIONS - Un

RELATED PARTY TRANSACTIONS - Unvested Share Activity (Details) - Employee Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Shares
Outstanding Unvested Shares at Beginning of Period (in shares)	4,500	4,500
Granted (in shares)	4,500	4,500
Vested (in shares)	(4,500)	(4,500)
Shares, Outstanding Unvested Shares at End of Period (in shares)	4,500	4,500
Weighted Average Grant Date Fair Market Value
Outstanding Unvested Shares at Beginning of Period (in dollars per share)	$ 3.33	$ 3.40
Granted (in dollars per share)	2.60	3.33
Vested (in dollars per share)	3.33	3.40
Outstanding Unvested Shares at End of Period (in dollars per share)	$ 2.60	$ 3.33

GUARANTEES - Narrative (Details

GUARANTEES - Narrative (Details) - USD ($)	Jun. 27, 2018	Dec. 31, 2020	Dec. 31, 2019
Backstop Guarantee
Guarantor Obligations [Line Items]
Representation and warranty breach, threshold period for likely occurrence	5 years
Minimum adjusted tangible net worth		$ 20,000,000
Minimum available liquidity		$ 5,000,000
Minimum available liquidity, percentage of aggregate unpaid principal balance (percentage)		0.10%
Maximum amount of estimated future payments under the backstop guarantees		$ 860,525,494	$ 1,405,182,222
Indemnification Agreement
Guarantor Obligations [Line Items]
Maximum amount of estimated future payments under the backstop guarantees		$ 0
Loan Review Services | Backstop Guarantee
Guarantor Obligations [Line Items]
Minimum available liquidity, percentage of aggregate unpaid principal balance (percentage)		0.01%
FOAC | Loan Review Services | Backstop Guarantee
Guarantor Obligations [Line Items]
Alternative backstop fee		$ 426,770

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Loss Contingencies [Line Items]
Unfunded commitments	$ 30.2
Hunt CRE 2017-FL1, Ltd.
Loss Contingencies [Line Items]
Funded participation interests	5.6
Unfunded commitments	24.6	$ 50.5
Hunt CRE 2018-FL2, Ltd.
Loss Contingencies [Line Items]
Unfunded commitments	$ 25.8	$ 40.9

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($)	Jan. 03, 2020	Feb. 14, 2019	Dec. 27, 2018	Dec. 31, 2020	Dec. 31, 2019		Dec. 15, 2015
Stockholders' Equity Note [Line Items]
Common stock, shares authorized (in shares)				450,000,000	450,000,000
Common stock, par value (in dollars per share)				$ 0.01	$ 0.01
Common stock, shares issued (in shares)				24,943,383	23,692,164
Common stock, shares outstanding (in shares)				24,943,383	23,692,164
Stock repurchase program, authorized amount							$ 10,000,000
Preferred stock, shares authorized (in shares)				50,000,000	50,000,000
Preferred stock, par value (in dollars per share)				$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)					1,610,000
Preferred stock, dividend rate (percentage)					8.75%
Preferred stock, liquidation preference (in dollars per share)				$ 25	$ 25
Common stock dividends			$ 0	$ 9,103,997	$ 6,988,198
Preferred stock, shares outstanding (in shares)					1,610,000
Dividends payable				$ 3,242,640	$ 1,776,912	[1]
Series A Preferred Stock
Stockholders' Equity Note [Line Items]
Preferred stock, dividend rate (percentage)				8.75%
Preferred stock, liquidation preference (in dollars per share)				$ 25
Redeemable Preferred Stock
Stockholders' Equity Note [Line Items]
Preferred stock, shares authorized (in shares)		50,000,000
Preferred stock, par value (in dollars per share)		$ 0.01
Preferred stock, shares issued (in shares)				0	0
Preferred stock, dividend rate (percentage)		8.75%
Preferred stock, liquidation preference (in dollars per share)		$ 25
Preferred stock, shares outstanding (in shares)		1,610,000		0	0
Common Stock
Stockholders' Equity Note [Line Items]
Issuance of common stock, net (in shares)				1,251,219	4,500
Dividends payable				$ 9,103,997
Dividends payable, amount per share (in dollars per share)				$ 0.37
Common Stock | Private Placement
Stockholders' Equity Note [Line Items]
Issuance of common stock, net (in shares)	1,246,719
Common stock, shares issued (in dollars per share)	$ 4.61
Proceeds from issuance of common stock	$ 5,700,000
Stock Repurchase Program
Stockholders' Equity Note [Line Items]
Stock repurchase program, authorized amount							$ 10,000,000
Shares repurchased				126,856
Weighted average share price of common stock repurchased (in dollars per share)				$ 5.09
Common stock shares repurchased (in shares)				0	0
Common stock shares repurchased (in shares)				$ 9,400,000
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs) as the Company was the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of the consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $591,318,506 and $636,541,489, respectively and the liabilities of consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $463,411,967 and $506,662,238, respectively.

EQUITY - Dividends Declared (De

EQUITY - Dividends Declared (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	[1]
Dividends [Line Items]
Dividend Amount	$ 3,242,640	$ 1,776,912
Common Stock
Dividends [Line Items]
Dividend Amount	$ 9,103,997
Cash Dividend Per Share (in dollars per share)	$ 0.37
Distribution One | Common Stock
Dividends [Line Items]
Dividend Amount	$ 1,870,416
Cash Dividend Per Share (in dollars per share)	$ 0.075
Distribution Two | Common Stock
Dividends [Line Items]
Dividend Amount	$ 1,870,754
Cash Dividend Per Share (in dollars per share)	$ 0.075
Distribution Three | Common Stock
Dividends [Line Items]
Dividend Amount	$ 2,120,188
Cash Dividend Per Share (in dollars per share)	$ 0.085
Distribution Four | Common Stock
Dividends [Line Items]
Dividend Amount	$ 2,244,904
Cash Dividend Per Share (in dollars per share)	$ 0.090
Distribution Five | Common Stock
Dividends [Line Items]
Dividend Amount	$ 997,735
Cash Dividend Per Share (in dollars per share)	$ 0.040
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs) as the Company was the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of the consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $591,318,506 and $636,541,489, respectively and the liabilities of consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $463,411,967 and $506,662,238, respectively.

EQUITY - Non-controlling Intere

EQUITY - Non-controlling Interests (Details)		Nov. 29, 2018USD ($)shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Noncontrolling interests	[1]		$ 99,500	$ 99,500
Dividends on the HCMT preferred shares			$ 15,000	491,764
Noncontrolling interests | HCMT Preferred Shares
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Number of shares issued (in shares) | shares		125
Noncontrolling interests		$ 99,500
Equity raised		125,000
Non-controlling interests expenses		$ 25,500
Dividend rate percentage		12.00%
Preferred shares, redemption price as multiple of initial purchase price			1.1
Dividends on the HCMT preferred shares			$ 15,000	$ 15,000
[1]	Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs) as the Company was the primary beneficiary of these VIEs. As of December 31, 2020 and December 31, 2019, assets of the consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $591,318,506 and $636,541,489, respectively and the liabilities of consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $463,411,967 and $506,662,238, respectively.

EARNINGS PER SHARE - Earnings p

EARNINGS PER SHARE - Earnings per Share (Details) - USD ($)	Dec. 27, 2018	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)		$ 2,469,000	$ 2,551,000	$ 1,878,000	$ 1,551,000	$ 1,222,000	$ 2,158,000	$ 1,394,000	$ 1,475,000	$ 8,449,770	$ 6,248,890
Less dividends expense:
Common stock dividends	$ 0									9,103,997	6,988,198
Preferred stock										15,000	491,764
Deemed dividend on preferred stock redemption										0	3,093,028
Dividends										9,118,997	10,572,990
Undistributed (deficit)										$ (669,227)	$ (4,324,100)
Common Stock
Less dividends expense:
Distributed earnings (in dollars per share)										$ 0.37	$ 0.30
Undistributed earnings (deficit) (in dollars per share)										(0.03)	(0.19)
Total (in dollars per share)										0.34	0.11
Unvested Share Based Payment Awards
Less dividends expense:
Distributed earnings (in dollars per share)										0.37	0.30
Undistributed earnings (deficit) (in dollars per share)										0	0
Total (in dollars per share)										$ 0.37	$ 0.30

EARNINGS PER SHARE - Weighted A

EARNINGS PER SHARE - Weighted Average Number of Shares (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Earnings Per Share [Abstract]
Basic weighted average shares of common stock outstanding (in shares)	24,930,079	23,685,223
Weighted average of non-vested restricted stock (in shares)	4,426	2,589
Diluted weighted average shares of common stock outstanding (in shares)	24,934,505	23,687,812

INCOME TAXES - Components of In

INCOME TAXES - Components of Income Tax Expense (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Current tax expense (net of $0 and $571 tax benefit of operating loss carryforward for 2020 and 2019, respectively)									$ 0	$ 279,000
Deferred tax (benefit)									(476,000)	(323,000)
Provision for income tax (benefit)	$ (39,000)	$ (143,000)	$ (68,000)	$ (226,000)	$ 83,000	$ (267,000)	$ 203,000	$ (63,000)	(476,248)	(43,523)
Tax benefit of operating loss carryforward	$ 0				$ 571,000				$ 0	$ 571,000

INCOME TAXES - Effective Income

INCOME TAXES - Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
U.S. federal statutory income tax	21.00%	21.00%
REIT income not subject to federal income tax	(24.60%)	(18.80%)
State and local income taxes, net of federal tax benefit	(1.60%)	(1.10%)
Tax effect of state corporate rate change	0.00%	(1.80%)
Return to provision	(0.80%)	0.00%
Effective income tax rate	(6.00%)	(0.70%)

INCOME TAXES - Deferred Tax Ass

INCOME TAXES - Deferred Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Non-current Deferred Tax Asset (Liability)
Accumulated net operating losses of TRS	$ 994	$ 137
Mortgage servicing rights	319	686
Capitalized transaction costs	106	120
Net non-current deferred tax asset	$ 1,419	$ 943

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Line Items]
Net deferred tax assets	$ 1,419	$ 943
Net operating loss carryforwards	3,300	400
Other Assets
Income Tax Disclosure [Line Items]
Net deferred tax assets	$ 1,400	$ 900

QUARTERLY FINANCIAL DATA (Detai

QUARTERLY FINANCIAL DATA (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
Total interest income	$ 7,826,000	$ 8,117,000	$ 8,480,000	$ 9,194,000	$ 8,954,000	$ 9,832,000	$ 10,289,000	$ 9,983,000
Total interest expense	(3,187,000)	(3,285,000)	(3,696,000)	(5,018,000)	(5,589,000)	(6,036,000)	(6,242,000)	(5,776,000)
Net interest income	4,639,000	4,832,000	4,784,000	4,176,000	3,365,000	3,796,000	4,047,000	4,207,000	$ 18,430,514	$ 15,413,842
Other income (loss)	(54,000)	(162,000)	(171,000)	(684,000)	178,000	(202,000)	(274,000)	(147,000)
Total expenses	2,155,000	2,262,000	2,803,000	2,167,000	2,238,000	1,703,000	2,176,000	2,648,000
Net income before provision for income taxes	2,430,000	2,408,000	1,810,000	1,325,000	1,305,000	1,891,000	1,597,000	1,412,000	7,973,522	6,205,367
(Provision for) benefit from income taxes	39,000	143,000	68,000	226,000	(83,000)	267,000	(203,000)	63,000	476,248	43,523
Net income	2,469,000	2,551,000	1,878,000	1,551,000	1,222,000	2,158,000	1,394,000	1,475,000	8,449,770	6,248,890
Net income attributable to common stockholders	2,466,000	2,547,000	1,875,000	1,547,000	1,218,000	2,154,000	1,390,000	(2,099,000)	8,434,770	2,664,098
Earnings per share:
Net income attributable to common stockholders	$ 2,466,000	$ 2,547,000	$ 1,875,000	$ 1,547,000	$ 1,218,000	$ 2,154,000	$ 1,390,000	$ (2,099,000)	$ 8,434,770	$ 2,664,098
Weighted average number of shares of common stock outstanding (in shares)	24,943,383	24,943,383	24,939,575	24,911,483	23,688,251	23,687,664	23,687,664	23,687,664	24,934,505	23,687,812
Basic and diluted income (loss) per share (in dollars per share)	$ 0.10	$ 0.10	$ 0.08	$ 0.06	$ 0.05	$ 0.09	$ 0.06	$ (0.09)	$ 0.34	$ 0.11

Schedule IV - Mortgage Loans _2

Schedule IV - Mortgage Loans on Real Estate (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Unpaid Principal Balance	547,345,334
Carrying Amount of Loans	547,345,334	$ 635,260,420	$ 555,172,891
Multi-family | Illinois | Senior loan in excess of 3% | Borrower A
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Unpaid Principal Balance	35,625,000
Carrying Amount of Loans	35,625,000
Multi-family | Illinois | Senior loan in excess of 3% | Borrower F
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Unpaid Principal Balance	25,355,116
Carrying Amount of Loans	$ 25,355,116
Multi-family | Illinois | Senior loan in excess of 3% | London Interbank Offered Rate (LIBOR) | Borrower A
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.30%
Multi-family | Illinois | Senior loan in excess of 3% | London Interbank Offered Rate (LIBOR) | Borrower F
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.75%
Multi-family | Texas | Senior loan in excess of 3% | Borrower B
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Unpaid Principal Balance	35,441,348
Carrying Amount of Loans	35,441,348
Multi-family | Texas | Senior loan in excess of 3% | Borrower D
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Unpaid Principal Balance	32,526,660
Carrying Amount of Loans	32,526,660
Multi-family | Texas | Senior loan in excess of 3% | Borrower G
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Unpaid Principal Balance	24,540,507
Carrying Amount of Loans	$ 24,540,507
Multi-family | Texas | Senior loan in excess of 3% | Borrower M
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.90%
Prior Liens	$ 0
Unpaid Principal Balance	17,754,112
Carrying Amount of Loans	$ 17,754,112
Multi-family | Texas | Senior loan in excess of 3% | Borrower O
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.10%
Prior Liens	$ 0
Unpaid Principal Balance	16,707,856
Carrying Amount of Loans	$ 16,707,856
Multi-family | Texas | Senior loan in excess of 3% | London Interbank Offered Rate (LIBOR) | Borrower B
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.05%
Multi-family | Texas | Senior loan in excess of 3% | London Interbank Offered Rate (LIBOR) | Borrower D
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.65%
Multi-family | Texas | Senior loan in excess of 3% | London Interbank Offered Rate (LIBOR) | Borrower G
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.15%
Multi-family | Maryland | Senior loan in excess of 3% | Borrower C
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Unpaid Principal Balance	33,752,111
Carrying Amount of Loans	$ 33,752,111
Multi-family | Maryland | Senior loan in excess of 3% | London Interbank Offered Rate (LIBOR) | Borrower C
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.25%
Multi-family | Virginia | Senior loan in excess of 3% | Borrower E
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Unpaid Principal Balance	26,500,000
Carrying Amount of Loans	$ 26,500,000
Multi-family | Virginia | Senior loan in excess of 3% | London Interbank Offered Rate (LIBOR) | Borrower E
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.75%
Multi-family | Tennessee | Senior loan in excess of 3% | Borrower H
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Unpaid Principal Balance	24,180,000
Carrying Amount of Loans	$ 24,180,000
Multi-family | Tennessee | Senior loan in excess of 3% | London Interbank Offered Rate (LIBOR) | Borrower H
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.95%
Multi-family | Georgia | Senior loan in excess of 3% | Borrower I
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Unpaid Principal Balance	20,000,000
Carrying Amount of Loans	$ 20,000,000
Multi-family | Georgia | Senior loan in excess of 3% | London Interbank Offered Rate (LIBOR) | Borrower I
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.75%
Multi-family | North Carolina | Senior loan in excess of 3% | Borrower K
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Unpaid Principal Balance	18,703,039
Carrying Amount of Loans	$ 18,703,039
Multi-family | North Carolina | Senior loan in excess of 3% | London Interbank Offered Rate (LIBOR) | Borrower K
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.35%
Multi-family | Diversified | Senior loan less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Unpaid Principal Balance	178,997,101
Carrying Amount of Loans	$ 178,997,101
Multi-family | Diversified | Senior loan less than 3% | Minimum | London Interbank Offered Rate (LIBOR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	2.80%
Multi-family | Diversified | Senior loan less than 3% | Maximum | London Interbank Offered Rate (LIBOR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.75%
Retail | Texas | Senior loan in excess of 3% | Borrower L
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.90%
Prior Liens	$ 0
Unpaid Principal Balance	18,000,000
Carrying Amount of Loans	$ 18,000,000
Retail | Texas | Senior loan in excess of 3% | Borrower N
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	4.10%
Prior Liens	$ 0
Unpaid Principal Balance	17,172,624
Carrying Amount of Loans	17,172,624
Office | Diversified | Senior loan less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	0
Unpaid Principal Balance	17,864,860
Carrying Amount of Loans	$ 17,864,860
Office | Diversified | Senior loan less than 3% | London Interbank Offered Rate (LIBOR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.75%
Self-Storage | Virginia | Senior loan less than 3%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 0
Unpaid Principal Balance	4,225,000
Carrying Amount of Loans	$ 4,225,000
Self-Storage | Virginia | Senior loan less than 3% | London Interbank Offered Rate (LIBOR)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Payment Rates	3.15%

Schedule IV - Reconciliation of

Schedule IV - Reconciliation of Mortgage Loans on Real Estate (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning of year	$ 635,260,420	$ 555,172,891
Mortgage loans purchased	57,601,572	300,319,433
Mortgage loan repayments	(145,516,658)	(213,415,654)
Mortgage loans sold	0	(6,816,250)
Balance at end of year	$ 547,345,334	$ 635,260,420