Terra Property Trust, Inc. 6.00 (TPTA) S-4 24 Jun 22 Registration of securities issued in business combination transactions Financial data

Cover

Cover	3 Months Ended
	Mar. 31, 2022
Cover [Abstract]
Entity Registrant Name	Terra Property Trust, Inc.
Document Type	S-4
Entity Central Index Key	0001674356
Entity Filer Category	Non-accelerated Filer
Amendment Flag	false
Entity Ex Transition Period	true
Entity Small Business	true
Entity Emerging Growth Company	true

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2022		Dec. 31, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 9,858,153		$ 35,783,956	$ 18,607,952
Restricted cash	8,058,767		7,411,811	12,145,616
Cash held in escrow by lender	7,651,900	[1]	7,902,880	2,166,755
Marketable securities	510,151		1,310,000	1,287,500
Loans held for investment	558,019,000		469,673,314	422,280,515
Equity investment in unconsolidated investments	91,662,090		69,713,793	36,259,959
Real estate owned, Net
Land, building and building improvements, net	47,908,857		58,325,068	63,385,339
Lease intangible assets, net	6,145,077		7,451,771	9,793,600
Assets held for sale	8,395,011		0
Operating lease right-of-use asset	27,391,012		27,394,936	16,105,888
Interest receivable	3,020,009		2,463,037	2,509,589
Due from related party	0		2,605,639	0
Other assets	3,976,018		3,505,953	3,934,468
Total assets	772,596,045		693,542,158	588,477,181
Liabilities
Term loan payable, net of deferred financing fees	0		91,940,062	105,245,801
Unsecured notes payable, net of debt issuance cost	82,010,107		81,856,799	0
Repurchase agreement payable, net of deferred financing fees	173,698,002		43,974,608	0
Obligations under participation agreements	58,587,148		42,232,027	71,581,897
Mortgage loan payable, net of deferred financing fees and other	31,963,840		32,134,295	44,117,293
Revolving line of credit payable, net of deferred financing fees	64,414,007		38,186,472	0
Secured borrowing	37,503,542		34,586,129	18,187,663
Interest reserve and other deposits held on investments	8,058,767		7,411,811	12,145,616
Operating lease liability	27,391,012		27,394,936	16,105,888
Lease intangible liabilities, net	9,426,358		9,709,710	10,249,776
Due to Manager	3,462,062		2,388,317	1,257,098
Interest payable	1,450,843		1,879,626	1,185,502
Accounts payable and accrued expenses	1,581,660		1,264,131	3,968,603
Unearned income	364,630		449,690	677,856
Distributions Payable	3,906		0
Other liabilities	3,491,971		4,289,967	429,123
Total liabilities	503,407,855		419,698,580	285,152,116
Commitments and Contingencies
Equity
Common stock	194,875		194,875	194,875
Additional paid-in capital	373,443,672		373,443,672	373,443,672
Accumulated deficit	(104,575,357)		(99,919,969)	(70,438,482)
Total equity	269,188,190		273,843,578	303,325,065
Total liabilities and equity	772,596,045		693,542,158	588,477,181
Loans held for investment, net
Assets
Loans held for investment	545,081,696		457,329,582	417,986,462
Loans Held For Investment Acquired Through Participation
Assets
Loans held for investment	12,937,304		12,343,732	4,294,053
Series A Preferred Stock
Equity
Preferred stock	$ 125,000		$ 125,000	$ 125,000
[1](1) The Company has a cash management account with the lender to collect rental payment on the property used as collateral for a mortgage loan payable. As of March 31, 2022, approximately $3.8 million of the cash in the account was available for operational needs.

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parentheticals) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	50,000,000	50,000,000	50,000,000
Preferred Stock, Shares Issued	0	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01	$ 0.01
Common Stock, Shares Authorized	450,000,000	450,000,000	450,000,000
Common Stock, Shares, Issued	19,487,460	19,487,460	19,487,460
Common Stock, Shares, Outstanding	19,487,460	19,487,460	19,487,460
Cumulative Preferred Stock
Preferred Stock, Shares Authorized	125	125	125
Preferred Stock, Shares Issued	125	125	125
Preferred Stock, Shares Outstanding	125	125	125
Preferred Stock, Dividend Rate, Percentage	12.50%	12.50%

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Revenues [Abstract]
Interest income	$ 8,882,151	$ 8,120,949	$ 36,743,470	$ 39,392,209
Real estate operating revenue	2,979,454	2,011,641	8,894,991	10,423,563
Prepayment fee income			190,997	0
Other operating income	250,665	156,662	855,799	505,116
Total	12,112,270	10,289,252	46,685,257	50,320,888
Operating expenses
Operating expenses reimbursed to Manager	1,928,563	1,342,758	6,916,371	6,041,075
Asset management fee	1,488,095	1,156,543	5,134,149	4,480,706
Asset servicing fee	349,329	273,207	1,181,924	1,008,256
Provision for loan losses	50,296	276,020	10,904,163	3,738,758
Real estate operating expenses	1,217,963	971,315	5,003,893	4,505,119
Depreciation and amortization	1,718,372	931,725	3,989,114	4,635,980
Impairment charge	1,604,989	0	3,395,430	0
Professional fees	742,518	520,419	1,795,856	1,695,876
Directors fees	36,252	36,250	145,000	190,000
Other	83,421	71,488	448,503	371,444
Total Operating Expenses	9,219,798	5,579,725	38,914,403	26,667,214
Operating Income	2,892,472	4,709,527	7,770,854	23,653,674
Other Income and expense
Interest expense from obligations under participation agreements	(1,075,109)	(1,880,081)	(10,596,545)	(8,514,804)
Interest expense on repurchase agreement payable	(755,826)	0	(142,495)	(3,727,466)
Interest expense on mortgage loan payable	(518,617)	(686,150)	(2,449,239)	(2,976,913)
Interest expense on revolving line of credit	(524,294)	(17,846)	(911,811)	(1,398,103)
Interest expense on term loan payable	(164,969)	(1,672,768)	(6,835,877)	(2,137,651)
Interest expense on unsecured notes payable	(1,430,183)	0	(3,173,673)	0
Interest expense on secured borrowing	(552,785)	(299,805)	(1,576,502)	(633,850)
Net loss on extinguishment of obligations under participation agreements			0	(319,453)
Net unrealized gains on marketable securities	(99,044)	(14,608)	22,500	111,494
Income from equity investment in unconsolidated investments	1,419,335	1,337,827	5,925,802	38,640
Realized loss on loan repayments			(517,989)	0
Realized gains on marketable securities	51,133	0	129,248	1,160,162
Other Nonoperating Income (Expense)	(3,650,359)	(3,233,431)	(20,126,581)	(18,397,944)
Net (loss) income	(757,887)	1,476,096	(12,355,727)	5,255,730
Series A preferred stock dividend declared	(3,906)	(3,906)	(15,624)	(15,624)
Net (loss) income allocable to common stock	$ (761,793)	$ 1,472,190	$ (12,371,351)	$ 5,240,106
(Loss) earnings per share — basic and diluted	$ (0.04)	$ 0.08	$ (0.63)	$ 0.28
Weighted-average shares — basic and diluted	19,487,460	19,487,460	19,487,460	18,813,066
Distributions declared per common share	$ 0.2	$ 0.2	$ 0.88	$ 1.16

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income Statement - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Statement of Other Comprehensive Income [Abstract]
Net (loss) income	$ (12,355,727)	$ 5,255,730
Other comprehensive loss
Net unrealized gains on marketable securities	0	192,919
Reclassification of net realized gains on marketable securities into earnings	0	(192,919)
Other comprehensive income	0	0
Total comprehensive Income	(12,355,727)	5,255,730
Series A preferred stock dividend declared	(15,624)	(15,624)
Comprehensive (loss) income attributable to common shares	$ (12,371,351)	$ 5,240,106

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($)	Total	Preferred Stock	Preferred Stock Series A Preferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Balance at beginning (Share) at Dec. 31, 2019			125	15,125,681
Balance beginning at Dec. 31, 2019	$ 247,543,733	$ 0	$ 125,000	$ 151,257	$ 301,727,297	$ (54,459,821)	$ 0
Issuance of common stock (Shares)				4,574,470
Issuance of common stock	75,379,993			$ 45,745	75,334,248
Repurchased of common stock (shares)				(212,691)
Repurchased of common stock	(3,620,000)			$ (2,127)	(3,617,873)
Distribution declared on common share	(21,218,767)					(21,218,767)
Distributions declared on preferred shares	(15,624)					(15,624)
Net (loss) income	5,255,730					5,255,730
Net unrealized gains on marketable securities	192,919						192,919
Reclassification of net realized gains on marketable securities into earnings	(192,919)						(192,919)
Balance at ending (Share) at Dec. 31, 2020			125	19,487,460
Balance ending at Dec. 31, 2020	303,325,065	0	$ 125,000	$ 194,875	373,443,672	(70,438,482)	0
Distribution declared on common share	(3,893,595)					(3,893,595)
Distributions declared on preferred shares	(3,906)					(3,906)
Net (loss) income	1,476,096					1,476,096
Balance at ending (Share) at Mar. 31, 2021			125	19,487,460
Balance ending at Mar. 31, 2021	300,903,660	0	$ 125,000	$ 194,875	373,443,672	(72,859,887)
Balance at beginning (Share) at Dec. 31, 2020			125	19,487,460
Balance beginning at Dec. 31, 2020	303,325,065	0	$ 125,000	$ 194,875	373,443,672	(70,438,482)	0
Repurchased of common stock	0
Distribution declared on common share	(17,110,136)					(17,110,136)
Distributions declared on preferred shares	(15,624)					(15,624)
Net (loss) income	(12,355,727)					(12,355,727)
Net unrealized gains on marketable securities	0
Reclassification of net realized gains on marketable securities into earnings	0
Balance at ending (Share) at Dec. 31, 2021			125	19,487,460
Balance ending at Dec. 31, 2021	273,843,578	0	$ 125,000	$ 194,875	373,443,672	(99,919,969)	$ 0
Distribution declared on common share	(3,893,595)					(3,893,595)
Distributions declared on preferred shares	(3,906)					(3,906)
Net (loss) income	(757,887)					(757,887)
Balance at ending (Share) at Mar. 31, 2022			125	19,487,460
Balance ending at Mar. 31, 2022	$ 269,188,190	$ 0	$ 125,000	$ 194,875	$ 373,443,672	$ (104,575,357)

Consolidated Statements of Shar

Consolidated Statements of Shareholder Equity (Parentheticals) - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Distributions declared per common share	$ 0.2	$ 0.2	$ 0.88	$ 1.16

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Net (loss) income	$ (757,887)	$ 1,476,096	$ (12,355,727)	$ 5,255,730
Adjustments to reconcile net income to net cash provided by operating activities:
Paid-in-kind interest income, net	0	(224,197)	(1,000,028)	(2,937,909)
Depreciation and amortization	1,718,516	931,725	3,989,114	4,635,980
Provision for loan losses	50,296	276,020	10,904,163	3,738,758
Impairment charge	1,604,989	0	3,395,430	0
Lease termination fee income			0	(236,000)
Amortization of net purchase premiums on loans	15,348	15,348	61,390	57,155
Straight-line rent adjustments	359,056	(12,008)	(146,317)	(714,334)
Amortization of deferred financing costs	520,991	172,692	963,986	1,644,944
Amortization of discount on unsecured notes payable	113,147	0	248,108	0
Net loss on extinguishment of obligations under participation agreements			0	319,453
Amortization of above- and below-market rent intangibles	(246,375)	(84,555)	(392,161)	(1,027,129)
Amortization and accretion of investment-related fees, net	(195,932)	0	(264,697)	(4,140)
Amortization of above-market rent ground lease	(32,588)	(32,588)	(130,349)	(130,348)
Realized loss on loan repayments			517,989	0
Realized gains on marketable securities	(51,133)	0	(129,248)	(1,160,162)
Net unrealized gains on marketable securities	99,044	14,608	(22,500)	(111,494)
Income from equity investment in excess of distributions received	(1,119,913)	(1,337,827)	(1,276,726)	(38,640)
Changes in operating assets and liabilities:
Interest receivable	(556,972)	(472)	46,552	(632,790)
Due from related party	2,605,639	0	(2,605,639)	0
Other assets	(705,897)	(528,133)	574,832	(956,735)
Due to Manager	336,805	93,228	93,226	(409,927)
Unearned income	261,193	(391,727)	(215,075)	(490,233)
Interest payable	(428,783)	27,716	694,124	109,271
Accounts payable and accrued expenses	317,529	(2,146,110)	(2,704,472)	2,245,242
Other liabilities	(797,996)	(6,964)	3,860,844	(1,229,232)
Net cash provided by operating activities	3,109,077	(1,757,148)	4,106,819	7,927,460
Cash flows from investing activities:
Origination and purchase of loans	(88,119,821)	(14,410,706)	(252,437,733)	(108,488,411)
Proceeds from repayments of loans	750,000	31,531,804	196,780,456	66,144,729
Purchase of equity interests in unconsolidated investments	(21,164,384)	(12,907,725)	(32,177,108)	(35,862,692)
Purchase of marketable securities	0	(4,979,088)	(6,479,148)	(6,039,567)
Distributions in excess of net income	336,000	0
Proceeds from sale of marketable securities	628,715	0	6,608,396	6,023,723
Net cash used in investing activities	(107,569,490)	(765,715)	(87,705,137)	(78,222,218)
Cash flows from financing activities:
Repayments of obligations under participation agreements	0	(3,962,509)	(101,722,161)	(5,855,759)
Proceeds from issuance of unsecured notes payable, net of discount			82,464,844	0
Proceeds from obligations under participation agreements	15,863,187	3,520,514	71,682,634	22,498,765
Proceeds from borrowings under repurchase agreement	131,949,549	0	44,569,600	22,860,134
Proceeds from borrowings under revolving line of credit	26,377,654	8,030,611	38,575,895	35,000,000
Distributions paid	(3,893,595)	(3,893,595)	(17,125,760)	(21,234,391)
Repayment of borrowings under the term loan	(93,763,471)	(2,600,000)	(16,585,001)	0
Proceeds from secured borrowing	2,850,520	3,751,680	16,239,256	18,281,848
Repayment of mortgage principal	(204,967)	(3,423,245)	(12,057,533)	(594,255)
Proceeds from borrowings under the term loan	0	1,469,656	2,764,020	107,584,451
Change in interest reserve and other deposits held on investments	646,956	(5,049,067)	(4,733,805)	(6,396,547)
Payment of financing costs	(895,247)	(641,446)	(2,295,347)	(2,361,369)
Repayment of borrowings under repurchase agreement			0	(103,994,570)
Repayment of borrowings under revolving line of credit	0		0	(35,000,000)
Payment for repurchase of common stock			0	(3,620,000)
Net cash provided by financing activities	78,930,586	(2,797,401)	101,776,642	52,665,381
Net increase in cash, cash equivalents and restricted cash	(25,529,827)	(5,320,264)	18,178,324	(17,629,377)
Cash, cash equivalents and restricted cash at beginning of year	51,098,647	32,920,323	32,920,323	50,549,700
Cash, cash equivalents and restricted cash at end of year (Note 2)	$ 25,568,820	$ 27,600,059	51,098,647	32,920,323
Terra Property Trust 2 Inc
Cash flows from financing activities:
Proceeds from issuance of common stock			0	16,897,074
Terra Offshore REIT
Cash flows from financing activities:
Proceeds from issuance of common stock			$ 0	$ 8,600,000

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows Consolidated Statement of Cash Flows - Supplemental cash information - (Parenthetical) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Statement of Cash Flows [Abstract]
Cash paid for interest	$ 4,920,363	$ 4,094,327	$ 22,219,386	$ 16,317,378

Consolidated Statement of Cash

Consolidated Statement of Cash Flow - Merger (Parenthetical)	2 Months Ended
	Mar. 01, 2020 USD ($) $ / shares shares
Terra Fund 7
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01
Terra Property Trust 2 Inc
Equity issued in the Merger	$ 34,630,615
Proceeds from equity issued in the Merger	16,897,074
Business Combination Consideration	17,733,541
Loans held for investment acquired through participation	17,688,741
Interest receivable	134,543
Other assets	18,384
Accounts payable and accrued expenses	(57,433)
Due to Manager	(50,694)
Net Assets Exchanged	$ 17,733,541
Business Combination Common Stock Shares | shares	2,116,785.76
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01
Terra Fund 7
Business Combination Common Stock Shares | shares	2,116,785.76

Consolidated Statements of Ca_3

Consolidated Statements of Cash Flows - Non-cash Proceeds from Issuance of Common Stock to TIF3 REIT (Parenthetical) - Terra Offshore Funds REIT	Mar. 02, 2020 USD ($)
Equity issued in the Merger	$ 40,749,378
Proceeds from equity issued to Terra Offshore REIT	8,600,000
Business Combination Consideration	32,149,378
Loans held for investment acquired through participation	32,112,257
Interest receivable	270,947
Due to Manager	(233,826)
Net Assets Exchanged	$ 32,149,378

Consolidated Statements of Ca_4

Consolidated Statements of Cash Flows - Non-cash Proceeds from Issuance of Common Stock to TIF3 REIT - Narrative (Parenthetical) - Terra Offshore Funds REIT - USD ($)		2 Months Ended
	Mar. 02, 2020	Mar. 01, 2020
Business Combination Common Stock Shares	2,457,684.59	2,116,785.76
Loans held for investment acquired through participation	$ 32,112,257
Proceeds from issuance of common stock	$ 8,600,000

Consolidated Statements of Ca_5

Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows - Supplemental Non-Cash Investing Activities - Lease termination (Parenthetical)	Dec. 31, 2021 USD ($)
Total assets	$ 693,542,158
Below Market Lease, Net	(9,709,710)
Contract Termination
Cash	142,620
Furniture and Fixtures	236,000
Total assets	378,620
In-place lease intangible assets	869,694
Below Market Lease, Net	(616,392)
Rent receivable	125,318
Net Assets	$ 378,620

Business

Business	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Note 1. Business Terra Property Trust, Inc. (and, together with its consolidated subsidiaries, the “Company” or “Terra Property Trust”) was incorporated under the general corporation laws of the State of Maryland on December 31, 2015. Terra Property Trust is a real estate credit focused company that originates, structures, funds and manages commercial real estate investments, including mezzanine loans, first mortgage loans, subordinated mortgage loans and preferred equity investments. The Company’s loans finance the acquisition, construction, development or redevelopment of quality commercial real estate in the United States. The Company focuses on the origination of middle market loans in the approximately $10 million to $50 million range, to finance properties in primary and secondary markets. On January 1, 2016, Terra Secured Income Fund 5, LLC (“Terra Fund 5”), the Company’s then parent, contributed its consolidated portfolio of net assets to the Company pursuant to a contribution agreement in exchange for shares of the Company’s common stock. Upon receipt of the contribution of the consolidated portfolio of net assets from Terra Fund 5, the Company commenced its operations on January 1, 2016. On March 2, 2020, the Company engaged in a series of transactions pursuant to which the Company issued an aggregate of 4,574,470.35 shares of its common stock in exchange for the settlement of an aggregate of $49.8 million of participation interests in loans held by the Company, cash of $25.5 million and other working capital. As of March 31, 2022, Terra JV, LLC (“Terra JV”) held 87.4% of the issued and outstanding shares of the Company’s common stock with the remainder held by Terra Offshore Funds REIT, LLC (“Terra Offshore REIT”). The Company has elected to be taxed, and to qualify annually thereafter, as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), commencing with the taxable year ended December 31, 2016. As a REIT, the Company is not subject to federal income taxes on income and gains distributed to the stockholders as long as certain requirements are satisfied, principally relating to the nature of income and the level of distributions, as well as other factors. The Company also operates its business in a manner that permits it to maintain its exemption from registration as an “investment company” under the Investment Company Act of 1940, as amended. The Company’s investment activities are externally managed by Terra REIT Advisors, LLC (“Terra REIT Advisors” or the “Manager”), a subsidiary of the Company’s sponsor, Terra Capital Partners, LLC (“Terra Capital Partners”), pursuant to a management agreement (the “Management Agreement”), under the oversight of the Company’s board of directors (Note 7). The Company does not currently have any employees and does not expect to have any employees. Services necessary for the Company’s business are provided by individuals who are employees of the Manager or by individuals who were contracted by the Company or by the Manager to work on behalf of the Company pursuant to the terms of the Management Agreement. On April 1, 2021, Mavik Capital Management, LP (“Mavik”), an entity controlled by Vikram S. Uppal, the Chief Executive Officer of the Company, completed a series of related transactions that resulted in all of the outstanding interests in Terra Capital Partners, being acquired by Mavik for a combination of cash and interests in Mavik (the “Recapitalization”). No amendments or other modifications were made to the Management Agreement in connection with the Recapitalization, and the Manager and its personnel continue to serve as the external manager of the Company pursuant to the terms of the Management Agreement.	Note 1. Business Terra Property Trust, Inc. (and, together with its consolidated subsidiaries, the “Company” or “Terra Property Trust”) was incorporated under the general corporation laws of the State of Maryland on December 31, 2015. Terra Property Trust is a real estate credit focused company that originates, structures, funds and manages commercial real estate investments, including mezzanine loans, first mortgage loans, subordinated mortgage loans and preferred equity investments. The Company’s loans finance the acquisition, construction, development or redevelopment of quality commercial real estate in the United States. The Company focuses on the origination of middle market loans in the approximately $10 million to $50 million range, to finance properties in primary and secondary markets. On January 1, 2016, Terra Secured Income Fund 5, LLC (“Terra Fund 5”), the Company’s then parent, contributed its consolidated portfolio of net assets to the Company pursuant to a contribution agreement in exchange for shares of the Company’s common stock. Upon receipt of the contribution of the consolidated portfolio of net assets from Terra Fund 5, the Company commenced its operations on January 1, 2016. On March 2, 2020, the Company engaged in a series of transactions pursuant to which the Company issued an aggregate of 4,574,470.35 shares of its common stock in exchange for the settlement of an aggregate of $49.8 million of participation interests in loans held by the Company, cash of $25.5 million and other working capital. As of December 31, 2021, Terra JV, LLC (“Terra JV”) held 87.4% of the issued and outstanding shares of the Company’s common stock with the remainder held by Terra Offshore REIT (Note 3). The Company has elected to be taxed, and to qualify annually thereafter, as a real estate investment trust (“REIT”) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), commencing with the taxable year ended December 31, 2016. As a REIT, the Company is not subject to federal income taxes on income and gains distributed to the stockholders as long as certain requirements are satisfied, principally relating to the nature of income and the level of distributions, as well as other factors. The Company also operates its business in a manner that permits it to maintain its exemption from registration as an “investment company” under the Investment Company Act of 1940, as amended. The Company’s investment activities are externally managed by Terra REIT Advisors, LLC (“Terra REIT Advisors” or the “Manager”), a subsidiary of the Company’s sponsor, Terra Capital Partners, LLC (“Terra Capital Partners”), pursuant to a management agreement (the “Management Agreement”), under the oversight of the Company’s board of directors (Note 8). The Company does not currently have any employees and does not expect to have any employees. Services necessary for the Company’s business are provided by individuals who are employees of the Manager or by individuals who were contracted by the Company or by the Manager to work on behalf of the Company pursuant to the terms of the Management Agreement. On April 1, 2021, Mavik Capital Management, LP (“Mavik”), an entity controlled by Vikram S. Uppal, the Chief Executive Officer of the Company, completed a series of related transactions that resulted in all of the outstanding interests in Terra Capital Partners, being acquired by Mavik for a combination of cash and interests in Mavik (the “Recapitalization”). No amendments or other modifications were made to the Management Agreement in connection with the Recapitalization, and the Manager and its personnel continue to serve as the external manager of the Company pursuant to the terms of the Management Agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include all of the Company’s accounts and those of its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or voting interest model. The Company is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Company determines it does not hold a variable interest in a VIE, it then applies the voting interest model. Under the voting interest model, the Company consolidates an entity when it holds a majority voting interest in an entity. The Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting (see Note 4). VIE Model An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of the equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the entity’s expected losses or right to receive the entity’s expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Under the VIE model, limited partnerships are considered a VIE unless the limited partners hold substantive kick-out Loans Held for Investment The Company originates, acquires, and structures real estate-related loans generally to be held to maturity. Loans held for investment are carried at the principal amount outstanding, adjusted for the accretion of discounts on investments and exit fees, and the amortization of premiums on investments and origination fees. The Company’s preferred equity investments, which are economically similar to mezzanine loans and subordinate to any loans but senior to common equity, are accounted for as loans held for investment. Loans are carried at cost less allowance for loan losses. Allowance for Loan Losses The Company’s loans are typically collateralized by either the sponsors’ equity interest in the real estate properties or the underlying real estate properties. As a result, the Company regularly evaluates the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan operations and/or reserve balances are sufficient to cover the debt service requirements currently and into the future; (ii) the ability of the borrower to refinance the loan; and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of the sponsor as well as its competency in managing and operating the real estate property. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market The Manager performs a quarterly evaluation for possible impairment of the Company’s portfolio of loans. A loan is impaired if it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. Impairment is measured based on the present value of expected future cash flows or the fair value of the collateral if the loan is collateral dependent. Upon measurement of impairment, the Company records an allowance to reduce the carrying value of the loan with a corresponding charge to net income. In conjunction with the quarterly evaluation of loans not considered impaired, the Manager assesses the risk factors of each loan and assigns each loan a risk rating between 1 and 5, which is an average of the numerical ratings in the following categories: (i) sponsor capability and financial condition; (ii) loan and collateral performance relative to underwriting; (iii) quality and stability of collateral cash flows and/or reserve balances; and (iv) loan to value. Based on a 5-point Risk Rating Description 1 Very low risk 2 Low risk 3 Moderate/average risk 4 Higher risk 5 Highest risk The Company records an allowance for loan losses equal to (i) 1.5% of the aggregate carrying amount of loans rated as a “4”, plus (ii) 5% of the aggregate carrying amount of loans rated as a “5”, plus (iii) impaired loan reserves, if any. There may be circumstances where the Company modifies a loan by granting the borrower a concession that it might not otherwise consider when a borrower is experiencing financial difficulty or is expected to experience financial difficulty in the foreseeable future. Such concessionary modifications are classified as troubled debt restructurings (“TDR”s) unless the modification solely results in a delay in a payment that is insignificant. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes. Equity Investment in Unconsolidated Investments The Company accounts for its equity interests in unconsolidated investments under the equity method of accounting, i.e., at cost, increased or decreased by its share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting. The Company evaluates its equity investment unconsolidated investments on a periodic basis to determine if there are any indicators that the value of its equity investments may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other- than-temporary, the Company measures the charge as the excess of the carrying value of its investment over its estimated fair value, which is determined by calculating its share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreements. Marketable Securities The Company from time to time invests in short term debt and equity securities. These securities are classified as available-for-sale Real Estate Owned, Net Real estate acquired is recorded at its estimated fair value at acquisition and is shown net of accumulated depreciation and impairment charges. Acquisition of properties generally are accounted for as asset acquisitions. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs, are accumulated and then allocated to individual assets and liabilities acquired based upon their relative fair value. The Company allocates the purchase price of its real estate acquisitions to land, building, tenant improvements, acquired in-place in-place Real estate assets are depreciated using the straight-line method over their estimated useful lives: buildings and improvements — not to exceed 40 years, and tenant improvements — shorter of the lease term or life of the asset. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life. Management reviews the Company’s real estate for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The review of recoverability is based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate assets. If impaired, the real estate asset will be written down to its estimated fair value. Assets Held for Sale The Company generally classifies real estate assets as held for sale when it has entered into a contract to sell the property, all material due diligence requirements have been satisfied, the Company received a non-refundable Leases The Company determines if an arrangement is a lease at inception. Operating leases in which the Company is the lessee are included in operating lease right-of-use ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s lease typically does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made in advance and excludes lease incentives if there were any. The Company’s lease term may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Revenue Recognition Revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Interest Income: non-accrual The Company holds loans in its portfolio that contain paid-in-kind Real Estate Operating Revenues: Other Revenues: Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments, with original maturities of ninety days or less when purchased, as cash equivalents. Cash and cash equivalents are exposed to concentrations of credit risk. The Company maintains all of its cash at financial institutions which, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation. Restricted cash represents cash held as additional collateral by the Company on behalf of the borrowers related to the investments in loans or preferred equity instruments for the purpose of such borrowers making interest and property-related operating payments. Restricted cash is not available for general corporate purposes. The related liability is recorded in “ Interest reserve and other deposits held on investments Cash held in escrow by lender represents amounts funded to an escrow account for debt services and tenant improvements. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in its consolidated statements of cash flows: March 31, 2022 2021 Cash and cash equivalents $ 9,858,153 $ 18,464,161 Restricted cash 8,058,767 7,096,549 Cash held in escrow by lender (1) 7,651,900 2,039,349 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 25,568,820 $ 27,600,059 (1) The Company has a cash management account with the lender to collect rental payment on the property used as collateral for a mortgage loan payable. As of March 31, 2022, approximately $3.8 million of the cash in the account was available for operational needs. Participation Interests Loan participations from the Company which do not qualify for sale treatment remain on the Company’s consolidated balance sheets and the proceeds are recorded as obligations under participation agreements. For the investments for which participation has been granted, the interest earned on the entire loan balance is recorded within “ Interest income Interest expense from obligations under participation agreements Obligations under Participation Agreements Term Loan The Company previously financed certain of its senior loans through borrowings under an indenture and credit agreement. The Company accounted for the borrowings as a term loan, which was carried at the contractual amount (cost), net of unamortized deferred financing fees. On February 18, 2022, the Company refinanced the Term Loan (as defined below) with a new repurchase agreement. See “Term Loan” in Note 8 for additional information. Repurchase Agreements The Company finances certain of its senior loans held for investment through repurchase transactions under master repurchase agreements. The Company accounts for the repurchase transactions as secured borrowing transactions, which are carried at their contractual amounts (cost), net of unamortized deferred financing fees. See “Repurchase Agreements” in Note 8 for additional information. Fair Value Measurements United States generally accepted accounting principles (“U.S. GAAP”) establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The Company has not elected the fair value option for its financial instruments, including loans held for investment, loans held for investment acquired through participation, obligations under participation agreements, secured borrowing, unsecured notes, mortgage loan payable, term loan payable, repurchase agreement payment and revolving line of credit. Such financial instruments are carried at cost, less impairment, where applicable. Marketable securities are financial instruments that are reported at fair value. Deferred Financing Costs Deferred financing costs represent fees and expenses incurred in connection with obtaining financing for investments. These costs are presented in the consolidated balance sheets as a direct deduction of the debt liability to which the costs pertain. These costs are amortized using the effective interest method and are included in interest expense on the applicable borrowings in the consolidated statements of operations over the life of the borrowings. Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code commencing with the taxable year ended December 31, 2016. In order to qualify as a REIT, the Company is required, among other things, to distribute at least 90% of its REIT net taxable income to the stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to federal income taxes on income and gains distributed to the stockholders as long as certain requirements are satisfied, principally relating to the nature of income and the level of distributions, as well as other factors. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax for taxable years before 2018) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. Any gains from the sale of foreclosed properties within two years are subject to U.S. federal and state income taxes at regular corporate rates. As of March 31, 2022, the Company has satisfied all the requirements for a REIT. The Company did not have any uncertain tax positions that met the recognition or measurement criteria of Accounting Standards Codification (“ASC”) 740-10-25, Income Taxes Earnings Per Share The Company has a simple equity capital structure with only common stock and preferred stock outstanding. As a result, earnings per share, as presented, represent both basic and dilutive per-share Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ from those estimates, and those differences could be material. The coronavirus (“COVID-19”) COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 Segment Information The Company’s primary business is originating, acquiring and structuring real estate-related loans related to high quality commercial real estate. From time to time, the Company may acquire real estate encumbering the senior loans through foreclosure. However, management treats the operations of the real estate acquired through foreclosure as the continuation of the original senior loans. The Company operates in a single segment focused on mezzanine loans, other loans and preferred equity investments, and to a lesser extent, owning and managing real estate. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, 2016-13”). 2016-13 2016-13 2019-05 2016-13 London Interbank Offered Rate (“LIBOR”) is a benchmark interest rate referenced in a variety of agreements that are used by all types of entities. In July 2017, the U.K. Financial Conduct Authority, which regulates the LIBOR administrator, ICE Benchmark Administration Limited (“IBA”), announced that it would cease to compel banks to participate in setting LIBOR as a benchmark by the end of 2021, which has subsequently been delay to June 30, 2023. In March 2020, the FASB issued ASU 2020-04, 2020-04”). 2020-04 No. 2021-01, 2021-01”). 2020-04 2021-01 2020-04 2021-01	Note 2. Summary of Significant Accounting Policies Principles of Consolidation The consolidated financial statements include all of the Company’s accounts and those of its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or voting interest model. The Company is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Company determines it does not hold a variable interest in a VIE, it then applies the voting interest model. Under the voting interest model, the Company consolidates an entity when it holds a majority voting interest in an entity. The Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting (see Note 5). VIE Model An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of the equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the entity’s expected losses or right to receive the entity’s expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Under the VIE model, limited partnerships are considered a VIE unless the limited partners hold substantive kick-out Loans Held for Investment The Company originates, acquires, and structures real estate-related loans generally to be held to maturity. Loans held for investment are carried at the principal amount outstanding, adjusted for the accretion of discounts on investments and exit fees, and the amortization of premiums on investments and origination fees. The Company’s preferred equity investments, which are economically similar to mezzanine loans and subordinate to any loans but senior to common equity, are accounted for as loans held for investment. Loans are carried at cost less allowance for loan losses. Allowance for Loan Losses The Company’s loans are typically collateralized by either the sponsors’ equity interest in the real estate properties or the underlying real estate properties. As a result, the Company regularly evaluates the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan sub-market expenses, the borrower’s exit plan, the capitalization and discount rates; (ii) site inspections; and (iii) current credit spreads and discussions with market participants. The Manager performs a quarterly evaluation for possible impairment of the Company’s portfolio of loans. A loan is impaired if it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. Impairment is measured based on the present value of expected future cash flows or the fair value of the collateral if the loan is collateral dependent. Upon measurement of impairment, the Company records an allowance to reduce the carrying value of the loan with a corresponding charge to net income. In conjunction with the quarterly evaluation of loans not considered impaired, the Manager assesses the risk factors of each loan and assigns each loan a risk rating between 1 and 5, which is an average of the numerical ratings in the following categories: (i) sponsor capability and financial condition; (ii) loan and collateral performance relative to underwriting; (iii) quality and stability of collateral cash flows and/or reserve balances; and (iv) loan to value. Based on a 5-point Risk Rating Description 1 Very low risk 2 Low risk 3 Moderate/average risk 4 Higher risk 5 Highest risk The Company records an allowance for loan losses equal to (i) 1.5% of the aggregate carrying amount of loans rated as a “4”, plus (ii) 5% of the aggregate carrying amount of loans rated as a “5”, plus (iii) impaired loan reserves, if any. There may be circumstances where the Company modifies a loan by granting the borrower a concession that it might not otherwise consider when a borrower is experiencing financial difficulty or is expected to experience financial difficulty in the foreseeable future. Such concessionary modifications are classified as troubled debt restructurings (“TDR”s) unless the modification solely results in a delay in a payment that is insignificant. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes. Equity Investment in Unconsolidated Investments The Company accounts for its equity interests in unconsolidated investments under the equity method of accounting, i.e., at cost, increased or decreased by its share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting. The Company evaluates its equity investment unconsolidated investments on a periodic basis to determine if there are any indicators that the value of its equity investments may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, the Company measures the charge as the excess of the carrying value of its investment over its estimated fair value, which is determined by calculating its share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreements. Marketable Securities The Company from time to time invests in short term debt and equity securities. These securities are classified as available-for-sale recognized in earnings. Changes in the fair value of debt securities are reported in other comprehensive income until a gain or loss on the securities is realized. Real Estate Owned, Net Real estate acquired is recorded at its estimated fair value at acquisition and is shown net of accumulated depreciation and impairment charges. Acquisition of properties generally are accounted for as asset acquisitions. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs, are accumulated and then allocated to individual assets and liabilities acquired based upon their relative fair value. The Company allocates the purchase price of its real estate acquisitions to land, building, tenant improvements, acquired in-place in-place Real estate assets are depreciated using the straight-line method over their estimated useful lives: buildings and improvements — not to exceed 40 years, and tenant improvements — shorter of the lease term or life of the asset. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life. Management reviews the Company’s real estate for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The review of recoverability is based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate assets. If impaired, the real estate asset will be written down to its estimated fair value. Leases The Company determines if an arrangement is a lease at inception. Operating leases in which the Company is the lessee are included in operating lease right-of-use ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s lease typically does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made in advance and excludes lease incentives if there were any. The Company’s lease term may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Revenue Recognition Revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Interest Income: non-accrual The Company holds loans in its portfolio that contain paid-in-kind Real Estate Operating Revenues: Other Revenues: Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments, with original maturities of ninety days or less when purchased, as cash equivalents. Cash and cash equivalents are exposed to concentrations of credit risk. The Company maintains all of its cash at financial institutions which, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation. Restricted cash represents cash held as additional collateral by the Company on behalf of the borrowers related to the investments in loans or preferred equity instruments for the purpose of such borrowers making interest and property-related operating payments. Restricted cash is not available for general corporate purposes. The related liability is recorded in “ Interest reserve and other deposits held on investments Cash held in escrow by lender represents amounts funded to an escrow account for debt services and tenant improvements. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in its consolidated statements of cash flows: December 31, 2021 2020 Cash and cash equivalents $ 35,783,956 $ 18,607,952 Restricted cash 7,411,811 12,145,616 Cash held in escrow by lender 7,902,880 2,166,755 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 51,098,647 $ 32,920,323 Participation Interests Loan participations from the Company which do not qualify for sale treatment remain on the Company’s consolidated balance sheets and the proceeds are recorded as obligations under participation agreements. For the investments for which participation has been granted, the interest earned on the entire loan balance is recorded within “ Interest income Interest expense from obligations under participation agreements Obligations under Participation Agreements Term Loan The Company finances certain of its senior loans through borrowings under an indenture and credit agreement. The Company accounts for the borrowings as a term loan, which is carried at the contractual amount (cost), net of unamortized deferred financing fees. Repurchase Agreement The Company financed certain of its senior loans through repurchase transactions under a master repurchase agreement. The Company accounted for the repurchase transactions as secured borrowing transactions, which are carried at their contractual amounts (cost), net of unamortized deferred financing fees. Fair Value Measurements United States generally accepted accounting principles (“U.S. GAAP”) establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The Company has not elected the fair value option for its financial instruments, including loans held for investment, loans held for investment acquired through participation, obligations under participation agreements, secured borrowing, unsecured notes, mortgage loan payable, term loan payable, repurchase agreement payment and revolving line of credit. Such financial instruments are carried at cost, less impairment, where applicable. Marketable securities are financial instruments that are reported at fair value. Deferred Financing Costs Deferred financing costs represent fees and expenses incurred in connection with obtaining financing for investments. These costs are presented in the consolidated balance sheets as a direct deduction of the debt liability to which the costs pertain. These costs are amortized using the effective interest method and are included in interest expense on the applicable borrowings in the consolidated statements of operations over the life of the borrowings. Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code commencing with the taxable year ended December 31, 2016. In order to qualify as a REIT, the Company is required, among other things, to distribute at least 90% of its REIT net taxable income to the stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to federal income taxes on income and gains distributed to the stockholders as long as certain requirements are satisfied, principally relating to the nature of income and the level of distributions, as well as other factors. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax for taxable years before 2018) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. Any gains from the sale of foreclosed properties within two years are subject to U.S. federal and state income taxes at regular corporate rates. As of December 31, 2021, the Company has satisfied all the requirements for a REIT. The Company did not have any uncertain tax positions that met the recognition or measurement criteria of Accounting Standards Codification (“ASC”) 740-10-25, Income Taxes Earnings Per Share The Company has a simple equity capital structure with only common stock and preferred stock outstanding. As a result, earnings per share, as presented, represent both basic and dilutive per-share Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ from those estimates, and those differences could be material. The coronavirus (“COVID-19”) COVID-19 COVID-19 COVID-19 any new strains of the virus that are resistant to available vaccines, the impact of government stimulus, new information that may emerge concerning the severity of the COVID-19 COVID-19 COVID-19 Segment Information The Company’s primary business is originating, acquiring and structuring real estate-related loans related to high quality commercial real estate. From time to time, the Company may acquire real estate encumbering the senior loans through foreclosure. However, management treats the operations of the real estate acquired through foreclosure as the continuation of the original senior loans. The Company operates in a single segment focused on mezzanine loans, other loans and preferred equity investments, and to a lesser extent, owning and managing real estate. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, 2016-13”). 2016-13 2016-13 2019-05 2016-13 London Interbank Offered Rate (“LIBOR”) is a benchmark interest rate referenced in a variety of agreements that are used by all types of entities. In July 2017, the U.K. Financial Conduct Authority, which regulates the LIBOR administrator, ICE Benchmark Administration Limited (“IBA”), announced that it would cease to compel banks to participate in setting LIBOR as a benchmark by the end of 2021, which has subsequently been delay to June 30, 2023. In March 2020, the FASB issued ASU 2020-04, 2020-04”). 2020-04 No. 2021-01, 2021-01”). 2020-04 2021-01 same economic position as LIBOR. As a result, the Company does not expect the reference rate reform and the adoption of ASU 2020-04 2021-01

Merger and Issuance of Common S

Merger and Issuance of Common Stock to Terra Offshore REIT	12 Months Ended
	Dec. 31, 2021
Business Combinations [Abstract]
Merger and Issuance of Common Stock to Terra Offshore REIT	Note 3. Merger and Issuance of Common Stock to Terra Offshore REIT Merger On February 28, 2020, the Company entered into the Merger Agreement pursuant to which TPT2 was merged with and into the Company, with the Company continuing as the surviving corporation, effective March 1, 2020. In connection with the Merger, each share of common stock, par value $0.01 per share, of TPT2 issued and outstanding immediately prior to the effective time of the Merger was converted into the right to receive from the Company a number of shares of common stock, par value $0.01 per share, of the Company equal to an exchange ratio, which was 1.2031. The exchange ratio was based on the relative net asset values of the Company and TPT2 as of December 31, 2019 as adjusted to reflect changes in the net working capital of each of the Company and TPT2 during the period from January 1, 2020 through March 1, 2020, the effective time for the Merger. For purposes of determining the respective fair values of the Company and TPT2, the value of the loans (or participation interests therein) held by each of the Company and TPT2 was the value of such loans (or participation interests) as set forth in the audited financial statements of the Company as of and for the year ended December 31, 2019. As a result, Terra Fund 7, the sole stockholder of TPT2, received 2,116,785.76 shares of common stock of the Company as consideration in the Merger. The shares of common stock were issued in a private placement in reliance on Section 4(a)(2) under the Securities Act of 1933, as amended (the “Securities Act”), and the rules and regulations promulgated thereunder. The following table presents a summary of the consideration exchanged and settlement of the Company’s obligations under participation agreements as a result of the Merger: Total Consideration Equity issued in the Merger $ 34,630,615 $ 34,630,615 Net Assets of TPT2 Received in the Merger Loans held for investment acquired through participation $ 17,688,741 Cash and cash equivalents 16,897,074 Interest receivable 134,543 Other assets 18,384 Accounts payable and accrued expenses (57,433 ) Due to Manager (50,694 ) Total identifiable net assets $ 34,630,615 The fair value of the 2,116,785.76 shares of the Company’s stock issued in the Merger as consideration paid for TPT2 was derived from the fair value per share of the Company as of December 31, 2019 as adjusted to reflect the change in the net working capital of the Company during the period from January 1, 2020 through March 1, 2020, the effective time of the Merger. In connection with the Merger, the size of the board of directors of the Company was reduced from eight directors to four directors, with Andrew M. Axelrod, Vikram S. Uppal, Roger H. Beless and Michael L. Evans continuing as directors of the Company. On November 10, 2021, Andrew M. Axelrod, resigned as the Company’s director effectively immediately. Following Mr. Axelrod’s resignation, the size of the board of directors of the Company was reduced from four directors to three directors. Issuance of Common Stock to Terra Offshore REIT In addition, on March 2, 2020, the Company entered into two separate contribution agreements, one by and among the Company, Terra Offshore REIT and TIFI, and another by and among the Company, Terra Offshore REIT and Fund 5 International, pursuant to which the Company issued 2,457,684.59 shares of common stock of the Company to Terra Offshore REIT in exchange for the settlement of $32.1 million of participation interests in loans also held by the Company, $8.6 million in cash and other net working capital. The shares of common stock were issued in a private placement in reliance on Section 4(a)(2) under the Securities Act and the rules and regulations promulgated thereunder. The fair value of the 2,457,684.59 shares of the Company’s stock issued in the transaction as consideration paid for Terra Offshore REIT was derived from the fair value per share of the Company as of December 31, 2019, which was the most recently determined fair value per share of the Company. The following table presents a summary of the consideration exchanged and settlement of the Company’s obligations under participation agreements as a result of the Issuance of Common Stock to Terra Offshore REIT: Total Consideration Equity issued to Terra Offshore REIT $ 40,749,378 $ 40,749,378 Net Assets of Terra Offshore REIT Received Investments through participation interest, at fair value $ 32,112,257 Cash and cash equivalents 8,600,000 Interest receivable 270,947 Due to Manager (233,826 ) Total identifiable net assets $ 40,749,378 On April 29, 2020, the Company repurchased 212,691 shares of common stock at a price of $17.02 per share that the Company had previously sold to Terra Offshore REIT on September 30, 2019 (Note 8). Terra JV, LLC Prior to the completion of the Merger and the Issuance of Common Stock to Terra Offshore REIT transactions described above, Terra Fund 5 owned approximately 98.6% of the issued and outstanding shares of the Company’s common stock indirectly through its wholly owned subsidiary, Terra JV, of which Terra Fund 5 was the sole managing member, and the remaining issued and outstanding shares of the Company’s common stock were owned by Terra Offshore REIT. As described above, the Company acquired TPT2 in the Merger and, in connection with such transaction, Terra Fund 7 contributed the shares of the Company’s common stock received as consideration in the Merger to Terra JV and became a co-managing On March 2, 2020, the Company, Terra Fund 5, Terra JV and Terra REIT Advisors also entered into the Amended and Restated Voting Agreement (the “Voting Agreement”), pursuant to which Terra Fund 5 assigned its rights and obligations under the Voting Agreement to Terra JV. Consistent with the original voting agreement dated February 8, 2018, for the period that Terra REIT Advisors remains the external manager of the Company, Terra REIT Advisors will have the right to nominate two individuals to serve as directors of the Company and, until Terra JV no longer holds at least 10% of the outstanding shares of the Company’s common stock, Terra JV will have the right to nominate one individual to serve as a director of the Company. As of December 31, 2021, Terra JV owns 87.4% of the issued and outstanding shares of the Company’s common stock with the remainder held by Terra Offshore REIT, and Terra Fund 5 and Terra Fund 7 own an 87.6% and 12.4% interest, respectively, in Terra JV. Net Loss on Extinguishment of Obligations Under Participation Agreements As discussed in Note 7, in the normal course of business, the Company may enter into participation agreements with related parties, primarily other affiliated funds managed by the Manager, and to a lesser extent, unrelated parties. The obligations under participation agreements were released as a result of the Merger and the Issuance of Common Stock to Terra Offshore REIT. In connection with these transactions, the Company recognized a net loss of $0.3 million for the three months ended March 31, 2020, which was primarily related to transaction costs incurred in connection with both transactions.

Loans Held for Investment

Loans Held for Investment	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Loans Held for Investment	Note 3. Loans Held for Investment Portfolio Summary The following table provides a summary of the Company’s loan portfolio as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Fixed Rate Floating (1)(2)(3) Total Fixed Rate Floating (1)(2)(3) Total Number of loans 7 18 25 6 15 21 Principal balance $ 97,914,340 $ 469,606,633 $ 567,520,973 $ 74,880,728 $ 405,270,423 $ 480,151,151 Carrying value $ 99,264,597 $ 458,754,403 $ 558,019,000 $ 75,520,212 $ 394,153,102 $ 469,673,314 Fair value $ 99,045,593 $ 457,961,364 $ 557,006,957 $ 75,449,410 $ 391,752,209 $ 467,201,619 Weighted-average coupon rate 12.92 % 7.16 % 8.15 % 12.39 % 7.01 % 7.85 % Weighted-average remaining term (years) 1.98 1.32 1.44 1.93 1.45 1.53 (1) These loans pay a coupon rate of LIBOR or Secured Overnight Financing Rate (“SOFR”), as applicable, plus a fixed spread. Coupon rate shown was determined using LIBOR of 0.45% and SOFR of 0.16% as of March 31, 2022 and LIBOR of 0.10% as of December 31, 2021. (2) As of March 31, 2022 and December 31, 2021, amount included $351.1 million and $290.6 million of senior mortgages used as collateral for $241.5 million and $176.9 million of borrowings under credit facilities, respectively (Note 8). (3) As of March 31, 2022 and December 31, 2021, sixteen and thirteen of these loans, respectively, are subject to a LIBOR or SOFR floor, as applicable. Lending Activities The following table presents the activities of the Company’s loan portfolio for the three months ended March 31, 2022 and 2021: Loans Held for Loans Held for through Interests Total Balance, January 1, 2022 $ 457,329,582 $ 12,343,732 $ 469,673,314 New loans made 87,538,133 581,688 88,119,821 Principal repayments received (750,000 ) — (750,000 ) Net amortization of premiums on loans (15,348 ) — (15,348 ) Accrual, payment and accretion of investment-related fees and other, net 1,029,625 11,884 1,041,509 Provision for loan losses (50,296 ) — (50,296 ) Balance, March 31, 2022 $ 545,081,696 $ 12,937,304 $ 558,019,000 Loans Held for Loans Held for through Interests Total Balance, January 1, 2021 $ 417,986,462 $ 4,294,053 $ 422,280,515 New loans made 14,410,706 — 14,410,706 Principal repayments received (31,531,804 ) — (31,531,804 ) PIK interest (1) 676,646 — 676,646 Net amortization of premiums on loans (15,348 ) — (15,348 ) Accrual, payment and accretion of investment-related fees and other, net 526,081 (1,905 ) 524,176 Provision for loan losses (276,020 ) — (276,020 ) Balance, March 31, 2021 $ 401,776,723 $ 4,292,148 $ 406,068,871 (1) Certain loans in the Company’s portfolio contain PIK interest provisions. The PIK interest represents contractually deferred interest that is added to the principal balance. PIK interest related to obligations under participation agreements amounted $0.5 million for the three months ended March 31, 2021. Portfolio Information The tables below detail the types of loans in the Company’s loan portfolio, as well as the property type and geographic location of the properties securing these loans as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Loan Structure Principal Carrying Value % of Principal Carrying Value % of First mortgages $ 410,635,036 $ 413,619,050 74.1 % $ 345,454,454 $ 348,101,455 74.0 % Preferred equity investments 93,441,580 93,607,463 16.8 % 92,252,340 92,400,572 19.7 % Credit facility 46,000,000 46,885,375 8.4 % 25,000,000 25,206,964 5.4 % Mezzanine loans 17,444,357 17,615,889 3.2 % 17,444,357 17,622,804 3.8 % Allowance for loan losses — (13,708,777 ) (2.5 )% — (13,658,481 ) (2.9 )% Total $ 567,520,973 $ 558,019,000 100.0 % $ 480,151,151 $ 469,673,314 100.0 % March 31, 2022 December 31, 2021 Property Type Principal Carrying Value % of Principal Carrying Value % of Office $ 229,192,520 $ 230,101,500 41.2 % $ 221,596,870 $ 222,426,872 47.3 % Multifamily 120,216,869 122,074,241 21.9 % 80,805,787 81,835,756 17.4 % Industrial 67,571,608 67,606,537 12.1 % 32,000,000 32,206,964 6.9 % Hotel — full/select service 56,918,328 57,520,720 10.3 % 56,847,381 57,395,682 12.2 % Infill land 33,807,563 33,895,151 6.1 % 28,960,455 28,923,827 6.2 % Student housing 31,000,000 31,667,292 5.7 % 31,000,000 31,565,670 6.7 % Mixed use 28,814,085 28,862,336 5.2 % 28,940,658 28,977,024 6.2 % Allowance for loan losses — (13,708,777 ) (2.5 )% — (13,658,481 ) (2.9 )% Total $ 567,520,973 $ 558,019,000 100.0 % $ 480,151,151 $ 469,673,314 100.0 % March 31, 2022 December 31, 2021 Geographic Location Principal Carrying Value % of Principal Carrying Value % of United States California $ 241,635,304 $ 243,830,108 43.7 % $ 234,968,151 $ 237,015,597 50.4 % New York 93,441,580 93,607,463 16.8 % 92,252,340 92,400,572 19.7 % Georgia 53,970,491 54,221,854 9.7 % 53,289,288 53,536,884 11.4 % North Carolina 45,781,188 46,026,460 8.2 % 44,492,971 44,704,699 9.5 % New Jersey 35,571,608 35,391,604 6.3 % — — — % Utah 28,000,000 28,529,857 5.1 % 28,000,000 28,420,056 6.1 % Washington 24,424,855 24,487,967 4.4 % 3,523,401 3,382,683 0.7 % Pennsylvania 21,000,000 21,670,442 3.9 % — — — % Texas 13,695,947 13,824,587 2.5 % 13,625,000 13,725,690 2.9 % Massachusetts 7,000,000 7,000,000 1.3 % 7,000,000 7,000,000 1.5 % South Carolina 3,000,000 3,137,435 0.6 % 3,000,000 3,145,614 0.7 % Allowance for loan losses — (13,708,777 ) (2.5 )% — (13,658,481 ) (2.9 )% Total $ 567,520,973 $ 558,019,000 100.0 % $ 480,151,151 $ 469,673,314 100.0 % Loan Risk Rating As described in Note 2, the Manager evaluates the Company’s loan portfolio on a quarterly basis or more frequently as needed. In conjunction with the quarterly review of the Company’s loan portfolio, the Manager assesses the risk factors of each loan, and assigns a risk rating based on a five-point scale with “1” being the lowest risk and “5” being the greatest risk. The following table allocates the principal balance and the carrying value of the Company’s loans based on the loan risk rating as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Loan Risk Rating Number of Principal Carrying Value % of Number of Principal Carrying Value % of 1 — $ — $ — — % — $ — $ — — % 2 2 25,000,000 25,041,590 4.4 % 2 25,000,000 25,041,124 5.2 % 3 19 435,383,446 439,254,137 76.8 % 15 349,273,811 352,164,409 72.9 % 4 1 60,583,057 60,583,057 10.6 % 1 60,012,639 60,012,639 12.4 % 5 — — — — % — — — — % Other (1) 3 46,554,470 46,848,993 8.2 % 3 45,864,701 46,113,623 9.5 % 25 $ 567,520,973 571,727,777 100.0 % 21 $ 480,151,151 483,331,795 100.0 % Allowance for loan losses (13,708,777 ) (13,658,481 ) Total, net of allowance for loan losses $ 558,019,000 $ 469,673,314 (1) Because these loans have an event of default, they are removed from the pool of loans on which a general allowance is calculated and are evaluated for collectability individually. As of both March 31, 2022 and December 31, 2021, the specific allowance for loan losses on these loans were $12.8 million, as a result of a decline in the fair value of the respective collateral. As of March 31, 2022, the Company had one loan with a loan risk rating of “4” and no loans with a loan risk rating of “5” and recorded general allowance for loan losses of $0.01 million for the three months ended March 31, 2022. As of March 31, 2021, the Company had three loans with a loan risk rating of “4” and one loan with a loan risk rating of “5” and recorded general allowance for loan losses of $0.04 million for the three months ended March 31, 2021. Additionally, as of March 31, 2022 and 2021, the Company had three and one loans, respectively, deemed impaired and recorded specific allowance for loan losses of $0.04 million and $0.2 million, respectively, as a result of a decline in the value of the underlying collateral. The following table presents the activity in the Company’s allowance for loan losses for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Allowance for loan losses, beginning of period $ 13,658,481 $ 3,738,758 Provision for loan losses 50,296 276,020 Charge-offs — — Recoveries — — Allowance for loan losses, end of period $ 13,708,777 $ 4,014,778 As of both March 31, 2022 and December 31, 2021, the Company had one loan that was in maturity default. Additionally, for the three months ended March 31, 2022 and 2021, the Company suspended interest income accrual of $1.1 million and $0.7 million on two loans, respectively, because recovery of such income was doubtful. Troubled Debt Restructuring As of March 31, 2022 and December 31, 2021, the Company had a recorded investment in troubled debt restructuring of $13.7 million. Due to financial difficulty resulting from the COVID-19 310-40. The following table summarizes the recorded investment of TDR as of the date of restructuring: Number of loans modified 1 Pre-modified $ 18,503,470 Post-modified recorded carrying value (1) $ 13,625,000 (1) As of March 31, 2022, the principal balance of this loan was $13.7 million and the carrying value of this loan, which includes the present value of the exit fee, was $13.8 million. There is no allowance for loan losses recorded for this new senior loan. Once classified as a TDR, the new senior loan is classified as an impaired loan until it is extinguished and the carrying value is evaluated at each reporting date for collectability based on the fair value of the underlying collateral. Since the fair value of the collateral is greater than the carrying value of the new senior loan, no specific allowance was recorded as of March 31, 2022. For the three months ended March 31, 2022, interest income from the new senior loan was $0.3 million. In April 2022, this loan was repaid in full.	Note 4. Loans Held for Investment Portfolio Summary The following table provides a summary of the Company’s loan portfolio as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Fixed Rate Floating (1)(2)(3) Total Fixed Rate Floating (1)(2)(3) Total Number of loans 6 15 21 6 14 20 Principal balance $ 74,880,728 $ 405,270,423 $ 480,151,151 $ 56,335,792 $ 367,838,966 $ 424,174,758 Carrying value $ 75,520,212 $ 394,153,102 $ 469,673,314 $ 56,464,310 $ 365,816,205 $ 422,280,515 Fair value $ 75,449,410 $ 391,752,209 $ 467,201,619 $ 56,284,334 $ 363,122,860 $ 419,407,194 Weighted-average coupon rate 12.39 % 7.01 % 7.85 % 12.17 % 7.95 % 8.51 % Weighted-average remaining term (years) 1.93 1.45 1.53 1.78 1.44 1.48 (1) These loans pay a coupon rate of LIBOR plus a fixed spread. Coupon rate shown was determined using LIBOR of 0.10% and 0.14% as of December 31, 2021 and 2020, respectively. (2) As of December 31, 2021 and 2020, amounts included $163.1 million and $184.2 million of senior mortgages used as collateral for $93.8 million and $107.6 million of borrowings under a term loan, respectively (Note 9). As of December 31, 2021, amounts also included $60.1 million of senior mortgages used as collateral for $38.6 million of borrowings under a revolving line of credit and $67.4 million of senior mortgages used as collateral for $44.6 million of borrowings under a repurchase agreement. Borrowings under the term loan bear interest at an annual rate of LIBOR plus 4.25% with a LIBOR floor of 1.00%. Borrowings under the revolving line of credit bear interest at a minimum rate of 4.0%. Borrowings under the repurchase agreement bears interest at an annual rate of LIBOR plus an applicable spread which ranges from 1.60% to 1.85%. (3) As of December 31, 2021 and 2020, thirteen and twelve of these loans, respectively, are subject to a LIBOR floor. Lending Activities The following table presents the activities of the Company’s loan portfolio for the years ended December 31, 2021 and 2020: Loans Held for Loans Held for Total Balance, January 1, 2021 $ 417,986,462 $ 4,294,053 $ 422,280,515 New loans made 240,130,367 12,307,366 252,437,733 Principal repayments received (192,530,456 ) (4,250,000 ) (196,780,456 ) PIK interest (1) 1,955,109 — 1,955,109 Net amortization of premiums on loans (61,390 ) — (61,390 ) Accrual, payment and accretion of investment-related fees and other, net 1,405,206 (7,687 ) 1,397,519 Realized loss on loan repayments (2)(3) (651,553 ) — (651,553 ) Provision for loan losses (10,904,163 ) — (10,904,163 ) Balance, December 31, 2021 $ 457,329,582 $ 12,343,732 $ 469,673,314 Loans Held for Loans Held for Total Balance, January 1, 2020 $ 375,462,222 $ 3,150,546 $ 378,612,768 New loans made 107,359,299 1,129,112 108,488,411 Principal repayments received (66,144,729 ) — (66,144,729 ) PIK interest (1) 4,442,759 — 4,442,759 Net amortization of premiums on loans (61,391 ) — (61,391 ) Accrual, payment and accretion of investment-related fees, net 667,060 14,395 681,455 Provision for loan losses (3,738,758 ) — (3,738,758 ) Balance, December 31, 2020 $ 417,986,462 $ 4,294,053 $ 422,280,515 (1) Certain loans in the Company’s portfolio contain PIK interest provisions. The PIK interest represents contractually deferred interest that is added to the principal balance. PIK interest related to obligations under participation agreements amounted to $1.0 million and $1.5 million for the years ended December 31, 2021 and 2020, respectively. (2) On September 2, 2021, the Company foreclosed on a hotel property encumbered by a first mortgage and the related subordinated mezzanine loan, both of which were held by the Company, with an aggregate principal balance $14.6 million. On September 23, 2021, the hotel property was sold to a third party for $13.8 million. The net proceeds from the sale, together with a payment under a contractual guarantee of $0.8 million from the borrower, were used to pay off both loans in full. In connection with the loan repayment, the related obligation under participation agreement of $6.4 million was simultaneously satisfied. In connection with the loan repayment, the Company recorded a loss of $0.4 million related to the write-off (3) Amount also included realized loss of $0.3 million related to the TDR transaction described below. Portfolio Information The tables below detail the types of loans in the Company’s loan portfolio, as well as the property type and geographic location of the properties securing these loans as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Loan Structure Principal Balance Carrying Value % of Total Principal Balance Carrying Value % of Total First mortgages $ 345,454,454 $ 348,101,455 74.0 % $ 254,042,847 $ 255,093,989 60.5 % Preferred equity investments 92,252,340 92,400,572 19.7 % 141,590,632 142,002,144 33.6 % Mezzanine loans 17,444,357 17,622,804 3.8 % 28,541,279 28,923,140 6.8 % Credit facility 25,000,000 25,206,964 5.4 % — — — % Allowance for loan losses — (13,658,481 ) (2.9 )% — (3,738,758 ) (0.9 )% Total $ 480,151,151 $ 469,673,314 100.0 % $ 424,174,758 $ 422,280,515 100.0 % December 31, 2021 December 31, 2020 Property Type Principal Balance Carrying Value % of Total Principal Balance Carrying Value % of Total Office $ 221,596,870 $ 222,426,872 47.3 % $ 182,698,225 $ 183,053,751 43.3 % Multifamily 80,805,787 81,835,756 17.4 % 150,873,173 151,768,347 35.9 % Hotel — full/select service 56,847,381 57,395,682 12.2 % 49,142,809 49,393,251 11.7 % Industrial 32,000,000 32,206,964 6.9 % 7,000,000 7,000,000 1.7 % Student housing 31,000,000 31,565,670 6.7 % 3,000,000 3,204,375 0.8 % Infill land 28,960,455 28,923,827 6.2 % 10,442,567 10,537,512 2.5 % Mixed use 28,940,658 28,977,024 6.2 % 16,767,984 16,767,984 4.0 % Hotel — extended stay — — — % 4,250,000 4,294,053 1.0 % Allowance for loan losses — (13,658,481 ) (2.9 )% — (3,738,758 ) (0.9 )% Total $ 480,151,151 $ 469,673,314 100.0 % $ 424,174,758 $ 422,280,515 100.0 % During the first quarter of 2021, the Company reclassified the property types of collateral on certain loans to multifamily to better reflect the tenant mix of each property. Additionally, the Company categorized hotel properties further to hotel — full/selected service and hotel — extended stay. The prior period amounts have been reclassified to conform to the current period presentation. December 31, 2021 December 31, 2020 Geographic Location Principal Balance Carrying Value % of Total Principal Balance Carrying Value % of Total United States California $ 234,968,151 $ 237,015,597 50.4 % $ 200,279,688 $ 200,990,328 47.6 % New York 92,252,340 92,400,572 19.7 % 79,187,004 79,310,276 18.8 % Georgia 53,289,288 53,536,884 11.4 % 74,116,787 74,505,752 17.6 % North Carolina 44,492,971 44,704,699 9.5 % 33,242,567 33,438,806 7.9 % Utah 28,000,000 28,420,056 6.1 % — — — % Texas 13,625,000 13,725,690 2.9 % 3,848,712 3,887,200 0.9 % Massachusetts 7,000,000 7,000,000 1.5 % 7,000,000 7,000,000 1.7 % Washington 3,523,401 3,382,683 0.7 % 23,500,000 23,682,536 5.6 % South Carolina 3,000,000 3,145,614 0.7 % 3,000,000 3,204,375 0.8 % Allowance for loan losses — (13,658,481 ) (2.9 )% — (3,738,758 ) (0.9 )% Total $ 480,151,151 $ 469,673,314 100.0 % $ 424,174,758 $ 422,280,515 100.0 % Loan Risk Rating As described in Note 2, the Manager evaluates the Company’s loan portfolio on a quarterly basis or more frequently as needed. In conjunction with the quarterly review of the Company’s loan portfolio, the Manager assesses the risk factors of each loan, and assigns a risk rating based on a five-point scale with “1” being the lowest risk and “5” being the greatest risk. The following table allocates the principal balance and the carrying value of the Company’s loans based on the loan risk rating as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Loan Risk Number of Principal Carrying Value % of Total Number of Principal Carrying Value % of Total 1 — $ — $ — — % — $ — $ — — % 2 2 25,000,000 25,041,124 5.2 % 1 7,000,000 7,000,000 1.6 % 3 15 349,273,811 352,164,409 72.9 % 14 323,696,475 325,284,285 76.4 % 4 1 60,012,639 60,012,639 12.4 % 3 72,861,587 73,079,804 17.2 % 5 — — — — % 1 3,848,712 3,887,200 0.9 % Other (1) 3 45,864,701 46,113,623 9.5 % 1 16,767,984 16,767,984 3.9 % 21 $ 480,151,151 483,331,795 100.0 % 20 $ 424,174,758 426,019,273 100.0 % Allowance for loan losses (13,658,481 ) (3,738,758 ) Total, net of allowance for loan losses $ 469,673,314 $ 422,280,515 (1) Because these loans have an event of default, they are removed from the pool of loans on which a general allowance is calculated and are evaluated for collectibility individually. As of December 31, 2021 and 2020, the specific allowance for loan losses on these loans were $12.8 million and $2.5 million, respectively, as a result of a decline in the fair value of the respective collateral. As of December 31, 2021, the Company had one loan with a loan risk rating of “4” and no loans with a loan risk rating of “5” and recorded general allowance for loan losses of $0.6 million for the year ended December 31, 2021. As of December 31, 2020, the Company had three loans with a loan risk rating of “4” and one loan with a loan risk rating of “5” and recorded general allowance for loan losses of $1.3 million for the year ended December 31, 2020. Additionally, as of December 31, 2021 and 2020, the Company had three and one loans, respectively, deemed impaired and recorded specific allowance for loan losses of $10.3 million and $2.5 million, respectively, as a result of a decline in the value of the underlying collateral. The following table presents the activity in the Company’s allowance for loan losses for the years ended December 31, 2021 and 2020: Years Ended December 31, 2021 2020 Allowance for loan losses, beginning of period $ 3,738,758 $ — Provision for loan losses 10,904,163 3,738,758 Charge-offs (1) (984,440 ) — Recoveries — — Allowance for loan losses, end of period $ 13,658,481 $ 3,738,758 (1) Amount related to the TDR described below. As of both December 31, 2021 and 2020, the Company had one loan that was in maturity default. Additionally, for the year ended December 31, 2021, the Company suspended interest income accrual of $3.6 million on three loans, because recovery of such income was doubtful. There was no suspension of such interest income for the year ended December 31, 2020. Troubled Debt Restructuring As of December 31, 2021, the Company had a recorded investment in troubled debt restructuring of $13.7 million. There were no such loans as of December 31, 2020. Due to financial difficulty resulting from the COVID-19 310-40. The following table summarizes the recorded investment of TDR as of the date of restructuring: Number of loans modified 1 Pre-modified $ 18,503,470 Post-modified recorded carrying value (1) $ 13,625,000 (1) As of December 31, 2021, the principal balance of this loan was $13.6 million and the carrying value of this loan, which includes the present value of the exit fee, was $13.7 million. There is no allowance for loan losses recorded for this new senior loan. Once classified as a TDR, the new senior loan is classified as an impaired loan until it is extinguished and the carrying value is evaluated at each reporting date for collectability based on the fair value of the underlying collateral. Since the fair value of the collateral is greater than the carrying value of the new senior loan, no specific allowance was recorded as of December 31, 2021. For the period ended December 31, 2021, interest income from the new senior loan was $0.3 million.

Equity Investment in Unconsolid

Equity Investment in Unconsolidated Investments	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Investment in a Limited Partnership	Note 4. Equity Investment in Unconsolidated Investments The Company owns interests in a limited partnership and three joint ventures. The Company accounts for its interests in these investments under the equity method of accounting (Note 2). The Company classifies distributions received from equity method investments using the cumulative earnings approach. Distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities. Equity Investment in a Limited Partnership On August 3, 2020, the Company entered into a subscription agreement with Mavik Real Estate Special Opportunities Fund, LP (“RESOF”) whereby the Company committed to fund up to $50.0 million to purchase a limited partnership interest in RESOF. RESOF’s primary investment objective is to generate attractive risk-adjusted returns by purchasing performing and non-performing debtor-in-possession The Company evaluated its equity interest in RESOF and determined it does not have a controlling financial interest and is not the primary beneficiary. Accordingly, the equity interest in RESOF is accounted for as an equity method investment. As of March 31, 2022 and December 31, 2021, the Company owned 44.2% and 50.0% of the equity interest in RESOF, respectively. As of March 31, 2022 and December 31, 2021, the carrying value of the Company’s investment in RESOF was $40.2 million and $40.5 million, respectively. For both the three months ended March 31, 2022 and 2021, the Company recorded equity income from RESOF of $1.3 million and did not receive any distributions from RESOF. In connection with the equity investment in RESOF, the Company paid origination fees to the Manager totaling $0.5 million, to be amortized to equity income on a straight-line basis over the life of RESOF. The following tables present summarized financial information of the Company’s equity investment in RESOF. Amounts provided are the total amounts attributable to the investment and do not represent the Company’s proportionate share: March 31, 2022 December 31, 2021 Investments at fair value (cost of $117,829,371 and $107,261,022, respectively) $ 119,003,881 $ 108,359,898 Other assets 15,892,206 5,484,087 Total assets 134,896,087 113,843,985 Revolving line of credit, net of financing costs 16,834,326 14,909,717 Obligations under participation agreement (proceeds of $15,523,107 and $14,252,357, respectively) 15,637,326 14,351,617 Other liabilities 13,361,069 5,296,603 Total liabilities 45,832,721 34,557,937 Partners’ capital $ 89,063,366 $ 79,286,048 Three Months Ended March 31, 2022 2021 Total investment income $ 4,844,664 $ 2,042,100 Total expenses 1,293,316 471,212 Net investment income 3,551,348 1,570,888 Unrealized appreciation on investments 69,051 53,697 Net increase in partners’ capital resulting from operations $ 3,620,399 $ 1,624,585 Equity Investment in Joint Ventures As of March 31, 2022, the Company owned equity interests in three joint ventures that invest in real estate properties. The Company evaluated its equity interests in the joint ventures and determined it does not have a controlling financial interest and is not the primary beneficiary. Accordingly, the equity interests in the joint ventures are accounted for as equity method investments. The following table presents the Company’s ownership interests in its equity investments in the joint ventures and their respective carrying values: Co-owner Ownership Interest at Carrying Value at Entity March 31, 2022 December 31, 2021 LEL Arlington JV LLC Third party 80 % $ 23,962,388 $ 23,949,044 LEL NW 49th JV LLC Third party 80 % 4,838,353 5,306,467 TCG Corinthian FL Portfolio JV LLV (1) Third Party 90 % 22,615,435 — $ 51,416,176 $ 29,255,511 (1) This investment was purchased in March 2022. The following tables present estimated combined summarized financial information of the Company’s equity investment in the joint ventures. Amounts provided are the total amounts attributable to the joint ventures and do not represent the Company’s proportionate share: March 31, 2022 December 31, 2021 Net investments in real estate $ 198,906,122 $ 115,636,424 Other assets 9,730,764 4,856,249 Total assets 208,636,886 120,492,673 Mortgage loan payable 145,641,352 83,445,235 Other liabilities 1,887,030 1,305,572 Total liabilities 147,528,382 84,750,807 Members’ capital $ 61,108,504 $ 35,741,866 Three Months Ended March 31, 2022 2021 Revenues $ 2,450,438 $ — Operating expenses (816,681 ) — Depreciation expense (690,831 ) $ — Interest expense (1,085,561 ) $ — Unrealized gains 235,511 $ — Net income $ 92,876 $ — For the three months ended March 31, 2022, the Company recorded equity income from the joint ventures of $0.1 million and received distributions from the joint ventures of $0.3 million. There was no such equity income or loss recorded or distributions received for the three months ended March 31, 2021. In connection with these investments, the Company paid origination fee to the Manager totaling $0.5 million, to be amortized to equity income over the life of the respective joint venture.	Note 5. Equity Investment in Unconsolidated Investments The Company owns interests in a limited partnership and two joint ventures. The Company accounts for its interests in these investments under the equity method of accounting (Note 2). The Company classifies distributions received from equity method investments using the cumulative earnings approach. Distributions received are considered returns on the investment and classified as cash inflows from operating activities. If, however, the investor’s cumulative distributions received, less distributions received in prior periods determined to be returns of investment, exceeds cumulative equity in earnings recognized, the excess is considered a return of investment and is classified as cash inflows from investing activities. Equity Investment in a Limited Partnership On August 3, 2020, the Company entered into a subscription agreement with Mavik Real Estate Special Opportunities Fund, LP (“RESOF”) (formerly known as Terra Real Estate Credit Opportunities Fund, LP) whereby the Company committed to fund up to $50.0 million to purchase a limited partnership interest in RESOF. RESOF’s primary investment objective is to generate attractive risk-adjusted returns by purchasing performing and non-performing debtor-in-possession The Company evaluated its equity interest in RESOF and determined it does not have a controlling financial interest and is not the primary beneficiary. Accordingly, the equity interest in RESOF is accounted for as an equity method investment. As of December 31, 2021 and 2020, the Company owned 50.0% and 90.3% of equity interest in RESOF, respectively. As of December 31, 2021 and 2020, the carrying value of the Company’s investment in RESOF was $40.5 million and $36.3 million, respectively. For the year ended December 31, 2021, the Company recorded equity income from RESOF of $6.2 million and received distributions of $3.5 million from RESOF. For the year ended December 31, 2020, the Company recorded equity income from RESOF of $0.04 million and did not received any distributions. In connection with the equity investment in RESOF, the Company paid origination fees to the Manager totaling $0.5 million, to be amortized to equity income on a straight-line basis over the life of RESOF. The following tables present summarized financial information of the Company’s equity investment in RESOF. Amounts provided are the total amounts attributable to the investment and do not represent the Company’s proportionate share: December 31, 2021 2020 Investments at fair value (cost of $107,261,022 and $44,174,031, respectively) $ 108,359,898 $ 44,715,979 Other assets 5,484,087 5,331,840 Total assets 113,843,985 50,047,819 Revolving line of credit, net of financing costs 14,909,717 — Obligations under participation agreement (proceeds of $14,252,357 and $6,295,100, respectively) 14,351,617 6,347,478 Other liabilities 5,296,603 4,204,147 Total liabilities 34,557,937 10,551,625 Partners’ capital $ 79,286,048 $ 39,496,194 Years Ended December 31, 2021 2020 Total investment income $ 11,769,083 $ 239,837 Total expenses 2,381,145 614,362 Net investment income (loss) 9,387,938 (374,525 ) Unrealized appreciation on investments 524,113 417,300 Net increase in partners’ capital resulting from operations $ 9,912,051 $ 42,775 Equity Investment in Joint Ventures In the fourth quarter of 2021, the Company purchased equity interests in two joint ventures that invest in real estate properties. The Company evaluated its equity interests in the joint ventures and determined it does not have a controlling financial interest and is not the primary beneficiary. Accordingly, the equity interests in the joint ventures are accounted for as equity method investments. The following table presents the Company’s ownership interests in its equity investments in the joint ventures and their respective carrying values: Ownership Carrying Value at Entity Co-owner 2021 2020 LEL Arlington JV LLC Third party 80 % $ 23,949,044 $ — LEL NW 49th JV LLC Third party 80 % 5,306,467 — $ 29,255,511 $ — The following tables present estimated combined summarized financial information of the Company’s equity investment in the joint ventures. Amounts provided are the total amounts attributable to the joint ventures and do not represent the Company’s proportionate share: December 31, 2021 2020 Net investments in real estate $ 115,636,424 $ — Other assets 4,856,249 — Total assets 120,492,673 — Mortgage loan payable 83,445,235 — Other liabilities 1,305,572 — Total liabilities 84,750,807 — Members’ capital $ 35,741,866 $ — Years Ended 2021 2020 Revenues $ 1,448,431 $ — Expenses 1,752,076 — Net loss $ (303,645 ) $ — For the year ended December 31, 2021, the Company recorded equity loss from the joint ventures of $0.2 million and did not receive any distributions. There was no such equity income or loss recorded or distributions received for the year ended December 31, 2020. In connection with these investments, the Company paid origination fee to the Manager totaling $0.3 million, to be amortize to equity income over the life of the respective joint venture.

Real Estate Owned, Net

Real Estate Owned, Net	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Owned, Net	Note 5. Real Estate Owned, Net Real Estate Activities 2022 — held-for-sale, 2021 — In November 2021, the Company received notice from a tenant of their intention to terminate its lease effective November 30, 2022. In connection with the lease termination, the Company received a termination fee of $3.1 million, to be amortized to income over the remaining life of the lease. In December 2021, the Company recorded an impairment charge of $3.4 million on the 4.9 acres of adjacent land in order to reduce the carrying value of the land to its estimated fair value, which is the estimated selling price less the cost of sale. Real Estate Owned, Net Real estate owned is comprised of 4.9 acres of adjacent land located in Pennsylvania and a multi-tenant office building, with lease intangible assets and liabilities, located in California. The following table presents the components of real estate owned, net: March 31, 2022 December 31, 2021 Cost Accumulated Net Cost Accumulated Net Real estate: Land (1) $ — $ — $ — $ 10,000,000 $ — $ 10,000,000 Building and building improvements 51,725,969 (4,741,596 ) 46,984,373 51,725,969 (4,418,305 ) 47,307,664 Tenant improvements 1,854,640 (1,016,689 ) 837,951 1,854,640 (947,369 ) 907,271 Furniture and fixtures 236,000 (149,467 ) 86,533 236,000 (125,867 ) 110,133 Total real estate 53,816,609 (5,907,752 ) 47,908,857 63,816,609 (5,491,541 ) 58,325,068 Lease intangible assets: In-place 14,982,538 (8,929,631 ) 6,052,907 14,982,538 (7,627,326 ) 7,355,212 Above-market rent 156,542 (64,372 ) 92,170 156,542 (59,983 ) 96,559 Total intangible assets 15,139,080 (8,994,003 ) 6,145,077 15,139,080 (7,687,309 ) 7,451,771 Lease intangible liabilities: Below-market rent (2,754,922 ) 1,746,889 (1,008,033 ) (2,754,922 ) 1,496,125 (1,258,797 ) Above-market ground lease (8,896,270 ) 477,945 (8,418,325 ) (8,896,270 ) 445,357 (8,450,913 ) Total intangible liabilities (11,651,192 ) 2,224,834 (9,426,358 ) (11,651,192 ) 1,941,482 (9,709,710 ) Total real estate $ 57,304,497 $ (12,676,921 ) $ 44,627,576 $ 67,304,497 $ (11,237,368 ) $ 56,067,129 (1) The land was reclassified as held-for-sale Real Estate Operating Revenues and Expenses The following table presents the components of real estate operating revenues and expenses that are included in the consolidated statements of operations: Three Months Ended March 31, 2022 2021 Real estate operating revenues: Lease revenue $ 1,754,561 $ 1,805,874 Other operating income 1,224,893 205,767 Total $ 2,979,454 $ 2,011,641 Real estate operating expenses: Utilities $ 45,334 $ 33,992 Real estate taxes 346,432 346,354 Repairs and maintenances 157,416 145,246 Management fees 67,868 61,325 Lease expense, including amortization of above-market ground lease (1) 487,163 283,538 Other operating expenses 113,750 100,860 Total $ 1,217,963 $ 971,315 (1) As discussed in “ Leases Leases As of March 31, 2022, the Company owned a multi-tenant office building that was leased to four tenants. In addition, the office building is subject to a ground lease whereby the Company is the lessee (or a tenant) to the ground lease. The ground lease had a remaining lease term of 64.6 years as of March 31, 2022, and provides for a new base rent every 5 years based on the greater of the annual base rent for the prior lease year or 9% of the fair market value of the land. The next rent reset on the ground lease is scheduled for November 1, 2025. The Company is currently litigating with the landlord with respect to the appropriate method for determining the fair value of the land for purposes of setting the ground rent — Terra Ocean Ave., LLC v. Ocean Avenue Santa Monica Realty LLC, Superior Court of California, Los Angeles County, Case No. 20STCV34217. The Company believes this determination should be based on comparable sales, while the landlord insists that the rent under the ground lease itself is also relevant. The Company’s position has prevailed in all three of the prior arbitrations to reset the ground rent. Since future rent reset determinations under the ground lease cannot be known at this time, the Company did not include any potential future rent increases in calculating the present value of future rent payments. The Company intends vigorously to pursue the litigation. While the Company believes its arguments will likely prevail, the outcome of the legal proceeding cannot be predicted with certainty. If the landlord prevails, the future rent reset determinations could result in significantly higher ground rent, which would likely result in a significant diminution in the value of the Company’s interest in the ground lease and the office building. Scheduled Future Minimum Rent Income Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants, under non-cancelable Years Ending December 31, Total 2022 (April 1 through December 31) $ 5,357,817 2023 4,235,538 2024 4,380,043 2025 792,925 2026 816,724 2027 598,943 Thereafter 1,815,497 Total $ 17,997,487 Scheduled Annual Net Amortization of Intangibles Based on the intangible assets and liabilities recorded at March 31, 2022, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows: Years Ending December 31, Net Decrease in Real (1) Increase in Depreciation (1) Decrease in Rent (1) Total 2022 (April 1 through December 31) $ (680,178 ) $ 3,654,609 $ (97,761 ) $ 2,876,670 2023 (139,056 ) 1,093,878 (130,348 ) 824,474 2024 (139,056 ) 1,093,878 (130,348 ) 824,474 2025 17,556 87,121 (130,348 ) (25,671 ) 2026 17,556 87,121 (130,348 ) (25,671 ) 2027 7,315 36,300 (130,348 ) (86,733 ) Thereafter — — (7,668,824 ) (7,668,824 ) Total $ (915,863 ) $ 6,052,907 $ (8,418,325 ) $ (3,281,281 ) (1) Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to lease revenues; amortization of in-place Supplemental Ground Lease Disclosures Supplemental balance sheet information related to the ground lease was as follows: March 31, 2022 December 31, 2021 Operating lease Operating lease right-of-use $ 27,391,012 $ 27,394,936 Operating lease liability $ 27,391,012 $ 27,394,936 Weighted average remaining lease term — operating lease (years) 64.6 64.8 Weighted average discount rate — operating lease 7.6 % 7.6 % The component of lease expense for the ground lease was as follows: Three Months Ended March 31, 2022 2021 Operating lease cost (1) $ 519,750 $ 316,125 (1) The increase in operating lease cost was a result of the ground rent reset described above. Supplemental non-cash Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liability: Operating cash flows from an operating lease $ 519,750 $ 316,125 Right-of-use Operating lease $ 519,750 $ 316,125 Maturities of operating lease liability are as follows: Years Ending December 31, Operating Lease 2022 (April 1 through December 31) $ 1,559,250 2023 2,079,000 2024 2,079,000 2025 2,079,000 2026 2,079,000 2027 2,079,000 Thereafter 122,227,875 Total lease payments 134,182,125 Less: Imputed interest (106,791,113 ) Total $ 27,391,012	Note 6. Real Estate Owned, Net Real Estate Activities 2021 — Additionally, the lease provides for a fixed rental payment plus a percentage rent that is based on 6% of the gross sales of the tenant’s business. The lease also provides a 3% increase in rental payment every year. In November 2021, the Company received notice from a tenant of their intention to terminate its lease effective November 30, 2022. In connection with the lease termination, the Company received a termination fee of $3.1 million, to be amortized to income over the remaining life of the lease. For the year ended December 31, 2021, the Company recorded an impairment charge on $3.4 million on the 4.9 acres of adjacent land in order to reduce the carrying value of the land to its estimated fair value, which is the estimated selling price less the cost of sale. 2020 — in-place Real Estate Owned, Net Real estate owned is comprised of 4.9 acres of adjacent land located in Pennsylvania and a multi-tenant office building, with lease intangible assets and liabilities, located in California. The following table presents the components of real estate owned, net: December 31, 2021 December 31, 2020 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Real estate: Land $ 10,000,000 $ — $ 10,000,000 $ 13,395,430 $ — $ 13,395,430 Building and building improvements 51,725,969 (4,418,305 ) 47,307,664 51,725,969 (3,125,143 ) 48,600,826 Tenant improvements 1,854,640 (947,369 ) 907,271 1,854,640 (670,090 ) 1,184,550 Furniture and fixtures 236,000 (125,867 ) 110,133 236,000 (31,467 ) 204,533 Total real estate 63,816,609 (5,491,541 ) 58,325,068 67,212,039 (3,826,700 ) 63,385,339 Lease intangible assets: In-place 14,982,538 (7,627,326 ) 7,355,212 15,852,232 (6,172,747 ) 9,679,485 Above-market rent 156,542 (59,983 ) 96,559 156,542 (42,427 ) 114,115 Total intangible assets 15,139,080 (7,687,309 ) 7,451,771 16,008,774 (6,215,174 ) 9,793,600 Lease intangible liabilities: Below-market rent (2,754,922 ) 1,496,125 (1,258,797 ) (3,371,314 ) 1,702,800 (1,668,514 ) Above-market ground lease (8,896,270 ) 445,357 (8,450,913 ) (8,896,270 ) 315,008 (8,581,262 ) Total intangible liabilities (11,651,192 ) 1,941,482 (9,709,710 ) (12,267,584 ) 2,017,808 (10,249,776 ) Total real estate $ 67,304,497 $ (11,237,368 ) $ 56,067,129 $ 70,953,229 $ (8,024,066 ) $ 62,929,163 Real Estate Operating Revenues and Expenses The following table presents the components of real estate operating revenues and expenses that are included in the consolidated statements of operations: Years Ended December 31, 2021 2020 Real estate operating revenues: Lease revenue $ 7,167,049 $ 8,150,041 Other operating income 1,727,942 2,273,522 Total $ 8,894,991 $ 10,423,563 Real estate operating expenses: Utilities $ 208,098 $ 166,003 Real estate taxes 1,401,279 1,925,999 Repairs and maintenances 645,316 659,934 Management fees 271,303 224,732 Lease expense, including amortization of above-market ground lease (1) 2,084,402 1,134,152 Other operating expenses 393,495 394,299 Total $ 5,003,893 $ 4,505,119 (1) As discussed in “ Leases Leases On July 30, 2018, the Company foreclosed on a multi-tenant office building in full satisfaction of a first mortgage and related fees and expenses. In connection with the foreclosure, the Company assumed four leases whereby the Company is the lessor to the leases. These four tenant leases had remaining lease terms ranging from 6.3 years to 8.8 years as of July 30, 2018 and provide for annual fixed rent increases. Each of the three tenant leases provides two options to renew the lease for five years and the remaining tenant lease provides one option to renew the lease for five years. In addition, the Company assumed a ground lease whereby the Company is the lessee (or a tenant) to the ground lease. The ground lease had a remaining lease term of 68.3 years and provides for a new base rent every 5 years based on the greater of the annual base rent for the prior lease year or 9% of the fair market value of the land. The next rent reset on the ground lease is scheduled for November 1, 2025. The Company is currently litigating with the landlord with respect to the appropriate determination of the fair value of the land, on which the ground rent is based. Since future rent increases on the ground lease are unknown, the Company did not include any potential future rent increases in calculating the present value of future rent payments. The ground lease does not provide for renewal options. On the date of foreclosure, the Company performed lease classification test on the tenant leases as well as the ground lease in accordance with ASC 840. The result of the lease classification test indicated that the tenant leases and the ground lease shall be classified as operating leases on the date of foreclosure. Scheduled Future Minimum Rent Income Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants, under non-cancelable Years Ending December 31, Total 2022 $ 7,214,814 2023 4,235,538 2024 4,380,043 2025 792,925 2026 816,724 Thereafter 2,414,440 Total $ 19,854,484 Scheduled Annual Net Amortization of Intangibles Based on the intangible assets and liabilities recorded at December 31, 2021, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows: Years Ending December 31, Net Decrease in Real (1) Increase in Depreciation (1) Decrease in Rent (1) Total 2022 $ (926,553 ) $ 4,956,914 $ (130,348 ) $ 3,900,013 2023 (139,056 ) 1,093,878 (130,348 ) 824,474 2024 (139,056 ) 1,093,878 (130,348 ) 824,474 2025 17,556 87,121 (130,348 ) (25,671 ) 2026 17,556 87,121 (130,348 ) (25,671 ) Thereafter 7,315 36,300 (7,799,173 ) (7,755,558 ) Total $ (1,162,238 ) $ 7,355,212 $ (8,450,913 ) $ (2,257,939 ) (1) Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to lease revenues; amortization of in-place Supplemental Ground Lease Disclosures Supplemental balance sheet information related to the ground lease was as follows: December 31, 2021 2020 Operating lease Operating lease right-of-use (1) $ 27,394,936 $ 16,105,888 Operating lease liability $ 27,394,936 $ 16,105,888 Weighted average remaining lease term — operating lease (years) 64.8 65.8 Weighted average discount rate — operating lease 7.6 % 7.9 % (1) The operating lease ROU asset and liability were remeasured at June 30, 2021 based on the new base rent resulting from the ground rent reset. The component of lease expense for the ground lease was as follows: Years Ended December 31, 2021 2020 Operating lease cost (1) $ 2,214,750 $ 1,264,500 (1) The increase in operating lease cost was a result of the ground rent reset described above. Supplemental non-cash Years Ended December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liability: Operating cash flows from an operating lease $ 2,214,750 $ 1,264,500 Right-of-use Operating lease $ 2,214,750 $ 1,264,500 Maturities of operating lease liability are as follows: Years Ending December 31, Operating Lease 2022 $ 2,079,000 2023 2,079,000 2024 2,079,000 2025 2,079,000 2026 2,079,000 Thereafter 124,306,875 Total lease payments 134,701,875 Less: Imputed interest (107,306,939 ) Total $ 27,394,936

Fair Value Measurements

Fair Value Measurements	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 6. Fair Value Measurements The Company adopted the provisions of ASC 820, Fair Value Measurement Level 1 Level 2 liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs. Level 3 In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. As of March 31, 2022 and December 31, 2021, the Company has not elected the fair value option for its financial instruments, including loans held for investment, loans held for investment acquired through participation, obligations under participation agreements, secured borrowing, term loan payable, repurchase agreement payable, mortgage loan payable and revolving line of credit. Such financial instruments are carried at cost, less impairment or less net deferred costs, where applicable. Marketable securities are financial instruments that are reported at fair value. Financial Instruments Carried at Fair Value on a Recurring Basis From time to time, the Company may invest in short-term debt and equity securities which are classified as available-for-sale The following tables present fair value measurements of marketable securities, by major class, as of March 31, 2022 and December 31, 2021, according to the fair value hierarchy: March 31, 2022 Fair Value Measurements Level 1 Level 2 Level 3 Total Marketable Securities: Equity securities $ 510,151 $ — $ — $ 510,151 Total $ 510,151 $ — $ — $ 510,151 December 31, 2021 Fair Value Measurements Level 1 Level 2 Level 3 Total Marketable Securities: Equity securities $ 1,310,000 $ — $ — $ 1,310,000 Total $ 1,310,000 $ — $ — $ 1,310,000 The following table presents the activities of the marketable securities for the periods presented. Three Months Ended March 31, 2022 2021 Beginning balance $ 1,310,000 $ 1,287,500 Purchases — 4,979,088 Proceeds from sale (628,715 ) — Unsettled sale (123,223 ) — Reclassification of net realized gains on marketable securities into earnings 51,133 — Unrealized losses on marketable securities (99,044 ) (14,608 ) Ending balance $ 510,151 $ 6,251,980 Financial Instruments Not Carried at Fair Value The following table presents the carrying value, which represents the principal amount outstanding, adjusted for the accretion of purchase discounts on loans and exit fees, and the amortization of purchase premiums on loans and origination fees, and estimated fair value of the Company’s financial instruments that are not carried at fair value on the consolidated balance sheets: Level March 31, 2022 December 31, 2021 Principal Carrying Fair Value Principal Carrying Fair Value Loans: Loans held for investment 3 $ 554,631,920 $ 558,790,473 $ 544,060,026 $ 467,843,785 $ 470,988,063 $ 454,840,551 Loans held for investment acquired through participation 3 12,889,053 12,937,304 12,946,931 12,307,366 12,343,732 12,361,068 Allowance for loan losses — (13,708,777 ) — — (13,658,481 ) — Total loans $ 567,520,973 $ 558,019,000 $ 557,006,957 $ 480,151,151 $ 469,673,314 $ 467,201,619 Liabilities: Term loan payable 3 $ — $ — $ — $ 93,763,470 $ 91,940,062 $ 94,344,595 Unsecured notes payable 1 85,125,000 82,010,107 84,239,700 85,125,000 81,856,799 85,210,125 Repurchase agreement payable 3 176,519,149 173,698,002 176,519,149 44,569,600 43,974,608 44,569,600 Obligations under participation agreements 3 57,911,481 58,587,148 57,974,834 42,048,294 42,232,027 41,475,060 Mortgage loan payable 3 31,757,725 31,963,840 31,989,884 31,962,692 32,134,295 32,192,785 Secured borrowing 3 37,371,625 37,503,542 37,508,341 34,521,104 34,586,129 34,425,029 Revolving line of credit payable 3 64,953,549 64,414,007 64,953,549 38,575,895 38,186,472 38,575,895 Total liabilities $ 453,638,529 $ 448,176,646 $ 453,185,457 $ 370,566,055 $ 364,910,392 $ 370,793,089 The Company estimated that its other financial assets and liabilities, not included in the tables above, had fair values that approximated their carrying values at both March 31, 2022 and December 31, 2021 due to their short-term nature. Valuation Process for Fair Value Measurement The fair value of the Company’s investment in equity securities and its unsecured notes payable is determined based on quoted prices in an active market and is classified as Level 1 of the fair value hierarchy. Market quotations are not readily available for the Company’s real estate-related loan investments, all of which are included in Level 3 of the fair value hierarchy, and therefore these investments are valued utilizing a yield approach, i.e. loan-to-value The Manager designates a valuation committee to oversee the entire valuation process of the Company’s Level 3 loans. The valuation committee is comprised of members of the Manager’s senior management, deal and portfolio management teams, who meet on a quarterly basis, or more frequently as needed, to review the Company investments being valued as well as the inputs used in the proprietary valuation model. Valuations determined by the valuation committee are supported by pertinent data and, in addition to a proprietary valuation model, are based on market data, industry accepted third-party valuation models and discount rates or other methods the valuation committee deems to be appropriate. Because there is no readily available market for these investments, the fair values of these investments are approved in good faith by the Manager pursuant to the Company’s valuation policy. The fair values of the Company’s mortgage loan payable, secured borrowing, term loan payable and revolving line of credit are determined by discounting the contractual cash flows at the interest rate the Company estimates such arrangements would bear if executed in the current market. The following table summarizes the valuation techniques and significant unobservable inputs used by the Company to value the Level 3 loans as of March 31, 2022 and December 31, 2021. The tables are not intended to be all-inclusive, Fair Value at Primary Valuation Unobservable March 31, 2022 Asset Category Minimum Maximum Weighted Assets: Loans held for investment, net $ 544,060,026 Discounted cash flow Discount rate 4.14 % 15.00 % 8.30 % Loans held for investment acquired through participation, net 12,946,931 Discounted cash flow Discount rate 8.45 % 15.00 % 12.33 % Total Level 3 Assets $ 557,006,957 Liabilities: Repurchase agreement payable 176,519,149 Discounted cash flow Discount rate 1.90 % 3.12 % 2.54 % Obligations under participation agreements 57,974,834 Discounted cash flow Discount rate 14.60 % 15.00 % 14.83 % Mortgage loan payable 31,989,884 Discounted cash flow Discount rate 6.08 % 6.08 % 6.08 % Secured borrowing 37,508,341 Discounted cash flow Discount rate 5.89 % 5.89 % 5.89 % Revolving line of credit 64,953,549 Discounted cash flow Discount rate 4.00 % 4.00 % 4.00 % Total Level 3 Liabilities $ 368,945,757 Fair Value at Primary Valuation Unobservable December 31, 2021 Asset Category Minimum Maximum Weighted Assets: Loans held for investment, net $ 454,840,551 Discounted cash flow Discount rate 3.89 % 15.00 % 8.11 % Loans held for investment acquired through participation, net 12,361,068 Discounted cash flow Discount rate 8.25 % 15.00 % 12.33 % Total Level 3 Assets $ 467,201,619 Liabilities: Term loan payable $ 94,344,595 Discounted cash flow Discount rate 4.00 % 4.00 % 4.00 % Repurchase agreement payable 44,569,600 Discounted cash flow Discount rate 2.45 % 2.74 % 2.57 % Obligations under participation agreements 41,475,060 Discounted cash flow Discount rate 12.37 % 15.00 % 14.31 % Mortgage loan payable 32,192,785 Discounted cash flow Discount rate 6.08 % 6.08 % 6.08 % Secured borrowing 34,425,029 Discounted cash flow Discount rate 6.64 % 6.64 % 6.64 % Revolving line of credit 38,575,895 Discounted cash flow Discount rate 4.00 % 4.00 % 4.00 % Total Level 3 Liabilities $ 285,582,964	Note 7. Fair Value Measurements The Company adopted the provisions of ASC 820, Fair Value Measurement observability used in measuring investments at fair value. Market price observability is impacted by a number of factors, including the type of investment, the characteristics specific to the investment, and the state of the marketplace (including the existence and transparency of transactions between market participants). Investments with readily available, actively quoted prices or for which fair value can be measured from actively quoted prices in an orderly market will generally have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). Investments measured and reported at fair value are classified and disclosed into one of the following categories based on the inputs as follows: Level 1 Level 2 Level 3 In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the investment. As of December 31, 2021 and 2020, the Company has not elected the fair value option for its financial instruments, including loans held for investment, loans held for investment acquired through participation, obligations under participation agreements, secured borrowing, term loan payable, repurchase agreement payable, mortgage loan payable and revolving line of credit. Such financial instruments are carried at cost, less impairment or less net deferred costs, where applicable. Marketable securities are financial instruments that are reported at fair value. Financial Instruments Carried at Fair Value on a Recurring Basis From time to time, the Company may invest in short-term debt and equity securities which are classified as available-for-sale The following tables present fair value measurements of marketable securities, by major class, as of December 31, 2021 and 2020, according to the fair value hierarchy: December 31, 2021 Fair Value Measurements Level 1 Level 2 Level 3 Total Marketable Securities: Equity securities $ 1,310,000 $ — $ — $ 1,310,000 Total $ 1,310,000 $ — $ — $ 1,310,000 December 31, 2020 Fair Value Measurements Level 1 Level 2 Level 3 Total Marketable Securities: Equity securities $ 1,287,500 $ — $ — $ 1,287,500 Total $ 1,287,500 $ — $ — $ 1,287,500 The following table presents the activities of the marketable securities for the periods presented. Years Ended December 31, 2021 2020 Beginning balance $ 1,287,500 $ — Purchases 6,479,148 6,039,567 Proceeds from sale (6,608,396 ) (6,023,723 ) Reclassification of net realized gains on marketable securities into earnings 129,248 1,160,162 Unrealized gains on marketable securities 22,500 111,494 Ending balance $ 1,310,000 $ 1,287,500 Financial Instruments Not Carried at Fair Value The following table presents the carrying value, which represents the principal amount outstanding, adjusted for the accretion of purchase discounts on loans and exit fees, and the amortization of purchase premiums on loans and origination fees, and estimated fair value of the Company’s financial instruments that are not carried at fair value on the consolidated balance sheets: December 31, 2021 December 31, 2020 Level Principal Carrying Fair Value Principal Carrying Fair Value Loans: Loans held for investment 3 $ 467,843,785 $ 470,988,063 $ 454,840,551 $ 419,924,758 $ 421,725,220 $ 415,113,225 Loans held for investment acquired through participation 3 12,307,366 12,343,732 12,361,068 4,250,000 4,294,053 4,293,969 Allowance for loan losses — (13,658,481 ) — — (3,738,758 ) — Total loans $ 480,151,151 $ 469,673,314 $ 467,201,619 $ 424,174,758 $ 422,280,515 $ 419,407,194 Liabilities: Term loan payable 3 $ 93,763,470 $ 91,940,062 $ 94,344,595 $ 107,584,451 $ 105,245,801 $ 107,248,555 Unsecured notes payable 1 85,125,000 81,856,799 85,210,125 — — — Repurchase agreement payable 3 44,569,600 43,974,608 44,569,600 — — — Obligations under participation agreements 3 42,048,294 42,232,027 41,475,060 71,266,303 71,581,897 70,693,207 Mortgage loan payable 3 31,962,692 32,134,295 32,192,785 44,020,225 44,117,293 44,348,689 Secured borrowing 3 34,521,104 34,586,129 34,425,029 18,281,848 18,187,663 17,037,032 Revolving line of credit payable 3 38,575,895 38,186,472 38,575,895 — — — Total liabilities $ 370,566,055 $ 364,910,392 $ 370,793,089 $ 241,152,827 $ 239,132,654 $ 239,327,483 The Company estimated that its other financial assets and liabilities, not included in the tables above, had fair values that approximated their carrying values at both December 31, 2021 and 2020 due to their short-term nature. Valuation Process for Fair Value Measurement The fair value of the Company’s investment in equity securities and its unsecured notes payable is determined based on quoted prices in an active market and is classified as Level 1 of the fair value hierarchy. Market quotations are not readily available for the Company’s real estate-related loan investments, all of which are included in Level 3 of the fair value hierarchy, and therefore these investments are valued utilizing a yield approach, i.e. loan-to-value The Manager designates a valuation committee to oversee the entire valuation process of the Company’s Level 3 loans. The valuation committee is comprised of members of the Manager’s senior management, deal and portfolio management teams, who meet on a quarterly basis, or more frequently as needed, to review the Company investments being valued as well as the inputs used in the proprietary valuation model. Valuations determined by the valuation committee are supported by pertinent data and, in addition to a proprietary valuation model, are based on market data, industry accepted third-party valuation models and discount rates or other methods the valuation committee deems to be appropriate. Because there is no readily available market for these investments, the fair values of these investments are approved in good faith by the Manager pursuant to the Company’s valuation policy. The fair values of the Company’s mortgage loan payable, secured borrowing, term loan payable and revolving line of credit are determined by discounting the contractual cash flows at the interest rate the Company estimates such arrangements would bear if executed in the current market. The following table summarizes the valuation techniques and significant unobservable inputs used by the Company to value the Level 3 loans as of December 31, 2021 and 2020. The tables are not intended to be all-inclusive, Fair Value at Primary Unobservable December 31, 2021 Asset Category Minimum Maximum Weighted Assets: Loans held for investment, net $ 454,840,551 Discounted Discount 3.89 % 15.00 % 8.11 % Loans held for investment acquired through participation, net 12,361,068 Discounted Discount 8.25 % 15.00 % 12.33 % Total Level 3 Assets $ 467,201,619 Liabilities: Term loan payable $ 94,344,595 Discounted Discount 4.00 % 4.00 % 4.00 % Repurchase agreement payable 44,569,600 Discounted Discount 2.45 % 2.74 % 2.57 % Obligations under participation agreements 41,475,060 Discounted Discount 12.37 % 15.00 % 14.31 % Mortgage loan payable 32,192,785 Discounted Discount 6.08 % 6.08 % 6.08 % Secured borrowing 34,425,029 Discounted Discount 6.64 % 6.64 % 6.64 % Revolving line of credit 38,575,895 Discounted Discount 4.00 % 4.00 % 4.00 % Total Level 3 Liabilities $ 285,582,964 Fair Value at Primary Unobservable December 31, 2020 Asset Category Minimum Maximum Weighted Assets: Loans held for investment, net $ 415,113,225 Discounted Discount 5.29 % 20.05 % 10.38 % Loans held for investment acquired through participation, net 4,293,969 Discounted Discount 12.89 % 12.89 % 12.89 % Total Level 3 Assets $ 419,407,194 Liabilities: Term loan payable $ 107,248,555 Discounted Discount 5.25 % 5.25 % 5.25 % Obligations under participation agreements 70,693,207 Discounted Discount 9.75 % 20.05 % 12.58 % Mortgage loan payable 44,348,689 Discounted Discount 6.08 % 6.08 % 6.08 % Secured borrowing 17,037,032 Discounted Discount 11.25 % 11.25 % 11.25 % Total Level 3 Liabilities $ 239,327,483

Related Party Transactions

Related Party Transactions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Note 7. Related Party Transactions Management Agreement The Company entered into the Management Agreement with the Manager whereby the Manager is responsible for its day-to-day co-terminus Three Months Ended March 31, 2022 2021 Origination and extension fee expense (1)(2) $ 686,365 $ 345,384 Asset management fee 1,488,095 1,156,543 Asset servicing fee 349,329 273,207 Operating expenses reimbursed to Manager 1,928,563 1,342,758 Disposition fee (3) — 250,988 Total $ 4,452,352 $ 3,368,880 (1) Origination and extension fee expense is generally offset with origination and extension fee income. Any excess is deferred and amortized to interest income over the term of the loan. (2) Amount for the three months ended March 31, 2022 excluded $0.2 million of origination fee paid to the Manager in connection with the Company’s equity investment in an unconsolidated investment. This origination fee was capitalized to the carrying value of the unconsolidated investment as a transaction cost. (3) Disposition fee is generally offset with exit fee income and included in interest income on the consolidated statements of operations. Origination and Extension Fee Expense Pursuant to the Management Agreement, the Manager or its affiliates receives an origination fee in the amount of 1% of the amount used to originate, fund, acquire or structure real estate-related investments, including any third-party expenses related to such loans. In the event that the term of any real estate-related loan held by the Company is extended, the Manager also receives an extension fee equal to the lesser of (i) 1% of the principal amount of the loan being extended or (ii) the amount of fee paid to the Company by the borrower in connection with such extension. Asset Management Fee Under the terms of the Management Agreement, the Manager or its affiliates provides the Company with certain investment management services in return for a management fee. The Company pays a monthly asset management fee at an annual rate of 1% of the aggregate funds under management, which includes the loan origination price or aggregate gross acquisition price, as defined in the Management Agreement, for each real estate related loan and cash held by the Company. Asset Servicing Fee The Manager or its affiliates receives from the Company a monthly servicing fee at an annual rate of 0.25% of the aggregate gross origination price or acquisition price, as defined in the Management Agreement, for each real estate-related loan held by the Company. Transaction Breakup Fee In the event that the Company receives any “breakup fees,” “busted-deal fees,” termination fees, or similar fees or liquidated damages from a third-party in connection with the termination or non-consummation one-half out-of-pocket Operating Expenses The Company reimburses the Manager for operating expenses incurred in connection with services provided to the operations of the Company, including the Company’s allocable share of the Manager’s overhead, such as rent, employee costs, utilities, and technology costs. Disposition Fee Pursuant to the Management Agreement, the Manager or its affiliates receives a disposition fee in the amount of 1% of the gross sale price received by the Company from the disposition of any real estate-related loan, or any portion of, or interest in, any real estate-related loan. The disposition fee is paid concurrently with the closing of any such disposition of all or any portion of any real estate-related loan or any interest therein, which is the lesser of (i) 1% of the principal amount of the loan or debt-related loan prior to such transaction or (ii) the amount of the fee paid by the borrower in connection with such transaction. If the Company takes ownership of a property as a result of a workout or foreclosure of a loan, the Company will pay a disposition fee upon the sale of such property equal to 1% of the sales price. Distributions Paid For the three months ended March 31, 2022 and 2021, the Company made distributions to Terra JV and Terra Offshore REIT totaling $3.9 million and $3.9 million, respectively, of which $2.9 million and $2.4 million were returns of capital, respectively (Note 10). Due to Manager As of March 31, 2022 and December 31, 2021, approximately $3.5 million and $2.4 million was due to the Manager, respectively, as reflected on the consolidated balance sheets, primarily related to the present value of the disposition fees on individual loans due to the Manager. Due from Related Party As of March 31, 2022, there was no amount due from related party. As of December 31, 2021, amount due from a related party was $2.6 million , primarily related to the reserve funding on a loan that was held by an affiliate. The reserve funding was transferred to the Company in February 2022. Mavik Real Estate Special Opportunities Fund, LP On August 3, 2020, the Company entered into a subscription agreement with RESOF whereby the Company committed to fund up to $50.0 million to purchase limited partnership interests in RESOF. For more information on this investment, please see Note 4. Participation Agreements In the normal course of business, the Company may enter into participation agreements with related parties, primarily other affiliated funds managed by the Manager, and to a lesser extent, unrelated parties (the “Participants”). The purpose of the participation agreements is to allow the Company and an affiliate to originate a specified loan when, individually, the Company does not have the liquidity to do so or to achieve a certain level of portfolio diversification. The Company may transfer portions of its investments to other Participants or it may be a Participant to a loan held by another entity. ASC 860, Transfers and Servicing , 860-10 Participation interests Obligations under Participation Agreements Participation Interests Purchased by the Company From time to time, the Company may purchase investments from affiliates pursuant to participation agreements. In accordance with the terms of each participation agreement, each Participant’s rights and obligations, as well as the proceeds received from the related borrower/issuer of the loan, are based upon their respective pro rata participation interest in the loan. The table below lists the participation interests purchased by the Company pursuant to participation agreements as of March 31, 2022 and December 31, 2021. March 31, 2022 Participating Principal Balance Carrying Value Hillsborough Owners LLC (1) 30.00 % $ 5,444,696 $ 5,458,850 UNJ Sole Member, LLC (2) 40.80 % 7,444,357 7,478,454 $ 12,889,053 $ 12,937,304 December 31, 2021 Participating Principal Balance Carrying Value Hillsborough Owners LLC (1) 30.00 % $ 4,863,009 $ 4,866,542 UNJ Sole Member, LLC (2) 40.80 % 7,444,357 7,477,190 $ 12,307,366 $ 12,343,732 (1) The loan is held in the name of Terra Income Fund 6, Inc., an affiliated fund advised by Terra Income Advisors, LLC, an affiliate of the Company’s sponsor and Manager. (2) The loan is held in the name of Mavik Real Estate Special Opportunities Fund REIT, LLC, a related-party REIT managed by the Manager. Transfers of Participation Interest by the Company The following tables summarize the loans that were subject to participation agreements with affiliated entities and third-parties as of March 31, 2022 and December 31, 2021: Principal Carrying Value Transfers Treated as Obligations Under Participation % Transferred Principal Balance Carrying Value 370 Lex Part Deux, LLC (1) $ 60,583,057 $ 60,583,057 35.00 % $ 21,204,070 $ 21,204,068 Post Brothers Holdings LLC (1) 21,000,000 21,670,442 71.43 % 15,000,000 15,478,888 RS JZ Driggs, LLC (1) 16,933,491 17,099,374 50.00 % 8,469,911 8,552,884 William A. Shopoff & Cindy I. Shopoff (1) 25,000,000 25,214,933 52.95 % 13,237,500 13,351,308 $ 123,516,548 $ 124,567,806 $ 57,911,481 $ 58,587,148 Principal Carrying Value Transfers Treated as Obligations Under Participation % Transferred Principal Balance Carrying Value 370 Lex Part Deux, LLC (1) $ 60,012,639 $ 60,012,639 35.00 % $ 21,004,424 $ 21,004,423 RS JZ Driggs, LLC (1) 15,606,409 15,754,641 50.00 % 7,806,370 7,880,516 William A. Shopoff & Cindy I. Shopoff (1) 25,000,000 25,206,964 52.95 % 13,237,500 13,347,088 $ 100,619,048 $ 100,974,244 $ 42,048,294 $ 42,232,027 (1) Participant is Terra Income Fund 6, Inc. These investments are held in the name of the Company, but each of the Participant’s rights and obligations, including interest income and other income ( e.g. e.g. i.e. Secured Borrowing In March 2020, the Company entered into a financing transaction where a third-party purchased an A-note A-note Interest income Interest expense on secured borrowing The following table summarizes the loan that was transferred to a third-party that was accounted for as secured borrowing as of March 31, 2022 and December 31, 2021: Principal Balance Carrying Value Transfers Treated as Secured Borrowing as of % Transferred Principal Balance Carrying Value Windy Hill PV Five CM, LLC $ 54,078,939 $ 54,416,729 69.11 % $ 37,371,625 $ 37,503,542 $ 54,078,939 $ 54,416,729 $ 37,371,625 $ 37,503,542 Principal Carrying Transfers Treated as Secured Borrowing as of % Transferred Principal Balance Carrying Value Windy Hill PV Five CM, LLC $ 49,954,068 $ 50,264,568 69.11 % $ 34,521,104 $ 34,586,129 $ 49,954,068 $ 50,264,568 $ 34,521,104 $ 34,586,129	Note 8. Related Party Transactions Management Agreement The Company entered into a Management Agreement with the Manager whereby the Manager is responsible for its day-to-day co-terminus Years Ended December 31, 2021 2020 Origination and extension fee expense (1)(2) $ 2,729,598 $ 1,383,960 Asset management fee 5,134,149 4,480,706 Asset servicing fee 1,181,924 1,008,256 Operating expenses reimbursed to Manager 6,916,371 6,041,075 Disposition fee (3) 1,006,302 504,611 Total $ 16,968,344 $ 13,418,608 (1) Origination and extension fee expense is generally offset with origination and extension fee income. Any excess is deferred and amortized to interest income over the term of the loan. (2) Amount for the years ended December 31, 2021 and 2020 excluded $0.3 million and $0.5 million of origination fee, respectively, paid to the Manager in connection with the Company’s equity investment in unconsolidated investments. These origination fees were capitalized to the carrying value of the unconsolidated investments as transaction costs. (3) Disposition fee is generally offset with exit fee income and included in interest income on the consolidated statements of operations. Origination and Extension Fee Expense Pursuant to the Management Agreement, the Manager or its affiliates receives an origination fee in the amount of 1% of the amount used to originate, fund, acquire or structure real estate-related investments, including any third-party expenses related to such loans. In the event that the term of any real estate-related loan held by the Company is extended, the Manager also receives an extension fee equal to the lesser of (i) 1% of the principal amount of the loan being extended or (ii) the amount of fee paid to the Company by the borrower in connection with such extension. Asset Management Fee Under the terms of the Management Agreement, the Manager or its affiliates provides the Company with certain investment management services in return for a management fee. The Company pays a monthly asset management fee at an annual rate of 1% of the aggregate funds under management, which includes the loan origination price or aggregate gross acquisition price, as defined in the Management Agreement, for each real estate related loan and cash held by the Company. Asset Servicing Fee The Manager or its affiliates receives from the Company a monthly servicing fee at an annual rate of 0.25% of the aggregate gross origination price or acquisition price, as defined in the Management Agreement, for each real estate-related loan held by the Company. Transaction Breakup Fee In the event that the Company receives any “breakup fees,” “busted-deal fees,” termination fees, or similar fees or liquidated damages from a third-party in connection with the termination or non-consummation one-half out-of-pocket not Operating Expenses The Company reimburses the Manager for operating expenses incurred in connection with services provided to the operations of the Company, including the Company’s allocable share of the Manager’s overhead, such as rent, employee costs, utilities, and technology costs. Disposition Fee Pursuant to the Management Agreement, the Manager or its affiliates receives a disposition fee in the amount of 1% of the gross sale price received by the Company from the disposition of any real estate-related loan, or any portion of, or interest in, any real estate-related loan. The disposition fee is paid concurrently with the closing of any such disposition of all or any portion of any real estate-related loan or any interest therein, which is the lesser of (i) 1% of the principal amount of the loan or debt-related loan prior to such transaction or (ii) the amount of the fee paid by the borrower in connection with such transaction. If the Company takes ownership of a property as a result of a workout or foreclosure of a loan, the Company will pay a disposition fee upon the sale of such property equal to 1% of the sales price. Distributions Paid For the years ended December 31, 2021 and 2020, the Company made distributions to Terra 5, Terra JV and Terra Offshore REIT totaling $17.1 million and $21.2 million, respectively, of which $14.6 million and $16.0 million were returns of capital, respectively (Note 11). Due to Manager As of December 31, 2021 and 2020, approximately $2.4 million and $1.3 million was due to the Manager, respectively, as reflected on the consolidated balance sheets, primarily related to the present value of the disposition fees on individual loans due to the Manager. Due from Related Party As of December 31, 2021, amount due from a related party was $2.6 million, primarily related to the reserve funding on a loan that was held by an affiliate. The reserve funding was transferred to the Company in February 2022. There was no due from related party as of December 31, 2020. Merger and Issuance of Common Stock to Terra Offshore REIT As discussed in Note 3, on March 1, 2020, TPT2 merged with and into the Company with the Company continuing as the surviving company. In connection with the Merger, the Company issued 2,116,785.76 shares of common stock of the Company to Terra Fund 7, the sole stockholder of TPT2, as consideration in the Merger. In addition, on March 2, 2020, Terra Offshore REIT contributed cash and released obligations under the participation agreements to the Company (Note 3) in exchange for the issuance of 2,457,684.59 shares of common stock of the Company. As described in Note 3, Terra Fund 7 contributed the shares of the Company’s common stock received as consideration in the Merger to Terra JV and became a co-managing Mavik Real Estate Special Opportunities Fund, LP On August 3, 2020, the Company entered into a subscription agreement with RESOF whereby the Company committed to fund up to $50.0 million to purchase limited partnership interests in RESOF. For more information on this investment, please see Note 5. Terra International Fund 3, L.P. On September 30, 2019, Terra International Fund 3, L.P. (“Terra International 3”), through Terra Offshore REIT, a wholly-owned subsidiary of Terra International 3, contributed cash in the amount of $3.6 million to the Company in exchange for 212,691 shares of common stock, at a price of $17.02 per share. On April 29, 2020, the Company repurchased, at a price of $17.02 per share, the 212,691 shares of common stock that the Company had previously sold to Terra Offshore REIT on September 30, 2019. Participation Agreements In the normal course of business, the Company may enter into participation agreements with related parties, primarily other affiliated funds managed by the Manager, and to a lesser extent, unrelated parties (the “Participants”). The purpose of the participation agreements is to allow the Company and an affiliate to originate a specified loan when, individually, the Company does not have the liquidity to do so or to achieve a certain level of portfolio diversification. The Company may transfer portions of its investments to other Participants or it may be a Participant to a loan held by another entity. ASC 860, Transfers and Servicing , 860-10 Participation interests Obligations under Participation Agreements Participation Interests Purchased by the Company From time to time, the Company may purchase investments from affiliates pursuant to participation agreements. In accordance with the terms of each participation agreement, each Participant’s rights and obligations, as well as the proceeds received from the related borrower/issuer of the loan, are based upon their respective pro rata participation interest in the loan. The table below lists the participation interests purchased by the Company pursuant to participation agreements as of December 31, 2021 and 2020. December 31, 2021 Participating Principal Carrying Hillsborough Owners LLC (1) 30.00 % $ 4,863,009 $ 4,866,542 UNJ Sole Member, LLC (2) 40.80 % 7,444,357 7,477,190 $ 12,307,366 $ 12,343,732 December 31, 2020 Participating Principal Carrying LD Milpitas Mezz, LP (3) 25.00 % $ 4,250,000 $ 4,294,053 (1) The loan is held in the name of Terra Income Fund 6, Inc. (“Terra Fund 6”), an affiliated fund advised by Terra Income Advisors, LLC, an affiliate of the Company’s sponsor and Manager. (2) The loan is held in the name of Mavik Real Estate Special Opportunities Fund REIT, LLC, a related-party REIT managed by the Manager. (3) On June 27, 2018, the Company entered into a participation agreement with Terra Fund 6 to purchase a 25% participation interest, or $4.3 million, in a $17.0 million mezzanine loan. This loan was repaid in full in May 2021. Transfers of Participation Interest by the Company The following tables summarize the loans that were subject to participation agreements with affiliated entities and third-parties as of December 31, 2021 and 2020: Principal Carrying Value Transfers Treated as Obligations Under % Principal Carrying 370 Lex Part Deux, LLC (1) $ 60,012,639 $ 60,012,639 35.00 % $ 21,004,424 $ 21,004,423 RS JZ Driggs, LLC (1) 15,606,409 15,754,641 50.00 % 7,806,370 7,880,516 William A. Shopoff & Cindy I. Shopoff (1) 25,000,000 25,206,964 52.95 % 13,237,500 13,347,088 $ 100,619,048 $ 100,974,244 $ 42,048,294 $ 42,232,027 Principal Carrying Value Transfers Treated as Obligations Under % Principal Carrying 14th & Alice Street Owner, LLC (2)(3)(4) $ 32,625,912 $ 32,877,544 80.00 % $ 26,100,729 $ 26,211,548 370 Lex Part Deux, LLC (1) 53,874,507 53,912,363 35.00 % 18,856,078 18,856,077 City Gardens 333 LLC (1)(4) 28,303,628 28,307,408 14.00 % 3,962,509 3,963,010 Orange Grove Property Investors, LLC (1)(4) 10,600,000 10,701,924 80.00 % 8,480,000 8,561,523 RS JZ Driggs, LLC (1) 8,544,513 8,629,929 50.00 % 4,272,257 4,314,965 Stonewall Station Mezz LLC (1)(4) 10,442,567 10,537,512 44.00 % 4,594,730 4,635,937 The Bristol at Southport, LLC (2)(4) 23,500,000 23,682,536 21.28 % 5,000,000 5,038,837 $ 167,891,127 $ 168,649,216 $ 71,266,303 $ 71,581,897 (1) Participant is Terra Fund 6. (2) Participant is a third-party. (3) The participation interest was transferred to an affiliate and/or a third-party pursuant to a participation agreement in the second quarter of 2021. (4) The obligation under participation agreement was repaid in 2021. These investments are held in the name of the Company, but each of the Participant’s rights and obligations, including interest income and other income ( e.g. e.g. i.e. Secured Borrowing In March 2020, the Company entered into a financing transaction where a third-party purchased an A-note A-note Interest income Interest expense on secured borrowing The following table summarizes the loan that was transferred to a third-party that was accounted for as secured borrowing as of December 31, 2021 and 2020: Principal Carrying Transfers Treated as Secured Borrowing as of % Transferred Principal Carrying Windy Hill PV Five CM, LLC $ 49,954,068 $ 50,264,568 69.11 % $ 34,521,104 $ 34,586,129 $49,954,068 $50,264,568 $34,521,104 $34,586,129 Principal Carrying Transfers Treated as Secured Borrowing as of % Transferred Principal Carrying Windy Hill PV Five CM, LLC $ 26,454,910 $ 26,407,494 69.11 % $ 18,281,848 $ 18,187,663 $26,454,910 $26,407,494 $18,281,848 $18,187,663

Debt

Debt	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Debt	Note 8. Debt Unsecured Notes Payable On June 10, 2021, the Company issued $78.5 million in aggregate principal amount of its 6.00% notes due 2026 (the “initial note”), for net proceeds of $76.0 million after deducting underwriting commissions of $2.5 million, but before offering expenses payable by the Company. On June 25, 2021, the underwriters partially exercised their option to purchase an additional $6.6 million of the notes for net proceeds of $6.4 million (the “additional notes” and, together with the initial notes, the “notes”), after deducting underwriting commissions of $0.2 million, but before offering expenses payable by us, which closed on June 29, 2021. Interest on the notes is paid quarterly in arrears every March 30, June 30, September 30 and December 30, at a fixed rate of 6.00% per year, beginning September 30, 2021. The notes mature on June 30, 2026, unless redeemed earlier by the Company. The notes may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after June 10, 2023. In connection with the issuance of the notes, the Company entered into (i) an Indenture, dated June 10, 2021 (the “Base Indenture”), by and between the Company and U.S. Bank National Association, as trustee (the “Trustee”), and (ii) the First Supplemental Indenture thereto, dated June 10, 2021 (the “Supplemental Indenture” and, collectively with the Base Indenture, the “Indenture”), by and between the Company and the Trustee. The Indenture contains certain covenants that, among other things, limit the ability of the Company, subject to exceptions, to make distributions in excess of 90% of the Company’s taxable income, incur indebtedness (as defined in the Indenture) or purchase shares of the Company’s capital stock unless the Company has an asset coverage ratio (as defined in the Indenture) of at least 150% after giving effect to such transaction. The Indenture also provides for customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the notes to become or to be declared due and payable. As of March 31, 2022 and December 31, 2021, the Company was in compliance with the covenants included in the Indenture. The table below presents detailed information regarding the unsecured notes payable at March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Principal Balance Carrying Value (1) Fair Value Principal Balance Carrying Value (1) Fair Value Unsecured notes payable $ 85,125,000 $ 82,010,107 $ 84,239,700 $ 85,125,000 $ 81,856,799 $ 85,210,125 (1) Amount is net of unamortized issue discount of $2.3 million and $2.4 million, and unamortized deferred financing costs of $0.8 million and $0.9 million as of March 31, 2022 and December 31, 2021, respectively. Revolving Line of Credit On March 12, 2021, Terra Mortgage Portfolio II, LLC, an indirect wholly-owned subsidiary of the Company, entered into a Business Loan and Security Agreement (the “Revolving Line of Credit”) with Western Alliance Bank (“WAB”) to provide for advances up to the lesser of $75.0 million or the amount determined by the borrowing base, which is based on the eligible assets pledged to the lender. Borrowings under the Revolving Line of Credit bear interest at an annual rate of LIBOR + 3.25% with a combined floor of 4.0% per annum. The Revolving Line of Credit was scheduled to mature on March 12, 2023. On January 4, 2022, the Company amended the Revolving Line of Credit to increase the maximum amount available to $125.0 million and extended the maturity date of the facility to March 12, 2024 with an annual 12-month In connection with the Revolving Line of Credit, the Company entered into a limited guaranty (the “Guaranty”) in favor of WAB, pursuant to which the Company will guarantee the payment of up to 25% of the amount outstanding under the Revolving Line of Credit. Under the Revolving Line of Credit and the Guaranty, the Company will be required to maintain (i) a minimum total net worth of $250.0 million; (ii) a $3.5 million quarterly operating profit, as defined within the agreement; and (iii) a ratio of total debt to total net worth of no more than 2.50 to 1.00. As of March 31, 2022 and December 31, 2021, the Company was in compliance with these covenants. The Revolving Line of Credit contains terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature. The Revolving Line of Credit contains various affirmative and negative covenants, including maintenance of a debt to total net worth ratio and limitations on the incurrence of liens and indebtedness, loans, distributions, change of management and ownership, changes in the nature of business and transactions with affiliates. The Revolving Line of Credit also includes customary events of default, including a cross-default provision applicable to debt obligations of Terra Mortgage Portfolio II, LLC or the Company. The occurrence of an event of default may result in termination of the Revolving Line of Credit and acceleration of amounts due under the Revolving Line of Credit. In connection with the closing of the Revolving Line of Credit, the Company also incurred financing fees of $0.6 million, to be amortized to interest expense over the life of the Revolving Line of Credit. The following tables present detailed information with respect to each borrowing under the Revolving Line of Credit as of March 31, 2022 and December 31, 2021 : March 31, 2022 Borrowing Base Borrowings Under the Principal Carrying Value Fair 870 Santa Cruz, LLC $ 19,760,033 $ 19,934,619 $ 19,993,943 $ 13,832,023 606 Fayetteville LLC and 401 E. Lakewood LLC 17,536,492 17,663,959 17,690,666 10,521,896 AAESUF Property LLC 16,800,000 16,849,956 17,456,207 9,240,000 AARSHW Property LLC 18,771,608 18,541,648 18,911,932 13,156,108 Austin H. I. Borrower LLC 13,695,947 13,824,587 13,832,906 8,172,000 D-G D-G 8,846,216 8,854,524 8,886,221 6,192,351 The Lux Washington, LLC 7,424,855 7,376,668 7,489,172 3,839,171 $ 102,835,151 $ 103,045,961 $ 104,261,047 $ 64,953,549 December 31, 2021 Borrowing Base Borrowings Under the Principal Carrying Value Fair 870 Santa Cruz, LLC $ 17,540,875 $ 17,669,303 $ 17,781,285 $ 12,278,613 606 Fayetteville LLC and 401 E. Lakewood LLC 16,829,962 16,935,803 16,974,601 10,312,187 Austin H. I. Borrower LLC 13,625,000 13,725,690 13,735,569 7,493,750 D-G D-G 8,607,092 8,605,341 8,645,413 6,024,965 The Lux Washington, LLC 3,523,401 3,382,683 3,553,330 2,466,380 $60,126,330 $60,318,820 $60,690,198 $38,575,895 For the three months ended March 31, 2022 and 2021, the Company received proceeds from the Revolving Line of Credit of $26.4 million and $8.0 million, respectively, and did not make any repayments. Term Loan On September 3, 2020, Terra Mortgage Capital I, LLC (the “Issuer”), a special-purpose indirect wholly-owned subsidiary of the Company, entered into an Indenture and Credit Agreement (the “Indenture and Credit Agreement”) with Goldman Sachs Bank USA, as initial lender (“Goldman”) and Wells Fargo Bank, National Association, as the trustee, custodian, collateral agent, loan agent and note administrator (“Wells Fargo”). The Indenture and Credit Agreement provided for (A) the borrowing by the Issuer from Goldman of approximately $103.0 million under a floating rate loan (the “Term Loan”) and (B) the issuance by the Issuer to Terra Mortgage Portfolio I, LLC (the “Class B Holder”) of an aggregate of approximately $76.7 million principal amount of Class B Income Notes due 2025 (the “Class B Notes” and, together with the Term Loan, the “Debt”). The stated maturity date of the Debt was March 14, 2025. On February 18, 2022, the Company refinanced the Term Loan with a new repurchase agreement (see “ Goldman Master Repurchase Agreement Credit Agreement beginning in September 2020 (each a “Payment Date”). The Company accounted for the step-up step-up In connection with the Indenture and Credit Agreement, the Company entered into a non-recourse The following tables present detailed information with respect to each borrowing under the Term Loan as of December 31, 2021: December 31, 2021 Mortgage Assets Borrowings (1)(2) Principal Carrying Value Fair 330 Tryon DE LLC $ 22,800,000 $ 22,902,354 $ 22,594,654 $ 13,680,000 1389 Peachtree St, LP; 1401 Peachtree St, LP; and 1409 Peachtree St, LP 53,289,288 53,536,884 52,031,363 31,283,661 AGRE DCP Palm Springs, LLC 43,222,381 43,669,992 43,829,842 23,146,265 Patrick Henry Recovery Acquisition, LLC 18,000,000 18,041,124 18,055,377 10,800,000 University Park Berkeley, LLC 25,815,378 25,991,962 26,015,500 14,853,544 $ 163,127,047 $ 164,142,316 $ 162,526,736 $ 93,763,470 For the three months ended March 31, 2022 and 2021, the Company made repayments on the Term Loan of $93.8 million and $2.6 million, respectively, and received proceeds from borrowings under the Term Loan of $0 and $1.5 million, respectively. Repurchase Agreements UBS Master Repurchase Agreement On November 8, 2021, Terra Mortgage Capital III, LLC (the “Seller”), a special-purpose indirect wholly-owned subsidiary of the Company, entered into an Uncommitted Master Repurchase Agreement (the “UBS Master Repurchase Agreement”) with UBS AG ( the “Buyer”). The UBS Master Repurchase Agreement provides for advances of up to $195 million in the aggregate, which the Company expects to use to finance certain secured performing commercial real estate loans, including senior mortgage loans, where the underlying mortgaged properties consist of value-added assets with loan-to-value Advances under the UBS Master Repurchase Agreement accrue interest at a per annum pricing rate equal to the sum of (i) the 30-day ranges from 1.60% to 2.25%, and have a maturity date of November 7, 2024. The actual terms of financing for each asset will be determined at the time of financing in accordance with the UBS Master Repurchase Agreement. Subject to satisfaction of certain conditions, the Seller may extend the maturity date of the UBS Master Repurchase Agreement annually thereafter on mutually agreeable terms. In connection with the UBS Master Repurchase Agreement, the Company incurred deferred financing costs of $0.6 million, which are being amortized to interest expense over the term of the facility. The UBS Master Repurchase Agreement contains margin call provisions that provide the Buyer with certain rights in the event of a decline in the credit of the underlying assets purchased under the UBS Master Repurchase Agreement. Upon the occurrence of a margin deficit event, the Buyer may require the Seller to make a payment to reduce the purchase price to eliminate any margin deficit. In connection with the UBS Master Repurchase Agreement, the Company entered into a Guarantee Agreement in favor of the Buyer (the “UBS Guarantee Agreement”), pursuant to which the Company will guarantee the payment of up to 25% of the amount outstanding under the UBS Master Repurchase Agreement. The UBS Master Repurchase Agreement and the UBS Guarantee Agreement contain various representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. In addition, the UBS Guarantee Agreement contains financial covenants, which require the Company to maintain: (i) cash liquidity of at least the greater of $5 million or 5% The following table presents detailed information with respect to each borrowing under the UBS Master Repurchase Agreement as of March 31, 2022 and December 31, 2021: March 31, 2022 Collateral Borrowings Under Master Repurchase Principal Carrying Fair Borrowing Principal Interest 14th & Alice Street Owner, LLC $ 39,468,000 $ 40,197,784 $ 40,222,586 11/8/2021 $ 25,599,600 LIBOR+1.45% (LIBOR floor of 0.1%) NB Factory TIC 1, LLC 28,000,000 28,529,857 28,861,172 11/8/2021 18,970,000 LIBOR+1.74% (LIBOR floor of 0.1%) Grandview’s Madison Place, LLC 17,000,000 17,111,299 17,111,299 3/7/2022 13,600,000 Term SOFR + 1.965% $ 84,468,000 $ 85,838,940 $ 86,195,057 $ 58,169,600 December 31, 2021 Collateral Borrowings Under Master Repurchase Principal Carrying Fair Borrowing Principal Interest 14th & Alice Street Owner, LLC $ 39,384,000 $ 40,089,153 $ 40,130,448 11/8/2021 $ 25,599,600 LIBOR+1.45% (LIBOR floor of 0.1%) NB Factory TIC 1, LLC 28,000,000 28,420,056 28,851,547 11/8/2021 18,970,000 LIBOR+1.74% (LIBOR floor of 0.1%) $ 67,384,000 $ 68,509,209 $ 68,981,995 $ 44,569,600 For the three months ended March 31, 2022, the Company borrowed $13.6 million under the UBS Master Repurchase Agreement for the financing of a new investment, and did not make any repayments. Goldman Master Repurchase Agreement On February 18, 2022, Terra Mortgage Capital I, LLC (the “GS Seller”), a special-purpose indirect wholly-owned subsidiary of the Company, entered into an Uncommitted Master Repurchase and Securities Contract Agreement (the “Repurchase Agreement”) with Goldman Sachs Bank USA ( the “GS Buyer”). The Repurchase Agreement provides for advances of up to $200.0 million in the aggregate, which the Company expects to use to finance the originations of certain secured performing commercial real estate loans and the acquisitions of certain secured non-performing Advances under the Repurchase Agreement accrue interest at a per annum pricing rate equal to the sum of (i) Term SOFR (subject to underlying loan floors on a case-by-case 12-month The Repurchase Agreement contains margin call provisions that provide the GS Buyer with certain rights in the event of a decline in debt yield, loan-to-value In connection with the Repurchase Agreement, the Company entered into a Guarantee Agreement in favor of the GS Buyer (the “Guarantee Agreement”), pursuant to which the Company will guarantee the obligations of the GS Seller under the Repurchase Agreement. Subject to certain exceptions, the maximum liability under the Repurchase Agreement will not exceed 25% of the then currently outstanding repurchase obligations for performing loans and 50% of the then currently outstanding repurchase obligations for non-performing The Repurchase Agreement and the Guarantee Agreement contain various representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. In addition, the Guarantee Agreement contains financial covenants, which require the Company to maintain: (i) cash liquidity of at least the greater of $5 million or 5% of the then-current outstanding amount under the Repurchase Agreement; (ii) total liquidity in an amount equal to or greater than the lesser of $15 million or 10% of the then-current outstanding amount under the Repurchase Agreement (iii) tangible net worth at an amount no less than 75% of that at closing; (iv) an EBITDA to adjusted interest expense ratio of not less than 1.50 to 1.00; and (v) a total indebtedness to tangible net worth ratio of not more than 3.00 The following table presents detailed information with respect to each borrowing under the Repurchase Agreement as of March 31, 2022: March 31, 2022 Collateral Borrowings Under Repurchase Agreement Principal Carrying Value Fair Borrowing Principal Interest 330 Tryon DE LLC $ 22,800,000 $ 22,903,651 $ 22,638,331 2/18/2022 $ 18,240,000 Term SOFR +2.015% (0.10% floor) 1389 Peachtree St, LP; 1401 Peachtree St, LP; and 1409 Peachtree St, LP 53,970,491 54,221,854 53,083,178 2/18/2022 40,285,866 Term SOFR + 2.465% AGRE DCP Palm Springs, LLC 43,222,381 43,696,133 43,738,712 2/18/2022 28,094,548 Term SOFR + 1.315% (1.80% floor) Patrick Henry Recovery Acquisition, LLC 18,000,000 18,041,590 18,049,540 2/18/2022 14,400,000 Term SOFR +0.865% (1.50% floor) University Park Berkeley, LLC 25,815,378 25,995,342 26,008,381 2/18/2022 17,329,135 Term SOFR + 1.365% (1.50% floor) $ 163,808,250 $ 164,858,570 $ 163,518,142 $ 118,349,549 For the three months ended March 31, 2022, the Company borrowed $118.3 million under the Repurchase Agreement and did not make any repayments. Mortgage Loan Payable As of March 31, 2022, the Company had a $31.8 million mortgage loan payable collateralized by a multi-tenant office building that the Company acquired through foreclosure. The following table presents certain information about the mortgage loan payable as of March 31, 2022 and December 31, 2021: Current Maturity March 31, 2022 December 31, 2021 Lender Principal Carrying Carrying Principal Carrying Carrying Centennial Bank LIBOR + 3.85% September 27, $ 31,757,725 $ 31,963,840 $ 44,627,576 $ 31,962,692 $ 32,134,295 $ 46,067,129 Scheduled Debt Principal Payments Scheduled debt principal payments for each of the five calendar years following March 31, 2022 are as follows: Years Ending December 31, Total 2022 (April 1 to December 31) $ 31,757,725 2023 — 2024 241,472,698 2025 — 2026 85,125,000 2027 — Thereafter — 358,355,423 Unamortized deferred financing costs (6,269,467 ) Total $ 352,085,956 At March 31, 2022 and December 31, 2021, the unamortized deferred debt issuance costs were $6.3 million and $5.9 million, respectively. Obligations Under Participation Agreements and Secured Borrowing As discussed in Note 2, the Company follows the guidance in ASC 860 when accounting for loan participations and loans sold. Such guidance requires the transferred interests meet certain criteria in order for the transaction to be recorded as a sale. Loan participations and loans transferred from the Company which do not qualify for sale treatment remain on the Company’s consolidated balance sheets and the proceeds are recorded as obligations under participation agreements or secured borrowing, as applicable. As of March 31, 2022 and December 31, 2021, obligations under participation agreements had a carrying value of approximately $58.6 million and $42.2 million, respectively, and the carrying value of the loans that are associated with these obligations under participation agreements was approximately $124.6 million and $101.0 million, respectively, (see “ Participation Agreements	Note 9. Debt Unsecured Notes Payable On June 10, 2021, the Company issued $78.5 million in aggregate principal amount of its 6.00% notes due 2026 (the “initial note”), for net proceeds of $76.0 million after deducting underwriting commissions of $2.5 million, but before offering expenses payable by the Company. On June 25, 2021, the underwriters partially exercised their option to purchase an additional $6.6 million of the notes for net proceeds of $6.4 million (the “additional notes” and, together with the initial notes, the “notes”), after deducting underwriting commissions of $0.2 million, but before offering expenses payable by us, which closed on June 29, 2021. Interest on the notes is paid quarterly in arrears every March 30, June 30, September 30 and December 30, at a fixed rate of 6.00% per year, beginning September 30, 2021. The notes mature on June 30, 2026, unless redeemed earlier by the Company. The notes may be redeemed in whole or in part at any time or from time to time at the Company’s option on or after June 10, 2023. In connection with the issuance of the notes, the Company entered into (i) an Indenture, dated June 10, 2021 (the “Base Indenture”), by and between the Company and U.S. Bank National Association, as trustee (the “Trustee”), and (ii) the First Supplemental Indenture thereto, dated June 10, 2021 (the “Supplemental Indenture” and, collectively with the Base Indenture, the “Indenture”), by and between the Company and the Trustee. The Indenture contains certain covenants that, among other things, limit the ability of the Company, subject to exceptions, to make distributions in excess of 90% of the Company’s taxable income, incur indebtedness (as defined in the Indenture) or purchase shares of the Company’s capital stock unless the Company has an asset coverage ratio (as defined in the Indenture) of at least 150% after giving effect to such transaction. The Indenture also provides for customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the notes to become or to be declared due and payable. As of December 31, 2021, the Company was in compliance with the covenants included in the Indenture. The table below presents detailed information regarding the unsecured notes payable at December 31, 2021: December 31, 2021 Principal Carrying (1) Fair Value Unsecured notes payable $ 85,125,000 $ 81,856,799 $ 85,210,125 (1) Amount is net of unamortized issue discount of $2.4 million and unamortized deferred financing costs of $0.9 million. Revolving Line of Credit On March 12, 2021, Terra Mortgage Portfolio II, LLC, an indirect wholly-owned subsidiary of the Company, entered into a Business Loan and Security Agreement (the “Revolving Line of Credit”) with Western Alliance Bank (“WAB”) to provide for advances up to the lesser of $75.0 million or the amount determined by the borrowing base, which is based on the eligible assets pledged to the lender. Borrowings under the Revolving Line of Credit bear interest at an annual rate of LIBOR + 3.25% with a combined floor of 4.0% per annum. The Revolving Line of Credit was scheduled to mature on March 12, 2023. On January 4, 2022, the Company amended the Revolving Line of Credit and the Security Agreement to increase the maximum amount available to $125.0 million and extended the maturity date of the facility to March 12, 2024 with an annual 12-month In connection with the Revolving Line of Credit, the Company entered into a limited guaranty (the “Guaranty”) in favor of WAB, pursuant to which the Company will guarantee the payment of up to 25% of the amount outstanding under the Revolving Line of Credit. Under the Revolving Line of Credit and the Guaranty, the Company will be required to maintain (i) a minimum total net worth of $250.0 million; (ii) a $2.0 million quarterly operating profit, as defined within the agreement; and (iii) a ratio of total debt to total net worth of no more than 2.50 to 1.00. As of December 31, 2021, the Company is in compliance with these covenants. The Revolving Line of Credit contains terms, conditions, covenants, and representations and warranties that are customary and typical for a transaction of this nature. The Revolving Line of Credit contains various affirmative and negative covenants, including maintenance of a debt to total net worth ratio and limitations on the incurrence of liens and indebtedness, loans, distributions, change of management and ownership, changes in the nature of business and transactions with affiliates. The Revolving Line of Credit also includes customary events of default, including a cross-default provision applicable to debt obligations of Terra Mortgage Portfolio II, LLC or the Company. The occurrence of an event of default may result in termination of the Revolving Line of Credit and acceleration of amounts due under the Revolving Line of Credit. In connection with the closing of the Revolving Line of Credit, the Company also incurred financing fees of $0.6 million, to be amortized to interest expense over the life of the Revolving Line of Credit. The following tables present detailed information with respect to each borrowing under the Revolving Line of Credit as of December , : December 31, 2021 Borrowing Base Borrowings Principal Carrying Fair 870 Santa Cruz, LLC $ 17,540,875 $ 17,669,303 $ 17,781,285 $ 12,278,613 606 Fayetteville LLC and 401 E. Lakewood LLC 16,829,962 16,935,803 16,974,601 10,312,187 Austin H. I. Borrower LLC 13,625,000 13,725,690 13,735,569 7,493,750 D-G D-G 8,607,092 8,605,341 8,645,413 6,024,965 The Lux Washington, LLC 3,523,401 3,382,683 3,553,330 2,466,380 $60,126,330 $60,318,820 $60,690,198 $38,575,895 For the year ended December 31, 2021, the Company received proceeds from the Revolving Line of Credit of $38.6 million and did not make any repayments. Term Loan On September 3, 2020, Terra Mortgage Capital I, LLC (the “Issuer” or the “Seller”), a special-purpose indirect wholly-owned subsidiary of the Company, entered into an Indenture and Credit Agreement (the “Indenture and Credit Agreement”) with Goldman Sachs Bank USA, as initial lender (“Goldman”) and Wells Fargo Bank, National Association, as the trustee, custodian, collateral agent, loan agent and note administrator (“Wells Fargo”). The Indenture and Credit Agreement provides for (A) the borrowing by the Issuer from Goldman of approximately $103.0 million under a floating rate loan (the “Term Loan”) and (B) the issuance by the Issuer to Terra Mortgage Portfolio I, LLC (the “Class B Holder”) of an aggregate of approximately $76.7 million principal amount of Class B Income Notes due 2025 (the “Class B Notes” and, together with the Term Loan, the “Debt”). The Class B Holder is the parent of the Issuer and a wholly-owned subsidiary of the Company, and the sole holder of the Class B Notes. The Class B Holder is consolidated by the Company and the Term Loan represents amount due to Goldman under the Indenture and Credit Agreement. In addition, pursuant to the terms and conditions of the Indenture and Credit Agreement, Goldman has agreed to provide $3.6 million of additional future advances (the “Committed Advances”), and may provide up to $11.6 million of additional future discretionary advances, in connection with certain outstanding funding commitments under mortgage assets owned by the Issuer and financed under the Indenture and Credit Agreement (the “Mortgage Assets”). The stated maturity date of the Debt was March 14, 2025. On February 18, 2022, the Company refinanced the Term Loan with a new repurchase agreement (see Note 12). The Term Loan bore interest at a variable rate initially equal to LIBOR (the “Benchmark Rate”) (but not less than 1.0% per annum), plus a margin of 4.25% per annum (plus 0.50% on and after the payment date in October 2022, plus 0.25% on and after the payment date in October 2023), payable each month, on the day specified in the Indenture and Credit Agreement beginning in September 2020 (each a “Payment Date”). The Indenture and Credit Agreement is a term loan and does not contain any mark-to-market non-monetary including a $1.3 million upfront fee paid to Goldman, which are being amortized to interest expense over the term of the facility. The Issuer also pays, with respect to the Committed Advances, an annual fee, payable monthly, equal to the Benchmark Rate or Alternate Benchmark Rate, as applicable, subject to a floor of 1.0% per annum, plus 4.25%. In connection with the Indenture and Credit Agreement, the Company entered into a non-recourse The Term Loan is secured by first-priority security interests in substantially all of the assets of the Issuer, including all of the Mortgage Assets (other than excluded property and subject to certain permitted liens), including specified cash accounts that include the accounts into which Mortgage Asset proceeds are or will be paid. The Mortgage Assets are serviced and administered by an independent third-party servicer. The principal and interest on the Term Loan are repaid before repayment of the principal on the Class B Notes on each payment date of each month in accordance with the priority of payments as set forth in the Indenture and Credit Agreement, beginning in September 2020. Such payments are subject to certain fees for taxes, filings and administrative expenses. Upon the occurrence of a Term Loan Principal Trigger Event (as defined below), 100% of the payment of the principal proceeds are applied to the Term Loan principal after payment of certain fees and other amounts as described in the Indenture and Credit Agreement. A “Term Loan Principal Trigger Event” means as of any date of determination, an event that will be deemed to have occurred on the first date on which the aggregate principal balance of the Mortgage Assets is less than or equal to the product of (x) 75% multiplied by (y) the aggregate principal balance of the Mortgage Assets as of the closing date, plus any future advances made on such Mortgage Assets prior to such date of determination. As of December 31, 2021 and 2020, there was no Term Loan Principal Trigger Event. The Class B Notes and the Term Loan are redeemable by the Issuer upon the occurrence of certain tax events in accordance with the terms and provisions of the Indenture and Credit Agreement. The following tables present detailed information with respect to each borrowing under the Term Loan as of December , and : December 31, 2021 Mortgage Assets Borrowings (1)(2) Principal Carrying Value Fair 330 Tryon DE LLC $ 22,800,000 $ 22,902,354 $ 22,594,654 $ 13,680,000 1389 Peachtree St, LP; 1401 Peachtree St, LP; and 1409 Peachtree St, LP 53,289,288 53,536,884 52,031,363 31,283,661 AGRE DCP Palm Springs, LLC 43,222,381 43,669,992 43,829,842 23,146,265 Patrick Henry Recovery Acquisition, LLC 18,000,000 18,041,124 18,055,377 10,800,000 University Park Berkeley, LLC 25,815,378 25,991,962 26,015,500 14,853,544 $ 163,127,047 $ 164,142,316 $ 162,526,736 $ 93,763,470 December 31, 2020 Mortgage Assets Borrowings (1)(2) Principal Carrying Value Fair 330 Tryon DE LLC $ 22,800,000 $ 22,901,294 $ 22,869,879 $ 13,680,000 1389 Peachtree St, LP; 1401 Peachtree St, LP; and 1409 Peachtree St, LP 50,808,453 51,068,554 50,982,247 29,897,848 AGRE DCP Palm Springs, LLC 45,294,097 45,506,051 45,519,030 24,894,939 MSC Fields Peachtree Retreat, LLC 23,308,334 23,437,198 23,428,860 13,985,001 Patrick Henry Recovery Acquisition, LLC 18,000,000 18,039,456 17,994,495 10,800,000 University Park Berkeley, LLC 23,990,786 24,131,808 24,162,710 14,326,663 $ 184,201,670 $ 185,084,361 $ 184,957,221 $ 107,584,451 (1) Borrowings under the Term Loan bear interest at LIBOR plus 4.25% with a LIBOR floor of 1.00%, or 5.25% as of both December 31, 2021 and 2020, using LIBOR of 0.10% and 0.14%, respectively. (2) The maturity of the Term Loan is March 14, 2025, however the maturity of each borrowing under the Term Loan matches the maturity of the respective Mortgage Asset. For the year ended December 31, 2021, the Company received proceeds from borrowings under the Term Loan of $2.8 million and made repayment of $16.6 million. As of December 31, 2021, the remaining amount for Committed Advances and discretionary advances was $0.4 million and $6.6 million, respectively. Repurchase Agreements UBS Master Repurchase Agreement On November 8, 2021, Terra Mortgage Capital III, LLC (the “Seller”), a special-purpose indirect wholly-owned subsidiary of the Company, entered into an Uncommitted Master Repurchase Agreement (the “UBS Master Repurchase Agreement”) with UBS AG ( the “Buyer”). The UBS Master Repurchase Agreement provides for advances of up to $195 million in the aggregate, which the Company expects to use to finance certain secured performing commercial real estate loans, including senior mortgage loans, where the underlying mortgaged properties consist of value-added assets with loan-to-value Advances under the UBS Master Repurchase Agreement accrue interest at a per annum pricing rate equal to the sum of (i) the 30-day maturity date of November 7, 2024. The actual terms of financing for each asset will be determined at the time of financing in accordance with the UBS Master Repurchase Agreement. Subject to satisfaction of certain conditions, the Seller may extend the maturity date of the UBS Master Repurchase Agreement annually thereafter on mutually agreeable terms. In connection with the UBS Master Repurchase Agreement, the Company incurred deferred financing costs of $0.6 million, which are being amortized to interest expense over the term of the facility. The UBS Master Repurchase Agreement contains margin call provisions that provide the Buyer with certain rights in the event of a decline in the credit of the underlying assets purchased under the UBS Master Repurchase Agreement. Upon the occurrence of a margin deficit event, the Buyer may require the Seller to make a payment to reduce the purchase price to eliminate any margin deficit. In connection with the UBS Master Repurchase Agreement, the Company entered into a Guarantee Agreement in favor of the Buyer (the “UBS Guarantee Agreement”). The UBS Master Repurchase Agreement and the UBS Guarantee Agreement contain various representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. In addition, the UBS Guarantee Agreement contains financial covenants, which require the Company to maintain: (i) cash liquidity of at least the greater of $5 million or 5% of the then-current outstanding amount under the Master Repurchase Agreement; (ii) total liquidity of at least the greater of $15 million or 10% of the then-current outstanding amount under the Master Repurchase Agreement (iii) tangible net worth at an amount equal to or greater than $215.7 million plus 75% of new capital contributions thereafter; (iv) an EBITDA to interest expense ratio of not less than 1.50 to 1.00; and (v) a total indebtedness to tangible net worth ratio of not more than 3.50 to 1.00. In March 2022, the Company amended the UBS Guarantee Agreement to reduce the EBITDA to interest expense ratio of not less than 1.25 to 1.00, and as of December 31, 2021, the Company was in compliance with these covenants. The following table presents detailed information with respect to each borrowing under the UBS Master Repurchase Agreement as of December 31, 2021: December 31, 2021 Collateral Borrowings Under Master Repurchase Agreement Principal Carrying Fair Borrowing Principal Interest 14th & Alice Street Owner, LLC $ 39,384,000 $ 40,089,153 $ 40,130,448 11/8/2021 $ 25,599,600 LIBOR+1.45% NB Factory TIC 1, LLC 28,000,000 28,420,056 28,851,547 11/8/2021 18,970,000 LIBOR+1.74% $67,384,000 $68,509,209 $68,981,995 $44,569,600 For the year ended December 31, 2021, the Company borrowed $44.6 million under the UBS Master Repurchase Agreement for the financing of new and follow-on Goldman Master Repurchase Agreement On December 12, 2018, Terra Mortgage Capital I, LLC entered into an Uncommitted Master Repurchase Agreement (the “Goldman Master Repurchase Agreement”) with Goldman Sachs Bank USA. The Goldman Master Repurchase Agreement provided for advances of up to $150.0 million in the aggregate, which the Company used to finance certain secured performing commercial real estate loans. Advances under the Goldman Master Repurchase Agreement accrued interest at a per annum pricing rate equal to the sum of (i) the 30-day LIBOR and (ii) the applicable spread, and had a maturity date of . The actual terms of financing for each asset was determined at the time of financing in accordance with the Goldman Master Repurchase Agreement. The Goldman Master Repurchase Agreement contained margin call provisions that provide Goldman with certain rights in the event of a decline in the market value of the assets purchased under the Goldman Master Repurchase Agreement. Upon the occurrence of a margin deficit event, Goldman required the Seller to make a payment to reduce the outstanding obligation to eliminate any margin deficit. For the period from January 1, 2020 to the date of the termination of the Goldman Master Repurchase Agreement on September 3, 2020, the Company received a margin call on one of the borrowings and as a result, made a repayment of $3.4 million to reduce the outstanding obligation under the Goldman Master Repurchase Agreement. On September 3, 2020, the Company terminated the Goldman Master Repurchase Agreement and replaced it with the Term Loan as described above. In connection with the termination of the Goldman Master Repurchase Agreement, the Issuer repurchased all of its assets sold to Goldman pursuant to the Goldman Master Repurchase Agreement with the proceeds from the Term Loan, and Goldman released all security interests in such assets. In addition, Goldman unconditionally released the Company from, and terminated, the Guarantee Agreement in favor of Goldman, dated as of December 12, 2018, which provided for the guarantee by the Company of the obligations of the Issuer under the Goldman Master Repurchase Agreement, subject to certain exceptions and limitations. For the year ended December 31, 2020, the Company received proceeds from borrowings under the Goldman Master Repurchase Agreement of $22.9 million and made repayments of $104.0 million. Revolving Credit Facility On June 20, 2019, Terra LOC Portfolio I, LLC, a special-purpose indirect wholly-owned subsidiary of the Company, entered into a credit agreement with Israel Discount Bank of New York to provide for revolving credit loans of up to $35.0 million in the aggregate (“Revolving Credit Facility”), which the Company expects to use for short term financing needed to bridge the timing of anticipated loans repayments and funding obligations. Borrowings under the Revolving Credit Facility can be either prime rate loans or LIBOR rate loans and accrue interest at an annual rate of prime rate plus 1% or LIBOR plus 4% with a floor of 6%. The Revolving Credit Facility was scheduled to mature on June 20, 2020. The Revolving Credit Facility was amended to extend the maturity to October 2, 2020. On October 2, 2020, the Company amended the Revolving Credit Facility and reduced the commitment amount to $15.0 million. In connection with this amendment, the interest rate was changed to prime rate plus 1% or LIBOR plus 4% with a floor of 4.5% and the maturity was extended to September 2, 2021. On March 16, 2021, the Revolving Credit Facility was terminated. There were no amounts outstanding under the Revolving Credit Facility at December 31, 2020. For the year ended December 31, 2020, the Company received proceeds $35.0 million from borrowings under the Revolving Credit Facility, all of which were repaid in the same period. Mortgage Loan Payable As of December 31, 2021, the Company had a $32.0 million mortgage loan payable collateralized by a multi-tenant office building that the Company acquired through foreclosure. The following table presents certain information about the mortgage loan payable as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Lender Current Maturity Principal Carrying Carrying Principal Carrying Carrying Centennial Bank LIBOR + 3.85% September 27, $31,962,692 $32,134,295 $46,067,129 $44,020,225 $44,117,293 $49,533,733 Scheduled Debt Principal Payments Scheduled debt principal payments for each of the five calendar years following December 31, 2021 are as follows: Years Ending December 31, Total 2022 $ 31,962,692 2023 38,575,895 2024 100,333,261 2025 37,999,809 2026 85,125,000 Thereafter — 293,996,657 Unamortized deferred financing costs (5,904,421 ) Total $ 288,092,236 At December 31, 2021 and 2020, the unamortized deferred debt issuance costs were $5.9 million and $2.2 million, respectively. Obligations Under Participation Agreements and Secured Borrowing As discussed in Note 2, the Company follows the guidance in ASC 860 when accounting for loan participations and loans sold. Such guidance requires the transferred interests meet certain criteria in order for the transaction to be recorded as a sale. Loan participations and loans transferred from the Company which do not qualify for sale treatment remain on the Company’s consolidated balance sheets and the proceeds are recorded as obligations under participation agreements or secured borrowing, as applicable. As of December 31, 2021 and 2020, obligations under participation agreements had a carrying value of approximately $42.2 million and $71.6 million, respectively, and the carrying value of the loans that are associated with these obligations under participation agreements was approximately $101.0 million and $168.6 million, respectively, (see “ Participation Agreements

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9. Commitments and Contingencies Impact of COVID-19 While the impact of the COVID-19 COVID-19 of COVID-19. Unfunded Commitments on Loans Held for Investment Certain of the Company’s loans contain provisions for future fundings, which are subject to the borrower meeting certain performance-related metrics that are monitored by the Company. These fundings amounted to approximately $101.2 million and $71.8 million as of March 31, 2022 and December 31, 2021, respectively. The Company expects to maintain sufficient cash on hand to fund such commitments through matching these commitments with principal repayments on outstanding loans or draw downs on credit facilities. Unfunded Investment Commitment As discussed in Note 4, on August 3, 2020, the Company entered into a subscription agreement with RESOF whereby the Company committed to fund up to $50.0 million to purchase limited partnership interests in RESOF. As of March 31, 2022 and December 31, 2021, the unfunded investment commitment was $16.4 million and $15.1 million, respectively. Other The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. The Manager has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote. From time to time, the Company and the Manager may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. Additionally, as described above under “Note 5. Real Estate Owned, Net — Real Estate Operating Revenue and Expenses,” as of March 31, 2022, the Company owned a multi-tenant office building that is subject to a ground lease. The ground lease provides for a new base rent every 5 years based on the greater of the annual base rent for the prior lease year or 9% of the fair market value of the land. The next rent reset on the ground lease is scheduled for November 1, 2025. The Company is currently litigating with the landlord with respect to the appropriate method for determining the fair value of the land for purposes of setting the ground rent — Terra Ocean Ave., LLC v. Ocean Avenue Santa Monica Realty LLC, Superior Court of California, Los Angeles County, Case No. 20STCV34217. The Company believes this determination should be based on comparable sales, while the landlord insists that the rent under the ground lease itself is also relevant. The Company’s position has prevailed in all three of the prior arbitrations to reset the ground rent. Since future rent reset determinations under the ground lease cannot be known at this time, the Company did not include any potential future rent increases in calculating the present value of future rent payments. The Company intends vigorously to pursue the litigation. While the Company believes its arguments will likely prevail, the outcome of the legal proceeding cannot be predicted with certainty. If the landlord prevails, the future rent reset determinations could result in significantly higher ground rent, which would likely result in a significant diminution in the value of the Company’s interest in the ground lease and the office building. See Note 7 for a discussion of the Company’s commitments to the Manager.	Note 10. Commitments and Contingencies Impact of COVID-19 The full extent of the impact of the COVID-19 COVID-19 of COVID-19. Unfunded Commitments on Loans Held for Investment Certain of the Company’s loans contain provisions for future fundings, which are subject to the borrower meeting certain performance-related metrics that are monitored by the Company. These fundings amounted to approximately $71.8 million and $67.9 million as of December 31, 2021 and 2020, respectively. The Company expects to maintain sufficient cash on hand to fund such unfunded commitments, primarily through matching these commitments with principal repayments on outstanding loans. Unfunded Investment Commitment As discussed in Note 7, On August 3, 2020, the Company entered into a subscription agreement with RESOF whereby the Company committed to fund up to $50.0 million to purchase limited partnership interests in RESOF. As of December 31, 2021 and 2020, the unfunded investment commitment was $15.1 million and $14.1 million, respectively. Other The Company enters into contracts that contain a variety of indemnification provisions. The Company’s maximum exposure under these arrangements is unknown; however, the Company has not had prior claims or losses pursuant to these contracts. The Manager has reviewed the Company’s existing contracts and expects the risk of loss to the Company to be remote. The Company is not currently subject to any material legal proceedings and, to the Company’s knowledge, no material legal proceedings are threatened against the Company. From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. While the outcome of any legal proceedings cannot be predicted with certainty, the Company does not expect that any such proceedings will have a material adverse effect upon its financial condition or results of operations. See Note 8 for a discussion of the Company’s commitments to the Manager.

Equity

Equity	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Equity	Note 10. Equity Earnings Per Share The following table presents earnings per share for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Net (loss) income $ (757,887 ) $ 1,476,096 Series A preferred stock dividend declared (3,906 ) (3,906 ) Net (loss) income allocable to common stock $ (761,793 ) $ 1,472,190 Weighted-average shares outstanding — basic and diluted 19,487,460 19,487,460 (Loss) earnings per share — basic and diluted $ (0.04 ) $ 0.08 Preferred Stock Classes Preferred Stock The Company’s charter gives it authority to issue 50,000,000 shares of preferred stock, $0.01 par value per share (“Preferred Stock”). The Company’s board of directors may classify any unissued shares of Preferred Stock and reclassify any previously classified but unissued shares of Preferred Stock of any series from time to time, into one or more classes or series of stock. As of March 31, 2022 and December 31, 2021, there were no Preferred Stock issued or outstanding. Series A Preferred Stock On November 30, 2016, the Company’s board of directors classified and designated 125 shares of preferred stock as a separate class of preferred stock to be known as the 12.5% Series A Redeemable Cumulative Preferred Stock, $1,000 liquidation value per share (“Series A Preferred Stock”). In December 2016, the Company sold 125 shares of the Series A Preferred Stock for $125,000. The Series A Preferred Stock pays dividends at an annual rate of 12.5% of the liquidation preference. These dividends are cumulative and payable semi-annually in arrears on June 30 and December 31 of each year. The Series A Preferred Stock, with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company, rank senior to common stock. The Company, at its option, may redeem the shares, with written notice, at a redemption price of $1,000 per share, plus any accrued unpaid distribution through the date of the redemption. The Series A Preferred Stock carries a redemption premium of $50 per share if redeemed prior to January 1, 2019. The Series A Preferred Stock generally has no voting rights. However, the Series A Preferred Stock holders’ voting is required if (i) authorization or issuance of any securities senior to the Series A Preferred Stock; (ii) an amendment to the Company’s charter that has a material adverse effect on the rights and preference of the Series A Preferred Stock; and (iii) any reclassification of the Series A Preferred Stock. Common Stock As of March 31, 2022, Terra JV held 87.4% of the issued and outstanding shares of the Company’s common stock with the remainder held by Terra Offshore REIT. As of March 31, 2022, Terra Fund 5 and Terra Secured Income Fund 7, LLC (“Terra Fund 7”) owned an 87.6% and 12.4% interest in Terra JV, respectively, and Terra Secured Income Fund 5 International and Terra Income Fund International owned a 51.6% and 48.4% interest in Terra Offshore REIT, respectively. Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with U.S. GAAP, to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code. All distributions will be made at the discretion of the Company’s board of directors and will depend upon its taxable income, financial condition, maintenance of REIT status, applicable law, and other factors as its board of directors deems relevant. For the three months ended March 31, 2022 and 2021, the Company made distributions to Terra JV and Terra Offshore REIT totaling $3.9 million and $3.9 million, of which $2.9 million and $2.4 million were returns of capital, respectively. Additionally, for each of the three months ended March 31, 2022 and 2021, the Company made distributions to preferred stockholders of $3,906.	Note 11. Equity Earnings Per Share The following table presents earnings per share for the years ended December 31, 2021 and 2020: Years Ended December 31, 2021 2020 Net (loss) income $ (12,355,727 ) $ 5,255,730 Series A preferred stock dividend declared (15,624 ) (15,624 ) Net (loss) income allocable to common stock $ (12,371,351 ) $ 5,240,106 Weighted-average shares outstanding — basic and diluted 19,487,460 18,813,066 (Loss) earnings per share — basic and diluted $ (0.63 ) $ 0.28 Preferred Stock Classes Preferred Stock The Company’s charter gives it authority to issue 50,000,000 shares of preferred stock, $0.01 par value per share (“Preferred Stock”). The Company’s board of directors may classify any unissued shares of Preferred Stock and reclassify any previously classified but unissued shares of Preferred Stock of any series from time to time, into one or more classes or series of stock. As of December 31, 2021 and 2020, there were no Preferred Stock issued or outstanding. Series A Preferred Stock On November 30, 2016, the Company’s board of directors classified and designated 125 shares of preferred stock as a separate class of preferred stock to be known as the 12.5% Series A Redeemable Cumulative Preferred Stock, $1,000 liquidation value per share (“Series A Preferred Stock”). In December 2016, the Company sold 125 shares of the Series A Preferred Stock for $125,000. The Series A Preferred Stock pays dividends at an annual rate of 12.5% of the liquidation preference. These dividends are cumulative and payable semi-annually in arrears on June 30 and December 31 of each year. The Series A Preferred Stock, with respect to dividend rights and rights upon liquidation, dissolution or winding up of the Company, rank senior to common stock. The Company, at its option, may redeem the shares, with written notice, at a redemption price of $1,000 per share, plus any accrued unpaid distribution through the date of the redemption. The Series A Preferred Stock carries a redemption premium of $50 per share if redeemed prior to January 1, 2019. The Series A Preferred Stock generally has no voting rights. However, the Series A Preferred Stock holders’ voting is required if (i) authorization or issuance of any securities senior to the Series A Preferred Stock; (ii) an amendment to the Company’s charter that has a material adverse effect on the rights and preference of the Series A Preferred Stock; and (iii) any reclassification of the Series A Preferred Stock. Common Stock As discussed in Note 3, on March 1, 2020, TPT2 merged with and into the Company with the Company continuing as the surviving corporation. In connection with the Merger, the Company issued 2,116,785.76 shares of common stock of the Company to Terra Fund 7, the sole stockholder of TPT2, as consideration in the Merger. In addition, on March 2, 2020, the Company issued 2,457,684.59 shares of common stock of the Company in exchange for the settlement of certain participation interests in loans held by the Company and cash. As described in Note 3, Terra Fund 7 contributed the shares of the Company’s common stock received as consideration in the Merger to Terra JV and became a co-managing Agreement. The JV Agreement and related stockholders agreement between Terra JV and the Company, dated March 2, 2020, provide for the joint approval of Terra Fund 5 and Terra Fund 7 with respect to certain major decisions that are taken by Terra JV and the Company. As of December 31, 2021, Terra JV owns % of the issued and outstanding shares of the Company’s common stock with the remainder held by Terra Offshore REIT, and Terra Fund 5 and Terra Fund 7 own an % and % interest, respectively, in Terra JV. On September 30, 2019, the Company issued 212,691 shares of its common stock to Terra Offshore REIT at a price of $17.02 per share for total proceeds of $3.6 million. On April 29, 2020, the Company repurchased, at a price of $17.02 per share, the 212,691 shares it previously sold to Terra Offshore REIT (Note 8). Distributions The Company generally intends to distribute substantially all of its taxable income, which does not necessarily equal net income as calculated in accordance with U.S. GAAP, to its stockholders each year to comply with the REIT provisions of the Internal Revenue Code. All distributions will be made at the discretion of the Company’s board of directors and will depend upon its taxable income, financial condition, maintenance of REIT status, applicable law, and other factors as its board of directors deems relevant. For the years ended December 31, 2021 and 2020, the Company made distributions to Terra 5, Terra JV and Terra Offshore REIT totaling $17.1 million and $21.2 million, respectively, of which $14.6 million and $16.0 million were returns of capital, respectively. Additionally, for each of the years ended December 31, 2021 and 2020, the Company made distributions to preferred stockholders of $15,624. Distributions paid to stockholders consist of ordinary income, capital gains, return of capital or a combination thereof for income tax purposes. The following table presents distributions per share, declared and paid during the years ended December 31, 2021 and 2020, reported for federal tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Section 857(b)(3)(C) of the Internal Revenue Code and Treasury Regulation § 1.857-6(e): Years Ended 2021 2020 Ordinary income $ 0.07 $ 0.48 Capital gain 0.06 — Return of capital 0.75 0.68 $0.88 $1.16

Subsequent Events

Subsequent Events	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events Management has evaluated subsequent events through the date the consolidated financial statements were available to be issued. Management has determined that there are no material events other than the one described below that would require adjustment to, or disclosure in, the Company’s consolidated financial statements. On May 2, 2022, the Company, Terra Income Fund 6, Inc. (“Terra BDC”), Terra Merger Sub, LLC, a wholly owned subsidiary of the Company (“Merger Sub”), Terra Income Advisors, LLC and the Manager, entered into an Agreement and Plan of Merger (the “Merger Agreement”) pursuant to which, subject to the terms and conditions therein, Terra BDC will be merged with and into Merger Sub, with Merger Sub surviving as a wholly owned subsidiary of the Company (such surviving company, the “Surviving Company” and such transaction, the “Merger”). Pursuant to the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), except for any shares of common stock, par value $0.001 per share, of Terra BDC (“Terra BDC Common Stock”) held by the Company or any wholly owned subsidiary of the Company or Terra BDC, which will be automatically retired and cease to exist with no consideration paid therefor, each issued and outstanding share of Terra BDC Common Stock will be automatically cancelled and retired and converted into the right to receive (i) 0.595 shares (as such number may be adjusted in accordance with the Merger Agreement, the “Exchange Ratio”) of the newly designated Class B Common Stock, par value $0.01 per share, of the Company (“Class B Common Stock”), and (ii) cash, without interest, in lieu of any fractional shares of Class B Common Stock otherwise issuable in an amount, rounded to the nearest whole cent, determined by multiplying (x) the fraction of a share of Class B Common to which such holder would otherwise be entitled by (y) $14.38. Prior to the Effective Time, the Company will file with the State Department of Assessments and Taxation of Maryland Articles of Amendment to the Articles of Amendment and Restatement of the Company (the “Charter Amendment”). Pursuant to the Charter Amendment, (i) the authorized shares of stock which the Company has authority to issue will be increased from 500,000,000 to 950,000,000, consisting of 450,000,000 shares of Class A Common Stock, $0.01 par value per share (“Class A Common Stock”), 450,000,000 shares of Class B Common Stock, and 50,000,000 shares of Preferred Stock, $0.01 par value per share, and (ii) each share of the Company’s common stock issued and outstanding immediately prior to the Effective Time will be automatically changed into one issued and outstanding share of Class B Common Stock. Except with respect to conversion, each share of Class B Common Stock will have identical preferences, rights, voting powers, restrictions, limitations as to dividends and other distributions, qualifications, and terms and conditions of redemption as each other share of the Company’s common stock. On the date that is 180 calendar days (or, if such date is not a business day, the next business day) after the date of initial listing of shares of Class A Common Stock for trading on a national securities exchange or such earlier date as approved by the Board (the “First Conversion Date”), one-third one-half Pursuant to the Merger Agreement, the Company has agreed to take all necessary corporate action so that upon and after the Effective Time, the size of the Board is increased from three to six, and three individuals designated by Terra BDC (the “Terra BDC Designees”) are elected to the Board. If a Terra BDC Designee is not able or willing to serve on the Board as of the Effective Time, Terra BDC will select a replacement within a reasonable period of time prior to the Effective Time, and the Board will elect such replacement as a member of the Board as of the Effective Time. The Merger is expected to close during the third quarter of 2022, subject to the required approvals by Terra BDC’s stockholders and other customary closing conditions. There can be no assurances that the Merger will close.	Note 12. Subsequent Events Management has evaluated subsequent events through the date the consolidated financial statements were available to be issued. Management has determined that there are no material events other than the one described below that would require adjustment to, or disclosure in, the Company’s consolidated financial statements. On February 18, 2022, Terra Mortgage Capital I, LLC (the “Seller”), a special-purpose indirect wholly-owned subsidiary of the Company, entered into an Uncommitted Master Repurchase and Securities Contract Agreement (the “Repurchase Agreement”) with Goldman Sachs Bank USA ( the “Buyer”). The Repurchase Agreement provides for advances of up to $200.0 million in the aggregate, which the Company expects to use to finance the originations of certain secured performing commercial real estate loans and the acquisitions of certain secured non-performing Advances under the Repurchase Agreement accrue interest at a per annum pricing rate equal to the sum of (i) Term SOFR (subject to underlying loan floors on a case-by-case 12-month The Repurchase Agreement contains margin call provisions that provide the Buyer with certain rights in the event of a decline in debt yield, loan-to-value In connection with the Repurchase Agreement, the Company entered into a Guarantee Agreement in favor of the Buyer (the “Guarantee Agreement”), pursuant to which the Company will guarantee the obligations of the Seller under the Repurchase Agreement. Subject to certain exceptions, the maximum liability under the Repurchase Agreement will not exceed 25% of the then currently outstanding repurchase obligations for performing loans and 50% of the then currently outstanding repurchase obligations for non-performing The Repurchase Agreement and the Guarantee Agreement contain various representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. In addition, the Guarantee Agreement contains financial covenants, which require the Company to maintain: (i) cash liquidity of at least the greater of $5 million or 5% of the then-current outstanding amount under the Repurchase Agreement; (ii) total liquidity in an amount equal to or greater than the lesser of $15 million or 10% of the then-current outstanding amount under the Repurchase Agreement (iii) tangible net worth at an amount no less than 75% of that at closing; (iv) an EBITDA to adjusted interest expense ratio of not less than 1.50 to 1.00; and (v) a total indebtedness to tangible net worth ratio of not more than 3.00 to 1.00.

Schedule III Real Estate and Ac

Schedule III Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Investment in Real Estate and Accumulated Depreciation Disclosure	Schedule III — Real Estate and Accumulated Depreciation As of December 31, 2021 Initial Costs Cost Decrease in (1) Gross Amount at Period End Description Encumbrance Land Building and Land Building and Total Accumulated Date of Date Life Used Office building in Santa Monica, CA $ 31,962,692 $ — $ 51,308,076 $ 2,508,533 $ — $ — $ 53,816,609 $ 53,816,609 $ 5,491,541 2002 July 30 40 years Land in Conshohocken, PA — 14,703,359 — 242,071 (4,945,430 ) 10,000,000 — 10,000,000 — N/A January 9 N/A $31,962,692 $14,703,359 $51,308,076 $2,750,604 $(4,945,430) $10,000,000 $53,816,609 $63,816,609 $5,491,541 (1) For the year ended December 31, 2019, the Company recorded an impairment charge of $1.5 million on the land in order to reduce the carrying value of the land to its estimated fair value, which was the then estimated selling price less the cost of sale. For the year ended December 31, 2021, the Company recorded another impairment charge of $3.4 million to reflect the current estimated selling price less the cost of sale. At December 31, 2021, the aggregate cost of real estate for federal income tax purposes was $57.6 million. The changes in total real estate assets and accumulated depreciation for the year ended December 31, 2021 are as follows: Real Estate Asset Accumulated Depreciation Year Ended Year Ended Balance, beginning of year $ 67,212,039 Balance, beginning of year $ 3,826,700 Acquisition through foreclosure — Depreciation for the year 1,664,841 Improvements — Balance, end of year $ 5,491,541 Impairment charge (3,395,430 ) Balance, end of year $ 63,816,609

SEC Schedule IV Mortgage Loans

SEC Schedule IV Mortgage Loans on Real Estate	12 Months Ended
	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
Investment in Mortgage Loans on Real Estate	Terra Property Trust, Inc. Schedule IV — Mortgage Loans on Real Estate As of December 31, 2021 Portfolio Company (1) Collateral Property Interest Maximum (2) Periodic Prior Face Amount Carrying Mezzanine Loans: 150 Blackstone River Road, LLC US - MA Industrial 8.5% 9/6/2027 Interest Only $ — $ 7,000,000 $ 7,000,000 High Pointe Mezzanine Investments, LLC US - SC Student 13.0% 1/6/2024 Interest Only — 3,000,000 3,145,614 UNIJ Sole Member, LLC (3) US - CA Mixed-use 15.0% 6/1/2027 Interest Only — 7,444,357 7,477,190 17,444,357 17,622,804 First Mortgages: 14th & Alice Street Owner, LLC US - CA Multifamily LIBOR + 4.0% 4/15/2024 Interest Only — 39,384,000 40,089,153 1389 Peachtree St, LP; 1401 Peachtree St, LP; 1409 Peachtree St, LP US - GA Office LIBOR + 4.5% 8/10/2024 Interest Only — 53,289,288 53,536,884 330 Tryon DE LLC US - NC Office LIBOR + 4.25% 3/1/2024 Interest Only — 22,800,000 22,902,354 606 Fayetteville LLC and 401 E. Lakewood LLC US - NC Land 9.0% 8/1/2024 Interest Only — 16,829,962 16,935,803 870 Santa Cruz, LLC US - CA Office LIBOR + 6.75% 12/15/2025 Interest Only — 17,540,875 17,669,303 AGRE DCP Palm Springs, LLC US - CA Hotel - full/ LIBOR +5.0% 1/1/2025 Interest Only — 43,222,381 43,669,992 Austin H. I. Borrower LLC (4) US - TX Hotel - full/ LIBOR +7.5% 10/1/2026 Interest Only — 13,625,000 13,725,690 D-G D-G US - CA Land LIBOR +7.0% 7/21/2025 Interest Only — 8,607,092 8,605,341 Hillsborough Owners LLC (5) US - NC Mixed-use LIBOR +8.0% 11/1/2024 Interest Only — 4,863,009 4,866,542 NB Factory TIC 1, LLC US - UT Student LIBOR +5.0% 3/5/2024 Interest Only — 28,000,000 28,420,056 Patrick Henry Recovery Acquisition, LLC US - CA Office LIBOR + 2.95% 12/1/2024 Interest Only — 18,000,000 18,041,124 The Lux Washington, LLC US - WA Land LIBOR + 7.0% 1/22/2026 Interest Only — 3,523,401 3,382,683 University Park Berkeley, LLC US - CA Multifamily LIBOR + 4.2% 3/1/2025 Interest Only — 25,815,378 25,991,962 Windy Hill PV Five CM, LLC US - CA Office LIBOR + 6.0% 9/20/2023 Interest Only — 49,954,068 50,264,568 345,454,454 348,101,455 Preferred equity investments: 370 Lex Part Deux, LLC (6)(7) US -NY Office LIBOR + 8.25% 1/9/2025 Interest Only $ — $ 60,012,639 $ 60,012,639 REEC Harlem Holdings Company LLC (8) US - NY Mixed-use LIBOR + 12.5% 3/9/2025 Interest Only — 16,633,292 16,633,292 RS JZ Driggs, LLC (6)(7)(9) US - NY Multifamily 12.3% 8/1/2021 Interest Only — 15,606,409 15,754,641 92,252,340 92,400,572 Portfolio Company (1) Collateral Property Interest Maximum (2) Periodic Prior Face Amount Carrying Credit facility: William A. Shopoff & Cindy I. Shopoff (6)(7) US - CA Industrial 15.0% 4/4/2023 Interest Only 25,000,000 25,206,964 25,000,000 25,206,964 Allowance for loan losses — (13,658,481 ) Total investments $ 480,151,151 $ 469,673,314 (1) All of the Company’s loans have a prepayment penalty provision. (2) Maximum maturity date assumes all extension options are exercised. (3) Participation interest is with Mavik Real Estate Special Opportunities Fund REIT, LLC, a related-party real estate investment trust managed by the Manager (Note 8). (4) In September 2021, the Company refinanced a previously-defaulted mezzanine loan with a new first mortgage. This refinancing was accounted for as a troubled debt restructuring and the Company recognized a loss of $0.3 million on the restructuring. (5) Participation interest is with Terra Fund 6, an affiliated fund advised by the Terra Income Advisors, an affiliate of the Company’s sponsor and Manager (Note 8). (6) The loan participations from the Company do not qualify for sale accounting under ASC 860 and therefore, the gross amount of these loans remain in Schedule IV. See “ Obligations under Participation Agreements Transfers of Participation Interest by the Company (7) The Company sold a portion of its interest in this loan through a participation agreement to Terra Fund 6 (Note 8). (8) The Company recorded a specific allowance for loan loss of $12.8 million on this loan as a result of a decline in the value of the collateral (Note 4). (9) This loan is in maturity default. The Company has exercised its rights and is facilitating the completion of construction of the asset in anticipation of lease up and disposition of the asset. Reconciliation of Mortgage Year Ended December 31, Balance, beginning of year $ 422,280,515 Additions during the period: New mortgage loans 252,437,733 PIK interest 1,955,109 Accrual, payment and accretion of investment-related fees and other, net 1,397,519 Deductions during the period: Collections of principal (196,780,456 ) Provision for loan losses (10,904,163 ) Amortization of premium (61,390 ) Realized loss on loan repayments (651,553 ) Balance, end of year $ 469,673,314

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Consolidation	Principles of Consolidation The consolidated financial statements include all of the Company’s accounts and those of its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or voting interest model. The Company is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Company determines it does not hold a variable interest in a VIE, it then applies the voting interest model. Under the voting interest model, the Company consolidates an entity when it holds a majority voting interest in an entity. The Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting (see Note 4). VIE Model An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of the equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the entity’s expected losses or right to receive the entity’s expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Under the VIE model, limited partnerships are considered a VIE unless the limited partners hold substantive kick-out	Principles of Consolidation The consolidated financial statements include all of the Company’s accounts and those of its consolidated subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. The Company consolidates entities in which it has a controlling financial interest based on either the variable interest entity (“VIE”) or voting interest model. The Company is required to first apply the VIE model to determine whether it holds a variable interest in an entity, and if so, whether the entity is a VIE. If the Company determines it does not hold a variable interest in a VIE, it then applies the voting interest model. Under the voting interest model, the Company consolidates an entity when it holds a majority voting interest in an entity. The Company accounts for investments in which it has significant influence but not a controlling financial interest using the equity method of accounting (see Note 5). VIE Model An entity is considered to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of the equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the entity’s expected losses or right to receive the entity’s expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. Under the VIE model, limited partnerships are considered a VIE unless the limited partners hold substantive kick-out
Loans Held for Investment	Loans Held for Investment The Company originates, acquires, and structures real estate-related loans generally to be held to maturity. Loans held for investment are carried at the principal amount outstanding, adjusted for the accretion of discounts on investments and exit fees, and the amortization of premiums on investments and origination fees. The Company’s preferred equity investments, which are economically similar to mezzanine loans and subordinate to any loans but senior to common equity, are accounted for as loans held for investment. Loans are carried at cost less allowance for loan losses.	Loans Held for Investment The Company originates, acquires, and structures real estate-related loans generally to be held to maturity. Loans held for investment are carried at the principal amount outstanding, adjusted for the accretion of discounts on investments and exit fees, and the amortization of premiums on investments and origination fees. The Company’s preferred equity investments, which are economically similar to mezzanine loans and subordinate to any loans but senior to common equity, are accounted for as loans held for investment. Loans are carried at cost less allowance for loan losses.
Allowance for Loan Losses	Allowance for Loan Losses The Company’s loans are typically collateralized by either the sponsors’ equity interest in the real estate properties or the underlying real estate properties. As a result, the Company regularly evaluates the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan operations and/or reserve balances are sufficient to cover the debt service requirements currently and into the future; (ii) the ability of the borrower to refinance the loan; and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of the sponsor as well as its competency in managing and operating the real estate property. In addition, the Company considers the overall economic environment, real estate sector, and geographic sub-market The Manager performs a quarterly evaluation for possible impairment of the Company’s portfolio of loans. A loan is impaired if it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. Impairment is measured based on the present value of expected future cash flows or the fair value of the collateral if the loan is collateral dependent. Upon measurement of impairment, the Company records an allowance to reduce the carrying value of the loan with a corresponding charge to net income. In conjunction with the quarterly evaluation of loans not considered impaired, the Manager assesses the risk factors of each loan and assigns each loan a risk rating between 1 and 5, which is an average of the numerical ratings in the following categories: (i) sponsor capability and financial condition; (ii) loan and collateral performance relative to underwriting; (iii) quality and stability of collateral cash flows and/or reserve balances; and (iv) loan to value. Based on a 5-point Risk Rating Description 1 Very low risk 2 Low risk 3 Moderate/average risk 4 Higher risk 5 Highest risk The Company records an allowance for loan losses equal to (i) 1.5% of the aggregate carrying amount of loans rated as a “4”, plus (ii) 5% of the aggregate carrying amount of loans rated as a “5”, plus (iii) impaired loan reserves, if any.	Allowance for Loan Losses The Company’s loans are typically collateralized by either the sponsors’ equity interest in the real estate properties or the underlying real estate properties. As a result, the Company regularly evaluates the extent and impact of any credit migration associated with the performance and/or value of the underlying collateral property as well as the financial and operating capability of the borrower/sponsor on a loan-by-loan sub-market expenses, the borrower’s exit plan, the capitalization and discount rates; (ii) site inspections; and (iii) current credit spreads and discussions with market participants. The Manager performs a quarterly evaluation for possible impairment of the Company’s portfolio of loans. A loan is impaired if it is deemed probable that the Company will not be able to collect all amounts due according to the contractual terms of the loan. Impairment is measured based on the present value of expected future cash flows or the fair value of the collateral if the loan is collateral dependent. Upon measurement of impairment, the Company records an allowance to reduce the carrying value of the loan with a corresponding charge to net income. In conjunction with the quarterly evaluation of loans not considered impaired, the Manager assesses the risk factors of each loan and assigns each loan a risk rating between 1 and 5, which is an average of the numerical ratings in the following categories: (i) sponsor capability and financial condition; (ii) loan and collateral performance relative to underwriting; (iii) quality and stability of collateral cash flows and/or reserve balances; and (iv) loan to value. Based on a 5-point Risk Rating Description 1 Very low risk 2 Low risk 3 Moderate/average risk 4 Higher risk 5 Highest risk The Company records an allowance for loan losses equal to (i) 1.5% of the aggregate carrying amount of loans rated as a “4”, plus (ii) 5% of the aggregate carrying amount of loans rated as a “5”, plus (iii) impaired loan reserves, if any.
Troubled Debt Restructuring Policy	There may be circumstances where the Company modifies a loan by granting the borrower a concession that it might not otherwise consider when a borrower is experiencing financial difficulty or is expected to experience financial difficulty in the foreseeable future. Such concessionary modifications are classified as troubled debt restructurings (“TDR”s) unless the modification solely results in a delay in a payment that is insignificant. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes.	There may be circumstances where the Company modifies a loan by granting the borrower a concession that it might not otherwise consider when a borrower is experiencing financial difficulty or is expected to experience financial difficulty in the foreseeable future. Such concessionary modifications are classified as troubled debt restructurings (“TDR”s) unless the modification solely results in a delay in a payment that is insignificant. Loans classified as TDRs are considered impaired loans for reporting and measurement purposes.
Equity Investment in a Limited Partnership	Equity Investment in Unconsolidated Investments The Company accounts for its equity interests in unconsolidated investments under the equity method of accounting, i.e., at cost, increased or decreased by its share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting. The Company evaluates its equity investment unconsolidated investments on a periodic basis to determine if there are any indicators that the value of its equity investments may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-	Equity Investment in Unconsolidated Investments The Company accounts for its equity interests in unconsolidated investments under the equity method of accounting, i.e., at cost, increased or decreased by its share of earnings or losses, less distributions, plus contributions and other adjustments required by equity method accounting. The Company evaluates its equity investment unconsolidated investments on a periodic basis to determine if there are any indicators that the value of its equity investments may be impaired and whether or not that impairment is other-than-temporary. To the extent an impairment has occurred and is determined to be other-than-temporary, the Company measures the charge as the excess of the carrying value of its investment over its estimated fair value, which is determined by calculating its share of the estimated fair market value of the underlying net assets based on the terms of the applicable partnership or joint venture agreements.
Marketable Securities Policy	Marketable Securities The Company from time to time invests in short term debt and equity securities. These securities are classified as available-for-sale	Marketable Securities The Company from time to time invests in short term debt and equity securities. These securities are classified as available-for-sale
Real Estate Owned	Real Estate Owned, Net Real estate acquired is recorded at its estimated fair value at acquisition and is shown net of accumulated depreciation and impairment charges. Acquisition of properties generally are accounted for as asset acquisitions. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs, are accumulated and then allocated to individual assets and liabilities acquired based upon their relative fair value. The Company allocates the purchase price of its real estate acquisitions to land, building, tenant improvements, acquired in-place in-place Real estate assets are depreciated using the straight-line method over their estimated useful lives: buildings and improvements — not to exceed 40 years, and tenant improvements — shorter of the lease term or life of the asset. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life. Management reviews the Company’s real estate for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The review of recoverability is based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate assets. If impaired, the real estate asset will be written down to its estimated fair value.	Real Estate Owned, Net Real estate acquired is recorded at its estimated fair value at acquisition and is shown net of accumulated depreciation and impairment charges. Acquisition of properties generally are accounted for as asset acquisitions. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs, are accumulated and then allocated to individual assets and liabilities acquired based upon their relative fair value. The Company allocates the purchase price of its real estate acquisitions to land, building, tenant improvements, acquired in-place in-place Real estate assets are depreciated using the straight-line method over their estimated useful lives: buildings and improvements — not to exceed 40 years, and tenant improvements — shorter of the lease term or life of the asset. Ordinary repairs and maintenance which are not reimbursed by the tenants are expensed as incurred. Major replacements and betterments which improve or extend the life of the asset are capitalized and depreciated over their estimated useful life. Management reviews the Company’s real estate for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The review of recoverability is based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate assets. If impaired, the real estate asset will be written down to its estimated fair value.
Lessee, Leases Policy	Leases The Company determines if an arrangement is a lease at inception. Operating leases in which the Company is the lessee are included in operating lease right-of-use	Leases The Company determines if an arrangement is a lease at inception. Operating leases in which the Company is the lessee are included in operating lease right-of-use ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s lease typically does not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The operating lease ROU asset also includes any lease payments made in advance and excludes lease incentives if there were any. The Company’s lease term may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Revenue Recognition	Revenue Recognition Revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Interest Income: non-accrual The Company holds loans in its portfolio that contain paid-in-kind Real Estate Operating Revenues: Other Revenues:	Revenue Recognition Revenue is recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Interest Income: non-accrual The Company holds loans in its portfolio that contain paid-in-kind Real Estate Operating Revenues: Other Revenues:
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments, with original maturities of ninety days or less when purchased, as cash equivalents. Cash and cash equivalents are exposed to concentrations of credit risk. The Company maintains all of its cash at financial institutions which, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation. Restricted cash represents cash held as additional collateral by the Company on behalf of the borrowers related to the investments in loans or preferred equity instruments for the purpose of such borrowers making interest and property-related operating payments. Restricted cash is not available for general corporate purposes. The related liability is recorded in “ Interest reserve and other deposits held on investments Cash held in escrow by lender represents amounts funded to an escrow account for debt services and tenant improvements. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in its consolidated statements of cash flows: March 31, 2022 2021 Cash and cash equivalents $ 9,858,153 $ 18,464,161 Restricted cash 8,058,767 7,096,549 Cash held in escrow by lender (1) 7,651,900 2,039,349 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 25,568,820 $ 27,600,059 (1) The Company has a cash management account with the lender to collect rental payment on the property used as collateral for a mortgage loan payable. As of March 31, 2022, approximately $3.8 million of the cash in the account was available for operational needs.	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments, with original maturities of ninety days or less when purchased, as cash equivalents. Cash and cash equivalents are exposed to concentrations of credit risk. The Company maintains all of its cash at financial institutions which, at times, may exceed the amount insured by the Federal Deposit Insurance Corporation. Restricted cash represents cash held as additional collateral by the Company on behalf of the borrowers related to the investments in loans or preferred equity instruments for the purpose of such borrowers making interest and property-related operating payments. Restricted cash is not available for general corporate purposes. The related liability is recorded in “ Interest reserve and other deposits held on investments Cash held in escrow by lender represents amounts funded to an escrow account for debt services and tenant improvements. The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in its consolidated statements of cash flows: December 31, 2021 2020 Cash and cash equivalents $ 35,783,956 $ 18,607,952 Restricted cash 7,411,811 12,145,616 Cash held in escrow by lender 7,902,880 2,166,755 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 51,098,647 $ 32,920,323
Participation Interests	Participation Interests Loan participations from the Company which do not qualify for sale treatment remain on the Company’s consolidated balance sheets and the proceeds are recorded as obligations under participation agreements. For the investments for which participation has been granted, the interest earned on the entire loan balance is recorded within “ Interest income Interest expense from obligations under participation agreements Obligations under Participation Agreements	Participation Interests Loan participations from the Company which do not qualify for sale treatment remain on the Company’s consolidated balance sheets and the proceeds are recorded as obligations under participation agreements. For the investments for which participation has been granted, the interest earned on the entire loan balance is recorded within “ Interest income Interest expense from obligations under participation agreements Obligations under Participation Agreements
Term Loan	Term Loan The Company previously financed certain of its senior loans through borrowings under an indenture and credit agreement. The Company accounted for the borrowings as a term loan, which was carried at the contractual amount (cost), net of unamortized deferred financing fees. On February 18, 2022, the Company refinanced the Term Loan (as defined below) with a new repurchase agreement. See “Term Loan” in Note 8 for additional information.	Term Loan The Company finances certain of its senior loans through borrowings under an indenture and credit agreement. The Company accounts for the borrowings as a term loan, which is carried at the contractual amount (cost), net of unamortized deferred financing fees.
Repurchase Agreements	Repurchase Agreements The Company finances certain of its senior loans held for investment through repurchase transactions under master repurchase agreements. The Company accounts for the repurchase transactions as secured borrowing transactions, which are carried at their contractual amounts (cost), net of unamortized deferred financing fees. See “Repurchase Agreements” in Note 8 for additional information.	Repurchase Agreement The Company financed certain of its senior loans through repurchase transactions under a master repurchase agreement. The Company accounted for the repurchase transactions as secured borrowing transactions, which are carried at their contractual amounts (cost), net of unamortized deferred financing fees.
Fair Value Measurement Policy	Fair Value Measurements United States generally accepted accounting principles (“U.S. GAAP”) establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The Company has not elected the fair value option for its financial instruments, including loans held for investment, loans held for investment acquired through participation, obligations under participation agreements, secured borrowing, unsecured notes, mortgage loan payable, term loan payable, repurchase agreement payment and revolving line of credit. Such financial instruments are carried at cost, less impairment, where applicable. Marketable securities are financial instruments that are reported at fair value.	Fair Value Measurements United States generally accepted accounting principles (“U.S. GAAP”) establishes market-based or observable inputs as the preferred source of values, followed by valuation models using management assumptions in the absence of market inputs. The Company has not elected the fair value option for its financial instruments, including loans held for investment, loans held for investment acquired through participation, obligations under participation agreements, secured borrowing, unsecured notes, mortgage loan payable, term loan payable, repurchase agreement payment and revolving line of credit. Such financial instruments are carried at cost, less impairment, where applicable. Marketable securities are financial instruments that are reported at fair value.
Deferred Financing Costs Policy	Deferred Financing Costs Deferred financing costs represent fees and expenses incurred in connection with obtaining financing for investments. These costs are presented in the consolidated balance sheets as a direct deduction of the debt liability to which the costs pertain. These costs are amortized using the effective interest method and are included in interest expense on the applicable borrowings in the consolidated statements of operations over the life of the borrowings.	Deferred Financing Costs Deferred financing costs represent fees and expenses incurred in connection with obtaining financing for investments. These costs are presented in the consolidated balance sheets as a direct deduction of the debt liability to which the costs pertain. These costs are amortized using the effective interest method and are included in interest expense on the applicable borrowings in the consolidated statements of operations over the life of the borrowings.
Assets held for sale	Assets Held for Sale The Company generally classifies real estate assets as held for sale when it has entered into a contract to sell the property, all material due diligence requirements have been satisfied, the Company received a non-refundable
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code commencing with the taxable year ended December 31, 2016. In order to qualify as a REIT, the Company is required, among other things, to distribute at least 90% of its REIT net taxable income to the stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to federal income taxes on income and gains distributed to the stockholders as long as certain requirements are satisfied, principally relating to the nature of income and the level of distributions, as well as other factors. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax for taxable years before 2018) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. Any gains from the sale of foreclosed properties within two years are subject to U.S. federal and state income taxes at regular corporate rates. As of March 31, 2022, the Company has satisfied all the requirements for a REIT. The Company did not have any uncertain tax positions that met the recognition or measurement criteria of Accounting Standards Codification (“ASC”) 740-10-25, Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code commencing with the taxable year ended December 31, 2016. In order to qualify as a REIT, the Company is required, among other things, to distribute at least 90% of its REIT net taxable income to the stockholders and meet certain tests regarding the nature of its income and assets. As a REIT, the Company is not subject to federal income taxes on income and gains distributed to the stockholders as long as certain requirements are satisfied, principally relating to the nature of income and the level of distributions, as well as other factors. If the Company fails to continue to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, the Company will be subject to U.S. federal and state income taxes at regular corporate rates (including any applicable alternative minimum tax for taxable years before 2018) beginning with the year in which it fails to qualify and may be precluded from being able to elect to be treated as a REIT for the Company’s four subsequent taxable years. Any gains from the sale of foreclosed properties within two years are subject to U.S. federal and state income taxes at regular corporate rates. As of December 31, 2021, the Company has satisfied all the requirements for a REIT. The Company did not have any uncertain tax positions that met the recognition or measurement criteria of Accounting Standards Codification (“ASC”) 740-10-25, Income Taxes
Earnings Per Share	Earnings Per Share The Company has a simple equity capital structure with only common stock and preferred stock outstanding. As a result, earnings per share, as presented, represent both basic and dilutive per-share	Earnings Per Share The Company has a simple equity capital structure with only common stock and preferred stock outstanding. As a result, earnings per share, as presented, represent both basic and dilutive per-share
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ from those estimates, and those differences could be material. The coronavirus (“COVID-19”) COVID-19 COVID-19 COVID-19 COVID-19 COVID-19 COVID-19	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may ultimately differ from those estimates, and those differences could be material. The coronavirus (“COVID-19”) COVID-19 COVID-19 COVID-19 any new strains of the virus that are resistant to available vaccines, the impact of government stimulus, new information that may emerge concerning the severity of the COVID-19 COVID-19 COVID-19
Segment Reporting	Segment Information The Company’s primary business is originating, acquiring and structuring real estate-related loans related to high quality commercial real estate. From time to time, the Company may acquire real estate encumbering the senior loans through foreclosure. However, management treats the operations of the real estate acquired through foreclosure as the continuation of the original senior loans. The Company operates in a single segment focused on mezzanine loans, other loans and preferred equity investments, and to a lesser extent, owning and managing real estate.	Segment Information The Company’s primary business is originating, acquiring and structuring real estate-related loans related to high quality commercial real estate. From time to time, the Company may acquire real estate encumbering the senior loans through foreclosure. However, management treats the operations of the real estate acquired through foreclosure as the continuation of the original senior loans. The Company operates in a single segment focused on mezzanine loans, other loans and preferred equity investments, and to a lesser extent, owning and managing real estate.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, 2016-13”). 2016-13 2016-13 2019-05 2016-13 London Interbank Offered Rate (“LIBOR”) is a benchmark interest rate referenced in a variety of agreements that are used by all types of entities. In July 2017, the U.K. Financial Conduct Authority, which regulates the LIBOR administrator, ICE Benchmark Administration Limited (“IBA”), announced that it would cease to compel banks to participate in setting LIBOR as a benchmark by the end of 2021, which has subsequently been delay to June 30, 2023. In March 2020, the FASB issued ASU 2020-04, 2020-04”). 2020-04 No. 2021-01, 2021-01”). 2020-04 2021-01 2020-04 2021-01	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, 2016-13”). 2016-13 2016-13 2019-05 2016-13 London Interbank Offered Rate (“LIBOR”) is a benchmark interest rate referenced in a variety of agreements that are used by all types of entities. In July 2017, the U.K. Financial Conduct Authority, which regulates the LIBOR administrator, ICE Benchmark Administration Limited (“IBA”), announced that it would cease to compel banks to participate in setting LIBOR as a benchmark by the end of 2021, which has subsequently been delay to June 30, 2023. In March 2020, the FASB issued ASU 2020-04, 2020-04”). 2020-04 No. 2021-01, 2021-01”). 2020-04 2021-01 same economic position as LIBOR. As a result, the Company does not expect the reference rate reform and the adoption of ASU 2020-04 2021-01

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in its consolidated statements of cash flows: March 31, 2022 2021 Cash and cash equivalents $ 9,858,153 $ 18,464,161 Restricted cash 8,058,767 7,096,549 Cash held in escrow by lender (1) 7,651,900 2,039,349 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 25,568,820 $ 27,600,059 (1) The Company has a cash management account with the lender to collect rental payment on the property used as collateral for a mortgage loan payable. As of March 31, 2022, approximately $3.8 million of the cash in the account was available for operational needs.	The following table provides a reconciliation of cash, cash equivalents and restricted cash in the Company’s consolidated balance sheets to the total amount shown in its consolidated statements of cash flows: December 31, 2021 2020 Cash and cash equivalents $ 35,783,956 $ 18,607,952 Restricted cash 7,411,811 12,145,616 Cash held in escrow by lender 7,902,880 2,166,755 Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows $ 51,098,647 $ 32,920,323

Merger and Issuance of Common_2

Merger and Issuance of Common Stock to Terra Offshore REIT (Tables)	12 Months Ended
	Dec. 31, 2021
Terra Property Trust 2 Inc
Business Acquisition
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table presents a summary of the consideration exchanged and settlement of the Company’s obligations under participation agreements as a result of the Merger: Total Consideration Equity issued in the Merger $ 34,630,615 $ 34,630,615 Net Assets of TPT2 Received in the Merger Loans held for investment acquired through participation $ 17,688,741 Cash and cash equivalents 16,897,074 Interest receivable 134,543 Other assets 18,384 Accounts payable and accrued expenses (57,433 ) Due to Manager (50,694 ) Total identifiable net assets $ 34,630,615
Terra Offshore Funds REIT
Business Acquisition
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table presents a summary of the consideration exchanged and settlement of the Company’s obligations under participation agreements as a result of the Issuance of Common Stock to Terra Offshore REIT: Total Consideration Equity issued to Terra Offshore REIT $ 40,749,378 $ 40,749,378 Net Assets of Terra Offshore REIT Received Investments through participation interest, at fair value $ 32,112,257 Cash and cash equivalents 8,600,000 Interest receivable 270,947 Due to Manager (233,826 ) Total identifiable net assets $ 40,749,378

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Summary Investment Holdings	The following table provides a summary of the Company’s loan portfolio as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Fixed Rate Floating (1)(2)(3) Total Fixed Rate Floating (1)(2)(3) Total Number of loans 7 18 25 6 15 21 Principal balance $ 97,914,340 $ 469,606,633 $ 567,520,973 $ 74,880,728 $ 405,270,423 $ 480,151,151 Carrying value $ 99,264,597 $ 458,754,403 $ 558,019,000 $ 75,520,212 $ 394,153,102 $ 469,673,314 Fair value $ 99,045,593 $ 457,961,364 $ 557,006,957 $ 75,449,410 $ 391,752,209 $ 467,201,619 Weighted-average coupon rate 12.92 % 7.16 % 8.15 % 12.39 % 7.01 % 7.85 % Weighted-average remaining term (years) 1.98 1.32 1.44 1.93 1.45 1.53 (1) These loans pay a coupon rate of LIBOR or Secured Overnight Financing Rate (“SOFR”), as applicable, plus a fixed spread. Coupon rate shown was determined using LIBOR of 0.45% and SOFR of 0.16% as of March 31, 2022 and LIBOR of 0.10% as of December 31, 2021. (2) As of March 31, 2022 and December 31, 2021, amount included $351.1 million and $290.6 million of senior mortgages used as collateral for $241.5 million and $176.9 million of borrowings under credit facilities, respectively (Note 8). (3) As of March 31, 2022 and December 31, 2021, sixteen and thirteen of these loans, respectively, are subject to a LIBOR or SOFR floor, as applicable.	The following table provides a summary of the Company’s loan portfolio as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Fixed Rate Floating (1)(2)(3) Total Fixed Rate Floating (1)(2)(3) Total Number of loans 6 15 21 6 14 20 Principal balance $ 74,880,728 $ 405,270,423 $ 480,151,151 $ 56,335,792 $ 367,838,966 $ 424,174,758 Carrying value $ 75,520,212 $ 394,153,102 $ 469,673,314 $ 56,464,310 $ 365,816,205 $ 422,280,515 Fair value $ 75,449,410 $ 391,752,209 $ 467,201,619 $ 56,284,334 $ 363,122,860 $ 419,407,194 Weighted-average coupon rate 12.39 % 7.01 % 7.85 % 12.17 % 7.95 % 8.51 % Weighted-average remaining term (years) 1.93 1.45 1.53 1.78 1.44 1.48 (1) These loans pay a coupon rate of LIBOR plus a fixed spread. Coupon rate shown was determined using LIBOR of 0.10% and 0.14% as of December 31, 2021 and 2020, respectively. (2) As of December 31, 2021 and 2020, amounts included $163.1 million and $184.2 million of senior mortgages used as collateral for $93.8 million and $107.6 million of borrowings under a term loan, respectively (Note 9). As of December 31, 2021, amounts also included $60.1 million of senior mortgages used as collateral for $38.6 million of borrowings under a revolving line of credit and $67.4 million of senior mortgages used as collateral for $44.6 million of borrowings under a repurchase agreement. Borrowings under the term loan bear interest at an annual rate of LIBOR plus 4.25% with a LIBOR floor of 1.00%. Borrowings under the revolving line of credit bear interest at a minimum rate of 4.0%. Borrowings under the repurchase agreement bears interest at an annual rate of LIBOR plus an applicable spread which ranges from 1.60% to 1.85%. (3) As of December 31, 2021 and 2020, thirteen and twelve of these loans, respectively, are subject to a LIBOR floor.
Investment Holdings, Schedule of Investments	The following table presents the activities of the Company’s loan portfolio for the three months ended March 31, 2022 and 2021: Loans Held for Loans Held for through Interests Total Balance, January 1, 2022 $ 457,329,582 $ 12,343,732 $ 469,673,314 New loans made 87,538,133 581,688 88,119,821 Principal repayments received (750,000 ) — (750,000 ) Net amortization of premiums on loans (15,348 ) — (15,348 ) Accrual, payment and accretion of investment-related fees and other, net 1,029,625 11,884 1,041,509 Provision for loan losses (50,296 ) — (50,296 ) Balance, March 31, 2022 $ 545,081,696 $ 12,937,304 $ 558,019,000 Loans Held for Loans Held for through Interests Total Balance, January 1, 2021 $ 417,986,462 $ 4,294,053 $ 422,280,515 New loans made 14,410,706 — 14,410,706 Principal repayments received (31,531,804 ) — (31,531,804 ) PIK interest (1) 676,646 — 676,646 Net amortization of premiums on loans (15,348 ) — (15,348 ) Accrual, payment and accretion of investment-related fees and other, net 526,081 (1,905 ) 524,176 Provision for loan losses (276,020 ) — (276,020 ) Balance, March 31, 2021 $ 401,776,723 $ 4,292,148 $ 406,068,871 (1) Certain loans in the Company’s portfolio contain PIK interest provisions. The PIK interest represents contractually deferred interest that is added to the principal balance. PIK interest related to obligations under participation agreements amounted $0.5 million for the three months ended March 31, 2021.	The following table presents the activities of the Company’s loan portfolio for the years ended December 31, 2021 and 2020: Loans Held for Loans Held for Total Balance, January 1, 2021 $ 417,986,462 $ 4,294,053 $ 422,280,515 New loans made 240,130,367 12,307,366 252,437,733 Principal repayments received (192,530,456 ) (4,250,000 ) (196,780,456 ) PIK interest (1) 1,955,109 — 1,955,109 Net amortization of premiums on loans (61,390 ) — (61,390 ) Accrual, payment and accretion of investment-related fees and other, net 1,405,206 (7,687 ) 1,397,519 Realized loss on loan repayments (2)(3) (651,553 ) — (651,553 ) Provision for loan losses (10,904,163 ) — (10,904,163 ) Balance, December 31, 2021 $ 457,329,582 $ 12,343,732 $ 469,673,314 Loans Held for Loans Held for Total Balance, January 1, 2020 $ 375,462,222 $ 3,150,546 $ 378,612,768 New loans made 107,359,299 1,129,112 108,488,411 Principal repayments received (66,144,729 ) — (66,144,729 ) PIK interest (1) 4,442,759 — 4,442,759 Net amortization of premiums on loans (61,391 ) — (61,391 ) Accrual, payment and accretion of investment-related fees, net 667,060 14,395 681,455 Provision for loan losses (3,738,758 ) — (3,738,758 ) Balance, December 31, 2020 $ 417,986,462 $ 4,294,053 $ 422,280,515 (1) Certain loans in the Company’s portfolio contain PIK interest provisions. The PIK interest represents contractually deferred interest that is added to the principal balance. PIK interest related to obligations under participation agreements amounted to $1.0 million and $1.5 million for the years ended December 31, 2021 and 2020, respectively. (2) On September 2, 2021, the Company foreclosed on a hotel property encumbered by a first mortgage and the related subordinated mezzanine loan, both of which were held by the Company, with an aggregate principal balance $14.6 million. On September 23, 2021, the hotel property was sold to a third party for $13.8 million. The net proceeds from the sale, together with a payment under a contractual guarantee of $0.8 million from the borrower, were used to pay off both loans in full. In connection with the loan repayment, the related obligation under participation agreement of $6.4 million was simultaneously satisfied. In connection with the loan repayment, the Company recorded a loss of $0.4 million related to the write-off (3) Amount also included realized loss of $0.3 million related to the TDR transaction described below.
Schedule of Accounts, Notes, Loans and Financing Receivable	The tables below detail the types of loans in the Company’s loan portfolio, as well as the property type and geographic location of the properties securing these loans as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Loan Structure Principal Carrying Value % of Principal Carrying Value % of First mortgages $ 410,635,036 $ 413,619,050 74.1 % $ 345,454,454 $ 348,101,455 74.0 % Preferred equity investments 93,441,580 93,607,463 16.8 % 92,252,340 92,400,572 19.7 % Credit facility 46,000,000 46,885,375 8.4 % 25,000,000 25,206,964 5.4 % Mezzanine loans 17,444,357 17,615,889 3.2 % 17,444,357 17,622,804 3.8 % Allowance for loan losses — (13,708,777 ) (2.5 )% — (13,658,481 ) (2.9 )% Total $ 567,520,973 $ 558,019,000 100.0 % $ 480,151,151 $ 469,673,314 100.0 % March 31, 2022 December 31, 2021 Property Type Principal Carrying Value % of Principal Carrying Value % of Office $ 229,192,520 $ 230,101,500 41.2 % $ 221,596,870 $ 222,426,872 47.3 % Multifamily 120,216,869 122,074,241 21.9 % 80,805,787 81,835,756 17.4 % Industrial 67,571,608 67,606,537 12.1 % 32,000,000 32,206,964 6.9 % Hotel — full/select service 56,918,328 57,520,720 10.3 % 56,847,381 57,395,682 12.2 % Infill land 33,807,563 33,895,151 6.1 % 28,960,455 28,923,827 6.2 % Student housing 31,000,000 31,667,292 5.7 % 31,000,000 31,565,670 6.7 % Mixed use 28,814,085 28,862,336 5.2 % 28,940,658 28,977,024 6.2 % Allowance for loan losses — (13,708,777 ) (2.5 )% — (13,658,481 ) (2.9 )% Total $ 567,520,973 $ 558,019,000 100.0 % $ 480,151,151 $ 469,673,314 100.0 % March 31, 2022 December 31, 2021 Geographic Location Principal Carrying Value % of Principal Carrying Value % of United States California $ 241,635,304 $ 243,830,108 43.7 % $ 234,968,151 $ 237,015,597 50.4 % New York 93,441,580 93,607,463 16.8 % 92,252,340 92,400,572 19.7 % Georgia 53,970,491 54,221,854 9.7 % 53,289,288 53,536,884 11.4 % North Carolina 45,781,188 46,026,460 8.2 % 44,492,971 44,704,699 9.5 % New Jersey 35,571,608 35,391,604 6.3 % — — — % Utah 28,000,000 28,529,857 5.1 % 28,000,000 28,420,056 6.1 % Washington 24,424,855 24,487,967 4.4 % 3,523,401 3,382,683 0.7 % Pennsylvania 21,000,000 21,670,442 3.9 % — — — % Texas 13,695,947 13,824,587 2.5 % 13,625,000 13,725,690 2.9 % Massachusetts 7,000,000 7,000,000 1.3 % 7,000,000 7,000,000 1.5 % South Carolina 3,000,000 3,137,435 0.6 % 3,000,000 3,145,614 0.7 % Allowance for loan losses — (13,708,777 ) (2.5 )% — (13,658,481 ) (2.9 )% Total $ 567,520,973 $ 558,019,000 100.0 % $ 480,151,151 $ 469,673,314 100.0 % The following table allocates the principal balance and the carrying value of the Company’s loans based on the loan risk rating as of March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Loan Risk Rating Number of Principal Carrying Value % of Number of Principal Carrying Value % of 1 — $ — $ — — % — $ — $ — — % 2 2 25,000,000 25,041,590 4.4 % 2 25,000,000 25,041,124 5.2 % 3 19 435,383,446 439,254,137 76.8 % 15 349,273,811 352,164,409 72.9 % 4 1 60,583,057 60,583,057 10.6 % 1 60,012,639 60,012,639 12.4 % 5 — — — — % — — — — % Other (1) 3 46,554,470 46,848,993 8.2 % 3 45,864,701 46,113,623 9.5 % 25 $ 567,520,973 571,727,777 100.0 % 21 $ 480,151,151 483,331,795 100.0 % Allowance for loan losses (13,708,777 ) (13,658,481 ) Total, net of allowance for loan losses $ 558,019,000 $ 469,673,314 (1) Because these loans have an event of default, they are removed from the pool of loans on which a general allowance is calculated and are evaluated for collectability individually. As of both March 31, 2022 and December 31, 2021, the specific allowance for loan losses on these loans were $12.8 million, as a result of a decline in the fair value of the respective collateral.	The tables below detail the types of loans in the Company’s loan portfolio, as well as the property type and geographic location of the properties securing these loans as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Loan Structure Principal Balance Carrying Value % of Total Principal Balance Carrying Value % of Total First mortgages $ 345,454,454 $ 348,101,455 74.0 % $ 254,042,847 $ 255,093,989 60.5 % Preferred equity investments 92,252,340 92,400,572 19.7 % 141,590,632 142,002,144 33.6 % Mezzanine loans 17,444,357 17,622,804 3.8 % 28,541,279 28,923,140 6.8 % Credit facility 25,000,000 25,206,964 5.4 % — — — % Allowance for loan losses — (13,658,481 ) (2.9 )% — (3,738,758 ) (0.9 )% Total $ 480,151,151 $ 469,673,314 100.0 % $ 424,174,758 $ 422,280,515 100.0 % December 31, 2021 December 31, 2020 Property Type Principal Balance Carrying Value % of Total Principal Balance Carrying Value % of Total Office $ 221,596,870 $ 222,426,872 47.3 % $ 182,698,225 $ 183,053,751 43.3 % Multifamily 80,805,787 81,835,756 17.4 % 150,873,173 151,768,347 35.9 % Hotel — full/select service 56,847,381 57,395,682 12.2 % 49,142,809 49,393,251 11.7 % Industrial 32,000,000 32,206,964 6.9 % 7,000,000 7,000,000 1.7 % Student housing 31,000,000 31,565,670 6.7 % 3,000,000 3,204,375 0.8 % Infill land 28,960,455 28,923,827 6.2 % 10,442,567 10,537,512 2.5 % Mixed use 28,940,658 28,977,024 6.2 % 16,767,984 16,767,984 4.0 % Hotel — extended stay — — — % 4,250,000 4,294,053 1.0 % Allowance for loan losses — (13,658,481 ) (2.9 )% — (3,738,758 ) (0.9 )% Total $ 480,151,151 $ 469,673,314 100.0 % $ 424,174,758 $ 422,280,515 100.0 % During the first quarter of 2021, the Company reclassified the property types of collateral on certain loans to multifamily to better reflect the tenant mix of each property. Additionally, the Company categorized hotel properties further to hotel — full/selected service and hotel — extended stay. The prior period amounts have been reclassified to conform to the current period presentation. December 31, 2021 December 31, 2020 Geographic Location Principal Balance Carrying Value % of Total Principal Balance Carrying Value % of Total United States California $ 234,968,151 $ 237,015,597 50.4 % $ 200,279,688 $ 200,990,328 47.6 % New York 92,252,340 92,400,572 19.7 % 79,187,004 79,310,276 18.8 % Georgia 53,289,288 53,536,884 11.4 % 74,116,787 74,505,752 17.6 % North Carolina 44,492,971 44,704,699 9.5 % 33,242,567 33,438,806 7.9 % Utah 28,000,000 28,420,056 6.1 % — — — % Texas 13,625,000 13,725,690 2.9 % 3,848,712 3,887,200 0.9 % Massachusetts 7,000,000 7,000,000 1.5 % 7,000,000 7,000,000 1.7 % Washington 3,523,401 3,382,683 0.7 % 23,500,000 23,682,536 5.6 % South Carolina 3,000,000 3,145,614 0.7 % 3,000,000 3,204,375 0.8 % Allowance for loan losses — (13,658,481 ) (2.9 )% — (3,738,758 ) (0.9 )% Total $ 480,151,151 $ 469,673,314 100.0 % $ 424,174,758 $ 422,280,515 100.0 % The following table allocates the principal balance and the carrying value of the Company’s loans based on the loan risk rating as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Loan Risk Number of Principal Carrying Value % of Total Number of Principal Carrying Value % of Total 1 — $ — $ — — % — $ — $ — — % 2 2 25,000,000 25,041,124 5.2 % 1 7,000,000 7,000,000 1.6 % 3 15 349,273,811 352,164,409 72.9 % 14 323,696,475 325,284,285 76.4 % 4 1 60,012,639 60,012,639 12.4 % 3 72,861,587 73,079,804 17.2 % 5 — — — — % 1 3,848,712 3,887,200 0.9 % Other (1) 3 45,864,701 46,113,623 9.5 % 1 16,767,984 16,767,984 3.9 % 21 $ 480,151,151 483,331,795 100.0 % 20 $ 424,174,758 426,019,273 100.0 % Allowance for loan losses (13,658,481 ) (3,738,758 ) Total, net of allowance for loan losses $ 469,673,314 $ 422,280,515 (1) Because these loans have an event of default, they are removed from the pool of loans on which a general allowance is calculated and are evaluated for collectibility individually. As of December 31, 2021 and 2020, the specific allowance for loan losses on these loans were $12.8 million and $2.5 million, respectively, as a result of a decline in the fair value of the respective collateral.
Allowance for loan losses	The following table presents the activity in the Company’s allowance for loan losses for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Allowance for loan losses, beginning of period $ 13,658,481 $ 3,738,758 Provision for loan losses 50,296 276,020 Charge-offs — — Recoveries — — Allowance for loan losses, end of period $ 13,708,777 $ 4,014,778	The following table presents the activity in the Company’s allowance for loan losses for the years ended December 31, 2021 and 2020: Years Ended December 31, 2021 2020 Allowance for loan losses, beginning of period $ 3,738,758 $ — Provision for loan losses 10,904,163 3,738,758 Charge-offs (1) (984,440 ) — Recoveries — — Allowance for loan losses, end of period $ 13,658,481 $ 3,738,758 (1) Amount related to the TDR described below.
Summarizes the recorded investment of TDR	The following table summarizes the recorded investment of TDR as of the date of restructuring: Number of loans modified 1 Pre-modified $ 18,503,470 Post-modified recorded carrying value (1) $ 13,625,000 (1) As of March 31, 2022, the principal balance of this loan was $13.7 million and the carrying value of this loan, which includes the present value of the exit fee, was $13.8 million. There is no allowance for loan losses recorded for this new senior loan.	The following table summarizes the recorded investment of TDR as of the date of restructuring: Number of loans modified 1 Pre-modified $ 18,503,470 Post-modified recorded carrying value (1) $ 13,625,000 (1) As of December 31, 2021, the principal balance of this loan was $13.6 million and the carrying value of this loan, which includes the present value of the exit fee, was $13.7 million. There is no allowance for loan losses recorded for this new senior loan.

Equity Investment in Unconsol_2

Equity Investment in Unconsolidated Investments (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Equity Method Investments	The following tables present summarized financial information of the Company’s equity investment in RESOF. Amounts provided are the total amounts attributable to the investment and do not represent the Company’s proportionate share: March 31, 2022 December 31, 2021 Investments at fair value (cost of $117,829,371 and $107,261,022, respectively) $ 119,003,881 $ 108,359,898 Other assets 15,892,206 5,484,087 Total assets 134,896,087 113,843,985 Revolving line of credit, net of financing costs 16,834,326 14,909,717 Obligations under participation agreement (proceeds of $15,523,107 and $14,252,357, respectively) 15,637,326 14,351,617 Other liabilities 13,361,069 5,296,603 Total liabilities 45,832,721 34,557,937 Partners’ capital $ 89,063,366 $ 79,286,048 Three Months Ended March 31, 2022 2021 Total investment income $ 4,844,664 $ 2,042,100 Total expenses 1,293,316 471,212 Net investment income 3,551,348 1,570,888 Unrealized appreciation on investments 69,051 53,697 Net increase in partners’ capital resulting from operations $ 3,620,399 $ 1,624,585 The following tables present estimated combined summarized financial information of the Company’s equity investment in the joint ventures. Amounts provided are the total amounts attributable to the joint ventures and do not represent the Company’s proportionate share: March 31, 2022 December 31, 2021 Net investments in real estate $ 198,906,122 $ 115,636,424 Other assets 9,730,764 4,856,249 Total assets 208,636,886 120,492,673 Mortgage loan payable 145,641,352 83,445,235 Other liabilities 1,887,030 1,305,572 Total liabilities 147,528,382 84,750,807 Members’ capital $ 61,108,504 $ 35,741,866 Three Months Ended March 31, 2022 2021 Revenues $ 2,450,438 $ — Operating expenses (816,681 ) — Depreciation expense (690,831 ) $ — Interest expense (1,085,561 ) $ — Unrealized gains 235,511 $ — Net income $ 92,876 $ —	The following tables present summarized financial information of the Company’s equity investment in RESOF. Amounts provided are the total amounts attributable to the investment and do not represent the Company’s proportionate share: December 31, 2021 2020 Investments at fair value (cost of $107,261,022 and $44,174,031, respectively) $ 108,359,898 $ 44,715,979 Other assets 5,484,087 5,331,840 Total assets 113,843,985 50,047,819 Revolving line of credit, net of financing costs 14,909,717 — Obligations under participation agreement (proceeds of $14,252,357 and $6,295,100, respectively) 14,351,617 6,347,478 Other liabilities 5,296,603 4,204,147 Total liabilities 34,557,937 10,551,625 Partners’ capital $ 79,286,048 $ 39,496,194 Years Ended December 31, 2021 2020 Total investment income $ 11,769,083 $ 239,837 Total expenses 2,381,145 614,362 Net investment income (loss) 9,387,938 (374,525 ) Unrealized appreciation on investments 524,113 417,300 Net increase in partners’ capital resulting from operations $ 9,912,051 $ 42,775 The following tables present estimated combined summarized financial information of the Company’s equity investment in the joint ventures. Amounts provided are the total amounts attributable to the joint ventures and do not represent the Company’s proportionate share: December 31, 2021 2020 Net investments in real estate $ 115,636,424 $ — Other assets 4,856,249 — Total assets 120,492,673 — Mortgage loan payable 83,445,235 — Other liabilities 1,305,572 — Total liabilities 84,750,807 — Members’ capital $ 35,741,866 $ — Years Ended 2021 2020 Revenues $ 1,448,431 $ — Expenses 1,752,076 — Net loss $ (303,645 ) $ —
Schedule of Joint Venture Ownership Interests	The following table presents the Company’s ownership interests in its equity investments in the joint ventures and their respective carrying values: Co-owner Ownership Interest at Carrying Value at Entity March 31, 2022 December 31, 2021 LEL Arlington JV LLC Third party 80 % $ 23,962,388 $ 23,949,044 LEL NW 49th JV LLC Third party 80 % 4,838,353 5,306,467 TCG Corinthian FL Portfolio JV LLV (1) Third Party 90 % 22,615,435 — $ 51,416,176 $ 29,255,511 (1) This investment was purchased in March 2022.	The following table presents the Company’s ownership interests in its equity investments in the joint ventures and their respective carrying values: Ownership Carrying Value at Entity Co-owner 2021 2020 LEL Arlington JV LLC Third party 80 % $ 23,949,044 $ — LEL NW 49th JV LLC Third party 80 % 5,306,467 — $ 29,255,511 $ —

Real Estate Owned, Net (Tables)

Real Estate Owned, Net (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Components of real estate owned, net	The following table presents the components of real estate owned, net: March 31, 2022 December 31, 2021 Cost Accumulated Net Cost Accumulated Net Real estate: Land (1) $ — $ — $ — $ 10,000,000 $ — $ 10,000,000 Building and building improvements 51,725,969 (4,741,596 ) 46,984,373 51,725,969 (4,418,305 ) 47,307,664 Tenant improvements 1,854,640 (1,016,689 ) 837,951 1,854,640 (947,369 ) 907,271 Furniture and fixtures 236,000 (149,467 ) 86,533 236,000 (125,867 ) 110,133 Total real estate 53,816,609 (5,907,752 ) 47,908,857 63,816,609 (5,491,541 ) 58,325,068 Lease intangible assets: In-place 14,982,538 (8,929,631 ) 6,052,907 14,982,538 (7,627,326 ) 7,355,212 Above-market rent 156,542 (64,372 ) 92,170 156,542 (59,983 ) 96,559 Total intangible assets 15,139,080 (8,994,003 ) 6,145,077 15,139,080 (7,687,309 ) 7,451,771 Lease intangible liabilities: Below-market rent (2,754,922 ) 1,746,889 (1,008,033 ) (2,754,922 ) 1,496,125 (1,258,797 ) Above-market ground lease (8,896,270 ) 477,945 (8,418,325 ) (8,896,270 ) 445,357 (8,450,913 ) Total intangible liabilities (11,651,192 ) 2,224,834 (9,426,358 ) (11,651,192 ) 1,941,482 (9,709,710 ) Total real estate $ 57,304,497 $ (12,676,921 ) $ 44,627,576 $ 67,304,497 $ (11,237,368 ) $ 56,067,129 (1) The land was reclassified as held-for-sale The following table presents the components of real estate operating revenues and expenses that are included in the consolidated statements of operations: Three Months Ended March 31, 2022 2021 Real estate operating revenues: Lease revenue $ 1,754,561 $ 1,805,874 Other operating income 1,224,893 205,767 Total $ 2,979,454 $ 2,011,641 Real estate operating expenses: Utilities $ 45,334 $ 33,992 Real estate taxes 346,432 346,354 Repairs and maintenances 157,416 145,246 Management fees 67,868 61,325 Lease expense, including amortization of above-market ground lease (1) 487,163 283,538 Other operating expenses 113,750 100,860 Total $ 1,217,963 $ 971,315 (1) As discussed in “ Leases	The following table presents the components of real estate owned, net: December 31, 2021 December 31, 2020 Cost Accumulated Amortization Net Cost Accumulated Amortization Net Real estate: Land $ 10,000,000 $ — $ 10,000,000 $ 13,395,430 $ — $ 13,395,430 Building and building improvements 51,725,969 (4,418,305 ) 47,307,664 51,725,969 (3,125,143 ) 48,600,826 Tenant improvements 1,854,640 (947,369 ) 907,271 1,854,640 (670,090 ) 1,184,550 Furniture and fixtures 236,000 (125,867 ) 110,133 236,000 (31,467 ) 204,533 Total real estate 63,816,609 (5,491,541 ) 58,325,068 67,212,039 (3,826,700 ) 63,385,339 Lease intangible assets: In-place 14,982,538 (7,627,326 ) 7,355,212 15,852,232 (6,172,747 ) 9,679,485 Above-market rent 156,542 (59,983 ) 96,559 156,542 (42,427 ) 114,115 Total intangible assets 15,139,080 (7,687,309 ) 7,451,771 16,008,774 (6,215,174 ) 9,793,600 Lease intangible liabilities: Below-market rent (2,754,922 ) 1,496,125 (1,258,797 ) (3,371,314 ) 1,702,800 (1,668,514 ) Above-market ground lease (8,896,270 ) 445,357 (8,450,913 ) (8,896,270 ) 315,008 (8,581,262 ) Total intangible liabilities (11,651,192 ) 1,941,482 (9,709,710 ) (12,267,584 ) 2,017,808 (10,249,776 ) Total real estate $ 67,304,497 $ (11,237,368 ) $ 56,067,129 $ 70,953,229 $ (8,024,066 ) $ 62,929,163 The following table presents the components of real estate operating revenues and expenses that are included in the consolidated statements of operations: Years Ended December 31, 2021 2020 Real estate operating revenues: Lease revenue $ 7,167,049 $ 8,150,041 Other operating income 1,727,942 2,273,522 Total $ 8,894,991 $ 10,423,563 Real estate operating expenses: Utilities $ 208,098 $ 166,003 Real estate taxes 1,401,279 1,925,999 Repairs and maintenances 645,316 659,934 Management fees 271,303 224,732 Lease expense, including amortization of above-market ground lease (1) 2,084,402 1,134,152 Other operating expenses 393,495 394,299 Total $ 5,003,893 $ 4,505,119 (1) As discussed in “ Leases
Future minimum rents, exclusive of renewals and expenses paid by tenants	Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants, under non-cancelable Years Ending December 31, Total 2022 (April 1 through December 31) $ 5,357,817 2023 4,235,538 2024 4,380,043 2025 792,925 2026 816,724 2027 598,943 Thereafter 1,815,497 Total $ 17,997,487	Scheduled future minimum rents, exclusive of renewals and expenses paid by tenants, under non-cancelable Years Ending December 31, Total 2022 $ 7,214,814 2023 4,235,538 2024 4,380,043 2025 792,925 2026 816,724 Thereafter 2,414,440 Total $ 19,854,484
Scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter	Based on the intangible assets and liabilities recorded at March 31, 2022, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows: Years Ending December 31, Net Decrease in Real (1) Increase in Depreciation (1) Decrease in Rent (1) Total 2022 (April 1 through December 31) $ (680,178 ) $ 3,654,609 $ (97,761 ) $ 2,876,670 2023 (139,056 ) 1,093,878 (130,348 ) 824,474 2024 (139,056 ) 1,093,878 (130,348 ) 824,474 2025 17,556 87,121 (130,348 ) (25,671 ) 2026 17,556 87,121 (130,348 ) (25,671 ) 2027 7,315 36,300 (130,348 ) (86,733 ) Thereafter — — (7,668,824 ) (7,668,824 ) Total $ (915,863 ) $ 6,052,907 $ (8,418,325 ) $ (3,281,281 ) (1) Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to lease revenues; amortization of in-place	Based on the intangible assets and liabilities recorded at December 31, 2021, scheduled annual net amortization of intangibles for each of the next five calendar years and thereafter is as follows: Years Ending December 31, Net Decrease in Real (1) Increase in Depreciation (1) Decrease in Rent (1) Total 2022 $ (926,553 ) $ 4,956,914 $ (130,348 ) $ 3,900,013 2023 (139,056 ) 1,093,878 (130,348 ) 824,474 2024 (139,056 ) 1,093,878 (130,348 ) 824,474 2025 17,556 87,121 (130,348 ) (25,671 ) 2026 17,556 87,121 (130,348 ) (25,671 ) Thereafter 7,315 36,300 (7,799,173 ) (7,755,558 ) Total $ (1,162,238 ) $ 7,355,212 $ (8,450,913 ) $ (2,257,939 ) (1) Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to lease revenues; amortization of in-place
Supplemental balance sheet information related to the ground lease	Supplemental balance sheet information related to the ground lease was as follows: March 31, 2022 December 31, 2021 Operating lease Operating lease right-of-use $ 27,391,012 $ 27,394,936 Operating lease liability $ 27,391,012 $ 27,394,936 Weighted average remaining lease term — operating lease (years) 64.6 64.8 Weighted average discount rate — operating lease 7.6 % 7.6 %	Supplemental balance sheet information related to the ground lease was as follows: December 31, 2021 2020 Operating lease Operating lease right-of-use (1) $ 27,394,936 $ 16,105,888 Operating lease liability $ 27,394,936 $ 16,105,888 Weighted average remaining lease term — operating lease (years) 64.8 65.8 Weighted average discount rate — operating lease 7.6 % 7.9 % (1) The operating lease ROU asset and liability were remeasured at June 30, 2021 based on the new base rent resulting from the ground rent reset.
Component of lease expense for the ground lease	The component of lease expense for the ground lease was as follows: Three Months Ended March 31, 2022 2021 Operating lease cost (1) $ 519,750 $ 316,125 (1) The increase in operating lease cost was a result of the ground rent reset described above.	The component of lease expense for the ground lease was as follows: Years Ended December 31, 2021 2020 Operating lease cost (1) $ 2,214,750 $ 1,264,500 (1) The increase in operating lease cost was a result of the ground rent reset described above.
Supplemental non-cash information related to the ground lease	Supplemental non-cash Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liability: Operating cash flows from an operating lease $ 519,750 $ 316,125 Right-of-use Operating lease $ 519,750 $ 316,125	Supplemental non-cash Years Ended December 31, 2021 2020 Cash paid for amounts included in the measurement of lease liability: Operating cash flows from an operating lease $ 2,214,750 $ 1,264,500 Right-of-use Operating lease $ 2,214,750 $ 1,264,500
Maturities of operating lease liabilities	Maturities of operating lease liability are as follows: Years Ending December 31, Operating Lease 2022 (April 1 through December 31) $ 1,559,250 2023 2,079,000 2024 2,079,000 2025 2,079,000 2026 2,079,000 2027 2,079,000 Thereafter 122,227,875 Total lease payments 134,182,125 Less: Imputed interest (106,791,113 ) Total $ 27,391,012	Maturities of operating lease liability are as follows: Years Ending December 31, Operating Lease 2022 $ 2,079,000 2023 2,079,000 2024 2,079,000 2025 2,079,000 2026 2,079,000 Thereafter 124,306,875 Total lease payments 134,701,875 Less: Imputed interest (107,306,939 ) Total $ 27,394,936

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Fair value measurements of marketable securities, by major class	The following tables present fair value measurements of marketable securities, by major class, as of March 31, 2022 and December 31, 2021, according to the fair value hierarchy: March 31, 2022 Fair Value Measurements Level 1 Level 2 Level 3 Total Marketable Securities: Equity securities $ 510,151 $ — $ — $ 510,151 Total $ 510,151 $ — $ — $ 510,151 December 31, 2021 Fair Value Measurements Level 1 Level 2 Level 3 Total Marketable Securities: Equity securities $ 1,310,000 $ — $ — $ 1,310,000 Total $ 1,310,000 $ — $ — $ 1,310,000	The following tables present fair value measurements of marketable securities, by major class, as of December 31, 2021 and 2020, according to the fair value hierarchy: December 31, 2021 Fair Value Measurements Level 1 Level 2 Level 3 Total Marketable Securities: Equity securities $ 1,310,000 $ — $ — $ 1,310,000 Total $ 1,310,000 $ — $ — $ 1,310,000 December 31, 2020 Fair Value Measurements Level 1 Level 2 Level 3 Total Marketable Securities: Equity securities $ 1,287,500 $ — $ — $ 1,287,500 Total $ 1,287,500 $ — $ — $ 1,287,500
Activities of the marketable securities	The following table presents the activities of the marketable securities for the periods presented. Three Months Ended March 31, 2022 2021 Beginning balance $ 1,310,000 $ 1,287,500 Purchases — 4,979,088 Proceeds from sale (628,715 ) — Unsettled sale (123,223 ) — Reclassification of net realized gains on marketable securities into earnings 51,133 — Unrealized losses on marketable securities (99,044 ) (14,608 ) Ending balance $ 510,151 $ 6,251,980	The following table presents the activities of the marketable securities for the periods presented. Years Ended December 31, 2021 2020 Beginning balance $ 1,287,500 $ — Purchases 6,479,148 6,039,567 Proceeds from sale (6,608,396 ) (6,023,723 ) Reclassification of net realized gains on marketable securities into earnings 129,248 1,160,162 Unrealized gains on marketable securities 22,500 111,494 Ending balance $ 1,310,000 $ 1,287,500
Fair Value Measurements, Nonrecurring	The following table presents the carrying value, which represents the principal amount outstanding, adjusted for the accretion of purchase discounts on loans and exit fees, and the amortization of purchase premiums on loans and origination fees, and estimated fair value of the Company’s financial instruments that are not carried at fair value on the consolidated balance sheets: Level March 31, 2022 December 31, 2021 Principal Carrying Fair Value Principal Carrying Fair Value Loans: Loans held for investment 3 $ 554,631,920 $ 558,790,473 $ 544,060,026 $ 467,843,785 $ 470,988,063 $ 454,840,551 Loans held for investment acquired through participation 3 12,889,053 12,937,304 12,946,931 12,307,366 12,343,732 12,361,068 Allowance for loan losses — (13,708,777 ) — — (13,658,481 ) — Total loans $ 567,520,973 $ 558,019,000 $ 557,006,957 $ 480,151,151 $ 469,673,314 $ 467,201,619 Liabilities: Term loan payable 3 $ — $ — $ — $ 93,763,470 $ 91,940,062 $ 94,344,595 Unsecured notes payable 1 85,125,000 82,010,107 84,239,700 85,125,000 81,856,799 85,210,125 Repurchase agreement payable 3 176,519,149 173,698,002 176,519,149 44,569,600 43,974,608 44,569,600 Obligations under participation agreements 3 57,911,481 58,587,148 57,974,834 42,048,294 42,232,027 41,475,060 Mortgage loan payable 3 31,757,725 31,963,840 31,989,884 31,962,692 32,134,295 32,192,785 Secured borrowing 3 37,371,625 37,503,542 37,508,341 34,521,104 34,586,129 34,425,029 Revolving line of credit payable 3 64,953,549 64,414,007 64,953,549 38,575,895 38,186,472 38,575,895 Total liabilities $ 453,638,529 $ 448,176,646 $ 453,185,457 $ 370,566,055 $ 364,910,392 $ 370,793,089	The following table presents the carrying value, which represents the principal amount outstanding, adjusted for the accretion of purchase discounts on loans and exit fees, and the amortization of purchase premiums on loans and origination fees, and estimated fair value of the Company’s financial instruments that are not carried at fair value on the consolidated balance sheets: December 31, 2021 December 31, 2020 Level Principal Carrying Fair Value Principal Carrying Fair Value Loans: Loans held for investment 3 $ 467,843,785 $ 470,988,063 $ 454,840,551 $ 419,924,758 $ 421,725,220 $ 415,113,225 Loans held for investment acquired through participation 3 12,307,366 12,343,732 12,361,068 4,250,000 4,294,053 4,293,969 Allowance for loan losses — (13,658,481 ) — — (3,738,758 ) — Total loans $ 480,151,151 $ 469,673,314 $ 467,201,619 $ 424,174,758 $ 422,280,515 $ 419,407,194 Liabilities: Term loan payable 3 $ 93,763,470 $ 91,940,062 $ 94,344,595 $ 107,584,451 $ 105,245,801 $ 107,248,555 Unsecured notes payable 1 85,125,000 81,856,799 85,210,125 — — — Repurchase agreement payable 3 44,569,600 43,974,608 44,569,600 — — — Obligations under participation agreements 3 42,048,294 42,232,027 41,475,060 71,266,303 71,581,897 70,693,207 Mortgage loan payable 3 31,962,692 32,134,295 32,192,785 44,020,225 44,117,293 44,348,689 Secured borrowing 3 34,521,104 34,586,129 34,425,029 18,281,848 18,187,663 17,037,032 Revolving line of credit payable 3 38,575,895 38,186,472 38,575,895 — — — Total liabilities $ 370,566,055 $ 364,910,392 $ 370,793,089 $ 241,152,827 $ 239,132,654 $ 239,327,483
Fair Value Measurement Inputs and Valuation Techniques	The following table summarizes the valuation techniques and significant unobservable inputs used by the Company to value the Level 3 loans as of March 31, 2022 and December 31, 2021. The tables are not intended to be all-inclusive, Fair Value at Primary Valuation Unobservable March 31, 2022 Asset Category Minimum Maximum Weighted Assets: Loans held for investment, net $ 544,060,026 Discounted cash flow Discount rate 4.14 % 15.00 % 8.30 % Loans held for investment acquired through participation, net 12,946,931 Discounted cash flow Discount rate 8.45 % 15.00 % 12.33 % Total Level 3 Assets $ 557,006,957 Liabilities: Repurchase agreement payable 176,519,149 Discounted cash flow Discount rate 1.90 % 3.12 % 2.54 % Obligations under participation agreements 57,974,834 Discounted cash flow Discount rate 14.60 % 15.00 % 14.83 % Mortgage loan payable 31,989,884 Discounted cash flow Discount rate 6.08 % 6.08 % 6.08 % Secured borrowing 37,508,341 Discounted cash flow Discount rate 5.89 % 5.89 % 5.89 % Revolving line of credit 64,953,549 Discounted cash flow Discount rate 4.00 % 4.00 % 4.00 % Total Level 3 Liabilities $ 368,945,757 Fair Value at Primary Valuation Unobservable December 31, 2021 Asset Category Minimum Maximum Weighted Assets: Loans held for investment, net $ 454,840,551 Discounted cash flow Discount rate 3.89 % 15.00 % 8.11 % Loans held for investment acquired through participation, net 12,361,068 Discounted cash flow Discount rate 8.25 % 15.00 % 12.33 % Total Level 3 Assets $ 467,201,619 Liabilities: Term loan payable $ 94,344,595 Discounted cash flow Discount rate 4.00 % 4.00 % 4.00 % Repurchase agreement payable 44,569,600 Discounted cash flow Discount rate 2.45 % 2.74 % 2.57 % Obligations under participation agreements 41,475,060 Discounted cash flow Discount rate 12.37 % 15.00 % 14.31 % Mortgage loan payable 32,192,785 Discounted cash flow Discount rate 6.08 % 6.08 % 6.08 % Secured borrowing 34,425,029 Discounted cash flow Discount rate 6.64 % 6.64 % 6.64 % Revolving line of credit 38,575,895 Discounted cash flow Discount rate 4.00 % 4.00 % 4.00 % Total Level 3 Liabilities $ 285,582,964	The following table summarizes the valuation techniques and significant unobservable inputs used by the Company to value the Level 3 loans as of December 31, 2021 and 2020. The tables are not intended to be all-inclusive, Fair Value at Primary Unobservable December 31, 2021 Asset Category Minimum Maximum Weighted Assets: Loans held for investment, net $ 454,840,551 Discounted Discount 3.89 % 15.00 % 8.11 % Loans held for investment acquired through participation, net 12,361,068 Discounted Discount 8.25 % 15.00 % 12.33 % Total Level 3 Assets $ 467,201,619 Liabilities: Term loan payable $ 94,344,595 Discounted Discount 4.00 % 4.00 % 4.00 % Repurchase agreement payable 44,569,600 Discounted Discount 2.45 % 2.74 % 2.57 % Obligations under participation agreements 41,475,060 Discounted Discount 12.37 % 15.00 % 14.31 % Mortgage loan payable 32,192,785 Discounted Discount 6.08 % 6.08 % 6.08 % Secured borrowing 34,425,029 Discounted Discount 6.64 % 6.64 % 6.64 % Revolving line of credit 38,575,895 Discounted Discount 4.00 % 4.00 % 4.00 % Total Level 3 Liabilities $ 285,582,964 Fair Value at Primary Unobservable December 31, 2020 Asset Category Minimum Maximum Weighted Assets: Loans held for investment, net $ 415,113,225 Discounted Discount 5.29 % 20.05 % 10.38 % Loans held for investment acquired through participation, net 4,293,969 Discounted Discount 12.89 % 12.89 % 12.89 % Total Level 3 Assets $ 419,407,194 Liabilities: Term loan payable $ 107,248,555 Discounted Discount 5.25 % 5.25 % 5.25 % Obligations under participation agreements 70,693,207 Discounted Discount 9.75 % 20.05 % 12.58 % Mortgage loan payable 44,348,689 Discounted Discount 6.08 % 6.08 % 6.08 % Secured borrowing 17,037,032 Discounted Discount 11.25 % 11.25 % 11.25 % Total Level 3 Liabilities $ 239,327,483

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table presents a summary of fees paid and costs reimbursed to the Manager in connection with providing services to the Company that are included on the consolidated statements of operations: Three Months Ended March 31, 2022 2021 Origination and extension fee expense (1)(2) $ 686,365 $ 345,384 Asset management fee 1,488,095 1,156,543 Asset servicing fee 349,329 273,207 Operating expenses reimbursed to Manager 1,928,563 1,342,758 Disposition fee (3) — 250,988 Total $ 4,452,352 $ 3,368,880 (1) Origination and extension fee expense is generally offset with origination and extension fee income. Any excess is deferred and amortized to interest income over the term of the loan. (2) Amount for the three months ended March 31, 2022 excluded $0.2 million of origination fee paid to the Manager in connection with the Company’s equity investment in an unconsolidated investment. This origination fee was capitalized to the carrying value of the unconsolidated investment as a transaction cost. (3) Disposition fee is generally offset with exit fee income and included in interest income on the consolidated statements of operations. The table below lists the participation interests purchased by the Company pursuant to participation agreements as of March 31, 2022 and December 31, 2021. March 31, 2022 Participating Principal Balance Carrying Value Hillsborough Owners LLC (1) 30.00 % $ 5,444,696 $ 5,458,850 UNJ Sole Member, LLC (2) 40.80 % 7,444,357 7,478,454 $ 12,889,053 $ 12,937,304 December 31, 2021 Participating Principal Balance Carrying Value Hillsborough Owners LLC (1) 30.00 % $ 4,863,009 $ 4,866,542 UNJ Sole Member, LLC (2) 40.80 % 7,444,357 7,477,190 $ 12,307,366 $ 12,343,732 (1) The loan is held in the name of Terra Income Fund 6, Inc., an affiliated fund advised by Terra Income Advisors, LLC, an affiliate of the Company’s sponsor and Manager. (2) The loan is held in the name of Mavik Real Estate Special Opportunities Fund REIT, LLC, a related-party REIT managed by the Manager. The following tables summarize the loans that were subject to participation agreements with affiliated entities and third-parties as of March 31, 2022 and December 31, 2021: Principal Carrying Value Transfers Treated as Obligations Under Participation % Transferred Principal Balance Carrying Value 370 Lex Part Deux, LLC (1) $ 60,583,057 $ 60,583,057 35.00 % $ 21,204,070 $ 21,204,068 Post Brothers Holdings LLC (1) 21,000,000 21,670,442 71.43 % 15,000,000 15,478,888 RS JZ Driggs, LLC (1) 16,933,491 17,099,374 50.00 % 8,469,911 8,552,884 William A. Shopoff & Cindy I. Shopoff (1) 25,000,000 25,214,933 52.95 % 13,237,500 13,351,308 $ 123,516,548 $ 124,567,806 $ 57,911,481 $ 58,587,148 Principal Carrying Value Transfers Treated as Obligations Under Participation % Transferred Principal Balance Carrying Value 370 Lex Part Deux, LLC (1) $ 60,012,639 $ 60,012,639 35.00 % $ 21,004,424 $ 21,004,423 RS JZ Driggs, LLC (1) 15,606,409 15,754,641 50.00 % 7,806,370 7,880,516 William A. Shopoff & Cindy I. Shopoff (1) 25,000,000 25,206,964 52.95 % 13,237,500 13,347,088 $ 100,619,048 $ 100,974,244 $ 42,048,294 $ 42,232,027 (1) Participant is Terra Income Fund 6, Inc. The following table summarizes the loan that was transferred to a third-party that was accounted for as secured borrowing as of March 31, 2022 and December 31, 2021: Principal Balance Carrying Value Transfers Treated as Secured Borrowing as of % Transferred Principal Balance Carrying Value Windy Hill PV Five CM, LLC $ 54,078,939 $ 54,416,729 69.11 % $ 37,371,625 $ 37,503,542 $ 54,078,939 $ 54,416,729 $ 37,371,625 $ 37,503,542 Principal Carrying Transfers Treated as Secured Borrowing as of % Transferred Principal Balance Carrying Value Windy Hill PV Five CM, LLC $ 49,954,068 $ 50,264,568 69.11 % $ 34,521,104 $ 34,586,129 $ 49,954,068 $ 50,264,568 $ 34,521,104 $ 34,586,129	The following table presents a summary of fees paid and costs reimbursed to the Manager in connection with providing services to the Company that are included on the consolidated statements of operations: Years Ended December 31, 2021 2020 Origination and extension fee expense (1)(2) $ 2,729,598 $ 1,383,960 Asset management fee 5,134,149 4,480,706 Asset servicing fee 1,181,924 1,008,256 Operating expenses reimbursed to Manager 6,916,371 6,041,075 Disposition fee (3) 1,006,302 504,611 Total $ 16,968,344 $ 13,418,608 (1) Origination and extension fee expense is generally offset with origination and extension fee income. Any excess is deferred and amortized to interest income over the term of the loan. (2) Amount for the years ended December 31, 2021 and 2020 excluded $0.3 million and $0.5 million of origination fee, respectively, paid to the Manager in connection with the Company’s equity investment in unconsolidated investments. These origination fees were capitalized to the carrying value of the unconsolidated investments as transaction costs. (3) Disposition fee is generally offset with exit fee income and included in interest income on the consolidated statements of operations. The table below lists the participation interests purchased by the Company pursuant to participation agreements as of December 31, 2021 and 2020. December 31, 2021 Participating Principal Carrying Hillsborough Owners LLC (1) 30.00 % $ 4,863,009 $ 4,866,542 UNJ Sole Member, LLC (2) 40.80 % 7,444,357 7,477,190 $ 12,307,366 $ 12,343,732 December 31, 2020 Participating Principal Carrying LD Milpitas Mezz, LP (3) 25.00 % $ 4,250,000 $ 4,294,053 (1) The loan is held in the name of Terra Income Fund 6, Inc. (“Terra Fund 6”), an affiliated fund advised by Terra Income Advisors, LLC, an affiliate of the Company’s sponsor and Manager. (2) The loan is held in the name of Mavik Real Estate Special Opportunities Fund REIT, LLC, a related-party REIT managed by the Manager. (3) On June 27, 2018, the Company entered into a participation agreement with Terra Fund 6 to purchase a 25% participation interest, or $4.3 million, in a $17.0 million mezzanine loan. This loan was repaid in full in May 2021. The following tables summarize the loans that were subject to participation agreements with affiliated entities and third-parties as of December 31, 2021 and 2020: Principal Carrying Value Transfers Treated as Obligations Under % Principal Carrying 370 Lex Part Deux, LLC (1) $ 60,012,639 $ 60,012,639 35.00 % $ 21,004,424 $ 21,004,423 RS JZ Driggs, LLC (1) 15,606,409 15,754,641 50.00 % 7,806,370 7,880,516 William A. Shopoff & Cindy I. Shopoff (1) 25,000,000 25,206,964 52.95 % 13,237,500 13,347,088 $ 100,619,048 $ 100,974,244 $ 42,048,294 $ 42,232,027 Principal Carrying Value Transfers Treated as Obligations Under % Principal Carrying 14th & Alice Street Owner, LLC (2)(3)(4) $ 32,625,912 $ 32,877,544 80.00 % $ 26,100,729 $ 26,211,548 370 Lex Part Deux, LLC (1) 53,874,507 53,912,363 35.00 % 18,856,078 18,856,077 City Gardens 333 LLC (1)(4) 28,303,628 28,307,408 14.00 % 3,962,509 3,963,010 Orange Grove Property Investors, LLC (1)(4) 10,600,000 10,701,924 80.00 % 8,480,000 8,561,523 RS JZ Driggs, LLC (1) 8,544,513 8,629,929 50.00 % 4,272,257 4,314,965 Stonewall Station Mezz LLC (1)(4) 10,442,567 10,537,512 44.00 % 4,594,730 4,635,937 The Bristol at Southport, LLC (2)(4) 23,500,000 23,682,536 21.28 % 5,000,000 5,038,837 $ 167,891,127 $ 168,649,216 $ 71,266,303 $ 71,581,897 (1) Participant is Terra Fund 6. (2) Participant is a third-party. (3) The participation interest was transferred to an affiliate and/or a third-party pursuant to a participation agreement in the second quarter of 2021. (4) The obligation under participation agreement was repaid in 2021. The following table summarizes the loan that was transferred to a third-party that was accounted for as secured borrowing as of December 31, 2021 and 2020: Principal Carrying Transfers Treated as Secured Borrowing as of % Transferred Principal Carrying Windy Hill PV Five CM, LLC $ 49,954,068 $ 50,264,568 69.11 % $ 34,521,104 $ 34,586,129 $49,954,068 $50,264,568 $34,521,104 $34,586,129 Principal Carrying Transfers Treated as Secured Borrowing as of % Transferred Principal Carrying Windy Hill PV Five CM, LLC $ 26,454,910 $ 26,407,494 69.11 % $ 18,281,848 $ 18,187,663 $26,454,910 $26,407,494 $18,281,848 $18,187,663

Debt (Tables)

Debt (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument
Unsecured Notes Payable	The table below presents detailed information regarding the unsecured notes payable at March 31, 2022 and December 31, 2021: March 31, 2022 December 31, 2021 Principal Balance Carrying Value (1) Fair Value Principal Balance Carrying Value (1) Fair Value Unsecured notes payable $ 85,125,000 $ 82,010,107 $ 84,239,700 $ 85,125,000 $ 81,856,799 $ 85,210,125 (1) Amount is net of unamortized issue discount of $2.3 million and $2.4 million, and unamortized deferred financing costs of $0.8 million and $0.9 million as of March 31, 2022 and December 31, 2021, respectively.
Schedule of Line of Credit Facilities	The following tables present detailed information with respect to each borrowing under the Revolving Line of Credit as of March 31, 2022 and December 31, 2021 : March 31, 2022 Borrowing Base Borrowings Under the Principal Carrying Value Fair 870 Santa Cruz, LLC $ 19,760,033 $ 19,934,619 $ 19,993,943 $ 13,832,023 606 Fayetteville LLC and 401 E. Lakewood LLC 17,536,492 17,663,959 17,690,666 10,521,896 AAESUF Property LLC 16,800,000 16,849,956 17,456,207 9,240,000 AARSHW Property LLC 18,771,608 18,541,648 18,911,932 13,156,108 Austin H. I. Borrower LLC 13,695,947 13,824,587 13,832,906 8,172,000 D-G D-G 8,846,216 8,854,524 8,886,221 6,192,351 The Lux Washington, LLC 7,424,855 7,376,668 7,489,172 3,839,171 $ 102,835,151 $ 103,045,961 $ 104,261,047 $ 64,953,549 December 31, 2021 Borrowing Base Borrowings Under the Principal Carrying Value Fair 870 Santa Cruz, LLC $ 17,540,875 $ 17,669,303 $ 17,781,285 $ 12,278,613 606 Fayetteville LLC and 401 E. Lakewood LLC 16,829,962 16,935,803 16,974,601 10,312,187 Austin H. I. Borrower LLC 13,625,000 13,725,690 13,735,569 7,493,750 D-G D-G 8,607,092 8,605,341 8,645,413 6,024,965 The Lux Washington, LLC 3,523,401 3,382,683 3,553,330 2,466,380 $60,126,330 $60,318,820 $60,690,198 $38,575,895	The following tables present detailed information with respect to each borrowing under the Revolving Line of Credit as of December , : December 31, 2021 Borrowing Base Borrowings Principal Carrying Fair 870 Santa Cruz, LLC $ 17,540,875 $ 17,669,303 $ 17,781,285 $ 12,278,613 606 Fayetteville LLC and 401 E. Lakewood LLC 16,829,962 16,935,803 16,974,601 10,312,187 Austin H. I. Borrower LLC 13,625,000 13,725,690 13,735,569 7,493,750 D-G D-G 8,607,092 8,605,341 8,645,413 6,024,965 The Lux Washington, LLC 3,523,401 3,382,683 3,553,330 2,466,380 $60,126,330 $60,318,820 $60,690,198 $38,575,895
Schedule of Debt	The following tables present detailed information with respect to each borrowing under the Term Loan as of December 31, 2021: December 31, 2021 Mortgage Assets Borrowings (1)(2) Principal Carrying Value Fair 330 Tryon DE LLC $ 22,800,000 $ 22,902,354 $ 22,594,654 $ 13,680,000 1389 Peachtree St, LP; 1401 Peachtree St, LP; and 1409 Peachtree St, LP 53,289,288 53,536,884 52,031,363 31,283,661 AGRE DCP Palm Springs, LLC 43,222,381 43,669,992 43,829,842 23,146,265 Patrick Henry Recovery Acquisition, LLC 18,000,000 18,041,124 18,055,377 10,800,000 University Park Berkeley, LLC 25,815,378 25,991,962 26,015,500 14,853,544 $ 163,127,047 $ 164,142,316 $ 162,526,736 $ 93,763,470 The following table presents detailed information with respect to each borrowing under the UBS Master Repurchase Agreement as of March 31, 2022 and December 31, 2021: March 31, 2022 Collateral Borrowings Under Master Repurchase Principal Carrying Fair Borrowing Principal Interest 14th & Alice Street Owner, LLC $ 39,468,000 $ 40,197,784 $ 40,222,586 11/8/2021 $ 25,599,600 LIBOR+1.45% (LIBOR floor of 0.1%) NB Factory TIC 1, LLC 28,000,000 28,529,857 28,861,172 11/8/2021 18,970,000 LIBOR+1.74% (LIBOR floor of 0.1%) Grandview’s Madison Place, LLC 17,000,000 17,111,299 17,111,299 3/7/2022 13,600,000 Term SOFR + 1.965% $ 84,468,000 $ 85,838,940 $ 86,195,057 $ 58,169,600 December 31, 2021 Collateral Borrowings Under Master Repurchase Principal Carrying Fair Borrowing Principal Interest 14th & Alice Street Owner, LLC $ 39,384,000 $ 40,089,153 $ 40,130,448 11/8/2021 $ 25,599,600 LIBOR+1.45% (LIBOR floor of 0.1%) NB Factory TIC 1, LLC 28,000,000 28,420,056 28,851,547 11/8/2021 18,970,000 LIBOR+1.74% (LIBOR floor of 0.1%) $ 67,384,000 $ 68,509,209 $ 68,981,995 $ 44,569,600 The following table presents detailed information with respect to each borrowing under the Repurchase Agreement as of March 31, 2022: March 31, 2022 Collateral Borrowings Under Repurchase Agreement Principal Carrying Value Fair Borrowing Principal Interest 330 Tryon DE LLC $ 22,800,000 $ 22,903,651 $ 22,638,331 2/18/2022 $ 18,240,000 Term SOFR +2.015% (0.10% floor) 1389 Peachtree St, LP; 1401 Peachtree St, LP; and 1409 Peachtree St, LP 53,970,491 54,221,854 53,083,178 2/18/2022 40,285,866 Term SOFR + 2.465% AGRE DCP Palm Springs, LLC 43,222,381 43,696,133 43,738,712 2/18/2022 28,094,548 Term SOFR + 1.315% (1.80% floor) Patrick Henry Recovery Acquisition, LLC 18,000,000 18,041,590 18,049,540 2/18/2022 14,400,000 Term SOFR +0.865% (1.50% floor) University Park Berkeley, LLC 25,815,378 25,995,342 26,008,381 2/18/2022 17,329,135 Term SOFR + 1.365% (1.50% floor) $ 163,808,250 $ 164,858,570 $ 163,518,142 $ 118,349,549	The table below presents detailed information regarding the unsecured notes payable at December 31, 2021: December 31, 2021 Principal Carrying (1) Fair Value Unsecured notes payable $ 85,125,000 $ 81,856,799 $ 85,210,125 (1) Amount is net of unamortized issue discount of $2.4 million and unamortized deferred financing costs of $0.9 million.
Mortgage note payable	The following table presents certain information about the mortgage loan payable as of March 31, 2022 and December 31, 2021: Current Maturity March 31, 2022 December 31, 2021 Lender Principal Carrying Carrying Principal Carrying Carrying Centennial Bank LIBOR + 3.85% September 27, $ 31,757,725 $ 31,963,840 $ 44,627,576 $ 31,962,692 $ 32,134,295 $ 46,067,129	The following table presents certain information about the mortgage loan payable as of December 31, 2021 and 2020: December 31, 2021 December 31, 2020 Lender Current Maturity Principal Carrying Carrying Principal Carrying Carrying Centennial Bank LIBOR + 3.85% September 27, $31,962,692 $32,134,295 $46,067,129 $44,020,225 $44,117,293 $49,533,733
Schedule of Long-term Debt Instruments	Scheduled debt principal payments for each of the five calendar years following March 31, 2022 are as follows: Years Ending December 31, Total 2022 (April 1 to December 31) $ 31,757,725 2023 — 2024 241,472,698 2025 — 2026 85,125,000 2027 — Thereafter — 358,355,423 Unamortized deferred financing costs (6,269,467 ) Total $ 352,085,956	Scheduled debt principal payments for each of the five calendar years following December 31, 2021 are as follows: Years Ending December 31, Total 2022 $ 31,962,692 2023 38,575,895 2024 100,333,261 2025 37,999,809 2026 85,125,000 Thereafter — 293,996,657 Unamortized deferred financing costs (5,904,421 ) Total $ 288,092,236
Indenture and credit Agreement
Debt Instrument
Schedule of Debt		The following tables present detailed information with respect to each borrowing under the Term Loan as of December , and : December 31, 2021 Mortgage Assets Borrowings (1)(2) Principal Carrying Value Fair 330 Tryon DE LLC $ 22,800,000 $ 22,902,354 $ 22,594,654 $ 13,680,000 1389 Peachtree St, LP; 1401 Peachtree St, LP; and 1409 Peachtree St, LP 53,289,288 53,536,884 52,031,363 31,283,661 AGRE DCP Palm Springs, LLC 43,222,381 43,669,992 43,829,842 23,146,265 Patrick Henry Recovery Acquisition, LLC 18,000,000 18,041,124 18,055,377 10,800,000 University Park Berkeley, LLC 25,815,378 25,991,962 26,015,500 14,853,544 $ 163,127,047 $ 164,142,316 $ 162,526,736 $ 93,763,470 December 31, 2020 Mortgage Assets Borrowings (1)(2) Principal Carrying Value Fair 330 Tryon DE LLC $ 22,800,000 $ 22,901,294 $ 22,869,879 $ 13,680,000 1389 Peachtree St, LP; 1401 Peachtree St, LP; and 1409 Peachtree St, LP 50,808,453 51,068,554 50,982,247 29,897,848 AGRE DCP Palm Springs, LLC 45,294,097 45,506,051 45,519,030 24,894,939 MSC Fields Peachtree Retreat, LLC 23,308,334 23,437,198 23,428,860 13,985,001 Patrick Henry Recovery Acquisition, LLC 18,000,000 18,039,456 17,994,495 10,800,000 University Park Berkeley, LLC 23,990,786 24,131,808 24,162,710 14,326,663 $ 184,201,670 $ 185,084,361 $ 184,957,221 $ 107,584,451 (1) Borrowings under the Term Loan bear interest at LIBOR plus 4.25% with a LIBOR floor of 1.00%, or 5.25% as of both December 31, 2021 and 2020, using LIBOR of 0.10% and 0.14%, respectively. (2) The maturity of the Term Loan is March 14, 2025, however the maturity of each borrowing under the Term Loan matches the maturity of the respective Mortgage Asset.
Master Repurchase Agreement
Debt Instrument
Schedule of Debt		The following table presents detailed information with respect to each borrowing under the UBS Master Repurchase Agreement as of December 31, 2021: December 31, 2021 Collateral Borrowings Under Master Repurchase Agreement Principal Carrying Fair Borrowing Principal Interest 14th & Alice Street Owner, LLC $ 39,384,000 $ 40,089,153 $ 40,130,448 11/8/2021 $ 25,599,600 LIBOR+1.45% NB Factory TIC 1, LLC 28,000,000 28,420,056 28,851,547 11/8/2021 18,970,000 LIBOR+1.74% $67,384,000 $68,509,209 $68,981,995 $44,569,600

Equity (Tables)

Equity (Tables)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents earnings per share for the three months ended March 31, 2022 and 2021: Three Months Ended March 31, 2022 2021 Net (loss) income $ (757,887 ) $ 1,476,096 Series A preferred stock dividend declared (3,906 ) (3,906 ) Net (loss) income allocable to common stock $ (761,793 ) $ 1,472,190 Weighted-average shares outstanding — basic and diluted 19,487,460 19,487,460 (Loss) earnings per share — basic and diluted $ (0.04 ) $ 0.08	The following table presents earnings per share for the years ended December 31, 2021 and 2020: Years Ended December 31, 2021 2020 Net (loss) income $ (12,355,727 ) $ 5,255,730 Series A preferred stock dividend declared (15,624 ) (15,624 ) Net (loss) income allocable to common stock $ (12,371,351 ) $ 5,240,106 Weighted-average shares outstanding — basic and diluted 19,487,460 18,813,066 (Loss) earnings per share — basic and diluted $ (0.63 ) $ 0.28
Dividends Declared	The following table presents distributions per share, declared and paid during the years ended December 31, 2021 and 2020, reported for federal tax purposes and serves as a designation of capital gain distributions, if applicable, pursuant to Section 857(b)(3)(C) of the Internal Revenue Code and Treasury Regulation § 1.857-6(e): Years Ended 2021 2020 Ordinary income $ 0.07 $ 0.48 Capital gain 0.06 — Return of capital 0.75 0.68 $0.88 $1.16

Business (Details)

Business (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Mar. 02, 2020
Financial Highlights
Loans held for investment	$ 558,019,000	$ 469,673,314	$ 422,280,515
Cash				$ 25,500,000
Operations Commenced Date	Jan. 01, 2016	Jan. 01, 2016
Common Stock, Shares, Issued	19,487,460	19,487,460	19,487,460	4,574,470.35
Participating Mortgage Loans, Participation Liabilities, Amount				$ 49,800,000
Minimum
Financial Highlights
Loans held for investment	$ 10,000,000	$ 10,000,000
Maximum
Financial Highlights
Loans held for investment	$ 50,000,000	$ 50,000,000
Partnership interest
Financial Highlights
Equity Method Investment, Ownership Percentage	87.40%			87.40%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2022		Mar. 31, 2021		Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Cash and cash equivalents	$ 35,783,956	$ 9,858,153		$ 18,464,161		$ 18,607,952
Restricted cash	7,411,811	8,058,767		7,096,549		12,145,616
Cash held in escrow by lender	7,902,880	7,651,900	[1]	2,039,349	[1]	2,166,755
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 51,098,647	$ 25,568,820		$ 27,600,059		$ 32,920,323	$ 50,549,700
Open Tax Year Start	2018
Open tax year end	2020
[1](1) The Company has a cash management account with the lender to collect rental payment on the property used as collateral for a mortgage loan payable. As of March 31, 2022, approximately $3.8 million of the cash in the account was available for operational needs.

Summary of Significant Accoun_5

Summary of Significant Accounting Policies -Subnote (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 9,858,153	$ 35,783,956	$ 18,464,161	$ 18,607,952
Real Estate Investment [Member]
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	$ 3,800,000

Merger and Issuance of Common_3

Merger and Issuance of Common Stock to Terra Offshore REIT - Narratives - Mergers (Details) - $ / shares	2 Months Ended
	Mar. 01, 2020	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition
Common Stock, Par Value		$ 0.01	$ 0.01	$ 0.01
Terra Fund 7
Business Acquisition
Common Stock, Par Value	$ 0.01
Terra PropertyTrust
Business Acquisition
Common Stock, Par Value	$ 0.01
Terra Property Trust 2 Inc
Business Acquisition
Business Combination Common Stock Shares	2,116,785.76
Common Stock, Par Value	$ 0.01
Terra Property Trust 2 Inc | Common Stock
Business Acquisition
Business Acquisition Share Conversion Rate	$ 1.2031

Merger and Issuance of Common_4

Merger and Issuance of Common Stock to Terra Offshore REIT - Summary of the assets acquired and liabilities assumed (Details) - Terra Property Trust 2 Inc	2 Months Ended
	Mar. 01, 2020 USD ($)
Business Acquisition
Equity issued in the Merger	$ 34,630,615
Total Consideration	34,630,615
Net Assets of TPT2 Received in the Merger
Loans held for investment acquired through participation	17,688,741
Cash and cash equivalents	16,897,074
Interest receivable	134,543
Other assets	18,384
Accounts payable and accrued expenses	(57,433)
Due to Manager	(50,694)
Total identifiable net assets	$ 34,630,615

Merger and Issuance of Common_5

Merger and Issuance of Common Stock to Terra Offshore REIT - Narratives - Issuance of Common Stock to Terra Offshore Funds (Details) - Terra Offshore Funds REIT $ / shares in Units, $ in Millions			2 Months Ended
	Apr. 29, 2020 $ / shares shares	Mar. 02, 2020 USD ($) numberOfAgreements shares	Mar. 01, 2020 shares
Business Acquisition
Number of contribution agreements | numberOfAgreements		2
Settlement of participation interests in loans held | $		$ 32.1
Proceeds from issuance of common stock | $		$ 8.6
Stock issued in the transaction as consideration		2,457,684.59	2,116,785.76
Stock Repurchased During Period, Shares	212,691
Share Price | $ / shares	$ 17.02
Terra Fund 7
Business Acquisition
Stock issued in the transaction as consideration		2,457,684.59

Merger and Issuance of Common_6

Merger and Issuance of Common Stock to Terra Offshore REIT - Issuance of Common Stock to Terra Offshore Funds (Details) - Terra Offshore Funds REIT	Mar. 02, 2020 USD ($)
Business Acquisition
Equity issued in the Merger	$ 40,749,378
Total Consideration	40,749,378
Loans held for investment acquired through participation	32,112,257
Cash and cash equivalents acquired in Merger	8,600,000
Interest receivable	270,947
Due to Manager	(233,826)
Total identifiable net assets	$ 40,749,378

Merger and Issuance of Common_7

Merger and Issuance of Common Stock to Terra Offshore REIT - Narratives - Terra JV, LLC (Details)	12 Months Ended
	Dec. 31, 2021	Feb. 28, 2020
Terra JV
Business Acquisition
Equity Method Investment, Ownership Percentage	87.40%
Terra Fund 5
Business Acquisition
Equity Method Investment, Ownership Percentage		98.60%
Terra Fund 5 | Terra JV
Business Acquisition
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	87.60%
Threshold For Nomination Rights	10%
Terra Fund 7 | Terra JV
Business Acquisition
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest	12.40%

Merger and Issuance of Common_8

Merger and Issuance of Common Stock to Terra Offshore REIT - Narratives - Net loss on Obligations Under Participation Agreement (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020 USD ($)
Business Combination, Separately Recognized Transactions [Line Items]
Net loss recognized	$ 0.3

Loans Held for Investment - Sum

Loans Held for Investment - Summary of the Companys loan portfolio (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($) Loans	Dec. 31, 2021 USD ($) Loans	Dec. 31, 2020 USD ($) Loans
Loans and Financing Receivable
Number Of Loans | Loans	25	21	20
Principal Balance	$ 567,520,973	$ 480,151,151	$ 424,174,758
Carrying Value	558,019,000	469,673,314	422,280,515
Fair Value	$ 557,006,957	$ 467,201,619	$ 419,407,194
Weighted-average coupon rate	8.15%	7.85%	8.51%
Weighted-average remaining term (years)	1 year 5 months 8 days	1 year 6 months 10 days	1 year 5 months 23 days
Fixed Rate
Loans and Financing Receivable
Number Of Loans | Loans	7	6	6
Principal Balance	$ 97,914,340	$ 74,880,728	$ 56,335,792
Carrying Value	99,264,597	75,520,212	56,464,310
Fair Value	$ 99,045,593	$ 75,449,410	$ 56,284,334
Weighted-average coupon rate	12.92%	12.39%	12.17%
Weighted-average remaining term (years)	1 year 11 months 23 days	1 year 11 months 4 days	1 year 9 months 10 days
Floating rate
Loans and Financing Receivable
Number Of Loans | Loans	18	15	14
Principal Balance	$ 469,606,633	$ 405,270,423	$ 367,838,966
Carrying Value	458,754,403	394,153,102	365,816,205
Fair Value	$ 457,961,364	$ 391,752,209	$ 363,122,860
Weighted-average coupon rate	7.16%	7.01%	7.95%
Weighted-average remaining term (years)	1 year 3 months 25 days	1 year 5 months 12 days	1 year 5 months 8 days

Loans Held for Investment - S_2

Loans Held for Investment - Summary of the Company's loan portfolio - Subnote (Details)		3 Months Ended	12 Months Ended
	Mar. 12, 2021	Mar. 31, 2022 USD ($) Loans	Dec. 31, 2021 USD ($) Loans	Dec. 31, 2020 USD ($) Loans
Loans and Financing Receivable
Principal Balance		$ 567,520,973	$ 480,151,151	$ 424,174,758
Principal amount		$ 453,638,529	$ 370,566,055	$ 241,152,827
Number Of Loans | Loans		25	21	20
Floating rate
Loans and Financing Receivable
Principal Balance		$ 469,606,633	$ 405,270,423	$ 367,838,966
Number Of Loans | Loans		18	15	14
Revolving line of credit
Loans and Financing Receivable
Principal Balance		$ 102,835,151	$ 60,126,330
Principal amount		$ 64,953,549	$ 38,575,895
Revolving line of credit | LIBOR
Loans and Financing Receivable
Debt Instrument, Basis Spread on Variable Rate	3.25%		3.25%
Revolving line of credit | Floor rate
Loans and Financing Receivable
Debt Instrument, Basis Spread on Variable Rate	4%		4%
Term Loan
Loans and Financing Receivable
Fixed rate				5.25%
Principal Balance			$ 163,127,047	$ 184,201,670
Principal amount			$ 93,763,470	$ 107,584,451
Term Loan | LIBOR
Loans and Financing Receivable
Debt Instrument, Basis Spread on Variable Rate			4.25%	4.25%
Term Loan | Floor rate | LIBOR
Loans and Financing Receivable
Debt Instrument, Basis Spread on Variable Rate			1%	1%
Term Loan | Floating rate
Loans and Financing Receivable
Number Of Loans | Loans		16	13
Term Loan | Floating rate | LIBOR
Loans and Financing Receivable
Debt Instrument, Basis Spread on Variable Rate		0.45%	0.10%	0.14%
Number Of Loans | Loans			13	12
Term Loan | Floating rate | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]
Loans and Financing Receivable
Debt Instrument, Basis Spread on Variable Rate		0.16%
Term Loan | Floating rate | Floor rate | LIBOR
Loans and Financing Receivable
Loans basis spread on variable rate			1%
Collateral | Repurchase Agreements | Floating rate
Loans and Financing Receivable
Principal Balance			$ 67,400,000
Principal amount			44,600,000
Collateral | Revolving line of credit
Loans and Financing Receivable
Principal Balance		$ 351,100,000	290,600,000
Principal amount		241,500,000	176,900,000
Collateral | Revolving line of credit | Floating rate
Loans and Financing Receivable
Principal Balance			60,100,000
Principal amount			$ 38,600,000
Collateral | Revolving line of credit | Floating rate | Minimum
Loans and Financing Receivable
Fixed rate			4%
Collateral | Term Loan | Floating rate
Loans and Financing Receivable
Principal Balance			$ 163,100,000	$ 184,200,000
Principal amount			93,800,000	$ 107,600,000
Uncommitted Master Repurchase Agreement
Loans and Financing Receivable
Principal Balance		$ 163,808,250	$ 67,384,000
Uncommitted Master Repurchase Agreement | Minimum | LIBOR
Loans and Financing Receivable
Debt Instrument, Basis Spread on Variable Rate			1.60%
Uncommitted Master Repurchase Agreement | Maximum | LIBOR
Loans and Financing Receivable
Debt Instrument, Basis Spread on Variable Rate			1.85%

Loans Held for Investment - Len

Loans Held for Investment - Lending activities (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Loans and Financing Receivable
Beginning balance	$ 469,673,314	$ 422,280,515	$ 422,280,515
New loans made	88,119,821	14,410,706
Principal repayments received	(750,000)	(31,531,804)
PIK interest	0	224,197	1,000,028	$ 2,937,909
Net amortization of premiums on loans	(15,348)	(15,348)
Accrual, payment and accretion of investment-related fees and other, net	1,041,509	524,176
Realized loss on loan repayments			517,989	0
Provision for loan losses	(50,296)	(276,020)	(10,904,163)	(3,738,758)
Ending balance	558,019,000	406,068,871	469,673,314	422,280,515
Real Estate Loan
Loans and Financing Receivable
Beginning balance	469,673,314	422,280,515	422,280,515	378,612,768
New loans made			252,437,733	108,488,411
Principal repayments received			(196,780,456)	(66,144,729)
PIK interest			1,955,109	4,442,759
Net amortization of premiums on loans			(61,390)	(61,391)
Accrual, payment and accretion of investment-related fees and other, net			1,397,519	681,455
Realized loss on loan repayments			(651,553)
Provision for loan losses			(10,904,163)	(3,738,758)
Ending balance			469,673,314	422,280,515
Real Estate Loan | Loans held for investment, net
Loans and Financing Receivable
Beginning balance	457,329,582	417,986,462	417,986,462	375,462,222
New loans made	87,538,133	14,410,706	240,130,367	107,359,299
Principal repayments received	(750,000)	(31,531,804)	(192,530,456)	(66,144,729)
PIK interest		676,646	1,955,109	4,442,759
Net amortization of premiums on loans	(15,348)	(15,348)	(61,390)	(61,391)
Accrual, payment and accretion of investment-related fees and other, net	1,029,625	526,081	1,405,206	667,060
Realized loss on loan repayments			(651,553)
Provision for loan losses	(50,296)	(276,020)	(10,904,163)	(3,738,758)
Ending balance	545,081,696	401,776,723	457,329,582	417,986,462
Real Estate Loan | Loans Held For Investment Acquired Through Participation
Loans and Financing Receivable
Beginning balance	12,343,732	4,294,053	4,294,053	3,150,546
New loans made	581,688		12,307,366	1,129,112
Principal repayments received			(4,250,000)	0
PIK interest			0	0
Net amortization of premiums on loans			0	0
Accrual, payment and accretion of investment-related fees and other, net	11,884	(1,905)	(7,687)	14,395
Realized loss on loan repayments			0
Provision for loan losses			0	0
Ending balance	$ 12,937,304	$ 4,292,148	$ 12,343,732	$ 4,294,053

Loans Held for Investment - L_2

Loans Held for Investment - Lending activities - subnote (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Sep. 23, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Sep. 02, 2021	Mar. 02, 2020
Loans and Financing Receivable
Paid-in-Kind Interest		$ 0	$ 224,197	$ 1,000,028	$ 2,937,909
Cash							$ 25,500,000
Realized loss on loan repayments				517,989	0
Real Estate Loan
Loans and Financing Receivable
Paid-in-Kind Interest				1,955,109	4,442,759
Realized loss on loan repayments				(651,553)
Loans held for investment, net | Real Estate Loan
Loans and Financing Receivable
Paid-in-Kind Interest			676,646	1,955,109	4,442,759
Realized loss on loan repayments				(651,553)
Loans Held For Investment Acquired Through Participation | Real Estate Loan
Loans and Financing Receivable
Paid-in-Kind Interest				0	0
Realized loss on loan repayments				0
Loans Held For Investment Acquired Through Participation | Real Estate Loan | TDR Transaction
Loans and Financing Receivable
Realized loss on loan repayments				300,000
Loans Held For Investment Acquired Through Participation | Real Estate Loan | Hotel - full/select service
Loans and Financing Receivable
Proceeds from sale of real properties held for investment	$ 13,800,000
Cash	800,000
Realized loss on loan repayments				400,000
First Mortgage | Loans Held For Investment Acquired Through Participation | Real Estate Loan | Hotel - full/select service
Loans and Financing Receivable
Principal balance						$ 14,600,000
Obligations Under Participation Agreements | Loans held for investment, net | Real Estate Loan
Loans and Financing Receivable
Paid-in-Kind Interest			$ 500,000	$ 1,000,000	$ 1,500,000
Obligations Under Participation Agreements | Loans Held For Investment Acquired Through Participation | Real Estate Loan | Hotel - full/select service
Loans and Financing Receivable
Principal balance	$ 0.1

Loans Held for Investment - Loa

Loans Held for Investment - Loan Structure (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans and Financing Receivable
Principal Balance	$ 567,520,973	$ 480,151,151	$ 424,174,758
Carrying Value	571,727,777	483,331,795	426,019,273
Allowance for Loan and Lease Losses, Real Estate	(13,708,777)	(13,658,481)	(3,738,758)
Carrying Value	$ 558,019,000	$ 469,673,314	$ 422,280,515
% of Total	100%	100%	100%
Percent Of Allowance Of Loan Losses	(2.50%)	(2.90%)	(0.90%)
Revolving Credit Facility
Loans and Financing Receivable
Principal Balance	$ 46,000,000	$ 25,000,000
Carrying Value	$ 46,885,375	$ 25,206,964
% of Total	8.40%	5.40%
First Mortgage
Loans and Financing Receivable
Principal Balance	$ 410,635,036	$ 345,454,454	$ 254,042,847
Carrying Value	$ 413,619,050	$ 348,101,455	$ 255,093,989
% of Total	74.10%	74%	60.50%
Preferred Equity Investment
Loans and Financing Receivable
Principal Balance	$ 93,441,580	$ 92,252,340	$ 141,590,632
Carrying Value	$ 93,607,463	$ 92,400,572	$ 142,002,144
% of Total	16.80%	19.70%	33.60%
Mezzanine Loans
Loans and Financing Receivable
Principal Balance	$ 17,444,357	$ 17,444,357	$ 28,541,279
Carrying Value	$ 17,615,889	$ 17,622,804	$ 28,923,140
% of Total	3.20%	3.80%	6.80%

Loans Held for Investment - Pro

Loans Held for Investment - Property Type (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans and Financing Receivable
Principal Balance	$ 567,520,973	$ 480,151,151	$ 424,174,758
Carrying Value	571,727,777	483,331,795	426,019,273
Allowance for Loan and Lease Losses, Real Estate	(13,708,777)	(13,658,481)	(3,738,758)
Carrying Value	$ 558,019,000	$ 469,673,314	$ 422,280,515
% of Total	100%	100%	100%
Percent Of Allowance Of Loan Losses	(2.50%)	(2.90%)	(0.90%)
Office
Loans and Financing Receivable
Principal Balance	$ 229,192,520	$ 221,596,870	$ 182,698,225
Carrying Value	$ 230,101,500	$ 222,426,872	$ 183,053,751
% of Total	41.20%	47.30%	43.30%
Multifamily
Loans and Financing Receivable
Principal Balance	$ 120,216,869	$ 80,805,787	$ 150,873,173
Carrying Value	$ 122,074,241	$ 81,835,756	$ 151,768,347
% of Total	21.90%	17.40%	35.90%
Hotel - full/select service
Loans and Financing Receivable
Principal Balance	$ 56,918,328	$ 56,847,381	$ 49,142,809
Carrying Value	$ 57,520,720	$ 57,395,682	$ 49,393,251
% of Total	10.30%	12.20%	11.70%
Industrial
Loans and Financing Receivable
Principal Balance	$ 67,571,608	$ 32,000,000	$ 7,000,000
Carrying Value	$ 67,606,537	$ 32,206,964	$ 7,000,000
% of Total	12.10%	6.90%	1.70%
Student Housing
Loans and Financing Receivable
Principal Balance	$ 31,000,000	$ 31,000,000	$ 3,000,000
Carrying Value	$ 31,667,292	$ 31,565,670	$ 3,204,375
% of Total	5.70%	6.70%	0.80%
Infill Land
Loans and Financing Receivable
Principal Balance	$ 33,807,563	$ 28,960,455	$ 10,442,567
Carrying Value	$ 33,895,151	$ 28,923,827	$ 10,537,512
% of Total	6.10%	6.20%	2.50%
Mixed use
Loans and Financing Receivable
Principal Balance	$ 28,814,085	$ 28,940,658	$ 16,767,984
Carrying Value	$ 28,862,336	$ 28,977,024	$ 16,767,984
% of Total	5.20%	6.20%	4%
Hotel - extended stay
Loans and Financing Receivable
Principal Balance			$ 4,250,000
Carrying Value			$ 4,294,053
% of Total			1%

Loans Held for Investment - Geo

Loans Held for Investment - Geographic Locations (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans and Financing Receivable
Principal Balance	$ 567,520,973	$ 480,151,151	$ 424,174,758
Carrying Value	571,727,777	483,331,795	426,019,273
Allowance for Loan and Lease Losses, Real Estate	(13,708,777)	(13,658,481)	(3,738,758)
Carrying Value	$ 558,019,000	$ 469,673,314	$ 422,280,515
% of Total	100%	100%	100%
Percent Of Allowance Of Loan Losses	(2.50%)	(2.90%)	(0.90%)
CANADA
Loans and Financing Receivable
Principal Balance	$ 241,635,304	$ 234,968,151	$ 200,279,688
Carrying Value	$ 243,830,108	$ 237,015,597	$ 200,990,328
% of Total	43.70%	50.40%	47.60%
New York
Loans and Financing Receivable
Principal Balance	$ 93,441,580	$ 92,252,340	$ 79,187,004
Carrying Value	$ 93,607,463	$ 92,400,572	$ 79,310,276
% of Total	16.80%	19.70%	18.80%
GEORGIA
Loans and Financing Receivable
Principal Balance	$ 53,970,491	$ 53,289,288	$ 74,116,787
Carrying Value	$ 54,221,854	$ 53,536,884	$ 74,505,752
% of Total	9.70%	11.40%	17.60%
PA
Loans and Financing Receivable
Principal Balance	$ 21,000,000
Carrying Value	$ 21,670,442
% of Total	3.90%
North Carolina
Loans and Financing Receivable
Principal Balance	$ 45,781,188	$ 44,492,971	$ 33,242,567
Carrying Value	$ 46,026,460	$ 44,704,699	$ 33,438,806
% of Total	8.20%	9.50%	7.90%
Utah
Loans and Financing Receivable
Principal Balance	$ 28,000,000	$ 28,000,000
Carrying Value	$ 28,529,857	$ 28,420,056
% of Total	5.10%	6.10%
Texas
Loans and Financing Receivable
Principal Balance	$ 13,695,947	$ 13,625,000	$ 3,848,712
Carrying Value	$ 13,824,587	$ 13,725,690	$ 3,887,200
% of Total	2.50%	2.90%	0.90%
Massachusetts
Loans and Financing Receivable
Principal Balance	$ 7,000,000	$ 7,000,000	$ 7,000,000
Carrying Value	$ 7,000,000	$ 7,000,000	$ 7,000,000
% of Total	1.30%	1.50%	1.70%
Washington
Loans and Financing Receivable
Principal Balance	$ 24,424,855	$ 3,523,401	$ 23,500,000
Carrying Value	$ 24,487,967	$ 3,382,683	$ 23,682,536
% of Total	4.40%	0.70%	5.60%
SOUTH CAROLINA
Loans and Financing Receivable
Principal Balance	$ 3,000,000	$ 3,000,000	$ 3,000,000
Carrying Value	$ 3,137,435	$ 3,145,614	$ 3,204,375
% of Total	0.60%	0.70%	0.80%
NEW JERSEY
Loans and Financing Receivable
Principal Balance	$ 35,571,608
Carrying Value	$ 35,391,604
% of Total	6.30%

Loans Held for Investment - L_3

Loans Held for Investment - Loan risk rating (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) Loans	Mar. 31, 2021 USD ($) Loans	Dec. 31, 2021 USD ($) Loans	Dec. 31, 2020 USD ($) Loans
Loans and Financing Receivable
Number Of Loans | Loans	25		21	20
Principal Balance	$ 567,520,973		$ 480,151,151	$ 424,174,758
Carrying Value	571,727,777		483,331,795	426,019,273
Allowance for Loan and Lease Losses, Real Estate	(13,708,777)		(13,658,481)	(3,738,758)
Carrying Value	$ 558,019,000		$ 469,673,314	$ 422,280,515
% of Total	100%		100%	100%
Total, net of allowance for loan losses	$ 558,019,000	$ 406,068,871	$ 469,673,314	$ 422,280,515
1
Loans and Financing Receivable
Number Of Loans | Loans	0		0	0
Principal Balance	$ 0		$ 0	$ 0
Carrying Value	$ 0		$ 0	$ 0
% of Total	0%		0%	0%
2
Loans and Financing Receivable
Number Of Loans | Loans	2		2	1
Principal Balance	$ 25,000,000		$ 25,000,000	$ 7,000,000
Carrying Value	$ 25,041,590		$ 25,041,124	$ 7,000,000
% of Total	4.40%		5.20%	1.60%
3
Loans and Financing Receivable
Number Of Loans | Loans	19		15	14
Principal Balance	$ 435,383,446		$ 349,273,811	$ 323,696,475
Carrying Value	$ 439,254,137		$ 352,164,409	$ 325,284,285
% of Total	76.80%		72.90%	76.40%
4
Loans and Financing Receivable
Number Of Loans | Loans	1	3	1	3
Principal Balance	$ 60,583,057		$ 60,012,639	$ 72,861,587
Carrying Value	$ 60,583,057		$ 60,012,639	$ 73,079,804
% of Total	10.60%		12.40%	17.20%
5
Loans and Financing Receivable
Number Of Loans | Loans	0	1	0	1
Principal Balance	$ 0		$ 0	$ 3,848,712
Carrying Value	$ 0		$ 0	$ 3,887,200
% of Total	0%		0%	0.90%
Other
Loans and Financing Receivable
Number Of Loans | Loans	3		3	1
Principal Balance	$ 46,554,470		$ 45,864,701	$ 16,767,984
Carrying Value	46,848,993		46,113,623	16,767,984
Allowance for Loan and Lease Losses, Real Estate	$ (12,800,000)		$ (12,800,000)	$ (2,500,000)
% of Total	8.20%		9.50%	3.90%

Loans Held for Investment - L_4

Loans Held for Investment - Loan risk rating - subnote (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans and Financing Receivable
Allowance for loan losses	$ 13,708,777	$ 13,658,481	$ 3,738,758
Other
Loans and Financing Receivable
Allowance for loan losses	$ 12,800,000	$ 12,800,000	$ 2,500,000

Loans Held for Investment - All

Loans Held for Investment - Allowance for loan losses (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Receivables [Abstract]
Allowance for loan losses, beginning of period	$ 13,658,481	$ 3,738,758	$ 3,738,758	$ 0
Provision for loan losses	50,296	276,020	10,904,163	3,738,758
Charge-offs	0	0	(984,440)	0
Recoveries	0	0	0	0
Allowance for loan losses, end of period	$ 13,708,777	$ 4,014,778	$ 13,658,481	$ 3,738,758

Loans Held for Investment - Nar

Loans Held for Investment - Narratives - Allowance for loan losses (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) numberOfAgreements Loans	Mar. 31, 2021 USD ($) Loans	Dec. 31, 2021 USD ($) Loans numberOfAgreements	Dec. 31, 2020 USD ($) Loans
Loans and Financing Receivable
Provision for loan losses | $	$ 50,296	$ 276,020	$ 10,904,163	$ 3,738,758
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts	1		1	1
Number of contract suspended | numberOfAgreements	2		3
Interest non-accrual | $	$ 1,100,000	$ 700,000	$ 3,600,000	$ 0
Number Of Loans	25		21	20
5
Loans and Financing Receivable
Number Of Loans			0	1
Number Of Loans	0	1	0	1
4
Loans and Financing Receivable
Number Of Loans			1	3
Number Of Loans	1	3	1	3
Specific Allowance
Loans and Financing Receivable
Provision for loan losses | $	$ 40,000	$ 200,000	$ 10,300,000	$ 2,500,000
Number Of Loans			3	1
Number Of Loans	3	1
General Allowance
Loans and Financing Receivable
Provision for loan losses | $	$ 10,000	$ 40,000	$ 600,000	$ 1,300,000

Loans Held for Investment - Tro

Loans Held for Investment - Troubled Debt Restructuring (Details) - Principal Forgiveness	3 Months Ended	12 Months Ended
	Mar. 31, 2022 USD ($) Loans	Dec. 31, 2021 USD ($) Loans
Troubled Debt Restructuring
Number of loans modified | Loans	1	1
Pre-modified recorded carrying value	$ 18,503,470	$ 18,503,470
Post-modified recorded carrying value	$ 13,625,000	$ 13,625,000

Loans Held for Investment - T_2

Loans Held for Investment - Troubled Debt Restructuring - subnote (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Sep. 23, 2021	Dec. 31, 2020	May 30, 2020
Troubled Debt Restructuring
Principal Balance	$ 567,520,973	$ 480,151,151		$ 424,174,758
Principal Forgiveness
Troubled Debt Restructuring
Principal Balance	13,700,000	13,600,000	$ 13,600,000		$ 3,500,000
Carrying Value	13,800,000	13,700,000		$ 0
Loans and Leases Receivable, Allowance	$ 0	$ 0

Loans Held for Investment - N_2

Loans Held for Investment - Narratives - TDR (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Sep. 23, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	May 30, 2020
Troubled Debt Restructuring
Principal Balance		$ 567,520,973		$ 480,151,151	$ 424,174,758
Charge-offs		0	$ 0	984,440	0
Principal Forgiveness
Troubled Debt Restructuring
Financing Receivable		13,800,000		13,700,000	$ 0
Principal Balance	$ 13,600,000	13,700,000		13,600,000		$ 3,500,000
Financing Receivables, Impaired, Troubled Debt Restructuring, Write-down	1,300,000
Charge-offs	1,000,000
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans	400,000
Loans and Leases Receivable, Impaired, Troubled Debt, Interest Income		$ 300,000		$ 300,000
Loans and Leases Receivable, Impaired, Description		Once classified as a TDR, the new senior loan is classified as an impaired loan until it is extinguished and the carrying value is evaluated at each reporting date for collectability based on the fair value of the underlying collateral. Since the fair value of the collateral is greater than the carrying value of the new senior loan, no specific allowance was recorded as of March 31, 2022.		Once classified as a TDR, the new senior loan is classified as an impaired loan until it is extinguished and the carrying value is evaluated at each reporting date for collectability based on the fair value of the underlying collateral. Since the fair value of the collateral is greater than the carrying value of the new senior loan, no specific allowance was recorded as of December 31, 2021.
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend	$ 14,700,000
Financing Receivable, Troubled Debt Restructuring		$ 13,700,000		$ 13,700,000

Equity Investment in Unconsol_3

Equity Investment in Unconsolidated Investments - Summarized financial information of the Companys equity investment (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments
Other assets	$ 3,976,018		$ 3,505,953	$ 3,934,468
Total assets	772,596,045		693,542,158	588,477,181
Revolving line of credit, net of financing costs	64,414,007		38,186,472	0
Obligations under participation agreement (proceeds of $15,523,107 and $14,252,357, respectively)	58,587,148		42,232,027	71,581,897
Other liabilities	3,491,971		4,289,967	429,123
Total liabilities	503,407,855		419,698,580	285,152,116
Mavik RESOF
Schedule of Equity Method Investments
Investments at fair value (cost of $117,829,371 and $107,261,022, respectively)	119,003,881		108,359,898	44,715,979
Other assets	15,892,206		5,484,087	5,331,840
Total assets	134,896,087		113,843,985	50,047,819
Revolving line of credit, net of financing costs	16,834,326		14,909,717	0
Obligations under participation agreement (proceeds of $15,523,107 and $14,252,357, respectively)	15,637,326		14,351,617	6,347,478
Other liabilities	13,361,069		5,296,603	4,204,147
Total liabilities	45,832,721		34,557,937	10,551,625
Partners' Capital	89,063,366		79,286,048	39,496,194
Total investment income	4,844,664	$ 2,042,100	11,769,083	239,837
Total expenses	1,293,316	471,212	2,381,145	614,362
Net investment income	3,551,348	1,570,888	9,387,938	(374,525)
Unrealized appreciation on investments	69,051	53,697	524,113	417,300
Net increase in partners' capital resulting from operations	$ 3,620,399	$ 1,624,585	$ 9,912,051	$ 42,775

Equity Investment in Unconsol_4

Equity Investment in Unconsolidated Investments - Summarized financial information of the Company equity investment - additional information (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments
Carrying Value	$ 558,019,000		$ 469,673,314	$ 422,280,515
Proceeds from obligations under participation agreements	15,863,187	$ 3,520,514	71,682,634	22,498,765
Mavik RESOF
Schedule of Equity Method Investments
Carrying Value	117,829,371		107,261,022	44,174,031
Proceeds from obligations under participation agreements	$ 15,523,107	$ 14,252,357	$ 14,252,357	$ 6,295,100

Equity Investment in Unconsol_5

Equity Investment in Unconsolidated Investments - Narratives (Details) - USD ($)			3 Months Ended		12 Months Ended
	Aug. 03, 2020	Aug. 03, 2020	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments
Unfunded Commitment Outstanding			$ 101,200,000		$ 71,800,000	$ 67,900,000
Equity investment in unconsolidated investments			91,662,090		69,713,793	36,259,959
Income from equity investment in excess of distributions received			1,419,335	$ 1,337,827	5,925,802	38,640
Mavik RESOF
Schedule of Equity Method Investments
Committed Capital	$ 50,000,000	$ 50,000,000
Unfunded Commitment Outstanding			16,400,000		15,100,000	14,100,000
Equity investment in unconsolidated investments			40,200,000		40,500,000	36,300,000
Income from equity investment in excess of distributions received			1,300,000	1,300,000	6,200,000	40,000
Proceeds from Equity Method Investment, Distribution			$ 0	0	3,500,000	0
Payments for Origination of Mortgage Loans Held-for-sale					$ 300,000	$ 500,000
Equity Method Investment, Ownership Percentage			44.20%		50%	90.30%
Origination fee			$ 200,000	500,000
Joint Venture
Schedule of Equity Method Investments
Equity investment in unconsolidated investments			51,416,176		$ 29,255,511	$ 0
Income from equity investment in excess of distributions received			100,000	0	200,000
Proceeds from Equity Method Investment, Distribution			$ 300,000		$ 0	$ 0
Origination fee				$ 500,000

Equity Investment in Unconsol_6

Equity Investment in Unconsolidated Investments - Equity Investment in Joint Venture (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments
Equity investment in unconsolidated investments	$ 91,662,090	$ 69,713,793	$ 36,259,959
Joint Venture
Schedule of Equity Method Investments
Equity investment in unconsolidated investments	$ 51,416,176	$ 29,255,511	0
Joint Venture | LEL Arlington JV LLC
Schedule of Equity Method Investments
Equity Method Investment, Description of Principal Activities	Third party	Third party
Equity Method Investment, Ownership Percentage	80%	80%
Equity investment in unconsolidated investments	$ 23,962,388	$ 23,949,044	0
Joint Venture | LEL NW 49th JV LLC
Schedule of Equity Method Investments
Equity Method Investment, Description of Principal Activities	Third party	Third party
Equity Method Investment, Ownership Percentage	80%	80%
Equity investment in unconsolidated investments	$ 4,838,353	$ 5,306,467	$ 0
Joint Venture | TCG Corinthian FL Portfolio JV LLV
Schedule of Equity Method Investments
Equity Method Investment, Description of Principal Activities	Third Party
Equity Method Investment, Ownership Percentage	90%
Equity investment in unconsolidated investments	$ 22,615,435	$ 0

Equity Investment in Unconsol_7

Equity Investment in Unconsolidated Investments - Summarized financial information of JV (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments
Other assets	$ 3,976,018		$ 3,505,953	$ 3,934,468
Total assets	772,596,045		693,542,158	588,477,181
Mortgage loan Payable	31,963,840		32,134,295	44,117,293
Other liabilities	3,491,971		4,289,967	429,123
Total liabilities	503,407,855		419,698,580	285,152,116
Revenues	12,112,270	$ 10,289,252	46,685,257	50,320,888
Operating expenses	9,219,798	5,579,725	38,914,403	26,667,214
Net income	2,892,472	4,709,527	7,770,854	23,653,674
Joint Venture
Schedule of Equity Method Investments
Net investment in real estate	198,906,122		115,636,424	0
Other assets	9,730,764		4,856,249	0
Total assets	208,636,886		120,492,673	0
Mortgage loan Payable	145,641,352		83,445,235	0
Other liabilities	1,887,030		1,305,572	0
Total liabilities	147,528,382		84,750,807	0
Members' Capital	61,108,504		35,741,866	0
Revenues	2,450,438	0	1,448,431	0
Operating expenses	(816,681)	0	1,752,076	0
Depreciation expense	(690,831)	0
Interest expense	(1,085,561)	0
Unrealized gains	235,511	0
Net income	$ 92,876	$ 0	$ (303,645)	$ 0

Real Estate Owned, Net - Lease

Real Estate Owned, Net - Lease Activities (Details)		3 Months Ended		12 Months Ended
	Sep. 04, 2020 USD ($)	Mar. 31, 2022 USD ($) a	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) a	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Mar. 02, 2020 USD ($)
Real Estate
Termination fees		$ 3,100,000		$ 3,100,000
Cash							$ 25,500,000
Total assets		772,596,045		693,542,158	$ 588,477,181
Below Market Lease, Net		$ 9,426,358		9,709,710	10,249,776
Gain (Loss) on Termination of Lease				$ 0	236,000
Lessee, Operating Lease, Term of Contract		10 years		10 years
Lessee, Operating Lease, Option to Extend		option to extend the lease for 5 years		option to extend the lease for 5 years
Gross sales of tenant business		6%		6%
Annual rental payment increase percent		3%		3%
Impairment charge		$ 1,604,989	$ 0	$ 3,395,430	$ 0	$ 1,500,000
Area of Land | a		4.9		4.9
Impairment of Real Estate				$ 3,400,000
Contract Termination
Real Estate
Cash	$ 200,000			142,620
Furniture and Fixtures	200,000			236,000
Total assets	400,000			378,620
In-place lease intangible assets	$ 900,000			869,694
Property, Plant and Equipment, Remaining Useful Life	2 years 6 months
Below Market Lease, Net	$ 600,000			616,392
Rent receivable	100,000			$ 125,318
Gain (Loss) on Termination of Lease	$ 0

Real Estate Owned, Net - Real E

Real Estate Owned, Net - Real Estate Owned Net (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate
Net	$ 47,908,857	$ 58,325,068	$ 63,385,339
Real Estate Investment
Real Estate
Cost	57,304,497	67,304,497	70,953,229
Accumulated Depreciation	(12,676,921)	(11,237,368)	(8,024,066)
Net	44,627,576	56,067,129	62,929,163
Assets, Gross	15,139,080	15,139,080	16,008,774
Assets, Accumulated Amortization	(8,994,003)	(7,687,309)	(6,215,174)
Assets, Net	6,145,077	7,451,771	9,793,600
Liabilities Gross	(11,651,192)	(11,651,192)	(12,267,584)
Liabilities Accumulated Amortization	2,224,834	1,941,482	2,017,808
Liability Net	(9,426,358)	(9,709,710)	(10,249,776)
Real Estate Investment | Real Estate
Real Estate
Cost	53,816,609	63,816,609	67,212,039
Accumulated Depreciation	(5,907,752)	(5,491,541)	(3,826,700)
Net	47,908,857	58,325,068	63,385,339
Real Estate Investment | Land
Real Estate
Cost	0	10,000,000	13,395,430
Accumulated Depreciation	0	0	0
Net	0	10,000,000	13,395,430
Real Estate Investment | Building and Building Improvements
Real Estate
Cost	51,725,969	51,725,969	51,725,969
Accumulated Depreciation	(4,741,596)	(4,418,305)	(3,125,143)
Net	46,984,373	47,307,664	48,600,826
Real Estate Investment | Tenant Improvement
Real Estate
Cost	1,854,640	1,854,640	1,854,640
Accumulated Depreciation	(1,016,689)	(947,369)	(670,090)
Net	837,951	907,271	1,184,550
Real Estate Investment | Furniture and fixtures
Real Estate
Cost	236,000	236,000	236,000
Accumulated Depreciation	(149,467)	(125,867)	(31,467)
Net	86,533	110,133	204,533
Real Estate Investment | In-place lease
Real Estate
Assets, Gross	14,982,538	14,982,538	15,852,232
Assets, Accumulated Amortization	(8,929,631)	(7,627,326)	(6,172,747)
Assets, Net	6,052,907	7,355,212	9,679,485
Real Estate Investment | Above Market Leases
Real Estate
Assets, Gross	156,542	156,542	156,542
Assets, Accumulated Amortization	(64,372)	(59,983)	(42,427)
Assets, Net	92,170	96,559	114,115
Real Estate Investment | Below Market Rent
Real Estate
Liabilities Gross	(2,754,922)	(2,754,922)	(3,371,314)
Liabilities Accumulated Amortization	1,746,889	1,496,125	1,702,800
Liability Net	(1,008,033)	(1,258,797)	(1,668,514)
Real Estate Investment | Above Market Ground Lease
Real Estate
Liabilities Gross	(8,896,270)	(8,896,270)	(8,896,270)
Liabilities Accumulated Amortization	477,945	445,357	315,008
Liability Net	$ (8,418,325)	$ (8,450,913)	$ (8,581,262)

Real Estate Owned, Net - Compon

Real Estate Owned, Net - Components of real estate operating revenues and expenses (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Real Estate
Total	$ 12,112,270	$ 10,289,252	$ 46,685,257	$ 50,320,888
Real estate operating expenses
Asset management fee	1,488,095	1,156,543	5,134,149	4,480,706
Real Estate Operating Expenses	1,217,963	971,315	5,003,893	4,505,119
Real Estate Investment
Real Estate
Lease revenue	1,754,561	1,805,874	7,167,049	8,150,041
Other operating income	1,224,893	205,767	1,727,942	2,273,522
Total	2,979,454	2,011,641	8,894,991	10,423,563
Real estate operating expenses
Utilities	45,334	33,992	208,098	166,003
Real estate taxes	346,432	346,354	1,401,279	1,925,999
Repairs and maintenances	157,416	145,246	645,316	659,934
Asset management fee	67,868	61,325	271,303	224,732
Lease expense, including amortization of above-market ground lease (1)	487,163	283,538	2,084,402	1,134,152
Other operating expenses	113,750	100,860	393,495	394,299
Real Estate Operating Expenses	$ 1,217,963	$ 971,315	$ 5,003,893	$ 4,505,119

Real Estate Owned, Net - Maturi

Real Estate Owned, Net - Maturities of operating lease liabilities - subnote (Details) - USD ($)			3 Months Ended		12 Months Ended
	Jun. 02, 2021	Jun. 01, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Real Estate
Operating Leases, Rent Expense, Minimum Rentals	$ 2,100,000	$ 1,300,000
Real Estate Operating Expenses			$ 1,217,963	$ 971,315	$ 5,003,893	$ 4,505,119
Retroactive
Real Estate
Operating Leases, Rent Expense				500,000	1,700,000
Real Estate Operating Expenses				$ 1,200,000	$ 4,700,000

Real Estate Owned, Net - Narrat

Real Estate Owned, Net - Narratives - Leases (Details) - Lease	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Jul. 30, 2018
Real Estate
Number Of Lease Remaining			4
Ground Lease
Real Estate
Weighted average remaining lease term — operating lease (years)	64 years 7 months 6 days	68 years 3 months 18 days
Base Rent Renewal Term	5 years	5 years
Percent of Fair Market Value of Land	9%	9%
Multi Tenant Office Building | Minimum
Real Estate
Weighted average remaining lease term — operating lease (years)			6 years 3 months 18 days
Multi Tenant Office Building | Maximum
Real Estate
Weighted average remaining lease term — operating lease (years)			8 years 9 months 18 days

Real Estate Owned, Net - Future

Real Estate Owned, Net - Future Minimum Rent Income (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
2022 (April 1 through December 31)	$ 5,357,817
2023	4,235,538	$ 7,214,814
2024	4,380,043	4,235,538
2025	792,925	4,380,043
2026	816,724	792,925
2027	598,943	816,724
Thereafter	1,815,497	2,414,440
Total	$ 17,997,487	$ 19,854,484

Real Estate Owned, Net - Annual

Real Estate Owned, Net - Annual Net Amortization of Intangibles (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Real Estate
2022 (April 1 through December 31)	$ 2,876,670
2023	824,474	$ 3,900,013
2024	824,474	824,474
2025	(25,671)	824,474
2026	(25,671)	(25,671)
2027	(86,733)	(25,671)
Thereafter	(7,668,824)	(7,755,558)
Total	(3,281,281)	(2,257,939)
Net Decrease in Real Estate Operating Revenue
Real Estate
2022 (April 1 through December 31)	(680,178)
2023	(139,056)	(926,553)
2024	(139,056)	(139,056)
2025	17,556	(139,056)
2026	17,556	17,556
2027	7,315	17,556
Thereafter	0	7,315
Total	(915,863)	(1,162,238)
Increase in Depreciation and Amortization
Real Estate
2022 (April 1 through December 31)	3,654,609
2023	1,093,878	4,956,914
2024	1,093,878	1,093,878
2025	87,121	1,093,878
2026	87,121	87,121
2027	36,300	87,121
Thereafter	0	36,300
Total	6,052,907	7,355,212
Decrease in Rent Expense
Real Estate
2022 (April 1 through December 31)	(97,761)
2023	(130,348)	(130,348)
2024	(130,348)	(130,348)
2025	(130,348)	(130,348)
2026	(130,348)	(130,348)
2027	(130,348)	(130,348)
Thereafter	(7,668,824)	(7,799,173)
Total	$ (8,418,325)	$ (8,450,913)

Real Estate Owned, Net - Supple

Real Estate Owned, Net - Supplemental ground lease balance sheet information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate
Operating lease right-of-use asset	$ 27,391,012	$ 27,394,936	$ 16,105,888
Operating lease liability	27,391,012	27,394,936	16,105,888
Ground Lease
Real Estate
Operating lease right-of-use asset	27,391,012	27,394,936	16,105,888
Operating lease liability	$ 27,391,012	$ 27,394,936	$ 16,105,888
Weighted average remaining lease term — operating lease (years)	64 years 7 months 6 days	64 years 9 months 18 days	65 years 9 months 18 days
Weighted average discount rate — operating lease	7.60%	7.60%	7.90%

Real Estate Owned, Net - Comp_2

Real Estate Owned, Net - Component of lease expense (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Ground Lease
Real Estate
Operating lease cost (1)	$ 519,750	$ 316,125	$ 2,214,750	$ 1,264,500

Real Estate Owned, Net - Cash i

Real Estate Owned, Net - Cash information related to the ground lease (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Operating cash flows from an operating lease	$ 519,750	$ 316,125	$ 2,214,750	$ 1,264,500
Right-of-use assets obtained in exchange for lease obligations, Operating leases	$ 519,750	$ 316,125	$ 2,214,750	$ 1,264,500

Real Estate Owned, Net - Matu_2

Real Estate Owned, Net - Maturities of operating lease liabilities (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
2022 (April 1 through December 31)	$ 1,559,250
2023	2,079,000	$ 2,079,000
2024	2,079,000	2,079,000
2025	2,079,000	2,079,000
2026	2,079,000	2,079,000
2027	2,079,000	2,079,000
Thereafter	122,227,875	124,306,875
Total lease payment	134,182,125	134,701,875
Less: Imputed interest	(106,791,113)	(107,306,939)
Operating lease liability	$ 27,391,012	$ 27,394,936	$ 16,105,888

Fair Value Measurements - Fair

Fair Value Measurements - Fair value measurements of marketable securities (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	$ 510,151	$ 1,310,000	$ 6,251,980	$ 1,287,500	$ 0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	510,151	1,310,000		1,287,500
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	0	0		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	0	0		0
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	510,151	1,310,000		1,287,500
Equity securities | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	510,151	1,310,000		1,287,500
Equity securities | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	0	0		0
Equity securities | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	$ 0	$ 0		$ 0

Fair Value Measurements - Activ

Fair Value Measurements - Activities of the marketable securities (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Fair value measurement [Abstract]
Beginning balance	$ 1,310,000	$ 1,287,500	$ 1,287,500	$ 0
Purchases	0	4,979,088	6,479,148	6,039,567
Proceeds from sale	(628,715)	0	(6,608,396)	(6,023,723)
Unsettled sale	(123,223)	0
Reclassification of net realized gains on marketable securities into earnings	51,133	0	129,248	1,160,162
Unrealized losses on marketable securities	(99,044)	(14,608)	22,500	111,494
Ending balance	$ 510,151	$ 6,251,980	$ 1,310,000	$ 1,287,500

Fair value measurement - Not ca

Fair value measurement - Not carried at Fair Value (Details) - USD ($)		Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans:
Principal Balance		$ 567,520,973	$ 480,151,151	$ 424,174,758
Carrying Value		571,727,777	483,331,795	426,019,273
Carrying Value		558,019,000	469,673,314	422,280,515
Fair Value		557,006,957	467,201,619	419,407,194
Liabilities:
Principal Balance		453,638,529	370,566,055	241,152,827
Carrying value		448,176,646	364,910,392	239,132,654
Fair Value		453,185,457	370,793,089	239,327,483
Revolving line of credit
Loans:
Principal Balance		102,835,151	60,126,330
Carrying Value		103,045,961	60,318,820
Fair Value		104,261,047	60,690,198
Liabilities:
Principal Balance		64,953,549	38,575,895
Loans held for investment, net
Loans:
Carrying Value		545,081,696	457,329,582	417,986,462
Loans Held For Investment Acquired Through Participation
Loans:
Principal Balance		12,889,053	12,307,366
Carrying Value		12,937,304	12,343,732	4,294,053
Unsecured note payable
Liabilities:
Principal Balance		85,125,000	85,125,000
Carrying value	[1]	82,010,107	81,856,799
Fair Value		84,239,700	85,210,125
Level 3
Loans:
Allowance for loan losses		(13,708,777)	(13,658,481)	(3,738,758)
Fair Value		557,006,957	467,201,619	419,407,194
Liabilities:
Fair Value		368,945,757	285,582,964	239,327,483
Level 3 | Revolving line of credit
Liabilities:
Principal Balance		64,953,549	38,575,895	0
Carrying value		64,414,007	38,186,472	0
Fair Value		64,953,549	38,575,895	0
Level 3 | Loans held for investment, net
Loans:
Principal Balance		554,631,920	467,843,785	419,924,758
Carrying Value			470,988,063	421,725,220
Carrying Value		558,790,473	470,988,063
Fair Value		544,060,026	454,840,551	415,113,225
Level 3 | Loans Held For Investment Acquired Through Participation
Loans:
Principal Balance		12,889,053	12,307,366	4,250,000
Carrying Value			12,343,732	4,294,053
Carrying Value		12,937,304	12,343,732
Fair Value		12,946,931	12,361,068	4,293,969
Level 3 | Term loans payable
Liabilities:
Principal Balance			93,763,470	107,584,451
Carrying value			91,940,062	105,245,801
Fair Value			94,344,595	107,248,555
Level 3 | Repurchase agreement payables
Liabilities:
Principal Balance		176,519,149	44,569,600	0
Carrying value		173,698,002	43,974,608	0
Fair Value		176,519,149	44,569,600	0
Level 3 | Obligations Under Participation Agreements
Liabilities:
Principal Balance		57,911,481	42,048,294	71,266,303
Carrying value		58,587,148	42,232,027	71,581,897
Fair Value		57,974,834	41,475,060	70,693,207
Level 3 | Mortgage loan payable
Liabilities:
Principal Balance		31,757,725	31,962,692	44,020,225
Carrying value		31,963,840	32,134,295	44,117,293
Fair Value		31,989,884	32,192,785	44,348,689
Level 3 | Secured borrowing
Liabilities:
Principal Balance		37,371,625	34,521,104	18,281,848
Carrying value		37,503,542	34,586,129	18,187,663
Fair Value		37,508,341	34,425,029	17,037,032
Level 1 | Unsecured note payable
Liabilities:
Principal Balance		85,125,000	85,125,000	0
Carrying value		82,010,107	81,856,799	0
Fair Value		$ 84,239,700	$ 85,210,125	$ 0
[1](1) Amount is net of unamortized issue discount of $2.3 million and $2.4 million, and unamortized deferred financing costs of $0.8 million and $0.9 million as of March 31, 2022 and December 31, 2021, respectively.

Fair Value Measurements - Valua

Fair Value Measurements - Valuation techniques (Details)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value Measurement Inputs and Valuation Techniques
Assets, Fair Value	$ 557,006,957	$ 467,201,619	$ 419,407,194
Liabilities, Fair Value	453,185,457	370,793,089	239,327,483
Revolving line of credit
Fair Value Measurement Inputs and Valuation Techniques
Assets, Fair Value	104,261,047	60,690,198
Level 3
Fair Value Measurement Inputs and Valuation Techniques
Assets, Fair Value	557,006,957	467,201,619	419,407,194
Liabilities, Fair Value	368,945,757	285,582,964	239,327,483
Level 3 | Revolving line of credit
Fair Value Measurement Inputs and Valuation Techniques
Liabilities, Fair Value	64,953,549	38,575,895	0
Level 3 | Loans held for investment, net
Fair Value Measurement Inputs and Valuation Techniques
Assets, Fair Value	544,060,026	454,840,551	415,113,225
Level 3 | Loans Held For Investment Acquired Through Participation
Fair Value Measurement Inputs and Valuation Techniques
Assets, Fair Value	12,946,931	12,361,068	4,293,969
Level 3 | Term loans payable
Fair Value Measurement Inputs and Valuation Techniques
Liabilities, Fair Value		94,344,595	107,248,555
Level 3 | Repurchase agreement payables
Fair Value Measurement Inputs and Valuation Techniques
Liabilities, Fair Value	176,519,149	44,569,600	0
Level 3 | Obligations Under Participation Agreements
Fair Value Measurement Inputs and Valuation Techniques
Liabilities, Fair Value	57,974,834	41,475,060	70,693,207
Level 3 | Mortgage loan payable
Fair Value Measurement Inputs and Valuation Techniques
Liabilities, Fair Value	31,989,884	32,192,785	44,348,689
Level 3 | Secured borrowing
Fair Value Measurement Inputs and Valuation Techniques
Liabilities, Fair Value	$ 37,508,341	$ 34,425,029	$ 17,037,032
Level 3 | Discounted Cash Flow | Discount Rate | Minimum | Revolving line of credit
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	4	4
Level 3 | Discounted Cash Flow | Discount Rate | Maximum | Revolving line of credit
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	4	4
Level 3 | Discounted Cash Flow | Discount Rate | Weighted average | Revolving line of credit
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	4	4
Level 3 | Discounted Cash Flow | Discount Rate | Loans held for investment, net | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	4.14	3.89	5.29
Level 3 | Discounted Cash Flow | Discount Rate | Loans held for investment, net | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	15	15	20.05
Level 3 | Discounted Cash Flow | Discount Rate | Loans held for investment, net | Weighted average
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	8.3	8.11	10.38
Level 3 | Discounted Cash Flow | Discount Rate | Loans Held For Investment Acquired Through Participation | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	8.45	8.25	12.89
Level 3 | Discounted Cash Flow | Discount Rate | Loans Held For Investment Acquired Through Participation | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	15	15	12.89
Level 3 | Discounted Cash Flow | Discount Rate | Loans Held For Investment Acquired Through Participation | Weighted average
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	12.33	12.33	12.89
Level 3 | Discounted Cash Flow | Discount Rate | Term loans payable | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input		4	5.25
Level 3 | Discounted Cash Flow | Discount Rate | Term loans payable | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input		4	5.25
Level 3 | Discounted Cash Flow | Discount Rate | Term loans payable | Weighted average
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input		4	5.25
Level 3 | Discounted Cash Flow | Discount Rate | Repurchase agreement payables | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	1.9	2.45
Level 3 | Discounted Cash Flow | Discount Rate | Repurchase agreement payables | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	3.12	2.74
Level 3 | Discounted Cash Flow | Discount Rate | Repurchase agreement payables | Weighted average
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	2.54	2.57
Level 3 | Discounted Cash Flow | Discount Rate | Obligations Under Participation Agreements | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	14.6	12.37	9.75
Level 3 | Discounted Cash Flow | Discount Rate | Obligations Under Participation Agreements | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	15	15	20.05
Level 3 | Discounted Cash Flow | Discount Rate | Obligations Under Participation Agreements | Weighted average
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	14.83	14.31	12.58
Level 3 | Discounted Cash Flow | Discount Rate | Mortgage loan payable | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	6.08	6.08	6.08
Level 3 | Discounted Cash Flow | Discount Rate | Mortgage loan payable | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	6.08	6.08	6.08
Level 3 | Discounted Cash Flow | Discount Rate | Mortgage loan payable | Weighted average
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	6.08	6.08	6.08
Level 3 | Discounted Cash Flow | Discount Rate | Secured borrowing | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	5.89	6.64	11.25
Level 3 | Discounted Cash Flow | Discount Rate | Secured borrowing | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	5.89	6.64	11.25
Level 3 | Discounted Cash Flow | Discount Rate | Secured borrowing | Weighted average
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	5.89	6.64	11.25

Related Party Transactions - Su

Related Party Transactions - Summary of fees paid and costs reimbursed to the Manager (Details) - USD ($)	3 Months Ended				12 Months Ended
	Mar. 31, 2022		Mar. 31, 2021		Dec. 31, 2021		Dec. 31, 2020
Related Party Transaction
Origination and extension fee expense	$ 686,365	[1],[2]	$ 345,384	[1],[2]	$ 2,729,598	[3],[4]	$ 1,383,960	[3],[4]
Asset management fee	1,488,095		1,156,543		5,134,149		4,480,706
Asset servicing fee	349,329		273,207		1,181,924		1,008,256
Operating expenses reimbursed to Manager	1,928,563		1,342,758		6,916,371		6,041,075
Disposition Fee	0	[5]	250,988	[5]	1,006,302	[6]	504,611	[6]
Total expenses	$ 4,452,352		$ 3,368,880		$ 16,968,344		$ 13,418,608
[1](1) Origination and extension fee expense is generally offset with origination and extension fee income. Any excess is deferred and amortized to interest income over the term of the loan.[2](2) Amount for the three months ended March 31, 2022 excluded $0.2 million of origination fee paid to the Manager in connection with the Company’s equity investment in an unconsolidated investment. This origination fee was capitalized to the carrying value of the unconsolidated investment as a transaction cost.[3]Amount for the years ended December 31, 2021 and 2020 excluded $0.3 million and $0.5 million of origination fee, respectively, paid to the Manager in connection with the Company’s equity investment in unconsolidated investments. These origination fees were capitalized to the carrying value of the unconsolidated investments as transaction costs.[4]Origination and extension fee expense is generally offset with origination and extension fee income. Any excess is deferred and amortized to interest income over the term of the loan.[5](3) Disposition fee is generally offset with exit fee income and included in interest income on the consolidated statements of operations.[6]Disposition fee is generally offset with exit fee income and included in interest income on the consolidated statements of operations.

Related Party Transactions - _2

Related Party Transactions - Summary of fees paid and costs reimbursed to the Manager -subnote (Details) - Mavik RESOF - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction
Payments for Origination of Mortgage Loans Held-for-sale			$ 0.3	$ 0.5
Acquisition Costs, Period Cost	$ 0.2	$ 0.5

Related Party Transactions - Na

Related Party Transactions - Narratives (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction
Termination fee	$ 0		$ 0	$ 0
Distribution Paid
Dividends, Common Stock	3,893,595	$ 3,893,595	17,110,136	21,218,767
Investment Company, Return of Capital Distribution	2,900,000	$ 2,400,000	14,600,000	16,000,000
Due to Manager	3,462,062		2,388,317	1,257,098
Due from related party	$ 0		$ 2,605,639	$ 0
Limited Partner
Related Party Transaction
Asset Servicing Fee Annual Rate	0.25%		0.25%
Percent of Origination Fees Payable	1%		1%
Percent of principal amount of loan extended	1%		1%
Loans Disposition Fee Due to Manager Percent	1%		1%
Disposition and Extension Fee Payment Term	The disposition fee is paid concurrently with the closing of any such disposition of all or any portion of any real estate-related loan or any interest therein, which is the lesser of (i) 1% of the principal amount of the loan or debt-related loan prior to such transaction or (ii) the amount of the fee paid by the borrower in connection with such transaction. If the Company takes ownership of a property as a result of a workout or foreclosure of a loan, the Company will pay a disposition fee upon the sale of such property equal to 1% of the sales price.		The disposition fee is paid concurrently with the closing of any such disposition of all or any portion of any real estate-related loan or any interest therein, which is the lesser of (i) 1% of the principal amount of the loan or debt-related loan prior to such transaction or (ii) the amount of the fee paid by the borrower in connection with such transaction. If the Company takes ownership of a property as a result of a workout or foreclosure of a loan, the Company will pay a disposition fee upon the sale of such property equal to 1% of the sales price.
Property Management Fee, Percent Fee	1%		1%

Related Party Transactions - Pa

Related Party Transactions - Participation Interests Purchased (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction
Principal Balance	$ 567,520,973	$ 480,151,151	$ 424,174,758
Carrying Value	558,019,000	469,673,314	422,280,515
Loans Held For Investment Acquired Through Participation
Related Party Transaction
Principal Balance	12,889,053	12,307,366
Carrying Value	$ 12,937,304	$ 12,343,732	$ 4,294,053
Loans Held For Investment Acquired Through Participation | Hillsborough Owners LLC
Related Party Transaction
Participating Interests	30%	30%
Principal Balance	$ 5,444,696	$ 4,863,009
Carrying Value	$ 5,458,850	$ 4,866,542
Loans Held For Investment Acquired Through Participation | UNIJ Sole Member LLC
Related Party Transaction
Participating Interests	40.80%	40.80%
Principal Balance	$ 7,444,357	$ 7,444,357
Carrying Value	$ 7,478,454	$ 7,477,190
Loans Held For Investment Acquired Through Participation | LD Milpitas Mezz, LP
Related Party Transaction
Participating Interests			25%
Principal Balance			$ 4,250,000
Carrying Value			$ 4,294,053

Related Party Transactions - _3

Related Party Transactions - Participation Interests Purchased - Subnote (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 27, 2018
Related Party Transaction
Principal Balance	$ 567,520,973	$ 480,151,151	$ 424,174,758
Terra Income Fund Six Inc
Related Party Transaction
Principal Balance				$ 4,300,000
Participating Interests				25%
Terra Income Fund Six Inc | Mezzanine Loans
Related Party Transaction
Principal Balance				$ 17,000,000

Related Party Transactions - Tr

Related Party Transactions - Transfers of Participation Interest (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction
Principal Balance	$ 567,520,973	$ 480,151,151	$ 424,174,758
Carrying Value	558,019,000	469,673,314	422,280,515
Principal Balance	453,638,529	370,566,055	241,152,827
Carrying Value	0	91,940,062	105,245,801
Secured borrowing
Related Party Transaction
Principal Balance	54,078,939	49,954,068	26,454,910
Carrying Value	54,416,729	50,264,568	26,407,494
Principal Balance	37,371,625	34,521,104	18,281,848
Carrying Value	37,503,542	34,586,129	18,187,663
Secured borrowing | Windy Hill PV Five CM, LLC
Related Party Transaction
Principal Balance	54,078,939	49,954,068	26,454,910
Carrying Value	$ 54,416,729	$ 50,264,568	$ 26,407,494
% Transferred	69.11%	69.11%	69.11%
Principal Balance	$ 37,371,625	$ 34,521,104	$ 18,281,848
Carrying Value	37,503,542	34,586,129	18,187,663
Participating Mortgage Loan
Related Party Transaction
Principal Balance	123,516,548	100,619,048	167,891,127
Carrying Value	124,567,806	100,974,244	168,649,216
Principal Balance	57,911,481	42,048,294	71,266,303
Carrying Value	58,587,148	42,232,027	71,581,897
Participating Mortgage Loan | 14th & Alice Street Owner, LLC
Related Party Transaction
Principal Balance			32,625,912
Carrying Value			$ 32,877,544
% Transferred			80%
Principal Balance			$ 26,100,729
Carrying Value			26,211,548
Participating Mortgage Loan | 370 Lex Part Deux, LLC
Related Party Transaction
Principal Balance	60,583,057	60,012,639	53,874,507
Carrying Value	$ 60,583,057	$ 60,012,639	$ 53,912,363
% Transferred	35%	35%	35%
Principal Balance	$ 21,204,070	$ 21,004,424	$ 18,856,078
Carrying Value	21,204,068	21,004,423	18,856,077
Participating Mortgage Loan | City Gardens 333 LLC
Related Party Transaction
Principal Balance			28,303,628
Carrying Value			$ 28,307,408
% Transferred			14%
Principal Balance			$ 3,962,509
Carrying Value			3,963,010
Participating Mortgage Loan | Orange Grove Property Investors, LLC
Related Party Transaction
Principal Balance			10,600,000
Carrying Value			$ 10,701,924
% Transferred			80%
Principal Balance			$ 8,480,000
Carrying Value			8,561,523
Participating Mortgage Loan | RS JZ Driggs, LLC
Related Party Transaction
Principal Balance	16,933,491	15,606,409	8,544,513
Carrying Value	$ 17,099,374	$ 15,754,641	$ 8,629,929
% Transferred	50%	50%	50%
Principal Balance	$ 8,469,911	$ 7,806,370	$ 4,272,257
Carrying Value	8,552,884	7,880,516	4,314,965
Participating Mortgage Loan | Stonewall Station Mezz LLC
Related Party Transaction
Principal Balance			10,442,567
Carrying Value			$ 10,537,512
% Transferred			44%
Principal Balance			$ 4,594,730
Carrying Value			4,635,937
Participating Mortgage Loan | The Bristol at Southport, LLC
Related Party Transaction
Principal Balance			23,500,000
Carrying Value			$ 23,682,536
% Transferred			21.28%
Principal Balance			$ 5,000,000
Carrying Value			$ 5,038,837
Participating Mortgage Loan | William A. Shopoff , Cindy I. Shopoff
Related Party Transaction
Principal Balance	25,000,000	25,000,000
Carrying Value	$ 25,214,933	$ 25,206,964
% Transferred	52.95%	52.95%
Principal Balance	$ 13,237,500	$ 13,237,500
Carrying Value	13,351,308	$ 13,347,088
Participating Mortgage Loan | Post Brothers Holdings LLC
Related Party Transaction
Principal Balance	21,000,000
Carrying Value	$ 21,670,442
% Transferred	71.43%
Principal Balance	$ 15,000,000
Carrying Value	$ 15,478,888

Related Party Transactions - Me

Related Party Transactions - Merger and Asset Contribution (Details) - shares		2 Months Ended
	Mar. 02, 2020	Mar. 01, 2020	Mar. 31, 2022	Dec. 31, 2021
Terra Offshore Funds REIT
Related Party Transaction
Business Combination Common Stock Shares	2,457,684.59	2,116,785.76
Terra JV
Related Party Transaction
Equity Method Investment, Ownership Percentage				87.40%
Terra JV | Terra Fund 5
Related Party Transaction
Equity Method Investment, Ownership Percentage			87.60%	87.60%
Terra JV | Terra Fund 7
Related Party Transaction
Equity Method Investment, Ownership Percentage			12.40%	12.40%

Related Party Transactions - _4

Related Party Transactions - Narratives - Mavik Real Estate Special Opportunities Fund, LP (Details) - USD ($) $ in Millions	Aug. 03, 2020	Aug. 03, 2020
Mavik Real Estate Special Opportunities Fund, LP
Related Party Transaction
Committed Capital	$ 50	$ 50

Related Party Transactions - _5

Related Party Transactions - Narratives - Terra International 3 (Details) - Terra Offshore Funds REIT - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	Apr. 29, 2020	Sep. 30, 2019
Related Party Transaction
Proceeds from issuance of common stock		$ 3.6
Shares Issued		212,691
Sale of stock price per share		$ 17.02
Share Price	$ 17.02
Stock Repurchased During Period, Shares	212,691

Debt - Unsecured Notes Payable

Debt - Unsecured Notes Payable (Details) - USD ($)		Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
Principal amount		$ 453,638,529	$ 370,566,055	$ 241,152,827
Carrying value		448,176,646	364,910,392	239,132,654
Fair Value		453,185,457	370,793,089	$ 239,327,483
Unsecured note payable
Debt Instrument
Principal amount		85,125,000	85,125,000
Carrying value	[1]	82,010,107	81,856,799
Fair Value		$ 84,239,700	$ 85,210,125
[1](1) Amount is net of unamortized issue discount of $2.3 million and $2.4 million, and unamortized deferred financing costs of $0.8 million and $0.9 million as of March 31, 2022 and December 31, 2021, respectively.

Debt - Unsecured Notes Payabl_2

Debt - Unsecured Notes Payable - subnote (Details) - Unsecured note payable - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Debt Instrument
Unamortized Discount	$ 2.3	$ 2.4
Unamortized Debt Issuance Expense	$ 0.8	$ 0.9

Debt - Narratives - Unsecured N

Debt - Narratives - Unsecured Notes Payable (Details) - USD ($)			3 Months Ended	12 Months Ended
	Jun. 25, 2021	Jun. 10, 2021	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
Principal amount			$ 453,638,529	$ 370,566,055	$ 241,152,827
Unsecured note payable
Debt Instrument
Principal amount			$ 85,125,000	$ 85,125,000
Unsecured note payable | 6% note payable due 2026
Debt Instrument
Principal amount	$ 6,600,000	$ 78,500,000
Fixed rate	6%	6%
Proceeds from Issuance of Debt	$ 6,400,000	$ 76,000,000
Debt Issuance Costs, Gross	$ 200,000	$ 2,500,000
Debt Instrument, Frequency of Periodic Payment			quarterly	quarterly
asset coverage ratio			150%
Maturity Date			Jun. 30, 2026	Jun. 30, 2026
Covenant Description			In connection with the issuance of the notes, the Company entered into (i) an Indenture, dated June 10, 2021 (the “Base Indenture”), by and between the Company and U.S. Bank National Association, as trustee (the “Trustee”), and (ii) the First Supplemental Indenture thereto, dated June 10, 2021 (the “Supplemental Indenture” and, collectively with the Base Indenture, the “Indenture”), by and between the Company and the Trustee. The Indenture contains certain covenants that, among other things, limit the ability of the Company, subject to exceptions, to make distributions in excess of 90% of the Company’s taxable income, incur indebtedness (as defined in the Indenture) or purchase shares of the Company’s capital stock unless the Company has an asset coverage ratio (as defined in the Indenture) of at least 150% after giving effect to such transaction. The Indenture also provides for customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the notes to become or to be declared due and payable.	In connection with the issuance of the notes, the Company entered into (i) an Indenture, dated June 10, 2021 (the “Base Indenture”), by and between the Company and U.S. Bank National Association, as trustee (the “Trustee”), and (ii) the First Supplemental Indenture thereto, dated June 10, 2021 (the “Supplemental Indenture” and, collectively with the Base Indenture, the “Indenture”), by and between the Company and the Trustee. The Indenture contains certain covenants that, among other things, limit the ability of the Company, subject to exceptions, to make distributions in excess of 90% of the Company’s taxable income, incur indebtedness (as defined in the Indenture) or purchase shares of the Company’s capital stock unless the Company has an asset coverage ratio (as defined in the Indenture) of at least 150% after giving effect to such transaction. The Indenture also provides for customary events of default which, if any of them occurs, would permit or require the principal of and accrued interest on the notes to become or to be declared due and payable.
Covenant Compliance			As of March 31, 2022 and December 31, 2021, the Company was in compliance with the covenants included in the Indenture.	As of December 31, 2021, the Company was in compliance with the covenants included in the Indenture.

Debt - Narratives - Revolving L

Debt - Narratives - Revolving Line of Credit (Details) - USD ($)			3 Months Ended		12 Months Ended
	Jan. 04, 2022	Mar. 12, 2021	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
Payment of financing costs			$ 895,247	$ 641,446	$ 2,295,347	$ 2,361,369
Proceeds from borrowings under revolving line of credit			26,377,654	8,030,611	38,575,895	35,000,000
Repayments of Lines of Credit			$ 0		$ 0	$ 35,000,000
U B S Master Repurchase Agreement | Terra Mortgage Capital LLC
Debt Instrument
Maturity Date			Nov. 07, 2024
Ratio of Indebtedness to Net Capital			3.5
Minimum net worth required for compliance			$ 215,700,000
Payment guarantee maximum percent			25%
Covenant Description			the UBS Guarantee Agreement contains financial covenants, which require the Company to maintain: (i) cash liquidity of at least the greater of $5 million or 5% of the then-current outstanding amount under the UBS Master Repurchase Agreement; (ii) total liquidity of at least the greater of $15 million or 10% of the then-current outstanding amount under the UBS Master Repurchase Agreement (iii) tangible net worth at an amount equal to or greater than $215.7 million plus 75% of new capital contributions thereafter; (iv) an EBITDA to interest expense ratio of not less than 1.50 to 1.00; and (v) a total indebtedness to tangible net worth ratio of not more than 3.50 to 1.00. In March 2022, the Company amended the UBS Guarantee Agreement to reduce the EBITDA to interest expense ratio of not less than 1.25 to 1.00,
Covenant Compliance					as of March 31, 2022 and December 31, 2021, the Company was in compliance
Revolving line of credit
Debt Instrument
Maximum Borrowing Capacity	$ 125,000,000	$ 75,000,000			$ 75,000,000
Payment of financing costs			$ 600,000		$ 0.6
Maturity Date	Mar. 12, 2024	Mar. 12, 2023			Mar. 12, 2023
Ratio of Indebtedness to Net Capital			2.5		2.5
Minimum net worth required for compliance			$ 250,000,000		$ 250,000,000
Quarterly Operating Profit for Compliance				$ 3,500,000	$ 2,000,000
Payment guarantee maximum percent					25%
Covenant Description			In connection with the Revolving Line of Credit, the Company entered into a limited guaranty (the “Guaranty”) in favor of WAB, pursuant to which the Company will guarantee the payment of up to 25% of the amount outstanding under the Revolving Line of Credit. Under the Revolving Line of Credit and the Guaranty, the Company will be required to maintain (i) a minimum total net worth of $250.0 million; (ii) a $3.5 million quarterly operating profit, as defined within the agreement; and (iii) a ratio of total debt to total net worth of no more than 2.50 to 1.00.		In connection with the Revolving Line of Credit, the Company entered into a limited guaranty (the “Guaranty”) in favor of WAB, pursuant to which the Company will guarantee the payment of up to 25% of the amount outstanding under the Revolving Line of Credit. Under the Revolving Line of Credit and the Guaranty, the Company will be required to maintain (i) a minimum total net worth of $250.0 million; (ii) a $2.0 million quarterly operating profit, as defined within the agreement; and (iii) a ratio of total debt to total net worth of no more than 2.50 to 1.00.
Covenant Compliance			As of March 31, 2022 and December 31, 2021, the Company was in compliance with these covenants.		As of December 31, 2021, the Company is in compliance with these covenants.
Revolving line of credit | Subsequent Event
Debt Instrument
Maximum Borrowing Capacity	$ 125,000,000
Maturity Date	Mar. 12, 2024
Revolving line of credit | Floor rate
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate		4%			4%
Revolving line of credit | LIBOR
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate		3.25%			3.25%

Debt - Each borrowing under the

Debt - Each borrowing under the Revolving Line of Credit (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
Principal Balance	$ 567,520,973	$ 480,151,151	$ 424,174,758
Carrying Value	558,019,000	469,673,314	422,280,515
Fair Value	557,006,957	467,201,619	419,407,194
Principal amount	453,638,529	370,566,055	$ 241,152,827
Revolving line of credit
Debt Instrument
Principal Balance	102,835,151	60,126,330
Carrying Value	103,045,961	60,318,820
Fair Value	104,261,047	60,690,198
Principal amount	64,953,549	38,575,895
Revolving line of credit | 870 Santa Cruz LLC
Debt Instrument
Principal Balance	19,760,033	17,540,875
Carrying Value	19,934,619	17,669,303
Fair Value	19,993,943	17,781,285
Principal amount	13,832,023	12,278,613
Revolving line of credit | 606 fayetteville LLC and 401 E, Lakewood LLC
Debt Instrument
Principal Balance	17,536,492	16,829,962
Carrying Value	17,663,959	16,935,803
Fair Value	17,690,666	16,974,601
Principal amount	10,521,896	10,312,187
Revolving line of credit | AAESUF Property LLC
Debt Instrument
Principal Balance	16,800,000
Carrying Value	16,849,956
Fair Value	17,456,207
Principal amount	9,240,000
Revolving line of credit | AARSHW Property LLC
Debt Instrument
Principal Balance	18,771,608
Carrying Value	18,541,648
Fair Value	18,911,932
Principal amount	13,156,108
Revolving line of credit | Austin H. I. Borrower LLC
Debt Instrument
Principal Balance	13,695,947	13,625,000
Carrying Value	13,824,587	13,725,690
Fair Value	13,832,906	13,735,569
Principal amount	8,172,000	7,493,750
Revolving line of credit | D-G Acquisition #6, LLC and D-G Quimisa, LLC
Debt Instrument
Principal Balance	8,846,216	8,607,092
Carrying Value	8,854,524	8,605,341
Fair Value	8,886,221	8,645,413
Principal amount	6,192,351	6,024,965
Revolving line of credit | The Lux Washington, LLC
Debt Instrument
Principal Balance	7,424,855	3,523,401
Carrying Value	7,376,668	3,382,683
Fair Value	7,489,172	3,553,330
Principal amount	$ 3,839,171	$ 2,466,380

Debt - Narratives - Term Loan (

Debt - Narratives - Term Loan (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) ACRE	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) ACRE	Dec. 31, 2020 USD ($)	Sep. 03, 2020 USD ($)
Debt Instrument
Payment of financing costs	$ 895,247	$ 641,446	$ 2,295,347	$ 2,361,369
Proceeds from borrowings under the term loan	0	1,469,656	2,764,020	107,584,451
Repayment of borrowings under the term loan	93,763,471	2,600,000	16,585,001	0
Principal amount	453,638,529		370,566,055	241,152,827
Interest expense on secured borrowing	$ 552,785	$ 299,805	$ 1,576,502	633,850
Term Loan
Debt Instrument
Debt instrument covenant requirement on consolidated tangible net worth minimum percent			75%
Proceeds from borrowings under the term loan			$ 2,800,000
Repayment of borrowings under the term loan			16,600,000
Principal amount			$ 93,763,470	$ 107,584,451
Maturity Date	Mar. 14, 2025		Mar. 14, 2025
Description of Variable Rate Basis			LIBOR
Term Loan | Minimum
Debt Instrument
Debt Instrument Covenant Liquidity			$ 10,000,000
Term Loan | Maximum
Debt Instrument
EBITDA To interest expense ratio | ACRE			1.5
Term Loan | LIBOR
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate			4.25%	4.25%
Debt Instrument Additional Variable Rate in Year Two			0.50%
Debt Instrument Additional Variable Rate in Year Three			0.25%
Term Loan | LIBOR | Floor rate
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate			1%	1%
Term Loan | Committed Advances
Debt Instrument
Amount Remaining Available			$ 400,000
Term Loan | Discretionary Advances
Debt Instrument
Amount Remaining Available			$ 6,600,000
Indenture and credit Agreement | Class B Loan
Debt Instrument
Principal amount					$ 76,700,000
Indenture and credit Agreement | Term Loan
Debt Instrument
Payment of financing costs				$ 2,400,000
additional future discretionary advances					11,600,000
Additional Future Advance				$ 1,300,000
Principal amount					103,000,000
Additional Future Advance					$ 3,600,000
Description of Variable Rate Basis	LIBOR
Covenant Description	In connection with the Indenture and Credit Agreement, the Company entered into a non-recourse carveout Guaranty (the “Guaranty”) in favor of Goldman, pursuant to which the Company guaranteed the payment of certain losses, damages, costs, expenses, and other obligations incurred by Goldman in connection with the occurrence of fraud, intentional misrepresentation, or willful misconduct by the Issuer, Class B Holder or the Company, and certain other occurrences including breaches of certain provisions under the Indenture and Credit Agreement. The Company also guaranteed the payment of the aggregate outstanding amount of the Term Loan upon the occurrence of certain bankruptcy events. Under the Guaranty, the Company was required to maintain (a) a minimum tangible net worth in an amount not less than seventy-five percent (75%) of its tangible net worth as of September 3, 2020, (b) a minimum liquidity of $10 million, and (c) an EBITDA to interest expense ratio of not less than 1.5 to 1.0. Failure to satisfy such maintenance covenants would constitute an event of default under the Indenture and Credit Agreement		In connection with the Indenture and Credit Agreement, the Company entered into a non-recourse carveout Guaranty (the “Guaranty”) in favor of Goldman, pursuant to which the Company guarantees the payment of certain losses, damages, costs, expenses, and other obligations incurred by Goldman in connection with the occurrence of fraud, intentional misrepresentation, or willful misconduct by the Issuer, Class B Holder or the Company, and certain other occurrences including breaches of certain provisions under the Indenture and Credit Agreement. The Company also guarantees the payment of the aggregate outstanding amount of the Term Loan upon the occurrence of certain bankruptcy events. Under the Guaranty, the Company is required to maintain (a) a minimum tangible net worth in an amount not less than seventy-five percent (75%) of its tangible net worth as of September 3, 2020, (b) a minimum liquidity of $10 million, and (c) an EBITDA to interest expense ratio of not less than 1.5 to 1.0. Failure to satisfy such maintenance covenants would constitute an event of default under the Indenture and Credit Agreement.
Covenant Compliance			As of December 31, 2020, the Company was in compliance with these covenants
Interest expense on secured borrowing	$ 400,000
Indenture and credit Agreement | Term Loan | Minimum
Debt Instrument
Debt Instrument Covenant Liquidity	$ 10,000,000
Indenture and credit Agreement | Term Loan | Maximum
Debt Instrument
EBITDA To interest expense ratio | ACRE	1.5
Indenture and credit Agreement | Term Loan | LIBOR
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	4.25%
Debt instrument covenant requirement on consolidated tangible net worth minimum percent	75%
Debt Instrument Additional Variable Rate in Year Two	0.50%
Debt Instrument Additional Variable Rate in Year Three	0.25%
Indenture and credit Agreement | Term Loan | LIBOR | Floor rate
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	1%

Debt - Details of each borrowin

Debt - Details of each borrowing under the Term Loan (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
Principal Balance	$ 567,520,973	$ 480,151,151	$ 424,174,758
Carrying Value	558,019,000	469,673,314	422,280,515
Fair Value	557,006,957	467,201,619	419,407,194
Principal amount	$ 453,638,529	370,566,055	241,152,827
Term Loan
Debt Instrument
Principal Balance		163,127,047	184,201,670
Carrying Value		164,142,316	185,084,361
Fair Value		162,526,736	184,957,221
Principal amount		93,763,470	107,584,451
Term Loan | 330 Tryon DE LLC
Debt Instrument
Principal Balance		22,800,000	22,800,000
Carrying Value		22,902,354	22,901,294
Fair Value		22,594,654	22,869,879
Principal amount		13,680,000	13,680,000
Term Loan | 1389 Peachtree St, L.P. and Others
Debt Instrument
Principal Balance		53,289,288	50,808,453
Carrying Value		53,536,884	51,068,554
Fair Value		52,031,363	50,982,247
Principal amount		31,283,661	29,897,848
Term Loan | AGRE DCP Palm Springs LLC
Debt Instrument
Principal Balance		43,222,381	45,294,097
Carrying Value		43,669,992	45,506,051
Fair Value		43,829,842	45,519,030
Principal amount		23,146,265	24,894,939
Term Loan | MSC Fields Peachtree Retreat LLC
Debt Instrument
Principal Balance			23,308,334
Carrying Value			23,437,198
Fair Value			23,428,860
Principal amount			13,985,001
Term Loan | Patrick Henry Recovery Acquisition LLC
Debt Instrument
Principal Balance		18,000,000	18,000,000
Carrying Value		18,041,124	18,039,456
Fair Value		18,055,377	17,994,495
Principal amount		10,800,000	10,800,000
Term Loan | University Park Berkeley, LLC
Debt Instrument
Principal Balance		25,815,378	23,990,786
Carrying Value		25,991,962	24,131,808
Fair Value		26,015,500	24,162,710
Principal amount		$ 14,853,544	$ 14,326,663

Debt - Details of each borrow_2

Debt - Details of each borrowing under the Term Loan - Subnote (Details) - Term Loan	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
Fixed rate			5.25%
Maturity Date	Mar. 14, 2025	Mar. 14, 2025
LIBOR
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate		4.25%	4.25%
LIBOR | Floating rate
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	0.45%	0.10%	0.14%
LIBOR | Floor rate
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate		1%	1%

Debt - Narratives - Repurchase

Debt - Narratives - Repurchase agreement (Details)			3 Months Ended		12 Months Ended
	Sep. 03, 2020 USD ($)	Dec. 12, 2018	Mar. 31, 2022 USD ($) ACRE	Mar. 31, 2021 USD ($)	Dec. 31, 2021 USD ($) ACRE	Dec. 31, 2020 USD ($)	Dec. 31, 2018 USD ($)
Debt Instrument
Cash and cash equivalents			$ 9,858,153	$ 18,464,161	$ 35,783,956	$ 18,607,952
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase			131,949,549	$ 0	44,569,600	22,860,134
Repayment of borrowings under repurchase agreement					0	(103,994,570)
Uncommitted Master Repurchase Agreement
Debt Instrument
Other Deferred Costs, Gross					600,000
Cash liquidity					5,000,000
Minimum net worth required for compliance					$ 215,700,000
Debt instrument covenant requirement on consolidated tangible net worth minimum percent					75%
EBITDA To interest expense ratio | ACRE					1.5
Cash and cash equivalents					$ 15,000,000
Ratio of Indebtedness to Net Capital					3.5
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase					$ 44,600,000	22,900,000
Repayment of borrowings under repurchase agreement					$ 0	$ 104,000,000
Covenant Description					the UBS Guarantee Agreement contains financial covenants, which require the Company to maintain: (i) cash liquidity of at least the greater of $5 million or 5% of the then-current outstanding amount under the Master Repurchase Agreement; (ii) total liquidity of at least the greater of $15 million or 10% of the then-current outstanding amount under the Master Repurchase Agreement (iii) tangible net worth at an amount equal to or greater than $215.7 million plus 75% of new capital contributions thereafter; (iv) an EBITDA to interest expense ratio of not less than 1.50 to 1.00; and (v) a total indebtedness to tangible net worth ratio of not more than 3.50 to 1.00. In March 2022, the Company amended the UBS Guarantee Agreement to reduce the EBITDA to interest expense ratio of not less than 1.25 to 1.00, and a
Covenant Compliance					s of December 31, 2021, the Company was in compliance with these covenants
Uncommitted Master Repurchase Agreement | Minimum
Debt Instrument
Value-added assets with loan-to-value ratio					65%
Value added assets yield ratio					2.50%
Debt instrument covenant minimum percentage of cash liquidity					5%
Minimum percentage of total liquidity					10%
Repayment of borrowings under repurchase agreement	$ 3,400,000
Uncommitted Master Repurchase Agreement | Maximum
Debt Instrument
Value-added assets with loan-to-value ratio					80%
Value added assets yield ratio					5%
Uncommitted Master Repurchase Agreement | LIBOR | Minimum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate					1.60%
Uncommitted Master Repurchase Agreement | LIBOR | Maximum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate					1.85%
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital LLC
Debt Instrument
Maximum Borrowing Capacity			$ 200,000,000
Maturity Date		Dec. 12, 2020	Feb. 18, 2024		Nov. 07, 2024
Other Deferred Costs, Gross			$ 600,000
Cash liquidity			$ 5,000,000
Debt instrument covenant requirement on consolidated tangible net worth minimum percent			75%
EBITDA To interest expense ratio | ACRE			1.5
Cash and cash equivalents			$ 15,000,000
Ratio of Indebtedness to Net Capital			3
Covenant Description			The Repurchase Agreement and the Guarantee Agreement contain various representations, warranties, covenants, conditions precedent to funding, events of default and indemnities that are customary for agreements of these types. In addition, the Guarantee Agreement contains financial covenants, which require the Company to maintain: (i) cash liquidity of at least the greater of $5 million or 5% of the then-current outstanding amount under the Repurchase Agreement; (ii) total liquidity in an amount equal to or greater than the lesser of $15 million or 10% of the then-current outstanding amount under the Repurchase Agreement (iii) tangible net worth at an amount no less than 75% of that at closing; (iv) an EBITDA to adjusted interest expense ratio of not less than 1.50 to 1.00; and (v) a total indebtedness to tangible net worth ratio of not more than 3.00 to 1.00
Covenant Compliance			as of March 31, 2022, the Company was in compliance with these covenants.
Unamortized deferred financing fees			$ 1,700,000
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital LLC | Nonperforming Financial Instruments [Member]
Debt Instrument
Payment guarantee maximum percent			50%
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital LLC | Performing Financial Instruments [Member]
Debt Instrument
Payment guarantee maximum percent			25%
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital LLC | Maximum
Debt Instrument
Maximum Borrowing Capacity					$ 195,000,000		$ 150,000,000
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital LLC | SOFR | Minimum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate			1.75%
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital LLC | SOFR | Maximum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate			3%
U B S Master Repurchase Agreement [Member] | Terra Mortgage Capital LLC
Debt Instrument
Maturity Date			Nov. 07, 2024
Other Deferred Costs, Gross			$ 600,000
Cash liquidity			5,000,000
Minimum net worth required for compliance			$ 215,700,000
Debt instrument covenant requirement on consolidated tangible net worth minimum percent			75%
EBITDA To interest expense ratio | ACRE			1.25		1.5
Cash and cash equivalents			$ 15,000,000
Ratio of Indebtedness to Net Capital			3.5
Repayment of borrowings under repurchase agreement			$ 0
Covenant Description			the UBS Guarantee Agreement contains financial covenants, which require the Company to maintain: (i) cash liquidity of at least the greater of $5 million or 5% of the then-current outstanding amount under the UBS Master Repurchase Agreement; (ii) total liquidity of at least the greater of $15 million or 10% of the then-current outstanding amount under the UBS Master Repurchase Agreement (iii) tangible net worth at an amount equal to or greater than $215.7 million plus 75% of new capital contributions thereafter; (iv) an EBITDA to interest expense ratio of not less than 1.50 to 1.00; and (v) a total indebtedness to tangible net worth ratio of not more than 3.50 to 1.00. In March 2022, the Company amended the UBS Guarantee Agreement to reduce the EBITDA to interest expense ratio of not less than 1.25 to 1.00,
Covenant Compliance					as of March 31, 2022 and December 31, 2021, the Company was in compliance
Payment guarantee maximum percent			25%
U B S Master Repurchase Agreement [Member] | Terra Mortgage Capital LLC | Minimum
Debt Instrument
Value-added assets with loan-to-value ratio			65%
Value added assets yield ratio			2.50%
Debt instrument covenant minimum percentage of cash liquidity			5%
Minimum percentage of total liquidity			10%
U B S Master Repurchase Agreement [Member] | Terra Mortgage Capital LLC | Maximum
Debt Instrument
Maximum Borrowing Capacity			$ 195,000,000
Value-added assets with loan-to-value ratio			80%
Value added assets yield ratio			5%
U B S Master Repurchase Agreement [Member] | Terra Mortgage Capital LLC | SOFR | Minimum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate			1.60%
U B S Master Repurchase Agreement [Member] | Terra Mortgage Capital LLC | SOFR | Maximum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate			2.25%

Debt - Repurchase agreement (De

Debt - Repurchase agreement (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
Principal Balance	$ 567,520,973	$ 480,151,151	$ 424,174,758
Uncommitted Master Repurchase Agreement
Debt Instrument
Principal Balance	163,808,250	67,384,000
Carrying Amount	164,858,570	68,509,209
Fair Value	163,518,142	68,981,995
Principal amount	118,349,549	44,569,600
Uncommitted Master Repurchase Agreement | 14th & Alice Street Owner, LLC
Debt Instrument
Principal Balance		39,384,000
Carrying Amount		40,089,153
Fair Value		$ 40,130,448
Borrowing Date		Nov. 08, 2021
Principal amount		$ 25,599,600
Uncommitted Master Repurchase Agreement | NB Factory TIC 1, LLC
Debt Instrument
Principal Balance		28,000,000
Carrying Amount		28,420,056
Fair Value		$ 28,851,547
Borrowing Date		Nov. 08, 2021
Principal amount		$ 18,970,000
Uncommitted Master Repurchase Agreement | 330 Tryon DE LLC
Debt Instrument
Principal Balance	22,800,000
Carrying Amount	22,903,651
Fair Value	$ 22,638,331
Borrowing Date	Feb. 18, 2022
Principal amount	$ 18,240,000
Uncommitted Master Repurchase Agreement | 330 Tryon DE LLC | Floor rate
Debt Instrument
Interest Rate	0.10%
Uncommitted Master Repurchase Agreement | 330 Tryon DE LLC | SOFR
Debt Instrument
Interest Rate	2.015%
Uncommitted Master Repurchase Agreement | 1389 Peachtree St, L.P. and Others
Debt Instrument
Principal Balance	$ 53,970,491
Carrying Amount	54,221,854
Fair Value	$ 53,083,178
Borrowing Date	Feb. 18, 2022
Principal amount	$ 40,285,866
Uncommitted Master Repurchase Agreement | 1389 Peachtree St, L.P. and Others | SOFR
Debt Instrument
Interest Rate	2.465%
Uncommitted Master Repurchase Agreement | AGRE DCP Palm Springs LLC
Debt Instrument
Principal Balance	$ 43,222,381
Carrying Amount	43,696,133
Fair Value	$ 43,738,712
Borrowing Date	Feb. 18, 2022
Principal amount	$ 28,094,548
Uncommitted Master Repurchase Agreement | AGRE DCP Palm Springs LLC | Floor rate
Debt Instrument
Interest Rate	1.80%
Uncommitted Master Repurchase Agreement | AGRE DCP Palm Springs LLC | SOFR
Debt Instrument
Interest Rate	1.315%
Uncommitted Master Repurchase Agreement | Patrick Henry Recovery Acquisition LLC
Debt Instrument
Principal Balance	$ 18,000,000
Carrying Amount	18,041,590
Fair Value	$ 18,049,540
Borrowing Date	Feb. 18, 2022
Principal amount	$ 14,400,000
Uncommitted Master Repurchase Agreement | Patrick Henry Recovery Acquisition LLC | Floor rate
Debt Instrument
Interest Rate	1.50%
Uncommitted Master Repurchase Agreement | Patrick Henry Recovery Acquisition LLC | SOFR
Debt Instrument
Interest Rate	0.865%
Uncommitted Master Repurchase Agreement | University Park Berkeley, LLC
Debt Instrument
Principal Balance	$ 25,815,378
Carrying Amount	25,995,342
Fair Value	$ 26,008,381
Borrowing Date	Feb. 18, 2022
Principal amount	$ 17,329,135
Uncommitted Master Repurchase Agreement | University Park Berkeley, LLC | Floor rate
Debt Instrument
Interest Rate	1.50%
Uncommitted Master Repurchase Agreement | University Park Berkeley, LLC | SOFR
Debt Instrument
Interest Rate	1.365%
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital Llc [Member]
Debt Instrument
Principal amount	$ 118,300,000
U B S Master Repurchase Agreement
Debt Instrument
Principal Balance	84,468,000	67,384,000
Carrying Amount	85,838,940	68,509,209
Fair Value	86,195,057	68,981,995
Principal amount	58,169,600	44,569,600
U B S Master Repurchase Agreement | 14th & Alice Street Owner, LLC
Debt Instrument
Principal Balance	39,468,000	39,384,000
Carrying Amount	40,197,784	40,089,153
Fair Value	$ 40,222,586	$ 40,130,448
Borrowing Date	Nov. 08, 2021	Nov. 08, 2021
Principal amount	$ 25,599,600	$ 25,599,600
U B S Master Repurchase Agreement | 14th & Alice Street Owner, LLC | Floor rate
Debt Instrument
Interest Rate	0.10%	0.10%
U B S Master Repurchase Agreement | 14th & Alice Street Owner, LLC | LIBOR
Debt Instrument
Interest Rate	1.45%	1.45%
U B S Master Repurchase Agreement | NB Factory TIC 1, LLC
Debt Instrument
Principal Balance	$ 28,000,000	$ 28,000,000
Carrying Amount	28,529,857	28,420,056
Fair Value	$ 28,861,172	$ 28,851,547
Borrowing Date	Nov. 08, 2021	Nov. 08, 2021
Principal amount	$ 18,970,000	$ 18,970,000
U B S Master Repurchase Agreement | NB Factory TIC 1, LLC | Floor rate
Debt Instrument
Interest Rate	0.10%	0.10%
U B S Master Repurchase Agreement | NB Factory TIC 1, LLC | LIBOR
Debt Instrument
Interest Rate	1.74%	1.74%
U B S Master Repurchase Agreement | Grandviews Madison Place, L L C
Debt Instrument
Principal Balance	$ 17,000,000
Carrying Amount	17,111,299
Fair Value	$ 17,111,299
Borrowing Date	Mar. 07, 2022
Principal amount	$ 13,600,000
U B S Master Repurchase Agreement | Grandviews Madison Place, L L C | SOFR
Debt Instrument
Interest Rate	1.965%
U B S Master Repurchase Agreement | Terra Mortgage Capital Llc [Member]
Debt Instrument
Principal amount	$ 13,600,000

Debt - Narratives - Revolving c

Debt - Narratives - Revolving credit facility (Details) - USD ($)		1 Months Ended	3 Months Ended		12 Months Ended
	Oct. 02, 2020	Jun. 20, 2019	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Revolving Credit Facility
Proceeds from borrowings under revolving line of credit			$ 26,377,654	$ 8,030,611	$ 38,575,895	$ 35,000,000
Revolving Credit Facility
Revolving Credit Facility
Maximum Borrowing Capacity		$ 35,000,000
Line of Credit Facility, Remaining Borrowing Capacity	$ 15,000,000
Line of Credit Facility Outstanding						$ 0
Line of Credit Facility, Expiration Date	Sep. 02, 2021
Revolving Credit Facility | Floor rate
Revolving Credit Facility
Debt Instrument, Basis Spread on Variable Rate	4.50%	6%
Revolving Credit Facility | LIBOR
Revolving Credit Facility
Debt Instrument, Basis Spread on Variable Rate	4%	4%
Revolving Credit Facility | Prime Rate
Revolving Credit Facility
Debt Instrument, Basis Spread on Variable Rate	1%	1%

Debt - Mortgage Loan Payable (D

Debt - Mortgage Loan Payable (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
Principal amount		$ 480,151,151
Carrying value		$ 469,673,314
Centennial Bank
Debt Instrument
Maturity Date	Sep. 27, 2022	Sep. 27, 2022	Sep. 27, 2022
Principal amount	$ 31,757,725	$ 31,962,692	$ 44,020,225
Carrying value	31,963,840	32,134,295	44,117,293
Carrying Value of Collateral	$ 44,627,576	$ 46,067,129	$ 49,533,733
Centennial Bank | LIBOR
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	3.85%	3.85%	3.85%
Centennial Bank | Floor rate
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	2.23%	2.23%	2.23%

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
2021	$ 31,757,725
2022	0	$ 31,962,692
2023	241,472,698	38,575,895
2024	0	100,333,261
2025	85,125,000	37,999,809
2026	0	85,125,000
Thereafter	0	0
Long term debt	358,355,423	293,996,657
Unarmortized deferred financing costs	(6,269,467)	(5,904,421)	$ (2,200,000)
Long Term Debt Net	$ 352,085,956	$ 288,092,236

Debt - Narratives - Obligations

Debt - Narratives - Obligations Under Participation Agreements and Secured Borrowing (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument
Participation mortgage loan	$ 0	$ 91,940,062	$ 105,245,801
Carrying Value	558,019,000	469,673,314	422,280,515
Unarmortized Finance Cost	6,269,467	5,904,421	2,200,000
Participating Mortgage Loan
Debt Instrument
Participation mortgage loan	58,587,148	42,232,027	71,581,897
Carrying Value	$ 124,567,806	$ 100,974,244	$ 168,649,216
Participating Mortgage Loan | Windy Hill PV Five CM, LLC [Member]
Debt Instrument
Participating Mortgage Loans, Mortgage Interest Rate		10.40%	10.20%
Participating Mortgage Loan | Weighted average
Debt Instrument
Participating Mortgage Loans, Mortgage Interest Rate	11.10%	10.40%
Secured borrowing
Debt Instrument
Participation mortgage loan	$ 37,503,542	$ 34,586,129	$ 18,187,663
Carrying Value	54,416,729	50,264,568	26,407,494
Secured borrowing | Windy Hill PV Five CM, LLC [Member]
Debt Instrument
Participation mortgage loan	37,503,542	34,586,129	18,187,663
Carrying Value	$ 54,416,729	$ 50,264,568	$ 26,407,494

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	Aug. 03, 2020	Aug. 03, 2020	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Other Commitments
Unfunded Commitment Outstanding			$ 101.2	$ 71.8	$ 67.9
Mavik RESOF
Other Commitments
Unfunded Commitment Outstanding			$ 16.4	$ 15.1	$ 14.1
Committed Capital	$ 50	$ 50

Equity - Earnings Per Share (De

Equity - Earnings Per Share (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Net (loss) income	$ (757,887)	$ 1,476,096	$ (12,355,727)	$ 5,255,730
Series A preferred stock dividend declared	(3,906)	(3,906)	(15,624)	(15,624)
Net (loss) income allocable to common stock	$ (761,793)	$ 1,472,190	$ (12,371,351)	$ 5,240,106
Weighted-average shares — basic and diluted	19,487,460	19,487,460	19,487,460	18,813,066
(Loss) earnings per share — basic and diluted	$ (0.04)	$ 0.08	$ (0.63)	$ 0.28

Equity - Preferred Stock Classe

Equity - Preferred Stock Classes (Details) - USD ($)		3 Months Ended	12 Months Ended
	Nov. 30, 2016	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2016	Dec. 31, 2020	Dec. 31, 2018
Class of Stock
Preferred Stock, Shares Authorized		50,000,000	50,000,000		50,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.01	$ 0.01		$ 0.01
Preferred Stock, Value, Outstanding			$ 0		$ 0
Preferred Stock, Dividend Payment Terms	These dividends are cumulative and payable semi-annually in arrears on June 30 and December 31 of each year
Cumulative Preferred Stock
Class of Stock
Preferred Stock, Shares Authorized	125	125	125		125
Preferred Stock, Dividend Rate, Percentage	12.50%	12.50%	12.50%
Preferred Stock Shares Sold				125
Preferred Stock Value Sold				$ 125,000
Preferred Stock, Liquidation Preference Per Share				$ 1,000
Preferred Stock, Redemption Price Per Share			$ 1,000
Preferred Stock Redemption Premium Per Share			$ 50
Series A Preferred Stock [Member]
Class of Stock
Preferred Stock, Shares Authorized	125
Preferred Stock, Dividend Rate, Percentage	12.50%			12.50%
Preferred Stock Shares Sold				125
Preferred Stock Value Sold				$ 125,000
Preferred Stock, Liquidation Preference Per Share	$ 1,000
Preferred Stock, Dividend Payment Terms		These dividends are cumulative and payable semi-annually in arrears on June 30 and December 31 of each year.
Preferred Stock, Redemption Price Per Share		$ 1,000
Preferred Stock Redemption Premium Per Share						$ 50

Equity - Common Stock (Details)

Equity - Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions			2 Months Ended	9 Months Ended
	Apr. 29, 2020	Mar. 02, 2020	Mar. 01, 2020	Sep. 30, 2019	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity disclosure
Common Stock, Shares, Issued		4,574,470.35			19,487,460	19,487,460	19,487,460
Partnership Interest [Member]
Equity disclosure
Equity Method Investment, Ownership Percentage		87.40%			87.40%
Terra Offshore Funds REIT
Equity disclosure
Business Combination Common Stock Shares		2,457,684.59	2,116,785.76
Common Stock, Shares, Issued				212,691
Proceeds from issuance of common stock				$ 3.6
Sale of stock price per share				$ 17.02
Stock Repurchased During Period, Shares	212,691
Share Price	$ 17.02
Terra Fund 7
Equity disclosure
Business Combination Common Stock Shares			2,116,785.76
Terra JV
Equity disclosure
Equity Method Investment, Ownership Percentage						87.40%
Terra Fund 5 | Terra JV
Equity disclosure
Equity Method Investment, Ownership Percentage					87.60%	87.60%
Terra Fund 7 | Terra JV
Equity disclosure
Equity Method Investment, Ownership Percentage					12.40%	12.40%
Terra Secured Income Fund5 International [Member] | Terra Offshore Funds REIT
Equity disclosure
Equity Method Investment, Ownership Percentage					51.60%
Terra Income Fund International [Member] | Terra Offshore Funds REIT
Equity disclosure
Equity Method Investment, Ownership Percentage					48.40%

Equity - Distributions (Details

Equity - Distributions (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Schedule of Equity Method Investments
Investment Company, Return of Capital Distribution	$ 2,900,000	$ 2,400,000	$ 14,600,000	$ 16,000,000
Dividends, Preferred Stock, Stock	3,906	3,906	15,624	15,624
Dividends, Common Stock	$ 3,893,595	$ 3,893,595	$ 17,110,136	$ 21,218,767

Equity - Distributions Per Shar

Equity - Distributions Per Share (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Equity disclosure
Common Stock, Dividends, Per Share, Cash Paid	$ 0.88	$ 1.16
Ordinary income
Equity disclosure
Common Stock, Dividends, Per Share, Cash Paid	0.07	0.48
Capital gains
Equity disclosure
Common Stock, Dividends, Per Share, Cash Paid	0.06	0
Return of capital
Equity disclosure
Common Stock, Dividends, Per Share, Cash Paid	$ 0.75	$ 0.68

Subsequent Events (Details)

Subsequent Events (Details)		2 Months Ended	12 Months Ended
	May 02, 2022 $ / shares shares	Feb. 18, 2022 USD ($)	Dec. 31, 2021 USD ($) ACRE $ / shares shares	May 01, 2022 shares	Mar. 31, 2022 USD ($) $ / shares shares	Mar. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) $ / shares shares
Subsequent Event
Maximum repurchase liability, percent		25%
Total liquidity | $			$ 35,783,956		$ 9,858,153	$ 18,464,161	$ 18,607,952
Common Stock, Par or Stated Value Per Share			$ 0.01		$ 0.01		$ 0.01
Common Stock, Shares Authorized | shares			450,000,000		450,000,000		450,000,000
Preferred Stock, Shares Authorized | shares			50,000,000		50,000,000		50,000,000
Preferred Stock, Par or Stated Value Per Share			$ 0.01		$ 0.01		$ 0.01
Uncommitted Master Repurchase Agreement
Subsequent Event
Cash liquidity | $			$ 5,000,000
Total liquidity | $			$ 15,000,000
Debt instrument covenant requirement on consolidated tangible net worth minimum percent			75%
EBITDA To interest expense ratio | ACRE			1.5
Ratio of Indebtedness to Net Capital			3.5
Covenant Description			the UBS Guarantee Agreement contains financial covenants, which require the Company to maintain: (i) cash liquidity of at least the greater of $5 million or 5% of the then-current outstanding amount under the Master Repurchase Agreement; (ii) total liquidity of at least the greater of $15 million or 10% of the then-current outstanding amount under the Master Repurchase Agreement (iii) tangible net worth at an amount equal to or greater than $215.7 million plus 75% of new capital contributions thereafter; (iv) an EBITDA to interest expense ratio of not less than 1.50 to 1.00; and (v) a total indebtedness to tangible net worth ratio of not more than 3.50 to 1.00. In March 2022, the Company amended the UBS Guarantee Agreement to reduce the EBITDA to interest expense ratio of not less than 1.25 to 1.00, and a
Minimum | Uncommitted Master Repurchase Agreement
Subsequent Event
Debt instrument covenant minimum percentage of cash liquidity			5%
Minimum percentage of total liquidity			10%
Subsequent Event | Terra PropertyTrust [Member]
Subsequent Event
Common Stock, Shares Authorized | shares	950,000,000			500,000,000
Preferred Stock, Shares Authorized | shares	50,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01
Subsequent Event | Common Class B [Member] | Terra PropertyTrust [Member]
Subsequent Event
Conversion of Stock, Shares Converted | shares	0.595
Business Acquisition Share Conversion Rate	$ 14.38
Subsequent Event | Common Class A [Member] | Terra PropertyTrust [Member]
Subsequent Event
Common Stock, Par or Stated Value Per Share	$ 0.01
Common Stock, Shares Authorized | shares	450,000,000
Subsequent Event | Terra Income Fund Six Inc [Member]
Subsequent Event
Common Stock, Par or Stated Value Per Share	$ 0.001
Subsequent Event | Terra Income Fund Six Inc [Member] | Common Class B [Member]
Subsequent Event
Common Stock, Par or Stated Value Per Share	$ 0.01
Subsequent Event | Uncommitted Master Repurchase Agreement
Subsequent Event
Maximum Borrowing Capacity | $		$ 200,000,000
Maturity Date		Feb. 18, 2024
Description of Variable Rate Basis		Advances under the Repurchase Agreement accrue interest at a per annum pricing rate equal to the sum of (i) Term SOFR (subject to underlying loan floors on a case-by-case basis) and (ii) the applicable spread, which ranges from 1.75% to 3.00%, and have a maturity date of February 18, 2024.
Subsequent Event | Guarantee Agreement
Subsequent Event
Cash liquidity | $		$ 5,000,000
Debt instrument covenant minimum percentage of cash liquidity		5%
Debt instrument covenant requirement on consolidated tangible net worth minimum percent		75%
EBITDA To interest expense ratio		1.5
Ratio of Indebtedness to Net Capital		3
Covenant Description		the Guarantee Agreement contains financial covenants, which require the Company to maintain: (i) cash liquidity of at least the greater of $5 million or 5% of the then-current outstanding amount under the Repurchase Agreement; (ii) total liquidity in an amount equal to or greater than the lesser of $15 million or 10% of the then-current outstanding amount under the Repurchase Agreement (iii) tangible net worth at an amount no less than 75% of that at closing; (iv) an EBITDA to adjusted interest expense ratio of not less than 1.50 to 1.00; and (v) a total indebtedness to tangible net worth ratio of not more than 3.00 to 1.00.
Subsequent Event | Guarantee Agreement | Performing Loans
Subsequent Event
Maximum repurchase liability, percent		50%
Subsequent Event | Minimum | Uncommitted Master Repurchase Agreement
Subsequent Event
Debt Instrument, Basis Spread on Variable Rate		1.75%
Subsequent Event | Minimum | Guarantee Agreement
Subsequent Event
Cash liquidity | $		$ 15,000,000
Minimum percentage of total liquidity		10%
Subsequent Event | Maximum | Uncommitted Master Repurchase Agreement
Subsequent Event
Debt Instrument, Basis Spread on Variable Rate		3%

SEC Schedule III Real Estate an

SEC Schedule III Real Estate and Accumulated Depreciation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Real Estate and Accumulated Depreciation
Encumbrances	$ 31,962,692
Initial Cost
Land	14,703,359
Building and Building Improvements	51,308,076
Cost Capitalized Subsequent to Acquisition	2,750,604
Decrease in net investment	(4,945,430)
Gross Amount at Period End
Land	10,000,000
Building and Building Improvements	53,816,609
Total	63,816,609	$ 67,212,039
Accumulated Depreciation	5,491,541	$ 3,826,700
CA | Office
Real Estate and Accumulated Depreciation
Encumbrances	31,962,692
Initial Cost
Land	0
Building and Building Improvements	51,308,076
Cost Capitalized Subsequent to Acquisition	2,508,533
Decrease in net investment	0
Gross Amount at Period End
Land	0
Building and Building Improvements	53,816,609
Total	53,816,609
Accumulated Depreciation	$ 5,491,541
Date of Construction	Jun. 30, 2002
Date Acquired	Jul. 30, 2018
Life Used for Depreciation	40 years
PA | Land
Real Estate and Accumulated Depreciation
Encumbrances	$ 0
Initial Cost
Land	14,703,359
Building and Building Improvements	0
Cost Capitalized Subsequent to Acquisition	242,071
Decrease in net investment	(4,945,430)
Gross Amount at Period End
Land	10,000,000
Building and Building Improvements	0
Total	10,000,000
Accumulated Depreciation	$ 0
Date Acquired	Jan. 09, 2019

Schedule III Rollforward of Rea

Schedule III Rollforward of Real Estate Assets and Accumulated Depreciation (Details)	12 Months Ended
	Dec. 31, 2021 USD ($)
Investment in Real Estate [Roll Forward]
Beginning Balance	$ 67,212,039
Acquisition Through Foreclosure	0
Improvements	0
Impairment Charge	(3,395,430)
Ending Balance	63,816,609
Accumulated Depreciation [Roll Forward]
Beginning Balance	3,826,700
Depreciation for the year	1,664,841
Ending Balance	$ 5,491,541

Schedule III Real Estate and _2

Schedule III Real Estate and Accumulated Depreciation- Narratives (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Impairment charge	$ 1,604,989	$ 0	$ 3,395,430	$ 0	$ 1,500,000
Aggregate cost of real estate for federal income tax purpose			$ 57,600,000

SEC Schedule IV Mortgage Loan_2

SEC Schedule IV Mortgage Loans on Real Estate (Details) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment in Mortgage Loans on Real Estate
Weighted-average coupon rate		8.15%	7.85%	8.51%
Face Amount			$ 480,151,151
Carrying value			469,673,314
Allowance for Loan and Lease Losses, Real Estate		$ (13,708,777)	(13,658,481)	$ (3,738,758)
Preferred Equity Investment
Investment in Mortgage Loans on Real Estate
Face Amount			92,252,340
Carrying value			$ 92,400,572
Preferred Equity Investment | 370 Lex Part Deux, LLC | NY | Office
Investment in Mortgage Loans on Real Estate
Loans basis spread on variable rate			2.44%
Floor Interest Rate			8.25%
Maximum Maturity Date	[1],[2],[3]		Jan. 09, 2025
Periodic Payment Terms	[4],[5]		Interest Only
Prior Lien	[2],[3]		$ 0
Face Amount	[2],[3]		60,012,639
Carrying value	[2],[3]		$ 60,012,639
Preferred Equity Investment | REEC Harlem Holdings Company LLC | NY | Mixed use
Investment in Mortgage Loans on Real Estate
Floor Interest Rate			12.50%
Maximum Maturity Date	[6]		Mar. 09, 2025
Periodic Payment Terms			Interest Only
Prior Lien	[7]		$ 0
Face Amount	[7]		16,633,292
Carrying value	[7]		$ 16,633,292
Preferred Equity Investment | RS JZ Driggs, LLC | NY | Multifamily
Investment in Mortgage Loans on Real Estate
Weighted-average coupon rate	[2],[3],[5]		12.30%
Maximum Maturity Date	[8]		Aug. 01, 2021
Periodic Payment Terms	[4],[5]		Interest Only
Prior Lien	[2],[3],[5]		$ 0
Face Amount	[2],[3],[5]		15,606,409
Carrying value	[2],[3],[5]		15,754,641
Credit Facility
Investment in Mortgage Loans on Real Estate
Face Amount			25,000,000
Carrying value			$ 25,206,964
Credit Facility | William A. Shopoff , Cindy I. Shopoff | CA | Industrial
Investment in Mortgage Loans on Real Estate
Weighted-average coupon rate	[2],[3]		15%
Maximum Maturity Date	[2],[3]		Apr. 04, 2023
Periodic Payment Terms	[2],[3]		Interest Only
Face Amount	[2],[3]		$ 25,000,000
Carrying value	[2],[3]		25,206,964
First Mortgage
Investment in Mortgage Loans on Real Estate
Face Amount			345,454,454
Carrying value			$ 348,101,455
First Mortgage | 14th & Alice Street Owner, LLC | CA | Multifamily
Investment in Mortgage Loans on Real Estate
Loans basis spread on variable rate			0.25%
Floor Interest Rate			4%
Maximum Maturity Date	[1]		Apr. 15, 2024
Periodic Payment Terms			Interest Only
Prior Lien			$ 0
Face Amount			39,384,000
Carrying value			$ 40,089,153
First Mortgage | 1389 Peachtree St, L.P. and Others | GA | Office
Investment in Mortgage Loans on Real Estate
Floor Interest Rate			4.50%
Maximum Maturity Date	[1]		Aug. 10, 2024
Periodic Payment Terms			Interest Only
Prior Lien			$ 0
Face Amount			53,289,288
Carrying value			$ 53,536,884
First Mortgage | 330 Tryon DE LLC | NC | Office
Investment in Mortgage Loans on Real Estate
Loans basis spread on variable rate			0.10%
Floor Interest Rate			4.25%
Maximum Maturity Date	[1]		Mar. 01, 2024
Periodic Payment Terms			Interest Only
Prior Lien			$ 0
Face Amount			22,800,000
Carrying value			$ 22,902,354
First Mortgage | 606 fayetteville LLC and 401 E, Lakewood LLC | NC | Land
Investment in Mortgage Loans on Real Estate
Weighted-average coupon rate			9%
Maximum Maturity Date	[1]		Aug. 01, 2024
Periodic Payment Terms			Interest Only
Prior Lien			$ 0
Face Amount			16,829,962
Carrying value			$ 16,935,803
First Mortgage | 870 Santa Cruz LLC | CA
Investment in Mortgage Loans on Real Estate
Maximum Maturity Date	[1]		Dec. 15, 2025
Periodic Payment Terms			Interest Only
Prior Lien			$ 0
Face Amount			17,540,875
Carrying value			$ 17,669,303
First Mortgage | 870 Santa Cruz LLC | CA | Office
Investment in Mortgage Loans on Real Estate
Loans basis spread on variable rate			0.50%
Floor Interest Rate			6.75%
First Mortgage | AGRE DCP Palm Springs LLC | CA | Hotel - full/select service
Investment in Mortgage Loans on Real Estate
Loans basis spread on variable rate			1.80%
Floor Interest Rate			5%
Maximum Maturity Date	[1]		Jan. 01, 2025
Periodic Payment Terms			Interest Only
Prior Lien			$ 0
Face Amount			43,222,381
Carrying value			$ 43,669,992
First Mortgage | Austin H. I. Borrower LLC | TX | Hotel - full/select service
Investment in Mortgage Loans on Real Estate
Loans basis spread on variable rate			0.25%
Floor Interest Rate			7.50%
Maximum Maturity Date	[1],[4]		Oct. 01, 2026
Periodic Payment Terms	[4]		Interest Only
Prior Lien	[4]		$ 0
Face Amount	[4]		13,625,000
Carrying value	[4]		$ 13,725,690
First Mortgage | D-G Acquisition #6, LLC and D-G Quimisa, LLC | CA | Land
Investment in Mortgage Loans on Real Estate
Loans basis spread on variable rate			0.25%
Floor Interest Rate			7%
Maximum Maturity Date	[1]		Jul. 21, 2025
Periodic Payment Terms			Interest Only
Prior Lien			$ 0
Face Amount			8,607,092
Carrying value			$ 8,605,341
First Mortgage | Hillsborough Owners LLC | CA | Mixed use
Investment in Mortgage Loans on Real Estate
Floor Interest Rate			8%
First Mortgage | Hillsborough Owners LLC | NC | Mixed use
Investment in Mortgage Loans on Real Estate
Loans basis spread on variable rate			0.25%
Maximum Maturity Date	[6]		Nov. 01, 2024
Periodic Payment Terms	[6]		Interest Only
Prior Lien	[6]		$ 0
Face Amount	[6]		4,863,009
Carrying value	[6]		$ 4,866,542
First Mortgage | NB Factory TIC 1, LLC | NC | Student Housing
Investment in Mortgage Loans on Real Estate
Floor Interest Rate			5%
First Mortgage | NB Factory TIC 1, LLC | UT | Student Housing
Investment in Mortgage Loans on Real Estate
Loans basis spread on variable rate			0.25%
Maximum Maturity Date	[1]		Mar. 05, 2024
Periodic Payment Terms			Interest Only
Prior Lien			$ 0
Face Amount			28,000,000
Carrying value			$ 28,420,056
First Mortgage | Patrick Henry Recovery Acquisition LLC | CA | Office
Investment in Mortgage Loans on Real Estate
Loans basis spread on variable rate			1.50%
Maximum Maturity Date	[1]		Dec. 01, 2024
Periodic Payment Terms			Interest Only
Prior Lien			$ 0
Face Amount			18,000,000
Carrying value			$ 18,041,124
First Mortgage | Patrick Henry Recovery Acquisition LLC | UT | Office
Investment in Mortgage Loans on Real Estate
Floor Interest Rate			2.95%
First Mortgage | The Lux Washington, LLC | WA | Land
Investment in Mortgage Loans on Real Estate
Loans basis spread on variable rate			0.75%
Floor Interest Rate			7%
Maximum Maturity Date	[1]		Jan. 22, 2026
Periodic Payment Terms			Interest Only
Prior Lien			$ 0
Face Amount			3,523,401
Carrying value			$ 3,382,683
First Mortgage | University Park Berkeley, LLC | CA | Multifamily
Investment in Mortgage Loans on Real Estate
Loans basis spread on variable rate			1.50%
Floor Interest Rate			4.20%
Maximum Maturity Date	[1]		Mar. 01, 2025
Periodic Payment Terms			Interest Only
Prior Lien			$ 0
Face Amount			25,815,378
Carrying value			$ 25,991,962
First Mortgage | Windy Hill PV Five CM, LLC | CA | Office
Investment in Mortgage Loans on Real Estate
Loans basis spread on variable rate			2.05%
Floor Interest Rate			6%
Maximum Maturity Date	[1]		Sep. 20, 2023
Periodic Payment Terms			Interest Only
Prior Lien			$ 0
Face Amount			49,954,068
Carrying value			50,264,568
Mezzanine Loans
Investment in Mortgage Loans on Real Estate
Face Amount			17,444,357
Carrying value			$ 17,622,804
Mezzanine Loans | 150 Blackstone River Road LLC | MA | Industrial
Investment in Mortgage Loans on Real Estate
Weighted-average coupon rate			8.50%
Maximum Maturity Date	[1]		Sep. 06, 2027
Periodic Payment Terms			Interest Only
Prior Lien			$ 0
Face Amount			7,000,000
Carrying value			$ 7,000,000
Mezzanine Loans | High Pointe Mezzanine Investments, LLC | SC | Student Housing
Investment in Mortgage Loans on Real Estate
Weighted-average coupon rate			13%
Maximum Maturity Date	[1]		Jan. 06, 2024
Periodic Payment Terms			Interest Only
Prior Lien			$ 0
Face Amount			3,000,000
Carrying value			$ 3,145,614
Mezzanine Loans | UNIJ Sole Member LLC | CA | Mixed use
Investment in Mortgage Loans on Real Estate
Weighted-average coupon rate	[8]		15%
Maximum Maturity Date	[1],[8]		Jun. 01, 2027
Periodic Payment Terms	[8]		Interest Only
Prior Lien	[8]		$ 0
Face Amount	[8]		7,444,357
Carrying value	[8]		$ 7,477,190
[1]Maximum maturity date assumes all extension options are exercised.[2]The Company sold a portion of its interest in this loan through a participation agreement to Terra Fund 6 (Note 8).[3]The loan participations from the Company do not qualify for sale accounting under ASC 860 and therefore, the gross amount of these loans remain in Schedule IV. See “Obligations under Participation Agreements” in Note 9 and “Transfers of Participation Interest by the Company” in Note 8 in the accompanying notes to the consolidated financial statements.[4]In September 2021, the Company refinanced a previously-defaulted mezzanine loan with a new first mortgage. This refinancing was accounted for as a troubled debt restructuring and the Company recognized a loss of $0.3 million on the restructuring.[5]This loan is in maturity default. The Company has exercised its rights and is facilitating the completion of construction of the asset in anticipation of lease up and disposition of the asset.[6]Participation interest is with Terra Fund 6, an affiliated fund advised by the Terra Income Advisors, an affiliate of the Company’s sponsor and Manager (Note 8).[7]The Company recorded a specific allowance for loan loss of $12.8 million on this loan as a result of a decline in the value of the collateral (Note 4).[8]Participation interest is with Mavik Real Estate Special Opportunities Fund REIT, LLC, a related-party real estate investment trust managed by the Manager (Note 8).

SEC Schedule IV Mortgage Loan_3

SEC Schedule IV Mortgage Loans on Real Estate - Subnote (Details) - USD ($)	3 Months Ended
	Sep. 30, 2021	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Investment in Mortgage Loans on Real Estate
Gains (Losses) on Restructuring of Debt	$ 300,000
Allowance for loan losses		$ 13,708,777	$ 13,658,481	$ 3,738,758
Other
Investment in Mortgage Loans on Real Estate
Allowance for loan losses		$ 12,800,000	$ 12,800,000	$ 2,500,000

SEC Schedule IV Mortgage Loan_4

SEC Schedule IV Mortgage Loans on Real Estate RollForward (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning Balance	$ 469,673,314
New mortgage loans	88,119,821	$ 14,410,706
PIK interest	0	224,197	$ 1,000,028	$ 2,937,909
Provision for loan losses	(50,296)	(276,020)	(10,904,163)	(3,738,758)
Amortization of premiums	(15,348)	(15,348)
Realized loss on loan repayments			517,989	0
Ending Balance			469,673,314
Real Estate Loan
Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Beginning Balance	$ 469,673,314	$ 422,280,515	422,280,515
New mortgage loans			252,437,733
PIK interest			1,955,109
Accrual, payment and accretion of investment-related fees and other, net			1,397,519
Collections of Principal			(196,780,456)
Provision for loan losses			(10,904,163)
Amortization of premiums			(61,390)
Realized loss on loan repayments			(651,553)
Ending Balance			$ 469,673,314	$ 422,280,515