Terra Property Trust, Inc. 6.00 (TPTA) 10-Q 12 Aug 22 2022 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2022	Aug. 12, 2022
Cover [Abstract]
Entity Registrant Name	Terra Property Trust, Inc.
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Central Index Key	0001674356
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jun. 30, 2022
Title of 12(b) Security	6.00% Notes due 2026
Trading Symbol	TPTA
Security Exchange Name	NYSE
Entity File Number	001-40496
Entity Tax Identification Number	81-0963486
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Ex Transition Period	true
Entity Current Reporting Status	Yes
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	205 West 28th Street
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10001
City Area Code	212
Local Phone Number	753-5100
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		19,487,460

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 28,978,788	$ 35,783,956
Restricted cash	7,421,852	7,411,811
Cash held in escrow by lender	4,352,755	7,902,880
Marketable securities	0	1,310,000
Loans held for investment	533,842,402	469,673,314
Equity investment in unconsolidated investments	91,896,673	69,713,793
Real estate owned, Net
Land, building and building improvements, net	47,492,647	58,325,068
Lease intangible assets, net	4,838,667	7,451,771
Operating lease right-of-use asset	27,387,013	27,394,936
Interest receivable	3,173,496	2,463,037
Due from related party	0	2,605,639
Other assets	3,927,963	3,505,953
Total assets	753,312,256	693,542,158
Liabilities
Term loan payable, net of deferred financing fees	0	91,940,062
Unsecured notes payable, net of debt issuance cost	82,166,108	81,856,799
Repurchase agreements payable, net of deferred financing fees	190,130,617	43,974,608
Obligations under participation agreements (Note 7 )	43,774,875	42,232,027
Mortgage loan payable, net of deferred financing fees and other	31,790,254	32,134,295
Revolving line of credit payable, net of deferred financing fees	48,355,899	38,186,472
Secured borrowing	38,312,920	34,586,129
Interest reserve and other deposits held on investments	7,421,852	7,411,811
Operating lease liability	27,387,013	27,394,936
Lease intangible liabilities, net (Note 5)	9,143,006	9,709,710
Due to Manager (Note 7)	3,084,198	2,388,317
Interest payable	1,370,199	1,879,626
Accounts payable and accrued expenses	1,247,857	1,264,131
Unearned income	365,003	449,690
Other liabilities	2,066,305	4,289,967
Total liabilities	486,616,106	419,698,580
Commitments and Contingencies
Equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized and none issued | 12.5% Series A Cumulative Non-Voting Preferred Stock at liquidation preference, 125 shares authorized and 125 shares issued and outstanding at June 30, 2022 December 31, 2021	0	0
Common stock, $0.01 par value, 450,000,000 shares authorized and 19,487,460 shares issued and outstanding at June 30, 2022 and December 31, 2021	194,875	194,875
Additional paid-in capital	373,443,672	373,443,672
Accumulated deficit	(107,067,397)	(99,919,969)
Total equity	266,696,150	273,843,578
Total liabilities and equity	753,312,256	693,542,158
Loans held for investment, net
Assets
Loans held for investment	520,520,022	457,329,582
Loans Held For Investment Acquired Through Participation
Assets
Loans held for investment	13,322,380	12,343,732
Preferred Stock | Series A Preferred Stock
Equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized and none issued | 12.5% Series A Cumulative Non-Voting Preferred Stock at liquidation preference, 125 shares authorized and 125 shares issued and outstanding at June 30, 2022 December 31, 2021	$ 125,000	$ 125,000

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parentheticals) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Preferred Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Preferred Stock, Shares Issued	0	0
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01
Common Stock, Shares Authorized	450,000,000	450,000,000
Common Stock, Shares, Issued	19,487,460	19,487,460
Common Stock, Shares, Outstanding	19,487,460	19,487,460
Cumulative Preferred Stock
Preferred Stock, Shares Authorized	125	125
Preferred Stock, Shares Issued	125	125
Preferred Stock, Shares Outstanding	125	125
Preferred Stock, Dividend Rate, Percentage	12.50%	12.50%

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues [Abstract]
Interest income	$ 10,274,051	$ 8,750,466	$ 19,156,202	$ 16,871,415
Real estate operating revenue	2,991,321	2,265,700	5,970,775	4,277,341
Prepayment fee income	1,174,760	0	1,174,760	0
Other operating income	247,981	240,131	498,646	396,793
Total	14,688,113	11,256,297	26,800,383	21,545,549
Operating expenses
Operating expenses reimbursed to Manager	2,140,635	2,007,069	4,069,198	3,349,827
Asset management fee	1,640,628	1,156,696	3,128,723	2,313,239
Asset serving fee	395,718	276,990	745,047	550,197
Provision for loan losses	25,633	573,061	75,929	849,081
Real estate operating expenses	1,247,328	1,516,105	2,465,291	2,487,420
Depreciation and amortization	1,718,373	931,723	3,436,745	1,863,448
Impairment charge	0	0	1,604,989	0
Professional fees	1,011,354	469,932	1,753,872	990,351
Directors fees	36,247	36,249	72,499	72,499
Other	374,203	132,697	457,624	204,185
Total Operating Expenses	8,590,119	7,100,522	17,809,917	12,680,247
Operating Income	6,097,994	4,155,775	8,990,466	8,865,302
Other Income and expense
Interest expense from obligations under participation agreements	(1,238,655)	(2,772,801)	(2,313,764)	(4,652,882)
Interest expense on repurchase agreement payable	(1,665,283)	0	(2,421,109)	0
Interest expense on mortgage loan payable	(520,829)	(656,859)	(1,039,446)	(1,343,009)
Interest expense on revolving line of credit	(700,737)	(162,651)	(1,225,031)	(180,497)
Interest expense on term loan payable	0	(1,646,182)	(164,969)	(3,318,950)
Interest expense on unsecured notes payable	(1,432,877)	(336,861)	(2,863,060)	(336,861)
Interest expense on secured borrowing	(556,855)	(334,905)	(1,109,640)	(634,710)
Net unrealized (losses) gains on marketable securities	(34,950)	248,874	(133,994)	234,266
Loss on sale of real estate	(51,984)	0	(51,984)	0
Income from equity investment in unconsolidated investments	1,364,332	1,400,839	2,783,667	2,738,666
Realized gains on marketable securities	32,278	0	83,411	0
Other Nonoperating Income (Expense)	(4,805,560)	(4,260,546)	(8,455,919)	(7,493,977)
Net income (loss)	1,292,434	(104,771)	534,547	1,371,325
Series A preferred stock dividend declared	(3,906)	(3,906)	(7,812)	(7,812)
Net income (loss) allocable to common stock	$ 1,288,528	$ (108,677)	$ 526,735	$ 1,363,513
Earnings (loss) per share — basic and diluted	$ 0.07	$ (0.01)	$ 0.03	$ 0.07
Weighted-average shares — basic and diluted	19,487,460	19,487,460	19,487,460	19,487,460
Distributions declared per common share	$ 0.19	$ 0.23	$ 0.39	$ 0.43

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
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)
Distribution declared on common share	(3,893,595)					(3,893,595)
Distributions declared on preferred shares	(3,906)					(3,906)
Net income (loss)	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)
Distribution declared on common share	(8,300,000)
Net income (loss)	1,371,325
Balance at ending (Share) at Jun. 30, 2021			125	19,487,460
Balance ending at Jun. 30, 2021	296,365,631	0	$ 125,000	$ 194,875	373,443,672	(77,397,916)
Balance at beginning (Share) at Mar. 31, 2021			125	19,487,460
Balance beginning at Mar. 31, 2021	300,903,660	0	$ 125,000	$ 194,875	373,443,672	(72,859,887)
Distribution declared on common share	(4,429,352)					(4,429,352)
Distributions declared on preferred shares	(3,906)					(3,906)
Net income (loss)	(104,771)					(104,771)
Balance at ending (Share) at Jun. 30, 2021			125	19,487,460
Balance ending at Jun. 30, 2021	296,365,631	0	$ 125,000	$ 194,875	373,443,672	(77,397,916)
Balance at beginning (Share) at Dec. 31, 2021			125	19,487,460
Balance beginning at Dec. 31, 2021	273,843,578	0	$ 125,000	$ 194,875	373,443,672	(99,919,969)
Distribution declared on common share	(3,893,595)					(3,893,595)
Distributions declared on preferred shares	(3,906)					(3,906)
Net income (loss)	(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)
Balance at beginning (Share) at Dec. 31, 2021			125	19,487,460
Balance beginning at Dec. 31, 2021	273,843,578	0	$ 125,000	$ 194,875	373,443,672	(99,919,969)
Distribution declared on common share	(7,700,000)
Net income (loss)	534,547
Balance at ending (Share) at Jun. 30, 2022			125	19,487,460
Balance ending at Jun. 30, 2022	266,696,150	0	$ 125,000	$ 194,875	373,443,672	(107,067,397)
Balance at beginning (Share) at Mar. 31, 2022			125	19,487,460
Balance beginning at Mar. 31, 2022	269,188,190	0	$ 125,000	$ 194,875	373,443,672	(104,575,357)
Distribution declared on common share	(3,780,568)					(3,780,568)
Distributions declared on preferred shares	(3,906)					(3,906)
Net income (loss)	1,292,434					1,292,434
Balance at ending (Share) at Jun. 30, 2022			125	19,487,460
Balance ending at Jun. 30, 2022	$ 266,696,150	$ 0	$ 125,000	$ 194,875	$ 373,443,672	$ (107,067,397)

Consolidated Statements of Shar

Consolidated Statements of Shareholder Equity (Parentheticals) - $ / shares	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Distributions declared per common share	$ 0.19	$ 0.20	$ 0.23	$ 0.20	$ 0.39	$ 0.43

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Net income (loss)	$ 534,547	$ 1,371,325
Adjustments to reconcile net income to net cash provided by operating activities:
Paid-in-kind interest income, net	0	(383,089)
Depreciation and amortization	3,436,745	1,863,448
Provision for loan losses	75,929	849,081
Gain (Loss) on Sale of Assets and Asset Impairment Charges	1,604,989	0
Amortization of net purchase premiums on loans	122,783	30,696
Straight-line rent adjustments	719,036	(23,118)
Amortization of deferred financing costs	1,135,225	428,411
Amortization of discount on unsecured notes payable	228,281	31,035
Amortization of above- and below-market rent intangibles	(492,749)	(169,110)
Amortization and accretion of investment-related fees, net	(467,910)	(20,521)
Amortization of above-market rent ground lease	(65,175)	(65,175)
Realized gains on marketable securities	(83,411)	0
Net unrealized losses on marketable securities	133,994	(234,266)
Gains (Losses) on Sales of Investment Real Estate	51,984	0
Income from equity investment in excess of distributions received	(1,765,734)	(2,738,666)
Changes in operating assets and liabilities:
Interest receivable	(710,459)	(438,582)
Due from related party	2,605,639	0
Other assets	(1,383,519)	584,392
Due to Manager	281,058	93,227
Unearned income	160,042	(166,223)
Interest payable	(509,427)	1,056,504
Accounts payable and accrued expenses	(16,274)	(2,488,423)
Other liabilities	(2,223,662)	546,318
Net cash provided by operating activities	3,371,932	127,264
Cash flows from investing activities:
Origination and purchase of loans	(120,420,961)	(82,136,763)
Proceeds from repayments of loans	56,610,198	46,381,804
Purchase of equity interests in unconsolidated investments	(20,915,067)	(14,065,197)
Proceeds from sale of real estate	8,585,500	0
Distributions in excess of net income	497,920	0
Purchase of marketable securities	0	(6,479,148)
Proceeds from sale of marketable securities	1,259,417	0
Net cash used in investing activities	(74,382,993)	(56,299,304)
Cash flows from financing activities:
Repayments of obligations under participation agreements	(15,000,000)	(12,442,509)
Proceeds from obligations under participation agreements	16,522,472	54,550,858
Proceeds from borrowings under repurchase agreement	148,089,549	0
Proceeds from borrowings under revolving line of credit	41,169,295	9,213,759
Repayments of borrowings under revolving line of credit	(30,920,124)	0
Distributions paid	(7,681,975)	(8,330,759)
Repayment of borrowings under the term loan	(93,763,471)	(2,600,000)
Proceeds from secured borrowing	3,629,034	7,569,135
Proceeds from issuance of unsecured notes payable, net of discount	0	82,464,844
Repayment of mortgage principal	(413,065)	(3,619,098)
Proceeds from borrowings under the term loan	0	2,031,572
Change in interest reserve and other deposits held on investments	10,041	680,529
Payment of financing costs	(975,947)	(1,529,600)
Net cash provided by financing activities	60,665,809	127,988,731
Net (decrease) increase in cash, cash equivalents and restricted cash	(10,345,252)	71,816,691
Cash, cash equivalents and restricted cash at beginning of period	51,098,647	32,920,323
Cash, cash equivalents and restricted cash at end of period (Note 2)	$ 40,753,395	$ 104,737,014

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows Consolidated Statement of Cash Flows - Supplemental cash information - (Parenthetical) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Statement of Cash Flows [Abstract]
Cash paid for interest	$ 10,482,040	$ 7,995,878

Business

Business	6 Months Ended
	Jun. 30, 2022
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 Maryland General Corporation Law 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 June 30, 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 (the “Board”) ( 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. 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 of the issued and outstanding shares of Class B Common Stock will automatically and without any action on the part of the holder thereof convert into an equal number of shares of Class A Common Stock. On the date that is 365 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 following the First Conversion Date as approved by the Board (the “Second Conversion Date”), one-half of the issued and outstanding shares of Class B Common Stock will automatically and without any action on the part of the holder thereof convert into an equal number of shares of Class A Common Stock. On the date that is 545 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 following the Second Conversion Date as approved by the Board, all of the issued and outstanding shares of Class B Common Stock will automatically and without any action on the part of the holder thereof convert into an equal number of shares of Class A Common Stock. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
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 or participating rights over the general partner. The Company consolidates entities that are VIEs when the Company determines it is the primary beneficiary. Generally, the primary beneficiary of a VIE is a reporting entity that has (a) the power to direct the activities that most significantly affect the VIE’s economic performance, and (b) the obligation to absorb losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. 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 basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from 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 in which the borrower operates. Such analyses are completed and reviewed by asset management and finance personnel, who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating 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 scale, the Company’s loans are rated “1” through “5”, from less risk to greater risk, as follows: 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 (“TDRs”) 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 and are carried at fair value. Changes in the fair value of equity securities are 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 leases, intangibles for the value of any above or below market leases at fair value and to any other identified intangible assets or liabilities. The Company amortizes the value allocated to in-place leases over the remaining lease term, which is reported in depreciation and amortization expense on its consolidated statements of operations. The value allocated to above or below market leases are amortized over the remaining lease term as an adjustment to rental income. 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 and operating lease liabilities in the consolidated balance sheets. 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: Interest income is accrued based upon the outstanding principal amount and contractual terms of the loans and preferred equity investments that the Company expects to collect and it is accrued and recorded on a daily basis. Discounts and premiums on investments purchased are accreted or amortized over the expected life of the respective loan using the effective yield method, and are included in interest income in the consolidated statements of operations. Loan origination fees and exit fees, net of portions attributable to obligations under participation agreements, are capitalized and amortized or accreted to interest income over the life of the investment using the effective yield method. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of the Manager, recovery of income and principal becomes doubtful. Outstanding interest receivable is assessed for recoverability. Interest is then recorded on the basis of cash received until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. The Company holds loans in its portfolio that contain paid-in-kind (“PIK”) interest provisions. The PIK interest, which represents contractually deferred interest that is added to the principal balance that is due at maturity, is recorded on the accrual basis. Real Estate Operating Revenues: Real estate operating revenue is derived from leasing of space to various types of tenants. The leases are for fixed terms of varying length and generally provide for annual rent increases and expense reimbursements to be paid in monthly installments. Lease revenue, or rental income from leases, is recognized on a straight-line basis over the term of the respective leases. Additionally, the Company recorded above- and below-market lease intangibles, which are included in real estate owned, net, in connection with the acquisition of the real estate properties. These intangible assets and liabilities are amortized to lease revenue over the remaining contractual lease term. Other Revenues: Prepayment fee income is recognized as prepayments occur. All other income is recognized when earned. 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 ” on the consolidated balance sheets. 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: June 30, 2022 2021 Cash and cash equivalents $ 28,978,788 $ 88,293,082 Restricted cash 7,421,852 12,826,145 Cash held in escrow by lender 4,352,755 3,617,787 Total cash, cash equivalents and restricted cash shown in the consolidated $ 40,753,395 $ 104,737,014 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 ” and the interest related to the participation interest is recorded within “ Interest expense from obligations under participation agreements ” in the consolidated statements of operations. Interest expense from obligations under participation agreement is reversed when recovery of interest income on the related loan becomes doubtful. See “ Obligations under Participation Agreements ” in Note 8 for additional information. 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 June 30, 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 , nor did the Company have any unrecognized tax benefits as of the periods presented herein. The Company recognizes interest and penalties, if any, related to unrecognized tax liabilities as income tax expense in its consolidated statements of operations. For the three and six months ended June 30, 2022 and 2021, the Company did not incur any interest or penalties. Although the Company files federal and state tax returns, its major tax jurisdiction is federal. The Company’s 2018-2020 federal tax returns remain subject to examination by the Internal Revenue Service. 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 amounts for the periods presented in the consolidated financial statements. Income per basic share of common stock is calculated by dividing net income allocable to common stock by the weighted-average number of shares of common stock issued and outstanding during such period. 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”) pandemic has had a significant impact on local, national and global economies and has resulted in a world-wide economic slowdown. As the COVID-19 pandemic evolved from its emergence in early 2020, so has its global impact. During the course of the pandemic, many countries have re-instituted, or strongly encouraged, varying levels of quarantines and restrictions on travel and in some cases have at times limited operations of certain businesses and taken other restrictive measures designed to help slow the spread of COVID-19 and its variants. Governments and businesses have also instituted vaccine mandates and testing requirements for employees. While vaccine availability and uptake has increased, the longer-term macro-economic effects on global supply chains, inflation, labor shortages and wage increases continue to impact many industries, including the collateral underlying certain of the Company’ loans. Moreover, with the potential for new strains of COVID-19 or outbreaks of other infectious diseases, governments and businesses may re-impose aggressive measures to help slow the spread of infectious diseases in the future. For this reason, among others, as the COVID-19 pandemic continues, the potential global impacts are uncertain and difficult to assess. The Company believes the estimates and assumptions underlying its consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2022, however uncertainty over the ultimate impact of COVID-19, rising inflation and increases in interest rates on the global economy generally, and the Company’s business in particular, makes any estimates and assumptions as of June 30, 2022 inherently less certain than they would be absent the current and potential impacts of COVID-19, macroeconomic changes, and geopolitical events. 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, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. In April 2019, the FASB issued additional amendments to clarify the scope of ASU 2016-13 and address issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other things. In May 2019, the FASB issued ASU 2019-05 — Targeted Transition Relief, which provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. In October 2019, the FASB decided that for smaller reporting companies, ASU 2016-13 and related amendments will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company meets the definition of a smaller reporting company under the regulation of the Securities and Exchange Commission. As such, the Company will adopt this ASU and related amendments on January 1, 2023. Management is currently evaluating the impact this change will have on the Company’s consolidated financial statements and disclosures.

Loans Held for Investment

Loans Held for Investment	6 Months Ended
	Jun. 30, 2022
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 June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Fixed Rate Floating (1)(2)(3) Total Fixed Rate Floating (1)(2)(3) Total Number of loans 4 18 22 6 15 21 Principal balance $ 57,466,258 $ 486,495,659 $ 543,961,917 $ 74,880,728 $ 405,270,423 $ 480,151,151 Carrying value $ 57,896,378 $ 475,946,024 $ 533,842,402 $ 75,520,212 $ 394,153,102 $ 469,673,314 Fair value $ 57,406,064 $ 472,179,809 $ 529,585,873 $ 75,449,410 $ 391,752,209 $ 467,201,619 Weighted-average coupon rate 13.35 % 7.79 % 8.38 % 12.39 % 7.01 % 7.85 % Weighted-average remaining 1.60 1.08 1.13 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 1.79%, average SOFR of 1.09% and forward-looking term rate based on SOFR (“Term SOFR”) of 1.69% as of June 30, 2022 and LIBOR of 0.10% as of December 31, 2021. (2) As of June 30, 2022 and December 31, 2021, amount included $348.6 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 June 30, 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 six months ended June 30, 2022 and 2021: Loans Held for Investment Loans Held for Investment through Participation Interests Total Balance, January 1, 2022 $ 457,329,582 $ 12,343,732 $ 469,673,314 New loans made 119,461,668 959,293 120,420,961 Principal repayments received (56,610,198) — (56,610,198) Net amortization of premiums on loans (122,783) — (122,783) Accrual, payment and accretion of investment-related fees and other, 537,682 19,355 557,037 Provision for loan losses (75,929) — (75,929) Balance, June 30, 2022 $ 520,520,022 $ 13,322,380 $ 533,842,402 Loans Held for Investment Loans Held for Investment through Participation Interests Total Balance, January 1, 2021 $ 417,986,462 $ 4,294,053 $ 422,280,515 New loans made 82,136,763 — 82,136,763 Principal repayments received (42,131,804) (4,250,000) (46,381,804) PIK interest (1) 1,338,170 — 1,338,170 Net amortization of premiums on loans (30,696) — (30,696) Accrual, payment and accretion of investment-related fees and other, 874,559 (44,053) 830,506 Provision for loan losses (849,081) — (849,081) Balance, June 30, 2021 $ 459,324,373 $ — $ 459,324,373 _______________ (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 $1.0 million for the six months ended June 30, 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 June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Loan Structure Principal Balance Carrying Value % of Total Principal Balance Carrying Value % of Total First mortgages $ 409,638,069 $ 412,822,844 77.4 % $ 345,454,454 $ 348,101,455 74.0 % Preferred equity investments 94,879,491 95,054,228 17.8 % 92,252,340 92,400,572 19.7 % Credit facility 25,000,000 25,220,416 4.7 % 25,000,000 25,206,964 5.4 % Mezzanine loans 14,444,357 14,479,324 2.7 % 17,444,357 17,622,804 3.8 % Allowance for loan losses — (13,734,410) (2.6) % — (13,658,481) (2.9) % Total $ 543,961,917 $ 533,842,402 100.0 % $ 480,151,151 $ 469,673,314 100.0 % June 30, 2022 December 31, 2021 Property Type Principal Balance Carrying Value % of Total Principal Balance Carrying Value % of Total Office $ 233,740,170 $ 234,645,482 43.9 % $ 221,596,870 $ 222,426,872 47.3 % Multifamily 130,138,560 131,391,900 24.6 % 80,805,787 81,835,756 17.4 % Industrial 62,652,998 62,754,954 11.8 % 32,000,000 32,206,964 6.9 % Hotel - full/select service 43,222,382 43,722,443 8.2 % 56,847,381 57,395,682 12.2 % Mixed use 29,212,391 29,268,113 5.5 % 28,940,658 28,977,024 6.2 % Student housing 28,000,000 28,633,217 5.4 % 31,000,000 31,565,670 6.7 % Infill land 16,995,416 17,160,703 3.2 % 28,960,455 28,923,827 6.2 % Allowance for loan losses — (13,734,410) (2.6) % — (13,658,481) (2.9) % Total $ 543,961,917 $ 533,842,402 100.0 % $ 480,151,151 $ 469,673,314 100.0 % June 30, 2022 December 31, 2021 Geographic Location Principal Balance Carrying Value % of Total Principal Balance Carrying Value % of Total United States California $ 244,596,751 $ 246,827,025 46.2 % $ 234,968,151 $ 237,015,597 50.4 % New York 94,879,491 95,054,228 17.8 % 92,252,340 92,400,572 19.7 % Georgia 55,449,700 55,707,130 10.4 % 53,289,288 53,536,884 11.4 % Washington 46,667,704 46,831,846 8.8 % 3,523,401 3,382,683 0.7 % New Jersey 38,745,970 38,777,861 7.3 % — — — % North Carolina 28,622,301 28,745,505 5.4 % 44,492,971 44,704,699 9.5 % Utah 28,000,000 28,633,217 5.4 % 28,000,000 28,420,056 6.1 % Massachusetts 7,000,000 7,000,000 1.3 % 7,000,000 7,000,000 1.5 % Texas — — — % 13,625,000 13,725,690 2.9 % South Carolina — — — % 3,000,000 3,145,614 0.7 % Allowance for loan losses — (13,734,410) (2.6) % — (13,658,481) (2.9) % Total $ 543,961,917 $ 533,842,402 100.0 % $ 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 June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Loan Risk Rating Number of Loans Principal Balance Carrying Value % of Total Number of Loans Principal Balance Carrying Value % of Total 1 — $ — $ — — % — $ — $ — — % 2 2 25,000,000 25,041,878 4.6 % 2 25,000,000 25,041,124 5.2 % 3 17 424,082,426 427,480,706 78.1 % 15 349,273,811 352,164,409 72.9 % 4 1 60,911,857 60,911,857 11.1 % 1 60,012,639 60,012,639 12.4 % 5 — — — — % — — — — % Other (1) 2 33,967,634 34,142,371 6.2 % 3 45,864,701 46,113,623 9.5 % 22 $ 543,961,917 547,576,812 100.0 % 21 $ 480,151,151 483,331,795 100.0 % Allowance for loan losses (13,734,410) (13,658,481) Total, net of allowance for loan losses $ 533,842,402 $ 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 June 30, 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 June 30, 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 $0.005 million and $0.01 million for the three and six months ended June 30, 2022, respectively. As of June 30, 2021, the Company had one loan with a loan risk rating of “4” and no loans with a loan risk rating of “5” and reversed the previously recorded general allowance for loan losses of $0.5 million and $0.4 million for the three and six months ended June 30, 2021, respectively. Additionally, as of June 30, 2022 and 2021, the Company had two and five loans, respectively, deemed impaired and recorded specific allowance for loan losses of $0.02 million and $1.0 million for the three months ended June 30, 2022 and 2021, respectively, and $0.06 million and $1.3 million for the six months ended June 30, 2022 and 2021, 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 six months ended June 30, 2022 and 2021: Six Months Ended June 30, 2022 2021 Allowance for loan losses, beginning of period $ 13,658,481 $ 3,738,758 Provision for loan losses 75,929 849,081 Charge-offs — — Recoveries — — Allowance for loan losses, end of period $ 13,734,410 $ 4,587,839 As of both June 30, 2022 and December 31, 2021, the Company had one loan that was in maturity default. Additionally, for the three months ended June 30, 2022 and 2021, the Company suspended interest income accrual of $1.2 million and $0.7 million on two loans, respectively, because recovery of such income was doubtful. For the six months ended June 30, 2022 and 2021, the Company suspended interest income accrual of $2.3 million and $1.3 million on two loans, respectively, because recovery of such income was doubtful. Troubled Debt Restructuring As of June 30, 2022, there were no investments qualified as trouble debt restructuring. As of December 31, 2021, the Company had a recorded investment in troubled debt restructuring of $13.7 million. This investment was repaid in full in April 2022. Due to financial difficulty resulting from the COVID-19 pandemic, a borrower defaulted on interest payments in May 2020 on a $3.5 million mezzanine loan, and the Company subsequently suspended the interest accrual. The Company purchased the senior loan from a third-party lender on September 3, 2021 in order to facilitate a refinancing. Subsequently on September 23, 2021, the senior and mezzanine loans were refinanced and the Company issued a new senior loan with a committed amount of $14.7 million, of which $13.6 million was funded at closing. The concession granted in the refinancing was the forgiveness of principal and accrued interest of $1.3 million on the mezzanine loan, of which $1.0 million was previously recorded as an allowance for loan losses, in addition to $0.4 million of nonaccrual interest. The Company classified the refinancing as a TDR as it met all the conditions to be considered a TDR pursuant to ASC 310-40. The following table summarizes the recorded investment of TDR as of the date of restructuring: Number of loans modified 1 Pre-modified recorded carrying value $ 18,503,470 Post-modified recorded carrying value (1) $ 13,625,000

Equity Investment in Unconsolid

Equity Investment in Unconsolidated Investments	6 Months Ended
	Jun. 30, 2022
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 mortgages, loans, mezzanines and other credit instruments supported by underlying commercial real estate assets. RESOF may also opportunistically originate high-yield mortgages or loans in real estate special situations including rescue financings, bridge loans, restructurings and bankruptcies (including debtor-in-possession loans). The general partner of RESOF is Mavik Real Estate Special Opportunities Fund GP, LLC , which is a subsidiary of the Company’s sponsor, Terra Capital Partners . As of June 30, 2022 and December 31, 2021, the unfunded commitment was $16.6 million and $15.1 million, respectively. 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 June 30, 2022 and December 31, 2021, the Company owned 36.6% and 50.0% of the equity interest in RESOF, respectively. As of June 30, 2022 and December 31, 2021, the carrying value of the Company ’ s investment in RESOF was $41.1 million and $40.5 million, respectively. For the three and six months ended June 30, 2022, the Company recorded equity income from RESOF of $1.6 million and $2.9 million, respectively, and did not receive any distributions from RESOF. For the three and six months ended June 30, 2021, the Company recorded equity income from RESOF of $1.4 million and $2.7 million, respectively, 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: June 30, 2022 December 31, 2021 Investments at fair value (cost of $125,222,394 and $107,261,022, respectively) $ 127,820,410 $ 108,359,898 Other assets 11,255,276 5,484,087 Total assets 139,075,686 113,843,985 Revolving line of credit, net of financing costs 8,849,206 14,909,717 Obligations under participation agreement (proceeds of $10,726,565 and $14,252,357, 10,765,579 14,351,617 Other liabilities 9,868,920 5,296,603 Total liabilities 29,483,705 34,557,937 Partners’ capital $ 109,591,981 $ 79,286,048 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Total investment income $ 5,891,371 $ 2,698,223 $ 10,736,035 $ 4,740,323 Total expenses 1,761,814 544,363 3,055,130 1,015,575 Net investment income 4,129,557 2,153,860 7,680,905 3,724,748 Unrealized appreciation on investments 1,493,140 129,286 1,562,191 182,983 Net increase in partners’ capital resulting from $ 5,622,697 $ 2,283,146 $ 9,243,096 $ 3,907,731 Equity Investment in Joint Ventures As of June 30, 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: Ownership Interest at June 30, 2022 Carrying Value at Entity Co-owner June 30, 2022 December 31, 2021 LEL Arlington JV LLC Third party 80% $ 23,457,972 $ 23,949,044 LEL NW 49th JV LLC Third party 80% 5,204,008 5,306,467 TCG Corinthian FL Portfolio JV LLV (1) Third Party 90% 22,156,688 — $ 50,818,668 $ 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: June 30, 2022 December 31, 2021 Net investments in real estate $ 198,090,733 $ 115,636,424 Other assets 10,652,749 4,856,249 Total assets 208,743,482 120,492,673 Mortgage loan payable 145,793,415 83,445,235 Other liabilities 3,044,473 1,305,572 Total liabilities 148,837,888 84,750,807 Members’ capital $ 59,905,594 $ 35,741,866 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenues $ 3,681,032 $ — $ 6,131,470 $ — Operating expenses (2,206,984) — (3,023,665) — Depreciation expense (1,065,066) — (1,755,897) — Interest expense (1,744,226) — (2,829,787) — Unrealized gains 1,170,866 — 1,406,377 — Net loss $ (164,378) $ — $ (71,502) $ — For the three and six months ended June 30, 2022, the Company recorded equity loss from the joint ventures of $0.2 million and $0.1 million, respectively, and received distributions from the joint ventures of $0.4 million and $0.7 million, respectively. There was no such equity income or loss recorded or distributions received for the three and six months ended June 30, 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.

Real Estate Owned, Net

Real Estate Owned, Net	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Real Estate Owned, Net	Note 5. Real Estate Owned, Net Real Estate Activities 2022 — In June 2022, the Company sold the 4.9 acres of adjacent land located in Pennsylvania for net proceeds of $8.6 million, and recognized a net loss on sale of $0.05 million excluding impairment charges of $1.6 million recognized in March 2022 and $3.4 million recognized in December 2021. 2021 — In September 2021, the Company signed a new lease for the vacant space in an office building. The lease commences on December 1, 2021 and has term of 10 years with an option to extend the lease for 5 years. 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. 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: June 30, 2022 December 31, 2021 Cost Accumulated Depreciation/Amortization Net Cost Accumulated Depreciation/Amortization Net Real estate: Land (1) $ — $ — $ — $ 10,000,000 $ — $ 10,000,000 Building and building 51,725,969 (5,064,887) 46,661,082 51,725,969 (4,418,305) 47,307,664 Tenant improvements 1,854,640 (1,086,008) 768,632 1,854,640 (947,369) 907,271 Furniture and fixtures 236,000 (173,067) 62,933 236,000 (125,867) 110,133 Total real estate 53,816,609 (6,323,962) 47,492,647 63,816,609 (5,491,541) 58,325,068 Lease intangible assets: In-place lease 14,982,538 (10,231,650) 4,750,888 14,982,538 (7,627,326) 7,355,212 Above-market rent 156,542 (68,763) 87,779 156,542 (59,983) 96,559 Total intangible assets 15,139,080 (10,300,413) 4,838,667 15,139,080 (7,687,309) 7,451,771 Lease intangible liabilities: Below-market rent (2,754,922) 1,997,654 (757,268) (2,754,922) 1,496,125 (1,258,797) Above-market ground lease (8,896,270) 510,532 (8,385,738) (8,896,270) 445,357 (8,450,913) Total intangible liabilities (11,651,192) 2,508,186 (9,143,006) (11,651,192) 1,941,482 (9,709,710) Total real estate $ 57,304,497 $ (14,116,189) $ 43,188,308 $ 67,304,497 $ (11,237,368) $ 56,067,129 _______________ (1) The land was sold in the second quarter of 2022. 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Real estate operating revenues: Lease revenue $ 1,744,262 $ 1,805,820 $ 3,498,823 $ 3,611,694 Other operating income 1,247,059 459,880 2,471,952 665,647 Total $ 2,991,321 $ 2,265,700 $ 5,970,775 $ 4,277,341 Real estate operating expenses: Utilities $ 56,171 $ 36,476 $ 101,505 $ 70,468 Real estate taxes 344,727 344,119 691,159 690,473 Repairs and maintenances 169,817 123,972 327,233 269,218 Management fees 70,219 88,981 138,087 150,306 Lease expense, including amortization of above-market ground lease (1) 487,163 826,538 974,326 1,110,076 Other operating expenses 119,231 96,019 232,981 196,879 Total $ 1,247,328 $ 1,516,105 $ 2,465,291 $ 2,487,420 _______________ (1) As discussed in “ Leases ” below, the multi-tenant office building is subject to a ground lease, for which the rent resets every five years. The last rent reset was on November 1, 2020. Based on information available to the Company as of November 1, 2020, including the fact that there was a global pandemic with a potentially significant negative impact on real estate values, the Company estimated the value of the land was no greater than the value on the date of foreclosure and continued to accrue and pay rent at the then-existing rate. On June 2, 2021, the third-party appraisal process was completed, resulting in an increase of the annual base rent to $2.1 million from $1.3 million. The increase in base rent was retroactive back to November 1, 2020. The Company accounted for the change in base rent as a change in accounting estimate; as a result, the increase in rent from November 2020 through March 2021 was recorded in the period in which the change occurred, which is June 2021. Had the new base rent been recorded on November 1, 2020, lease expense including amortization of above-market ground lease would have been $0.5 million and $1.0 million for the three and six months ended June 30, 2021, respectively, and total real estate operating expenses would have been $1.2 million and $2.3 million for the three and six months ended June 30, 2021, respectively . Leases As of June 30, 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 June 30, 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 operating leases at June 30, 2022 are as follows: Years Ending December 31, Total 2022 (July 1 through December 31) $ 3,499,952 2023 4,235,538 2024 4,380,043 2025 792,925 2026 816,724 2027 598,943 Thereafter 1,815,497 Total $ 16,139,622 Scheduled Annual Net Amortization of Intangibles Based on the intangible assets and liabilities recorded at June 30, 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 Estate Operating Revenue (1) Increase in Depreciation and Amortization (1) Decrease in Rent Expense (1) Total 2022 (July 1 through December 31) $ (433,802) $ 2,352,588 $ (65,174) $ 1,853,612 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 $ (669,487) $ 4,750,886 $ (8,385,738) $ (4,304,339) _______________ (1) Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to lease revenues; amortization of in-place lease intangibles is included in depreciation and amortization; and amortization of above-market ground lease is recorded as a reduction to rent expense. Supplemental Ground Lease Disclosures Supplemental balance sheet information related to the ground lease was as follows: June 30, 2022 December 31, 2021 Operating lease Operating lease right-of-use asset $ 27,387,013 $ 27,394,936 Operating lease liability $ 27,387,013 $ 27,394,936 Weighted average remaining lease term — operating lease (years) 64.3 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating lease cost (1) $ 519,750 $ 859,125 $ 1,039,500 $ 1,175,250 _______________ (1) The decrease in operating lease cost was a result of the ground rent reset in 2021 as described above. Supplemental non-cash information related to the ground lease was as follows: Six Months Ended June 30, 2022 2021 Cash paid for amounts included in the measurement of lease liability: Operating cash flows from an operating lease $ 1,039,500 $ 1,175,250 Right-of-use asset obtained in exchange for lease obligations: Operating lease $ 1,039,500 $ 1,175,250 Maturities of operating lease liability are as follows: Years Ending December 31, Operating Lease 2022 (July 1 through December 31) $ 1,039,500 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 133,662,375 Less: Imputed interest (106,275,362) Total $ 27,387,013

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 6. Fair Value Measurements The Company adopted the provisions of ASC 820, Fair Value Measurement (“ASC 820”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 established a fair value hierarchy that prioritizes and ranks the level of market price 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 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company has the ability to access. Level 2 — Pricing inputs are other than quoted prices in active markets, including, but not limited to, quoted prices for similar assets and liabilities in markets that are active, quoted prices for identical or similar assets or 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 — Significant unobservable inputs are based on the best information available in the circumstances, to the extent observable inputs are not available, including the Company’s own assumptions used in determining the fair value of investments. Fair value for these investments are determined using valuation methodologies that consider a range of factors, including but not limited to the price at which the investment was acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. The inputs into the determination of fair value require significant management judgment. 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 June 30, 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 securities, which are presented at fair value on the consolidated balance sheet. Changes in the fair value of equity securities are recognized in earnings. Changes in the fair value of debt securities are reported in other comprehensive income until the securities are realized. As of June 30, 2022, the Company didn’t own any marketable securities. The following tables present fair value measurements of marketable securities, by major class, as of December 31, 2021, 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 The following table presents the activities of the marketable securities for the periods presented. Six Months Ended June 30, 2022 2021 Beginning balance $ 1,310,000 $ 1,287,500 Purchases — 6,479,148 Proceeds from sale (1,259,417) — Reclassification of net realized gains on marketable securities into earnings 83,411 — Unrealized (losses) gains on marketable securities (133,994) 234,266 Ending balance $ — $ 8,000,914 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: June 30, 2022 December 31, 2021 Level Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Loans: Loans held for investment 3 $ 530,695,259 $ 534,254,432 $ 516,258,939 $ 467,843,785 $ 470,988,063 $ 454,840,551 Loans held for investment 3 13,266,658 13,322,380 13,326,934 12,307,366 12,343,732 12,361,068 Allowance for loan losses — (13,734,410) — — (13,658,481) — Total loans $ 543,961,917 $ 533,842,402 $ 529,585,873 $ 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 82,166,108 78,893,850 85,125,000 81,856,799 85,210,125 Repurchase agreement payable 3 192,659,149 190,130,617 192,659,149 44,569,600 43,974,608 44,569,600 Obligations under participation 3 43,570,766 43,774,875 43,121,712 42,048,294 42,232,027 41,475,060 Mortgage loan payable 3 31,549,627 31,790,254 31,785,040 31,962,692 32,134,295 32,192,785 Secured borrowing 3 38,150,138 38,312,920 38,120,030 34,521,104 34,586,129 34,425,029 Revolving line of credit 3 48,825,066 48,355,899 48,825,066 38,575,895 38,186,472 38,575,895 Total liabilities $ 439,879,746 $ 434,530,673 $ 433,404,847 $ 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 June 30, 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. a discounted cash flow methodology to arrive at an estimate of the fair value of each respective investment in the portfolio using an estimated market yield. In following this methodology, investments are evaluated individually, and management takes into account, in determining the risk-adjusted discount rate for each of the Company’s investments, relevant factors, which may include available current market data on applicable yields of comparable debt/preferred equity instruments; market credit spreads and yield curves; the investment’s yield; covenants of the investment, including prepayment provisions; the portfolio company’s ability to make payments, net operating income and debt-service coverage ratio; construction progress reports and construction budget analysis; the nature, quality and realizable value of any collateral (and loan-to-value ratio); the forces that influence the local markets in which the asset (the collateral) is purchased and sold, such as capitalization rates, occupancy rates, rental rates and replacement costs; and the anticipated duration of each real estate-related loan investment. 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 June 30, 2022 and December 31, 2021. The tables are not intended to be all-inclusive, but instead identify the significant unobservable inputs relevant to the determination of fair values. Fair Value at June 30, 2022 Primary Valuation Technique Unobservable Inputs June 30, 2022 Asset Category Minimum Maximum Weighted Average Assets: Loans held for investment, net $ 516,258,939 Discounted cash flow Discount rate 5.79 % 16.08 % 9.61 % Loans held for investment acquired through 13,326,934 Discounted cash flow Discount rate 9.79 % 15.00 % 12.71 % Total Level 3 Assets $ 529,585,873 Liabilities: Repurchase agreement payable 192,659,149 Discounted cash flow Discount rate 2.55 % 4.15 % 3.48 % Obligations under participation agreements 43,121,712 Discounted cash flow Discount rate 14.66 % 16.08 % 15.46 % Mortgage loan payable 31,785,040 Discounted cash flow Discount rate 6.08 % 6.08 % 6.08 % Secured borrowing 38,120,030 Discounted cash flow Discount rate 7.98 % 7.98 % 7.98 % Revolving line of credit 48,825,066 Discounted cash flow Discount rate 5.04 % 5.04 % 5.04 % Total Level 3 Liabilities $ 354,510,997 Fair Value at December 31, 2021 Primary Valuation Technique Unobservable Inputs December 31, 2021 Asset Category Minimum Maximum Weighted Average 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 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

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
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 operations. The Management Agreement runs co-terminus with the amended and restated operating agreement for Terra Fund 5, which is scheduled to terminate on December 31, 2023 unless Terra Fund 5 is dissolved earlier. 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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Origination and extension fee expense (1)(2) $ 381,947 $ 252,630 $ 1,068,312 $ 598,014 Asset management fee 1,640,628 1,156,696 3,128,723 2,313,239 Asset servicing fee 395,718 276,990 745,047 550,197 Operating expenses reimbursed to Manager 2,140,635 2,007,069 4,069,198 3,349,827 Disposition fee (3) 479,500 63,700 479,500 314,688 Total $ 5,038,428 $ 3,757,085 $ 9,490,780 $ 7,125,965 _______________ (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 six months ended June 30, 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 of any loan or disposition transaction, the Manager will be entitled to receive one-half of such amounts, in addition to the reimbursement of all out-of-pocket fees and expenses incurred by the Manager with respect to its evaluation and pursuit of such transactions. As of June 30, 2022 and December 31, 2021, the Company has not received any breakup fees. 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 June 30, 2022 and 2021, the Company made distributions to Terra JV and Terra Offshore REIT totaling $3.8 million and $4.4 million, respectively, of which $2.8 million and $4.4 million were returns of capital, respectively ( Note 10 ). For the six months ended June 30, 2022 and 2021, the Company made distributions to Terra JV and Terra Offshore REIT totaling $7.7 million and $8.3 million, respectively, of which $5.7 million and $6.8 million were returns of capital, respectively. Due to Manager As of June 30, 2022 and December 31, 2021, approximately $3.1 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 June 30, 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 (“ASC 860”) , establishes accounting and reporting standards for transfers of financial assets. ASC 860-10 provides consistent standards for distinguishing transfers of financial assets that are sales from transfers that are secured borrowings. The Company has determined that the participation agreements it enters into are accounted for as secured borrowings under ASC 860 (See “ Participation interests ” in Note 2 and “ Obligations under Participation Agreements ” in ( Note 8 ). 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 June 30, 2022 and December 31, 2021. June 31, 2022 Participating Interests Principal Balance Carrying Value Hillsborough Owners LLC (1) 30.00% $ 5,822,301 $ 5,843,056 UNJ Sole Member, LLC (2) 40.80% 7,444,357 7,479,324 $ 13,266,658 $ 13,322,380 December 31, 2021 Participating Interests 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 June 30, 2022 and December 31, 2021: Transfers Treated as Obligations Under Participation Agreements as of June 30, 2022 Principal Balance Carrying Value % Transferred Principal Balance Carrying Value 370 Lex Part Deux, LLC (1) $ 60,911,857 $ 60,911,857 35.00 % $ 21,319,150 $ 21,319,149 RS JZ Driggs, LLC (1) 18,021,901 18,196,638 50.00 % 9,014,116 9,101,515 William A. Shopoff & Cindy I. Shopoff (1) 25,000,000 25,220,416 52.95 % 13,237,500 13,354,211 $ 103,933,758 $ 104,328,911 $ 43,570,766 $ 43,774,875 Transfers Treated as Obligations Under Participation Agreements as of Principal Balance Carrying Value % 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. , exit fee, prepayment income) and related fees/expenses ( e.g. , disposition fees, asset management and asset servicing fees), are based upon their respective pro rata participation interest in such participated investments, as specified in the respective participation agreement. The Participants’ share of the investments is repayable only from the proceeds received from the related borrower/issuer of the investments and, therefore, the Participants also are subject to credit risk ( i.e. , risk of default by the underlying borrower/issuer). Pursuant to the participation agreements with these entities, the Company receives and allocates the interest income and other related investment income to the Participants based on their respective pro rata participation interest. The Participants pay any expenses, including any fees to the Manager, only on their respective pro rata participation interest, subject to the terms of the respective governing fee arrangements. Secured Borrowing In March 2020, the Company entered into a financing transaction where a third-party purchased an A-note position. However, the sale of the A-note position did not qualify for sale accounting under ASC 860 and therefore, the gross amount of the loan remains in the consolidated balance sheets and the proceeds from the sale on the portion transferred are recorded as secured borrowing. Interest earned on the entire loan balance is recorded within “ Interest income ” and the interest related to the transferred interest is recorded within “ Interest expense on secured borrowing ” in the consolidated statements of operations. The following table summarizes the loan that was transferred to a third-party that was accounted for as secured borrowing as of June 30, 2022 and December 31, 2021: Transfers Treated as Secured Borrowing as of June 30, 2022 Principal Balance Carrying Value % Transferred Principal Balance Carrying Value Windy Hill PV Five CM, LLC $ 55,205,494 $ 55,506,041 69.11 % $ 38,150,138 $ 38,312,920 $ 55,205,494 $ 55,506,041 $ 38,150,138 $ 38,312,920 Transfers Treated as Secured Borrowing as of December 31, 2021 Principal Balance Carrying Value % 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

Debt

Debt	6 Months Ended
	Jun. 30, 2022
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 June 30, 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 June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Principal Balance Carrying Value (1) Fair Value Principal Balance Carrying Value (1) Fair Value Unsecured notes payable $ 85,125,000 $ 82,166,108 $ 78,893,850 $ 85,125,000 $ 81,856,799 $ 85,210,125 _______________ (1) Amount is net of unamortized issue discount of $2.2 million and $2.4 million, and unamortized deferred financing costs of $0.8 million and $0.9 million as of June 30, 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 extension available at the Company’s option, which are subject to certain conditions. 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 June 30, 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 June 30, 2022 and December 31, 2021 : June 30, 2022 Borrowing Base Borrowings Under the Revolving Line of Credit Principal Amount Carrying Value Fair 870 Santa Cruz, LLC $ 21,373,119 $ 21,576,127 $ 21,616,421 $ 14,651,926 AAESUF Property LLC 16,995,416 17,160,703 17,665,678 8,082,267 AARSHW Property LLC 21,750,554 21,617,158 21,912,880 13,920,392 D-G Acquisition #6, LLC and D-G Quimisa, LLC 8,902,444 8,917,380 8,942,875 6,231,711 The Lux Washington, LLC 9,492,704 9,497,010 9,575,185 5,938,770 $ 78,514,237 $ 78,768,378 $ 79,713,039 $ 48,825,066 December 31, 2021 Borrowing Base Borrowings Under the Revolving Line of Credit Principal Amount 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 Acquisition #6, LLC and D-G Quimisa, LLC 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 six months ended June 30, 2022 and 2021, the Company received proceeds from the Revolving Line of Credit of $41.2 million and $9.2 million, respectively, and made repayments of $30.9 million and $0.00 million, respectively. 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 ” below). 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 Company accounted for the step-up in interest rate using the effective interest rate method. In connection with the refinancing, the Company reversed the previously accrued step-up interest of $0.4 million. 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. On February 18, 2022, the Company refinanced the Term Loan with a new repurchase agreement and expects continued covenant compliance under the terms of the new repurchase agreement. 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 Under the Term Loan (1)(2) Principal Amount 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 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 and six months ended June 30, 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 $2.0 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 ratio between 65% and 80% that are typically yielding between 2.5% and 5.0%. Advances under the UBS Master Repurchase Agreement accrue interest at a per annum pricing rate equal to the sum of (i) the 30-day LIBOR or Term SOFR if LIBOR is not available and (ii) the applicable spread, which 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% 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, and as of June 30, 2022 and 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 June 30, 2022 and December 31, 2021: June 30, 2022 Collateral Borrowings Under Master Repurchase Agreement Principal Amount Carrying Value Fair Borrowing Date Principal Amount Interest 14th & Alice Street Owner, LLC $ 39,633,577 $ 40,365,058 $ 40,388,515 11/8/2021 $ 25,599,600 LIBOR+1.45% (LIBOR floor of 0.1%) NB Factory TIC 1, LLC 28,000,000 28,633,217 28,864,356 11/8/2021 18,970,000 LIBOR+1.74% (LIBOR floor of 0.1%) Grandview’s Madison Place, LLC 17,000,000 17,109,144 17,109,144 3/7/2022 13,600,000 Term SOFR + 1.965% Grandview’s Remington Place, $ 20,175,000 $ 20,225,692 $ 20,265,338 5/06/2022 $ 16,140,000 Term SOFR + 1.965% $ 104,808,577 $ 106,333,111 $ 106,627,353 $ 74,309,600 December 31, 2021 Collateral Borrowings Under Master Repurchase Agreement Principal Amount Carrying Value Fair Borrowing Date Principal Amount 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 six months ended June 30, 2022, the Company borrowed $29.7 million under the UBS Master Repurchase Agreement for the financing of new investments, 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 commercial real estate loans. The Repurchase Agreement replaced the Term Loan, at which time all Mortgage Assets under the Term Loan were assigned as purchased assets under the Repurchase Agreement. 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. The actual terms of financing for each asset will be determined at the time of financing in accordance with the Repurchase Agreement. Subject to satisfaction of certain conditions, the GS Seller may extend the maturity date of the Repurchase Agreement for another 12-month term. In connection with the Repurchase Agreement, the Company incurred financing costs of $0.6 million, which are being amortized to interest expense over the term of the facility. Additionally, because the Repurchase Agreement was accounted for as a loan modification of the Term Loan, the remaining unamortized deferred financing fees of $1.7 million under the Term Loan were carried over to the Repurchase Agreement to be amortized over the life of the Repurchase Agreement. 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 ratio, and value of the underlying loans purchased under the Repurchase Agreement. Upon the occurrence of a margin deficit event, the GS Buyer may require the GS Seller to make a payment to reduce the purchase price to eliminate any margin deficit. 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 loans under the Repurchase Agreement. 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. as of June 30, 2022, the Company was in compliance with these covenants. The following table presents detailed information with respect to each borrowing under the Repurchase Agreement as of June 30, 2022: June 30, 2022 Collateral Borrowings Under Repurchase Agreement Principal Amount Carrying Value Fair Borrowing Date Principal Amount Interest 330 Tryon DE LLC $ 22,800,000 $ 22,902,449 $ 22,397,552 2/18/2022 $ 18,240,000 Term SOFR +2.015% (0.10% floor) 1389 Peachtree St, LP; 1401 Peachtree St, LP; and 55,449,700 55,707,130 54,297,060 2/18/2022 40,285,866 Term SOFR + 2.465% AGRE DCP Palm Springs, LLC 43,222,382 43,722,443 42,411,267 2/18/2022 28,094,548 Term SOFR + 1.315% (1.80% floor) Patrick Henry Recovery Acquisition, LLC 18,000,000 18,041,878 17,677,232 2/18/2022 14,400,000 Term SOFR +0.865% (1.50% floor) University Park Berkeley, LLC 25,815,378 25,998,358 25,725,509 2/18/2022 17,329,135 Term SOFR + 1.365% (1.50% floor) $ 165,287,460 $ 166,372,258 $ 162,508,620 $ 118,349,549 For the six months ended June 30, 2022, the Company borrowed $118.3 million under the Repurchase Agreement and did not make any repayments. Mortgage Loan Payable As of June 30, 2022, the Company had a $31.5 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 June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Lender Current Maturity Principal Amount Carrying Value Carrying Value of Principal Amount Carrying Value Carrying Value of Centennial Bank LIBOR + 3.85% September 27, 2022 $ 31,549,627 $ 31,790,254 $ 43,188,308 $ 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 June 30, 2022 are as follows: Years Ending December 31, Total 2022 (July 1 to December 31) $ 31,549,627 2023 — 2024 241,484,215 2025 — 2026 85,125,000 2027 — Thereafter — 358,158,842 Unamortized deferred financing costs (5,715,965) Total $ 352,442,877 At June 30, 2022 and December 31, 2021, the unamortized deferred debt issuance costs were $5.7 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 June 30, 2022 and December 31, 2021, obligations under participation agreements had a carrying value of approximately $43.8 million and $42.2 million, respectively, and the carrying value of the loans that are associated with these obligations under participation agreements was approximately $104.3 million and $101.0 million, respectively, (see “ Participation Agreements ” in Note 7

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9. Commitments and Contingencies Impact of COVID-19 While the impact of the COVID-19 pandemic on the global economy generally, and the Company’s business in particular, continues to evolve, as of June 30, 2022, no contingencies have been recorded on the Company’s consolidated balance sheet as a result of the COVID-19 pandemic. As the pandemic continues, it may have long-term impacts on the Company’s financial condition, results of operations, and cash flows. Refer to Note 2 for further discussion 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 $96.0 million and $71.8 million as of June 30, 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 June 30, 2022 and December 31, 2021, the unfunded investment commitment was $16.6 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 June 30, 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.

Equity

Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Equity	Note 10. Equity Earnings Per Share The following table presents earnings per share for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income (loss) $ 1,292,434 $ (104,771) $ 534,547 $ 1,371,325 Series A preferred stock dividend declared (3,906) (3,906) (7,812) (7,812) Net income (loss) allocable to common stock $ 1,288,528 $ (108,677) $ 526,735 $ 1,363,513 Weighted-average shares outstanding - basic and diluted 19,487,460 19,487,460 19,487,460 19,487,460 Earnings (loss) per share - basic and diluted $ 0.07 $ (0.01) $ 0.03 $ 0.07 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 Board 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 June 30, 2022 and December 31, 2021, there were no Preferred Stock issued or outstanding. Series A Preferred Stock On November 30, 2016, the Board 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 June 30, 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 June 30, 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 Board and will depend upon its taxable income, financial condition, maintenance of REIT status, applicable law, and other factors as the Board deems relevant.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
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 that would require adjustment to, or disclosure in, the Company’s consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
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
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.
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 basis. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from 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 in which the borrower operates. Such analyses are completed and reviewed by asset management and finance personnel, who utilize various data sources, including (i) periodic financial data such as debt service coverage ratio, property occupancy, tenant profile, rental rates, operating 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 scale, the Company’s loans are rated “1” through “5”, from less risk to greater risk, as follows: 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 (“TDRs”) 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-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 and are carried at fair value. Changes in the fair value of equity securities are 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	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 leases, intangibles for the value of any above or below market leases at fair value and to any other identified intangible assets or liabilities. The Company amortizes the value allocated to in-place leases over the remaining lease term, which is reported in depreciation and amortization expense on its consolidated statements of operations. The value allocated to above or below market leases are amortized over the remaining lease term as an adjustment to rental income. 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.
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 (“ROU”) assets and operating lease liabilities in the consolidated balance sheets. 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
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: Interest income is accrued based upon the outstanding principal amount and contractual terms of the loans and preferred equity investments that the Company expects to collect and it is accrued and recorded on a daily basis. Discounts and premiums on investments purchased are accreted or amortized over the expected life of the respective loan using the effective yield method, and are included in interest income in the consolidated statements of operations. Loan origination fees and exit fees, net of portions attributable to obligations under participation agreements, are capitalized and amortized or accreted to interest income over the life of the investment using the effective yield method. Income accrual is generally suspended for loans at the earlier of the date at which payments become 90 days past due or when, in the opinion of the Manager, recovery of income and principal becomes doubtful. Outstanding interest receivable is assessed for recoverability. Interest is then recorded on the basis of cash received until accrual is resumed when the loan becomes contractually current and performance is demonstrated to be resumed. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. The Company holds loans in its portfolio that contain paid-in-kind (“PIK”) interest provisions. The PIK interest, which represents contractually deferred interest that is added to the principal balance that is due at maturity, is recorded on the accrual basis. Real Estate Operating Revenues: Real estate operating revenue is derived from leasing of space to various types of tenants. The leases are for fixed terms of varying length and generally provide for annual rent increases and expense reimbursements to be paid in monthly installments. Lease revenue, or rental income from leases, is recognized on a straight-line basis over the term of the respective leases. Additionally, the Company recorded above- and below-market lease intangibles, which are included in real estate owned, net, in connection with the acquisition of the real estate properties. These intangible assets and liabilities are amortized to lease revenue over the remaining contractual lease term. Other Revenues: Prepayment fee income is recognized as prepayments occur. All other income is recognized when earned.
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 ” on the consolidated balance sheets. 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: June 30, 2022 2021 Cash and cash equivalents $ 28,978,788 $ 88,293,082 Restricted cash 7,421,852 12,826,145 Cash held in escrow by lender 4,352,755 3,617,787 Total cash, cash equivalents and restricted cash shown in the consolidated $ 40,753,395 $ 104,737,014
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 ” and the interest related to the participation interest is recorded within “ Interest expense from obligations under participation agreements ” in the consolidated statements of operations. Interest expense from obligations under participation agreement is reversed when recovery of interest income on the related loan becomes doubtful. See “ Obligations under Participation Agreements ” in Note 8 for additional information.
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
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.
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 Measurement (“ASC 820”), which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 established a fair value hierarchy that prioritizes and ranks the level of market price 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 — Quoted prices (unadjusted) in active markets for identical assets and liabilities that the Company has the ability to access. Level 2 — Pricing inputs are other than quoted prices in active markets, including, but not limited to, quoted prices for similar assets and liabilities in markets that are active, quoted prices for identical or similar assets or 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 — Significant unobservable inputs are based on the best information available in the circumstances, to the extent observable inputs are not available, including the Company’s own assumptions used in determining the fair value of investments. Fair value for these investments are determined using valuation methodologies that consider a range of factors, including but not limited to the price at which the investment was acquired, the nature of the investment, local market conditions, trading values on public exchanges for comparable securities, current and projected operating performance, and financing transactions subsequent to the acquisition of the investment. The inputs into the determination of fair value require significant management judgment. 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 June 30, 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.
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.
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 June 30, 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 , nor did the Company have any unrecognized tax benefits as of the periods presented herein. The Company recognizes interest and penalties, if any, related to unrecognized tax liabilities as
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 amounts for the periods presented in the consolidated financial statements. Income per basic share of common stock is calculated by dividing net income allocable to common stock by the weighted-average number of shares of common stock issued and outstanding during such period.
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.
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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 introduces a new model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses. In April 2019, the FASB issued additional amendments to clarify the scope of ASU 2016-13 and address issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments, among other things. In May 2019, the FASB issued ASU 2019-05 — Targeted Transition Relief, which provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. In October 2019, the FASB decided that for smaller reporting companies, ASU 2016-13 and related amendments will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company meets the definition of a smaller reporting company under the regulation of the Securities and Exchange Commission. As such, the Company will adopt this ASU and related amendments on January 1, 2023. Management is currently evaluating the impact this change will have on the Company’s consolidated financial statements and disclosures.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2022
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: June 30, 2022 2021 Cash and cash equivalents $ 28,978,788 $ 88,293,082 Restricted cash 7,421,852 12,826,145 Cash held in escrow by lender 4,352,755 3,617,787 Total cash, cash equivalents and restricted cash shown in the consolidated $ 40,753,395 $ 104,737,014

Loans Held for Investment (Tabl

Loans Held for Investment (Tables)	6 Months Ended
	Jun. 30, 2022
Receivables [Abstract]
Summary Investment Holdings	The following table provides a summary of the Company’s loan portfolio as of June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Fixed Rate Floating (1)(2)(3) Total Fixed Rate Floating (1)(2)(3) Total Number of loans 4 18 22 6 15 21 Principal balance $ 57,466,258 $ 486,495,659 $ 543,961,917 $ 74,880,728 $ 405,270,423 $ 480,151,151 Carrying value $ 57,896,378 $ 475,946,024 $ 533,842,402 $ 75,520,212 $ 394,153,102 $ 469,673,314 Fair value $ 57,406,064 $ 472,179,809 $ 529,585,873 $ 75,449,410 $ 391,752,209 $ 467,201,619 Weighted-average coupon rate 13.35 % 7.79 % 8.38 % 12.39 % 7.01 % 7.85 % Weighted-average remaining 1.60 1.08 1.13 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 1.79%, average SOFR of 1.09% and forward-looking term rate based on SOFR (“Term SOFR”) of 1.69% as of June 30, 2022 and LIBOR of 0.10% as of December 31, 2021. (2) As of June 30, 2022 and December 31, 2021, amount included $348.6 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 June 30, 2022 and December 31, 2021, sixteen and thirteen of these loans, respectively, are subject to a LIBOR or SOFR floor, as applicable.
Investment Holdings, Schedule of Investments	The following table presents the activities of the Company’s loan portfolio for the six months ended June 30, 2022 and 2021: Loans Held for Investment Loans Held for Investment through Participation Interests Total Balance, January 1, 2022 $ 457,329,582 $ 12,343,732 $ 469,673,314 New loans made 119,461,668 959,293 120,420,961 Principal repayments received (56,610,198) — (56,610,198) Net amortization of premiums on loans (122,783) — (122,783) Accrual, payment and accretion of investment-related fees and other, 537,682 19,355 557,037 Provision for loan losses (75,929) — (75,929) Balance, June 30, 2022 $ 520,520,022 $ 13,322,380 $ 533,842,402 Loans Held for Investment Loans Held for Investment through Participation Interests Total Balance, January 1, 2021 $ 417,986,462 $ 4,294,053 $ 422,280,515 New loans made 82,136,763 — 82,136,763 Principal repayments received (42,131,804) (4,250,000) (46,381,804) PIK interest (1) 1,338,170 — 1,338,170 Net amortization of premiums on loans (30,696) — (30,696) Accrual, payment and accretion of investment-related fees and other, 874,559 (44,053) 830,506 Provision for loan losses (849,081) — (849,081) Balance, June 30, 2021 $ 459,324,373 $ — $ 459,324,373 _______________ (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 $1.0 million for the six months ended June 30, 2021.
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 June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Loan Structure Principal Balance Carrying Value % of Total Principal Balance Carrying Value % of Total First mortgages $ 409,638,069 $ 412,822,844 77.4 % $ 345,454,454 $ 348,101,455 74.0 % Preferred equity investments 94,879,491 95,054,228 17.8 % 92,252,340 92,400,572 19.7 % Credit facility 25,000,000 25,220,416 4.7 % 25,000,000 25,206,964 5.4 % Mezzanine loans 14,444,357 14,479,324 2.7 % 17,444,357 17,622,804 3.8 % Allowance for loan losses — (13,734,410) (2.6) % — (13,658,481) (2.9) % Total $ 543,961,917 $ 533,842,402 100.0 % $ 480,151,151 $ 469,673,314 100.0 % June 30, 2022 December 31, 2021 Property Type Principal Balance Carrying Value % of Total Principal Balance Carrying Value % of Total Office $ 233,740,170 $ 234,645,482 43.9 % $ 221,596,870 $ 222,426,872 47.3 % Multifamily 130,138,560 131,391,900 24.6 % 80,805,787 81,835,756 17.4 % Industrial 62,652,998 62,754,954 11.8 % 32,000,000 32,206,964 6.9 % Hotel - full/select service 43,222,382 43,722,443 8.2 % 56,847,381 57,395,682 12.2 % Mixed use 29,212,391 29,268,113 5.5 % 28,940,658 28,977,024 6.2 % Student housing 28,000,000 28,633,217 5.4 % 31,000,000 31,565,670 6.7 % Infill land 16,995,416 17,160,703 3.2 % 28,960,455 28,923,827 6.2 % Allowance for loan losses — (13,734,410) (2.6) % — (13,658,481) (2.9) % Total $ 543,961,917 $ 533,842,402 100.0 % $ 480,151,151 $ 469,673,314 100.0 % June 30, 2022 December 31, 2021 Geographic Location Principal Balance Carrying Value % of Total Principal Balance Carrying Value % of Total United States California $ 244,596,751 $ 246,827,025 46.2 % $ 234,968,151 $ 237,015,597 50.4 % New York 94,879,491 95,054,228 17.8 % 92,252,340 92,400,572 19.7 % Georgia 55,449,700 55,707,130 10.4 % 53,289,288 53,536,884 11.4 % Washington 46,667,704 46,831,846 8.8 % 3,523,401 3,382,683 0.7 % New Jersey 38,745,970 38,777,861 7.3 % — — — % North Carolina 28,622,301 28,745,505 5.4 % 44,492,971 44,704,699 9.5 % Utah 28,000,000 28,633,217 5.4 % 28,000,000 28,420,056 6.1 % Massachusetts 7,000,000 7,000,000 1.3 % 7,000,000 7,000,000 1.5 % Texas — — — % 13,625,000 13,725,690 2.9 % South Carolina — — — % 3,000,000 3,145,614 0.7 % Allowance for loan losses — (13,734,410) (2.6) % — (13,658,481) (2.9) % Total $ 543,961,917 $ 533,842,402 100.0 % $ 480,151,151 $ 469,673,314 100.0 % June 30, 2022 December 31, 2021 Loan Risk Rating Number of Loans Principal Balance Carrying Value % of Total Number of Loans Principal Balance Carrying Value % of Total 1 — $ — $ — — % — $ — $ — — % 2 2 25,000,000 25,041,878 4.6 % 2 25,000,000 25,041,124 5.2 % 3 17 424,082,426 427,480,706 78.1 % 15 349,273,811 352,164,409 72.9 % 4 1 60,911,857 60,911,857 11.1 % 1 60,012,639 60,012,639 12.4 % 5 — — — — % — — — — % Other (1) 2 33,967,634 34,142,371 6.2 % 3 45,864,701 46,113,623 9.5 % 22 $ 543,961,917 547,576,812 100.0 % 21 $ 480,151,151 483,331,795 100.0 % Allowance for loan losses (13,734,410) (13,658,481) Total, net of allowance for loan losses $ 533,842,402 $ 469,673,314 _______________
Allowance for loan losses	The following table presents the activity in the Company’s allowance for loan losses for the six months ended June 30, 2022 and 2021: Six Months Ended June 30, 2022 2021 Allowance for loan losses, beginning of period $ 13,658,481 $ 3,738,758 Provision for loan losses 75,929 849,081 Charge-offs — — Recoveries — — Allowance for loan losses, end of period $ 13,734,410 $ 4,587,839
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 recorded carrying value $ 18,503,470 Post-modified recorded carrying value (1) $ 13,625,000

Equity Investment in Unconsol_2

Equity Investment in Unconsolidated Investments (Tables)	6 Months Ended
	Jun. 30, 2022
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: June 30, 2022 December 31, 2021 Investments at fair value (cost of $125,222,394 and $107,261,022, respectively) $ 127,820,410 $ 108,359,898 Other assets 11,255,276 5,484,087 Total assets 139,075,686 113,843,985 Revolving line of credit, net of financing costs 8,849,206 14,909,717 Obligations under participation agreement (proceeds of $10,726,565 and $14,252,357, 10,765,579 14,351,617 Other liabilities 9,868,920 5,296,603 Total liabilities 29,483,705 34,557,937 Partners’ capital $ 109,591,981 $ 79,286,048 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Total investment income $ 5,891,371 $ 2,698,223 $ 10,736,035 $ 4,740,323 Total expenses 1,761,814 544,363 3,055,130 1,015,575 Net investment income 4,129,557 2,153,860 7,680,905 3,724,748 Unrealized appreciation on investments 1,493,140 129,286 1,562,191 182,983 Net increase in partners’ capital resulting from $ 5,622,697 $ 2,283,146 $ 9,243,096 $ 3,907,731 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: June 30, 2022 December 31, 2021 Net investments in real estate $ 198,090,733 $ 115,636,424 Other assets 10,652,749 4,856,249 Total assets 208,743,482 120,492,673 Mortgage loan payable 145,793,415 83,445,235 Other liabilities 3,044,473 1,305,572 Total liabilities 148,837,888 84,750,807 Members’ capital $ 59,905,594 $ 35,741,866 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Revenues $ 3,681,032 $ — $ 6,131,470 $ — Operating expenses (2,206,984) — (3,023,665) — Depreciation expense (1,065,066) — (1,755,897) — Interest expense (1,744,226) — (2,829,787) — Unrealized gains 1,170,866 — 1,406,377 — Net loss $ (164,378) $ — $ (71,502) $ —
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: Ownership Interest at June 30, 2022 Carrying Value at Entity Co-owner June 30, 2022 December 31, 2021 LEL Arlington JV LLC Third party 80% $ 23,457,972 $ 23,949,044 LEL NW 49th JV LLC Third party 80% 5,204,008 5,306,467 TCG Corinthian FL Portfolio JV LLV (1) Third Party 90% 22,156,688 — $ 50,818,668 $ 29,255,511 _______________

Real Estate Owned, Net (Tables)

Real Estate Owned, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Real Estate [Abstract]
Components of real estate owned, net	The following table presents the components of real estate owned, net: June 30, 2022 December 31, 2021 Cost Accumulated Depreciation/Amortization Net Cost Accumulated Depreciation/Amortization Net Real estate: Land (1) $ — $ — $ — $ 10,000,000 $ — $ 10,000,000 Building and building 51,725,969 (5,064,887) 46,661,082 51,725,969 (4,418,305) 47,307,664 Tenant improvements 1,854,640 (1,086,008) 768,632 1,854,640 (947,369) 907,271 Furniture and fixtures 236,000 (173,067) 62,933 236,000 (125,867) 110,133 Total real estate 53,816,609 (6,323,962) 47,492,647 63,816,609 (5,491,541) 58,325,068 Lease intangible assets: In-place lease 14,982,538 (10,231,650) 4,750,888 14,982,538 (7,627,326) 7,355,212 Above-market rent 156,542 (68,763) 87,779 156,542 (59,983) 96,559 Total intangible assets 15,139,080 (10,300,413) 4,838,667 15,139,080 (7,687,309) 7,451,771 Lease intangible liabilities: Below-market rent (2,754,922) 1,997,654 (757,268) (2,754,922) 1,496,125 (1,258,797) Above-market ground lease (8,896,270) 510,532 (8,385,738) (8,896,270) 445,357 (8,450,913) Total intangible liabilities (11,651,192) 2,508,186 (9,143,006) (11,651,192) 1,941,482 (9,709,710) Total real estate $ 57,304,497 $ (14,116,189) $ 43,188,308 $ 67,304,497 $ (11,237,368) $ 56,067,129 Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Real estate operating revenues: Lease revenue $ 1,744,262 $ 1,805,820 $ 3,498,823 $ 3,611,694 Other operating income 1,247,059 459,880 2,471,952 665,647 Total $ 2,991,321 $ 2,265,700 $ 5,970,775 $ 4,277,341 Real estate operating expenses: Utilities $ 56,171 $ 36,476 $ 101,505 $ 70,468 Real estate taxes 344,727 344,119 691,159 690,473 Repairs and maintenances 169,817 123,972 327,233 269,218 Management fees 70,219 88,981 138,087 150,306 Lease expense, including amortization of above-market ground lease (1) 487,163 826,538 974,326 1,110,076 Other operating expenses 119,231 96,019 232,981 196,879 Total $ 1,247,328 $ 1,516,105 $ 2,465,291 $ 2,487,420 _______________ (1) As discussed in “ Leases ” below, the multi-tenant office building is subject to a ground lease, for which the rent resets every five years. The last rent reset was on November 1, 2020. Based on information available to the Company as of November 1, 2020, including the fact that there was a global pandemic with a potentially significant negative impact on real estate values, the Company estimated the value of the land was no greater than the value on the date of foreclosure and continued to accrue and pay rent at the then-existing rate. On June 2, 2021, the third-party appraisal process was completed, resulting in an increase of the annual base rent to $2.1 million from $1.3 million. The increase in base rent was retroactive back to November 1, 2020. The Company accounted for the change in base rent as a change in accounting estimate; as a result, the increase in rent from November 2020 through March 2021 was recorded in the period in which the change occurred, which is June 2021. Had the new base rent been recorded on November 1, 2020, lease expense including amortization of above-market ground lease would have been $0.5 million and $1.0 million for the three and six months ended June 30, 2021, respectively, and total real estate operating expenses would have been $1.2 million and $2.3 million for the three and six months ended June 30, 2021, respectively
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 operating leases at June 30, 2022 are as follows: Years Ending December 31, Total 2022 (July 1 through December 31) $ 3,499,952 2023 4,235,538 2024 4,380,043 2025 792,925 2026 816,724 2027 598,943 Thereafter 1,815,497 Total $ 16,139,622
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 June 30, 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 Estate Operating Revenue (1) Increase in Depreciation and Amortization (1) Decrease in Rent Expense (1) Total 2022 (July 1 through December 31) $ (433,802) $ 2,352,588 $ (65,174) $ 1,853,612 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 $ (669,487) $ 4,750,886 $ (8,385,738) $ (4,304,339) _______________ (1) Amortization of below-market rent and above-market rent intangibles is recorded as an adjustment to lease revenues; amortization of in-place lease intangibles is included in depreciation and amortization; and amortization of above-market ground lease is recorded as a reduction to rent expense.
Supplemental balance sheet information related to the ground lease	Supplemental balance sheet information related to the ground lease was as follows: June 30, 2022 December 31, 2021 Operating lease Operating lease right-of-use asset $ 27,387,013 $ 27,394,936 Operating lease liability $ 27,387,013 $ 27,394,936 Weighted average remaining lease term — operating lease (years) 64.3 64.8 Weighted average discount rate — operating lease 7.6 % 7.6 %
Component of lease expense for the ground lease	The component of lease expense for the ground lease was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Operating lease cost (1) $ 519,750 $ 859,125 $ 1,039,500 $ 1,175,250 _______________
Supplemental non-cash information related to the ground lease	Supplemental non-cash information related to the ground lease was as follows: Six Months Ended June 30, 2022 2021 Cash paid for amounts included in the measurement of lease liability: Operating cash flows from an operating lease $ 1,039,500 $ 1,175,250 Right-of-use asset obtained in exchange for lease obligations: Operating lease $ 1,039,500 $ 1,175,250
Maturities of operating lease liabilities	Maturities of operating lease liability are as follows: Years Ending December 31, Operating Lease 2022 (July 1 through December 31) $ 1,039,500 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 133,662,375 Less: Imputed interest (106,275,362) Total $ 27,387,013

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
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 December 31, 2021, 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
Activities of the marketable securities	The following table presents the activities of the marketable securities for the periods presented. Six Months Ended June 30, 2022 2021 Beginning balance $ 1,310,000 $ 1,287,500 Purchases — 6,479,148 Proceeds from sale (1,259,417) — Reclassification of net realized gains on marketable securities into earnings 83,411 — Unrealized (losses) gains on marketable securities (133,994) 234,266 Ending balance $ — $ 8,000,914
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: June 30, 2022 December 31, 2021 Level Principal Amount Carrying Value Fair Value Principal Amount Carrying Value Fair Value Loans: Loans held for investment 3 $ 530,695,259 $ 534,254,432 $ 516,258,939 $ 467,843,785 $ 470,988,063 $ 454,840,551 Loans held for investment 3 13,266,658 13,322,380 13,326,934 12,307,366 12,343,732 12,361,068 Allowance for loan losses — (13,734,410) — — (13,658,481) — Total loans $ 543,961,917 $ 533,842,402 $ 529,585,873 $ 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 82,166,108 78,893,850 85,125,000 81,856,799 85,210,125 Repurchase agreement payable 3 192,659,149 190,130,617 192,659,149 44,569,600 43,974,608 44,569,600 Obligations under participation 3 43,570,766 43,774,875 43,121,712 42,048,294 42,232,027 41,475,060 Mortgage loan payable 3 31,549,627 31,790,254 31,785,040 31,962,692 32,134,295 32,192,785 Secured borrowing 3 38,150,138 38,312,920 38,120,030 34,521,104 34,586,129 34,425,029 Revolving line of credit 3 48,825,066 48,355,899 48,825,066 38,575,895 38,186,472 38,575,895 Total liabilities $ 439,879,746 $ 434,530,673 $ 433,404,847 $ 370,566,055 $ 364,910,392 $ 370,793,089
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 June 30, 2022 and December 31, 2021. The tables are not intended to be all-inclusive, but instead identify the significant unobservable inputs relevant to the determination of fair values. Fair Value at June 30, 2022 Primary Valuation Technique Unobservable Inputs June 30, 2022 Asset Category Minimum Maximum Weighted Average Assets: Loans held for investment, net $ 516,258,939 Discounted cash flow Discount rate 5.79 % 16.08 % 9.61 % Loans held for investment acquired through 13,326,934 Discounted cash flow Discount rate 9.79 % 15.00 % 12.71 % Total Level 3 Assets $ 529,585,873 Liabilities: Repurchase agreement payable 192,659,149 Discounted cash flow Discount rate 2.55 % 4.15 % 3.48 % Obligations under participation agreements 43,121,712 Discounted cash flow Discount rate 14.66 % 16.08 % 15.46 % Mortgage loan payable 31,785,040 Discounted cash flow Discount rate 6.08 % 6.08 % 6.08 % Secured borrowing 38,120,030 Discounted cash flow Discount rate 7.98 % 7.98 % 7.98 % Revolving line of credit 48,825,066 Discounted cash flow Discount rate 5.04 % 5.04 % 5.04 % Total Level 3 Liabilities $ 354,510,997 Fair Value at December 31, 2021 Primary Valuation Technique Unobservable Inputs December 31, 2021 Asset Category Minimum Maximum Weighted Average 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 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

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2022
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 June 30, Six Months Ended June 30, 2022 2021 2022 2021 Origination and extension fee expense (1)(2) $ 381,947 $ 252,630 $ 1,068,312 $ 598,014 Asset management fee 1,640,628 1,156,696 3,128,723 2,313,239 Asset servicing fee 395,718 276,990 745,047 550,197 Operating expenses reimbursed to Manager 2,140,635 2,007,069 4,069,198 3,349,827 Disposition fee (3) 479,500 63,700 479,500 314,688 Total $ 5,038,428 $ 3,757,085 $ 9,490,780 $ 7,125,965 _______________ (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 six months ended June 30, 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 June 30, 2022 and December 31, 2021. June 31, 2022 Participating Interests Principal Balance Carrying Value Hillsborough Owners LLC (1) 30.00% $ 5,822,301 $ 5,843,056 UNJ Sole Member, LLC (2) 40.80% 7,444,357 7,479,324 $ 13,266,658 $ 13,322,380 December 31, 2021 Participating Interests 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 Treated as Obligations Under Participation Agreements as of June 30, 2022 Principal Balance Carrying Value % Transferred Principal Balance Carrying Value 370 Lex Part Deux, LLC (1) $ 60,911,857 $ 60,911,857 35.00 % $ 21,319,150 $ 21,319,149 RS JZ Driggs, LLC (1) 18,021,901 18,196,638 50.00 % 9,014,116 9,101,515 William A. Shopoff & Cindy I. Shopoff (1) 25,000,000 25,220,416 52.95 % 13,237,500 13,354,211 $ 103,933,758 $ 104,328,911 $ 43,570,766 $ 43,774,875 Transfers Treated as Obligations Under Participation Agreements as of Principal Balance Carrying Value % 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 June 30, 2022 and December 31, 2021: Transfers Treated as Secured Borrowing as of June 30, 2022 Principal Balance Carrying Value % Transferred Principal Balance Carrying Value Windy Hill PV Five CM, LLC $ 55,205,494 $ 55,506,041 69.11 % $ 38,150,138 $ 38,312,920 $ 55,205,494 $ 55,506,041 $ 38,150,138 $ 38,312,920 Transfers Treated as Secured Borrowing as of December 31, 2021 Principal Balance Carrying Value % 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

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Instrument
Unsecured Notes Payable	The table below presents detailed information regarding the unsecured notes payable at June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Principal Balance Carrying Value (1) Fair Value Principal Balance Carrying Value (1) Fair Value Unsecured notes payable $ 85,125,000 $ 82,166,108 $ 78,893,850 $ 85,125,000 $ 81,856,799 $ 85,210,125 _______________ (1) Amount is net of unamortized issue discount of $2.2 million and $2.4 million, and unamortized deferred financing costs of $0.8 million and $0.9 million as of June 30, 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 June 30, 2022 and December 31, 2021 : June 30, 2022 Borrowing Base Borrowings Under the Revolving Line of Credit Principal Amount Carrying Value Fair 870 Santa Cruz, LLC $ 21,373,119 $ 21,576,127 $ 21,616,421 $ 14,651,926 AAESUF Property LLC 16,995,416 17,160,703 17,665,678 8,082,267 AARSHW Property LLC 21,750,554 21,617,158 21,912,880 13,920,392 D-G Acquisition #6, LLC and D-G Quimisa, LLC 8,902,444 8,917,380 8,942,875 6,231,711 The Lux Washington, LLC 9,492,704 9,497,010 9,575,185 5,938,770 $ 78,514,237 $ 78,768,378 $ 79,713,039 $ 48,825,066 December 31, 2021 Borrowing Base Borrowings Under the Revolving Line of Credit Principal Amount 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 Acquisition #6, LLC and D-G Quimisa, LLC 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 Under the Term Loan (1)(2) Principal Amount 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 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 June 30, 2022 and December 31, 2021: June 30, 2022 Collateral Borrowings Under Master Repurchase Agreement Principal Amount Carrying Value Fair Borrowing Date Principal Amount Interest 14th & Alice Street Owner, LLC $ 39,633,577 $ 40,365,058 $ 40,388,515 11/8/2021 $ 25,599,600 LIBOR+1.45% (LIBOR floor of 0.1%) NB Factory TIC 1, LLC 28,000,000 28,633,217 28,864,356 11/8/2021 18,970,000 LIBOR+1.74% (LIBOR floor of 0.1%) Grandview’s Madison Place, LLC 17,000,000 17,109,144 17,109,144 3/7/2022 13,600,000 Term SOFR + 1.965% Grandview’s Remington Place, $ 20,175,000 $ 20,225,692 $ 20,265,338 5/06/2022 $ 16,140,000 Term SOFR + 1.965% $ 104,808,577 $ 106,333,111 $ 106,627,353 $ 74,309,600 December 31, 2021 Collateral Borrowings Under Master Repurchase Agreement Principal Amount Carrying Value Fair Borrowing Date Principal Amount 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 June 30, 2022: June 30, 2022 Collateral Borrowings Under Repurchase Agreement Principal Amount Carrying Value Fair Borrowing Date Principal Amount Interest 330 Tryon DE LLC $ 22,800,000 $ 22,902,449 $ 22,397,552 2/18/2022 $ 18,240,000 Term SOFR +2.015% (0.10% floor) 1389 Peachtree St, LP; 1401 Peachtree St, LP; and 55,449,700 55,707,130 54,297,060 2/18/2022 40,285,866 Term SOFR + 2.465% AGRE DCP Palm Springs, LLC 43,222,382 43,722,443 42,411,267 2/18/2022 28,094,548 Term SOFR + 1.315% (1.80% floor) Patrick Henry Recovery Acquisition, LLC 18,000,000 18,041,878 17,677,232 2/18/2022 14,400,000 Term SOFR +0.865% (1.50% floor) University Park Berkeley, LLC 25,815,378 25,998,358 25,725,509 2/18/2022 17,329,135 Term SOFR + 1.365% (1.50% floor) $ 165,287,460 $ 166,372,258 $ 162,508,620 $ 118,349,549
Mortgage note payable	The following table presents certain information about the mortgage loan payable as of June 30, 2022 and December 31, 2021: June 30, 2022 December 31, 2021 Lender Current Maturity Principal Amount Carrying Value Carrying Value of Principal Amount Carrying Value Carrying Value of Centennial Bank LIBOR + 3.85% September 27, 2022 $ 31,549,627 $ 31,790,254 $ 43,188,308 $ 31,962,692 $ 32,134,295 $ 46,067,129
Schedule of Long-term Debt Instruments	Scheduled debt principal payments for each of the five calendar years following June 30, 2022 are as follows: Years Ending December 31, Total 2022 (July 1 to December 31) $ 31,549,627 2023 — 2024 241,484,215 2025 — 2026 85,125,000 2027 — Thereafter — 358,158,842 Unamortized deferred financing costs (5,715,965) Total $ 352,442,877

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents earnings per share for the three and six months ended June 30, 2022 and 2021: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Net income (loss) $ 1,292,434 $ (104,771) $ 534,547 $ 1,371,325 Series A preferred stock dividend declared (3,906) (3,906) (7,812) (7,812) Net income (loss) allocable to common stock $ 1,288,528 $ (108,677) $ 526,735 $ 1,363,513 Weighted-average shares outstanding - basic and diluted 19,487,460 19,487,460 19,487,460 19,487,460 Earnings (loss) per share - basic and diluted $ 0.07 $ (0.01) $ 0.03 $ 0.07

Business (Details)

Business (Details) - USD ($)		6 Months Ended
	May 02, 2022	Jun. 30, 2022	May 01, 2022	Dec. 31, 2021	Mar. 02, 2020
Financial Highlights
Loans held for investment		$ 533,842,402		$ 469,673,314
Cash					$ 25,500,000
Operations Commenced Date		Jan. 01, 2016
Common Stock, Shares, Issued		19,487,460		19,487,460	4,574,470.35
Participating Mortgage Loans, Participation Liabilities, Amount					$ 49,800,000
Common Stock, Shares Authorized		450,000,000		450,000,000
Common Stock, Par or Stated Value Per Share		$ 0.01		$ 0.01
Preferred Stock, Shares Authorized		50,000,000		50,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.01		$ 0.01
Terra Income Fund Six Inc
Financial Highlights
Common Stock, Par or Stated Value Per Share	$ 0.001
Class B Common Stock | Terra Income Fund Six Inc
Financial Highlights
Common Stock, Par or Stated Value Per Share	$ 0.01
Terra PropertyTrust
Financial Highlights
Common Stock, Shares Authorized	950,000,000		500,000,000
Preferred Stock, Shares Authorized	50,000,000
Preferred Stock, Par or Stated Value Per Share	$ 0.01
Terra PropertyTrust | Class A Common Stock
Financial Highlights
Common Stock, Shares Authorized	450,000,000
Common Stock, Par or Stated Value Per Share	$ 0.01
Terra PropertyTrust | Class B Common Stock
Financial Highlights
Common Stock, Shares Authorized	450,000,000
Conversion of Stock, Shares Converted	0.595
Business Acquisition Share Conversion Rate	$ 14.38
Minimum
Financial Highlights
Loans held for investment		$ 10,000,000
Maximum
Financial Highlights
Loans held for investment		$ 50,000,000
Partnership interest
Financial Highlights
Equity Method Investment, Ownership Percentage		87.40%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and cash equivalents	$ 35,783,956	$ 28,978,788	$ 88,293,082
Restricted cash	7,411,811	7,421,852	12,826,145
Cash held in escrow by lender	7,902,880	4,352,755	3,617,787
Total cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows	$ 51,098,647	$ 40,753,395	$ 104,737,014	$ 32,920,323
Open Tax Year Start	2018
Open tax year end	2020

Loans Held for Investment - Sum

Loans Held for Investment - Summary of the Companys loan portfolio (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($) Loans	Dec. 31, 2021 USD ($) Loans
Loans and Financing Receivable
Number Of Loans | Loans	22	21
Principal Balance	$ 543,961,917	$ 480,151,151
Carrying Value	533,842,402	469,673,314
Fair Value	$ 529,585,873	$ 467,201,619
Weighted-average coupon rate	8.38%	7.85%
Weighted-average remaining term (years)	1 year 1 month 17 days	1 year 6 months 10 days
Fixed Rate
Loans and Financing Receivable
Number Of Loans | Loans	4	6
Principal Balance	$ 57,466,258	$ 74,880,728
Carrying Value	57,896,378	75,520,212
Fair Value	$ 57,406,064	$ 75,449,410
Weighted-average coupon rate	13.35%	12.39%
Weighted-average remaining term (years)	1 year 7 months 6 days	1 year 11 months 4 days
Floating rate
Loans and Financing Receivable
Number Of Loans | Loans	18	15
Principal Balance	$ 486,495,659	$ 405,270,423
Carrying Value	475,946,024	394,153,102
Fair Value	$ 472,179,809	$ 391,752,209
Weighted-average coupon rate	7.79%	7.01%
Weighted-average remaining term (years)	1 year 29 days	1 year 5 months 12 days

Loans Held for Investment - S_2

Loans Held for Investment - Summary of the Company's loan portfolio - Subnote (Details)		6 Months Ended	12 Months Ended
	Mar. 12, 2021	Jun. 30, 2022 USD ($) Loans	Dec. 31, 2021 USD ($) Loans
Loans and Financing Receivable
Number Of Loans | Loans		22	21
Principal Balance		$ 543,961,917	$ 480,151,151
Principal amount		$ 439,879,746	$ 370,566,055
Floating rate
Loans and Financing Receivable
Number Of Loans | Loans		18	15
Principal Balance		$ 486,495,659	$ 405,270,423
Revolving line of credit
Loans and Financing Receivable
Principal Balance		78,514,237	60,126,330
Principal amount		$ 48,825,066	38,575,895
Revolving line of credit | LIBOR
Loans and Financing Receivable
Debt Instrument, Basis Spread on Variable Rate	3.25%
Term Loan
Loans and Financing Receivable
Principal Balance			163,127,047
Principal amount			$ 93,763,470
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		1.79%	0.10%
Term Loan | Floating rate | SOFR
Loans and Financing Receivable
Debt Instrument, Basis Spread on Variable Rate		1.09%
Derivative, Forward Interest Rate		1.69%
Collateral | Revolving line of credit | Floating rate
Loans and Financing Receivable
Principal Balance		$ 348,600,000	$ 290,600,000
Principal amount		$ 241,500,000	$ 176,900,000

Loans Held for Investment - Len

Loans Held for Investment - Lending activities (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Loans and Financing Receivable
PIK interest	$ 0	$ 383,089
Provision for loan losses	(75,929)	(849,081)
Real Estate Loan
Loans and Financing Receivable
Beginning balance	469,673,314	422,280,515
New loans made	120,420,961	82,136,763
Principal repayments received	(56,610,198)	(46,381,804)
PIK interest		1,338,170
Amortization of premiums	(122,783)	(30,696)
Accrual, payment and accretion of investment-related fees and other, net	557,037	830,506
Provision for loan losses	(75,929)	(849,081)
Ending balance	533,842,402	459,324,373
Real Estate Loan | Loans held for investment, net
Loans and Financing Receivable
Beginning balance	457,329,582	417,986,462
New loans made	119,461,668	82,136,763
Principal repayments received	(56,610,198)	(42,131,804)
PIK interest		1,338,170
Amortization of premiums	(122,783)	(30,696)
Accrual, payment and accretion of investment-related fees and other, net	537,682	874,559
Provision for loan losses	(75,929)	(849,081)
Ending balance	520,520,022	459,324,373
Real Estate Loan | Loans Held For Investment Acquired Through Participation
Loans and Financing Receivable
Beginning balance	12,343,732	4,294,053
New loans made	959,293	0
Principal repayments received	0	(4,250,000)
PIK interest		0
Amortization of premiums	0	0
Accrual, payment and accretion of investment-related fees and other, net	19,355	(44,053)
Provision for loan losses	0	0
Ending balance	$ 13,322,380	$ 0

Loans Held for Investment - L_2

Loans Held for Investment - Lending activities - subnote (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Loans and Financing Receivable
Paid-in-Kind Interest	$ 0	$ 383,089
Real Estate Loan
Loans and Financing Receivable
Paid-in-Kind Interest		1,338,170
Loans held for investment, net | Real Estate Loan
Loans and Financing Receivable
Paid-in-Kind Interest		1,338,170
Loans Held For Investment Acquired Through Participation | Real Estate Loan
Loans and Financing Receivable
Paid-in-Kind Interest		0
Obligations Under Participation Agreements | Loans held for investment, net | Real Estate Loan
Loans and Financing Receivable
Paid-in-Kind Interest		$ 1,000,000

Loans Held for Investment - Loa

Loans Held for Investment - Loan Structure (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Loans and Financing Receivable
Principal Balance	$ 543,961,917	$ 480,151,151
Carrying Value	547,576,812	483,331,795
Allowance for Loan and Lease Losses, Real Estate	(13,734,410)	(13,658,481)
Carrying Value	$ 533,842,402	$ 469,673,314
% of Total	100%	100%
Percent Of Allowance Of Loan Losses	(2.60%)	(2.90%)
Revolving Credit Facility
Loans and Financing Receivable
Principal Balance	$ 25,000,000	$ 25,000,000
Carrying Value	$ 25,220,416	$ 25,206,964
% of Total	4.70%	5.40%
First Mortgage
Loans and Financing Receivable
Principal Balance	$ 409,638,069	$ 345,454,454
Carrying Value	$ 412,822,844	$ 348,101,455
% of Total	77.40%	74%
Preferred Equity Investment
Loans and Financing Receivable
Principal Balance	$ 94,879,491	$ 92,252,340
Carrying Value	$ 95,054,228	$ 92,400,572
% of Total	17.80%	19.70%
Mezzanine Loans
Loans and Financing Receivable
Principal Balance	$ 14,444,357	$ 17,444,357
Carrying Value	$ 14,479,324	$ 17,622,804
% of Total	2.70%	3.80%

Loans Held for Investment - Pro

Loans Held for Investment - Property Type (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Loans and Financing Receivable
Principal Balance	$ 543,961,917	$ 480,151,151
Carrying Value	547,576,812	483,331,795
Allowance for Loan and Lease Losses, Real Estate	(13,734,410)	(13,658,481)
Carrying Value	$ 533,842,402	$ 469,673,314
% of Total	100%	100%
Percent Of Allowance Of Loan Losses	(2.60%)	(2.90%)
Office
Loans and Financing Receivable
Principal Balance	$ 233,740,170	$ 221,596,870
Carrying Value	$ 234,645,482	$ 222,426,872
% of Total	43.90%	47.30%
Multifamily
Loans and Financing Receivable
Principal Balance	$ 130,138,560	$ 80,805,787
Carrying Value	$ 131,391,900	$ 81,835,756
% of Total	24.60%	17.40%
Industrial
Loans and Financing Receivable
Principal Balance	$ 62,652,998	$ 32,000,000
Carrying Value	$ 62,754,954	$ 32,206,964
% of Total	11.80%	6.90%
Hotel
Loans and Financing Receivable
Principal Balance	$ 43,222,382	$ 56,847,381
Carrying Value	$ 43,722,443	$ 57,395,682
% of Total	8.20%	12.20%
Infill Land
Loans and Financing Receivable
Principal Balance	$ 16,995,416	$ 28,960,455
Carrying Value	$ 17,160,703	$ 28,923,827
% of Total	3.20%	6.20%
Student Housing
Loans and Financing Receivable
Principal Balance	$ 28,000,000	$ 31,000,000
Carrying Value	$ 28,633,217	$ 31,565,670
% of Total	5.40%	6.70%
Mixed use
Loans and Financing Receivable
Principal Balance	$ 29,212,391	$ 28,940,658
Carrying Value	$ 29,268,113	$ 28,977,024
% of Total	5.50%	6.20%

Loans Held for Investment - Geo

Loans Held for Investment - Geographic Locations (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Loans and Financing Receivable
Principal Balance	$ 543,961,917	$ 480,151,151
Carrying Value	547,576,812	483,331,795
Allowance for Loan and Lease Losses, Real Estate	(13,734,410)	(13,658,481)
Carrying Value	$ 533,842,402	$ 469,673,314
% of Total	100%	100%
Percent Of Allowance Of Loan Losses	(2.60%)	(2.90%)
California
Loans and Financing Receivable
Principal Balance	$ 244,596,751	$ 234,968,151
Carrying Value	$ 246,827,025	$ 237,015,597
% of Total	46.20%	50.40%
New York
Loans and Financing Receivable
Principal Balance	$ 94,879,491	$ 92,252,340
Carrying Value	$ 95,054,228	$ 92,400,572
% of Total	17.80%	19.70%
Georgia
Loans and Financing Receivable
Principal Balance	$ 55,449,700	$ 53,289,288
Carrying Value	$ 55,707,130	$ 53,536,884
% of Total	10.40%	11.40%
NORTH CAROLINA
Loans and Financing Receivable
Principal Balance	$ 28,622,301	$ 44,492,971
Carrying Value	$ 28,745,505	$ 44,704,699
% of Total	5.40%	9.50%
New Jersey
Loans and Financing Receivable
Principal Balance	$ 38,745,970	$ 0
Carrying Value	$ 38,777,861	$ 0
% of Total	7.30%	0%
Utah
Loans and Financing Receivable
Principal Balance	$ 28,000,000	$ 28,000,000
Carrying Value	$ 28,633,217	$ 28,420,056
% of Total	5.40%	6.10%
Washington
Loans and Financing Receivable
Principal Balance	$ 46,667,704	$ 3,523,401
Carrying Value	$ 46,831,846	$ 3,382,683
% of Total	8.80%	0.70%
Texas
Loans and Financing Receivable
Principal Balance	$ 0	$ 13,625,000
Carrying Value	$ 0	$ 13,725,690
% of Total	0%	2.90%
Massachusetts
Loans and Financing Receivable
Principal Balance	$ 7,000,000	$ 7,000,000
Carrying Value	$ 7,000,000	$ 7,000,000
% of Total	1.30%	1.50%
South Carolina
Loans and Financing Receivable
Principal Balance	$ 0	$ 3,000,000
Carrying Value	$ 0	$ 3,145,614
% of Total	0%	0.70%

Loans Held for Investment - L_3

Loans Held for Investment - Loan risk rating (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($) Loans	Jun. 30, 2021 Loans	Dec. 31, 2021 USD ($) Loans
Loans and Financing Receivable
Number Of Loans | Loans	22		21
Principal Balance	$ 543,961,917		$ 480,151,151
Carrying Value	547,576,812		483,331,795
Allowance for Loan and Lease Losses, Real Estate	(13,734,410)		(13,658,481)
Carrying Value	$ 533,842,402		$ 469,673,314
% of Total	100%		100%
1
Loans and Financing Receivable
Number Of Loans | Loans	0		0
Principal Balance	$ 0		$ 0
Carrying Value	$ 0		$ 0
% of Total	0%		0%
2
Loans and Financing Receivable
Number Of Loans | Loans	2		2
Principal Balance	$ 25,000,000		$ 25,000,000
Carrying Value	$ 25,041,878		$ 25,041,124
% of Total	4.60%		5.20%
3
Loans and Financing Receivable
Number Of Loans | Loans	17		15
Principal Balance	$ 424,082,426		$ 349,273,811
Carrying Value	$ 427,480,706		$ 352,164,409
% of Total	78.10%		72.90%
4
Loans and Financing Receivable
Number Of Loans | Loans	1	1	1
Principal Balance	$ 60,911,857		$ 60,012,639
Carrying Value	$ 60,911,857		$ 60,012,639
% of Total	11.10%		12.40%
5
Loans and Financing Receivable
Number Of Loans | Loans	0	0	0
Principal Balance	$ 0		$ 0
Carrying Value	$ 0		$ 0
% of Total	0%		0%
Other
Loans and Financing Receivable
Number Of Loans | Loans	2		3
Principal Balance	$ 33,967,634		$ 45,864,701
Carrying Value	34,142,371		46,113,623
Allowance for Loan and Lease Losses, Real Estate	$ (12,800,000)		$ (12,800,000)
% of Total	6.20%		9.50%

Loans Held for Investment - L_4

Loans Held for Investment - Loan risk rating - subnote (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Loans and Financing Receivable
Allowance for loan losses	$ 13,734,410	$ 13,658,481
Other
Loans and Financing Receivable
Allowance for loan losses	$ 12,800,000	$ 12,800,000

Loans Held for Investment - All

Loans Held for Investment - Allowance for loan losses (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Receivables [Abstract]
Allowance for loan losses, beginning of period	$ 13,658,481	$ 3,738,758
Provision for loan losses	75,929	849,081
Charge-offs	0	0
Recoveries	0	0
Allowance for loan losses, end of period	$ 13,734,410	$ 4,587,839

Loans Held for Investment - Nar

Loans Held for Investment - Narratives - Allowance for loan losses (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($) numberOfAgreements	Jun. 30, 2021 USD ($) numberOfAgreements	Jun. 30, 2022 USD ($) Loans numberOfAgreements	Jun. 30, 2021 USD ($) numberOfAgreements Loans	Dec. 31, 2021 Loans
Loans and Financing Receivable
Provision for loan losses | $	$ 25,633	$ 573,061	$ 75,929	$ 849,081
Provision for loan losses | $			$ 75,929	$ 849,081
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | Loans				1	1
Number Of Loans | Loans			22		21
Number of contract suspended | numberOfAgreements	2	2	2	2
Interest non-accrual | $	$ 1,200,000	$ 700,000	$ 2,300,000	$ 1,300,000
5
Loans and Financing Receivable
Number Of Loans | Loans			0	0	0
4
Loans and Financing Receivable
Number Of Loans | Loans			1	1	1
Specific Allowance
Loans and Financing Receivable
Provision for loan losses | $	20,000	1,000,000	$ 60,000	$ 1,300,000
Number Of Loans | Loans			2	5
General Allowance
Loans and Financing Receivable
Provision for loan losses | $	$ 5,000	$ (500,000)	$ 10,000	$ (400,000)

Loans Held for Investment - Tro

Loans Held for Investment - Troubled Debt Restructuring (Details) - Principal Forgiveness	6 Months Ended
	Jun. 30, 2022 USD ($) Loans
Troubled Debt Restructuring
Number of loans modified | Loans	1
Pre-modified recorded carrying value	$ 18,503,470
Post-modified recorded carrying value	$ 13,625,000

Loans Held for Investment - N_2

Loans Held for Investment - Narratives - TDR (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Sep. 23, 2021	Apr. 01, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	May 30, 2020
Troubled Debt Restructuring
Principal Balance			$ 543,961,917		$ 480,151,151
Charge-offs			0	$ 0
Principal Forgiveness
Troubled Debt Restructuring
Financing Receivable, Troubled Debt Restructuring			$ 0		$ 13,700,000
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend	$ 14,700,000
Principal Balance	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
Loans and Leases Receivable, Impaired, Description			Once classified as a TDR, the new senior loan was classified as an impaired loan until it was extinguished and the carrying value was evaluated at each reporting date for collectability based on the fair value of the underlying collateral.

Equity Investment in Unconsol_3

Equity Investment in Unconsolidated Investments - Summarized financial information of the Companys equity investment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments
Other assets	$ 3,927,963		$ 3,927,963		$ 3,505,953
Total assets	753,312,256		753,312,256		693,542,158
Revolving line of credit, net of financing costs	48,355,899		48,355,899		38,186,472
Obligations under participation agreement (proceeds of $10,726,565 and $14,252,357, respectively)	43,774,875		43,774,875		42,232,027
Other liabilities	2,066,305		2,066,305		4,289,967
Total liabilities	486,616,106		486,616,106		419,698,580
Mavik RESOF
Schedule of Equity Method Investments
Investments at fair value (cost of $125,222,394 and $107,261,022, respectively)	127,820,410		127,820,410		108,359,898
Other assets	11,255,276		11,255,276		5,484,087
Total assets	139,075,686		139,075,686		113,843,985
Revolving line of credit, net of financing costs	8,849,206		8,849,206		14,909,717
Obligations under participation agreement (proceeds of $10,726,565 and $14,252,357, respectively)	10,765,579		10,765,579		14,351,617
Other liabilities	9,868,920		9,868,920		5,296,603
Total liabilities	29,483,705		29,483,705		34,557,937
Partners' Capital	109,591,981		109,591,981		$ 79,286,048
Total investment income	5,891,371	$ 2,698,223	10,736,035	$ 4,740,323
Total expenses	1,761,814	544,363	3,055,130	1,015,575
Net investment income	4,129,557	2,153,860	7,680,905	3,724,748
Unrealized appreciation on investments	1,493,140	129,286	1,562,191	182,983
Net increase in partners’ capital resulting from operations	$ 5,622,697	$ 2,283,146	$ 9,243,096	$ 3,907,731

Equity Investment in Unconsol_4

Equity Investment in Unconsolidated Investments - Summarized financial information of the Company equity investment - additional information (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments
Carrying Value	$ 533,842,402		$ 469,673,314
Proceeds from obligations under participation agreements	16,522,472	$ 54,550,858
Mavik RESOF
Schedule of Equity Method Investments
Carrying Value	125,177,252		107,261,022
Proceeds from obligations under participation agreements	$ 10,726,565		$ 14,252,357

Equity Investment in Unconsol_5

Equity Investment in Unconsolidated Investments - Narratives (Details) - USD ($)		3 Months Ended		6 Months Ended
	Aug. 03, 2020	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments
Unfunded Commitment Outstanding		$ 96,000,000		$ 96,000,000		$ 71,800,000
Equity investment in unconsolidated investments		91,896,673		91,896,673		69,713,793
Income from equity investment in excess of distributions received		1,364,332	$ 1,400,839	2,783,667	$ 2,738,666
Mavik RESOF
Schedule of Equity Method Investments
Committed Capital	$ 50,000,000
Unfunded Commitment Outstanding		16,600,000		16,600,000		15,100,000
Equity investment in unconsolidated investments		41,100,000		41,100,000		$ 40,500,000
Origination fee				200,000	500,000
Payments for Origination of Mortgage Loans Held-for-sale					500,000
Income from equity investment in excess of distributions received		1,600,000	1,400,000	2,900,000	2,700,000
Proceeds from Equity Method Investment, Distribution		$ 0	0	$ 0	0
Equity Method Investment, Ownership Percentage		36.60%		36.60%		50%
Joint Venture
Schedule of Equity Method Investments
Equity investment in unconsolidated investments		$ 50,818,668		$ 50,818,668		$ 29,255,511
Income from equity investment in excess of distributions received		(200,000)	0	(100,000)	0
Proceeds from Equity Method Investment, Distribution		$ 400,000	$ 0	$ 700,000	$ 0

Equity Investment in Unconsol_6

Equity Investment in Unconsolidated Investments - Equity Investment in Joint Venture (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Schedule of Equity Method Investments
Equity investment in unconsolidated investments	$ 91,896,673	$ 69,713,793
Joint Venture
Schedule of Equity Method Investments
Equity investment in unconsolidated investments	$ 50,818,668	29,255,511
Joint Venture | LEL Arlington JV LLC
Schedule of Equity Method Investments
Equity Method Investment, Description of Principal Activities	Third party
Equity Method Investment, Ownership Percentage	80%
Equity investment in unconsolidated investments	$ 23,457,972	23,949,044
Joint Venture | LEL NW 49th JV LLC
Schedule of Equity Method Investments
Equity Method Investment, Description of Principal Activities	Third party
Equity Method Investment, Ownership Percentage	80%
Equity investment in unconsolidated investments	$ 5,204,008	5,306,467
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	$ 22,156,688	$ 0

Equity Investment in Unconsol_7

Equity Investment in Unconsolidated Investments - Summarized financial information of JV (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Schedule of Equity Method Investments
Other assets	$ 3,927,963		$ 3,927,963		$ 3,505,953
Total assets	753,312,256		753,312,256		693,542,158
Mortgage loan Payable	31,790,254		31,790,254		32,134,295
Other liabilities	2,066,305		2,066,305		4,289,967
Total liabilities	486,616,106		486,616,106		419,698,580
Revenues	14,688,113	$ 11,256,297	26,800,383	$ 21,545,549
Operating Expenses	(8,590,119)	(7,100,522)	(17,809,917)	(12,680,247)
Net loss	6,097,994	4,155,775	8,990,466	8,865,302
Joint Venture
Schedule of Equity Method Investments
Net investment in real estate	198,090,733		198,090,733		115,636,424
Other assets	10,652,749		10,652,749		4,856,249
Total assets	208,743,482		208,743,482		120,492,673
Mortgage loan Payable	145,793,415		145,793,415		83,445,235
Other liabilities	3,044,473		3,044,473		1,305,572
Total liabilities	148,837,888		148,837,888		84,750,807
Members' Capital	59,905,594		59,905,594		$ 35,741,866
Revenues	3,681,032	0	6,131,470	0
Operating Expenses	(2,206,984)	0	(3,023,665)	0
Depreciation	(1,065,066)	0	(1,755,897)	0
Interest expense on mortgage loan payable	(1,744,226)	0	(2,829,787)	0
Unrealized gains	1,170,866	0	1,406,377	0
Net loss	$ (164,378)	$ 0	$ (71,502)	$ 0

Real Estate Owned, Net - Lease

Real Estate Owned, Net - Lease Activities (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($) a	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) a	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) a	Mar. 02, 2020 USD ($)
Real Estate
Area of Land | a	4.9		4.9		4.9
Proceeds from sale of real estate			$ 8,585,500	$ 0
Loss on Sale of Investments			(50,000)
Cash						$ 25,500,000
Total assets	$ 753,312,256		753,312,256		$ 693,542,158
Below Market Lease, Net	$ 9,143,006		$ 9,143,006		9,709,710
Lessee, Operating Lease, Term of Contract	10 years		10 years
Lessee, Operating Lease, Option to Extend			option to extend the lease for 5 years
Gross sales of tenant business	6%		6%
Annual rental payment increase percent	3%		3%
Termination fees			$ 3,100,000
Impairment charge	$ 0	$ 0	1,604,989	$ 0	$ 3,400,000
Asset Impairment Charges			$ 1,600,000

Real Estate Owned, Net - Real E

Real Estate Owned, Net - Real Estate Owned Net (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Real Estate
Net	$ 47,492,647	$ 58,325,068
Assets, Net	(4,304,339)
Real Estate Investment
Real Estate
Cost	57,304,497	67,304,497
Accumulated Depreciation	(14,116,189)	(11,237,368)
Net	43,188,308	56,067,129
Assets, Gross	15,139,080	15,139,080
Assets, Accumulated Amortization	(10,300,413)	(7,687,309)
Assets, Net	4,838,667	7,451,771
Liabilities Gross	(11,651,192)	(11,651,192)
Liabilities Accumulated Amortization	2,508,186	1,941,482
Liability Net	(9,143,006)	(9,709,710)
Real Estate Investment | Real Estate
Real Estate
Cost	53,816,609	63,816,609
Accumulated Depreciation	(6,323,962)	(5,491,541)
Net	47,492,647	58,325,068
Real Estate Investment | Land
Real Estate
Cost	0	10,000,000
Accumulated Depreciation	0	0
Net	0	10,000,000
Real Estate Investment | Building and Building Improvements
Real Estate
Cost	51,725,969	51,725,969
Accumulated Depreciation	(5,064,887)	(4,418,305)
Net	46,661,082	47,307,664
Real Estate Investment | Tenant Improvement
Real Estate
Cost	1,854,640	1,854,640
Accumulated Depreciation	(1,086,008)	(947,369)
Net	768,632	907,271
Real Estate Investment | Furniture and fixtures
Real Estate
Cost	236,000	236,000
Accumulated Depreciation	(173,067)	(125,867)
Net	62,933	110,133
Real Estate Investment | In-place lease
Real Estate
Assets, Gross	14,982,538	14,982,538
Assets, Accumulated Amortization	(10,231,650)	(7,627,326)
Assets, Net	4,750,888	7,355,212
Real Estate Investment | Above Market Leases
Real Estate
Assets, Gross	156,542	156,542
Assets, Accumulated Amortization	(68,763)	(59,983)
Assets, Net	87,779	96,559
Real Estate Investment | Below Market Rent
Real Estate
Liabilities Gross	(2,754,922)	(2,754,922)
Liabilities Accumulated Amortization	1,997,654	1,496,125
Liability Net	(757,268)	(1,258,797)
Real Estate Investment | Above Market Ground Lease
Real Estate
Liabilities Gross	(8,896,270)	(8,896,270)
Liabilities Accumulated Amortization	510,532	445,357
Liability Net	$ (8,385,738)	$ (8,450,913)

Real Estate Owned, Net - Compon

Real Estate Owned, Net - Components of real estate operating revenues and expenses (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Real Estate
Real estate operating revenue	$ 2,991,321	$ 2,265,700	$ 5,970,775	$ 4,277,341
Total	14,688,113	11,256,297	26,800,383	21,545,549
Real estate operating expenses
Asset management fee	1,640,628	1,156,696	3,128,723	2,313,239
Real Estate Operating Expenses	1,247,328	1,516,105	2,465,291	2,487,420
Real Estate Investment
Real Estate
Lease revenue	1,744,262	1,805,820	3,498,823	3,611,694
Other operating income	1,247,059	459,880	2,471,952	665,647
Real estate operating revenue	2,991,321	2,265,700	5,970,775	4,277,341
Real estate operating expenses
Utilities	56,171	36,476	101,505	70,468
Real estate taxes	344,727	344,119	691,159	690,473
Repairs and maintenances	169,817	123,972	327,233	269,218
Asset management fee	70,219	88,981	138,087	150,306
Lease expense, including amortization of above-market ground lease (1)	487,163	826,538	974,326	1,110,076
Other operating expenses	119,231	96,019	232,981	196,879
Real Estate Operating Expenses	$ 1,247,328	$ 1,516,105	$ 2,465,291	$ 2,487,420

Real Estate Owned, Net - Maturi

Real Estate Owned, Net - Maturities of operating lease liabilities - subnote (Details) - USD ($)			3 Months Ended		6 Months Ended
	Jun. 02, 2021	Jun. 01, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Real Estate
Amortization of above- and below-market rent intangibles					$ (492,749)	$ (169,110)
Operating Leases, Rent Expense, Minimum Rentals	$ 2,100,000	$ 1,300,000
Real Estate Operating Expenses			$ 1,247,328	$ 1,516,105	$ 2,465,291	2,487,420
Retroactive
Real Estate
Operating Leases, Rent Expense				500,000		1,000,000
Real Estate Operating Expenses				$ 1,200,000		$ 2,300,000

Real Estate Owned, Net - Narrat

Real Estate Owned, Net - Narratives - Leases (Details) - Ground Lease	6 Months Ended
	Jun. 30, 2022
Real Estate
Weighted average remaining lease term — operating lease (years)	64 years 7 months 6 days
Base Rent Renewal Term	5 years
Percent of Fair Market Value of Land	9%

Real Estate Owned, Net - Future

Real Estate Owned, Net - Future Minimum Rent Income (Details)	Jun. 30, 2022 USD ($)
Real Estate [Abstract]
2022 (July 1 through December 31)	$ 3,499,952
2023	4,235,538
2024	4,380,043
2025	792,925
2026	816,724
2027	598,943
Thereafter	1,815,497
Total	$ 16,139,622

Real Estate Owned, Net - Annual

Real Estate Owned, Net - Annual Net Amortization of Intangibles (Details)	Jun. 30, 2022 USD ($)
Real Estate
2022 (July 1 through December 31)	$ 1,853,612
2023	824,474
2024	824,474
2025	(25,671)
2026	(25,671)
2027	(86,733)
Thereafter	(7,668,824)
Total	(4,304,339)
Net Decrease in Real Estate Operating Revenue
Real Estate
2022 (July 1 through December 31)	(433,802)
2023	(139,056)
2024	(139,056)
2025	17,556
2026	17,556
2027	7,315
Thereafter	0
Total	(669,487)
Increase in Depreciation and Amortization
Real Estate
2022 (July 1 through December 31)	2,352,588
2023	1,093,878
2024	1,093,878
2025	87,121
2026	87,121
2027	36,300
Thereafter	0
Total	4,750,886
Decrease in Rent Expense
Real Estate
2022 (July 1 through December 31)	(65,174)
2023	(130,348)
2024	(130,348)
2025	(130,348)
2026	(130,348)
2027	(130,348)
Thereafter	(7,668,824)
Total	$ (8,385,738)

Real Estate Owned, Net - Supple

Real Estate Owned, Net - Supplemental ground lease balance sheet information (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Real Estate
Operating lease right-of-use asset	$ 27,387,013	$ 27,394,936
Operating lease liability	27,387,013	27,394,936
Ground Lease
Real Estate
Operating lease right-of-use asset	27,387,013	27,394,936
Operating lease liability	$ 27,387,013	$ 27,394,936
Weighted average remaining lease term — operating lease (years)	64 years 3 months 18 days	64 years 9 months 18 days
Weighted average discount rate — operating lease	7.60%	7.60%

Real Estate Owned, Net - Comp_2

Real Estate Owned, Net - Component of lease expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Ground Lease
Real Estate
Operating lease cost (1)	$ 519,750	$ 859,125	$ 1,039,500	$ 1,175,250

Real Estate Owned, Net - Cash i

Real Estate Owned, Net - Cash information related to the ground lease (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Real Estate [Abstract]
Operating cash flows from an operating lease	$ 1,039,500	$ 1,175,250
Right-of-use assets obtained in exchange for lease obligations, Operating leases	$ 1,039,500	$ 1,175,250

Real Estate Owned, Net - Matu_2

Real Estate Owned, Net - Maturities of operating lease liabilities (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Real Estate [Abstract]
2022 (July 1 through December 31)	$ 1,039,500
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 payment	133,662,375
Less: Imputed interest	(106,275,362)
Operating lease liability	$ 27,387,013	$ 27,394,936

Fair Value Measurements - Fair

Fair Value Measurements - Fair value measurements of marketable securities (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities	$ 0	$ 1,310,000	$ 8,000,914	$ 1,287,500
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities		1,310,000
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities		1,310,000
Level 1 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities		1,310,000
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities		0
Level 2 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities		0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities		0
Level 3 | Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Marketable securities		$ 0

Fair Value Measurements - Activ

Fair Value Measurements - Activities of the marketable securities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Fair value measurement [Abstract]
Beginning balance			$ 1,310,000	$ 1,287,500
Purchases			0	6,479,148
Proceeds from sale			(1,259,417)	0
Reclassification of net realized gains on marketable securities into earnings	$ 32,278	$ 0	83,411	0
Unrealized (losses) gains on marketable securities	(34,950)	248,874	(133,994)	234,266
Ending balance	$ 0	$ 8,000,914	$ 0	$ 8,000,914

Fair value measurement - Not ca

Fair value measurement - Not carried at Fair Value (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Loans:
Principal Balance	$ 543,961,917	$ 480,151,151
Carrying Value	533,842,402	469,673,314
Fair Value	529,585,873	467,201,619
Liabilities:
Principal Balance	439,879,746	370,566,055
Carrying value	434,530,673	364,910,392
Fair Value	433,404,847	370,793,089
Revolving line of credit
Loans:
Principal Balance	78,514,237	60,126,330
Carrying Value	78,768,378	60,318,820
Fair Value	79,713,039	60,690,198
Liabilities:
Principal Balance	48,825,066	38,575,895
Loans held for investment, net
Loans:
Carrying Value	520,520,022	457,329,582
Loans Held For Investment Acquired Through Participation
Loans:
Principal Balance	13,266,658	12,307,366
Carrying Value	13,322,380	12,343,732
Unsecured note payable
Liabilities:
Principal Balance	85,125,000	85,125,000
Carrying value	82,166,108	81,856,799
Fair Value	78,893,850	85,210,125
Level 3
Loans:
Fair Value	529,585,873	467,201,619
Allowance for loan losses	(13,734,410)	(13,658,481)
Liabilities:
Fair Value	354,510,997	285,582,964
Level 3 | Revolving line of credit
Liabilities:
Principal Balance	48,825,066	38,575,895
Carrying value	48,355,899	38,186,472
Fair Value	48,825,066	38,575,895
Level 3 | Loans held for investment, net
Loans:
Principal Balance	530,695,259	467,843,785
Carrying Value	534,254,432	470,988,063
Fair Value	516,258,939	454,840,551
Level 3 | Loans Held For Investment Acquired Through Participation
Loans:
Principal Balance	13,266,658	12,307,366
Carrying Value	13,322,380	12,343,732
Fair Value	13,326,934	12,361,068
Level 3 | Term loans payable
Liabilities:
Principal Balance	0	93,763,470
Carrying value	0	91,940,062
Fair Value	0	94,344,595
Level 3 | Repurchase agreement payables
Liabilities:
Principal Balance	192,659,149	44,569,600
Carrying value	190,130,617	43,974,608
Fair Value	192,659,149	44,569,600
Level 3 | Obligations Under Participation Agreements
Liabilities:
Principal Balance	43,570,766	42,048,294
Carrying value	43,774,875	42,232,027
Fair Value	43,121,712	41,475,060
Level 3 | Mortgage loan payable
Liabilities:
Principal Balance	31,549,627	31,962,692
Carrying value	31,790,254	32,134,295
Fair Value	31,785,040	32,192,785
Level 3 | Secured borrowing
Liabilities:
Principal Balance	38,150,138	34,521,104
Carrying value	38,312,920	34,586,129
Fair Value	38,120,030	34,425,029
Level 1 | Unsecured note payable
Liabilities:
Principal Balance	85,125,000	85,125,000
Carrying value	82,166,108	81,856,799
Fair Value	$ 78,893,850	$ 85,210,125

Fair Value Measurements - Valua

Fair Value Measurements - Valuation techniques (Details)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques
Assets, Fair Value	$ 529,585,873	$ 467,201,619
Liabilities, Fair Value	433,404,847	370,793,089
Revolving line of credit
Fair Value Measurement Inputs and Valuation Techniques
Assets, Fair Value	79,713,039	60,690,198
Level 3
Fair Value Measurement Inputs and Valuation Techniques
Assets, Fair Value	529,585,873	467,201,619
Liabilities, Fair Value	354,510,997	285,582,964
Level 3 | Revolving line of credit
Fair Value Measurement Inputs and Valuation Techniques
Liabilities, Fair Value	48,825,066	38,575,895
Level 3 | Loans held for investment, net
Fair Value Measurement Inputs and Valuation Techniques
Assets, Fair Value	516,258,939	454,840,551
Level 3 | Loans Held For Investment Acquired Through Participation
Fair Value Measurement Inputs and Valuation Techniques
Assets, Fair Value	13,326,934	12,361,068
Level 3 | Term loans payable
Fair Value Measurement Inputs and Valuation Techniques
Liabilities, Fair Value	0	94,344,595
Level 3 | Repurchase agreement payables
Fair Value Measurement Inputs and Valuation Techniques
Liabilities, Fair Value	192,659,149	44,569,600
Level 3 | Obligations Under Participation Agreements
Fair Value Measurement Inputs and Valuation Techniques
Liabilities, Fair Value	43,121,712	41,475,060
Level 3 | Mortgage loan payable
Fair Value Measurement Inputs and Valuation Techniques
Liabilities, Fair Value	31,785,040	32,192,785
Level 3 | Secured borrowing
Fair Value Measurement Inputs and Valuation Techniques
Liabilities, Fair Value	$ 38,120,030	$ 34,425,029
Level 3 | Discounted Cash Flow | Discount Rate | Minimum | Revolving line of credit
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.0504	0.0400
Level 3 | Discounted Cash Flow | Discount Rate | Maximum | Revolving line of credit
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.0504	0.0400
Level 3 | Discounted Cash Flow | Discount Rate | Weighted average | Revolving line of credit
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.0504	0.0400
Level 3 | Discounted Cash Flow | Discount Rate | Loans held for investment, net | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.0579	0.0389
Level 3 | Discounted Cash Flow | Discount Rate | Loans held for investment, net | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.1608	0.1500
Level 3 | Discounted Cash Flow | Discount Rate | Loans held for investment, net | Weighted average
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.0961	0.0811
Level 3 | Discounted Cash Flow | Discount Rate | Loans Held For Investment Acquired Through Participation | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.0979	0.0825
Level 3 | Discounted Cash Flow | Discount Rate | Loans Held For Investment Acquired Through Participation | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.1500	0.1500
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	0.1271	0.1233
Level 3 | Discounted Cash Flow | Discount Rate | Term loans payable | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input		0.0400
Level 3 | Discounted Cash Flow | Discount Rate | Term loans payable | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input		0.0400
Level 3 | Discounted Cash Flow | Discount Rate | Term loans payable | Weighted average
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input		0.0400
Level 3 | Discounted Cash Flow | Discount Rate | Repurchase agreement payables | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.0255	0.0245
Level 3 | Discounted Cash Flow | Discount Rate | Repurchase agreement payables | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.0415	0.0274
Level 3 | Discounted Cash Flow | Discount Rate | Repurchase agreement payables | Weighted average
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.0348	0.0257
Level 3 | Discounted Cash Flow | Discount Rate | Obligations Under Participation Agreements | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.1466	0.1237
Level 3 | Discounted Cash Flow | Discount Rate | Obligations Under Participation Agreements | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.1608	0.1500
Level 3 | Discounted Cash Flow | Discount Rate | Obligations Under Participation Agreements | Weighted average
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.1546	0.1431
Level 3 | Discounted Cash Flow | Discount Rate | Mortgage loan payable | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.0608	0.0608
Level 3 | Discounted Cash Flow | Discount Rate | Mortgage loan payable | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.0608	0.0608
Level 3 | Discounted Cash Flow | Discount Rate | Mortgage loan payable | Weighted average
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.0608	0.0608
Level 3 | Discounted Cash Flow | Discount Rate | Secured borrowing | Minimum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.0798	0.0664
Level 3 | Discounted Cash Flow | Discount Rate | Secured borrowing | Maximum
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.0798	0.0664
Level 3 | Discounted Cash Flow | Discount Rate | Secured borrowing | Weighted average
Fair Value Measurement Inputs and Valuation Techniques
Measurement Input	0.0798	0.0664

Related Party Transactions - Su

Related Party Transactions - Summary of fees paid and costs reimbursed to the Manager (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction
Origination And Extension Fee Expense	$ 381,947	$ 252,630	$ 1,068,312	$ 598,014
Asset management fee	1,640,628	1,156,696	3,128,723	2,313,239
Asset servicing fee	395,718	276,990	745,047	550,197
Operating expenses reimbursed to Manager	2,140,635	2,007,069	4,069,198	3,349,827
Disposition Fee	479,500	63,700	479,500	314,688
Total expenses	$ 5,038,428	$ 3,757,085	$ 9,490,780	$ 7,125,965

Related Party Transactions - _2

Related Party Transactions - Summary of fees paid and costs reimbursed to the Manager -subnote (Details) - Mavik RESOF - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Related Party Transaction
Payments for Origination of Mortgage Loans Held-for-sale		$ 0.5
Origination fee	$ 0.2	$ 0.5

Related Party Transactions - Na

Related Party Transactions - Narratives (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Related Party Transaction
Termination fee	$ 0				$ 0		$ 0
Distribution Paid
Dividends, Common Stock	3,780,568	$ 3,893,595	$ 4,429,352	$ 3,893,595	7,700,000	$ 8,300,000
Investment Company, Return of Capital Distribution	2,800,000		$ 4,400,000		5,700,000	$ 6,800,000
Due to Manager (Note 7)	3,084,198				3,084,198		2,388,317
Due from related party	$ 0				$ 0		$ 2,605,639
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.
Property Management Fee, Percent Fee					1%

Related Party Transactions - Pa

Related Party Transactions - Participation Interests Purchased (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Related Party Transaction
Principal Balance	$ 543,961,917	$ 480,151,151
Carrying Value	533,842,402	469,673,314
Loans Held For Investment Acquired Through Participation
Related Party Transaction
Principal Balance	13,266,658	12,307,366
Carrying Value	$ 13,322,380	$ 12,343,732
Loans Held For Investment Acquired Through Participation | Hillsborough Owners LLC
Related Party Transaction
Participating Interests	30%	30%
Principal Balance	$ 5,822,301	$ 4,863,009
Carrying Value	$ 5,843,056	$ 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	$ 7,479,324	$ 7,477,190

Related Party Transactions - Tr

Related Party Transactions - Transfers of Participation Interest (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Related Party Transaction
Principal Balance	$ 543,961,917	$ 480,151,151
Carrying Value	533,842,402	469,673,314
Principal Balance	439,879,746	370,566,055
Carrying Value	0	91,940,062
Secured borrowing
Related Party Transaction
Principal Balance	55,205,494	49,954,068
Carrying Value	55,506,041	50,264,568
Principal Balance	38,150,138	34,521,104
Carrying Value	38,312,920	34,586,129
Secured borrowing | Windy Hill PV Five CM, LLC
Related Party Transaction
Principal Balance	55,205,494	49,954,068
Carrying Value	$ 55,506,041	$ 50,264,568
% Transferred	69.11%	69.11%
Principal Balance	$ 38,150,138	$ 34,521,104
Carrying Value	38,312,920	34,586,129
Participating Mortgage Loan
Related Party Transaction
Principal Balance	103,933,758	100,619,048
Carrying Value	104,328,911	100,974,244
Principal Balance	43,570,766	42,048,294
Carrying Value	43,774,875	42,232,027
Participating Mortgage Loan | 370 Lex Part Deux, LLC
Related Party Transaction
Principal Balance	60,911,857	60,012,639
Carrying Value	$ 60,911,857	$ 60,012,639
% Transferred	35%	35%
Principal Balance	$ 21,319,150	$ 21,004,424
Carrying Value	21,319,149	21,004,423
Participating Mortgage Loan | RS JZ Driggs, LLC
Related Party Transaction
Principal Balance	18,021,901	15,606,409
Carrying Value	$ 18,196,638	$ 15,754,641
% Transferred	50%	50%
Principal Balance	$ 9,014,116	$ 7,806,370
Carrying Value	9,101,515	7,880,516
Participating Mortgage Loan | William A. Shopoff , Cindy I. Shopoff
Related Party Transaction
Principal Balance	25,000,000	25,000,000
Carrying Value	$ 25,220,416	$ 25,206,964
% Transferred	52.95%	52.95%
Principal Balance	$ 13,237,500	$ 13,237,500
Carrying Value	$ 13,354,211	$ 13,347,088

Related Party Transactions - _3

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

Debt - Unsecured Notes Payable

Debt - Unsecured Notes Payable (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument
Principal amount	$ 439,879,746	$ 370,566,055
Carrying value	434,530,673	364,910,392
Fair Value	433,404,847	370,793,089
Unsecured note payable
Debt Instrument
Principal amount	85,125,000	85,125,000
Carrying value	82,166,108	81,856,799
Fair Value	$ 78,893,850	$ 85,210,125

Debt - Unsecured Notes Payabl_2

Debt - Unsecured Notes Payable - subnote (Details) - Unsecured note payable - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument
Unamortized Discount	$ 2.2	$ 2.4
Unamortized Debt Issuance Expense	$ 0.8	$ 0.9

Debt - Narratives - Unsecured N

Debt - Narratives - Unsecured Notes Payable (Details) - USD ($)			6 Months Ended	12 Months Ended
	Jun. 25, 2021	Jun. 10, 2021	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument
Principal amount			$ 439,879,746	$ 370,566,055
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
asset coverage ratio			150%
Maturity Date			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.
Covenant Compliance			As of June 30, 2022 and December 31, 2021, the Company was in compliance with the covenants included in the Indenture.	As of June 30, 2022 and 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 ($)			6 Months Ended		12 Months Ended
	Jan. 04, 2022	Mar. 12, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Debt Instrument
Payment of financing costs			$ 975,947	$ 1,529,600
Proceeds from borrowings under revolving line of credit			41,169,295	9,213,759
Repayments of borrowings under revolving line of credit			30,920,124	$ 0
Revolving line of credit
Debt Instrument
Maximum Borrowing Capacity	$ 125,000,000	$ 75,000,000
Payment of financing costs			$ 600,000
Maturity Date	Mar. 12, 2024	Mar. 12, 2023
Ratio of Debt to Net Worth			2.50
Minimum net worth required for compliance			$ 250,000,000
Quarterly Operating Profit for Compliance			$ 3,500,000
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.
Covenant Compliance			As of June 30, 2022 and December 31, 2021, the Company was in compliance with these covenants.		As of June 30, 2022 and December 31, 2021, the Company was in compliance with these covenants.
Revolving line of credit | Floor rate
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate		4%
Revolving line of credit | LIBOR
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate		3.25%

Debt - Each borrowing under the

Debt - Each borrowing under the Revolving Line of Credit (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument
Principal Balance	$ 543,961,917	$ 480,151,151
Carrying Value	533,842,402	469,673,314
Fair Value	529,585,873	467,201,619
Principal amount	439,879,746	370,566,055
Revolving line of credit
Debt Instrument
Principal Balance	78,514,237	60,126,330
Carrying Value	78,768,378	60,318,820
Fair Value	79,713,039	60,690,198
Principal amount	48,825,066	38,575,895
Revolving line of credit | 870 Santa Cruz LLC
Debt Instrument
Principal Balance	21,373,119	17,540,875
Carrying Value	21,576,127	17,669,303
Fair Value	21,616,421	17,781,285
Principal amount	14,651,926	12,278,613
Revolving line of credit | 606 fayetteville LLC and 401 E, Lakewood LLC
Debt Instrument
Principal Balance		16,829,962
Carrying Value		16,935,803
Fair Value		16,974,601
Principal amount		10,312,187
Revolving line of credit | AAESUF Property LLC
Debt Instrument
Principal Balance	16,995,416
Carrying Value	17,160,703
Fair Value	17,665,678
Principal amount	8,082,267
Revolving line of credit | AARSHW Property LLC
Debt Instrument
Principal Balance	21,750,554
Carrying Value	21,617,158
Fair Value	21,912,880
Principal amount	13,920,392
Revolving line of credit | Austin H. I. Borrower LLC
Debt Instrument
Principal Balance		13,625,000
Carrying Value		13,725,690
Fair Value		13,735,569
Principal amount		7,493,750
Revolving line of credit | D-G Acquisition #6, LLC and D-G Quimisa, LLC
Debt Instrument
Principal Balance	8,902,444	8,607,092
Carrying Value	8,917,380	8,605,341
Fair Value	8,942,875	8,645,413
Principal amount	6,231,711	6,024,965
Revolving line of credit | The Lux Washington, LLC
Debt Instrument
Principal Balance	9,492,704	3,523,401
Carrying Value	9,497,010	3,382,683
Fair Value	9,575,185	3,553,330
Principal amount	$ 5,938,770	$ 2,466,380

Debt - Narratives - Term Loan (

Debt - Narratives - Term Loan (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Sep. 03, 2020
Debt Instrument
Payment of financing costs			$ 975,947	$ 1,529,600
Proceeds from borrowings under the term loan			0	2,031,572
Repayment of borrowings under the term loan			93,763,471	2,600,000
Principal amount	$ 439,879,746		439,879,746		$ 370,566,055
Interest expense on secured borrowing	556,855	$ 334,905	1,109,640	634,710
Cash and cash equivalents	28,978,788	$ 88,293,082	$ 28,978,788	$ 88,293,082	35,783,956
Term Loan
Debt Instrument
Principal amount					$ 93,763,470
Indenture and credit Agreement | Class B Loan
Debt Instrument
Principal amount						$ 76,700,000
Indenture and credit Agreement | Term Loan
Debt Instrument
Principal amount						$ 103,000,000
Maturity Date			Mar. 14, 2025
Interest expense on secured borrowing			$ 400,000
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.
Indenture and credit Agreement | Term Loan | Minimum
Debt Instrument
Debt Instrument Covenant Liquidity	$ 10,000,000		$ 10,000,000
Indenture and credit Agreement | Term Loan | Maximum
Debt Instrument
EBITDA To interest expense ratio			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%		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 ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument
Principal Balance	$ 543,961,917	$ 480,151,151
Carrying Value	533,842,402	469,673,314
Fair Value	529,585,873	467,201,619
Principal amount	$ 439,879,746	370,566,055
Term Loan
Debt Instrument
Principal Balance		163,127,047
Carrying Value		164,142,316
Fair Value		162,526,736
Principal amount		93,763,470
Term Loan | 330 Tryon DE LLC
Debt Instrument
Principal Balance		22,800,000
Carrying Value		22,902,354
Fair Value		22,594,654
Principal amount		13,680,000
Term Loan | 1389 Peachtree St, L.P. and Others
Debt Instrument
Principal Balance		53,289,288
Carrying Value		53,536,884
Fair Value		52,031,363
Principal amount		31,283,661
Term Loan | AGRE DCP Palm Springs LLC
Debt Instrument
Principal Balance		43,222,381
Carrying Value		43,669,992
Fair Value		43,829,842
Principal amount		23,146,265
Term Loan | Patrick Henry Recovery Acquisition LLC
Debt Instrument
Principal Balance		18,000,000
Carrying Value		18,041,124
Fair Value		18,055,377
Principal amount		10,800,000
Term Loan | University Park Berkeley, LLC
Debt Instrument
Principal Balance		25,815,378
Carrying Value		25,991,962
Fair Value		26,015,500
Principal amount		$ 14,853,544

Debt - Details of each borrow_2

Debt - Details of each borrowing under Repurchase agreements(Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument
Principal Balance	$ 543,961,917	$ 480,151,151
Principal amount	190,130,617	43,974,608
UBS Master Repurchase Agreement
Debt Instrument
Principal Balance	104,808,577	67,384,000
Carrying Amount	106,333,111	68,509,209
Fair Value	106,627,353	68,981,995
Principal amount	74,309,600	44,569,600
UBS Master Repurchase Agreement | 14th & Alice Street Owner, LLC
Debt Instrument
Principal Balance	39,633,577	39,384,000
Carrying Amount	40,365,058	40,089,153
Fair Value	$ 40,388,515	$ 40,130,448
Borrowing Date	Nov. 08, 2021	Nov. 08, 2021
Principal amount	$ 25,599,600	$ 25,599,600
UBS Master Repurchase Agreement | 14th & Alice Street Owner, LLC | LIBOR
Debt Instrument
Interest Rate	1.45%	1.45%
UBS Master Repurchase Agreement | 14th & Alice Street Owner, LLC | LIBOR | Floor rate
Debt Instrument
Interest Rate	0.10%	0.10%
UBS Master Repurchase Agreement | NB Factory TIC 1, LLC
Debt Instrument
Principal Balance	$ 28,000,000	$ 28,000,000
Carrying Amount	28,633,217	28,420,056
Fair Value	$ 28,864,356	$ 28,851,547
Borrowing Date	Nov. 08, 2021	Nov. 08, 2021
Principal amount	$ 18,970,000	$ 18,970,000
UBS Master Repurchase Agreement | NB Factory TIC 1, LLC | LIBOR
Debt Instrument
Interest Rate	1.74%	1.74%
UBS Master Repurchase Agreement | NB Factory TIC 1, LLC | LIBOR | Floor rate
Debt Instrument
Interest Rate	0.10%	0.10%
UBS Master Repurchase Agreement | Grandview’s Madison Place, LLC
Debt Instrument
Principal Balance	$ 17,000,000
Carrying Amount	17,109,144
Fair Value	$ 17,109,144
Borrowing Date	Mar. 07, 2022
Principal amount	$ 13,600,000
UBS Master Repurchase Agreement | Grandview’s Madison Place, LLC | SOFR
Debt Instrument
Interest Rate	1.965%
UBS Master Repurchase Agreement | Grandviews Remington Place LLC
Debt Instrument
Principal Balance	$ 20,175,000
Carrying Amount	20,225,692
Fair Value	$ 20,265,338
Borrowing Date	May 06, 2022
Principal amount	$ 16,140,000
UBS Master Repurchase Agreement | Grandviews Remington Place LLC | SOFR
Debt Instrument
Interest Rate	1.965%
Uncommitted Master Repurchase Agreement
Debt Instrument
Principal Balance	$ 165,287,460
Carrying Amount	166,372,258
Fair Value	162,508,620
Principal amount	118,349,549
Uncommitted Master Repurchase Agreement | 330 Tryon DE LLC
Debt Instrument
Principal Balance	22,800,000
Carrying Amount	22,902,449
Fair Value	$ 22,397,552
Borrowing Date	Feb. 18, 2022
Principal amount	$ 18,240,000
Uncommitted Master Repurchase Agreement | 330 Tryon DE LLC | SOFR
Debt Instrument
Interest Rate	2.015%
Uncommitted Master Repurchase Agreement | 330 Tryon DE LLC | SOFR | Floor rate
Debt Instrument
Interest Rate	0.10%
Uncommitted Master Repurchase Agreement | 1389 Peachtree St, L.P. and Others
Debt Instrument
Principal Balance	$ 55,449,700
Carrying Amount	55,707,130
Fair Value	$ 54,297,060
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	$ 43,222,382
Carrying Amount	43,722,443
Fair Value	$ 42,411,267
Borrowing Date	Feb. 18, 2022
Principal amount	$ 28,094,548
Uncommitted Master Repurchase Agreement | AGRE DCP Palm Springs LLC | SOFR
Debt Instrument
Interest Rate	1.315%
Uncommitted Master Repurchase Agreement | AGRE DCP Palm Springs LLC | SOFR | Floor rate
Debt Instrument
Interest Rate	1.80%
Uncommitted Master Repurchase Agreement | Patrick Henry Recovery Acquisition LLC
Debt Instrument
Principal Balance	$ 18,000,000
Carrying Amount	18,041,878
Fair Value	$ 17,677,232
Borrowing Date	Feb. 18, 2022
Principal amount	$ 14,400,000
Uncommitted Master Repurchase Agreement | Patrick Henry Recovery Acquisition LLC | SOFR
Debt Instrument
Interest Rate	0.865%
Uncommitted Master Repurchase Agreement | Patrick Henry Recovery Acquisition LLC | SOFR | Floor rate
Debt Instrument
Interest Rate	1.50%
Uncommitted Master Repurchase Agreement | University Park Berkeley, LLC
Debt Instrument
Principal Balance	$ 25,815,378
Carrying Amount	25,998,358
Fair Value	$ 25,725,509
Borrowing Date	Feb. 18, 2022
Principal amount	$ 17,329,135
Uncommitted Master Repurchase Agreement | University Park Berkeley, LLC | SOFR
Debt Instrument
Interest Rate	1.365%
Uncommitted Master Repurchase Agreement | University Park Berkeley, LLC | SOFR | Floor rate
Debt Instrument
Interest Rate	1.50%
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital LLC
Debt Instrument
Principal amount	$ 118,300,000

Debt - Narratives - Repurchase

Debt - Narratives - Repurchase agreement (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Debt Instrument
Cash and cash equivalents	$ 28,978,788	$ 88,293,082	$ 35,783,956
Repurchase agreements payable, net of deferred financing fees	190,130,617		43,974,608
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase	148,089,549	$ 0
UBS Master Repurchase Agreement
Debt Instrument
Repurchase agreements payable, net of deferred financing fees	74,309,600		$ 44,569,600
UBS Master Repurchase Agreement | Terra Mortgage Capital LLC
Debt Instrument
Other Deferred Costs, Gross	$ 600,000
Maturity Date	Nov. 07, 2024
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	1.25		1.50
Cash and cash equivalents	$ 15,000,000
Ratio of Debt to Net Worth	3.50
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase	$ 29,700,000
Increase (Decrease) in Payables under Repurchase Agreements	$ 0
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 June 30, 2022 and December 31, 2021, the Company was in compliance with these covenants.		as of June 30, 2022 and December 31, 2021, the Company was in compliance with these covenants.
UBS Master Repurchase Agreement | 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%
UBS Master Repurchase Agreement | 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%
UBS Master Repurchase Agreement | Terra Mortgage Capital LLC | SOFR | Minimum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	1.60%
UBS Master Repurchase Agreement | Terra Mortgage Capital LLC | SOFR | Maximum
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	2.25%
Uncommitted Master Repurchase Agreement
Debt Instrument
Repurchase agreements payable, net of deferred financing fees	$ 118,349,549
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital LLC
Debt Instrument
Maximum Borrowing Capacity	200,000,000
Other Deferred Costs, Gross	600,000
Unamortized deferred financing fees	$ 1,700,000
Maturity Date	Feb. 18, 2024
Cash liquidity	$ 5,000,000
Debt instrument covenant requirement on consolidated tangible net worth minimum percent	75%
EBITDA To interest expense ratio	1.50
Cash and cash equivalents	$ 15,000,000
Ratio of Debt to Net Worth	3
Repurchase agreements payable, net of deferred financing fees	$ 118,300,000
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 June 30, 2022, the Company was in compliance with these covenants.
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%
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital LLC | Performing Loans
Debt Instrument
Payment guarantee maximum percent	25%
Uncommitted Master Repurchase Agreement | Terra Mortgage Capital LLC | Nonperforming Loans
Debt Instrument
Payment guarantee maximum percent	50%

Debt - Mortgage Loan Payable (D

Debt - Mortgage Loan Payable (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument
Unarmortized Finance Cost	$ 5,715,965	$ 5,900,000
Centennial Bank
Debt Instrument
Maturity Date	Sep. 27, 2022	Sep. 27, 2022
Principal amount	$ 31,549,627	$ 31,962,692
Carrying value	31,790,254	32,134,295
Carrying Value of Collateral	$ 43,188,308	$ 46,067,129
Description of Variable Rate Basis	LIBOR	LIBOR
Centennial Bank | LIBOR
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	3.85%	3.85%
Centennial Bank | Floor rate | LIBOR
Debt Instrument
Debt Instrument, Basis Spread on Variable Rate	2.23%	2.23%

Debt - Scheduled Debt Principal

Debt - Scheduled Debt Principal Payments (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument
2022 (July 1 through December 31)	$ 31,549,627
2023	0
2024	241,484,215
2025	0
2026	85,125,000
2027	0
Thereafter	0
Long term debt	358,158,842
Unarmortized deferred financing costs	(5,715,965)	$ (5,900,000)
Long Term Debt Net	$ 352,442,877

Debt - Narratives - Obligations

Debt - Narratives - Obligations Under Participation Agreements and Secured Borrowing (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Debt Instrument
Participation mortgage loan	$ 0	$ 91,940,062
Carrying Value	533,842,402	469,673,314
Unarmortized Finance Cost	5,715,965	5,900,000
Participating Mortgage Loan
Debt Instrument
Participation mortgage loan	43,774,875	42,232,027
Carrying Value	$ 104,328,911	$ 100,974,244
Participating Mortgage Loan | Weighted average
Debt Instrument
Participating Mortgage Loans, Mortgage Interest Rate	10.30%	10.40%
Secured borrowing
Debt Instrument
Participation mortgage loan	$ 38,312,920	$ 34,586,129
Carrying Value	$ 55,506,041	$ 50,264,568

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions		6 Months Ended
	Aug. 03, 2020	Jun. 30, 2022	Dec. 31, 2021
Other Commitments
Unfunded Commitment Outstanding		$ 96	$ 71.8
Ground Lease
Other Commitments
Base Rent Renewal Term		5 years
Percent of Fair Market Value of Land		9%
Mavik RESOF
Other Commitments
Unfunded Commitment Outstanding		$ 16.6	$ 15.1
Committed Capital	$ 50

Equity - Earnings Per Share (De

Equity - Earnings Per Share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity [Abstract]
Net income (loss)	$ 1,292,434	$ (757,887)	$ (104,771)	$ 1,476,096	$ 534,547	$ 1,371,325
Series A preferred stock dividend declared	(3,906)		(3,906)		(7,812)	(7,812)
Net income (loss) allocable to common stock	$ 1,288,528	$ 526,735	$ (108,677)	$ 1,363,513	$ 526,735	$ 1,363,513
Weighted-average shares — basic and diluted	19,487,460		19,487,460		19,487,460	19,487,460
Earnings (loss) per share — basic and diluted	$ 0.07	$ 0.03	$ (0.01)	$ 0.07	$ 0.03	$ 0.07

Equity - Preferred Stock Classe

Equity - Preferred Stock Classes (Details) - USD ($)		6 Months Ended	12 Months Ended
	Nov. 30, 2016	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2016	Dec. 31, 2018
Class of Stock
Preferred Stock, Shares Authorized		50,000,000	50,000,000
Preferred Stock, Par or Stated Value Per Share		$ 0.01	$ 0.01
Preferred Stock, Shares Issued		0	0
Preferred Stock, Value, Outstanding		$ 0	$ 0
Cumulative Preferred Stock
Class of Stock
Preferred Stock, Shares Authorized		125	125
Preferred Stock, Dividend Rate, Percentage		12.50%	12.50%
Preferred Stock, Shares Issued		125	125
Preferred Stock, Shares Outstanding		125	125
Series A Preferred Stock
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)	Jun. 30, 2022
Partnership interest
Equity disclosure
Equity Method Investment, Ownership Percentage	87.40%
Terra Fund 5 | Terra JV
Equity disclosure
Equity Method Investment, Ownership Percentage	87.60%
Terra Fund 7 | Terra JV
Equity disclosure
Equity Method Investment, Ownership Percentage	12.40%
Terra Secured Income Fund 5 International | Terra Offshore REIT
Equity disclosure
Equity Method Investment, Ownership Percentage	51.60%
Terra Income Fund International | Terra Offshore REIT
Equity disclosure
Equity Method Investment, Ownership Percentage	48.40%

Equity - Distributions (Details

Equity - Distributions (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Schedule of Equity Method Investments
Investment Company, Return of Capital Distribution	$ 2,800,000		$ 4,400,000		$ 5,700,000	$ 6,800,000
Distributions in excess of net income					497,920	0
Dividends, Preferred Stock, Stock	3,906		3,906		7,812	7,812
Dividends, Common Stock	$ 3,780,568	$ 3,893,595	$ 4,429,352	$ 3,893,595	$ 7,700,000	$ 8,300,000