Sachem Capital (SACH) 10-Q 15 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 15, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-37997
Entity Registrant Name	Sachem Capital Corp.
Entity Incorporation, State or Country Code	NY
Entity Tax Identification Number	81-3467779
Entity Address, Address Line One	568 East Main Street,
Entity Address, City or Town	Branford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06405
City Area Code	203
Local Phone Number	433-4736
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,893,050
Entity Central Index Key	0001682220
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	true
Common Stock
Document and Entity Information
Title of 12(b) Security	Common Shares, par value $.001 per share
Trading Symbol	SACH
Security Exchange Name	NYSE
7.125% Notes due 2024
Document and Entity Information
Title of 12(b) Security	7.125% Notes due 2024
Trading Symbol	SCCB
Security Exchange Name	NYSE
6.875% Notes due 2024
Document and Entity Information
Title of 12(b) Security	6.875% Notes due 2024
Trading Symbol	SACC
Security Exchange Name	NYSE
7.75% Notes due 2025
Document and Entity Information
Title of 12(b) Security	7.75% Notes due 2025
Trading Symbol	SCCC
Security Exchange Name	NYSE
6.00% Notes due 2026
Document and Entity Information
Title of 12(b) Security	6.00% Notes due 2026
Trading Symbol	SCCD
Security Exchange Name	NYSE
6.00% Notes due 2027
Document and Entity Information
Title of 12(b) Security	6.00% Notes due 2027
Trading Symbol	SCCE
Security Exchange Name	NYSE
7.125% Notes due 2027
Document and Entity Information
Title of 12(b) Security	7.125% Notes due 2027
Trading Symbol	SCCF
Security Exchange Name	NYSE
8.00% Notes due 2027
Document and Entity Information
Title of 12(b) Security	8.00% Notes due 2027
Trading Symbol	SCCG
Security Exchange Name	NYSE
Series A Preferred Stock
Document and Entity Information
Title of 12(b) Security	7.75% Series A Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share
Trading Symbol	SACHPRA
Security Exchange Name	NYSE

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 20,332,516	$ 23,713,097
Investment securities	35,837,202	24,576,462
Mortgages receivable, net	476,469,464	460,633,268
Interest and fees receivable, net	6,645,909	6,309,845
Due from borrowers, net	6,037,966	5,276,967
Real estate owned	6,138,912	5,216,149
Investments in partnerships	35,322,234	30,831,180
Property and equipment, net	4,792,472	4,121,721
Other assets	5,420,367	4,983,173
Total assets	596,997,042	565,661,862
Liabilities:
Notes payable (net of deferred financing costs of $7,793,640 and $8,352,597)	280,608,110	280,049,153
Repurchase facility	54,055,815	42,533,466
Mortgage payable	1,660,000	750,000
Line of credit	13,673,930	3,587,894
Accrued dividends payable		5,342,160
Accounts payable and accrued liabilities	2,007,450	1,439,219
Advances from borrowers	11,314,622	9,892,164
Deferred revenue	4,681,060	4,360,452
Total liabilities	368,000,987	347,954,508
Commitments and Contingencies
Shareholders' Equity:
Preferred shares - $0.001 par value; 5,000,000 shares authorized; 2,903,000 shares designated as Series A Preferred Stock; 1,909,187 and 1,903,000 shares of Series A Preferred Stock issued and outstanding at March 31, 2023 and December 31, 2022, respectively	1,909	1,903
Common shares - $0.001 par value; 200,000,000 shares authorized; 43,756,724 and 41,093,536 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	43,757	41,094
Paid-in capital	235,709,499	226,220,990
Accumulated other comprehensive loss	(469,853)	(561,490)
Accumulated deficit	(6,289,257)	(7,995,143)
Total shareholders' equity	228,996,055	217,707,354
Total liabilities and shareholders' equity	$ 596,997,042	$ 565,661,862

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Deferred financing costs	$ 7,793,640	$ 8,352,597
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	1,909,187	1,903,000
Preferred stock, shares outstanding	1,909,187	1,903,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, shares authorized	200,000,000	200,000,000
Common shares, shares issued	43,756,724	41,093,536
Common shares, shares outstanding	43,756,724	41,093,536
Series A Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.001
Preferred stock, shares authorized	2,903,000	2,903,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue:
Interest income from loans	$ 10,983,326	$ 8,511,375
Investment gain, net	274,796	117,337
Income from partnership investments	549,723	272,488
Origination and modification fees, net	1,475,920	1,843,841
Fee and other income	707,605	608,564
Unrealized gain (loss) on investment securities	716,389	(1,052,230)
Total revenue	14,707,759	10,301,375
Operating costs and expenses:
Interest and amortization of deferred financing costs	6,872,967	3,898,389
Compensation, fees and taxes	1,779,318	993,962
General and administrative expenses	898,115	631,948
Other expenses	83,722	99,272
(Gain) Loss on sale of real estate	(148,100)	65,838
Allowance for credit losses	101,515	105,000
Impairment loss	0	155,500
Total operating costs and expenses	9,587,537	5,949,909
Net income	5,120,222	4,351,466
Series A Preferred Stock dividend	(924,762)	(921,766)
Net income attributable to common shareholders	4,195,460	3,429,700
Other comprehensive loss
Unrealized gain on investment securities	91,637	242,808
Comprehensive income	$ 4,287,097	$ 3,672,508
Basic and diluted net income per common share outstanding:
Basic (in dollars per share)	$ 0.10	$ 0.10
Diluted (in dollars per share)	$ 0.10	$ 0.10
Weighted average number of common shares outstanding:
Basic (in shares)	42,792,509	34,892,883
Diluted (in shares)	42,792,509	34,898,666

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Preferred Stock	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2021	$ 1,903	$ 32,730	$ 185,516,394	$ (476,016)	$ (4,992,450)	$ 180,082,561
Beginning balance (in shares) at Dec. 31, 2021	1,903,000	32,730,004
Issuance of common shares, net of expenses		$ 2,730	15,545,085			15,547,815
Issuance of common shares, net of expenses (in shares)		2,730,725
Exercise of warrants		$ 20	(20)
Exercise of warrants (in shares)		19,658
Stock based compensation		$ 34	106,845			106,879
Stock based compensation (in shares)		33,500
Unrealized gain on marketable securities				242,808		242,808
Series A Preferred Stock dividend					(921,766)	(921,766)
Net income for the year					4,351,466	4,351,466
Ending Balance at Mar. 31, 2022	$ 1,903	$ 35,514	201,168,304	(233,208)	(1,562,750)	199,409,763
Ending Balance (in shares) at Mar. 31, 2022	1,903,000	35,513,887
Beginning balance at Dec. 31, 2022	$ 1,903	$ 41,094	226,220,990	(561,490)	(7,995,143)	217,707,354
Beginning balance (in shares) at Dec. 31, 2022	1,903,000	41,093,536
Cumulative effect of change in accounting principle - Adoption of ASU 2016-13 (Note 2)					(2,489,574)	(2,489,574)
Issuance of Series A Preferred Stock, net of expenses	$ 6		136,699			136,705
Issuance of Series A Preferred Stock, net of expenses (in shares)	6,187
Issuance of common shares, net of expenses		$ 2,480	9,178,678			9,181,158
Issuance of common shares, net of expenses (in shares)		2,479,798
Stock based compensation		$ 183	173,132			173,315
Stock based compensation (in shares)		183,390
Unrealized gain on investments				91,637		91,637
Series A Preferred Stock dividend					(924,762)	(924,762)
Net income for the year					5,120,222	5,120,222
Ending Balance at Mar. 31, 2023	$ 1,909	$ 43,757	$ 235,709,499	$ (469,853)	$ (6,289,257)	$ 228,996,055
Ending Balance (in shares) at Mar. 31, 2023	1,909,187	43,756,724

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 5,120,222	$ 4,351,466
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs and bond discount	600,215	469,251
Depreciation expense	40,132	22,239
Stock based compensation	173,315	106,879
Allowance for credit losses	101,515	105,000
Impairment loss		155,500
(Gain) loss on sale of real estate	(148,100)	65,838
Unrealized loss on investment securities	(716,389)	1,052,230
(Gain) loss on sale of investment securities	(275,879)	154,135
(Increase) decrease in:
Interest and fees receivable	(366,191)	(395,924)
Other assets - miscellaneous	(499,651)	(210,688)
Due from borrowers	(783,302)	(292,302)
Other assets - prepaid expenses	9,955	42,220
(Decrease) increase in:
Accounts payable and accrued liabilities - accrued interest	95,221	121,913
Accounts payable and accrued liabilities - accounts payable and accrued expenses	(84,738)	10,720
Deferred revenue	320,608	232,794
Advances from borrowers	1,422,458	1,563,852
Total adjustments	(110,831)	3,203,657
NET CASH PROVIDED BY OPERATING ACTIVITIES	5,009,391	7,555,123
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investment securities	(13,971,218)	(27,545,183)
Proceeds from the sale of investment securities	3,780,522	51,705,055
Purchase of interests in investment partnerships, net	(4,491,054)	(11,358,017)
Proceeds from sale of real estate owned	515,136	622,737
Acquisitions of and improvements to real estate owned, net	(103,136)	(177,336)
Purchase of property and equipment	(710,883)	(3,658)
Principal disbursements for mortgages receivable	(58,883,818)	(88,735,230)
Principal collections on mortgages receivable	39,884,300	27,106,768
Other assets - pre-offering costs	25,111	(57,768)
NET CASH USED FOR INVESTING ACTIVITIES	(33,955,040)	(48,442,632)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from (repayment of) line of credit	10,086,036	(9,898,667)
Net proceeds from repurchase facility	11,522,349	7,857,960
Proceeds from mortgage	910,000
Accounts payable and accrued liabilities - principal payments on other notes	(4,252)	(6,627)
Dividends paid on Common Stock	(5,342,160)	(3,927,600)
Dividends paid on Series A Preferred Stock	(924,762)	(921,766)
Proceeds from issuance of common shares, net of expenses	9,181,158	15,547,815
Proceeds from issuance of Series A Preferred Stock, net of expenses	136,699
Gross proceeds from issuance of fixed rate notes		50,000,000
Financings costs incurred in connection with fixed rate notes		(1,839,034)
NET CASH PROVIDED BY FINANCING ACTIVITIES	25,565,068	56,812,081
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(3,380,581)	15,924,572
CASH AND CASH EQUIVALENTS- BEGINNING OF YEAR	23,713,097	41,938,897
CASH AND CASH EQUIVALENTS - END OF PERIOD	20,332,516	57,863,469
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Interest paid	$ 6,191,398	$ 3,307,225

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOW (Parenthetical)	Mar. 31, 2023 USD ($)
CONSOLIDATED STATEMENTS OF CASH FLOW
Real estate acquired in connection with the foreclosure of certain mortgages, inclusive of interest and other fees receivable	$ 1,186,663

The Company

The Company	3 Months Ended
	Mar. 31, 2023
The Company
The Company	1. The Company Sachem Capital Corp. (the “Company”), a New York corporation, specializes in originating, underwriting, funding, servicing and managing a portfolio of first mortgage loans. The Company offers short term ( i.e. one

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies Unaudited Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2022 and the notes thereto included in the Company’s Annual Report on Form 10-K. Results of operations for the three months ended March 31, 2023, are not necessarily indicative of the operating results to be attained in the entire fiscal year, or for any subsequent period. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on (a) various assumptions that are based on experience, (b) projections regarding future operations and (c) general financial market and local and general economic conditions. Actual amounts could materially differ from those estimates. Cash and Cash Equivalents The Company considers all demand deposits, cashier’s checks, money market accounts and certificates of deposit with an original maturity of three months or less to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances typically exceed the Federal Deposit Insurance Corporation insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. The Company does not believe that the risk is significant. Investment Securities The Company considers all highly liquid interest-earning investments with a maturity of three months or less at the date of purchase to be cash equivalents. The fair values of these investments approximate their carrying values. Debt investments are classified as available-for-sale and realized gains and losses are recorded using the specific identification method. Changes in fair value, excluding credit losses and impairments, are recorded in other comprehensive income. Fair value is calculated based on publicly available market information or other estimates determined by management. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. If qualitative factors indicate an available for sale debt security may be credit impaired the loss is measured as the excess of carrying value over the present value of expected cash flows, limited to the excess of carrying value over fair value. To determine credit losses, the Company may employ a systematic methodology that considers available quantitative and qualitative evidence. In addition, the Company considers specific adverse conditions related to the financial health of, and business outlook for, the investee. If the Company has plans to sell the security or it is more likely than not that the Company will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in net income and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments. Equity investments with readily determinable fair values are measured at fair value. Equity investments without readily determinable fair values are measured using the equity method or measured at cost with adjustments for observable changes in price or impairments (referred to as the measurement alternative). The Company performs a qualitative assessment on a periodic basis and recognize an impairment if there are sufficient indicators that the fair value of the investment is less than carrying value. Changes in value are recorded in net income. Current Expected Credit Losses Allowance The Company adopted the current expected credit loss (“CECL”) standard effective January 1, 2023 in accordance with ASU No. 2016-13. The initial CECL allowance adjustment of $2,489,574 was recorded effective January 1, 2023 as a cumulative-effect of change in accounting principle through a direct charge to accumulated deficit on the consolidated statements of shareholders’ equity; however, subsequent changes to the CECL allowance will be recognized in the consolidated statements of comprehensive income. The Company records an allowance for credit losses in accordance with the CECL standard on the Company’s loan portfolio, including unfunded construction commitments, on a collective basis by assets with similar risk characteristics. This methodology replaces the probable incurred loss impairment methodology. In addition, interest and fees receivable and amounts included in due from borrowers, other than reimbursements, which include origination, modification and other fees receivable are also analyzed for credit losses in accordance with the CECL standard, as they represent a financial asset that is subject to credit risk. As allowed under the CECL standard the Company uses, as a practical expedient, the fair value of the collateral at the reporting date when recording the net carrying amount of the loan and determining the allowance for credit losses for loans in pending/pre-foreclosure status, as defined. Fair value of collateral is reduced by estimated cost to sell if the collateral is expected to be sold. The amount of loans in pending/pre-foreclosure as of March 31, 2023 and December 31, 2022 was approximately $40.6 million and $24.0 million, respectively. As of March 31, 2023 and December 31, 2022, there were no such loans in pending/pre-foreclosure that required an allowance for credit loss. The CECL standard requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the economic environment. The Company utilizes a loss-rate method for estimating current expected credit losses. The loss rate method involves applying a loss rate to a pool of loans with similar risk characteristics to estimate the expected credit losses on that pool of loans. In determining the CECL allowance, the Company considers various factors including (1) historical loss experience in its portfolio, (2) loan specific losses for loans deemed collateral dependent based on excess amortized cost over the fair value of the underlying collateral, and (3) its current and future view of the macroeconomic environment. The Company utilizes a reasonable and supportable forecast period equal to the contractual term of the loan plus any applicable short-term extensions that are reasonably expected for construction loans. Management estimates the allowance for credit losses using relevant information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. The allowance for credit losses is maintained at a level sufficient to provide for expected credit losses over the life of the loans based on evaluating historical credit loss experience and making adjustments to historical loss information for differences in the specific risk characteristics in the current loan portfolio. The CECL allowance related to the principal outstanding is presented within “Mortgages receivable, net” and for unfunded commitments is within accounts payable and accrued liabilities in the Company’s consolidated balance sheets. The CECL allowance related to the late payment fees are presented in “Interest and fees receivable” and “Due from borrowers” in the Company’s consolidated balance sheets. As of March 31, 2023 and January 1, 2023, the CECL allowance for mortgages receivable was approximately $2.0 million and approximately $1.9 million, respectively, an increase of approximately $55,000. As of March 31, 2023 and January 1, 2023, the CECL allowance for interest and fees receivable was approximately $30,100 and approximately $26,100, respectively, an increase of $4,000. As of March 31, 2023 and January 1, 2023, the CECL allowance for due from borrower was approximately $22,300 and $19,900, respectively, an increase of approximately $2,400. As of March 31, 2023 and January 1, 2023, the CECL allowance for unfunded commitments was $562,000, and approximately $522,000, respectively, an increase of approximately $40,000. Fair Value Measurements The framework for measuring fair value provides a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820 are described as follows: Level 1 Level 2 ● quoted prices for similar assets or liabilities in active markets; ● quoted prices for identical or similar assets or liabilities in inactive markets; ● inputs other than quoted prices that are observable for the asset or liability; and ● inputs that are derived principally from or corroborated by observable market data by correlation to other means. If the asset or liability has a specified (i.e., Level 3 Property and Equipment Land and building acquired in December 2016 to serve as the Company’s office facilities is stated at cost. The building is being depreciated using the straight-line method over its estimated useful life of 40 years. Expenditures for repairs and maintenance are charged to expense as incurred. The Company relocated its entire operations to this property in March 2019. Land and building acquired in 2021 to serve as the Company’s future corporate headquarters is stated at cost. Renovation of the building was completed in the first quarter of 2023 and the Company relocated its operations to the new building in March 2023. The building is being depreciated using the straight-line method over its estimated useful life of 40 years. The new building was placed in service during the three months ended March of 2023. Real Estate Owned Real estate owned by the Company is stated at cost and is tested for impairment quarterly. Consolidations The consolidated financial statements of the Company include the accounts of all subsidiaries in which the Company has control over significant operating, financial and investing decisions of the entity. All intercompany accounts and transactions have been eliminated. Impairment of Long-Lived Assets The Company monitors events or changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the undiscounted cash flows are less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair market value of the assets. Goodwill Goodwill is not amortized, but rather tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment. Goodwill at March 31, 2023 represents the excess of the consideration paid over the fair value of net assets acquired from Urbane New Haven, LLC in October 2022. In testing goodwill for impairment, the Company follows FASB ASC 350, “Intangibles—Goodwill and Other”, which permits a qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill. If the qualitative assessment determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill, then no impairment is determined to exist for the reporting unit. However, if the qualitative assessment determines that it is more likely than not that the fair value of the reporting unit is less than its carrying value including goodwill, or the Company chooses not to perform the qualitative assessment, then the Company compares the fair value of that reporting unit with its carrying value, including goodwill. Deferred Financing Costs Costs incurred in connection with the Company’s revolving credit facilities, described in Note 7-Line of Credit, Mortgage Payable, Churchill Facility, and Needham Facility are, amortized over the term of the applicable facility using the straight-line method. Costs incurred by the Company in connection with the public offering of its unsecured, unsubordinated notes, described in Note 9 - Notes Payable, are being amortized over the term of the respective Notes. Revenue Recognition Interest income from the Company’s loan portfolio is earned over the loan period and is calculated using the simple interest method on principal amounts outstanding. Generally, the Company’s loans provide for interest to be paid monthly in arrears. The Company, generally, does not accrue interest income on mortgages receivable that are more than 90 days past due or interest charged at default rates. However, interest income not accrued at March 31, 2023 but collected prior to the issuance of this report is included in income for the period ended March 31, 2023. Origination and modification fee revenue, generally 1% – 3% of either the original loan principal or the modified loan balance, is collected at loan funding and is recognized ratably over the contractual life of the loan in accordance with ASC 310. Income Taxes The Company believes it qualifies as a real estate investment trust (“REIT”) for federal income tax purposes and operates accordingly. It made the election to be taxed as a REIT on its 2017 Federal income tax return. The Company’s qualification as a REIT depends on its ability to meet on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code of 1986, as amended (the “Code”), relating to, among other things, the sources of its income, the composition and values of its assets, its compliance with the distribution requirements applicable to REITs and the diversity of ownership of its outstanding capital stock. So long as it qualifies as a REIT, the Company, generally, will not be subject to U.S. federal income tax on its taxable income distributed to its shareholders. However, if it fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal income tax at regular corporate rates and may also be subject to various penalties and may be precluded from re-electing REIT status for the four taxable years following the year during in which it lost its REIT qualification. The Company has elected, and may elect in the future, to treat certain of its existing or newly created corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may hold assets that the Company cannot hold directly and generally may engage in any real estate or non-real estate related business. The TRSs generate income, resulting in federal and state income tax liability for these entities. The Company does not expect to incur any corporate federal income tax liability outside of the TRSs, as it believes it has maintained its qualification as a REIT. During the three months ended March 31, 2023 and 2022, the Company’s TRSs recognized no provisions for federal income tax or state, local and franchise taxes on the Company’s consolidated statements of operations. During the three months ended March 31, 2023 and 2022, there were no recognized provisions for federal income tax nor state, local and franchise tax. The income tax provision for the Company differs from the amount computed from applying the statutory federal income tax rate to income before income taxes due to non-taxable REIT income and other permanent differences including the non-deductibility of acquisition costs of business combinations for federal income tax reporting. FASB ASC Topic 740-10 “Accounting for Uncertainty in Income Taxes ” “ ” Earnings Per Share Basic and diluted earnings per share are calculated in accordance with ASC 260 “ ” Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments”, (ASU 2016-13), which changes accounting requirements for the measurement and recognition of expected credit losses from an incurred or probable methodology to a current expected credit loss methodology. Mortgages receivable, unfunded loan commitments, interest and fees receivable and amounts included in due from borrowers, other than reimbursements, which include origination, modification and other fees receivable are the only items currently held by the Company that are within the scope of ASU 2016-13. The Company adopted this ASU effective January 1, 2023 and applied a modified retrospective approach through a cumulative-effect adjustment to retained earnings upon adoption. At transition on January 1, 2023, the cumulative effect of adopting this ASU resulted in a decrease in retained earnings of $2,489,574 and an increase in the allowance for credit losses. The increase in the allowance is driven by the fact that the allowance under CECL covers expected credit losses over the full expected life of the loan portfolios and also takes into account forecasts of expected future economic conditions. In March 2022, the FASB issued ASU 2022-02, “Financial Instruments-Credit Losses” (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting guidance for troubled debt restructurings (“TDR”) for creditors that have adopted the CECL standard and requires enhanced disclosures for loan modifications made to borrowers experiencing financial difficulty in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays, or term extensions. In addition, the new guidance requires presentation in the vintage disclosures of current-period gross write-offs by year of origination. The amendments in this update became effective for fiscal years beginning after December 15, 2022. This update did not have a material effect on the Company’s financial statements. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” ASU 2022-03 was issued to (1) to clarify the guidance in FASB ASC Topic 820, “Fair Value Measurement”, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with FASB ASC Topic 820. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company does not anticipate that this update will have a material impact on its consolidated financial statements. Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the Company’s consolidated financial statements. Reclassifications Certain amounts included in the March 31, 2022 and December 31, 2022 consolidated financial statements have been reclassified to conform to the March 31, 2023 presentation. ​

Fair Value Measurement

Fair Value Measurement	3 Months Ended
	Mar. 31, 2023
Fair Value Measurement
Fair Value Measurement	3. Fair Value Measurement The fair value measurement level within the fair value hierarchy of an asset or liability is based on the lowest level of any input that is significant to the fair market value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs. The following table sets forth by Level, within the fair value hierarchy, the Company’s assets at fair value as of March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Stocks and ETFs ​ $ — ​ $ 1,403,680 ​ $ — ​ $ 1,403,680 Mutual funds ​ ​ 15,193,680 ​ ​ — ​ ​ — ​ ​ 15,193,680 Debt securities ​ ​ 18,109,325 ​ 1,130,517 ​ — ​ ​ 19,239,842 Total liquid investments ​ $ 33,303,005 ​ $ 2,534,197 ​ $ — ​ $ 35,837,202 Real estate owned ​ $ — ​ $ — ​ $ 6,138,912 ​ $ 6,138,912 ​ The following table sets forth by Level, within the fair value hierarchy, the Company’s assets at fair value as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Stocks and ETF’s ​ $ 3,282,659 ​ $ 1,446,065 ​ — ​ $ 4,728,724 Mutual funds ​ 14,850,839 ​ — ​ — ​ 14,850,839 Debt securities ​ 3,880,045 ​ 1,116,854 ​ — ​ 4,996,899 Total liquid investments ​ $ 22,013,543 ​ $ 2,562,919 ​ — ​ $ 24,576,462 Real estate owned ​ — ​ — ​ $ 5,216,149 ​ $ 5,216,149 ​ Following is a description of the methodologies used for assets measured at fair value: Stocks and ETFs (level 1 and 2): Mutual funds (level 1 and 2): Debt securities Real estate owned ​ See Note 5 for the roll forward of real estate owned – Level 3 assets. Impact of Fair Value of AFS Securities on OCI The carrying value of the Company’s financial instruments approximates fair value generally due to the relative short-term nature of such instruments. Other financial assets and financial liabilities have fair value that approximate their carrying value. Pursuant to ASC 326-30-50-4 and 50-5 the Company is required to disclose investment securities that have been in a continuous unrealized loss position for 12 months or more as of the balance sheet date. As of March 31, 2023 and December 31, 2022, the Company had a continuous unrealized losses over 12 months in Available-For-Sale debt securities of approximately The following table presents the impact of the Company’s Available-For-Sale (AFS) securities - debt securities on its Other Comprehensive Income (OCI) for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months Ended ​ ​ March 31, ​ ​ 2023 ​ 2022 OCI from AFS securities: ​ ​ Unrealized (loss) on AFS-debt securities at beginning of period ​ $ (561,490) ​ $ (476,016) Unrealized gain on securities available-for-sale – debt securities ​ 91,637 ​ 242,808 Change in OCI from AFS securities – debt securities ​ 91,637 ​ 242,808 Balance at end of period ​ $ (469,853) ​ $ (233,208) ​

Mortgages Receivable

Mortgages Receivable	3 Months Ended
	Mar. 31, 2023
Mortgages Receivable
Mortgages Receivable	4. Mortgages Receivable The Company offers secured, non-bank loans to real estate owners and investors (also known as “hard money” loans) to fund their acquisition, renovation, development, rehabilitation or improvement of properties located primarily in the Northeastern United States and Florida. The Company’s lending standards typically require that the original principal amount of all mortgage receivable notes be secured by first mortgage liens on one or more properties owned by the borrower or related parties and that the maximum LTV be no greater than 70% of the appraised value of the underlying collateral, as determined by an independent appraiser at the time of the loan origination. The Company considers the maximum LTV as an indicator for the credit quality of a mortgage note receivable. In the case of properties undergoing renovation, the loan-to-value ratio is calculated based on the estimated fair market value of the property after the renovations have been completed. However, the Company makes exceptions to this guideline if the facts and circumstances support the incremental risk. These factors include the additional collateral provided by the borrower, the credit profile of the borrower, the Company’s previous relationship, if any, with the borrower, the nature of the property, the geographic market in which the property is located and any other information the Company deems appropriate. The loans are generally for a term of one Allowance for credit losses are charged to income in amounts sufficient to maintain an allowance for credit losses inherent in the loans which are established systematically by management as of the reporting date. Management’s estimate of expected credit losses is based on an evaluation of relevant information about past events, current conditions, and reasonable and supportable forecasts that affect the future collectability of the reported amounts. The Company uses static pool modeling techniques to determine the allowance for loan losses expected over the remaining life of the loans, which is supplemented by management judgment. Expected losses are estimated for groups of accounts aggregated by geographical location. The Company’s estimate of expected credit losses includes a reasonable and supportable forecast period equal to the contractual term of the loan plus any applicable short-term extensions that are reasonably expected for construction loans. The Company reviews charge-off experience factors, contractual delinquency, historical collection rates, the value of underlying collateral and other information to make the necessary judgments as to credit losses expected in the portfolio as of the reporting date. While management utilizes the best information available to make its evaluations, changes in macroeconomic conditions, interest rate environments, or both, may significantly impact the assumptions and inputs used in determining the allowance for credit losses. The Company’s charge-off policy is based on a loan by loan review of delinquent loans. The Company has an accounting policy to not place loans on nonaccrual status unless they are greater than 90 days delinquent. Accrual of interest income is generally resumed when delinquent contractual principal and interest is paid or when a portion of the delinquent contractualy payments are made and the ongoing required contractual payments have been made for an appropriate period. As of March 31, 2023 and December 31, 2022, the Company had an outstanding principal balance of $97,106,984 and $55,691,857 of loans on nonaccrual status, respectively. The nonaccrual loans are inclusive of loans pending foreclosure. For the three months ended March 31, 2023, $649,347 of interest income was recorded on nonaccrual loans. For the three months ended March 31, 2023 and 2022, the aggregate amounts of loans funded by the Company were $58,883,818 and $88,735,230 , respectively, offset by principal repayments of $39,884,300 and $27,106,768 , respectively. As of March 31, 2023, the Company’s mortgage loan portfolio includes loans ranging in size up to $29,919,097 with stated interest rates ranging from 5.0% to 14.2% . The default interest rate is generally 18 %, but could be more or less depending on state usury laws. At March 31, 2023, and December 31, 2022, no single borrower or group of related borrowers had loans outstanding representing more than 10% of the total balance of the loans outstanding. The Company may agree to extend the term of a loan if, at the time of the extension, the loan and the borrower meet all the Company’s then underwriting requirements. The Company treats a loan extension as a new loan. If an interest reserve is established at the time a loan is funded, accrued interest is paid out of the interest reserve and recognized as interest income at the end of each month. If no reserve is established, the borrower is required to pay the interest monthly from its own funds. The deferred origination, loan servicing and amendment fee income represents amounts that will be recognized over the contractual life of the underlying mortgage notes receivable. Allowance for Credit Loss In assessing the Allowance for Credit Losses (“CECL Allowance”), the Company considers historical loss experience, current conditions, and a reasonable and supportable forecast of the macroeconomic environment. The Company derived an annual historical loss rate based on its historical loss experience in its portfolio, adjusted to incorporate the risks of construction lending and to reflect the Company’s expectations of the macroeconomic environment. The following table summarizes the activity in the CECL Allowance from adoption on January 1, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CECL Allowance ​ ​ ​ ​ ​ ​ ​ Provision for ​ CECL ​ ​ as of December ​ Adoption of ASU ​ ​ ​ ​ CECL ​ Allowance as of (dollars in thousands) 31, 2022 (1) 2016-13 (2) Charge-offs Allowance March 31, 2023 Geographical Location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New England ​ $ 105 ​ $ 1,302 ​ $ — ​ $ 3 ​ $ 1,410 West ​ — ​ 7 ​ — ​ — ​ 7 South ​ — ​ 402 ​ — ​ 56 ​ 458 Mid-Atlantic ​ — ​ 210 ​ — ​ (3) ​ 207 Total ​ $ 105 ​ $ 1,921 ​ $ — ​ $ 56 ​ $ 2,082 ​ (1) As of December 31, 2022, amounts represent probable loan loss provisions recorded before the adoption of the ASU 2016-13. (2) As a component of the adoption of ASU 2016-13, $562,000 of the CECL allowance is excluded from this table because it relates to unfunded commitments and has been recorded as a liability under accounts payable and accrued liabilities in the Company’s consolidated balance sheet. Presented below is the Company’s loan portfolio by geographical location: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 (dollars in thousands) Carrying Value % of Portfolio Carrying Value % of Portfolio ​ Geographical Location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New England ​ $ 226,026 47.23 % $ 225,603 48.97 % West ​ 3,150 0.66 % 3,150 0.68 % South ​ 154,662 32.32 % 135,857 29.49 % Mid-Atlantic ​ 94,713 19.79 % 96,128 20.86 % Total ​ ​ 478,551 100.00 % ​ 460,738 100.00 % Less, CECL Allowance ​ 2,082 ​ ​ ​ 105 ​ ​ ​ Carrying value, net ​ $ 476,469 ​ ​ $ 460,633 ​ ​ ​ ​ Presented below are the carrying values by Property Type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ ​ Outstanding ​ ​ ​ Outstanding ​ ​ ​ (dollars in thousands) Principal % of Portfolio Principal % of Portfolio Property Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ $ 217,734 45.50 % $ 229,944 49.91 % Commercial ​ 167,814 35.07 % 154,929 33.63 % Land ​ 63,515 13.27 % 46,499 10.09 % Mixed use ​ 29,488 6.16 % 29,366 6.37 % Total ​ ​ 478,551 100.00 % ​ 460,738 100.00 % Less, CECL Allowance ​ 2,082 ​ ​ 105 ​ Carrying value, net ​ $ 476,469 ​ ​ ​ $ 460,633 ​ ​ The following tables allocate the carrying value of the Company’s loan portfolio based on internal credit quality indicators in assessing estimated credit losses and vintage of origination at the dates indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Year Originated (1) ​ ​ Carrying ​ % of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FICO Score (2) (dollars in thousands) Value Portfolio 2023 ​ 2022 ​ 2021 ​ 2020 Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under 500 $ 443 0.09 % $ — $ — $ — $ — $ 443 501-550 ​ 4,637 0.97 % ​ — ​ — ​ 1,779 ​ 49 ​ 2,809 551-600 ​ 10,806 2.26 % ​ — ​ 2,678 ​ 5,073 ​ 700 ​ 2,355 601-650 ​ 40,514 8.47 % ​ 2,693 ​ 19,205 ​ 7,238 ​ 6,333 ​ 5,045 651-700 ​ 90,868 18.99 % ​ 6,784 ​ 32,306 ​ 34,570 ​ 7,113 ​ 10,095 701-750 ​ 177,295 37.04 % ​ 15,961 ​ 54,823 ​ 91,255 ​ 8,477 ​ 6,779 751-800 ​ 138,329 28.91 % ​ 3,231 ​ 75,055 ​ 48,163 ​ 9,997 ​ 1,883 801-850 ​ 15,659 3.27 % ​ — ​ 15,035 ​ — ​ 359 ​ 265 Total ​ 478,551 100.00 % $ 28,669 $ 199,102 $ 188.078 $ 33,028 $ 29,674 Less, CECL Allowance ​ 2,082 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value, net $ 476,469 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the year of origination or amendment where the loan was subject to a full re-underwriting. (2) The FICO Scores are calculated at the inception of the loan and are updated if the loan is modified or on an as needed basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Year Originated (1) ​ ​ Carrying ​ % of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FICO Score (2) (dollars in thousands) Value Portfolio 2022 2021 2020 2019 Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under 500 $ 629 0.14 % $ — $ — $ 185 $ 235 $ 209 501-550 ​ 4,786 1.04 % ​ — ​ 1,779 ​ 87 ​ 803 ​ 2,117 551-600 ​ 15,977 3.47 % ​ 3,061 ​ 8,256 ​ 1,836 ​ 1,357 ​ 1,467 601-650 ​ 40,349 8.76 % ​ 21,382 ​ 7,474 ​ 6,273 ​ 1,547 ​ 3,673 651-700 ​ 84,085 18.25 % ​ 33,832 ​ 31,342 ​ 7,398 ​ 5,269 ​ 6,244 701-750 ​ 174,347 37.83 % ​ 65,190 ​ 90,524 ​ 11,892 ​ 5,527 ​ 1,214 751-800 ​ 125,347 27.21 % ​ 68,826 ​ 45,038 ​ 9,470 ​ 1,640 ​ 373 801-850 ​ 15,218 3.30 % ​ 14,554 ​ — ​ 399 ​ — ​ 265 Total ​ 460,738 100.00 % $ 206,845 $ 184,413 $ 37,540 $ 16,378 $ 16,562 Less, CECL Allowance ​ 105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value, net $ 460,633 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the year of origination or amendment where the loan was subject to a full re-underwriting. (2) The FICO Scores are calculated at the inception of a loan and are updated if the loan is modified or on an as needed basis. ​ The following table sets forth the maturities of mortgages receivable as of March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 As of December 31, 2022 2023 and prior ​ $ 300,437,227 ​ $ 372,964,665 2024 ​ 163,582,069 ​ 85,968,294 2025 ​ 14,428,471 ​ 1,699,500 2026 ​ — ​ — 2027 ​ ​ — ​ ​ — Thereafter ​ ​ 103,356 ​ ​ 105,809 Total ​ ​ 478,551,123 ​ ​ 460,738,268 Less, CECL Allowance ​ ​ 2,081,659 ​ ​ 105,000 Total ​ $ 476,469,464 ​ $ 460,633,268 ​ At March 31, 2023, of the 406 mortgage loans included in the Company’s loan portfolio, 128, or approximately 31.5%, representing approximately $81.4 million of mortgage receivables have matured but have not been repaid in full or extended. The 128 aforementioned loans are inclusive of loans in pending/pre-foreclosure status. These loans are in the process of modification and will be extended if the borrower can satisfy the Company’s underwriting criteria, including the proper loan-to-value ratio, at the time of renewal. The Company treats renewals and extensions of existing loans as new loans. At March 31, 2023, of the 406 mortgage loans in the Company’s loan portfolio, 52 were the subject of foreclosure proceedings. The aggregate outstanding principal balance of these loans and the accrued but unpaid interest and borrower charges as of March 31, 2023 was approximately $40.6 million. In the case of each of these loans, the Company believes the value of the collateral exceeds the outstanding balance on the loan. At December 31, 2022, of the 444 mortgage loans included in the Company’s loan portfolio, 105, or approximately 23.6%, representing approximately $61.7 million of mortgage receivables had matured but have not been repaid in full or extended. These loans are in the process of modification and will be extended if the borrower can satisfy the Company’s underwriting criteria, including the proper loan-to-value ratio, at the time of renewal. The Company treats renewals and extensions of existing loans as new loans. At December 31, 2022, of the 444 mortgage loans in the Company’s loan portfolio, 40 were the subject of foreclosure proceedings. The aggregate outstanding principal balance of these loans and the accrued but unpaid interest and borrower charges as of December 31, 2022 was approximately $24.0 million. In the case of each of these loans, the Company believed the value of the collateral exceeded the outstanding balance on the loan.

Real Estate Owned

Real Estate Owned	3 Months Ended
	Mar. 31, 2023
Real Estate Owned
Real Estate Owned	5. Real Estate Owned Property purchased for rental or acquired through foreclosure are included on the balance sheet as real estate owned. As of March 31, 2023 and March 31, 2022, real estate owned totaled $6,138,912 and $6,312,818, respectively, with no valuation allowance. During the three months ended March 31, 2023, the Company recorded an impairment loss of $-0- compared to an impairment loss of $155,500 during the three months ended March 31, 2022. ​ As of March 31, 2023, real estate owned included $813,090 of real estate held for rental and $5,325,822 of real estate held for sale. As of March 31, 2022, real estate owned included $799,533 of real estate held for rental and $5,513,285 of real estate held for sale. Properties Held for Sale During the three months ended March 31, 2023, the Company sold two properties held for sale and recognized an aggregate gain of $148,100. During the three months ended March 31, 2022, the Company sold a property held for sale and recognized an aggregate loss of $65,838. Properties Held for Rental As of March 31, 2023, one property, a commercial building, was held for rental. The tenant signed a five-year lease that commenced on August 1, 2021. Rental payments due from real estate held for rental are as follows: ​ ​ ​ ​ ​ Year ending December 31, 2023 $ 53,200 Year ending December 31, 2024 ​ 53,200 Year ending December 31, 2025 ​ 53,200 Year ending December 31, 2026 ​ ​ 31,033 Total ​ $ 190,633 ​

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2023
Other Assets
Other Assets	6. Other Assets As of March 31, 2023 and December 31, 2022, other assets consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Prepaid expenses ​ $ 400,418 ​ $ 410,373 Other receivables ​ 3,741,984 ​ 3,519,804 Other assets ​ 459,291 ​ 477,048 Goodwill ​ ​ 391,000 ​ ​ 391,000 Intangible asset – trade name ​ ​ 130,400 ​ ​ 130,400 Deferred financing costs, net ​ 297,274 ​ 54,548 Total ​ $ 5,420,367 ​ $ 4,983,173 ​

Line of Credit, Mortgage Payabl

Line of Credit, Mortgage Payable, and Churchill Facility	3 Months Ended
	Mar. 31, 2023
Line of Credit, Mortgage Payable, and Churchill Facility
Line of Credit, Mortgage Payable, and Churchill Facility	7. Line of Credit, Mortgage Payable, Churchill Facility, Credit Facility Wells Fargo Margin Line of Credit During the year ended December 31, 2020, the Company established a margin loan account at Wells Fargo Advisors that is secured by the Company’s portfolio of short-term securities. The credit line bears interest at a rate equal to 1.75% below the prime rate (6.25% at March 31, 2023, 6.50% as of May 11, 2023). As of March 31, 2023 the total outstanding balance on the Wells Fargo credit line was $13,673,930. Mortgage Payable In 2021, the Company obtained a $1.4 million adjustable-rate mortgage loan from New Haven Bank (the “NHB Mortgage”) of which $750,000 was funded at closing and remained outstanding as of December 31, 2022. The NHB Mortgage accrued interest at an initial rate of 3.75% per annum for the first 72 months and was due and payable in full on December 1, 2037. During the first 12 months, from December 1, 2021 to November 30, 2022, only interest was due and payable. Beginning on December 1, 2022 principal and interest on the NHB Mortgage were to be due and payable on a monthly basis. All payments under the NHB Mortgage was to be amortized based on a 20-year amortization schedule. The interest rate was to be adjusted on each of December 1, 2027 and 2032 to the then published 5-year Federal Home Loan Bank of Boston Classic Advance Rate, plus 2.60%. The NHB Mortgage was a non-recourse loan, secured by a first mortgage lien on each of the properties, located at 698 Main Street, Branford, Connecticut, and 568 East Main Street, Branford, Connecticut. The $750,000 of proceeds funded at closing were used to reimburse the Company for out-of-pocket costs relating to the acquisition of the East Main Street property. On February 28, 2023, the Company refinanced the NHB Mortgage with a new $1.66 million adjustable-rate mortgage loan from New Haven Bank (the “New NHB Mortgage”). The new loan accrues interest at an initial rate of 5.75% per annum for the first 60 months. The interest rate will be adjusted on each of March 1, 2028 and March 1, 2033 to the then published 5-year Federal Home Loan Bank of Boston Classic Advance Rate, plus 1.75%. Beginning on April 1, 2023 and through March 1, 2038, principal and interest will be due and payable on a monthly basis. All payments under the new loan are amortized based on a 20-year amortization schedule. The unpaid principal amount of the loan and all accrued and unpaid interest are due and payable in full on March 1, 2038. The new loan is a non-recourse obligation, secured primarily by a first mortgage lien on the properties located 698 Main Street, Branford, Connecticut and 568 East Main Street, Branford, Connecticut, which are owned by the Company. Churchill MRA Funding I LLC Repurchase Financing Facility On July 21, 2021, the Company consummated a $200 million master repurchase financing facility (“Facility”) with Churchill MRA Funding I LLC (“Churchill”), a subsidiary of Churchill Real Estate, a vertically integrated real estate finance company based in New York, New York. Under the terms of the Facility, the Company has the right, but not the obligation, to sell mortgage loans to Churchill, and Churchill has the right, but not the obligation, to purchase those loans. In addition, the Company has the right and, in some instances the obligation, to repurchase those loans from Churchill. The amount that Churchill will pay for each mortgage loan it purchases will vary based on the attributes of the loan and various other circumstances. The repurchase price is calculated by applying an interest factor, as defined, to the purchase price of the mortgage loan. The Company has also pledged the mortgage loans sold to Churchill to secure its repurchase obligation. The cost of capital under the Facility is equal to the sum of (a) the greater of (i) 0.25% and (ii) the 90-day LIBOR plus (b) 3%-4%, depending on the aggregate principal amount of the mortgage loans held by Churchill at that time. On November 18, 2022, the Facility was amended to replace the 90-day LIBOR with the 90-day SOFR as the new benchmark rate. As of March 31, 2023 the effective rate charged under the Facility was 9.09%. The Facility is subject to other terms and conditions, including representations and warranties, covenants and agreements typically found in these types of financing arrangements. Under one such covenant, the Company (A) is prohibited from (i) paying any dividends or making distributions in excess of 90% of its taxable income, (ii) incurring any indebtedness or (iii) purchasing any of its capital stock, unless, it has an asset coverage ratio of at least 150%; and (B) must maintain unencumbered cash and cash equivalents in an amount equal to or greater than 2.50% of the amount of its repurchase obligations. Churchill has the right to terminate the Facility at any time upon 180 days prior notice to the Company. The Company then has an additional 180 days after termination to repurchase all the mortgage loans held by Churchill. The Company uses the proceeds from the Facility to finance the continued expansion of its lending business and for general corporate purposes. At March 31, 2023, the total amount outstanding under the Facility was $54,055,815. The collateral pledged to Churchill at March 31, 2023 was 31 mortgage loans that in the aggregate had unpaid principal balance of approximately $87.9 million. Each of the New NHB Mortgage and the Churchill Facility contain cross-default provisions. Needham Bank Credit Facility On March 2, 2023, the Company entered into a Credit and Security Agreement (the “Credit Agreement”), with Needham Bank, a Massachusetts co-operative bank, as the administrative agent (the “Administrative Agent”) for the lenders party thereto (the “Lenders”) with respect to a $45 million revolving credit facility (the “Credit Facility”). Under the Credit Agreement, the Company also has the right to request an increase in the size of the Credit Facility up to $75 million, subject to certain conditions, including the approval of the Lenders. Loans under the Credit Facility accrue interest at the greater of (i) the annual rate of interest equal to the “prime rate,” as published in the “Money Rates” column of The Wall Street Journal minus one-quarter of one percent (0.25%), and (ii) four and one-half percent (4.50%). All amounts borrowed under the Credit Facility are secured by a first priority lien on virtually all Company’s assets. Assets excluded from the lien include real estate owned by the Company (other than real estate acquired pursuant to foreclosure) and mortgages sold to Churchill under the Facility. The Credit Facility expires March 2, 2026 but the Company has a right to extend the term for one year upon the consent of the Administrative Agent and the Lenders, which consent cannot be unreasonably withheld, and so long as it is not in default and satisfies certain other conditions. All outstanding revolving loans and accrued but unpaid interest are due and payable on the expiration date. The Company may terminate the Credit Facility at any time without premium or penalty by delivering written notice to the Administrative Agent at least ten ( 10 The Credit Facility is subject to other terms and conditions, including representations and warranties, covenants and agreements typically found in these types of financing arrangements, including a covenant that requires the Company to maintain: (A) a ratio of Adjusted EBITDA (as defined in the Credit Agreement) to Debt Service (as defined in the Credit Agreement) of less than 1.40 to 1.0, tested on a trailing-twelve-month basis at the end of each fiscal quarter, commencing with the quarter ending June 30, 2023; (B) a sum of cash, cash equivalents and availability under the facility equal to or greater than $10 million; and (C) an asset coverage ratio of at least 150%. ​

Notes Payable

Notes Payable	3 Months Ended
	Mar. 31, 2023
Notes Payable.
Notes Payable	8. Notes Payable At March 31, 2023, the Company had an aggregate of $280,608,110 of unsecured, unsubordinated notes payable outstanding, net of $7,793,640 of deferred financing costs (collectively, the “Notes”). Currently, the Company has seven series of Notes outstanding: (i) Notes having an aggregate principal amount of $23,663,000 bearing interest at 7.125% per annum and maturing June 30, 2024 (“the June 2024 Notes”); (ii) Notes having an aggregate principal amount of $34,500,000 bearing interest at 6.875% per annum and maturing December 30, 2024 (the “December 2024 Notes”); (iii) Notes having an aggregate principal amount of $56,363,750 bearing interest at 7.75% per annum and maturing September 30, 2025 (the “September 2025 Notes”); (iv) Notes having an aggregate principal amount of $51,750,000 bearing interest at 6.0% per annum and maturing December 30, 2026 (the “December 2026 Notes”); (v) Notes having an aggregate principal amount of $51,875,000 bearing interest at 6.0% per annum and maturing March 30, 2027 (the “March 2027 Notes”); (vi) Notes having an aggregate principal amount of $ 30,000,000 bearing interest at 7.125 % per annum and maturing June 30, 2027 (the “June 2027 Notes”); and (vii) Notes having an aggregate principal amount of $40,250,000 bearing interest at 8.00% per annum and maturing September 30, 2027 (the “September 2027 Notes”). The Notes were sold in underwritten public offerings, were issued in denomination of  $25.00 each and are listed on the NYSE American and trade under the symbols “SCCB,” “SACC,” “SCCC,” “SCCD,” “SCCE,” “SCCF” and “SCCG,” respectively. All the Notes were issued at par except for the last tranche of the September 2025 notes, in the original principal amount of $28 million, which were issued at $24.75 each. Interest on the Notes is payable quarterly on each March 30, June 30, September 30 and December 30 that they are outstanding. So long as the Notes are outstanding, the Company is prohibited from making distributions in excess of 90% of its taxable income, incurring any additional indebtedness or purchasing any shares of its capital stock unless it has an “Asset Coverage Ratio” of at least 150% after giving effect to the payment of such dividend, the incurrence of such indebtedness or the application of the net proceeds, as the case may be. The Company may redeem the Notes, in whole or in part, without premium or penalty, at any time after their second anniversary of issuance upon at least 30 days prior written notice to the holders of the Notes. The redemption price will be equal to the outstanding principal amount of the Notes redeemed plus the accrued but unpaid interest thereon up to, but not including the date of redemption. Currently, the June 2024 Notes, December 2024 Notes and the September 2025 Notes are callable at any time. The December 2026 Notes will be callable at any time after December 30, 2023, the March 2027 Notes will be callable at any time after March 9, 2024, the June 2027 Notes will be callable at any time after May 11, 2024, and the September 2027 Notes will be callable at any time after August 23, 2024. The following are the future principal payments on the notes payable as of March 31, 2023: ​ ​ ​ ​ Year ending December 31, Amount Remainder of 2023 ​ $ — 2024 ​ 58,163,000 2025 ​ 56,363,750 2026 ​ 51,750,000 2027 ​ 122,125,000 Total principal payments ​ 288,401,750 Deferred financing costs ​ (7,793,640) Total notes payable, net of deferred financing costs ​ $ 280,608,110 ​ The estimated amortization of the deferred financing costs as of March 31, 2023 is as follows: ​ ​ ​ ​ Year ending December 31, Amount Remainder of 2023 ​ $ 1,745,150 2024 ​ 2,336,228 2025 ​ 1,807,606 2026 ​ 1,410,319 2027 ​ 494,337 Total deferred costs ​ $ 7,793,640 ​

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	3 Months Ended
	Mar. 31, 2023
Accounts Payable and Accrued Liabilities.
Accounts Payable and Accrued Liabilities	9. Accounts Payable and Accrued Liabilities As of March 31, 2023 and December 31, 2022, accounts payable and accrued liabilities include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Accounts payable and accrued expenses $ 1,025,051 $ 1,109,789 CECL - allowance for unfunded contractual obligation credit losses ​ ​ 562,000 ​ ​ — Other notes ​ 1,762 ​ 6,014 Accrued interest ​ 418,637 ​ 323,416 Total ​ $ 2,007,450 ​ $ 1,439,219 ​

Fee and Other Income

Fee and Other Income	3 Months Ended
	Mar. 31, 2023
Fee And Other Income
Fee And Other Income	10. Fee and Other Income For the three month periods ended March 31, 2023 and 2022, fee and other income consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ ​ ended March 31, ​ 2023 2022 Late and other fees ​ $ 113,131 ​ $ 128,864 Processing fees ​ 32,070 ​ 65,855 Rental income, net ​ 13,300 ​ 10,042 Extension fees ​ 180,410 ​ 101,834 Other fees ​ ​ 203,029 ​ ​ 50,562 Legal fees ​ ​ 96,500 ​ ​ 62,100 Other income ​ ​ 69,165 ​ ​ 189,307 Total ​ $ 707,605 ​ $ 608,564 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	11. Commitments and Contingencies Origination and Modification Fees Loan origination and modification fees generally range from 1% - 3% each of the original loan principal or the modified loan balance and, generally, are payable at the time the loan is funded or modified. The unamortized portion is recorded as deferred revenue on the consolidated balance sheet. At March 31, 2023, deferred revenue was $4,681,060, which will be recorded as income as follows: ​ ​ ​ ​ ​ Year ending December 31, 2023 $ 3,578,108 Year ending December 31, 2024 ​ ​ 924,890 Year ending December 31, 2025 ​ ​ 178,062 Total ​ $ 4,681,060 ​ In instances in which mortgages are repaid before their maturity date, the balance of any unamortized deferred revenue is recognized in full at the time of repayment. Employment Agreements In February 2017, the Company entered into an employment agreement with John Villano, the material terms of which are as follows: (i) the employment term is five years with extensions for successive one-year periods unless either party provides written notice at least 180 days prior to the next anniversary date of its intention to not renew the agreement; (ii) a base salary of $260,000, which was increased in April 2018, April 2021 and April 2022 to $360,000, $500,000 and $750,000, respectively; (iii) incentive compensation in such amount as determined by the Compensation Committee of the Company’s Board of Directors; (iv) participation in the Company’s employee benefit plans; (v) full indemnification to the extent permitted by law; (vi) a two-year non-competition period following the termination of employment without cause; and (vii) payments upon termination of employment or a change in control. In April 2021, the Company granted 89,928 restricted common shares (having a market value of approximately $500,000) to Mr. Villano. One one One-third one-third 2025 One 2025 2026 In July 2022, the Company entered into an employment agreement with John E. Warch, the material terms of which are as follows: (i) the employment term commenced on August 1, 2022 and will continue until terminated by either party; (ii) a base salary of $325,000; (iii) incentive compensation in such amount as determined by the Compensation Committee of the Company’s Board of Directors; (iv) participation in the Company’s employee benefit plans; (v) full indemnification to the extent permitted by law; and (vi) payments upon termination of employment or a change in control. In February 2023, the Company granted 8,000 restricted common shares (having a market value of approximately $30,000) to Mr. Warch. One one Unfunded Commitments At March 31, 2023, the Company had future funding obligations totaling $114,851,913, which can be drawn by the borrowers when the conditions relating thereto have been satisfied. The unfunded commitments will be will be funded from loan payoffs and additional drawdowns under existing and future credit facilities and proceeds from sale of debt and equity securities. Other In the normal course of its business, the Company is named as a party-defendant in connection with tax foreclosure proceedings against properties on which it holds a first mortgage lien. The Company actively monitors these actions and, in all cases, believes there remains sufficient value in the subject property to assure that no loan impairment exists. At March 31, 2023, there were three such proceedings. The unpaid principal balances on the properties that are the subject of these proceedings was approximately $631,000. ​ In accordance with the asset purchase agreement with Urbane New Haven, LLC in October 2022 under certain circumstances the Company will be required to pay the seller 20% of the net proceeds, as defined, of certain real estate development projects completed by the Company until such time that the principal former owner is no longer employed by the Company. Any future payments will be expensed and included in net income.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2023
Related Party Transactions
Related Party Transactions	12. Related Party Transactions In the ordinary course of business, the Company may originate, fund, manage and service loans to shareholders. The underwriting process on these loans adheres to prevailing Company policy. The terms of such loans, including the interest rate, income, origination fees and other closing costs are the same as those applicable to loans made to unrelated third parties in the portfolio. As of March 31, 2023, and 2022, loans to known shareholders totaled $25,436,352 and $15,594,572, respectively. Interest income earned on these loans for the three months ended March 31, 2023 and 2022 totaled $506,093 and $347,638, respectively. The wife of the Company’s chief executive officer was employed by the Company as its director of finance until the third quarter of 2022 when she retired. For the three month periods ended March 31, 2023 and 2022, she was paid $0 and $27,500, respectively, as compensation from the Company. In December 2021, the Company hired the daughter of the Company’s chief executive officer to perform certain internal audit and compliance services. For the three month period ended March 31, 2023 and 2022, she received compensation of $43,000 and $27,500, respectively.

Concentration of Credit Risk

Concentration of Credit Risk	3 Months Ended
	Mar. 31, 2023
Concentration of Credit Risk
Concentration of Credit Risk	13. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, investments in securities, investments in partnerships, and mortgage loans. The Company maintains its cash and cash equivalents with various financial institutions. Accounts at the financial institution are insured by the Federal Deposit Insurance Corporation up to $250,000. The Company is potentially subject to concentration of credit risk in its investment securities. Currently, all of its investment securities, which include common stocks, preferred stock, corporate bonds and mutual funds, are held at Wells Fargo Advisors. Wells Fargo Advisors is a member of the Securities Investor Protection Corporation (SIPC). SIPC protects clients against the custodial risk of a member investment firm becoming insolvent by replacing missing securities and cash up to $500,000, including up to $250,000 in cash, per client in accordance with SIPC rules. The Company makes loans that are secured by first mortgage liens on real property located primarily in Connecticut (approximately 41.13%), Florida (approximately 26.79%) and New York (approximately 12.55%). This concentration of credit risk may be affected by changes in economic or other conditions of the particular geographic area. Credit risks associated with the Company’s mortgage loan portfolio and related interest receivable are described in Note 4 - Mortgages Receivable.

Outstanding Warrants

Outstanding Warrants	3 Months Ended
	Mar. 31, 2023
Outstanding Warrants
Outstanding Warrants	14. Outstanding Warrants In connection with a public offering that was consummated in October 2017, the Company issued to the underwriters warrants to purchase an aggregate of 187,500 common shares at an exercise price of $5.00 per share. In January 2022, warrants to purchase 93,750 of the Company’s common shares were exercised. The holders of those warrants elected to use the cashless exercise option available to them under the terms of the warrants. As such, they received 19,658 common shares. All the remaining unexercised warrants expired on October 24, 2022.

Stock-Based Compensation and Em

Stock-Based Compensation and Employee Benefits	3 Months Ended
	Mar. 31, 2023
Stock-Based Compensation and Employee Benefits
Stock-Based Compensation and Employee Benefits	15. Stock-Based Compensation and Employee Benefits Stock-Based Compensation On October 27, 2016, the Company adopted the 2016 Equity Compensation Plan (the “Plan”), the purpose of which is to align the interests of the Company’s officers, other employees, advisors and consultants or any subsidiary, if any, with those of the Company’s shareholders and to afford an incentive to such officers, employees, consultants and advisors to continue as such, to increase their efforts on the Company’s behalf and to promote the success of the Company’s business. The Plan is administered by the Compensation Committee. The maximum number of common shares reserved for the grant of awards under the Plan is 1,500,000, subject to adjustment as provided in Section 5 of the Plan. The number of securities remaining available for future issuance under the Plan as of March 31, 2023 was 1,005,078. During the three months ended March 31, 2023 and 2022, the Company granted an aggregate of 183,390 and 33,500 restricted common shares under the Plan, respectively with a fair value of $709,719 and $183,915, respectively. With respect to the restricted common shares granted during the three months ended March 31, 2023, (i) an aggregate of 17,500 shares vested immediately on the date of grant, an additional aggregate of 17,500 shares will vest on each of the first and second Stock based compensation for the three months ended March 31, 2023 and 2022 was $173,132 and $106,879, respectively. As of March 31, 2023, there was unrecorded stock-based compensation expense of $1,384,043. Employee Benefits On April 16, 2018, the Company’s Board of Directors approved the adoption of the Sachem Capital Corp. 401(k) Profit Sharing Plan (the “401(k) Plan”). All employees, who meet the participation criteria, are eligible to participate in the 401(k) Plan. Under the terms of the 401(k) Plan, the Company is obligated to contribute 3% of a participant’s compensation to the 401(k) Plan on behalf of an employee-participant. For the three months ended March 31, 2023 and 2022, the 401(k) Plan expense was $44,696 and $19,993, respectively.

Equity Offerings

Equity Offerings	3 Months Ended
	Mar. 31, 2023
Equity Offerings
Equity Offerings	16. Equity Offerings On August 24, 2022, the Company filed a prospectus supplement to its Form S-3 Registration Statement covering the sale of up to $75,000,000 of its common shares and its Series A Preferred Stock (as defined in Note 19 below) with an aggregate liquidation preference of up to $25,000,000 in an “at-the market” offering, which is ongoing. During the three months ended March 31, 2023, under this offering, the Company sold an aggregate of 2,479,798 common shares, realizing gross proceeds of approximately $9.4 million and sold shares of its Series A Preferred Stock having an aggregate liquidation preference of $154,675, realizing gross proceeds of $139,500 representing a discount of approximately 10% from the liquidation preference.

Partnership Investments

Partnership Investments	3 Months Ended
	Mar. 31, 2023
Partnership Investments
Partnership Investments	17. Partnership Investments As of March 31, 2023, the Company had invested an aggregate of approximately $35.3 million in four limited liability companies managed by a commercial real estate finance company that provides debt capital solutions to local and regional commercial real estate owners in the Northeastern United States. The Company’s ownership interest in the four limited liability companies ranges up to 49%. The Company accounts for these investments at cost because the Company does not control or have significant influence over the investments. The Company’s withdrawal from each limited liability company may only be granted by the manager of such entity. Each limited liability company has elected to be treated as a partnership for income tax purposes. The Company’s partnership investments can be categorized into two fund structures, fund investments and direct loan investments. The fund investments primarily include investments in two funds that invest in mortgage loans to borrowers. The direct loan investments are through two partnerships whereby the Company directly invests in the participation of individual loans to borrowers. Both the fund and direct loan structure primarily invest in mortgage loans to borrowers with a majority of the deals being leveraged by a bank. These loans are primarily two to three year collateralized mortgage loans, often with contractual extension options for the borrowers of an additional year. The Company receives quarterly dividends from the partnerships that are composed of a preferred return, return of capital and promote depending on each loans waterfall calculation, as defined by the loan agreements. The Company cannot redeem its fund investment at any time, its investment will be repaid as the underlying loans are repaid. The Company expects to be repaid on its current investments by December 31, 2026. For the three months ended March 31, 2023 and 2022, the partnerships generated $549,723 and $272,488, respectively, of income for the Company. At March 31, 2023, the Company had unfunded partnership commitments totaling approximately $573,000.

Special Purpose Acquisition Cor

Special Purpose Acquisition Corporation	3 Months Ended
	Mar. 31, 2023
Special Purpose Acquisition Corporation
Special Purpose Acquisition Corporation	18. Special Purpose Acquisition Corporation ​ On March 24, 2021, the Company loaned $25,000 to its wholly-owned subsidiary, Sachem Sponsor LLC. Sachem Sponsor LLC used those funds to purchase 1,437,500 shares of Class B common stock of Sachem Acquisition Corp., a newly organized blank check company formed under the laws of Maryland in February 2021, for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. As of March 31, 2023, the Company had incurred approximately $452,000 of costs related to the preparation and filing of the registration statement, including legal fees, accounting fees and filing fees as well as organizational costs and an expense advance to the underwriter. On July 14, 2021, Sachem Acquisition Corp. filed a registration statement on Form S-1 registering the sale of 5,750,000 units at $10.00 per unit, or $57,500,000 in the aggregate. Each unit consists of one share of Class A common stock and one

Series A Preferred Stock

Series A Preferred Stock	3 Months Ended
	Mar. 31, 2023
Series A Preferred Stock.
Series A Preferred Stock	19. Series A Preferred Stock The Company has designated 2,903,000 shares of its authorized preferred shares, par value $0.001 per share, as shares of Series A Preferred Stock (the “Series A Preferred Stock”) with the powers, designations, preferences and other rights as set forth in an Amended and Restated Certificate of Designation (the “Series A Designation Certificate”). The Series A Designation Certificate provides that the Company will pay quarterly cumulative dividends on the Series A Preferred Stock, in arrears, on the 30th day of each of March, June, September and December, and including, the date of original issuance of the Series A Preferred Stock until redeemed at 7.75% of the $25.00 per share liquidation preference per annum (equivalent to $1.9375 per annum per share). The Series A Preferred Stock is not redeemable before June 29, 2026, except upon the occurrence of a Change of Control (as defined in the Series A Designation Certificate). On or after June 29, 2026, the Company may, at its option, redeem any or all of the shares of the Series A Preferred Stock at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. Upon the occurrence of a Change of Control, the Company may, at its option, redeem any or all of the shares of Series A Preferred Stock within 120 days after the first date on which such Change of Control occurred at $25.00 per share plus any accumulated and unpaid dividends to, but not including, the redemption date. The Series A Preferred Stock has no stated maturity, is not subject to any sinking fund or mandatory redemption and will remain outstanding indefinitely unless repurchased or redeemed by the Company or converted into common shares in connection with a Change of Control by the holders of the Series A Preferred Stock. Upon the occurrence of a Change of Control, each holder of Series A Preferred Stock will have the right (subject to the Company’s election to redeem the Series A Preferred Stock in whole or in part, as described above, prior to the Change of Control Conversion Date as defined in the Series A Designation Certificate) to convert some or all of the Series A Preferred Stock held by such holder on the Change of Control Conversion Date into a number of the common shares determined by formula, in each case, on the terms and subject to the conditions described in the Series A Designation Certificate, including provisions for the receipt, under specified circumstances, of alternative consideration as described in the Series A Designation Certificate. Except under limited circumstances, holders of the Series A Preferred Stock generally do not have any voting rights. The Company has reserved 72,575,000 common shares for issuance upon conversion of the Series A Preferred Stock.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events
Subsequent Events	20. Subsequent Events From April 1, 2023 through May 12, 2023, the Company sold an aggregate of 136,356 common shares under its at-the-market offering facility, realizing gross proceeds of approximately $510,000. On April 4, 2023, the Company’s Board of Directors declared a dividend of $0.13 per share payable to shareholders of record as of April 17, 2023. The dividend was paid April 24, 2023. Management has evaluated subsequent events through May 12, 2023 the date on which the financial statements were available to be issued. Based on the evaluation, no adjustments were required in the accompanying financial statements.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Significant Accounting Policies
Unaudited Financial Statements	Unaudited Financial Statements The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. However, in the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The accompanying unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2022 and the notes thereto included in the Company’s Annual Report on Form 10-K. Results of operations for the three months ended March 31, 2023, are not necessarily indicative of the operating results to be attained in the entire fiscal year, or for any subsequent period.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on (a) various assumptions that are based on experience, (b) projections regarding future operations and (c) general financial market and local and general economic conditions. Actual amounts could materially differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all demand deposits, cashier’s checks, money market accounts and certificates of deposit with an original maturity of three months or less to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances typically exceed the Federal Deposit Insurance Corporation insurance coverage, and, as a result, there is a concentration of credit risk related to amounts on deposit. The Company does not believe that the risk is significant.
Investment Securities	Investment Securities The Company considers all highly liquid interest-earning investments with a maturity of three months or less at the date of purchase to be cash equivalents. The fair values of these investments approximate their carrying values. Debt investments are classified as available-for-sale and realized gains and losses are recorded using the specific identification method. Changes in fair value, excluding credit losses and impairments, are recorded in other comprehensive income. Fair value is calculated based on publicly available market information or other estimates determined by management. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, credit quality of debt instrument issuers, and the extent to which the fair value is less than cost. If qualitative factors indicate an available for sale debt security may be credit impaired the loss is measured as the excess of carrying value over the present value of expected cash flows, limited to the excess of carrying value over fair value. To determine credit losses, the Company may employ a systematic methodology that considers available quantitative and qualitative evidence. In addition, the Company considers specific adverse conditions related to the financial health of, and business outlook for, the investee. If the Company has plans to sell the security or it is more likely than not that the Company will be required to sell the security before recovery, then a decline in fair value below cost is recorded as an impairment charge in net income and a new cost basis in the investment is established. If market, industry, and/or investee conditions deteriorate, the Company may incur future impairments.
Current Expected Credit Losses Allowance	Current Expected Credit Losses Allowance The Company adopted the current expected credit loss (“CECL”) standard effective January 1, 2023 in accordance with ASU No. 2016-13. The initial CECL allowance adjustment of $2,489,574 was recorded effective January 1, 2023 as a cumulative-effect of change in accounting principle through a direct charge to accumulated deficit on the consolidated statements of shareholders’ equity; however, subsequent changes to the CECL allowance will be recognized in the consolidated statements of comprehensive income. The Company records an allowance for credit losses in accordance with the CECL standard on the Company’s loan portfolio, including unfunded construction commitments, on a collective basis by assets with similar risk characteristics. This methodology replaces the probable incurred loss impairment methodology. In addition, interest and fees receivable and amounts included in due from borrowers, other than reimbursements, which include origination, modification and other fees receivable are also analyzed for credit losses in accordance with the CECL standard, as they represent a financial asset that is subject to credit risk. As allowed under the CECL standard the Company uses, as a practical expedient, the fair value of the collateral at the reporting date when recording the net carrying amount of the loan and determining the allowance for credit losses for loans in pending/pre-foreclosure status, as defined. Fair value of collateral is reduced by estimated cost to sell if the collateral is expected to be sold. The amount of loans in pending/pre-foreclosure as of March 31, 2023 and December 31, 2022 was approximately $40.6 million and $24.0 million, respectively. As of March 31, 2023 and December 31, 2022, there were no such loans in pending/pre-foreclosure that required an allowance for credit loss. The CECL standard requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the economic environment. The Company utilizes a loss-rate method for estimating current expected credit losses. The loss rate method involves applying a loss rate to a pool of loans with similar risk characteristics to estimate the expected credit losses on that pool of loans. In determining the CECL allowance, the Company considers various factors including (1) historical loss experience in its portfolio, (2) loan specific losses for loans deemed collateral dependent based on excess amortized cost over the fair value of the underlying collateral, and (3) its current and future view of the macroeconomic environment. The Company utilizes a reasonable and supportable forecast period equal to the contractual term of the loan plus any applicable short-term extensions that are reasonably expected for construction loans. Management estimates the allowance for credit losses using relevant information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. The allowance for credit losses is maintained at a level sufficient to provide for expected credit losses over the life of the loans based on evaluating historical credit loss experience and making adjustments to historical loss information for differences in the specific risk characteristics in the current loan portfolio. The CECL allowance related to the principal outstanding is presented within “Mortgages receivable, net” and for unfunded commitments is within accounts payable and accrued liabilities in the Company’s consolidated balance sheets. The CECL allowance related to the late payment fees are presented in “Interest and fees receivable” and “Due from borrowers” in the Company’s consolidated balance sheets. As of March 31, 2023 and January 1, 2023, the CECL allowance for mortgages receivable was approximately $2.0 million and approximately $1.9 million, respectively, an increase of approximately $55,000. As of March 31, 2023 and January 1, 2023, the CECL allowance for interest and fees receivable was approximately $30,100 and approximately $26,100, respectively, an increase of $4,000. As of March 31, 2023 and January 1, 2023, the CECL allowance for due from borrower was approximately $22,300 and $19,900, respectively, an increase of approximately $2,400. As of March 31, 2023 and January 1, 2023, the CECL allowance for unfunded commitments was $562,000, and approximately $522,000, respectively, an increase of approximately $40,000.
Fair Value Measurements	Fair Value Measurements The framework for measuring fair value provides a fair value hierarchy that prioritizes inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 820 are described as follows: Level 1 Level 2 ● quoted prices for similar assets or liabilities in active markets; ● quoted prices for identical or similar assets or liabilities in inactive markets; ● inputs other than quoted prices that are observable for the asset or liability; and ● inputs that are derived principally from or corroborated by observable market data by correlation to other means. If the asset or liability has a specified (i.e., Level 3
Property and Equipment	Property and Equipment Land and building acquired in December 2016 to serve as the Company’s office facilities is stated at cost. The building is being depreciated using the straight-line method over its estimated useful life of 40 years. Expenditures for repairs and maintenance are charged to expense as incurred. The Company relocated its entire operations to this property in March 2019. Land and building acquired in 2021 to serve as the Company’s future corporate headquarters is stated at cost. Renovation of the building was completed in the first quarter of 2023 and the Company relocated its operations to the new building in March 2023. The building is being depreciated using the straight-line method over its estimated useful life of 40 years. The new building was placed in service during the three months ended March of 2023.
Real Estate Owned	Real Estate Owned Real estate owned by the Company is stated at cost and is tested for impairment quarterly.
Consolidations	Consolidations The consolidated financial statements of the Company include the accounts of all subsidiaries in which the Company has control over significant operating, financial and investing decisions of the entity. All intercompany accounts and transactions have been eliminated.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company monitors events or changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances occur, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the undiscounted cash flows are less than the carrying amount of these assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair market value of the assets.
Goodwill	Goodwill Goodwill is not amortized, but rather tested for impairment annually or more frequently if events or changes in circumstances indicate potential impairment. Goodwill at March 31, 2023 represents the excess of the consideration paid over the fair value of net assets acquired from Urbane New Haven, LLC in October 2022. In testing goodwill for impairment, the Company follows FASB ASC 350, “Intangibles—Goodwill and Other”, which permits a qualitative assessment of whether it is more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill. If the qualitative assessment determines that it is not more likely than not that the fair value of a reporting unit is less than its carrying value including goodwill, then no impairment is determined to exist for the reporting unit. However, if the qualitative assessment determines that it is more likely than not that the fair value of the reporting unit is less than its carrying value including goodwill, or the Company chooses not to perform the qualitative assessment, then the Company compares the fair value of that reporting unit with its carrying value, including goodwill.
Deferred Financing Costs	Deferred Financing Costs Costs incurred in connection with the Company’s revolving credit facilities, described in Note 7-Line of Credit, Mortgage Payable, Churchill Facility, and Needham Facility are, amortized over the term of the applicable facility using the straight-line method. Costs incurred by the Company in connection with the public offering of its unsecured, unsubordinated notes, described in Note 9 - Notes Payable, are being amortized over the term of the respective Notes.
Revenue Recognition	Revenue Recognition Interest income from the Company’s loan portfolio is earned over the loan period and is calculated using the simple interest method on principal amounts outstanding. Generally, the Company’s loans provide for interest to be paid monthly in arrears. The Company, generally, does not accrue interest income on mortgages receivable that are more than 90 days past due or interest charged at default rates. However, interest income not accrued at March 31, 2023 but collected prior to the issuance of this report is included in income for the period ended March 31, 2023. Origination and modification fee revenue, generally 1% – 3% of either the original loan principal or the modified loan balance, is collected at loan funding and is recognized ratably over the contractual life of the loan in accordance with ASC 310.
Income Taxes	Income Taxes The Company believes it qualifies as a real estate investment trust (“REIT”) for federal income tax purposes and operates accordingly. It made the election to be taxed as a REIT on its 2017 Federal income tax return. The Company’s qualification as a REIT depends on its ability to meet on a continuing basis, through actual investment and operating results, various complex requirements under the Internal Revenue Code of 1986, as amended (the “Code”), relating to, among other things, the sources of its income, the composition and values of its assets, its compliance with the distribution requirements applicable to REITs and the diversity of ownership of its outstanding capital stock. So long as it qualifies as a REIT, the Company, generally, will not be subject to U.S. federal income tax on its taxable income distributed to its shareholders. However, if it fails to qualify as a REIT in any taxable year and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal income tax at regular corporate rates and may also be subject to various penalties and may be precluded from re-electing REIT status for the four taxable years following the year during in which it lost its REIT qualification. The Company has elected, and may elect in the future, to treat certain of its existing or newly created corporate subsidiaries as taxable REIT subsidiaries (“TRSs”). In general, a TRS may hold assets that the Company cannot hold directly and generally may engage in any real estate or non-real estate related business. The TRSs generate income, resulting in federal and state income tax liability for these entities. The Company does not expect to incur any corporate federal income tax liability outside of the TRSs, as it believes it has maintained its qualification as a REIT. During the three months ended March 31, 2023 and 2022, the Company’s TRSs recognized no provisions for federal income tax or state, local and franchise taxes on the Company’s consolidated statements of operations. During the three months ended March 31, 2023 and 2022, there were no recognized provisions for federal income tax nor state, local and franchise tax. The income tax provision for the Company differs from the amount computed from applying the statutory federal income tax rate to income before income taxes due to non-taxable REIT income and other permanent differences including the non-deductibility of acquisition costs of business combinations for federal income tax reporting. FASB ASC Topic 740-10 “Accounting for Uncertainty in Income Taxes ” “ ”
Earnings Per Share	Earnings Per Share Basic and diluted earnings per share are calculated in accordance with ASC 260 “ ”
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments”, (ASU 2016-13), which changes accounting requirements for the measurement and recognition of expected credit losses from an incurred or probable methodology to a current expected credit loss methodology. Mortgages receivable, unfunded loan commitments, interest and fees receivable and amounts included in due from borrowers, other than reimbursements, which include origination, modification and other fees receivable are the only items currently held by the Company that are within the scope of ASU 2016-13. The Company adopted this ASU effective January 1, 2023 and applied a modified retrospective approach through a cumulative-effect adjustment to retained earnings upon adoption. At transition on January 1, 2023, the cumulative effect of adopting this ASU resulted in a decrease in retained earnings of $2,489,574 and an increase in the allowance for credit losses. The increase in the allowance is driven by the fact that the allowance under CECL covers expected credit losses over the full expected life of the loan portfolios and also takes into account forecasts of expected future economic conditions. In March 2022, the FASB issued ASU 2022-02, “Financial Instruments-Credit Losses” (Topic 326): Troubled Debt Restructurings and Vintage Disclosures, which eliminates the accounting guidance for troubled debt restructurings (“TDR”) for creditors that have adopted the CECL standard and requires enhanced disclosures for loan modifications made to borrowers experiencing financial difficulty in the form of interest rate reductions, principal forgiveness, other-than-insignificant payment delays, or term extensions. In addition, the new guidance requires presentation in the vintage disclosures of current-period gross write-offs by year of origination. The amendments in this update became effective for fiscal years beginning after December 15, 2022. This update did not have a material effect on the Company’s financial statements. In June 2022, the FASB issued ASU 2022-03, “Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions.” ASU 2022-03 was issued to (1) to clarify the guidance in FASB ASC Topic 820, “Fair Value Measurement”, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with FASB ASC Topic 820. The amendments in this update are effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. The Company does not anticipate that this update will have a material impact on its consolidated financial statements. Management does not believe that any other recently issued, but not yet effective, accounting standards if currently adopted would have a material effect on the Company’s consolidated financial statements.
Reclassifications	Reclassifications Certain amounts included in the March 31, 2022 and December 31, 2022 consolidated financial statements have been reclassified to conform to the March 31, 2023 presentation.

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Measurement
Schedule of company's assets at fair value	The following table sets forth by Level, within the fair value hierarchy, the Company’s assets at fair value as of March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Stocks and ETFs ​ $ — ​ $ 1,403,680 ​ $ — ​ $ 1,403,680 Mutual funds ​ ​ 15,193,680 ​ ​ — ​ ​ — ​ ​ 15,193,680 Debt securities ​ ​ 18,109,325 ​ 1,130,517 ​ — ​ ​ 19,239,842 Total liquid investments ​ $ 33,303,005 ​ $ 2,534,197 ​ $ — ​ $ 35,837,202 Real estate owned ​ $ — ​ $ — ​ $ 6,138,912 ​ $ 6,138,912 ​ The following table sets forth by Level, within the fair value hierarchy, the Company’s assets at fair value as of December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Stocks and ETF’s ​ $ 3,282,659 ​ $ 1,446,065 ​ — ​ $ 4,728,724 Mutual funds ​ 14,850,839 ​ — ​ — ​ 14,850,839 Debt securities ​ 3,880,045 ​ 1,116,854 ​ — ​ 4,996,899 Total liquid investments ​ $ 22,013,543 ​ $ 2,562,919 ​ — ​ $ 24,576,462 Real estate owned ​ — ​ — ​ $ 5,216,149 ​ $ 5,216,149
Schedule of company's available-for-sale (AFS) securities and other comprehensive income (OCI)	The following table presents the impact of the Company’s Available-For-Sale (AFS) securities - debt securities on its Other Comprehensive Income (OCI) for the three months ended March 31, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months Ended ​ ​ March 31, ​ ​ 2023 ​ 2022 OCI from AFS securities: ​ ​ Unrealized (loss) on AFS-debt securities at beginning of period ​ $ (561,490) ​ $ (476,016) Unrealized gain on securities available-for-sale – debt securities ​ 91,637 ​ 242,808 Change in OCI from AFS securities – debt securities ​ 91,637 ​ 242,808 Balance at end of period ​ $ (469,853) ​ $ (233,208)

Mortgages Receivable (Tables)

Mortgages Receivable (Tables)	3 Months Ended
	Mar. 31, 2023
Mortgages Receivable
Summary of the activity in the CECL Allowance from adoption on January 1, 2023	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ CECL Allowance ​ ​ ​ ​ ​ ​ ​ Provision for ​ CECL ​ ​ as of December ​ Adoption of ASU ​ ​ ​ ​ CECL ​ Allowance as of (dollars in thousands) 31, 2022 (1) 2016-13 (2) Charge-offs Allowance March 31, 2023 Geographical Location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New England ​ $ 105 ​ $ 1,302 ​ $ — ​ $ 3 ​ $ 1,410 West ​ — ​ 7 ​ — ​ — ​ 7 South ​ — ​ 402 ​ — ​ 56 ​ 458 Mid-Atlantic ​ — ​ 210 ​ — ​ (3) ​ 207 Total ​ $ 105 ​ $ 1,921 ​ $ — ​ $ 56 ​ $ 2,082 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 (dollars in thousands) Carrying Value % of Portfolio Carrying Value % of Portfolio ​ Geographical Location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New England ​ $ 226,026 47.23 % $ 225,603 48.97 % West ​ 3,150 0.66 % 3,150 0.68 % South ​ 154,662 32.32 % 135,857 29.49 % Mid-Atlantic ​ 94,713 19.79 % 96,128 20.86 % Total ​ ​ 478,551 100.00 % ​ 460,738 100.00 % Less, CECL Allowance ​ 2,082 ​ ​ ​ 105 ​ ​ ​ Carrying value, net ​ $ 476,469 ​ ​ $ 460,633 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 ​ ​ Outstanding ​ ​ ​ Outstanding ​ ​ ​ (dollars in thousands) Principal % of Portfolio Principal % of Portfolio Property Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ $ 217,734 45.50 % $ 229,944 49.91 % Commercial ​ 167,814 35.07 % 154,929 33.63 % Land ​ 63,515 13.27 % 46,499 10.09 % Mixed use ​ 29,488 6.16 % 29,366 6.37 % Total ​ ​ 478,551 100.00 % ​ 460,738 100.00 % Less, CECL Allowance ​ 2,082 ​ ​ 105 ​ Carrying value, net ​ $ 476,469 ​ ​ ​ $ 460,633 ​ ​
Schedule of allocation of the carrying value of Company's loan portfolio based on our internal credit quality indicators in assessing estimated credit losses and vintage of origination at the dates indicated	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Year Originated (1) ​ ​ Carrying ​ % of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FICO Score (2) (dollars in thousands) Value Portfolio 2023 ​ 2022 ​ 2021 ​ 2020 Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under 500 $ 443 0.09 % $ — $ — $ — $ — $ 443 501-550 ​ 4,637 0.97 % ​ — ​ — ​ 1,779 ​ 49 ​ 2,809 551-600 ​ 10,806 2.26 % ​ — ​ 2,678 ​ 5,073 ​ 700 ​ 2,355 601-650 ​ 40,514 8.47 % ​ 2,693 ​ 19,205 ​ 7,238 ​ 6,333 ​ 5,045 651-700 ​ 90,868 18.99 % ​ 6,784 ​ 32,306 ​ 34,570 ​ 7,113 ​ 10,095 701-750 ​ 177,295 37.04 % ​ 15,961 ​ 54,823 ​ 91,255 ​ 8,477 ​ 6,779 751-800 ​ 138,329 28.91 % ​ 3,231 ​ 75,055 ​ 48,163 ​ 9,997 ​ 1,883 801-850 ​ 15,659 3.27 % ​ — ​ 15,035 ​ — ​ 359 ​ 265 Total ​ 478,551 100.00 % $ 28,669 $ 199,102 $ 188.078 $ 33,028 $ 29,674 Less, CECL Allowance ​ 2,082 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value, net $ 476,469 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the year of origination or amendment where the loan was subject to a full re-underwriting. (2) The FICO Scores are calculated at the inception of the loan and are updated if the loan is modified or on an as needed basis. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ Year Originated (1) ​ ​ Carrying ​ % of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FICO Score (2) (dollars in thousands) Value Portfolio 2022 2021 2020 2019 Prior ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Under 500 $ 629 0.14 % $ — $ — $ 185 $ 235 $ 209 501-550 ​ 4,786 1.04 % ​ — ​ 1,779 ​ 87 ​ 803 ​ 2,117 551-600 ​ 15,977 3.47 % ​ 3,061 ​ 8,256 ​ 1,836 ​ 1,357 ​ 1,467 601-650 ​ 40,349 8.76 % ​ 21,382 ​ 7,474 ​ 6,273 ​ 1,547 ​ 3,673 651-700 ​ 84,085 18.25 % ​ 33,832 ​ 31,342 ​ 7,398 ​ 5,269 ​ 6,244 701-750 ​ 174,347 37.83 % ​ 65,190 ​ 90,524 ​ 11,892 ​ 5,527 ​ 1,214 751-800 ​ 125,347 27.21 % ​ 68,826 ​ 45,038 ​ 9,470 ​ 1,640 ​ 373 801-850 ​ 15,218 3.30 % ​ 14,554 ​ — ​ 399 ​ — ​ 265 Total ​ 460,738 100.00 % $ 206,845 $ 184,413 $ 37,540 $ 16,378 $ 16,562 Less, CECL Allowance ​ 105 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value, net $ 460,633 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Represents the year of origination or amendment where the loan was subject to a full re-underwriting. (2) The FICO Scores are calculated at the inception of a loan and are updated if the loan is modified or on an as needed basis.
Schedule of maturities of Mortgages receivable	​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2023 As of December 31, 2022 2023 and prior ​ $ 300,437,227 ​ $ 372,964,665 2024 ​ 163,582,069 ​ 85,968,294 2025 ​ 14,428,471 ​ 1,699,500 2026 ​ — ​ — 2027 ​ ​ — ​ ​ — Thereafter ​ ​ 103,356 ​ ​ 105,809 Total ​ ​ 478,551,123 ​ ​ 460,738,268 Less, CECL Allowance ​ ​ 2,081,659 ​ ​ 105,000 Total ​ $ 476,469,464 ​ $ 460,633,268 ​

Real Estate Owned (Tables)

Real Estate Owned (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate Owned
Schedule of rental payments due from real estate held for rental	​ ​ ​ ​ ​ Year ending December 31, 2023 $ 53,200 Year ending December 31, 2024 ​ 53,200 Year ending December 31, 2025 ​ 53,200 Year ending December 31, 2026 ​ ​ 31,033 Total ​ $ 190,633

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2023
Other Assets
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Prepaid expenses ​ $ 400,418 ​ $ 410,373 Other receivables ​ 3,741,984 ​ 3,519,804 Other assets ​ 459,291 ​ 477,048 Goodwill ​ ​ 391,000 ​ ​ 391,000 Intangible asset – trade name ​ ​ 130,400 ​ ​ 130,400 Deferred financing costs, net ​ 297,274 ​ 54,548 Total ​ $ 5,420,367 ​ $ 4,983,173

Notes Payable (Tables)

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Payable.
Summary of future principal payments on the notes payable	The following are the future principal payments on the notes payable as of March 31, 2023: ​ ​ ​ ​ Year ending December 31, Amount Remainder of 2023 ​ $ — 2024 ​ 58,163,000 2025 ​ 56,363,750 2026 ​ 51,750,000 2027 ​ 122,125,000 Total principal payments ​ 288,401,750 Deferred financing costs ​ (7,793,640) Total notes payable, net of deferred financing costs ​ $ 280,608,110 ​
Summary of estimated amortization of the deferred financing costs	The estimated amortization of the deferred financing costs as of March 31, 2023 is as follows: ​ ​ ​ ​ Year ending December 31, Amount Remainder of 2023 ​ $ 1,745,150 2024 ​ 2,336,228 2025 ​ 1,807,606 2026 ​ 1,410,319 2027 ​ 494,337 Total deferred costs ​ $ 7,793,640

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2023
Accounts Payable and Accrued Liabilities.
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Accounts payable and accrued expenses $ 1,025,051 $ 1,109,789 CECL - allowance for unfunded contractual obligation credit losses ​ ​ 562,000 ​ ​ — Other notes ​ 1,762 ​ 6,014 Accrued interest ​ 418,637 ​ 323,416 Total ​ $ 2,007,450 ​ $ 1,439,219

Fee and Other Income (Tables)

Fee and Other Income (Tables)	3 Months Ended
	Mar. 31, 2023
Fee And Other Income
Schedule of fees and other income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ ​ ended March 31, ​ 2023 2022 Late and other fees ​ $ 113,131 ​ $ 128,864 Processing fees ​ 32,070 ​ 65,855 Rental income, net ​ 13,300 ​ 10,042 Extension fees ​ 180,410 ​ 101,834 Other fees ​ ​ 203,029 ​ ​ 50,562 Legal fees ​ ​ 96,500 ​ ​ 62,100 Other income ​ ​ 69,165 ​ ​ 189,307 Total ​ $ 707,605 ​ $ 608,564

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies
Schedule of original maturities of deferred revenue	​ ​ ​ ​ ​ Year ending December 31, 2023 $ 3,578,108 Year ending December 31, 2024 ​ ​ 924,890 Year ending December 31, 2025 ​ ​ 178,062 Total ​ $ 4,681,060 ​

The Company (Details)

The Company (Details)	3 Months Ended
	Mar. 31, 2023
Minimum
The Company
Term of debt	1 year
Maximum
The Company
Term of debt	3 years

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($)		1 Months Ended	3 Months Ended
	Jan. 01, 2023	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Significant Accounting Policies
Less, CECL Allowance		$ 2,082,000	$ 2,082,000		$ 105,000
Loan pre foreclosure amount			40,600,000		24,000,000
Pre-foreclosure an allowance for credit loss			0		0
CECL allowance for interest			30,100
CECL fees receivables	$ 26,100
Uncertain tax positions			0	$ 0
Retained earnings			(6,289,257)		$ (7,995,143)
Increase in CECL allowance for interest	4,000	4,000
Increase in CECL allowance for due from borrower			2,400
CECL allowance for unfunded commitments	522,000		562,000
Increase In CECL allowance for unfunded commitments	40,000	40,000
ASU 2016-13
Significant Accounting Policies
Less, CECL Allowance			562,000
Due from borrowers
Significant Accounting Policies
CECL allowance for due from borrower	19,900		22,300
Mortgages
Significant Accounting Policies
Less, CECL Allowance	1,900,000		2,000,000
Increase in CECL allowance for mortgages receivable	55,000	55,000
Adjustment
Significant Accounting Policies
Less, CECL Allowance	$ (2,489,574)
Adjustment | ASU 2016-13
Significant Accounting Policies
Less, CECL Allowance			1,921,000
Retained earnings		$ 2,489,574
Federal
Significant Accounting Policies
Provisions for income tax			0	0
Taxable REIT subsidiaries
Significant Accounting Policies
Provisions for income tax			$ 0	$ 0
Land and building
Significant Accounting Policies
Property plant and equipment, useful life			40 years
Building
Significant Accounting Policies
Property plant and equipment, useful life			40 years
Minimum
Significant Accounting Policies
Loan origination and modification fees range as percentage of the original loan principal			1%
Maximum
Significant Accounting Policies
Loan origination and modification fees range as percentage of the original loan principal			3%

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurement
Stocks and ETF's	$ 1,403,680	$ 4,728,724
Mutual funds	15,193,680	14,850,839
Debt securities	19,239,842	4,996,899
Total liquid investments	35,837,202	24,576,462
Real estate owned	6,138,912	5,216,149
Available-For-Sale debt securities	517,000	531,000
Level 1
Fair Value Measurement
Stocks and ETF's		3,282,659
Mutual funds	15,193,680	14,850,839
Debt securities	18,109,325	3,880,045
Total liquid investments	33,303,005	22,013,543
Real estate owned	0
Level 2
Fair Value Measurement
Stocks and ETF's	1,403,680	1,446,065
Debt securities	1,130,517	1,116,854
Total liquid investments	2,534,197	2,562,919
Real estate owned	0
Level 3
Fair Value Measurement
Real estate owned	$ 6,138,912	$ 5,216,149

Fair Value Measurement - Compan

Fair Value Measurement - Company's available-for-sale (AFS) securities and other comprehensive income (OCI) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
OCI from AFS securities - debt securities:
Unrealized (loss) on AFS-debts securities at beginning of period	$ (561,490)	$ (476,016)
Unrealized gain on securities available-for-sale - debt securities	91,637	242,808
Change in OCI from AFS securities - debt securities	91,637	242,808
Balance at end of period	$ (469,853)	$ (233,208)

Mortgages Receivable - CECL All

Mortgages Receivable - CECL Allowance by Geographical Location (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Mortgages Receivable
CECL Allowance beginning balance	$ 105,000
CECL Allowance ending balance	2,082,000
Provision for CECL allowance	56,000
ASU 2016-13
Mortgages Receivable
CECL Allowance ending balance	562,000
Adjustment | ASU 2016-13
Mortgages Receivable
CECL Allowance ending balance	1,921,000
New England
Mortgages Receivable
CECL Allowance beginning balance	105,000
Provision for CECL allowance	3,000
New England | Adjustment | ASU 2016-13
Mortgages Receivable
CECL Allowance ending balance	1,302,000
West | Adjustment | ASU 2016-13
Mortgages Receivable
CECL Allowance ending balance	7,000
South
Mortgages Receivable
Provision for CECL allowance	56,000
South | Adjustment | ASU 2016-13
Mortgages Receivable
CECL Allowance ending balance	402,000
Mid-East
Mortgages Receivable
Provision for CECL allowance	(3,000)
Mid-East | Adjustment | ASU 2016-13
Mortgages Receivable
CECL Allowance ending balance	$ 210,000

Mortgages Receivable - CECL A_2

Mortgages Receivable - CECL Allowance by CECL Allowances by loan portfolio geographical location (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Mar. 31, 2023 STD (Db)	Jan. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Mortgages Receivable
Total	$ 478,551	Db 100		$ 460,738
Less, CECL Allowance	2,082		$ 2,082	105
Carrying value, net	476,469			$ 460,633
% of Portfolio				100%
New England
Mortgages Receivable
Less, CECL Allowance			1,410	$ 105
Carrying value, net	$ 226,026			$ 225,603
% of Portfolio	47.23%	47.23%		48.97%
West
Mortgages Receivable
Less, CECL Allowance			7
Carrying value, net	$ 3,150			$ 3,150
% of Portfolio	0.66%	0.66%		0.68%
South
Mortgages Receivable
Less, CECL Allowance			458
Carrying value, net	$ 154,662			$ 135,857
% of Portfolio	32.32%	32.32%		29.49%
Mid-East
Mortgages Receivable
Less, CECL Allowance			$ 207
Carrying value, net	$ 94,713			$ 96,128
% of Portfolio	19.79%	19.79%		20.86%

Mortgages Receivable - CECL A_3

Mortgages Receivable - CECL Allowance by Property Type (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Mar. 31, 2023 STD (Db)	Jan. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Mortgages Receivable
Total	$ 478,551	Db 100		$ 460,738
Less, CECL Allowance	2,082		$ 2,082	105
Carrying value, net	476,469			$ 460,633
% of Portfolio				100%
Residential
Mortgages Receivable
Total	$ 217,734			$ 229,944
% of Portfolio	45.50%	45.50%		49.91%
Commercial
Mortgages Receivable
Total	$ 167,814			$ 154,929
% of Portfolio	35.07%	35.07%		33.63%
Land
Mortgages Receivable
Total	$ 63,515			$ 46,499
% of Portfolio	13.27%	13.27%		10.09%
Mixed Use
Mortgages Receivable
Total	$ 29,488			$ 29,366
% of Portfolio	6.16%	6.16%		6.37%

Mortgages Receivable - Internal

Mortgages Receivable - Internal credit quality indicators (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Mar. 31, 2023 STD (Db)	Jan. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 478,551	Db 100		$ 460,738
Less, CECL Allowance	2,082		$ 2,082	105
Carrying value, net	$ 476,469			$ 460,633
% of Portfolio	100%	100%		100%
Year Originated, 2023	$ 28,669			$ 206,845
Year Originated, 2022	199,102			184,413
Year Originated, 2021	188,078			37,540
Year Originated, 2020	33,028			16,378
Year Originated, Prior	29,674			16,562
Under 500
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 443			$ 629
% of Portfolio	0.09%	0.09%		0.14%
Year Originated, 2021				$ 185
Year Originated, 2020				235
Year Originated, Prior	$ 443			209
501-550
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 4,637			$ 4,786
% of Portfolio	0.97%	0.97%		1.04%
Year Originated, 2022				$ 1,779
Year Originated, 2021	$ 1,779			87
Year Originated, 2020	49			803
Year Originated, Prior	2,809			2,117
551-600
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 10,806			$ 15,977
% of Portfolio	2.26%	2.26%		3.47%
Year Originated, 2023				$ 3,061
Year Originated, 2022	$ 2,678			8,256
Year Originated, 2021	5,073			1,836
Year Originated, 2020	700			1,357
Year Originated, Prior	2,355			1,467
601-650
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 40,514			$ 40,349
% of Portfolio	8.47%	8.47%		8.76%
Year Originated, 2023	$ 2,693			$ 21,382
Year Originated, 2022	19,205			7,474
Year Originated, 2021	7,238			6,273
Year Originated, 2020	6,333			1,547
Year Originated, Prior	5,045			3,673
651-700
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 90,868			$ 84,085
% of Portfolio	18.99%	18.99%		18.25%
Year Originated, 2023	$ 6,784			$ 33,832
Year Originated, 2022	32,306			31,342
Year Originated, 2021	34,570			7,398
Year Originated, 2020	7,113			5,269
Year Originated, Prior	10,095			6,244
701-750
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 177,295			$ 174,347
% of Portfolio	37.04%	37.04%		37.83%
Year Originated, 2023	$ 15,961			$ 65,190
Year Originated, 2022	54,823			90,524
Year Originated, 2021	91,255			11,892
Year Originated, 2020	8,477			5,527
Year Originated, Prior	6,779			1,214
751-800
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 138,329			$ 125,347
% of Portfolio	28.91%	28.91%		27.21%
Year Originated, 2023	$ 3,231			$ 68,826
Year Originated, 2022	75,055			45,038
Year Originated, 2021	48,163			9,470
Year Originated, 2020	9,997			1,640
Year Originated, Prior	1,883			373
801-850
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 15,659			$ 15,218
% of Portfolio	3.27%	3.27%		3.30%
Year Originated, 2023				$ 14,554
Year Originated, 2022	$ 15,035
Year Originated, 2021				399
Year Originated, 2020	359
Year Originated, Prior	$ 265			$ 265

Mortgages Receivable - Maturiti

Mortgages Receivable - Maturities of mortgages receivable (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Mortgages Receivable
2023 and prior	$ 300,437,227	$ 372,964,665
2024	163,582,069	85,968,294
2025	14,428,471	1,699,500
Thereafter	103,356	105,809
Total	478,551,123	460,738,268
Less, CECL Allowance	2,081,659	105,000
Total	$ 476,469,464	$ 460,633,268
Mortgage loan portfolio number of loans | loan	406	444
Number of loans matured but not have been repaid in full or extended | loan	128	105
Number of loans under foreclosure proceedings | loan	52	40
Amount of loans matured but not have been repaid in full or extended	$ 81,400,000	$ 61,700,000
Percentage of loans matured but not have been repaid in full or extended	31.50%	23.60%
Aggregate outstanding principal balance and the accrued but unpaid interest and borrower charges of loans under foreclosure proceedings	$ 40,600,000	$ 24,000,000

Mortgages Receivable - Addition

Mortgages Receivable - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jan. 31, 2023	Dec. 31, 2022
Mortgages Receivable
Outstanding principal balance	$ 288,401,750
Interest income on debt	10,983,326	$ 8,511,375
Aggregate amounts of loans funded	58,883,818	88,735,230
Principal collections on mortgages receivable	39,884,300	$ 27,106,768
Face amount of mortgages	$ 29,919,097
Default interest rate on mortgage loans	18%
Less, CECL Allowance	$ 2,082,000		$ 2,082,000	$ 105,000
Nonaccrual loans
Mortgages Receivable
Outstanding principal balance	97,106,984			55,691,857
Interest income on debt	$ 649,347
New Haven Bank Mortgage
Mortgages Receivable
Outstanding principal balance				$ 750,000
Mortgage Concentration Risk | Revenue Benchmark | No borrower
Mortgages Receivable
Loans outstanding (in percent)	10%
Minimum
Mortgages Receivable
Term of debt	1 year
Interest rate (as a percent)	5%
Maximum
Mortgages Receivable
Term of debt	3 years
Interest rate (as a percent)	14.20%

Real Estate Owned (Details)

Real Estate Owned (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Real Estate Owned
Real estate owned	$ 6,138,912	$ 6,312,818
Impairment loss on real estate owned	0	155,500
Real estate on owned	813,090	799,533
Real estate held-for-sale	5,325,822	5,513,285
(Gain) Loss on sale of real estate	$ (148,100)	$ 65,838
Number of properties held for rental | property	1
Lease term of rental property held for rental	5 years
Valuation allowance	$ 0		$ 0

Real Estate Owned - Rental paym

Real Estate Owned - Rental payments due from real estate (Details)	Mar. 31, 2023 USD ($)
Real Estate Owned
Year ending December 31, 2023	$ 53,200
Year ending December 31, 2024	53,200
Year ending December 31, 2025	53,200
Year ending December 31, 2026	31,033
Total	$ 190,633

Other Assets (Details)

Other Assets (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Other Assets
Prepaid expenses	$ 400,418	$ 410,373
Other receivables	3,741,984	3,519,804
Other assets	459,291	477,048
Goodwill	391,000	391,000
Intangible asset - trade name	130,400	130,400
Deferred financing costs, net	297,274	54,548
Total	$ 5,420,367	$ 4,983,173

Line of Credit, Mortgage Paya_2

Line of Credit, Mortgage Payable, and Churchill Facility (Details)					1 Months Ended		3 Months Ended	12 Months Ended
	May 04, 2023	Mar. 02, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jul. 21, 2021 USD ($)	Mar. 31, 2023 USD ($)	Feb. 28, 2023 USD ($)	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Line of Credit, Mortgage Payable, and Churchill Facility
Spread on variable rate	6.50%						6.25%
Outstanding balance					$ 13,673,930		$ 13,673,930	$ 3,587,894
Amount outstanding					288,401,750		288,401,750
Amortization period			20 years
Term of Federal Home Loan Bank of Boston Classic Advance Rate						5 years
Unpaid principal balance					87,900,000		$ 87,900,000
Threshold asset coverage ratio							150%
Number of first line mortgage loans | loan							31
Maximum borrowing capacity					$ 10,000,000		$ 10,000,000
Adjusted EBITDA coverage ratio							1.40
Percentage of asset coverage ratio					150%		150%
Wells Fargo Credit line
Line of Credit, Mortgage Payable, and Churchill Facility
Spread on variable rate					1.75%
Outstanding balance					$ 13,673,930		$ 13,673,930
New Haven Bank Mortgage
Line of Credit, Mortgage Payable, and Churchill Facility
Maximum principal amount			$ 1,660,000			$ 1,660,000			$ 1,400,000
Amount outstanding								$ 750,000
Interest rate			5.75%			5.75%		3.75%
Interest accrued period						60 months		72 months
Period for which only interest is payable									12 months
Amortization period								20 years
Term of Federal Home Loan Bank of Boston Classic Advance Rate								5 years
Unpaid principal balance								$ 750,000
New Haven Bank Mortgage | Federal Home Loan Bank of Boston Classic Advance Rate
Line of Credit, Mortgage Payable, and Churchill Facility
Spread on variable rate						1.75%		2.60%
Master Repurchase Agreement
Line of Credit, Mortgage Payable, and Churchill Facility
Outstanding balance					$ 54,055,815		$ 54,055,815
Interest rate				0.25%	9.09%		9.09%
Repurchase face amount				$ 200,000,000
Notes callable period				90 days
Threshold asset coverage ratio							150%
Percentage amount of repurchase obligation of unencumbered cash and cash equivalents							2.50%
Term of debt							180 days
Credit and Security Agreement with Needham Bank | Revolving Credit Facility
Line of Credit, Mortgage Payable, and Churchill Facility
Right to extend the term (in years)		1 year
Interest rate		4.50%
Maximum borrowing capacity		$ 75,000,000
Amount of credit facility		$ 45,000,000
Credit and Security Agreement with Needham Bank | Prime Rate | Revolving Credit Facility
Line of Credit, Mortgage Payable, and Churchill Facility
Percentage reduced from prime rate for calculating annual interest rate		0.25%
Minimum
Line of Credit, Mortgage Payable, and Churchill Facility
Term of debt							1 year
Minimum | Master Repurchase Agreement
Line of Credit, Mortgage Payable, and Churchill Facility
Interest rate				3%
Minimum | Credit and Security Agreement with Needham Bank | Revolving Credit Facility
Line of Credit, Mortgage Payable, and Churchill Facility
Notice period for terminating the Credit Facility, prior to the proposed date of termination		10 days
Maximum
Line of Credit, Mortgage Payable, and Churchill Facility
Term of debt							3 years
Maximum | Master Repurchase Agreement
Line of Credit, Mortgage Payable, and Churchill Facility
Interest rate				4%

Notes Payable (Details)

Notes Payable (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) series $ / shares	Dec. 31, 2022 USD ($)
Notes Payable
Deferred financing costs	$ 7,793,640	$ 8,352,597
Number of unsecured unsubordinated notes | series	7
Notes issued denomination | $ / shares	$ 25
Threshold percentage of taxable income to prohibit distribution	90%
Threshold asset coverage ratio	150%
Period of written notice to redeem notes without premium or penalty	30 days
Notes
Notes Payable
Aggregate amount outstanding	$ 280,608,110
Deferred financing costs	7,793,640
June 2024 Notes
Notes Payable
Aggregate amount outstanding	$ 23,663,000
Interest rate	7.125%
December 2024 Notes
Notes Payable
Aggregate amount outstanding	$ 34,500,000
Interest rate	6.875%
September 2025 Notes
Notes Payable
Aggregate amount outstanding	$ 56,363,750
Interest rate	7.75%
Maximum principal amount	$ 28,000,000
Notes issued denomination | $ / shares	$ 24.75
December 2026 Notes
Notes Payable
Aggregate amount outstanding	$ 51,750,000
Interest rate	6%
March 2027 Notes
Notes Payable
Aggregate amount outstanding	$ 51,875,000
Interest rate	6%
June 2027 Notes
Notes Payable
Aggregate amount outstanding	$ 30,000,000
Interest rate	7.125%
September 2027 Notes
Notes Payable
Aggregate amount outstanding	$ 40,250,000
Interest rate	8%

Notes Payable - Future principa

Notes Payable - Future principal payments (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Notes Payable.
2024	$ 58,163,000
2025	56,363,750
2026	51,750,000
2027	122,125,000
Total principal payments	288,401,750
Deferred financing costs	(7,793,640)	$ (8,352,597)
Total notes payable net of deferred financing costs	$ 280,608,110

Notes Payable - Estimated amort

Notes Payable - Estimated amortization of the deferred financing costs (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Notes Payable.
Remainder of 2023	$ 1,745,150
2024	2,336,228
2025	1,807,606
2026	1,410,319
2027	494,337
Total deferred costs	$ 7,793,640	$ 8,352,597

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities.
Accounts payable and accrued expenses	$ 1,025,051	$ 1,109,789
CECL - allowance for unfunded contractual obligation credit losses	562,000
Other notes	1,762	6,014
Accrued interest	418,637	323,416
Total	$ 2,007,450	$ 1,439,219

Fee and Other Income (Details)

Fee and Other Income (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fee And Other Income
Late and other fees	$ 113,131	$ 128,864
Processing fees	32,070	65,855
Rental income, net	13,300	10,042
Extension fees	180,410	101,834
Other fees	203,029	50,562
Legal fees	96,500	62,100
Other income	69,165	189,307
Total	$ 707,605	$ 608,564

Commitments and Contingencies -

Commitments and Contingencies - Original maturities of deferred revenue (Details) - Deferred revenue	Mar. 31, 2023 USD ($)
Commitments and Contingencies
Year ending December 31, 2023	$ 3,578,108
Year ending December 31, 2024	924,890
Year ending December 31, 2025	178,062
Total	$ 4,681,060

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details)	1 Months Ended								3 Months Ended
	Mar. 31, 2023 USD ($) shares	Feb. 28, 2023 USD ($) shares	Oct. 31, 2022	Jul. 31, 2022 USD ($)	Apr. 30, 2022 USD ($) shares	Apr. 30, 2021 USD ($) shares	Apr. 30, 2018 USD ($)	Feb. 28, 2017 USD ($)	Mar. 31, 2023 USD ($) property shares	Mar. 31, 2022 shares	Dec. 31, 2022 USD ($)
Commitments and Contingencies
Deferred revenue	$ 4,681,060								$ 4,681,060		$ 4,360,452
Employment agreements description									(i) the employment term is five years with extensions for successive one-year periods unless either party provides written notice at least 180 days prior to the next anniversary date of its intention to not renew the agreement; (ii) a base salary of $260,000, which was increased in April 2018, April 2021 and April 2022 to $360,000, $500,000 and $750,000, respectively; (iii) incentive compensation in such amount as determined by the Compensation Committee of the Company’s Board of Directors; (iv) participation in the Company’s employee benefit plans; (v) full indemnification to the extent permitted by law; (vi) a two-year non-competition period following the termination of employment without cause; and (vii) payments upon termination of employment or a change in control.
Base salary				$ 325,000	$ 750,000	$ 500,000	$ 360,000	$ 260,000
Number of mortgage properties | property									3
Mortgages receivable	$ 631,000								$ 631,000
Urbane New Haven, LLC
Commitments and Contingencies
Payment to seller as percent of net proceeds from real estate development projects			20%
Restricted Stock
Commitments and Contingencies
Number of unvested shares | shares	226,483								226,483
Restricted Stock | 2016 Equity Compensation plan
Commitments and Contingencies
Number of shares granted | shares									183,390	33,500
Unfunded Commitments
Commitments and Contingencies
Other commitments	$ 114,851,913								$ 114,851,913
Minimum
Commitments and Contingencies
Loan origination and modification fees range as percentage of the original loan principal									1%
Maximum
Commitments and Contingencies
Loan origination and modification fees range as percentage of the original loan principal									3%
John Villano
Commitments and Contingencies
Market value of shares granted					$ 500,000
Restricted common shares issued | shares					98,425
John Villano | Restricted Stock
Commitments and Contingencies
Market value of shares granted					$ 500,000	$ 500,000
Number of unvested shares | shares		130,890
Restricted common shares issued | shares						89,928
John Villano | Vested immediately on the grant date
Commitments and Contingencies
Vesting percentage									0.33%
John Villano | Vested immediately on the grant date | Restricted Stock
Commitments and Contingencies
Vesting percentage									0.33%
John Villano | Vested on first anniversary
Commitments and Contingencies
Vesting percentage									0.33%
John Villano | Vested on first anniversary | Restricted Stock
Commitments and Contingencies
Vesting percentage		0.33%
John Villano | Vested on second anniversary
Commitments and Contingencies
Vesting percentage									0.33%
John Villano | Vested on second anniversary | Restricted Stock
Commitments and Contingencies
Vesting percentage		0.33%							0.33%
John Villano | Vested on January 1, 2022 | Restricted Stock
Commitments and Contingencies
Vesting percentage									0.33%
Mr. Warch | Restricted Stock
Commitments and Contingencies
Number of shares granted | shares	5,333	8,000
Market value of shares granted		$ 30,000
Mr. Warch | Vested immediately on the grant date | Restricted Stock
Commitments and Contingencies
Vesting percentage		0.33%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Shareholders
Related Party Transactions
Shareholders totaled	$ 25,436,352	$ 15,594,572
Interest income earned	506,093	347,638
Wife of executive officer | Accounting and financial services
Related Party Transactions
Compensation expenses	0	27,500
Daughter of chief executive officer
Related Party Transactions
Compensation received	$ 43,000	$ 27,500

Concentration of Credit Risk (D

Concentration of Credit Risk (Details) - Credit concentration risk	3 Months Ended
	Mar. 31, 2023 USD ($)
Concentration of Credit Risk
Cash and cash equivalents insured by the Federal Deposit Insurance Corporation	$ 250,000
Concentration risk, description	SIPC protects clients against the custodial risk of a member investment firm becoming insolvent by replacing missing securities and cash up to $500,000, including up to $250,000 in cash, per client in accordance with SIPC rules.
First mortgage liens on real property
Concentration of Credit Risk
Concentration of risk threshold percentage	41.13%
Florida | First mortgage liens on real property
Concentration of Credit Risk
Concentration of risk threshold percentage	26.79%
New York | First mortgage liens on real property
Concentration of Credit Risk
Concentration of risk threshold percentage	12.55%

Outstanding Warrants (Details)

Outstanding Warrants (Details) - Follow-on public offering - $ / shares	1 Months Ended
	Jan. 31, 2022	Oct. 31, 2017
Outstanding Warrants
Warrants to purchase common shares	93,750	187,500
Exercise price of warrants		$ 5
Common stock shares issued upon exercise of warrants	19,658

Stock-Based Compensation and _2

Stock-Based Compensation and Employee Benefits (Details) - USD ($)		3 Months Ended		12 Months Ended
	Apr. 16, 2018	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Oct. 27, 2016
Stock-Based Compensation and Employee Benefits:
Percentage of employer contribution	3%
401(k) Plan expenses		$ 44,696	$ 19,993
2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Maximum number of common shares reserved for the grant of awards					1,500,000
Aggregate shares available for grants in period		1,005,078
Stock based compensation		$ 173,132	$ 106,879
Unrecorded stock based compensation expense		$ 1,384,043
Restricted Stock
Stock-Based Compensation and Employee Benefits:
Number of unvested shares		226,483
Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Shares granted		183,390	33,500
Fair value of shares granted		$ 709,719		$ 183,915
Vested immediately on the grant date | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Shares vested		17,500
Vested on first anniversary | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Stock grants in period, gross		17,500
Vested on second anniversary | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Stock grants in period, gross		17,500
Vested on January 1, 2024 | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Shares vested		43,630
Vested on January 1, 2025 | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits:
Shares vested		43,630

Equity Offerings (Details)

Equity Offerings (Details) - USD ($)		3 Months Ended
	Aug. 24, 2022	Mar. 31, 2023	Mar. 31, 2022
Equity Offerings:
Proceeds from issuance of common shares, net of expenses		$ 9,181,158	$ 15,547,815
Aggregate purchase price for sale of shares		$ 136,705
At the market offering | Series A Preferred Stock
Equity Offerings:
Gross proceeds from common shares		2,479,798
Common stock issued under prospectus supplement dated December 6, 2021
Equity Offerings:
Proceeds from issuance of common shares, net of expenses		$ 139,500
Common shares under prospectus supplement Dated August 24, 2022
Equity Offerings:
Authorized amount to be issued	$ 75,000,000
Common shares available for future sale		9,400,000
Common shares under prospectus supplement Dated August 24, 2022 | At the market offering | Series A Preferred Stock
Equity Offerings:
Preferred stock liquidation preference value	$ 25,000,000
Preferred stock available for future sale		$ 154,675

Partnership Investments (Detail

Partnership Investments (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) company	Dec. 31, 2022 USD ($)
Partnership Investments
Partnership investment, total	$ 35,300,000
Number of limited liability companies managed by a commercial real estate finance company | company	4
Income from partnership investment	$ 549,723	$ 272,488
Unfunded partnership commitments	$ 573,000
Maximum
Partnership Investments
Participation interest in mortgage loans	49

Special Purpose Acquisition C_2

Special Purpose Acquisition Corporation (Details) - USD ($)			3 Months Ended
	Jul. 14, 2021	Mar. 24, 2021	Mar. 31, 2023
Special Purpose Acquisition Corporation
Registration and legal fees			$ 452,000
Sachem Acquisition Corp
Special Purpose Acquisition Corporation
Sale of units	5,750,000
Price per unit	$ 10
Aggregate sale price	$ 57,500,000
Sachem Sponsor LLC
Special Purpose Acquisition Corporation
Loan to related party		$ 25,000
Common Class A
Special Purpose Acquisition Corporation
Number of shares in a unit	1
Number of warrants in a unit	0.5
Number of shares issuable for warrant	1
Common Class B | Sachem Sponsor LLC
Special Purpose Acquisition Corporation
Number of shares issued during the period		1,437,500

Series A Preferred Stock (Detai

Series A Preferred Stock (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Series A Preferred Stock
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock conversion, shares issued	72,575,000
Series A Preferred Stock
Series A Preferred Stock
Preferred stock, shares authorized	2,903,000	2,903,000
Preferred stock, par value (in dollars per share)	$ 0.001
Percentage of preferred stock redeemed	7.75%
Share price	$ 25
Liquidation preference per annum	1.9375
Preferred stock, redemption price per share	$ 25
Redemption period for preference stock	120 days

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Events - USD ($)	1 Months Ended
	May 12, 2023	Apr. 04, 2023
Subsequent Events
Dividend payable per share		$ 0.13
At the market offering
Subsequent Events
Shares granted	136,356
Gross proceeds from sale of shares	$ 510,000