Sachem Capital (SACH) 10-Q 13 Nov 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 10, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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 Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,356,429
Entity Central Index Key	0001682220
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Shares
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 (un

CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 25,811,964	$ 23,713,097
Investment securities	37,044,657	24,576,462
Mortgages receivable, net	495,917,840	460,633,268
Investments in partnerships	39,959,110	30,831,180
Interest and fees receivable	7,922,415	6,309,845
Due from borrowers	7,415,413	5,276,967
Real estate owned	3,481,177	5,216,149
Investments in rental real estate, net	10,434,591
Property and equipment, net	3,433,613	4,121,721
Other assets	6,427,159	4,983,173
Total assets	637,847,939	565,661,862
Liabilities:
Unsecured notes payable (net of deferred financing costs of $6,641,817 and $8,352,597)	281,759,933	280,049,153
Repurchase facility	47,929,713	42,533,466
Mortgage payable	1,100,635	750,000
Line of credit	51,339,905	3,587,894
Accrued dividends payable		5,342,160
Accounts payable and accrued liabilities	2,060,788	1,439,219
Advances from borrowers	12,505,033	9,892,164
Below-market lease intangible	664,737
Deferred revenue	4,959,079	4,360,452
Total liabilities	402,319,823	347,954,508
Commitments and Contingencies
Shareholders' equity:
Preferred shares - $.001 par value; 5,000,000 shares authorized; 2,903,000 shares designated as Series A Preferred Stock; 1,996,000 and 1,903,000 shares of Series A Preferred Stock issued and outstanding at September 30, 2023 and December 31, 2022, respectively	1,996	1,903
Common shares - $.001 par value; 200,000,000 shares authorized; 45,364,429 and 41,093,536 issued and outstanding at September 30, 2023 and December 31, 2022, respectively	45,364	41,094
Paid-in capital	243,834,113	226,220,990
Accumulated other comprehensive loss	(459,684)	(561,490)
Accumulated deficit	(7,893,673)	(7,995,143)
Total shareholders' equity	235,528,116	217,707,354
Total liabilities and shareholders' equity	$ 637,847,939	$ 565,661,862

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Deferred financing costs	$ 6,641,817	$ 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
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	45,364,429	41,093,536
Common shares, shares outstanding	45,364,429	41,093,536
Series A Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.001
Preferred stock, shares authorized	2,903,000	2,903,000
Preferred stock, shares issued	1,996,000	1,903,000
Preferred stock, shares outstanding	1,996,000	1,903,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue:
Interest income from loans	$ 14,273,858	$ 11,545,748	$ 37,155,668	$ 30,490,694
Investment gain, net	284,841	238,225	893,510	586,166
Income from partnership investments	781,530	523,067	2,337,731	1,112,560
Origination and modification fees, net	1,194,645	1,669,034	4,434,828	5,759,650
Fee and other income	1,239,552	641,749	3,518,132	2,048,921
Unrealized gain (loss) on investment securities	(239,989)	(1,076,836)	360,610	(3,607,498)
Total revenue	17,534,437	13,540,987	48,700,479	36,390,493
Operating costs and expenses:
Interest and amortization of deferred financing costs	7,683,059	5,974,975	21,694,966	15,083,228
Compensation, fees and taxes	1,735,430	1,509,518	5,077,213	3,691,421
General and administrative expenses	1,321,807	715,994	3,537,266	1,993,812
Other expenses	336,480	90,899	633,025	320,231
(Gain) Loss on sale of real estate	198,849	962	71,988	(121,381)
(Recovery of) provision for loan losses	(131,382)		65,065	105,000
Impairment loss	200,000	195,000	612,500	685,500
Total operating costs and expenses	11,344,243	8,487,348	31,692,023	21,757,811
Net income	6,190,194	5,053,639	17,008,456	14,632,682
Dividends paid on Series A Preferred Stock	(966,754)	(921,766)	(2,816,279)	(2,765,297)
Net income attributable to common shareholders	5,223,440	4,131,873	14,192,177	11,867,385
Other comprehensive loss
Unrealized gain (loss) on investment securities	(83,606)	(131,569)	101,806	(81,525)
Comprehensive income	$ 5,139,834	$ 4,000,304	$ 14,293,983	$ 11,785,860
Basic and diluted net income per common share outstanding:
Basic	$ 0.12	$ 0.11	$ 0.32	$ 0.32
Diluted	$ 0.12	$ 0.11	$ 0.32	$ 0.32
Weighted average number of common shares outstanding:
Basic	44,754,921	38,829,610	43,805,310	36,723,305
Diluted	44,754,921	38,829,852	43,805,310	36,729,184

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (unaudited) - USD ($)	Series A Preferred Stock Preferred Shares	Series A Preferred Stock Additional Paid in Capital	Series A Preferred Stock	Preferred Shares	Common Shares	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					$ 7,177	36,647,242			36,654,419
Issuance of common shares, net of expenses (in shares)					7,177,043
Exercise of warrants					$ 20	(20)
Exercise of warrants (in shares)					19,658
Stock based compensation					$ 154	357,167			357,321
Stock based compensation (in shares)					153,967
Unrealized gain (loss) on marketable securities							(81,525)		(81,525)
Dividends paid on Series A Preferred Stock								(2,765,297)	(2,765,297)
Dividends paid on common shares								(9,580,187)	(9,580,187)
Net income for the period								14,632,682	14,632,682
Ending balance at Sep. 30, 2022				$ 1,903	$ 40,081	222,520,783	(557,541)	(2,705,252)	219,299,974
Ending balance (in shares) at Sep. 30, 2022				1,903,000	40,080,672
Beginning balance at Jun. 30, 2022				$ 1,903	$ 36,756	206,973,510	(425,972)	(1,583,202)	205,002,995
Beginning balance (in shares) at Jun. 30, 2022				1,903,000	36,755,786
Issuance of common shares, net of expenses					$ 3,310	15,420,273			15,423,583
Issuance of common shares, net of expenses (in shares)					3,309,886
Stock based compensation					$ 15	127,000			127,015
Stock based compensation (in shares)					15,000
Unrealized gain (loss) on marketable securities							(131,569)		(131,569)
Dividends paid on Series A Preferred Stock								(921,766)	(921,766)
Dividends paid on common shares								(5,253,923)	(5,253,923)
Net income for the period								5,053,639	5,053,639
Ending balance at Sep. 30, 2022				$ 1,903	$ 40,081	222,520,783	(557,541)	(2,705,252)	219,299,974
Ending balance (in shares) at Sep. 30, 2022				1,903,000	40,080,672
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
Adoption of ASU 2016-13								(2,489,574)	(2,489,574)
Issuance of Preferred Stock, net of expenses	$ 93	$ 1,895,110	$ 1,895,203
Issuance of Preferred Stock, net of expenses (in shares)	92,879
Issuance of common shares, net of expenses					$ 4,158	15,327,773			15,331,931
Issuance of common shares, net of expenses (in shares)					4,158,503
Repurchase of common stock					$ (71)	(226,256)			$ (226,327)
Repurchase of common stock (in shares)					71,000				(71,000)
Stock based compensation					$ 183	616,496			$ 616,679
Stock based compensation (in shares)					183,390
Unrealized gain (loss) on investments							101,806		101,806
Dividends paid on Series A Preferred Stock								(2,816,279)	(2,816,279)
Dividends paid on common shares								(11,601,133)	(11,601,133)
Net income for the period								17,008,456	17,008,456
Ending balance at Sep. 30, 2023				$ 1,996	$ 45,364	243,834,113	(459,684)	(7,893,673)	235,528,116
Ending balance (in shares) at Sep. 30, 2023				1,995,879	45,364,429
Beginning balance at Jun. 30, 2023				$ 1,928	$ 43,822	236,595,201	(376,078)	(7,222,078)	229,042,795
Beginning balance (in shares) at Jun. 30, 2023				1,927,603	43,822,050
Issuance of Preferred Stock, net of expenses	$ 68	$ 1,378,133	$ 1,378,201
Issuance of Preferred Stock, net of expenses (in shares)	68,276
Issuance of common shares, net of expenses					$ 1,542	5,639,808			5,641,350
Issuance of common shares, net of expenses (in shares)					1,542,379
Stock based compensation						220,971			220,971
Unrealized gain (loss) on investments							(83,606)		(83,606)
Dividends paid on Series A Preferred Stock								(966,754)	(966,754)
Dividends paid on common shares								(5,895,035)	(5,895,035)
Net income for the period								6,190,194	6,190,194
Ending balance at Sep. 30, 2023				$ 1,996	$ 45,364	$ 243,834,113	$ (459,684)	$ (7,893,673)	$ 235,528,116
Ending balance (in shares) at Sep. 30, 2023				1,995,879	45,364,429

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES
Net income			$ 17,008,456	$ 14,632,682
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred financing costs and bond discount			1,832,236	1,664,822
Depreciation expense			169,368	66,533
Write-off of other assets - pre-offering costs	$ 477,047		477,047
Stock based compensation			616,679	357,321
Provision for credit losses	(131,382)		65,065	105,000
Impairment loss			612,500	685,500
(Gain) Loss on sale of real estate			71,988	(121,381)
Unrealized (gain) loss on investment securities	239,989	$ 1,076,836	(360,610)	3,607,498
Gain on sale of investment securities				148,565
(Increase) decrease in:
Interest and fees receivable			(1,641,747)	(2,154,704)
Other assets - miscellaneous			(1,235,523)	(418,176)
Due from borrowers			(2,170,729)	(1,505,785)
Other assets - prepaid expenses			192,370	153,842
(Decrease) increase in:
Accrued Interest			54,660	431,110
Accounts payable and accrued liabilities			41,423	53,818
Deferred revenue			598,627	(171,690)
Advances from borrowers			2,612,869	(5,129,286)
Total adjustments			1,936,223	(2,227,013)
NET CASH PROVIDED BY OPERATING ACTIVITIES			18,944,679	12,405,669
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of investment securities			(21,064,492)	(39,715,900)
Proceeds from the sale of investment securities			9,060,095	62,160,599
Purchase of interests in investment partnerships, net			(9,120,284)	(16,487,103)
Proceeds from sale of real estate owned			148,842	1,571,467
Acquisitions of and improvements to real estate owned, net			(214,642)	(101,168)
Proceeds from sale (purchases) of property and equipment, net			518,740	(1,292,160)
Investment in rental real estate, net			(10,725,237)
Principal disbursements for mortgages receivable			(159,678,482)	(252,370,675)
Principal collections on mortgages receivable			123,495,534	95,173,969
Other assets - pre-offering costs				(166,360)
NET CASH USED FOR INVESTING ACTIVITIES			(67,579,926)	(151,227,331)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from (repayment of) line of credit			47,752,011	(29,635,178)
Net proceeds from repurchase facility			5,396,247	24,012,957
Proceeds from mortgage			350,635
Accounts payable and accrued liabilities - principal payments on other notes			(6,014)	(20,161)
Dividends paid on common shares			(16,943,293)	(13,507,787)
Dividends paid on Series A Preferred Stock			(2,816,279)	(2,765,297)
Proceeds from issuance of common shares, net of expenses			15,331,931	36,654,419
Repurchase of common shares			(226,327)
Proceeds from issuance of Series A Preferred Stock, net of expenses			1,895,203
Gross proceeds from issuance of fixed rate notes				122,125,000
Financings costs incurred in connection with fixed rate notes				(4,516,931)
NET CASH PROVIDED BY FINANCING ACTIVITIES			50,734,114	132,347,022
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			2,098,867	(6,474,640)
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR			23,713,097	41,938,897	$ 41,938,897
CASH AND CASH EQUIVALENTS - END OF PERIOD	$ 25,811,964	$ 35,464,257	25,811,964	35,464,257	$ 23,713,097
SUPPLEMENTAL DISCLOSURES OF CASH FLOWS INFORMATION
Interest paid			$ 19,852,023	$ 13,012,805

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited) (Parenthetical) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
CONSOLIDATED STATEMENTS OF CASH FLOW (unaudited)
Real estate acquired in connection with the foreclosure of certain mortgages, inclusive of interest and other fees receivable	$ 1,186,663	$ 1,091,348
Increase in mortgage receivable from sale of real estate owned	$ 2,487,568

The Company

The Company	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 and nine month periods ended September 30, 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 multiple financial institutions. The aggregate amounts held at each institution typically exceeds 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. Investment transactions are accounted for on a trade-date basis. Dividends are recorded on the ex-dividend date and interest is recognized on the accrual basis. 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 person or entity for which it is providing credit. 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 there are adverse changes in the markets or industries in which the borrower operates, or there is a deterioration in the financial health, business outlook or other conditions of the person or entity to which it provided credit, 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 recognizes 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. 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 used by the Company, as a practical expedient, the fair value of the collateral at the reporting date is compared to the net carrying amount of the loan when 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 including unpaid interest and other charges as of September 30, 2023 and December 31, 2022 was approximately $68.1 million and $24.0 million, respectively. As of September 30, 2023 and December 31, 2022, none of those loans 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 to make 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 September 30, 2023, the CECL allowance for mortgages receivable was approximately $2.1 million compared to approximately $2.0 million at January 1, 2023, an increase of approximately $0.1 million. As of September 30, 2023, the CECL allowance for interest and fees receivable was approximately $23,400 compared to approximately $26,100 at January 1, 2023, a decrease of approximately $2,700. As of September 30, 2023, the CECL allowance for amounts due from borrowers was approximately $24,400 compared to approximately As of September 30, 2023, the CECL allowance for unfunded commitments was approximately compared to approximately 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. On August 14, 2023 this property was sold. The Company realized a loss of approximately $184,600 on the sale, which is included in (gain) loss on sale of real estate in the consolidated statements of comprehensive income, for the three and nine months ended September 30, 2023. Land and building acquired in 2021 to serve as the Company’s new 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 in March 2023 when the Company received the Certificate of Occupancy. Investment in real estate The Company allocates the purchase price of real estate to land and building (inclusive of site and tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. The allocation of the purchase price to the tangible and intangible assets acquired and liabilities assumed involves subjectivity as the allocations are based on an analysis of the respective fair values. In determining the fair value of the real estate acquired, the Company utilized a third-party valuation which primarily utilizes cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. The Company assesses the fair value of the acquired leases based on estimated cash flow projections that utilize appropriate discount rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. The determined and allocated fair values to the real estate acquired will affect the amount of depreciation and amortization we record over the respective estimated useful lives or term of the lease. 2023 Acquisition On June 23, 2023, the Company entered into a purchase and sale contract for $10,600,000 to acquire a commercial building in Westport, CT. The transaction was completed on August 31, 2023. In connection with this transaction, which was accounted for as an asset acquisition, the Company allocated the purchase price and acquisition-related costs to the tangible and intangible assets acquired based on fair value. In addition, the Company recorded a lease liability stemming from below-market rental rates. Total consideration, including capitalized acquisition-related costs, was $10,725,237. The following table summarizes the allocation for the acquisition: ​ ​ ​ ​ ​ ​ Amount Land ​ $ 3,956,786 Building ​ 4,935,714 Site improvements ​ 359,249 Tenant improvements ​ 1,182,842 Below-market lease intangible ​ (664,737) Lease in-place intangible (included in Other assets) ​ 568,460 Deferred leasing costs (included in Other assets) ​ 386,923 Total ​ $ 10,725,237 ​ Building and site improvements are being depreciated using the straight-line method over its estimated useful life of 40 years and 15 years , respectively. Tenant improvements are amortized over the life of the respective lease using the straight-line method. For the three and nine months ended September 30, 2023, depreciation and amortization was nominal. Lease in-place intangible assets, deferred leasing costs and acquired below market leases are amortized on a straight-line basis over the respective life of the lease For the three and nine months ended September 30, 2023, amortization of each of the lease-in place intangible assets, deferred leasing costs and acquired below market leases was nominal. The Company leases space to a tenant under a ten year operating lease. The lease provides for the payment of fixed base rent payable monthly in advance that ranges from approximately $834,000 in lease year one with escalations up to approximately $996,000 in lease year ten. Additionally, the lease allows the Company to pass through to tenants their share of increases in real estate taxes and operating expenses over a base year, as defined. The lease also provides for one year of rent concessions and a tenant improvement allowance funded by the Company. Commencement of the lease is anticipated in 2024 once tenant improvements are completed. The Company anticipates payments on the lease to begin in 2025 after the rent concession period has ended. Estimated annual amortization of acquired in-place lease intangible is as follows: ​ ​ ​ ​ ​ 2023 (3 months) $ 14,212 2024 ​ 56,846 2025 ​ 56,846 2026 ​ 56,846 2027 ​ 56,846 Thereafter ​ 326,864 Total ​ $ 568,460 ​ Estimated annual amortization of acquired below-market leases is as follows: ​ ​ ​ ​ ​ 2023 (3 months) $ 9,673 2024 ​ 38,692 2025 ​ 38,692 2026 ​ 38,692 2027 ​ 38,692 Thereafter ​ 222,482 Total ​ $ 386,923 ​ 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 September 30, 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 8 – Lines of Credit, Mortgage Payable, and Churchill 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 – Unsecured 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 ninety (90) days past due or interest charged at default rates. However, interest income not accrued at September 30, 2023 but collected prior to the issuance of this report is included in income for the period ended September 30, 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 and nine months ended September 30, 2023 and 2022, neither the Company nor any of its TRSs, recognized any provisions for federal income tax or state, local and franchise taxes on the Company’s consolidated statements of operations. The income tax provision for the Company differs from the amount computed by 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 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, except for requiring additional disclosure relating to loan modifications to borrowers experiencing financial difficulty. 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 September 30, 2022 and December 31, 2022 consolidated financial statements have been reclassified to conform to the September 30, 2023 presentation.

Fair Value Measurement

Fair Value Measurement	9 Months Ended
	Sep. 30, 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 September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Stocks and ETFs ​ $ — ​ $ 1,932,270 ​ $ — ​ $ 1,932,270 Mutual funds ​ ​ 15,599,486 ​ ​ — ​ ​ — ​ ​ 15,599,486 Debt securities ​ ​ 18,699,251 ​ 813,650 ​ — ​ ​ 19,512,901 Total liquid investments ​ $ 34,298,737 ​ $ 2,745,920 ​ $ — ​ $ 37,044,657 Real estate owned ​ $ — ​ $ — ​ $ 3,481,177 ​ $ 3,481,177 ​ 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 (level 2) Real estate owned (level 3) ​ See Note 6 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 September 30, 2023 and December 31, 2022, the Company had a continuous unrealized losses over 12 months in Available-For-Sale debt securities (AFS’s) of approximately $834,000 and approximately $531,000, respectively. The Company reviewed several factors to assess the credit quality of the debt instruments including, but not limited to, current cash position, operating cash flow, and corporate earnings as of the most recently filed financial statements. As such, as of September 30, 2023, the Company has concluded no such allowance for credit losses regarding AFS’s debt securities was deemed necessary. The following table presents the impact of the Company’s AFS’s - debt securities included in Other Comprehensive Income (OCI) for the three and nine months ended September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine months Ended ​ ​ September 30, ​ September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 OCI from AFS securities: ​ ​ ​ ​ Unrealized (losses) on AFS securities at beginning of period ​ $ (376,078) ​ $ (425,972) ​ $ (561,490) ​ $ (476,016) Unrealized gain (losses) on securities available-for-sale – debt securities ​ (83,606) ​ (131,569) ​ 101,806 ​ (81,525) Change in OCI from AFS securities ​ (83,606) ​ (131,569) ​ 101,806 ​ (81,525) Balance at end of period ​ $ (459,684) ​ $ (557,541) ​ $ (459,684) ​ $ (557,541) ​ The following table presents the Company’s Level 3 Investments of Real Estate Owned as of September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended Twelve Months Ended ​ ​ September 30, 2023 ​ December, 31, 2022 Real Estate Owned at the beginning of period ​ $ 5,216,149 ​ $ 6,559,010 Principal basis transferred to Real Estate Owned ​ 1,186,663 ​ 1,376,733 Charges and/or improvements ​ 214,642 ​ 126,443 Proceeds from sale of Real Estate Owned ​ (2,636,410) ​ (2,090,880) Impairment ​ (612,500) ​ (799,909) Gain on sale of Real Estate Owned ​ 112,633 ​ 44,752 Balance at end of period ​ $ 3,481,177 ​ $ 5,216,149 ​

Mortgages Receivable

Mortgages Receivable	9 Months Ended
	Sep. 30, 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 Connecticut, New York 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 is charged to income in amounts sufficient to maintain an allowance for credit losses inherent in the loans that 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’s 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 determined by a review of each delinquent loans. The Company has an accounting policy to not place loans on nonaccrual status unless they are more than 90 days delinquent. Accrual of interest income is generally resumed when the delinquent contractual principal and interest is paid in full or when a portion of the delinquent contractually payments are made and the ongoing required contractual payments have been made for an appropriate period. As of September 30, 2023 and December 31, 2022, loans on nonaccrual status had an outstanding principal balance of $82,913,227 and $55,691,857, respectively. The nonaccrual loans are inclusive of loans pending foreclosure. For the three and nine months ended September 30, 2023, $61,718 and $394,909 of interest income, respectively, was recorded on nonaccrual loans due to payments received. For the nine months ended September 30, 2023 and 2022, the aggregate amounts of loans funded by the Company were $159,678,482 and $252,370,675 , respectively, offset by principal repayments of $123,495,534 and $95,173,969 , respectively. As of September 30, 2023, the Company’s mortgage loan portfolio includes loans ranging in size up to approximately $36.1 million with stated interest rates ranging from 5.0% to 15.0% . The default interest rate is generally 18% but could be more or less depending on state usury laws and other considerations deemed relevant by the Company. At September 30, 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 September 30, 2023 Geographical Location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New England ​ $ 105 ​ $ 1,302 ​ $ — ​ $ 153 ​ $ 1,560 West ​ — ​ 7 ​ — ​ (7) ​ — South ​ — ​ 402 ​ — ​ (64) ​ 338 Mid-Atlantic ​ — ​ 210 ​ — ​ 5 ​ 215 Total ​ $ 105 ​ $ 1,921 ​ $ — ​ $ 87 ​ $ 2,113 ​ (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, $498,600 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 (dollars in thousands) Carrying Value % of Portfolio Carrying Value % of Portfolio ​ Geographical Location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New England ​ $ 253,947 51.0 % $ 225,603 49.0 % West ​ 3,150 0.6 % 3,150 0.7 % South ​ 146,286 29.4 % 135,857 29.5 % Mid-Atlantic ​ 94,648 19.0 % 96,128 20.8 % Total ​ ​ 498,031 100.0 % ​ 460,738 100.0 % Less, CECL and Direct Allowances ​ ​ 2,113 ​ ​ ​ 105 ​ ​ ​ Carrying value, net ​ $ 495,918 ​ ​ $ 460,633 ​ ​ ​ ​ Presented below are the carrying values by Property Type: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 ​ ​ Outstanding ​ ​ ​ Outstanding ​ ​ ​ (dollars in thousands) Principal % of Portfolio Principal % of Portfolio Property Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ $ 219,120 44.0 % $ 229,944 49.9 % Commercial ​ 164,200 33.0 % 154,929 33.6 % Land ​ 85,690 17.2 % 46,499 10.1 % Mixed use ​ 29,021 5.8 % 29,366 6.4 % Total ​ ​ 498,031 100.0 % ​ 460,738 100.0 % Less, CECL and Direct Allowances ​ 2,113 ​ ​ 105 ​ Carrying value, net ​ $ 495,918 ​ ​ ​ $ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ Year Originated (1) ​ ​ Carrying ​ % of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FICO Score (2) (dollars in thousands) Value Portfolio 2023 2022 2021 2020 Prior Under 500 $ 400 0.1 % $ — $ — $ — $ — $ 400 501-550 ​ 4,041 0.8 % ​ — ​ — ​ 1,590 ​ — ​ 2,451 551-600 ​ 9,132 1.8 % ​ 290 ​ 2,880 ​ 4,181 ​ 597 ​ 1,184 601-650 ​ 43,135 8.7 % ​ 4,189 ​ 19,528 ​ 9,164 ​ 5,917 ​ 4,337 651-700 ​ 85,402 17.1 % ​ 6,718 ​ 24,569 ​ 39,273 ​ 6,682 ​ 8,160 701-750 ​ 194,137 39.0 % ​ 25,821 ​ 58,021 ​ 98,455 ​ 6,351 ​ 5,489 751-800 ​ 143,421 28.8 % ​ 24,629 ​ 51,993 ​ 54,813 ​ 10,223 ​ 1,763 801-850 ​ 18,363 3.7 % ​ 77 ​ 17,723 ​ — ​ 279 ​ 284 Total ​ 498,031 100.0 % $ 61,724 $ 174,714 $ 207,476 $ 30,049 $ 24,068 Less, CECL and Direct Allowances ​ 2,113 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value, net $ 495,918 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 0.1 % $ — $ — $ 185 $ 235 $ 209 501-550 ​ 4,786 1.0 % ​ — ​ 1,779 ​ 87 ​ 803 ​ 2,117 551-600 ​ 15,977 3.5 % ​ 3,061 ​ 8,256 ​ 1,836 ​ 1,357 ​ 1,467 601-650 ​ 40,349 8.8 % ​ 21,382 ​ 7,474 ​ 6,273 ​ 1,547 ​ 3,673 651-700 ​ 84,085 18.3 % ​ 33,832 ​ 31,342 ​ 7,398 ​ 5,269 ​ 6,244 701-750 ​ 174,347 37.8 % ​ 65,190 ​ 90,524 ​ 11,892 ​ 5,527 ​ 1,214 751-800 ​ 125,347 27.2 % ​ 68,826 ​ 45,038 ​ 9,470 ​ 1,640 ​ 373 801-850 ​ 15,218 3.3 % ​ 14,554 ​ — ​ 399 ​ — ​ 265 Total ​ ​ 460,738 100.0 % $ 206,845 $ 184,413 $ 37,540 $ 16,378 $ 16,562 Less, CECL and Direct Allowances ​ ​ 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 September 30, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ As of September 30, 2023 As of December 31, 2022 2023 and prior ​ $ 168,774,227 ​ $ 372,964,665 2024 ​ 279,909,034 ​ 85,968,294 2025 ​ 49,249,401 ​ 1,699,500 2026 ​ — ​ — 2027 ​ ​ — ​ ​ — Thereafter ​ ​ 98,356 ​ ​ 105,809 Total ​ ​ 498,031,018 ​ ​ 460,738,268 Less, CECL and Direct Allowances ​ ​ 2,113,178 ​ ​ 105,000 Total ​ $ 495,917,840 ​ $ 460,633,268 ​ At September 30, 2023, of the 327 mortgage loans included in the Company’s loan portfolio, 95, having an aggregate outstanding principal balance of approximately $84.8 million, or approximately 17.0%, of mortgage receivables, have matured but have not been repaid in full or extended. Of these 95 loans, 64 are in foreclosure status, which have an aggregate principal balance of approximately $63.5 million. At December 31, 2022, of the 444 mortgage loans included in the Company’s loan portfolio, 105 loans having an aggregate outstanding principal balance of approximately $61.6 million, or approximately 13.4%, of mortgage receivables, had matured but have not been repaid in full or extended. Of these 105 loans, 40 were in foreclosure status, which had an aggregate principal balance of approximately $22.6 million. All loans in maturity default and not in foreclosure are subject to 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. In the case of each of the loans in foreclosure, the Company believed the value of the collateral exceeded the outstanding balance on the loan. Loan modifications made to borrowers experiencing financial difficulty In certain situations, the Company may provide loan modifications to borrowers experiencing financial difficulty. These modifications may include term extensions, and adding unpaid interest, charges and taxes to the principal balance intended to minimize the Company’s economic loss and to avoid foreclosure or repossession of collateral. The Company generally receives additional collateral as part of extending the terms of the loan. The table below presents loan modifications made to borrowers experiencing financial difficulty: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2023 ​ ​ ​ ​ ​ % of Total Carrying Value of ​ ​ (in thousands) Carrying Value Loans, net Financial Effect Loans modified during the period ended ​ ​ ​ ​ Term extension ​ $ 32,791 6.6 % A weighted average of 19.7 months were added to the life of the loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2023 ​ ​ ​ % of Total Carrying Value of ​ ​ ​ Carrying Value ​ Loans, net ​ Financial Effect Loans modified during the period ended ​ Term extension ​ $ 62,977 12.7 % A weighted average of 17.3 months were added to the life of the loans Other ​ ​ 16,064 3.2 % Unpaid interest/taxes/charges added to principal balance ​ The Company monitors the performance of loans modified to borrowers experiencing financial difficulty. The table below presents the performance of loans that have been modified in the last 12 months to borrowers experiencing financial difficulty. The Company considers loans that are 90 days past due to be in payment default. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Current ​ 90-119 days past due ​ 120+ days past due ​ Total Loans modified during the period ended ​ ​ ​ ​ ​ ​ ​ ​ Term extension ​ $ 32,791 ​ $ — ​ $ — ​ $ 32,791 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ 90-119 days past due ​ 120+ days past due ​ Total Loans modified during the period ended ​ ​ ​ ​ ​ ​ ​ ​ Term extension ​ $ 62,977 ​ $ — ​ $ — ​ $ 62,977 Other ​ 16,064 ​ — ​ — ​ 16,064 ​ The Company has committed to lend additional amounts totaling $23.2 million to borrowers experiencing financial difficulty.

Investment in Real Estate

Investment in Real Estate	9 Months Ended
	Sep. 30, 2023
Investment in Real Estate
Investment in Real Estate	5. Investment in Real Estate At September 30, 2023, investment in real estate consisted of the following: ​ ​ ​ ​ ​ ​ Amount Land ​ $ 3,956,786 Building ​ 4,935,714 Site improvements ​ 359,249 Tenant improvements ​ 1,182,842 Total ​ $ 10,434,591 ​

Real Estate Owned

Real Estate Owned	9 Months Ended
	Sep. 30, 2023
Real Estate Owned
Real Estate Owned	6. Real Estate Owned Property acquired through foreclosure are included on the balance sheet as real estate owned and further categorized as held for sale or held for rental, described in detail below. As of September 30, 2023 and December 31, 2022, the fair value of real estate owned totaled $3,481,177 and $5,216,149, respectively, with no valuation allowance. For the three months ended September 30, 2023 and 2022, the Company recorded an impairment loss of $400,000 and $195,000, respectively. For the nine months ended September 30, 2023 and 2022, the Company recorded an impairment loss of $612,500 and $685,500, respectively. ​ As of September 30, 2023, real estate owned included $825,963 of real estate held for rental and $2,655,214 of real estate held for sale. As of September 30, 2022, real estate owned included $800,053 of real estate held for rental and $4,815,887 of real estate held for sale. Properties Held for Sale During the three months ended September 30, 2023, the Company sold one (1) property held for sale and recognized a loss of $14,229. During the nine months ended September 30, 2023, the Company sold six (6) properties held for sale and recognized an aggregate net gain of $112,633. During the three months ended September 30, 2022, the Company sold two (2) properties held for sale and recognized an aggregate net loss of $962. During the nine months ended September 30, 2022, the Company sold five (5) properties held for sale and recognized an aggregate net gain of $121,381. Properties Held for Rental As of September 30, 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 $ 13,300 Year ending December 31, 2024 ​ 53,200 Year ending December 31, 2025 ​ 53,200 Year ending December 31, 2026 ​ ​ 31,033 Total ​ $ 150,733 ​

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2023
Other Assets
Other Assets	7. Other Assets As of September 30, 2023 and December 31, 2022, other assets consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 Prepaid expenses ​ $ 218,004 ​ $ 410,373 Other receivables ​ 4,385,986 ​ 3,519,804 Other assets ​ 4,724 ​ 477,048 Goodwill ​ ​ 391,000 ​ ​ 391,000 Intangible asset – trade name ​ ​ 130,400 ​ ​ 130,400 Intangible asset – lease ​ ​ 568,460 ​ ​ — Deferred financing costs, net ​ ​ 341,662 ​ ​ 54,548 Deferred leasing cost ​ 386,923 ​ — Total ​ $ 6,427,159 ​ $ 4,983,173 ​

Lines of Credit, Mortgage Payab

Lines of Credit, Mortgage Payable, and Churchill Facility	9 Months Ended
	Sep. 30, 2023
Lines of Credit, Mortgage Payable, and Churchill Facility
Lines of Credit, Mortgage Payable, and Churchill Facility	8. Lines of Credit, Mortgage Payable, and Churchill Facility Line of Credit – Wells Fargo 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 (6.75% at September 30, 2023, 6.75% as of November 10, 2023). As of September 30, 2023 the total outstanding balance on the Wells Fargo credit line was $26.3 million. 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 by a first mortgage lien on the property located at 568 East Main Street, Branford, Connecticut. 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 factors. 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 SOFR (which replaced the 90-day LIBOR) plus (b) 3%-4%, depending on the aggregate principal amount of the mortgage loans held by Churchill at that time. 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 September 30, 2023, the total amount outstanding under the Facility was $47.9 million. The collateral pledged to Churchill at September 30, 2023 was 22 mortgage loans that in the aggregate had unpaid principal balance of approximately $79.9 million. As of September 30, 2023 the effective rate charged under the Facility was 9.47%. Each of the New NHB Mortgage and the Churchill Facility contain cross-default provisions. Line of Credit – Needham Bank 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 Effective as of September 8, 2023, in accordance with the terms of the Credit Agreement, the Credit Agreement was amended to increase the Maximum Revolving Loan Commitment (as defined in the Credit Agreement) to $65 million. The Company uses the proceeds from the Credit Facility to finance the continued expansion of its lending business and for general corporate purposes. At September 30, 2023, the total amount outstanding under the Credit Facility was $25.0 million, and the interest rate was 8.25%.

Unsecured Notes Payable

Unsecured Notes Payable	9 Months Ended
	Sep. 30, 2023
Unsecured Notes Payable
Unsecured Notes Payable	9. Unsecured Notes Payable At September 30, 2023, the Company had an aggregate of $281,759,933 of unsecured, unsubordinated notes payable outstanding, net of $6,641,817 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. As of the date of this report, the Company is actively pursuing strategies to address the 2024 maturities including, but not limited to, refinancing, extending, or paying off in full. The following are the future principal payments on the notes payable as of September 30, 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 ​ (6,641,817) Total notes payable, net of deferred financing costs ​ $ 281,759,933 ​ The estimated amortization of the deferred financing costs as of September 30, 2023 is as follows: ​ ​ ​ ​ Year ending December 31, Amount Remainder of 2023 ​ $ 593,327 2024 ​ 2,336,228 2025 ​ 1,807,606 2026 ​ 1,410,319 2027 ​ 494,337 Total deferred costs ​ $ 6,641,817 ​

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	9 Months Ended
	Sep. 30, 2023
Accounts Payable and Accrued Liabilities
Accounts Payable and Accrued Liabilities	10. Accounts Payable and Accrued Liabilities As of September 30, 2023 and December 31, 2022, accounts payable and accrued liabilities include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 Accounts payable and accrued expenses $ 1,184,112 $ 1,109,789 CECL - allowance for unfunded contractual obligation credit losses ​ ​ 498,600 ​ ​ — Other notes ​ — ​ 6,014 Accrued interest ​ 378,076 ​ 323,416 Total ​ $ 2,060,788 ​ $ 1,439,219 ​

Fee and Other Income

Fee and Other Income	9 Months Ended
	Sep. 30, 2023
Fee and Other Income
Fee and Other Income	11. Fee and Other Income For the three and nine month periods ended September 30, 2023 and 2022, fee and other income consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ ended September 30, ​ ended September 30, ​ 2023 2022 2023 2022 Late and other fees ​ $ 367,281 ​ $ 92,098 ​ $ 517,599 ​ $ 338,638 Processing fees ​ 28,785 ​ 37,480 ​ 90,485 ​ 165,950 Rental income, net ​ 13,300 ​ 8,867 ​ 39,900 ​ 37,067 Extension fees ​ 435,457 ​ 212,608 ​ 849,002 ​ 415,128 Construction management fee ​ ​ 46,243 ​ ​ 86,881 ​ ​ 714,051 ​ ​ 135,690 Other fees ​ ​ 35,328 ​ ​ 37,410 ​ ​ 108,505 ​ ​ 123,850 Legal fees ​ ​ 102,945 ​ ​ 91,115 ​ ​ 318,945 ​ ​ 253,055 Other income ​ ​ 210,213 ​ ​ 75,290 ​ ​ 879,645 ​ ​ 579,541 Total ​ $ 1,239,552 ​ $ 641,749 ​ $ 3,518,132 ​ $ 2,048,921 ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies
Commitments and Contingencies	12. Commitments and Contingencies Origination, Modification, and Construction Servicing Fees Loan origination, modification, and construction servicing 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 September 30, 2023, deferred revenue was approximately $5.0 million, which will be recorded as income as follows: ​ ​ ​ ​ ​ Year ending December 31, 2023 $ 1,809,598 Year ending December 31, 2024 ​ ​ 2,950,866 Year ending December 31, 2025 ​ ​ 198,615 Total ​ $ 4,959,079 ​ 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 Company’s former chief financial officer, the material terms of which were as follows: (i) the employment term commenced on August 1, 2022 and continued 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 September 30, 2023, the Company had future funding obligations totaling approximately $107.7 million, which can be drawn by the borrowers when the conditions relating thereto have been satisfied. The unfunded commitments 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 September 30, 2023, there was one such proceeding pending. The unpaid principal balances on the properties that are the subject of these proceedings was approximately $0.1 million. In accordance with the asset purchase agreement with Urbane New Haven, LLC (“Urbane”) in October 2022, under certain circumstances the Company will be required to pay Urbane 20% of the net proceeds, as defined, of certain real estate development projects completed by the Company until such time that the former principal owner of Urbane, who is currently employed by the Company, is no longer employed by the Company. Any future payments will be expensed. On September 11, 2023, the Company entered into a contract to acquire a residential property in Miami, FL. The purchase price for the property is $2,300,000. The Company paid $230,000 upon the execution and delivery of the contract, which amount is refundable if the seller fails to satisfy certain closing conditions or fails to transfer ownership of the property. The balance of the purchase price is due at closing.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions
Related Party Transactions	13. 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 September 30, 2023 and December 31, 2022, loans to known shareholders totaled approximately $28.9 million and approximately $23.5 million, respectively. Interest income earned on these loans for the three months ended September 30, 2023 and 2022 totaled $541,177 and $416,275, respectively, and for the nine months ended September 30, 2023 and 2022 totaled $1,623,530 and $1,248,826, respectively. The wife of the Company’s chief executive officer was employed by the Company as its director of finance until her retirement from the Company on September 30, 2022. For the three and nine month periods ended September 30, 2022, she was paid $2,115 and $62,865, 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 months ended September 30, 2023 and 2022, she received compensation of $38,754 and $35,727, respectively. For the nine months ended September 30, 2023 and 2022, she received compensation of $114,754 and $106,327, respectively.

Concentration of Credit Risk

Concentration of Credit Risk	9 Months Ended
	Sep. 30, 2023
Concentration of Credit Risk
Concentration of Credit Risk	14. 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 its investment securities, which include common shares, Series A 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 (44.9%), Florida (23.7%) and New York (12.9%). 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	9 Months Ended
	Sep. 30, 2023
Outstanding Warrants
Outstanding Warrants	15. 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	9 Months Ended
	Sep. 30, 2023
Stock-Based Compensation and Employee Benefits
Stock-Based Compensation and Employee Benefits	16. 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 September 30, 2023 was 988,785. During the nine months ended September 30, 2023 and 2022, the Company granted an aggregate of 201,390 and 153,967 restricted common shares under the Plan, respectively, with a fair value of $771,621 and $357,167, respectively. With respect to the restricted common shares granted during the nine months ended September 30, 2023, (i) an aggregate of 22,000 shares vested immediately on the date of grant, an additional aggregate of 22,000 shares will vest on each of the first and second Stock-based compensation for the three months ended September 30, 2023 and 2022 was $220,971 and $127,000, respectively. Stock-based compensation for the nine months ended September 30, 2023 and 2022 was $616,496 and $357,167, respectively. As of September 30, 2023, unrecorded stock-based compensation expense was $904,724. 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 September 30, 2023 and 2022, the 401(k) Plan expense was $48,346 and $21,924, respectively. For the nine months ended September 30, 2023 and 2022, the 401(k) Plan expense was $123,735 and $71,925, respectively.

Equity

Equity	9 Months Ended
	Sep. 30, 2023
Equity
Equity	17. Equity 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 20 below) having an aggregate liquidation preference of up to $25,000,000 in an “at-the market” offering, which is ongoing. During the nine months ended September 30, 2023, under this offering, the Company sold an aggregate of 4,140,503 common shares, realizing gross proceeds of approximately $15.6 million, and sold an aggregate of 92,879 shares of its Series A Preferred Stock having an aggregate liquidation preference of $2,321,975, realizing gross proceeds of approximately $1,933,900 representing a discount of approximately 16.7% to the liquidation preference. In October 2022, the Board adopted a stock repurchase plan (the “Repurchase Program”), pursuant to which the Company could repurchase up to an aggregate of $7,500,000 of its common shares. Under the Repurchase Program, share repurchases are made from time to time on the open market at prevailing market prices or in negotiated transactions off the market in accordance with applicable federal securities laws, including Rule 10b-18 and 10b5-1 of the Exchange Act. During the nine month period ended September 30, 2023, the Company repurchased 71,000 common shares under the Repurchase Program at a total cost of approximately $226,000. Following the repurchase, such shares were returned to authorized but unissued shares of the Company. As of September 30, 2023, there were approximately $7,277,000 available under the Repurchase Program. On September 7, 2023, the Company’s Board of Directors extended the Repurchase Program. The new Repurchase Program will expire on October 9, 2024. ​

Partnership Investments

Partnership Investments	9 Months Ended
	Sep. 30, 2023
Partnership Investments
Partnership Investments	18. Partnership Investments As of September 30, 2023, the Company had invested an aggregate of approximately $40.0 million in five limited liability companies in which it held non-controlling interests. The Company’s ownership interest in four of the limited liability companies ranges from approximately 7% to 49% and one of the partnerships is owned 100% by the Company. The Company accounts for these investments at cost because the Company does not manage the entities and thus, has no control or have significant influence over the investments. The third party manager of the investments is 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 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 partnerships that invest in mortgage loans. The direct loan investments are through three partnerships whereby the Company directly invests in the participation of individual loans. 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 loan’s waterfall calculation, as defined by the loan agreements. The Company’s interests in the funds are not redeemable at any time, as 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 September 30, 2023 and 2022, these investments generated $0.7 million and $0.5 million, respectively, of income for the Company. For the nine months ended September 30, 2023 and 2022, the partnerships generated $2.3 million and $1.1 million, respectively, of income for the Company. At September 30, 2023, the Company had unfunded partnership commitments totaling approximately $1.0 million.

Special Purpose Acquisition Cor

Special Purpose Acquisition Corporation	9 Months Ended
	Sep. 30, 2023
Special Purpose Acquisition Corporation
Special Purpose Acquisition Corporation	19. Special Purpose Acquisition Corporation ​ In the third quarter ended September 30, 2023, the Company reported a loss of $477,047 representing its investment in Sachem Acquisition Corp., a special purpose acquisition company.

Series A Preferred Stock

Series A Preferred Stock	9 Months Ended
	Sep. 30, 2023
Series A Preferred Stock
Series A Preferred Stock	20. 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	9 Months Ended
	Sep. 30, 2023
Subsequent Events
Subsequent Events	21. Subsequent Events On July 26, 2023, the Company’s Board of Directors declared a dividend of $0.11 per common share payable on November 7, 2023 to shareholders of record as of October 31, 2023. Management has evaluated subsequent events through 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)	9 Months Ended
	Sep. 30, 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 and nine month periods ended September 30, 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 multiple financial institutions. The aggregate amounts held at each institution typically exceeds 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. Investment transactions are accounted for on a trade-date basis. Dividends are recorded on the ex-dividend date and interest is recognized on the accrual basis. 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 person or entity for which it is providing credit. 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 there are adverse changes in the markets or industries in which the borrower operates, or there is a deterioration in the financial health, business outlook or other conditions of the person or entity to which it provided credit, 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 recognizes 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	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. 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 used by the Company, as a practical expedient, the fair value of the collateral at the reporting date is compared to the net carrying amount of the loan when 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 including unpaid interest and other charges as of September 30, 2023 and December 31, 2022 was approximately $68.1 million and $24.0 million, respectively. As of September 30, 2023 and December 31, 2022, none of those loans 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 to make 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 September 30, 2023, the CECL allowance for mortgages receivable was approximately $2.1 million compared to approximately $2.0 million at January 1, 2023, an increase of approximately $0.1 million. As of September 30, 2023, the CECL allowance for interest and fees receivable was approximately $23,400 compared to approximately $26,100 at January 1, 2023, a decrease of approximately $2,700. As of September 30, 2023, the CECL allowance for amounts due from borrowers was approximately $24,400 compared to approximately As of September 30, 2023, the CECL allowance for unfunded commitments was approximately compared to approximately
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. On August 14, 2023 this property was sold. The Company realized a loss of approximately $184,600 on the sale, which is included in (gain) loss on sale of real estate in the consolidated statements of comprehensive income, for the three and nine months ended September 30, 2023. Land and building acquired in 2021 to serve as the Company’s new 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 in March 2023 when the Company received the Certificate of Occupancy.
Investment in real estate	Investment in real estate The Company allocates the purchase price of real estate to land and building (inclusive of site and tenant improvements) and, if determined to be material, intangibles, such as the value of above- and below-market leases and origination costs associated with the in-place leases. The allocation of the purchase price to the tangible and intangible assets acquired and liabilities assumed involves subjectivity as the allocations are based on an analysis of the respective fair values. In determining the fair value of the real estate acquired, the Company utilized a third-party valuation which primarily utilizes cash flow projections that apply, among other things, estimated revenue and expense growth rates, discount rates and capitalization rates, as well as sales comparison approach, which utilizes comparable sales, listings and sales contracts. The Company assesses the fair value of the acquired leases based on estimated cash flow projections that utilize appropriate discount rates and available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known trends, and market/economic conditions that may affect the property. The determined and allocated fair values to the real estate acquired will affect the amount of depreciation and amortization we record over the respective estimated useful lives or term of the lease. 2023 Acquisition On June 23, 2023, the Company entered into a purchase and sale contract for $10,600,000 to acquire a commercial building in Westport, CT. The transaction was completed on August 31, 2023. In connection with this transaction, which was accounted for as an asset acquisition, the Company allocated the purchase price and acquisition-related costs to the tangible and intangible assets acquired based on fair value. In addition, the Company recorded a lease liability stemming from below-market rental rates. Total consideration, including capitalized acquisition-related costs, was $10,725,237. The following table summarizes the allocation for the acquisition: ​ ​ ​ ​ ​ ​ Amount Land ​ $ 3,956,786 Building ​ 4,935,714 Site improvements ​ 359,249 Tenant improvements ​ 1,182,842 Below-market lease intangible ​ (664,737) Lease in-place intangible (included in Other assets) ​ 568,460 Deferred leasing costs (included in Other assets) ​ 386,923 Total ​ $ 10,725,237 ​ Building and site improvements are being depreciated using the straight-line method over its estimated useful life of 40 years and 15 years , respectively. Tenant improvements are amortized over the life of the respective lease using the straight-line method. For the three and nine months ended September 30, 2023, depreciation and amortization was nominal. Lease in-place intangible assets, deferred leasing costs and acquired below market leases are amortized on a straight-line basis over the respective life of the lease For the three and nine months ended September 30, 2023, amortization of each of the lease-in place intangible assets, deferred leasing costs and acquired below market leases was nominal. The Company leases space to a tenant under a ten year operating lease. The lease provides for the payment of fixed base rent payable monthly in advance that ranges from approximately $834,000 in lease year one with escalations up to approximately $996,000 in lease year ten. Additionally, the lease allows the Company to pass through to tenants their share of increases in real estate taxes and operating expenses over a base year, as defined. The lease also provides for one year of rent concessions and a tenant improvement allowance funded by the Company. Commencement of the lease is anticipated in 2024 once tenant improvements are completed. The Company anticipates payments on the lease to begin in 2025 after the rent concession period has ended. Estimated annual amortization of acquired in-place lease intangible is as follows: ​ ​ ​ ​ ​ 2023 (3 months) $ 14,212 2024 ​ 56,846 2025 ​ 56,846 2026 ​ 56,846 2027 ​ 56,846 Thereafter ​ 326,864 Total ​ $ 568,460 ​ Estimated annual amortization of acquired below-market leases is as follows: ​ ​ ​ ​ ​ 2023 (3 months) $ 9,673 2024 ​ 38,692 2025 ​ 38,692 2026 ​ 38,692 2027 ​ 38,692 Thereafter ​ 222,482 Total ​ $ 386,923
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 September 30, 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 8 – Lines of Credit, Mortgage Payable, and Churchill 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 – Unsecured 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 ninety (90) days past due or interest charged at default rates. However, interest income not accrued at September 30, 2023 but collected prior to the issuance of this report is included in income for the period ended September 30, 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 and nine months ended September 30, 2023 and 2022, neither the Company nor any of its TRSs, recognized any provisions for federal income tax or state, local and franchise taxes on the Company’s consolidated statements of operations. The income tax provision for the Company differs from the amount computed by 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 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, except for requiring additional disclosure relating to loan modifications to borrowers experiencing financial difficulty. 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 September 30, 2022 and December 31, 2022 consolidated financial statements have been reclassified to conform to the September 30, 2023 presentation.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Significant Accounting Policies
Summary of allocation for the acquisition of assets	​ ​ ​ ​ ​ ​ Amount Land ​ $ 3,956,786 Building ​ 4,935,714 Site improvements ​ 359,249 Tenant improvements ​ 1,182,842 Below-market lease intangible ​ (664,737) Lease in-place intangible (included in Other assets) ​ 568,460 Deferred leasing costs (included in Other assets) ​ 386,923 Total ​ $ 10,725,237
Summary of estimated annual amortization of acquired in-place lease intangible	​ ​ ​ ​ ​ 2023 (3 months) $ 14,212 2024 ​ 56,846 2025 ​ 56,846 2026 ​ 56,846 2027 ​ 56,846 Thereafter ​ 326,864 Total ​ $ 568,460
Summary of estimated annual amortization of acquired below-market leases	​ ​ ​ ​ ​ 2023 (3 months) $ 9,673 2024 ​ 38,692 2025 ​ 38,692 2026 ​ 38,692 2027 ​ 38,692 Thereafter ​ 222,482 Total ​ $ 386,923

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 Total Stocks and ETFs ​ $ — ​ $ 1,932,270 ​ $ — ​ $ 1,932,270 Mutual funds ​ ​ 15,599,486 ​ ​ — ​ ​ — ​ ​ 15,599,486 Debt securities ​ ​ 18,699,251 ​ 813,650 ​ — ​ ​ 19,512,901 Total liquid investments ​ $ 34,298,737 ​ $ 2,745,920 ​ $ — ​ $ 37,044,657 Real estate owned ​ $ — ​ $ — ​ $ 3,481,177 ​ $ 3,481,177 ​ 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)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine months Ended ​ ​ September 30, ​ September 30, ​ ​ 2023 ​ 2022 ​ 2023 ​ 2022 OCI from AFS securities: ​ ​ ​ ​ Unrealized (losses) on AFS securities at beginning of period ​ $ (376,078) ​ $ (425,972) ​ $ (561,490) ​ $ (476,016) Unrealized gain (losses) on securities available-for-sale – debt securities ​ (83,606) ​ (131,569) ​ 101,806 ​ (81,525) Change in OCI from AFS securities ​ (83,606) ​ (131,569) ​ 101,806 ​ (81,525) Balance at end of period ​ $ (459,684) ​ $ (557,541) ​ $ (459,684) ​ $ (557,541)
Schedule of Company's Level 3 Investments of Real Estate Owned	​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended Twelve Months Ended ​ ​ September 30, 2023 ​ December, 31, 2022 Real Estate Owned at the beginning of period ​ $ 5,216,149 ​ $ 6,559,010 Principal basis transferred to Real Estate Owned ​ 1,186,663 ​ 1,376,733 Charges and/or improvements ​ 214,642 ​ 126,443 Proceeds from sale of Real Estate Owned ​ (2,636,410) ​ (2,090,880) Impairment ​ (612,500) ​ (799,909) Gain on sale of Real Estate Owned ​ 112,633 ​ 44,752 Balance at end of period ​ $ 3,481,177 ​ $ 5,216,149 ​

Mortgages Receivable (Tables)

Mortgages Receivable (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2023 Geographical Location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New England ​ $ 105 ​ $ 1,302 ​ $ — ​ $ 153 ​ $ 1,560 West ​ — ​ 7 ​ — ​ (7) ​ — South ​ — ​ 402 ​ — ​ (64) ​ 338 Mid-Atlantic ​ — ​ 210 ​ — ​ 5 ​ 215 Total ​ $ 105 ​ $ 1,921 ​ $ — ​ $ 87 ​ $ 2,113 ​ (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, $498,600 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 (dollars in thousands) Carrying Value % of Portfolio Carrying Value % of Portfolio ​ Geographical Location ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New England ​ $ 253,947 51.0 % $ 225,603 49.0 % West ​ 3,150 0.6 % 3,150 0.7 % South ​ 146,286 29.4 % 135,857 29.5 % Mid-Atlantic ​ 94,648 19.0 % 96,128 20.8 % Total ​ ​ 498,031 100.0 % ​ 460,738 100.0 % Less, CECL and Direct Allowances ​ ​ 2,113 ​ ​ ​ 105 ​ ​ ​ Carrying value, net ​ $ 495,918 ​ ​ $ 460,633 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 ​ ​ Outstanding ​ ​ ​ Outstanding ​ ​ ​ (dollars in thousands) Principal % of Portfolio Principal % of Portfolio Property Type ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ $ 219,120 44.0 % $ 229,944 49.9 % Commercial ​ 164,200 33.0 % 154,929 33.6 % Land ​ 85,690 17.2 % 46,499 10.1 % Mixed use ​ 29,021 5.8 % 29,366 6.4 % Total ​ ​ 498,031 100.0 % ​ 460,738 100.0 % Less, CECL and Direct Allowances ​ 2,113 ​ ​ 105 ​ Carrying value, net ​ $ 495,918 ​ ​ ​ $ 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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 ​ Year Originated (1) ​ ​ Carrying ​ % of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ FICO Score (2) (dollars in thousands) Value Portfolio 2023 2022 2021 2020 Prior Under 500 $ 400 0.1 % $ — $ — $ — $ — $ 400 501-550 ​ 4,041 0.8 % ​ — ​ — ​ 1,590 ​ — ​ 2,451 551-600 ​ 9,132 1.8 % ​ 290 ​ 2,880 ​ 4,181 ​ 597 ​ 1,184 601-650 ​ 43,135 8.7 % ​ 4,189 ​ 19,528 ​ 9,164 ​ 5,917 ​ 4,337 651-700 ​ 85,402 17.1 % ​ 6,718 ​ 24,569 ​ 39,273 ​ 6,682 ​ 8,160 701-750 ​ 194,137 39.0 % ​ 25,821 ​ 58,021 ​ 98,455 ​ 6,351 ​ 5,489 751-800 ​ 143,421 28.8 % ​ 24,629 ​ 51,993 ​ 54,813 ​ 10,223 ​ 1,763 801-850 ​ 18,363 3.7 % ​ 77 ​ 17,723 ​ — ​ 279 ​ 284 Total ​ 498,031 100.0 % $ 61,724 $ 174,714 $ 207,476 $ 30,049 $ 24,068 Less, CECL and Direct Allowances ​ 2,113 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying value, net $ 495,918 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (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 0.1 % $ — $ — $ 185 $ 235 $ 209 501-550 ​ 4,786 1.0 % ​ — ​ 1,779 ​ 87 ​ 803 ​ 2,117 551-600 ​ 15,977 3.5 % ​ 3,061 ​ 8,256 ​ 1,836 ​ 1,357 ​ 1,467 601-650 ​ 40,349 8.8 % ​ 21,382 ​ 7,474 ​ 6,273 ​ 1,547 ​ 3,673 651-700 ​ 84,085 18.3 % ​ 33,832 ​ 31,342 ​ 7,398 ​ 5,269 ​ 6,244 701-750 ​ 174,347 37.8 % ​ 65,190 ​ 90,524 ​ 11,892 ​ 5,527 ​ 1,214 751-800 ​ 125,347 27.2 % ​ 68,826 ​ 45,038 ​ 9,470 ​ 1,640 ​ 373 801-850 ​ 15,218 3.3 % ​ 14,554 ​ — ​ 399 ​ — ​ 265 Total ​ ​ 460,738 100.0 % $ 206,845 $ 184,413 $ 37,540 $ 16,378 $ 16,562 Less, CECL and Direct Allowances ​ ​ 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 September 30, 2023 As of December 31, 2022 2023 and prior ​ $ 168,774,227 ​ $ 372,964,665 2024 ​ 279,909,034 ​ 85,968,294 2025 ​ 49,249,401 ​ 1,699,500 2026 ​ — ​ — 2027 ​ ​ — ​ ​ — Thereafter ​ ​ 98,356 ​ ​ 105,809 Total ​ ​ 498,031,018 ​ ​ 460,738,268 Less, CECL and Direct Allowances ​ ​ 2,113,178 ​ ​ 105,000 Total ​ $ 495,917,840 ​ $ 460,633,268
Schedule of loan modifications made to borrowers experiencing financial difficulty	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2023 ​ ​ ​ ​ ​ % of Total Carrying Value of ​ ​ (in thousands) Carrying Value Loans, net Financial Effect Loans modified during the period ended ​ ​ ​ ​ Term extension ​ $ 32,791 6.6 % A weighted average of 19.7 months were added to the life of the loans ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2023 ​ ​ ​ % of Total Carrying Value of ​ ​ ​ Carrying Value ​ Loans, net ​ Financial Effect Loans modified during the period ended ​ Term extension ​ $ 62,977 12.7 % A weighted average of 17.3 months were added to the life of the loans Other ​ ​ 16,064 3.2 % Unpaid interest/taxes/charges added to principal balance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ (in thousands) ​ Current ​ 90-119 days past due ​ 120+ days past due ​ Total Loans modified during the period ended ​ ​ ​ ​ ​ ​ ​ ​ Term extension ​ $ 32,791 ​ $ — ​ $ — ​ $ 32,791 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ 90-119 days past due ​ 120+ days past due ​ Total Loans modified during the period ended ​ ​ ​ ​ ​ ​ ​ ​ Term extension ​ $ 62,977 ​ $ — ​ $ — ​ $ 62,977 Other ​ 16,064 ​ — ​ — ​ 16,064

Investment in Real Estate (Tabl

Investment in Real Estate (Tables)	9 Months Ended
	Sep. 30, 2023
Investment in Real Estate
Summary of investment in real estate	At September 30, 2023, investment in real estate consisted of the following: ​ ​ ​ ​ ​ ​ Amount Land ​ $ 3,956,786 Building ​ 4,935,714 Site improvements ​ 359,249 Tenant improvements ​ 1,182,842 Total ​ $ 10,434,591 ​

Real Estate Owned (Tables)

Real Estate Owned (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate Owned
Schedule of rental payments due from real estate held for rental	​ ​ ​ ​ ​ Year ending December 31, 2023 $ 13,300 Year ending December 31, 2024 ​ 53,200 Year ending December 31, 2025 ​ 53,200 Year ending December 31, 2026 ​ ​ 31,033 Total ​ $ 150,733 ​

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2023
Other Assets
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 Prepaid expenses ​ $ 218,004 ​ $ 410,373 Other receivables ​ 4,385,986 ​ 3,519,804 Other assets ​ 4,724 ​ 477,048 Goodwill ​ ​ 391,000 ​ ​ 391,000 Intangible asset – trade name ​ ​ 130,400 ​ ​ 130,400 Intangible asset – lease ​ ​ 568,460 ​ ​ — Deferred financing costs, net ​ ​ 341,662 ​ ​ 54,548 Deferred leasing cost ​ 386,923 ​ — Total ​ $ 6,427,159 ​ $ 4,983,173 ​

Unsecured Notes Payable (Tables

Unsecured Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2023
Unsecured Notes Payable
Summary of future principal payments on the notes payable	The following are the future principal payments on the notes payable as of September 30, 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 ​ (6,641,817) Total notes payable, net of deferred financing costs ​ $ 281,759,933
Summary of estimated amortization of the deferred financing costs	The estimated amortization of the deferred financing costs as of September 30, 2023 is as follows: ​ ​ ​ ​ Year ending December 31, Amount Remainder of 2023 ​ $ 593,327 2024 ​ 2,336,228 2025 ​ 1,807,606 2026 ​ 1,410,319 2027 ​ 494,337 Total deferred costs ​ $ 6,641,817 ​

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Accounts Payable and Accrued Liabilities
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2023 December 31, 2022 Accounts payable and accrued expenses $ 1,184,112 $ 1,109,789 CECL - allowance for unfunded contractual obligation credit losses ​ ​ 498,600 ​ ​ — Other notes ​ — ​ 6,014 Accrued interest ​ 378,076 ​ 323,416 Total ​ $ 2,060,788 ​ $ 1,439,219 ​

Fee and Other Income (Tables)

Fee and Other Income (Tables)	9 Months Ended
	Sep. 30, 2023
Fee and Other Income
Schedule of fees and other income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months ​ Nine Months ​ ​ ended September 30, ​ ended September 30, ​ 2023 2022 2023 2022 Late and other fees ​ $ 367,281 ​ $ 92,098 ​ $ 517,599 ​ $ 338,638 Processing fees ​ 28,785 ​ 37,480 ​ 90,485 ​ 165,950 Rental income, net ​ 13,300 ​ 8,867 ​ 39,900 ​ 37,067 Extension fees ​ 435,457 ​ 212,608 ​ 849,002 ​ 415,128 Construction management fee ​ ​ 46,243 ​ ​ 86,881 ​ ​ 714,051 ​ ​ 135,690 Other fees ​ ​ 35,328 ​ ​ 37,410 ​ ​ 108,505 ​ ​ 123,850 Legal fees ​ ​ 102,945 ​ ​ 91,115 ​ ​ 318,945 ​ ​ 253,055 Other income ​ ​ 210,213 ​ ​ 75,290 ​ ​ 879,645 ​ ​ 579,541 Total ​ $ 1,239,552 ​ $ 641,749 ​ $ 3,518,132 ​ $ 2,048,921 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies
Schedule of original maturities of deferred revenue	​ ​ ​ ​ ​ Year ending December 31, 2023 $ 1,809,598 Year ending December 31, 2024 ​ ​ 2,950,866 Year ending December 31, 2025 ​ ​ 198,615 Total ​ $ 4,959,079

The Company (Details)

The Company (Details)	9 Months Ended
	Sep. 30, 2023
Minimum
The Company
Term of debt	1 year
Maximum
The Company
Term of debt	3 years

Significant Accounting Polici_4

Significant Accounting Policies (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Aug. 13, 2023	Jan. 01, 2023	Dec. 31, 2022	Sep. 30, 2022
Significant Accounting Policies
CECL Allowance	$ 2,113,178			$ 105,000
Loan pending/pre-foreclosure amount	68,100,000			24,000,000
Loan of allowance for credit loss	0			0
CECL allowance for mortgages receivable	2,100,000		$ 2,000,000
Increase in CECL allowance for mortgages receivable	100,000
CECL allowance for interest and fees receivable	23,400		26,100
Increase (Decrease) in CECL allowance for interest and fees receivable	(2,700)
CECL allowance for borrowers	24,400		19,900
Increase in CECL allowance for borrowers	4,500
CECL allowance for unfunded commitments	498,600		522,000
Increase (Decrease) In CECL allowance for unfunded commitments	(23,400)
(Gain) loss on sale of real estate	184,600
Uncertain tax positions	0				$ 0
Retained earnings	(7,893,673)			$ (7,995,143)
ASU 2016-13
Significant Accounting Policies
CECL allowance for unfunded commitments	498,600
Adjustment | ASU 2016-13
Significant Accounting Policies
CECL Allowance	$ 1,921,000		2,489,574
Retained earnings			$ (2,489,574)
Building Acquired In December 2016 [Member]
Significant Accounting Policies
Property plant and equipment, useful life		40 years
Building Acquired In 2021 [Member]
Significant Accounting Policies
Property plant and equipment, useful life	40 years
Minimum
Significant Accounting Policies
Percentage of origination and modification fee revenue	1%
Maximum
Significant Accounting Policies
Percentage of origination and modification fee revenue	3%

Significant Accounting Polici_5

Significant Accounting Policies - 2023 Acquisition (Details) - USD ($)		9 Months Ended
	Jun. 23, 2023	Sep. 30, 2023
2023 Acquisition
Term of lease		10 years
Maximum
2023 Acquisition
Lessee, operating lease, fixed base rent per month		$ 996,000
Minimum
2023 Acquisition
Lessee, operating lease, fixed base rent per month		$ 834,000
Wesport, CT
2023 Acquisition
Agreed amount to acquire a commercial building	$ 10,600,000
Total consideration, including capitalized acquisition-related costs	$ 10,725,237
Wesport, CT | Building
2023 Acquisition
Estimated useful life	40 years
Wesport, CT | Site improvements
2023 Acquisition
Estimated useful life	15 years

Significant Accounting Polici_6

Significant Accounting Policies - Allocation for the acquisition (Details) - USD ($)	Jun. 23, 2023	Sep. 30, 2023
2023 Acquisition
Land		$ 3,956,786
Building		4,935,714
Site improvements		359,249
Tenant improvements		1,182,842
Deferred leasing costs (included in Other assets)		386,923
Wesport, CT
2023 Acquisition
Land	$ 3,956,786
Building	4,935,714
Site improvements	359,249
Tenant improvements	1,182,842
Below-market lease intangible	(664,737)	$ (386,923)
Lease in-place intangible (included in Other assets)	568,460
Deferred leasing costs (included in Other assets)	386,923
Total	$ 10,725,237

Significant Accounting Polici_7

Significant Accounting Policies - Estimated annual amortization of acquired in-place lease intangible (Details) - Wesport, CT - Acquired in-place lease intangible	Sep. 30, 2023 USD ($)
Estimated annual amortization of acquired in-place lease intangible
2023 (3 months)	$ 14,212
2024	56,846
2025	56,846
2026	56,846
2027	56,846
Thereafter	326,864
Total	$ 568,460

Significant Accounting Polici_8

Significant Accounting Policies - Estimated annual amortization of acquired below-market leases (Details) - Wesport, CT - USD ($)	Sep. 30, 2023	Jun. 23, 2023
Estimated annual amortization of acquired below-market leases
2023 (3 months)	$ 9,673
2024	38,692
2025	38,692
2026	38,692
2027	38,692
Thereafter	222,482
Total	$ 386,923	$ 664,737

Fair Value Measurement (Details

Fair Value Measurement (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Fair Value Measurement
Stocks and ETF's	$ 1,932,270	$ 4,728,724
Mutual funds	15,599,486	14,850,839
Debt securities	19,512,901	4,996,899
Total liquid investments	37,044,657	24,576,462
Real estate owned	3,481,177	5,216,149
Available-For-Sale debt securities	834,000	531,000
Level 1
Fair Value Measurement
Stocks and ETF's		3,282,659
Mutual funds	15,599,486	14,850,839
Debt securities	18,699,251	3,880,045
Total liquid investments	34,298,737	22,013,543
Level 2
Fair Value Measurement
Stocks and ETF's	1,932,270	1,446,065
Debt securities	813,650	1,116,854
Total liquid investments	2,745,920	2,562,919
Level 3
Fair Value Measurement
Real estate owned	$ 3,481,177	$ 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
OCI from AFS securities - debt securities:
Unrealized (losses) on AFS securities at beginning of period	$ (376,078)	$ (425,972)	$ (561,490)	$ (476,016)
Unrealized gain (losses) on securities available-for-sale - debt securities	(83,606)	(131,569)	101,806	(81,525)
Change in OCI from AFS securities	(83,606)	(131,569)	101,806	(81,525)
Balance at end of period	$ (459,684)	$ (557,541)	$ (459,684)	$ (557,541)

Fair Value Measurement - Comp_2

Fair Value Measurement - Company's Level 3 Investments of Real Estate Owned (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Fair Value Measurement
Real Estate Owned at the beginning of period			$ 5,216,149
Impairment	$ (400,000)	$ (195,000)	(612,500)	$ (685,500)
Gain on sale of Real Estate Owned			(71,988)	121,381
Balance at end of period	3,481,177		3,481,177		$ 5,216,149
Level 3
Fair Value Measurement
Real Estate Owned at the beginning of period			5,216,149	$ 6,559,010	6,559,010
Principal basis transferred to Real Estate Owned			1,186,663		1,376,733
Charges and/or improvements			214,642		126,443
Proceeds from sale of Real Estate Owned			(2,636,410)		(2,090,880)
Impairment			(612,500)		(799,909)
Gain on sale of Real Estate Owned			112,633		44,752
Balance at end of period	$ 3,481,177		$ 3,481,177		$ 5,216,149

Mortgages Receivable - CECL All

Mortgages Receivable - CECL Allowance by Geographical Location (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Jan. 01, 2023
Mortgages Receivable
CECL Allowance beginning balance	$ 105,000
CECL Allowance ending balance	2,113,178
Provision for CECL allowance	87,000
CECL allowance for unfunded commitments	498,600	$ 522,000
ASU 2016-13
Mortgages Receivable
CECL allowance for unfunded commitments	498,600
Adjustment | ASU 2016-13
Mortgages Receivable
CECL Allowance ending balance	1,921,000
New England
Mortgages Receivable
CECL Allowance beginning balance	105,000
CECL Allowance ending balance	1,560,000
Provision for CECL allowance	153,000
New England | Adjustment | ASU 2016-13
Mortgages Receivable
CECL Allowance ending balance	1,302,000
West
Mortgages Receivable
Provision for CECL allowance	(7,000)
West | Adjustment | ASU 2016-13
Mortgages Receivable
CECL Allowance ending balance	7,000
South
Mortgages Receivable
CECL Allowance ending balance	338,000
Provision for CECL allowance	(64,000)
South | Adjustment | ASU 2016-13
Mortgages Receivable
CECL Allowance ending balance	402,000
Mid-East
Mortgages Receivable
CECL Allowance ending balance	215,000
Provision for CECL allowance	5,000
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) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Mortgages Receivable
Total	$ 498,031,018	$ 460,738,268
Less, CECL and Direct Allowances	2,113,178	105,000
Carrying value, net	$ 495,917,840	$ 460,633,268
% of Portfolio	100%	100%
New England
Mortgages Receivable
Less, CECL and Direct Allowances	$ 1,560,000	$ 105,000
Carrying value, net	$ 253,947,000	$ 225,603,000
% of Portfolio	51%	49%
West
Mortgages Receivable
Carrying value, net	$ 3,150,000	$ 3,150,000
% of Portfolio	0.60%	0.70%
South
Mortgages Receivable
Less, CECL and Direct Allowances	$ 338,000
Carrying value, net	$ 146,286,000	$ 135,857,000
% of Portfolio	29.40%	29.50%
Mid-East
Mortgages Receivable
Less, CECL and Direct Allowances	$ 215,000
Carrying value, net	$ 94,648,000	$ 96,128,000
% of Portfolio	19%	20.80%

Mortgages Receivable - CECL A_3

Mortgages Receivable - CECL Allowance by Property Type (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Mortgages Receivable
Total	$ 498,031,018	$ 460,738,268
Less, CECL and Direct Allowances	2,113,178	105,000
Carrying value, net	$ 495,917,840	$ 460,633,268
% of Portfolio	100%	100%
Residential
Mortgages Receivable
Total	$ 219,120,000	$ 229,944,000
% of Portfolio	44%	49.90%
Commercial
Mortgages Receivable
Total	$ 164,200,000	$ 154,929,000
% of Portfolio	33%	33.60%
Land
Mortgages Receivable
Total	$ 85,690,000	$ 46,499,000
% of Portfolio	17.20%	10.10%
Mixed Use
Mortgages Receivable
Total	$ 29,021,000	$ 29,366,000
% of Portfolio	5.80%	6.40%

Mortgages Receivable - Internal

Mortgages Receivable - Internal credit quality indicators (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Mortgages Receivable
Total	$ 498,031,018	$ 460,738,268
Less, CECL and Direct Allowances	2,113,178	105,000
Carrying value, net	$ 495,917,840	$ 460,633,268
% of Portfolio	100%	100%
Year Originated, 2023	$ 61,724,000	$ 206,845,000
Year Originated, 2022	174,714,000	184,413,000
Year Originated, 2021	207,476,000	37,540,000
Year Originated, 2020	30,049,000	16,378,000
Year Originated, Prior	24,068,000	16,562,000
Under 500
Mortgages Receivable
Total	$ 400,000	$ 629,000
% of Portfolio	0.10%	0.10%
Year Originated, 2021		$ 185,000
Year Originated, 2020		235,000
Year Originated, Prior	$ 400,000	209,000
501-550
Mortgages Receivable
Total	$ 4,041,000	$ 4,786,000
% of Portfolio	0.80%	1%
Year Originated, 2022		$ 1,779,000
Year Originated, 2021	$ 1,590,000	87,000
Year Originated, 2020		803,000
Year Originated, Prior	2,451,000	2,117,000
551-600
Mortgages Receivable
Total	$ 9,132,000	$ 15,977,000
% of Portfolio	1.80%	3.50%
Year Originated, 2023	$ 290,000	$ 3,061,000
Year Originated, 2022	2,880,000	8,256,000
Year Originated, 2021	4,181,000	1,836,000
Year Originated, 2020	597,000	1,357,000
Year Originated, Prior	1,184,000	1,467,000
601-650
Mortgages Receivable
Total	$ 43,135,000	$ 40,349,000
% of Portfolio	8.70%	8.80%
Year Originated, 2023	$ 4,189,000	$ 21,382,000
Year Originated, 2022	19,528,000	7,474,000
Year Originated, 2021	9,164,000	6,273,000
Year Originated, 2020	5,917,000	1,547,000
Year Originated, Prior	4,337,000	3,673,000
651-700
Mortgages Receivable
Total	$ 85,402,000	$ 84,085,000
% of Portfolio	17.10%	18.30%
Year Originated, 2023	$ 6,718,000	$ 33,832,000
Year Originated, 2022	24,569,000	31,342,000
Year Originated, 2021	39,273,000	7,398,000
Year Originated, 2020	6,682,000	5,269,000
Year Originated, Prior	8,160,000	6,244,000
701-750
Mortgages Receivable
Total	$ 194,137,000	$ 174,347,000
% of Portfolio	39%	37.80%
Year Originated, 2023	$ 25,821,000	$ 65,190,000
Year Originated, 2022	58,021,000	90,524,000
Year Originated, 2021	98,455,000	11,892,000
Year Originated, 2020	6,351,000	5,527,000
Year Originated, Prior	5,489,000	1,214,000
751-800
Mortgages Receivable
Total	$ 143,421,000	$ 125,347,000
% of Portfolio	28.80%	27.20%
Year Originated, 2023	$ 24,629,000	$ 68,826,000
Year Originated, 2022	51,993,000	45,038,000
Year Originated, 2021	54,813,000	9,470,000
Year Originated, 2020	10,223,000	1,640,000
Year Originated, Prior	1,763,000	373,000
801-850
Mortgages Receivable
Total	$ 18,363,000	$ 15,218,000
% of Portfolio	3.70%	3.30%
Year Originated, 2023	$ 77,000	$ 14,554,000
Year Originated, 2022	17,723,000
Year Originated, 2021		399,000
Year Originated, 2020	279,000
Year Originated, Prior	$ 284,000	$ 265,000

Mortgages Receivable - Maturiti

Mortgages Receivable - Maturities of mortgages receivable (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Mortgages Receivable
2023 and prior	$ 168,774,227	$ 372,964,665
2024	279,909,034	85,968,294
2025	49,249,401	1,699,500
Thereafter	98,356	105,809
Total	498,031,018	460,738,268
Less, CECL and Direct Allowances	2,113,178	105,000
Carrying value, net	$ 495,917,840	$ 460,633,268
Mortgage loan portfolio number of loans | loan	327	444
Number of loans matured but not have been repaid in full or extended | loan	95	105
Number of loans under foreclosure proceedings | loan	64	40
Amount of loans matured but not have been repaid in full or extended	$ 84,800,000	$ 61,600,000
Percentage of loans matured but not have been repaid in full or extended	17%	13.40%
Aggregate outstanding principal balance and the accrued but unpaid interest and borrower charges of loans under foreclosure proceedings	$ 63,500,000	$ 22,600,000

Mortgages Receivable - Loan mod

Mortgages Receivable - Loan modifications made to borrowers experiencing financial difficulty (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Term extension
Loans modified during the period ended
Carrying Value	$ 32,791	$ 62,977
% of Total Carrying Value of Loans, net	6.60%	12.70%
Financial Effect, weighted average months added to the life of the loans	19 months 21 days	17 months 9 days
Other
Loans modified during the period ended
Carrying Value		$ 16,064
% of Total Carrying Value of Loans, net		3.20%

Mortgages Receivable - Performa

Mortgages Receivable - Performance of loans that have been modified in the last 12 months to borrowers experiencing financial difficulty (Details) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)
Loans modified during the period ended
Additional amount committed to lend to borrowers experiencing financial difficulty	$ 23,200	$ 23,200
Term extension
Loans modified during the period ended
Carrying Value	32,791	62,977
Term extension | Current
Loans modified during the period ended
Carrying Value	$ 32,791	62,977
Other
Loans modified during the period ended
Carrying Value		16,064
Other | Current
Loans modified during the period ended
Carrying Value		$ 16,064

Mortgages Receivable - Addition

Mortgages Receivable - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Mortgages Receivable
Aggregate amounts of loans funded		$ 159,678,482	$ 252,370,675
Principal collections on mortgages receivable		123,495,534	$ 95,173,969
Face amount of mortgages	$ 36,100,000	$ 36,100,000
Default interest rate on mortgage loans		18%
Nonaccrual loans
Mortgages Receivable
Loans on nonaccrual status	82,913,227	$ 82,913,227		$ 55,691,857
Interest income on nonaccrual loans	$ 61,718	$ 394,909
Mortgage Concentration Risk | Revenue Benchmark | No borrower
Mortgages Receivable
Loans outstanding (in percent)		10%		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)		15%

Investment in Real Estate (Deta

Investment in Real Estate (Details)	Sep. 30, 2023 USD ($)
Investment in Real Estate
Land	$ 3,956,786
Building	4,935,714
Site improvements	359,249
Tenant improvements	1,182,842
Total	$ 10,434,591

Real Estate Owned (Details)

Real Estate Owned (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($) property	Dec. 31, 2022 USD ($)
Real Estate Owned
Real estate owned	$ 3,481,177		$ 3,481,177		$ 5,216,149
Impairment loss on real estate owned	400,000	$ 195,000	612,500	$ 685,500
Real estate on owned	825,963	800,053	825,963	800,053
Real estate held-for-sale	$ 2,655,214	$ 4,815,887	$ 2,655,214	$ 4,815,887
Number of properties held for sale | property	1	2	6	5
Net (Gain) Loss on property held for sale	$ 14,229	$ 962	$ (112,633)	$ (121,381)
Number of properties held for rental | property	1		1
Lease term of rental property held for rental			5 years
Valuation allowance	$ 0		$ 0		$ 0

Real Estate Owned - Rental paym

Real Estate Owned - Rental payments due from real estate (Details)	Sep. 30, 2023 USD ($)
Real Estate Owned
Year ending December 31, 2023	$ 13,300
Year ending December 31, 2024	53,200
Year ending December 31, 2025	53,200
Year ending December 31, 2026	31,033
Total	$ 150,733

Other Assets (Details)

Other Assets (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Other Assets
Prepaid expenses	$ 218,004	$ 410,373
Other receivables	4,385,986	3,519,804
Other assets	4,724	477,048
Goodwill	391,000	391,000
Intangible asset - trade name	130,400	130,400
Intangible asset - lease	568,460
Deferred financing costs, net	341,662	54,548
Deferred leasing cost	386,923
Total	$ 6,427,159	$ 4,983,173

Lines of Credit, Mortgage Pay_2

Lines of Credit, Mortgage Payable, and Churchill Facility (Details)					1 Months Ended		9 Months Ended	12 Months Ended
	Nov. 10, 2023	Mar. 02, 2023 USD ($)	Feb. 28, 2023 USD ($)	Jul. 21, 2021 USD ($)	Mar. 31, 2023	Feb. 28, 2023 USD ($)	Sep. 30, 2023 USD ($) loan	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 08, 2023 USD ($)
Lines of Credit, Mortgage Payable, and Churchill Facility
Spread on variable rate	6.75%						6.75%
Outstanding balance							$ 51,339,905	$ 3,587,894
Amount outstanding							288,401,750
Amortization schedule			20 years
Term of Federal Home Loan Bank of Boston Classic Advance Rate						5 years
Unpaid principal balance							$ 79,900,000
Threshold asset coverage ratio							150%
Number of first line mortgage loans | loan							22
Maximum borrowing capacity							$ 10,000,000
Percentage of asset coverage ratio							150%
Revolving Credit Facility
Lines of Credit, Mortgage Payable, and Churchill Facility
Outstanding balance							$ 25,000,000
Wells Fargo Credit line
Lines of Credit, Mortgage Payable, and Churchill Facility
Spread on variable rate					1.75%
Outstanding balance							26,300,000
New Haven Bank Mortgage
Lines of Credit, Mortgage Payable, and Churchill Facility
Principal Amount			$ 1,660,000			$ 1,660,000			$ 1,400,000
Amount outstanding								$ 750,000
Fixed annual rate			5.75%			5.75%		3.75%
Interest accrued period						60 months		72 months
Period for which only interest is payable									12 months
Amortization schedule								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
Lines of Credit, Mortgage Payable, and Churchill Facility
Spread on variable rate						1.75%		2.60%
Master Repurchase Agreement
Lines of Credit, Mortgage Payable, and Churchill Facility
Outstanding balance							$ 47,900,000
Fixed annual rate				0.25%
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
Lines of Credit, Mortgage Payable, and Churchill Facility
Fixed annual rate							8.25%
Credit and Security Agreement with Needham Bank | Revolving Credit Facility
Lines 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								$ 65,000,000
Credit and Security Agreement with Needham Bank | Prime Rate | Revolving Credit Facility
Lines of Credit, Mortgage Payable, and Churchill Facility
Percentage reduced from prime rate for calculating annual interest rate		0.25%
Minimum
Lines of Credit, Mortgage Payable, and Churchill Facility
Term of debt							1 year
Adjusted EBITDA coverage ratio							1
Minimum | Master Repurchase Agreement
Lines of Credit, Mortgage Payable, and Churchill Facility
Fixed annual rate				3%
Minimum | Credit and Security Agreement with Needham Bank | Revolving Credit Facility
Lines of Credit, Mortgage Payable, and Churchill Facility
Notice period for terminating the Credit Facility, prior to the proposed date of termination		10 days
Maximum
Lines of Credit, Mortgage Payable, and Churchill Facility
Fixed annual rate							9.47%
Term of debt							3 years
Adjusted EBITDA coverage ratio							1.40
Maximum | Master Repurchase Agreement
Lines of Credit, Mortgage Payable, and Churchill Facility
Fixed annual rate				4%

Unsecured Notes Payable (Detail

Unsecured Notes Payable (Details)	9 Months Ended
	Sep. 30, 2023 USD ($) series $ / shares	Dec. 31, 2022 USD ($)
Unsecured Notes Payable
Deferred financing costs	$ 6,641,817	$ 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
Unsecured Notes Payable
Aggregate amount outstanding	$ 281,759,933
Deferred financing costs	6,641,817
June 2024 Notes
Unsecured Notes Payable
Aggregate amount outstanding	$ 23,663,000
Fixed annual rate	7.125%
December 2024 Notes
Unsecured Notes Payable
Aggregate amount outstanding	$ 34,500,000
Fixed annual rate	6.875%
September 2025 Notes
Unsecured Notes Payable
Aggregate amount outstanding	$ 56,363,750
Fixed annual rate	7.75%
Principal Amount	$ 28,000,000
Notes issued denomination | $ / shares	$ 24.75
December 2026 Notes
Unsecured Notes Payable
Aggregate amount outstanding	$ 51,750,000
Fixed annual rate	6%
March 2027 Notes
Unsecured Notes Payable
Aggregate amount outstanding	$ 51,875,000
Fixed annual rate	6%
June 2027 Notes
Unsecured Notes Payable
Aggregate amount outstanding	$ 30,000,000
Fixed annual rate	7.125%
September 2027 Notes
Unsecured Notes Payable
Aggregate amount outstanding	$ 40,250,000
Fixed annual rate	8%

Unsecured Notes Payable - Futur

Unsecured Notes Payable - Future principal payments (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Unsecured 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	(6,641,817)	$ (8,352,597)
Total notes payable, net of deferred financing costs	$ 281,759,933

Unsecured Notes Payable - Estim

Unsecured Notes Payable - Estimated amortization of the deferred financing costs (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Unsecured Notes Payable
Remainder of 2023	$ 593,327
2024	2,336,228
2025	1,807,606
2026	1,410,319
2027	494,337
Total deferred costs	$ 6,641,817	$ 8,352,597

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities
Accounts payable and accrued expenses	$ 1,184,112	$ 1,109,789
CECL - allowance for unfunded contractual obligation credit losses	498,600
Other notes		6,014
Accrued interest	378,076	323,416
Total	$ 2,060,788	$ 1,439,219

Fee and Other Income (Details)

Fee and Other Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fee and Other Income
Late and other fees	$ 367,281	$ 92,098	$ 517,599	$ 338,638
Processing fees	28,785	37,480	90,485	165,950
Rental income, net	13,300	8,867	39,900	37,067
Extension fees	435,457	212,608	849,002	415,128
Construction management fee	46,243	86,881	714,051	135,690
Other fees	35,328	37,410	108,505	123,850
Legal fees	102,945	91,115	318,945	253,055
Other income	210,213	75,290	879,645	579,541
Total	$ 1,239,552	$ 641,749	$ 3,518,132	$ 2,048,921

Commitments and Contingencies -

Commitments and Contingencies - Original maturities of deferred revenue (Details) - Deferred revenue	Sep. 30, 2023 USD ($)
Commitments and Contingencies
Year ending December 31, 2023	$ 1,809,598
Year ending December 31, 2024	2,950,866
Year ending December 31, 2025	198,615
Total	$ 4,959,079

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details)

1 Months Ended

9 Months Ended

Sep. 11, 2023 USD ($)

Mar. 31, 2023 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 ($)

Sep. 30, 2023 USD ($) property shares

Sep. 30, 2022 shares

Dec. 31, 2022 USD ($)

Commitments and Contingencies

Deferred revenue

$ 4,959,079

$ 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

1

Mortgages receivable

$ 100,000

Urbane New Haven, LLC

Commitments and Contingencies

Payment to seller as percent of net proceeds from real estate development projects

20%

Amount of purchase and sale contract to acquire a commercial building

$ 2,300,000

Non-refundable deposit

$ 230,000

Restricted Stock

Commitments and Contingencies

Number of unvested shares | shares

226,483

Restricted Stock | 2016 Equity Compensation plan

Commitments and Contingencies

Number of shares granted | shares

201,390

153,967

Unfunded Commitments

Commitments and Contingencies

Deferred revenue

$ 5,000,000

Other commitments

$ 107,700,000

Minimum

Commitments and Contingencies

Percentage of origination and modification fee revenue

1%

Maximum

Commitments and Contingencies

Percentage of origination and modification fee revenue

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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Shareholders
Related Party Transactions
Shareholders totaled	$ 28,900,000		$ 28,900,000		$ 23,500,000
Interest income	541,177	$ 416,275	1,623,530	$ 1,248,826
Wife of chief executive officer | Accounting and financial services
Related Party Transactions
Compensation provided		2,115		62,865
Daughter of chief executive officer
Related Party Transactions
Compensation provided	$ 38,754	$ 35,727	$ 114,754	$ 106,327

Concentration of Credit Risk (D

Concentration of Credit Risk (Details) - Credit concentration risk	9 Months Ended
	Sep. 30, 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	44.90%
Florida | First mortgage liens on real property
Concentration of Credit Risk
Concentration of risk threshold percentage	23.70%
New York | First mortgage liens on real property
Concentration of Credit Risk
Concentration of risk threshold percentage	12.90%

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		9 Months Ended
	Apr. 16, 2018	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Oct. 27, 2016
Stock-Based Compensation and Employee Benefits
Percentage of employer contribution	3%
401(k) Plan expenses		$ 48,346	$ 21,924	$ 123,735	$ 71,925
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		988,785		988,785
Stock based compensation		$ 220,971	$ 127,000	$ 616,496	$ 357,167
Unrecorded stock based compensation expense		$ 904,724		$ 904,724
Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits
Shares granted				201,390	153,967
Fair value of shares granted				$ 771,621	$ 357,167
Vested immediately on the grant date | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits
Shares vested				22,000
Vested on first anniversary | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits
Stock grants in period, gross				22,000
Vested on second anniversary | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits
Stock grants in period, gross				22,000
Vested on January 1, 2024 | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits
Shares vested				4,500
Vested on January 1, 2025 | Restricted Stock | 2016 Equity Compensation plan
Stock-Based Compensation and Employee Benefits
Shares vested				43,630

Equity (Details)

Equity (Details) - USD ($)		1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 24, 2022	Oct. 31, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity
Gross proceeds from the offering					$ 1,895,203
Stock repurchased		$ 7,500,000			$ 226,327
Repurchases of common stock					71,000
Total cost of repurchase of common stock					$ 226,327
Amount available under repurchase program			$ 7,277,000		$ 7,277,000
At the market offering | Series A Preferred Stock
Equity
Gross proceeds from common shares					4,140,503
Common shares under prospectus supplement Dated August 24, 2022
Equity
Authorized amount to be issued	$ 75,000,000
Common shares available for future sale			15,600,000		$ 15,600,000
Common shares under prospectus supplement Dated August 24, 2022 | At the market offering | Series A Preferred Stock
Equity
Preferred stock liquidation preference value	$ 25,000,000
Gross proceeds from common shares					92,879
Preferred stock available for future sale			$ 2,321,975		$ 2,321,975
Gross proceeds from the offering					$ 1,933,900
Percent of discount from liquidation preference					16.70%
Common shares under prospectus supplement Dated October 2022 | At the market offering | Series A Preferred Stock
Equity
Total cost of repurchase of common stock					$ 226,000
Common Shares
Equity
Gross proceeds from common shares			1,542,379	3,309,886	4,158,503	7,177,043
Stock repurchased					$ 71
Repurchases of common stock					(71,000)

Partnership Investments (Detail

Partnership Investments (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) company	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) company	Sep. 30, 2022 USD ($)
Partnership Investments
Partnership investment, total | $	$ 40		$ 40
Number of limited liability companies managed by a commercial real estate finance company | company	5		5
Income from partnership investment | $	$ 0.7	$ 0.5	$ 2.3	$ 1.1
Unfunded partnership commitments | $	$ 1		$ 1
Four of Limited liability companies
Partnership Investments
Number of limited liability companies managed by a commercial real estate finance company | company	4		4
One of limited liability companies
Partnership Investments
Number of limited liability companies managed by a commercial real estate finance company | company	1		1
Ownership interest			100%
Maximum | Four of Limited liability companies
Partnership Investments
Participation interest in mortgage loans	49		49
Minimum | Four of Limited liability companies
Partnership Investments
Participation interest in mortgage loans	7		7

Special Purpose Acquisition C_2

Special Purpose Acquisition Corporation (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2023
Special Purpose Acquisition Corporation
Written off the investment in its entirety	$ 477,047	$ 477,047

Series A Preferred Stock (Detai

Series A Preferred Stock (Details) - $ / shares	9 Months Ended
	Sep. 30, 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)	Jul. 26, 2023 $ / shares
Subsequent Events
Dividend payable per share	$ 0.11