Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2025 |
Jun. 30, 2024 |
Jun. 30, 2025 |
Jun. 30, 2024 |
|
| Revenues | ||||
| Interest income | $ 6,584,137 | $ 8,435,024 | $ 16,790,034 | $ 20,583,759 |
| Real estate operating revenue | 1,968,463 | 2,718,625 | 4,152,658 | 5,438,326 |
| Other operating income | 57,511 | 19,871 | 124,168 | 160,780 |
| Total revenues | 8,610,111 | 11,173,520 | 21,066,860 | 26,182,865 |
| Operating expenses | ||||
| Operating expenses reimbursed to Manager | 960,846 | 2,332,771 | 2,390,799 | 4,510,935 |
| Asset management fee | 1,280,666 | 1,619,971 | 2,648,455 | 3,335,013 |
| Asset servicing fee | 309,565 | 394,995 | 639,165 | 801,520 |
| Provision for credit losses | 1,374,181 | 2,576,325 | 3,493,917 | 4,449,436 |
| Real estate operating expenses | 1,561,799 | 782,271 | 2,537,027 | 1,473,277 |
| Depreciation and amortization | 1,224,996 | 1,747,119 | 2,570,933 | 3,863,801 |
| Professional fees | 759,427 | 826,080 | 1,277,781 | 1,711,649 |
| Impairment charge on real estate assets held for sale | 3,399,684 | 0 | 3,399,684 | 0 |
| Directors’ fees | 81,772 | 91,560 | 165,522 | 175,310 |
| Other | 98,885 | 100,594 | 301,075 | 363,505 |
| Operating expenses | 11,051,821 | 10,471,686 | 19,424,358 | 20,684,446 |
| Operating (loss) income | (2,441,710) | 701,834 | 1,642,502 | 5,498,419 |
| Other income and expenses | ||||
| Interest expense on secured financing | (3,491,187) | (6,580,840) | (8,040,057) | (13,870,752) |
| Interest expense on unsecured notes payable | (2,507,507) | (2,452,577) | (4,999,044) | (4,892,952) |
| Interest expense on obligations under participation agreements | (940,739) | (770,648) | (1,829,643) | (1,389,143) |
| Unrealized gain (loss) on investments, net | 0 | 201,501 | (75) | 178,570 |
| Income from equity interest in unconsolidated investments | 2,265,597 | 1,671,970 | 4,825,707 | 1,198,583 |
| Loss on sale of real estate, net | (2,056,550) | 0 | (2,056,550) | 0 |
| Realized loss on investments, net | 0 | (310,550) | 0 | (446,009) |
| Total other income and expense | (6,730,386) | (8,241,144) | (12,099,662) | (19,221,703) |
| Net loss (income) | (9,172,096) | (7,539,310) | (10,457,160) | (13,723,284) |
| Other comprehensive income (loss) | ||||
| Unrealized gain (loss) on available-for-sale debt securities | 82,377 | 316,392 | 228,121 | (19,390) |
| Other comprehensive loss | 82,377 | 316,392 | 228,121 | (19,390) |
| Comprehensive loss | $ (9,089,719) | $ (7,222,918) | $ (10,229,039) | $ (13,742,674) |
| Loss per share — basic (in usd per share) | $ (0.38) | $ (0.31) | $ (0.43) | $ (0.56) |
| Loss per share — diluted (in usd per share) | $ (0.38) | $ (0.31) | $ (0.43) | $ (0.56) |
| Weighted-average shares — basic (in shares) | 24,338,598 | 24,336,577 | 24,338,381 | 24,336,368 |
| Weighted-average shares — diluted (in shares) | 24,338,598 | 24,336,577 | 24,338,381 | 24,336,368 |
| Distributions declared per common share (in usd per share) | $ 0.10 | $ 0.19 | $ 0.29 | $ 0.38 |
| X | ||||||||||
- Definition Asset Serving Fee No definition available.
|
| X | ||||||||||
- Definition Interest Expense From Obligations Under Participation Agreements No definition available.
|
| X | ||||||||||
- Definition Amount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Aggregate dividends declared during the period for each share of common stock outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Total costs of sales and operating expenses for the period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The aggregate net amount of depreciation, amortization, and accretion recognized during an accounting period. As a noncash item, the net amount is added back to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition The net gain (loss) resulting from sales and other disposals of other real estate owned, increases (decreases) in the valuation allowance for foreclosed real estate, and write-downs of other real estate owned after acquisition or physical possession. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of income (loss) for proportionate share of equity method investee's income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Represents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount of the cost of borrowed funds accounted for as interest expense for debt. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of interest expense incurred on long-term debt classified as other, including, but not limited to, interest on long-term notes and amortization of issuance costs. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of expense for investment management fee, including, but not limited to, expense in connection with research, selection, supervision, and custody of investment. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount of expense for service provided by entity's director. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount, after tax and reclassification adjustment, of gain (loss) in value of unsold investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), attributable to parent. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount after tax and reclassification adjustments of other comprehensive income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition The total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount of selling, general, and administrative expenses, and other expenses, related to investments in real estate partnerships. No definition available.
|
| X | ||||||||||
- Definition Amount of general expenses not normally included in Other Operating Costs and Expenses. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition The total amount of other operating income, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operation. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition Amount of other revenue (expense) derived from real estate investments partnerships. No definition available.
|
| X | ||||||||||
- Definition A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- Definition Amount of credit loss expense (reversal of expense) for financing receivable. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of realized gain (loss) on investment. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/exampleRef
|
| X | ||||||||||
- References No definition available.
|
| X | ||||||||||
- Definition Amount of unrealized gain (loss) on investment. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
|
| X | ||||||||||
- Definition The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|
| X | ||||||||||
- Definition Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
|