v3.25.2
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net loss $ (10,457,160) $ (13,723,284)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 2,570,933 3,863,801
Provision for credit losses 3,493,917 4,449,436
Impairment charge on real estate assets held for sale 3,399,684 0
Loss on sale of real estate, net 2,056,550 0
Amortization of net purchase premiums on loans 6,913 152,872
Straight-line rent adjustments (68,807) (113,024)
Amortization of discount on unsecured notes payable 999,594 901,728
Amortization of above- and below-market rent intangibles (758,255) (1,528,715)
Amortization and accretion of investment-related fees, net 680,413 (679,753)
Realized loss on investments, net 0 446,009
Unrealized loss (gain) on investments, net 75 (178,570)
Distributions received from equity interest in unconsolidated investments 4,735,370 1,684,877
Income from equity interest in unconsolidated investments (4,825,707) (1,198,583)
Changes in operating assets and liabilities:    
Interest receivable (1,379,457) (1,514,187)
Due from related parties (325,737) (176,761)
Other assets (676,766) 805,507
Due to Manager (34,770) (1,355,066)
Unearned income 150,221 (90,022)
Interest payable (48,555) 189,580
Accounts payable and accrued expenses 1,741,846 (677,692)
Other liabilities (2,569) (73,385)
Net cash provided by (used) in operating activities 2,013,137 (7,312,427)
Cash flows from investing activities:    
Proceeds from repayments of loans 87,042,899 110,423,185
Origination, purchase and funding of loans (15,286,064) (42,609,078)
Proceeds from sale of real estate 13,831,028 0
Capital contributions to and purchase of equity interests in unconsolidated investments (746,658) (36,600,606)
Distributions in excess of income 481,297 2,627,499
Repayments of promissory note receivable 1,182,759 9,020,609
Funding for promissory note receivable 0 (4,962,369)
Purchase of equity securities 0 (2,022,353)
Proceeds from sale of trading equity securities 0 3,551,098
Net cash provided by investing activities 86,505,261 39,427,985
Cash flows from financing activities:    
Principal repayments on secured financing (91,059,190) (84,780,619)
Proceeds from secured financing 23,383,257 58,246,507
Proceeds from obligations under participation agreements 1,606,804 15,000,000
Distributions paid (6,970,945) (9,291,830)
Payment of financing costs 0 (1,064,335)
Change in interest reserve and other deposits held on investments (1,699,228) 662,222
Net cash used in financing activities (74,739,302) (21,228,055)
Net increase in cash, cash equivalents and restricted cash 13,779,096 10,887,503
Cash, cash equivalents and restricted cash at beginning of period 18,965,026 19,536,777
Cash, cash equivalents and restricted cash at end of period (Note 2) 32,744,122 30,424,280
Supplemental disclosure of cash flow information:    
Cash paid for interest 13,162,301 17,557,985
Supplemental non-cash information:    
Reinvestment of shareholder distributions 9,288 9,524
Secured And Unsecured Debt    
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of deferred financing costs $ 755,404 $ 1,502,805