SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2018

Accounting Policies [Abstract]

Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the statements of cash flows.

	September 30, 2018		December 31, 2017
Cash and cash equivalents	$	9,912,051	$	34,347,339
Repurchase counterparties as restricted collateral	—		11,275,263
Restricted cash CRE 2017-FL1, Ltd.	41,864,739		—
Restricted cash CRE 2018-FL2, Ltd.	$	35,829,526	$	—
Total cash, cash equivalents and restricted cash	$	87,606,316	$	45,622,602