Condensed Consolidated Balance Sheets - USD ($)		Mar. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 13,640,181	$ 7,882,862
Restricted cash		52,348,987	51,330,950
Commercial mortgage loans held-for-investment, at amortized cost		585,770,803	555,172,891
Receivables held in securitization trusts, at fair value(1)	[1]	0	24,357,335
Mortgage servicing rights, at fair value		3,617,788	3,997,786
Deferred offering costs		104,133	126,516
Accrued interest receivable		2,611,659	2,430,790
Investment related receivable		0	33,042,234
Other assets		1,313,438	1,010,671
Total assets		659,406,989	679,352,035
LIABILITIES:
Collateralized loan obligations (net of discount of $2,170,488 and $2,440,674 and deferred financing costs of $3,550,489 and $3,761,410 for March 31, 2019 and December 31, 2018, respectively)		504,460,023	503,978,918
Secured term loan (net of deferred financing costs of $949,456 for March 31, 2019)		39,300,544	0
Multi-family securitized debt obligations	[1]	0	19,231,331
Accrued interest payable		1,017,648	1,231,649
Dividends payable		1,661,844	1,465,610
Fees and expenses payable to Manager		1,046,436	1,175,000
Other accounts payable and accrued expenses		2,649,607	2,066,189
Total liabilities		550,136,102	529,148,697
Commitments and contingencies
EQUITY:
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized, 8.75% Series A cumulative redeemable, $25 liquidation preference, 1,610,000 issued and outstanding at December 31, 2018		0	37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,687,664 and 23,687,664 shares issued and outstanding, at March 31, 2019 and December 31, 2018, respectively		236,832	236,832
Additional paid-in capital		228,194,105	231,305,743
Cumulative distributions to stockholders		(116,895,627)	(114,757,019)
Accumulated earnings (deficit)		(2,363,923)	(3,838,690)
Total stockholders' equity		109,171,387	150,103,838
Noncontrolling interests		99,500	99,500
Total equity		109,270,887	150,203,338
Total liabilities and equity		$ 659,406,989	679,352,035
Variable Interest Entities, Assets			24,357,335
Variable Interest Entities, Liabilities			$ 19,595,186

[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company was the primary beneficiary of these VIEs. As of December 31, 2018, assets of consolidated VIEs totaled $24,357,335, and the liabilities of consolidated VIEs totaled $19,595,186 respectively.