Condensed Consolidated Balance Sheets - USD ($)		Jun. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 7,164,246	$ 7,882,862
Restricted cash		42,877,535	51,330,950
Commercial mortgage loans held-for-investment, at amortized cost		599,770,362	555,172,891
Receivables held in securitization trusts, at fair value	[1]	0	24,357,335
Mortgage servicing rights, at fair value		3,158,669	3,997,786
Deferred offering costs		81,750	126,516
Accrued interest receivable		2,595,178	2,430,790
Investment related receivable		0	33,042,234
Other assets		1,706,659	1,010,671
Total assets		657,354,399	679,352,035
LIABILITIES:
Collateralized loan obligations, net		504,946,473	503,978,918
Secured Term Loan, net		39,229,194	0
Multi-family securitized debt obligations	[1]	0	19,231,331
Accrued interest payable		857,026	1,231,649
Dividends payable		1,776,575	1,465,610
Fees and expenses payable to Manager		1,230,900	1,175,000
Other accounts payable and accrued expenses		448,109	2,066,189
Total liabilities		548,488,277	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, 0 issued and outstanding at June 30, 2019 and 1,610,000 issued and outstanding at December 31, 2018, respectively		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 June 30, 2019 and December 31, 2018, respectively		236,832	236,832
Additional paid-in capital		228,175,537	231,305,743
Cumulative distributions to stockholders		(118,675,994)	(114,757,019)
Accumulated earnings (deficit)		(969,753)	(3,838,690)
Total stockholders' equity		108,766,622	150,103,838
Noncontrolling interests		99,500	99,500
Total equity		108,866,122	150,203,338
Total liabilities and equity		$ 657,354,399	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.