Condensed Consolidated Balance Sheets - USD ($)		Sep. 30, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents		$ 10,300,620	$ 7,882,862
Restricted cash		81,037,212	51,330,950
Commercial mortgage loans held-for-investment, at amortized cost		559,521,552	555,172,891
Receivables held in securitization trusts, at fair value	[1]	0	24,357,335
Mortgage servicing rights, at fair value		2,713,809	3,997,786
Deferred offering costs		59,367	126,516
Accrued interest receivable		2,240,813	2,430,790
Investment related receivable		0	33,042,234
Other assets		1,477,843	1,010,671
Total assets		657,351,216	679,352,035
LIABILITIES:
Collateralized loan obligations, net		505,438,271	503,978,918
Secured Term Loan, net		39,275,571	0
Multi-family securitized debt obligations	[1]	0	19,231,331
Accrued interest payable		815,393	1,231,649
Dividends payable		1,780,367	1,465,610
Fees and expenses payable to Manager		735,561	1,175,000
Other accounts payable and accrued expenses		84,600	2,066,189
Total liabilities		548,129,763	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 September 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 shares issued and outstanding, at September 30, 2019 and December 31, 2018, respectively		236,877	236,832
Additional paid-in capital		228,153,442	231,305,743
Cumulative distributions to stockholders		(120,456,361)	(114,757,019)
Accumulated earnings (deficit)		1,187,995	(3,838,690)
Total stockholders' equity		109,121,953	150,103,838
Noncontrolling interests		99,500	99,500
Total equity		109,221,453	150,203,338
Total liabilities and equity		$ 657,351,216	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. See Note 5 for further discussion.