FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Disclosures [Abstract]

Valuation of Assets and Liabilities at Fair Value

The following tables summarize the valuation of the Company’s assets and liabilities carried at fair value on a recurring basis within the fair value hierarchy levels as of December 31, 2019 and December 31, 2018:

	December 31, 2019
	Quoted prices in active markets for identical assets Level 1		Significant other observable inputs Level 2		Unobservable inputs Level 3		Balance as of December 31, 2019
Assets:
Mortgage servicing rights	$	—	$	—	$	2,700,207	$	2,700,207
Total	$	—	$	—	$	2,700,207	$	2,700,207

	December 31, 2018
	Quoted prices in active markets for identical assets Level 1		Significant other observable inputs Level 2		Unobservable inputs Level 3		Balance as of December 31, 2018
Assets:
Mortgage servicing rights	$	—	$	—	$	3,997,786	$	3,997,786
Total	$	—	$	—	$	3,997,786	$	3,997,786
Liabilities:
Multi-family securitized debt obligations	$	—	$	(19,231,331)	$	—	$	(19,231,331)
Total	$	—	$	(19,231,331)	$	—	$	(19,231,331)

Quantitative Information About the Significant Unobservable Inputs Used in the Fair Value Measurement of MSRs Classified as Level 3

The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s MSRs classified as Level 3 fair value assets at December 31, 2019 and December 31, 2018:

As of December 31, 2019
Valuation Technique	Unobservable Input	Range		Weighted Average
Discounted cash flow	Constant prepayment rate	7.4 - 27.6%		13.3	%
	Discount rate	12.0	%	12.0	%

As of December 31, 2018
Valuation Technique	Unobservable Input	Range		Weighted Average
Discounted cash flow	Constant prepayment rate	7.0 - 20.4%		10.1	%
	Discount rate	12.0	%	12.0	%

Fair Value, by Balance Sheet Grouping

The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2:

	December 31, 2019
	Carrying Value		Face Amount		Fair Value
Assets:
Cash and cash equivalents	10,942,115		$	10,942,115	$	10,942,115
Restricted cash	5,069,715		5,069,715		5,069,715
Commercial mortgage loans held-for-investment	635,260,420		635,260,420		635,260,420
Total	$	651,272,250	$	651,272,250	$	651,272,250
Liabilities:
Collateralized loan obligations	$	505,930,065	$	510,181,000	$	510,834,435
Secured term loan	39,384,041		40,250,000		42,999,082
Total	$	545,314,106	$	550,431,000	$	553,833,517

	December 31, 2018
	Carrying Value		Face Amount		Fair Value
Assets:
Cash and cash equivalents	$	7,882,862	$	7,882,862	$	7,882,862
Restricted cash	51,330,950		51,330,950		51,330,950
Cash held in securitization trusts, at fair value	24,357,335		24,357,335		24,357,335
Commercial mortgage loans held-for-investment	555,172,891		555,172,891		555,172,891
Total	$	638,744,038	$	638,744,038	$	638,744,038
Liabilities:
Collateralized loan obligations	$	503,978,918	$	510,181,000	$	509,000,439
Total	$	503,978,918	$	510,181,000	$	509,000,439