FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

Assets and Liabilities Carried at Fair Value on a Recurring Basis

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 March 31, 2020 and December 31, 2019:

	March 31, 2020
	Quoted prices in active markets for identical assets Level 1		Significant other observable inputs Level 2		Unobservable inputs Level 3		Balance as of March 31, 2020
Assets:
Mortgage servicing rights	—		—		1,822,458		1,822,458
Total	$	—	$	—	$	1,822,458	$	1,822,458

	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

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 March 31, 2020 and December 31, 2019:

As of March 31, 2020
Valuation Technique	Unobservable Input	Range		Weighted Average
Discounted cash flow	Constant prepayment rate	10.3 - 27.4%		19.0	%
	Discount rate	12.0	%	12.0	%

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	%

Fair Value Schedule of Financial Instruments

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

	March 31, 2020
	Carrying Value		Face Amount		Fair Value
Assets:
Cash and cash equivalents	$	11,334,317	$	11,334,317	$	11,334,317
Restricted cash	6,914,097		6,914,097		6,914,097
Commercial mortgage loans held-for-investment	639,366,297		639,366,297		628,160,749
Total	$	657,614,711	$	657,614,711	$	646,409,163
Liabilities:
Collateralized loan obligations	$	506,416,518	$	510,181,000	$	461,204,962
Secured Term Loan	39,426,846		40,250,000		35,958,395
Total	$	545,843,364	$	550,431,000	$	497,163,357

	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