Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2020		Mar. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ 1,551,671		$ 1,474,767
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of collateralized loan obligations discounts, net	273,188		270,184
Amortization of deferred offering costs	(13,333)		(22,383)
Amortization of deferred financing costs	256,069		232,009
Realized loss on investments, net	0		709,439
Unrealized loss on mortgage servicing rights	877,749		379,998
Unrealized (gain) on multi-family loans held in securitization trusts	0		(694,339)
Restricted stock compensation expense	7,882		3,773
Net change in:
Accrued interest receivable	(81,404)		(180,869)
Deferred offering costs	13,333		22,383
Other assets	(582,432)		(302,767)
Accrued interest payable	(241,020)		149,854
Fees and expenses payable to Manager	21,019		(128,564)
Other accounts payable and accrued expenses	289,276		583,418
Net cash provided by operating activities	2,371,998		2,496,903
Cash flows from investing activities:
Purchase of commercial mortgage loans held-for-investment	(38,613,756)		(64,612,349)
Principal payments from retained beneficial interests	0		4,747,049
Principal payments from commercial mortgage loans held-for-investment	34,507,879		34,014,437
Investment related receivable	0		33,042,234
Due from broker	0		0
Net cash (used in) provided by investing activities	(4,105,877)		7,191,371
Cash flows from financing activities:
Proceeds from issuance of common stock	5,747,375		0
Redemption of preferred stock	0		(40,250,000)
Dividends paid on common stock	(1,776,912)		(1,421,259)
Dividends paid on preferred stock	0		(521,114)
Proceeds from collateralized loan obligations	0		0
Proceeds from secured term loan	0		40,250,000
Payment of deferred financing costs	0		(970,545)
Net cash provided by (used in) financing activities	3,970,463		(2,912,918)
Net increase in cash, cash equivalents and restricted cash	2,236,584		6,775,356
Cash, cash equivalents and restricted cash, beginning of period	16,011,830		59,213,812
Cash, cash equivalents and restricted cash, end of period	18,248,414		65,989,168
Supplemental disclosure of cash flow information
Cash paid for interest	4,730,094		4,965,785
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	$ 1,874,166	[1]	$ 1,661,844

[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 March 31, 2020 and December 31, 2019, assets of consolidated VIEs related to Hunt CRE 2017-F1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled 636,607,029 and $636,541,489, respectively and the liabilities of consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd totaled 506,907,671 and $506,662,238 respectively. See Note 5 for further discussion.