Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2020		Jun. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ 3,430,374		$ 2,868,937
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of collateralized loan obligations discounts, net	570,039		543,372
Amortization of deferred offering costs	(26,667)		(44,765)
Amortization of deferred financing costs	512,136		493,750
Realized loss on investments, net	0		709,439
Unrealized loss on mortgage servicing rights	1,252,925		839,117
Unrealized (gain) on multi-family loans held in securitization trusts	0		(694,339)
Restricted stock compensation expense	14,394		7,587
Net change in:
Accrued interest receivable	169,742		(164,388)
Deferred offering costs	26,667		44,766
Other assets	(571,307)		(695,988)
Accrued interest payable	(376,506)		(10,768)
Fees and expenses payable to Manager	(36,481)		55,900
Other accounts payable and accrued expenses	185,432		(1,618,081)
Net cash provided by operating activities	5,150,748		2,334,539
Cash flows from investing activities:
Purchase of commercial mortgage loans held-for-investment	(41,990,011)		(117,536,027)
Principal payments from retained beneficial interests	0		4,747,049
Principal payments from commercial mortgage loans held-for-investment	67,402,863		72,938,556
Investment related receivable	(23,781,668)		33,042,234
Net cash provided by (used in) investing activities	1,631,184		(6,808,188)
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	(3,647,328)		(3,079,396)
Dividends paid on preferred stock	(7,500)		(528,614)
Proceeds from collateralized loan obligations	0		0
Proceeds from secured term loan	0		40,250,000
Payment of collateralized loan obligations	(8,615,358)		0
Payment of deferred financing costs	0		(1,090,372)
Net cash (used in) financing activities	(6,522,811)		(4,698,382)
Net increase (decrease) in cash, cash equivalents and restricted cash	259,121		(9,172,031)
Cash, cash equivalents and restricted cash, beginning of period	16,011,830		59,213,812
Cash, cash equivalents and restricted cash, end of period	16,270,951		50,041,781
Supplemental disclosure of cash flow information
Cash paid for interest	8,008,740		10,992,050
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	$ 1,870,754	[1]	$ 1,776,575

[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 June 30, 2020 and December 31, 2019, assets of consolidated VIEs related to Hunt CRE 2017-F1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $627,983,822 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 $498,666,940 and $506,662,238 respectively. See Note 5 for further discussion.