Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2020		Sep. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ 5,981,384		$ 5,026,685
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of collateralized loan obligations discounts, net	872,869		819,562
Amortization of deferred offering costs	(40,000)		(67,150)
Amortization of deferred financing costs	771,017		755,735
Realized loss on investments, net	0		709,439
Unrealized loss on mortgage servicing rights	1,603,052		1,283,977
Unrealized (gain) on multi-family loans held in securitization trusts	0		(694,339)
Restricted stock compensation expense	17,343		7,922
Net change in:
Accrued interest receivable	61,860		189,977
Deferred offering costs	40,000		67,150
Other assets	(453,092)		(467,172)
Accrued interest payable	(393,517)		(52,401)
Fees and expenses payable to Manager	123,596		(439,439)
Other accounts payable and accrued expenses	39,675		(1,981,591)
Net cash provided by operating activities	8,624,187		5,158,355
Cash flows from investing activities:
Purchase of commercial mortgage loans held-for-investment	(52,580,443)		(179,075,497)
Principal payments from retained beneficial interests	0		4,747,049
Principal payments from commercial mortgage loans held-for-investment	88,907,741		174,726,836
Investment related receivable	(9,247,423)		33,042,234
Due to affiliate	71,727		0
Net cash provided by investing activities	27,151,602		33,440,622
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	(5,518,082)		(4,855,971)
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	(27,740,358)		0
Payment of deferred financing costs	0		(1,090,372)
Net cash (used in) financing activities	(27,518,565)		(6,474,957)
Net increase in cash, cash equivalents and restricted cash	8,257,224		32,124,020
Cash, cash equivalents and restricted cash, beginning of period	16,011,830		59,213,812
Cash, cash equivalents and restricted cash, end of period	24,269,054		91,337,832
Supplemental disclosure of cash flow information
Cash paid for interest	10,747,082		16,531,631
Cash paid for income taxes	180,898		1,956,337
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	$ 2,123,980	[1]	$ 1,780,367

[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 September 30, 2020 and December 31, 2019, assets of consolidated VIEs related to Hunt CRE 2017-F1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $608,690,756 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 $480,043,366 and $506,662,238 respectively. See Note 5 for further discussion.