FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2021

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, 2021 and December 31, 2020:

	March 31, 2021
	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, 2021
Assets:
Mortgage servicing rights	—		—		899,223		899,223
Total	$	—	$	—	$	899,223	$	899,223

	December 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 December 31, 2020
Assets:
Mortgage servicing rights	—		—		919,678		919,678
Total	$	—	$	—	$	919,678	$	919,678

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, 2021 and December 31, 2020:

As of March 31, 2021
Valuation Technique	Unobservable Input	Range		Weighted Average
Discounted cash flow	Constant prepayment rate	10.0 - 28.7%		18.5	%
	Discount rate	12.0	%	12.0	%

As of December 31, 2020
Valuation Technique	Unobservable Input	Range		Weighted Average
Discounted cash flow	Constant prepayment rate	12.4 - 28.0%		21.6	%
	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, 2021
	Level in Fair Value Hierarchy	Carrying Value		Face Amount		Fair Value
Assets:
Cash and cash equivalents	1	11,717,804		11,717,804		11,717,804
Restricted cash	1	32,154,188		32,154,188		32,154,188
Commercial mortgage loans held-for-investment	3	484,165,249		484,165,249		484,086,679
Total		$	528,037,241	$	528,037,241	$	527,958,671
Liabilities:
Collateralized loan obligations	2	409,404,872		411,242,221		410,864,162
Secured Term Loan	3	39,598,532		40,250,000		44,361,328
Total		$	449,003,404	$	451,492,221	$	455,225,490

	December 31, 2020
	Level in Fair Value Hierarchy	Carrying Value		Face Amount		Fair Value
Assets:
Cash and cash equivalents	1	11,375,960		11,375,960		11,375,960
Restricted cash	1	57,999,396		57,999,396		57,999,396
Commercial mortgage loans held-for-investment	3	547,345,334		547,345,334		547,134,755
Total		$	616,720,690	$	616,720,690	$	616,510,111
Liabilities:
Collateralized loan obligations	2	463,060,090		465,316,126		458,094,412
Secured term loan	3	39,556,198		40,250,000		44,514,373
Total		$	502,616,288	$	505,566,126	$	502,608,785