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FAIR VALUE (Tables)
3 Months Ended
Mar. 31, 2022
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, 2022 and December 31, 2021:

 March 31, 2022
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, 2022
Assets:    
Mortgage servicing rights— — 699,379 699,379 
Total$ $ $699,379 $699,379 
 December 31, 2021
Quoted prices in
active markets
for identical assets
Level 1
Significant
other observable
inputs
Level 2
Unobservable
inputs
Level 3
Balance as of
December 31, 2020
Assets:    
Mortgage servicing rights— — 551,997 551,997 
Total$ $ $551,997 $551,997 
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, 2022 and December 31, 2021:

As of March 31, 2022
Valuation TechniqueUnobservable InputRangeWeighted Average
Discounted cash flowConstant prepayment rate
7.6 - 23.4%
12.7 %
 Discount rate12.0 %12.0 %
As of December 31, 2021
Valuation TechniqueUnobservable InputRangeWeighted Average
Discounted cash flowConstant prepayment rate
10.8 - 29.7%
19.1 %
 Discount rate12.0 %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, 2022
Level in Fair Value HierarchyCarrying ValueFace AmountFair Value
Assets:
Cash and cash equivalents145,846,521 45,846,521 45,846,521 
Restricted cash11,342,733 1,342,733 1,342,733 
Commercial mortgage loans held-for-investment31,077,516,319 1,077,505,797 1,074,511,875 
Total$1,124,705,573 $1,124,695,051 $1,121,701,129 
Liabilities:
Collateralized loan obligations2827,405,880 833,750,000 824,334,875 
Secured Term Loan346,783,300 47,750,000 48,083,989 
Total$874,189,180 $881,500,000 $872,418,864 
December 31, 2021
Level in Fair Value HierarchyCarrying ValueFace AmountFair Value
Assets:
Cash and cash equivalents114,749,046 14,749,046 14,749,046 
Restricted cash13,530,006 3,530,006 3,530,006 
Commercial mortgage loans held-for-investment31,001,825,294 1,001,869,994 1,001,473,884 
Total$1,020,104,346 $1,020,149,046 $1,019,752,936 
Liabilities:
Collateralized loan obligations2826,782,543 833,750,000 834,425,625 
Secured term loan346,845,502 47,750,000 50,986,154 
Total$873,628,045 $881,500,000 $885,411,779