SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Reconciliation of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets that sum to the total of the same amounts shown in the statements of cash flows.


	March 31, 2023		December 31, 2022
Cash and cash equivalents	$	98,572,560	$	43,858,515
Restricted cash CRE 2021-FL1, Ltd.	$	1,946,370	$	3,507,850
Total cash, cash equivalents and restricted cash	$	100,518,930	$	47,366,365

Schedule of Financial Impact of the Adoption of Accounting Standard Update

The following table illustrates the day-one financial statement impact of the adoption of ASU 2016-13 on January 1, 2023:


	Pre-adoption		Transition adjustment		Post-adoption
Assets
Commercial mortgage loans, held-for-investment	$	1,076,148,186	$	—	$	1,076,148,186
Less: Allowance for credit losses	(4,258,668)		(3,549,501)		(7,808,169)
Commercial mortgage loans, held-for-investment, net of allowance for credit losses	$	1,071,889,518	$	(3,549,501)	$	1,068,340,017

Liabilities
Other liabilities(1)	$	583,989	$	41,939	$	625,928

Equity
Accumulated earnings	$	31,250,852	$	(3,591,440)	$	27,659,412

(1) Includes reserve for unfunded loan commitments