SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Dec. 31, 2020

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

List of Investments

The below list of investments would have been accounted for under the equity method if the fair value method had not been elected:

Investee	Legal Form	Asset Type	% Ownership			Fair Value as of December 31, 2020
FSP Satellite Place	Corporation	Non-Traded Company		28.73	%	$	2,214,310
5210 Fountaingate, LP	Limited Partnership	LP Interest		9.92	%		494,442
Bishop Berkeley, LLC	Limited Liability Company	LP Interest		69.03	%		3,869,289
BP3 Affiliate, LLC	Limited Liability Company	LP Interest		12.51	%		1,668,000
BR Galleria Village Investment Co, LLC	Limited Liability Company	LP Interest		13.82	%		2,463,774
Britannia Preferred Members, LLC -Class 1	Limited Liability Company	LP Interest		16.85	%		3,765,650
Britannia Preferred Members, LLC - Class 2	Limited Liability Company	LP Interest		33.41	%		6,528,403
Capitol Hill Partners, LLC	Limited Liability Company	LP Interest		25.93	%		1,394,600
Citrus Park Hotel Holdings, LLC	Limited Liability Company	LP Interest		35.27	%		5,000,000
Dimensions 28, LLP	Limited Liability Partnership	LP Interest		90.00	%		11,481,048
Lakemont Partners, LLC	Limited Liability Company	LP Interest		17.02	%		861,710
Secured Income L.P.	Limited Partnership	LP Interest		6.57	%		261,914
			Total			$	40,003,140

Estimated Useful Lives of Assets by Class

The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows:

Buildings	30 – 40 years
Building improvements	5 – 15 years
Land improvements	5 – 15 years
Furniture, fixtures and equipment	3 – 7 years
In-place leases	5 – 10 years