SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Jun. 30, 2021

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 and have been included in investments, at fair value and unconsolidated investments (non-securities), at fair value in the consolidated balance sheet as of June 30, 2021:

Investee	Legal Form	Asset Type	% Ownership			Fair Value as of June 30, 2021
FSP Satellite Place	Corporation	Non Traded Company		35.60	%	$	2,867,911
5210 Fountaingate, LP	Limited Partnership	LP Interest		9.92	%		30,574
Bishop Berkeley, LLC	Limited Liability Company	LP Interest		69.03	%		5,142,164
BP3 Affiliate, LLC	Limited Liability Company	LP Interest		12.51	%		1,668,000
Britannia Preferred Members, LLC - Class 1	Limited Liability Company	LP Interest		26.99	%		6,448,000
Britannia Preferred Members, LLC - Class 2	Limited Liability Company	LP Interest		40.28	%		5,891,945
Capitol Hill Partners, LLC	Limited Liability Company	LP Interest		25.93	%		1,007,000
Citrus Park Hotel Holdings, LLC	Limited Liability Company	LP Interest		35.27	%		5,000,000
Dimensions 28, LLP	Limited Partnership	LP Interest		90.00	%		11,449,296
Lakemont Partners, LLC	Limited Liability Company	LP Interest		17.02	%		817,770
Secured Income L.P.	Limited Partnership	LP Interest		6.57	%		267,734
Total						$	40,590,394

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	16 – 45 years
Building improvements	5 – 15 years
Land improvements	5 – 15 years
Furniture, fixtures and equipment	3 – 7 years
In-place leases	1 – 10 years