Consolidated Schedule of Investment - USD ($)		9 Months Ended		12 Months Ended
		Sep. 30, 2022		Dec. 31, 2021
Schedule of Investments
Amortized Cost		$ 115,907,611		$ 109,923,164
Fair Value		113,050,141		110,509,905
US
Schedule of Investments
Amortized Cost		115,907,611	[1]	109,923,164	[2]
Fair Value		$ 113,050,141	[1],[3]	$ 110,509,905	[2]
% Net Assets		162.10%	[1],[4]	150.20%	[2],[5]
Loan investment | US
Schedule of Investments
Amortized Cost	[2]			$ 109,133,829
Fair Value	[2],[6]			$ 109,630,633
% Net Assets	[2],[5]			149.00%
Mezzanine Loan | US
Schedule of Investments
Amortized Cost		$ 6,301,807	[1]	$ 9,810,164	[2]
Fair Value		$ 6,179,954	[1],[3]	$ 9,875,158	[2],[6]
% Net Assets		8.90%	[1],[4]	13.40%	[2],[5]
Mezzanine Loan | US | CA | Student Housing | Dwight Mezz II, LLC
Schedule of Investments
Location of Property		US	[1]	US	[2]
Coupon Rate		11.00%	[1]	11.00%	[2]
Current Interest Rate		11.00%	[1]	11.00%	[2]
Exit Fee		0.00%	[1]	0.00%	[2]
Acquisition Date		May 11, 2017	[1]	May 11, 2017	[2]
Maturity Date		May 06, 2027	[1]	May 06, 2027	[2]
Principal		$ 3,000,000	[1]	$ 3,000,000	[2]
Amortized Cost		3,000,000	[1]	3,000,000	[2]
Fair Value		$ 2,864,661	[1],[3]	$ 3,000,730	[2],[6]
% Net Assets		4.10%	[1],[4]	4.10%	[2],[5]
Mezzanine Loan | US | NY | Mixed use | Havemeyer TSM LLC
Schedule of Investments
Location of Property		US	[1],[7],[8]	US	[2],[9],[10]
Coupon Rate		15.00%	[1],[7],[8]	15.00%	[2],[9],[10]
Current Interest Rate		15.00%	[1],[7],[8]	15.00%	[2],[9],[10]
Exit Fee		1.00%	[1],[7],[8]	1.00%	[2],[9],[10]
Acquisition Date		Dec. 18, 2020	[1],[7],[8]	Dec. 18, 2020	[2],[9],[10]
Maturity Date		Dec. 01, 2022	[1],[7],[8]	Dec. 01, 2022	[2],[9],[10]
Principal		$ 3,282,208	[1],[7],[8]	$ 6,808,000	[2],[9],[10]
Amortized Cost		3,301,807	[1],[7],[8]	6,810,164	[2],[9],[10]
Fair Value		$ 3,315,293	[1],[3],[7],[8]	$ 6,874,428	[2],[6],[9],[10]
% Net Assets		4.80%	[1],[4],[7],[8]	9.30%	[2],[5],[9],[10]
Preferred equity investment | US
Schedule of Investments
Amortized Cost		$ 54,897,519	[1]	$ 34,170,181	[2]
Fair Value		$ 51,684,053	[1],[3]	$ 33,610,583	[2],[6]
% Net Assets		74.10%	[1],[4]	45.70%	[2],[5]
Preferred equity investment | US | CA | Mixed use | Asano Bankers Hill, LLC
Schedule of Investments
Location of Property	[1]	US
Current Interest Rate	[1]	17.47%
Exit Fee	[1]	1.00%
Acquisition Date	[1]	Feb. 02, 2022
Maturity Date	[1]	Jul. 31, 2024
Principal	[1]	$ 16,699,699
Amortized Cost	[1]	16,631,855
Fair Value	[1],[3]	$ 16,819,417
% Net Assets	[1],[4]	24.10%
Loans Receivable, Description of Variable Rate Basis	[1]	SOFR
Floor Interest Rate	[1]	0.25%
Preferred equity investment | US | CA | Mixed use | Asano Bankers Hill, LLC | SOFR
Schedule of Investments
Loans basis spread on variable rate	[1]	15.00%
Preferred equity investment | US | NY | Multifamily | RS JZ Driggs, LLC
Schedule of Investments
Location of Property		US	[1],[7],[11],[12]	US	[2],[9],[13],[14]
Coupon Rate		12.25%	[1],[7],[11],[12]	12.25%	[2],[9],[13],[14]
Current Interest Rate		12.25%	[1],[7],[11],[12]	12.25%	[2],[9],[13],[14]
Exit Fee		1.00%	[1],[7],[11],[12]	1.00%	[2],[9],[13],[14]
Acquisition Date		May 01, 2018	[1],[7],[11],[12]	May 01, 2018	[2],[9],[13],[14]
Maturity Date		Jan. 01, 2021	[1],[7],[11],[12]	Jan. 01, 2021	[2],[9],[13],[14]
Principal		$ 2,389,951	[1],[7],[11],[12]	$ 7,806,257	[2],[9],[13],[14]
Amortized Cost		2,430,951	[1],[7],[11],[12]	7,847,256	[2],[9],[13],[14]
Fair Value		$ 2,389,951	[1],[3],[7],[11],[12]	$ 7,877,552	[2],[6],[9],[13],[14]
% Net Assets		3.40%	[1],[4],[7],[11],[12]	10.70%	[2],[5],[9],[13],[14]
Preferred equity investment | US | NY | Office | 370 Lex Part Deux, LLC
Schedule of Investments
Location of Property		US	[1],[7],[11],[15]	US	[2],[9],[13]
Current Interest Rate		11.39%	[1],[7],[11],[15]	10.69%	[2],[9],[13]
Exit Fee		0.00%	[1],[7],[11],[15]	0.00%	[2],[9],[13]
Acquisition Date		Dec. 17, 2018	[1],[7],[11],[15]	Dec. 17, 2018	[2],[9],[13]
Maturity Date		Jan. 09, 2023	[1],[7],[11],[15]	Jan. 09, 2023	[2],[9],[13]
Principal		$ 21,204,069	[1],[7],[11],[15]	$ 21,004,423	[2],[9],[13]
Amortized Cost		21,186,500	[1],[7],[11],[15]	21,002,365	[2],[9],[13]
Fair Value		$ 17,675,000	[1],[3],[7],[11],[15]	$ 20,250,306	[2],[6],[9],[13]
% Net Assets		25.40%	[1],[4],[7],[11],[15]	27.50%	[2],[5],[9],[13]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[1],[7],[11],[15]	LIBOR	[2],[9],[13]
Floor Interest Rate		2.44%	[1],[7],[11],[15]	2.44%	[2],[9],[13]
Preferred equity investment | US | NY | Office | 370 Lex Part Deux, LLC | LIBOR
Schedule of Investments
Loans basis spread on variable rate		8.25%	[1],[7],[11],[15]	8.25%	[2],[9],[13]
Preferred equity investment | US | GA | Multifamily | Ann Street JV LLC
Schedule of Investments
Location of Property		US	[1]	US	[2]
Coupon Rate		14.00%	[1]	14.00%	[2]
Current Interest Rate		14.00%	[1]	14.00%	[2]
Exit Fee		1.00%	[1]	1.00%	[2]
Acquisition Date		Nov. 12, 2021	[1]	Nov. 12, 2021	[2]
Maturity Date		Jun. 07, 2024	[1]	Jun. 07, 2024	[2]
Principal		$ 14,684,968	[1]	$ 5,444,016	[2]
Amortized Cost		14,648,213	[1]	5,320,560	[2]
Fair Value		$ 14,799,685	[1],[3]	$ 5,482,725	[2],[6]
% Net Assets		21.20%	[1],[4]	7.50%	[2],[5]
First Mortgage | US
Schedule of Investments
Amortized Cost		$ 41,538,124	[1]	$ 37,135,078	[2]
Fair Value		$ 41,827,429	[1],[3]	$ 37,697,558	[2],[6]
% Net Assets		59.90%	[1],[4]	51.20%	[2],[5]
First Mortgage | US | UT | Infrastructure | American Gilsonite Company
Schedule of Investments
Location of Property		US	[1]	US	[2]
Coupon Rate	[2]			14.00%
Current Interest Rate		14.00%	[1]	14.00%	[2]
Exit Fee		1.00%	[1]	1.00%	[2]
Acquisition Date		Aug. 31, 2021	[1]	Aug. 31, 2021	[2]
Maturity Date		Aug. 31, 2023	[1]	Aug. 31, 2023	[2]
Principal		$ 21,250,000	[1]	$ 21,250,000	[2]
Amortized Cost		21,267,563	[1]	21,108,623	[2]
Fair Value		$ 21,444,155	[1],[3]	$ 21,417,965	[2],[6]
% Net Assets		30.70%	[1],[4]	29.10%	[2],[5]
First Mortgage | US | NC | Mixed use | Hillsborough Owners LLC
Schedule of Investments
Location of Property		US	[1],[16],[17]	US	[2],[18],[19]
Current Interest Rate		11.14%	[1],[16],[17]	8.25%	[2],[18],[19]
Exit Fee		1.00%	[1],[16],[17]	1.00%	[2],[18],[19]
Acquisition Date		Oct. 27, 2021	[1],[16],[17]	Oct. 27, 2021	[2],[18],[19]
Maturity Date		Nov. 01, 2023	[1],[16],[17]	Nov. 01, 2023	[2],[18],[19]
Principal		$ 20,294,278	[1],[16],[17]	$ 16,210,029	[2],[18],[19]
Amortized Cost		20,270,561	[1],[16],[17]	16,026,455	[2],[18],[19]
Fair Value		$ 20,383,274	[1],[3],[16],[17]	$ 16,279,593	[2],[6],[18],[19]
% Net Assets		29.20%	[1],[4],[16],[17]	22.10%	[2],[5],[18],[19]
Loans Receivable, Description of Variable Rate Basis		LIBOR	[1],[16],[17]	LIBOR	[2],[18],[19]
Floor Interest Rate		0.25%	[1],[16],[17]	0.25%	[2],[18],[19]
First Mortgage | US | NC | Mixed use | Hillsborough Owners LLC | LIBOR
Schedule of Investments
Loans basis spread on variable rate		8.00%	[1],[16],[17]	8.00%	[2],[18],[19]
Revolving Credit Facility | US
Schedule of Investments
Amortized Cost		$ 13,170,161	[1]	$ 28,018,406	[2]
Fair Value		$ 13,358,705	[1],[3]	$ 28,447,334	[2],[6]
% Net Assets		19.20%	[1],[4]	38.70%	[2],[5]
Revolving Credit Facility | US | Post Brothers Holdings LLC
Schedule of Investments
Coupon Rate	[2],[20],[21],[22]			15.00%
Current Interest Rate	[2],[20],[21],[22]			15.00%
Exit Fee	[2],[20],[21],[22]			1.00%
Acquisition Date	[2],[20],[21],[22]			Jul. 16, 2021
Maturity Date	[2],[20],[21],[22]			Jul. 16, 2024
Principal	[2],[20],[21],[22]			$ 15,000,000
Amortized Cost	[2],[20],[21],[22]			14,897,294
Fair Value	[2],[6],[20],[21],[22]			$ 15,100,246
% Net Assets	[2],[5],[20],[21],[22]			20.60%
Revolving Credit Facility | US | CA | Industrial | William A. Shopoff , Cindy I. Shopoff
Schedule of Investments
Location of Property		US	[1],[7],[11],[23]	US	[2],[9],[13],[20]
Coupon Rate		15.00%	[1],[7],[11],[23]	15.00%	[2],[9],[13],[20]
Current Interest Rate		15.00%	[1],[7],[11],[23]	15.00%	[2],[9],[13],[20]
Exit Fee		1.00%	[1],[7],[11],[23]	1.00%	[2],[9],[13],[20]
Acquisition Date		Oct. 04, 2021	[1],[7],[11],[23]	Oct. 04, 2021	[2],[9],[13],[20]
Maturity Date		Apr. 04, 2023	[1],[7],[11],[23]	Apr. 04, 2023	[2],[9],[13],[20]
Principal		$ 13,237,500	[1],[7],[11],[23]	$ 13,237,500	[2],[9],[13],[20]
Amortized Cost		13,170,161	[1],[7],[11],[23]	13,121,112	[2],[9],[13],[20]
Fair Value		$ 13,358,705	[1],[3],[7],[11],[23]	$ 13,347,088	[2],[6],[9],[13],[20]
% Net Assets		19.20%	[1],[4],[7],[11],[23]	18.10%	[2],[5],[9],[13],[20]
Debt securities
Schedule of Investments
Amortized Cost	[2],[24]			$ 789,335
Fair Value	[2],[24]			$ 879,272
% Net Assets	[2],[5],[24]			1.20%
Debt securities | Nexpoint Real Estate Finance, Inc. | Series A Preferred Stock
Schedule of Investments
Acquisition Date	[2],[24]			Jul. 30, 2020
Maturity Date	[2],[24]			Jul. 24, 2025
Amortized Cost	[2],[24]			$ 789,335
Fair Value	[2],[24]			$ 879,272
% Net Assets	[2],[5],[24]			1.20%
Dividend yield	[2],[24]			8.50%
Preferred Stock, Shares Issued	[2],[24]			33,560

[1] All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 and the rules promulgated thereunder. All of the Company’s borrowers are in the diversified real estate industry.

[2] All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940 and the rules promulgated thereunder. All of the Company’s borrowers are in the diversified real estate industry.

[3] Because there is no readily available market for these investments, these investments are valued using significant unobservable inputs under Level 3 of the fair value hierarchy and are approved in good faith by the Company’s board of directors.

[4] Percentages are based on net assets of $69.8 million as of September 30, 2022.

[5] Percentages are based on net assets of $73.6 million as of December 31, 2021.

[6] Because there is no readily available market for these investments, these investments are valued using significant unobservable inputs under Level 3 of the fair value hierarchy and are approved in good faith by the Company’s board of directors.

[7] The Company acquired these investments through participation agreements. See “Participation Agreements” in Note 4 in the accompanying notes to the consolidated financial statements.

[8] Participation interest is with Mavik Real Estate Special Opportunities Fund REIT, LLC, a related-party real estate investment trust managed by an affiliate of the Company’s sponsor. The Company committed to fund up to $8.5 million on this investment. On May 31, 2022, the borrower made a partial repayment of $4.8 million. As of September 30, 2022, the was no unfunded commitment on this investment.

[9] The Company acquired these investments through participation agreements. See “Participation Agreements” in Note 4 in the accompanying notes to the consolidated financial statements.

[10] Participation interest is with Mavik Real Estate Special Opportunities Fund REIT, LLC. The Company is committed to fund up to $7.4 million on this investment. As of December 31, 2021, the unfunded commitment was $0.6 million.

[11] Participation interest is with Terra Property Trust, Inc., a related-party real estate investment trust managed by an affiliate of the Company’s sponsor.

[12] This investment is currently in maturity default. The Company initiated a litigation to seek full repayment of the loan from the sponsor.

[13] Participation interest is with Terra Property Trust, Inc., a related-party real estate investment trust managed by an affiliate of the Company’s sponsor.

[14] This investment is currently in maturity default. The Company has exercised its rights and is facilitating the completion of construction of the underlying asset in anticipation of lease up and disposition of the asset.

[15] This loan is currently in default because certain conditions in the Limited Liability Company Agreement were not met. For both the three and nine months ended September 30, 2022, the Company suspended interest income accrual of $0.5 million on this loan, because recovery of such income was doubtful.

[16] The loan participation from the Company does not qualify for sale accounting and therefore, this loan remains in the Consolidated Schedule of Investments. See “Obligations under Participation Agreements” in Note 3 in the accompanying notes to the consolidated financial statements.  

[17] The Company sold a portion of its interest in this investment to Terra Property Trust, Inc. pursuant to a participation agreement.

[18] The loan participation from the Company does not qualify for sale accounting and therefore, this loan remains in the Consolidated Schedule of Investments. See “Obligations under Participation Agreements” in Note 3 in the accompanying notes to the consolidated financial statements.  

[19] The Company sold a portion of its interest in this investment to Terra Property Trust, Inc. pursuant to a participation agreement.

[20] As of December 31, 2021, the facility was fully funded.

[21] On July 16, 2021, the Company originated a $15.0 million unsecured corporate credit facility. The borrower is a multifamily operator in Philadelphia, PA.

[22] The borrower also pays a 1.0% fee on the unused portion of the credit facility.

[23] As of September 30, 2022, the facility was fully funded.

[24] From time to time, the Company may invest in debt and equity securities.