INTEREST RATE SWAP DERIVATIVES (FY) (Tables)

1 Months Ended

6 Months Ended

12 Months Ended

Dec. 31, 2020

Jun. 30, 2021

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amounts of Derivative Instruments

The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of June 30, 2021 and December 31, 2020, respectively:

June 30, 2021

December 31, 2020

Derivative Instruments

Number of Instruments

Notional Amount (i)

Reference Rate (ii)

Weighted Average Fixed Pay Rate

Weighted Average Remaining Term

Number of Instruments

Notional Amount (i)

Reference Rate (iii)

Weighted Average Fixed Pay Rate

Weighted Average Remaining Term

Interest Rate Swap Derivatives (iv)

4

$

26,291,600

One-month LIBOR + applicable spread/Fixed at 4.05%-5.16%

4.55

%

2.6 years

8

$

36,617,164

One-month LIBOR + applicable spread/Fixed at 3.13%-5.16%

3.35

%

2.2 years

• The notional amount of the Company’s swaps decreases each month to correspond to the outstanding principal balance on the related mortgage. The minimum notional amounts (outstanding principal balance at the maturity date) as of June 30, 2021 and December 31, 2020 were $24,935,999 and $34,989,063, respectively.

• The reference rate was as of June 30, 2021.

• The reference rate was as of December 31, 2020.

• The Company terminated swap agreements related to the GSA and Eco-Thrift properties during the six months ended June 30, 2021 and terminated the swap agreement related to the Dinan Cars property mortgage loan during the six months ended June 30, 2020 at aggregate costs of $23,900 and $47,000, respectively (see Note 7).

The following table summarizes the notional amount and other information related to the Company’s interest rate swaps as of December 31, 2020 and 2019.

December 31, 2020

December 31, 2019

Derivative Instruments

Number of Instruments

Notional Amount (i)

Reference Rate (ii)

Weighted Average Fixed Pay Rate

Weighted Average Remaining Term

Number of Instruments

Notional Amount (i)

Reference Rate (iii)

Weighted Average Fixed Pay Rate

Weighted Average Remaining Term

Interest Rate Swap Derivatives

8

$

36,617,164

One-month LIBOR + applicable spread/Fixed at 3.13%-5.16%

3.35

%

2.2 years

12

$

48,215,139

One-month LIBOR + applicable spread/Fixed at 2.76%-5.16%

3.87

%

2.9 years

(i) The notional amount of the Company’s swaps decreases each month to correspond to the outstanding principal balance on the related mortgage. The minimum notional amounts (outstanding principal balance at the maturity date) as of December 31, 2020 and 2019 were $34,989,063 and $45,514,229, respectively.

(ii) The reference rate was as of December 31, 2020.

(iii) The reference rate was as of December 31, 2019.

Fair Value of Derivative Instruments

The following table sets forth the fair value of the Company’s derivative instruments (Level 2 measurement), as well as their classification in the consolidated balance sheets:

		December 31, 2020						December 31, 2019
Derivative Instrument	Balance Sheet Location	Number of Instruments		Fair Value				Number of Instruments		Fair Value
Interest Rate Swaps	Asset - Interest rate swap derivatives, at fair value (*)		—		$	—			5		$	34,567
Interest Rate Swaps	Liability - Interest rate swap derivatives, at fair value (*)		8		$	(1,743,889	)		7		$	(1,021,724	)

(*) The fair value of the five interest rate swap derivative assets and three interest rate derivative liabilities assumed from the Merger was $34,567 and $(51,514), respectively, as of December 31, 2019.

The following table sets forth the fair value of the Company’s derivative instruments (Level 2 measurement), as well as their classification in the unaudited condensed consolidated balance sheets:

		June 30, 2021						December 31, 2020
Derivative Instrument	Balance Sheet Location	Number of Instruments		Fair Value				Number of Instruments		Fair Value
Interest Rate Swaps	Asset - Interest rate swap derivatives, at fair value		—		$	—			—		$	—
Interest Rate Swaps	Liability - Interest rate swap derivatives, at fair value		4		$	(1,240,336	)		8		$	(1,743,889	)