Equity Investment in Unconsolidated Investments (Tables)

3 Months Ended

Mar. 31, 2022

Equity Method Investments and Joint Ventures [Abstract]

The following tables present summarized financial information of the Company’s equity investment in RESOF. Amounts provided are the total amounts attributable to the investment and do not represent the Company’s proportionate share:


	March 31, 2022		December 31, 2021
Investments at fair value (cost of $117,829,371 and $107,261,022, respectively)	$	119,003,881	$	108,359,898
Other assets	15,892,206		5,484,087
Total assets	134,896,087		113,843,985
Revolving line of credit, net of financing costs	16,834,326		14,909,717
Obligations under participation agreement (proceeds of $15,523,107 and $14,252,357, respectively)	15,637,326		14,351,617
Other liabilities	13,361,069		5,296,603
Total liabilities	45,832,721		34,557,937
Partners’ capital	$	89,063,366	$	79,286,048


	Three Months Ended March 31,
	2022		2021
Total investment income	$	4,844,664	$	2,042,100
Total expenses	1,293,316		471,212
Net investment income	3,551,348		1,570,888
Unrealized appreciation on investments	69,051		53,697
Net increase in partners' capital resulting from operations	$	3,620,399	$	1,624,585

The following tables present estimated combined summarized financial information of the Company’s equity investment in the joint ventures. Amounts provided are the total amounts attributable to the joint ventures and do not represent the Company’s proportionate share:


	March 31, 2022		December 31, 2021
Net investments in real estate	$	198,906,122	$	115,636,424
Other assets	9,730,764		4,856,249
Total assets	208,636,886		120,492,673
Mortgage loan payable	145,641,352		83,445,235
Other liabilities	1,887,030		1,305,572
Total liabilities	147,528,382		84,750,807
Members’ capital	$	61,108,504	$	35,741,866


	Three Months Ended March 31,
	2022		2021
Revenues	$	2,450,438	$	—
Operating expenses	(816,681)		—
Depreciation expense	(690,831)		$	—
Interest expense	(1,085,561)		$	—
Unrealized gains	235,511		$	—
Net income	$	92,876	$	—

Schedule of Joint Venture Ownership Interests

The following table presents the Company’s ownership interests in its equity investments in the joint ventures and their respective carrying values:


		Ownership Interest at March 31, 2022	Carrying Value at
Entity	Co-owner		March 31, 2022		December 31, 2021
LEL Arlington JV LLC	Third party	80%	$	23,962,388	$	23,949,044
LEL NW 49th JV LLC	Third party	80%	4,838,353		5,306,467
TCG Corinthian FL Portfolio JV LLV (1)	Third Party	90%	22,615,435		—
			$	51,416,176	$	29,255,511

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(1)This investment was purchased in March 2022.