CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021		Dec. 31, 2020
ASSETS
Cash and cash equivalents	$ 57,268		$ 72,107
Commercial mortgage loans at cost, net of allowance for loan loss of $0	665,498	[1]	441,814
Real estate owned, net of depreciation	31,535		32,474
Finance lease right of use asset, net of amortization	5,454		5,525
Deferred debt finance costs	1,202		1,001
Accrued interest receivable	1,416		1,168
Prepaid expenses and other assets	2,055		902
Total assets	764,428		554,991
Liabilities:
Repurchase agreements	307,083		290,699
Credit facility payable	14,350
Loan participations sold, net	109,772
Finance lease liability	17,105		16,790
Loan fees payable			401
Due to related parties	2,894		2,093
Interest payable	364		292
Distributions payable	1,137		867
Accrued expenses	4,578		3,593
Total liabilities	457,283		314,735
Stockholders' Equity:
Preferred stock, $0.001 par value, 50,000,000 shares authorized: 6.75% Series A Cumulative Redeemable Preferred Stock, $0.001 par value, 4,025,000 shares authorized, 3,600,000 and 0 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively	4
Additional paid in capital (net of offering costs of $29,534 and $24,964 as of December 31, 2021 and 2020, respectively)	359,406		287,498
Accumulated deficit	(52,275)		(47,253)
Total stockholders' equity	307,145		240,256
Total liabilities and stockholders’ equity	764,428		554,991
Class P Common Stock
Stockholders' Equity:
Common stock	9		10
Class A Common Stock
Stockholders' Equity:
Common stock	$ 1		1
Class T Common Stock
Stockholders' Equity:
Common stock			0
Class S Common Stock
Stockholders' Equity:
Common stock			0
Class D Common Stock
Stockholders' Equity:
Common stock			0
Class I Common Stock
Stockholders' Equity:
Common stock			$ 0

[1] Cash coupon is the stated rate on the loan. Our first mortgage loans are all floating rate and each contains a minimum LIBOR floor. The weighted average LIBOR floor for these loans was 0.99% as of December 31, 2021. An 80% undivided senior interest in each of loan numbers 1, 2, 3, 4, 8, 10, 13, 14, and 16, which includes the right to receive priority interest payments at a rate of L+2.00%, was sold by our Operating Partnership pursuant to a Loan Participation Agreement dated November 15, 2021. Our Operating Partnership has retained a 20% undivided subordinate interest in each of these loans.