FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2020

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of carrying value and estimated fair value of financial instruments

	June 30, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	10,701,531	$	10,701,531	$	6,474,637	$	6,474,637
Restricted Cash - Level 1		29,709,862		29,709,862		128,430,049		128,430,049
Commercial Loan Investments - Level 2		18,488,912		18,488,912		34,625,173		35,001,997
Long-Term Debt - Level 2		270,783,375		277,037,986		287,218,303		288,830,346

Schedule of fair value of assets measured on recurring basis by Level

The following table presents the fair value of assets (liabilities) measured on a recurring basis by Level as of June 30, 2020:

			Fair Value at Reporting Date Using
	6/30/2020		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash Flow Hedge - Interest Rate Swap - Wells Fargo	$	(217,034)	$	—	$	(217,034)	$	—
Cash Flow Hedge - Interest Rate Swap - BMO	$	(2,174,495)	$	—	$	(2,174,495)	$	—
Investment Securities	$	33,164,611	$	33,164,611	$	—	$	—

The following table presents the fair value of assets measured on a recurring basis by Level as of December 31, 2019:

			Fair Value at Reporting Date Using
	12/31/2019		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash Flow Hedge - Interest Rate Swap - Wells Fargo	$	99,021	$	—	$	99,021	$	—
Investment Securities	$	38,814,425	$	38,814,425	$	—	$	—