FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2020

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of carrying value and estimated fair value of financial instruments

	September 30, 2020				December 31, 2019
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Cash and Cash Equivalents - Level 1	$	6,351,772	$	6,351,772	$	6,474,637	$	6,474,637
Restricted Cash - Level 1	$	2,425,944	$	2,425,944	$	128,430,049	$	128,430,049
Commercial Loan and Master Lease Investments - Level 2	$	39,679,612	$	39,679,612	$	34,625,173	$	35,001,997
Long-Term Debt - Level 2	$	276,916,118	$	282,792,605	$	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 September 30, 2020:

			Fair Value at Reporting Date Using
	9/30/2020		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	$	(152,264)	$	—	$	(152,264)	$	—
Cash Flow Hedge - Interest Rate Swap - BMO (1)	$	(2,027,237)	$	—	$	(2,027,237)	$	—
Cash Flow Hedge - Interest Rate Swap - BMO (2)	$	(114,692)	$	—	$	(114,692)	$	—
Investment Securities	$	31,716,464	$	31,716,464	$	—	$	—

⁽¹⁾ Effective March 31, 2020, utilized interest rate swap to achieve fixed interest rate of 0.7325% plus the applicable spread on $100.0 million of the outstanding principal balance on the Credit Facility.

⁽²⁾ Effective August 31, 2020, utilized a separate interest rate swap to achieve fixed interest rate of 0.2200% plus the applicable spread on $50.0 million of the outstanding principal balance on the Credit Facility.

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	$	—	$	—