Consolidated Balance Sheets - USD ($)		Dec. 31, 2019	Dec. 31, 2018
ASSETS
Cash and cash equivalents	[1]	$ 10,942,115	$ 7,882,862
Restricted cash	[1]	5,069,715	51,330,950
Commercial mortgage loans held-for-investment, at amortized cost	[1]	635,260,420	555,172,891
Receivables held in securitization trusts, at fair value	[1],[2]	0	24,357,335
Mortgage servicing rights, at fair value	[1]	2,700,207	3,997,786
Deferred offering costs	[1]	40,000	126,516
Accrued interest receivable	[1]	2,342,354	2,430,790
Investment related receivable	[1]	0	33,042,234
Other assets	[1]	1,547,187	1,010,671
Total assets	[1]	657,901,998	679,352,035
LIABILITIES:
Collateralized loan obligations, net	[1]	505,930,065	503,978,918
Secured Term Loan, net	[1]	39,384,041	0
Multi-family securitized debt obligations	[1],[2]	0	19,231,331
Accrued interest payable	[1]	805,126	1,231,649
Dividends payable	[1]	1,776,912	1,465,610
Fees and expenses payable to Manager	[1]	991,981	1,175,000
Other accounts payable and accrued expenses	[1]	369,161	2,066,189
Total liabilities	[1]	549,257,286	529,148,697
Commitments and contingencies	[1]
EQUITY:
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized, 8.75% Series A cumulative redeemable, $25 liquidation preference, 0 issued and outstanding at December 31, 2019 and 1,610,000 issued and outstanding at December 31, 2018, respectively	[1]	0	37,156,972
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 23,692,164 and 23,687,664 shares issued and outstanding, at December 31, 2019 and December 31, 2018, respectively	[1]	236,877	236,832
Additional paid-in capital	[1]	228,135,116	231,305,743
Cumulative distributions to stockholders	[1]	(122,236,981)	(114,757,019)
Accumulated earnings (deficit)	[1]	2,410,200	(3,838,690)
Total stockholders' equity	[1]	108,545,212	150,103,838
Noncontrolling interests	[1]	99,500	99,500
Total equity	[1]	108,644,712	150,203,338
Total liabilities and equity	[1]	$ 657,901,998	$ 679,352,035

[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIE's) as the Company was the primary beneficiary of these VIEs. As of December 31, 2019 and December 31, 2018, assets of the consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $636,541,489 and $636,951,486, respectively and the liabilities of consolidated VIEs related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. totaled $506,662,238 and $504,846,712, respectively.

[2] As of December 31, 2018, assets of the consolidated VIE related to the FREMF 2012-KF01 Trust totaled $24,357,335, and the liabilities of consolidated VIE related to the FREMF 2012-KF01 trust totaled $19,595,186.