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USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES
 3 Months Ended
Mar. 31, 2021
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.  
Variable Interest Entity [Line Items]  
USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES
On April 30, 2018, the Company acquired Hunt CMT Equity LLC, which was comprised of commercial mortgage loans financed through collateralized loan obligations ("Hunt CRE 2017-FL1, Ltd."), a licensed commercial mortgage lender and eight loan participations. As discussed in Note 2 ("Summary of Significant Accounting Policies - Principles of Consolidation - VIE"), the Company determined Hunt CRE 2017-FL1, Ltd., a CRE CLO, was a VIE and that the Company was the primary beneficiary of the issuing entity, and accordingly consolidated its assets and liabilities into the Company's financial statements in accordance with GAAP. On August 20, 2018, the Company closed a CRE CLO ("Hunt CRE 2018-FL2, Ltd."). As discussed in Note 2 ("Summary of Significant Accounting Policies - Principles of Consolidation - VIE"), the Company determined Hunt CRE 2018-FL2, Ltd., a CRE CLO, was a VIE and the Company was the primary beneficiary of the issuing entity, and accordingly consolidated its assets and liabilities into the Company's financial statements in accordance with GAAP. However, the assets of each of the trusts are restricted, and can only be used to fulfill the obligations of the respective trusts. Additionally, the obligations of each of the trusts do not have any recourse to the Company as the consolidator of the trusts. At March 31, 2021, the Company continued to determine it was the primary beneficiary of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. based on its obligations to absorb losses derived from ownership of preferred shares.

The CRE CLOs we consolidate are subject to collateralization and coverage tests that are customary for these types of securitizations. As of March 31, 2021 and December 31, 2020 all such collateralization and coverage tests in the CRE CLOs we consolidate were met. If the duration of the COVID-19 pandemic continues to prolong, its impact on our borrowers and their tenants could result in a sustained deterioration in a material amount of assets and may impact these tests.

The carrying values of the Company's total assets and liabilities related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. at March 31, 2021 and December 31, 2020 included the following VIE assets and liabilities:

ASSETSMarch 31, 2021December 31, 2020
Cash, cash equivalents and restricted cash$32,154,188 $57,999,396 
Accrued interest receivable(1)
2,110,781 1,955,709 
Investment related receivable(2)
34,188,949 — 
Loans held for investment468,945,755 531,363,401 
Total Assets$537,399,673 $591,318,506 
LIABILITIES
Accrued interest payable$312,071 $351,877 
Collateralized loan obligations(3)
409,404,872 463,060,090 
Total Liabilities$409,716,943 $463,411,967 
Equity127,682,730 127,906,539 
Total liabilities and equity$537,399,673 $591,318,506 
(1)    Accrued interest receivable includes $498,911 of interest and exit fees receivable, which were settled subsequent to March 31, 2021.
(2)    Investment related receivable relates to one loan in Hunt CRE 2017-FL1 with a principal amount due of 9,808,696 and two loans in Hunt CRE 2018-FL2 with principal amounts due of $24,380,253 which paid off in March 2021 after the March remittance and were received in April. The Hunt CRE 2017-FL1 repayment will be used to pay down the Class A Notes of the CLO in April 2021.
(3)     The stated maturity of the collateral loan obligations per the terms of the underlying collateralized loan obligation agreement is August 15, 2034 for Hunt CRE 2017-FL1, Ltd. and August 15, 2028 for Hunt CRE 2018-FL2, Ltd.

The following tables present certain loan and borrowing characteristics of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. as of March 31, 2021 and December 31, 2020:
As of March 31, 2021
Collateralized Loan ObligationsCountPrincipal Value
Carrying Value(1)
Wtd. Avg. Yield
Collateral (loan investments)34$468,945,755 $468,945,755 
L + 3.53%
Financings provided2411,242,221 409,404,872 
L + 1.50%

As of December 31, 2020
Collateralized Loan ObligationsCountPrincipal Value
Carrying Value(1)
Wtd. Avg. Yield
Collateral (loan investments)40$531,363,401 $531,363,401 
L + 3.50%
Financing provided2465,316,126 463,060,090 
L + 1.44%

(1)     The carrying value for Hunt CRE 2017-FL1, Ltd. is net of discount of $0 and $207,767 for March 31, 2021 and December 31, 2020, respectively and the carrying value for Hunt CRE 2018-FL2, Ltd. is net of debt issuance costs of $1,837,349 and $2,048,269 for March 31, 2021 and December 31, 2020, respectively.

The statement of operations related to Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. for the three months ended March 31, 2021 and March 31, 2020 include the following income and expense items:
Statements of OperationsThree Months Ended March 31, 2021Three Months Ended March 31, 2020
Interest income$7,263,861 $9,032,178 
Interest expense(2,185,242)(4,237,889)
Net interest income$5,078,619 $4,794,289 
General and administrative fees(120,586)(145,986)
Net income$4,958,033 $4,648,303