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USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES (Tables)
 9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Condensed Consolidated Balance Sheets
The carrying values of the Company's total assets and liabilities related to LFT CRE 2021-FL1, Ltd. at September 30, 2021 and Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. at December 31, 2020 included the following VIE assets and liabilities:

ASSETSSeptember 30, 2021December 31, 2020
Cash, cash equivalents and restricted cash$148,066,240 $57,999,396 
Accrued interest receivable3,082,676 1,955,709 
Investment related receivable48,890,010 — 
Loans held for investment803,074,256 531,363,401 
Total Assets$1,003,113,182 $591,318,506 
LIABILITIES
Accrued interest payable$562,499 $351,877 
Collateralized loan obligations(1)
826,145,358 463,060,090 
Total Liabilities$826,707,857 $463,411,967 
Equity176,405,325 127,906,539 
Total liabilities and equity$1,003,113,182 $591,318,506 

(1)     The stated maturity of the collateral loan obligations per the terms of the underlying collateralized loan obligation agreement is June 14, 2039 for LFT CRE 2021-FL1, Ltd., August 15, 2034 for Hunt CRE 2017-FL1, Ltd. and August 15, 2028 for Hunt CRE 2018-FL2, Ltd.
Schedule Of Loan And Borrowing Characteristics
The following tables present certain loan and borrowing characteristics of LFT CRE 2021-FL1, Ltd. as of September 30, 2021 and Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. as of December 31, 2020:
As of September 30, 2021
Collateralized Loan ObligationsCountPrincipal Value
Carrying Value(1)
Wtd. Avg. Yield
Collateral (loan investments)53$803,043,750 $803,074,256 
L + 3.46%
Financings provided1833,750,000 826,145,358 
L + 1.43%
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 LFT CRE 2021-FL1, Ltd. is net of debt issuance costs of $7,604,638 for September 30, 2021, Hunt CRE 2017-FL1, Ltd. is net of discount of $207,767 for December 31, 2020, and the carrying value for Hunt CRE 2018-FL2, Ltd. is net of debt issuance costs of $2,048,269 for December 31, 2020.
Condensed Consolidated Statements of Operations
The statement of operations related to LFT CRE 2021-FL1, Ltd., Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. for the three and nine months ended September 30, 2021 and September 30, 2020 include the following income and expense items:

Statements of OperationsThree Months Ended September 30, 2021Three Months Ended September 30, 2020
Interest income$9,412,072 $7,900,183 
Interest expense(3,891,093)(2,495,996)
Net interest income$5,520,979 $5,404,187 
General and administrative fees(118,804)(201,459)
Net income$5,402,175 $5,202,728 

Statements of OperationsNine Months Ended September 30, 2021Nine Months Ended September 30, 2020
Interest income$24,543,893 $25,225,152 
Interest expense(8,288,278)(9,649,523)
Net interest income$16,255,615 $15,575,629 
General and administrative fees(147,604)(497,088)
Net income$16,108,011 $15,078,541