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USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Condensed Consolidated Balance Sheets The carrying values of the Company's total assets and liabilities related to LFT CRE 2021-FL1, Ltd. at December 31, 2021 and Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. at December 31, 2020 included the following VIE assets and liabilities:
ASSETSDecember 31, 2021December 31, 2020
Cash, cash equivalents and restricted cash$3,530,006 $57,999,396 
Accrued interest receivable3,941,695 1,955,709 
Investment related receivable22,400,000 — 
Loans held for investment974,025,294 531,363,401 
Total Assets$1,003,896,995 $591,318,506 
LIABILITIES
Accrued interest payable$607,892 $351,877 
Collateralized loan obligations(1)
826,782,543 463,060,090 
Total Liabilities$827,390,435 $463,411,967 
Equity176,506,560 127,906,539 
Total liabilities and equity$1,003,896,995 $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 December 31, 2021 and Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.as of December 31, 2020:

As of December 31, 2021
Collateralized Loan ObligationsCountPrincipal Value
Carrying Value(1)
Wtd. Avg. Coupon
Collateral (loan investments)64974,069,994 974,025,294 
L + 3.42%
Financings provided1833,750,000 826,782,543 
L + 1.43%

 
As of December 31, 2020
Collateralized Loan ObligationsCountPrincipal Value
Carrying Value(1)
Wtd. Avg. Coupon
Collateral (loan investments)40531,363,401 531,363,401 
L + 3.50%
Financings 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 $6,967,457 for December 31, 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.
Schedule of Condensed Consolidated Statements of Operations
The statement of operations related to LFT 2021-FL1, Ltd., Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. at December 31, 2021 and December 31, 2020 include the following income and expense items:


Statements of OperationsDecember 31, 2021December 31, 2020
Interest income$35,506,459 $32,831,608 
Interest expense12,178,545 12,047,300 
Net interest income$23,327,914 $20,784,308 
Less:
Loss on extinguishment of debt$1,663,926 $— 
General and administrative fees308,718 675,624 
Net income$21,355,270 $20,108,684