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USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES (Tables)
 3 Months Ended
Mar. 31, 2022
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 March 31, 2022 and December 31, 2021 included the following VIE assets and liabilities:

ASSETSMarch 31, 2022December 31, 2021
Cash, cash equivalents and restricted cash$1,342,733 $3,530,006 
Accrued interest receivable2,675,460 3,941,695 
Investment related receivable— 22,400,000 
Loans held for investment998,667,789 974,025,294 
Total Assets$1,002,685,982 $1,003,896,995 
LIABILITIES
Accrued interest payable$720,888 $607,892 
Collateralized loan obligations(1)
827,405,880 826,782,543 
Total Liabilities$828,126,768 $827,390,435 
Equity174,559,214 176,506,560 
Total liabilities and equity$1,002,685,982 $1,003,896,995 

(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.
Schedule Of Loan And Borrowing Characteristics The following tables present certain loan and borrowing characteristics of LFT CRE 2021-FL1, Ltd. as of March 31, 2022 and December 31, 2021:
As of March 31, 2022
Collateralized Loan ObligationsCountPrincipal Value
Carrying Value(1)
Wtd. Avg. Yield
Collateral (loan investments)64$998,657,267 $998,667,789 
L + 3.34%
Financing provided1833,750,000 827,405,880 
L + 1.43%
As of December 31, 2021
Collateralized Loan ObligationsCountPrincipal Value
Carrying Value(1)
Wtd. Avg. Yield
Collateral (loan investments)64$974,069,994 $974,025,294 
L + 3.42%
Financing provided183,375,000 826,782,543 
L + 1.43%

(1)     The carrying value for LFT CRE 2021-FL1, Ltd. is net of debt issuance costs of $6,344,120 and $6,967,457 for March 31, 2022 and December 31, 2021, respectively.
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 months ended March 31, 2022 and March 31, 2021 include the following income and expense items:

Statements of OperationsThree Months Ended March 31, 2022Three Months Ended March 31, 2021
Interest income$9,812,443 $7,263,861 
Interest expense(4,004,238)(2,185,242)
Net interest income$5,808,205 $5,078,619 
General and administrative fees(146,522)(120,586)
Net income$5,661,683 $4,958,033