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USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2022 and December 31, 2021 included the following VIE assets and liabilities:

ASSETSJune 30, 2022December 31, 2021
Cash, cash equivalents and restricted cash$9,659,031 $3,530,006 
Accrued interest receivable3,313,989 3,941,695 
Investment related receivable7,624,400 22,400,000 
Loans held for investment, net of allowance for loan losses982,610,078 974,025,294 
Total Assets$1,003,207,498 $1,003,896,995 
LIABILITIES
Accrued interest payable$1,021,988 $607,892 
Collateralized loan obligations(1)
828,036,131 826,782,543 
Total Liabilities$829,058,119 $827,390,435 
Equity174,149,379 176,506,560 
Total liabilities and equity$1,003,207,498 $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 June 30, 2022 and December 31, 2021:
As of June 30, 2022
Collateralized Loan ObligationsCountPrincipal Value
Carrying Value(1)
Wtd. Avg. Yield
Collateral (loan investments)65$982,932,117 $982,610,078 
L + 3.33%
Financing provided1833,750,000 828,036,133 
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 $5,713,869 and $6,967,457 for June 30, 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 and six months ended June 30, 2022 and June 30, 2021 include the following income and expense items:

Statements of OperationsThree Months Ended June 30, 2022Three Months Ended June 30, 2021
Interest income$11,734,126 $7,867,960 
Interest expense(5,284,890)(2,211,947)
Net interest income$6,449,236 $5,656,013 
Loss on extinguishment of debt— (1,663,926)
Provision for loan losses(351,914)— 
General and administrative fees(177,845)91,786 
Net income$5,919,477 $4,083,873 

Statements of OperationsSix Months Ended June 30, 2022Six Months Ended June 30, 2021
Interest income$21,546,569 $15,131,821 
Interest expense(9,289,128)(4,397,189)
Net interest income$12,257,441 $10,734,632 
Loss on extinguishment of debt— (1,663,926)
Provision for loan losses(351,914)— 
General and administrative fees(324,367)(28,800)
Net income$11,581,160 $9,041,906