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USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022 and Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. at December 31, 2021 included the following VIE assets and liabilities:

ASSETSDecember 31, 2022December 31, 2021
Cash, cash equivalents and restricted cash$3,507,850 $3,530,006 
Accrued interest receivable5,488,118 3,941,695 
Investment related receivable— 22,400,000 
Loans held for investment996,511,403 974,025,294 
Total Assets$1,005,507,371 $1,003,896,995 
LIABILITIES
Accrued interest payable$2,264,646 $607,892 
Collateralized loan obligations(1)
829,310,498 826,782,543 
Total Liabilities$831,575,144 $827,390,435 
Equity173,932,227 176,506,560 
Total liabilities and equity$1,005,507,371 $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 December 31, 2022 and Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.as of December 31, 2021:
As of December 31, 2022
Collateralized Loan ObligationsCountPrincipal Value
Carrying Value(1)
Wtd. Avg. Coupon(2)
Collateral (loan investments)64996,492,150 996,511,403 7.60 %
Financings provided1833,750,000 829,310,498 5.75 %
 
As of December 31, 2021
Collateralized Loan ObligationsCountPrincipal Value
Carrying Value(1)
Wtd. Avg. Coupon(2)
Collateral (loan investments)64974,069,994 974,025,294 3.91 %
Financings provided1833,750,000 826,782,543 1.54 %

(1)     The carrying value for LFT CRE 2021-FL1, Ltd. is net of debt issuance costs of $4,439,502 and $6,967,457 or December 31, 2022, and December 31, 2021, respectively.
(2)    Weighted average coupon assumes applicable one-month LIBOR of 4.18% and 0.10% and 30-day Term SOFR of 4.19% and 0.00% as of December 31, 2022 and December 31, 2021, respectively, inclusive of weighted average interest rate floors of 0.25% and 0.49%, respectively. As of December 31, 2022, 80.4% of the investments by total exposure earned a floating rate indexed to one-month LIBOR and 19.6% of the investments by total investment exposure earned a floating rate indexed to 30-day Term SOFR. As of December 31, 2021, 100% of the investments by total investment exposure earned a floating rate indexed to one-month LIBOR. Weighted average coupon for the financing assumes applicable one-month LIBOR of 4.32% and 0.11% as of December 31, 2022 and December 31, 2021, respectively and spreads of 1.43% for December 31, 2022 and December 31, 2021.
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, 2022 and December 31, 2021 include the following income and expense items:


Statements of OperationsDecember 31, 2022December 31, 2021
Interest income$53,264,413 $35,506,459 
Interest expense29,055,324 12,178,545 
Net interest income$24,209,089 $23,327,914 
Less:
Loss on extinguishment of debt$— $1,663,926 
General and administrative fees614,149 308,718 
Net income$23,594,940 $21,355,270