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USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES (Tables)
 3 Months Ended
Mar. 31, 2023
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 March 31, 2023 and December 31, 2022 included the following VIE assets and liabilities:

ASSETSMarch 31, 2023December 31, 2022
Cash, cash equivalents and restricted cash$1,946,370 $3,507,850 
Accrued interest receivable5,848,895 5,488,118 
Investment related receivable488,578 — 
Loans held for investment, net of allowance for credit losses994,280,018 996,511,403 
Total Assets$1,002,563,861 $1,005,507,371 
LIABILITIES
Accrued interest payable$2,408,745 $2,264,646 
Collateralized loan obligations(1)
829,933,826 829,310,498 
Total Liabilities$832,342,571 $831,575,144 
Equity170,221,290 173,932,227 
Total liabilities and equity$1,002,563,861 $1,005,507,371 

(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, 2023 and December 31, 2022:
As of March 31, 2023
Collateralized Loan ObligationsCountPrincipal Value
Carrying Value(1)
Wtd. Avg. Coupon(2)
Collateral (loan investments)65$997,565,052 $994,280,018 
8.12%
Financing provided1833,750,000 829,933,826 
6.12%

As of December 31, 2022
Collateralized Loan ObligationsCountPrincipal Value
Carrying Value(1)
Wtd. Avg. Coupon(2)
Collateral (loan investments)64$996,492,150 $996,511,403 
7.60%
Financing provided1833,750,000 829,310,498 
5.75%
(1)     The carrying value for LFT CRE 2021-FL1, Ltd. is net of debt issuance costs of $3,816,174 and $4,439,502 for March 31, 2023 and December 31, 2022, respectively.
(2)    Weighted average coupon for loan investments assumes applicable one-month LIBOR of 4.70% and 4.18% and 30-day SOFR of 4.70% and 4.19% as of March 31, 2023 and December 31, 2022, respectively, inclusive of weighted average interest rate floors of 0.27% and 0.25%, and spreads of 3.42% and 3.41%, respectively. As of March 31, 2023, 75.8% of the investments by total investment exposure earned a floating rate indexed to one-month LIBOR and 24.2% of the investments by total investment exposure earned a floating rate indexed to 30-day Term SOFR. As of December 31, 2022, 80.5% of the investments by total investment exposure earned a floating rate indexed to one-month LIBOR and 19.5% of the investments by total investment exposure earned a floating rate indexed to 30-day Term SOFR. Weighted coupon for the financing assumes applicable one-month LIBOR of 4.68% and 4.32% as of March 31, 2023 and December 31, 2022 and spreads of 1.43% for March 31, 2023 and December 31, 2022.
Schedule of 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, 2023 and March 31, 2022 include the following income and expense items:

Statements of OperationsThree Months Ended March 31, 2023Three Months Ended March 31, 2022
Interest income$20,798,409 $9,812,443 
Interest expense(13,033,046)(4,004,238)
Net interest income$7,765,363 $5,808,205 
Provision for credit losses14,216 — 
General and administrative fees(143,349)(146,522)
Net income$7,636,230 $5,661,683