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USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES (Tables)
12 Months Ended
Dec. 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 the 2021-FL1 CLO and LMF 2023-1 Financing as of December 31, 2023 and December 31, 2022 included the following VIE assets and liabilities:

ASSETSDecember 31, 2023December 31, 2022
Cash, cash equivalents and restricted cash$270,217 $3,507,850 
Accrued interest receivable8,588,805 5,488,118 
Investment related receivable— — 
Loans held for investment1,375,277,312 996,511,403 
Total Assets$1,384,136,334 $1,005,507,371 
LIABILITIES
Accrued interest payable$3,996,538 $2,264,646 
Collateralized loan obligations(1)
1,146,210,752 829,310,498 
Total Liabilities$1,150,207,290 $831,575,144 
Equity233,929,044 173,932,227 
Total liabilities and equity$1,384,136,334 $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 the 2021-FL1 CLO and the stated maturity of the secured financing per the terms of the underlying indenture is July 20, 2032.
Schedule of Loan and Borrowing Characteristics
The following tables present certain loan and borrowing characteristics of 2021-FL1 CLO and LMF 2023-1 Financing. as of December 31, 2023 and December 31, 2022:

As of December 31, 2023
Collateralized Loan ObligationsCountPrincipal Value
Carrying Value(1)
Wtd. Avg. Coupon(2)
Collateral (loan investments)871,388,495,984 1,375,277,312 8.91 %
Financings provided21,151,450,000 1,146,210,752 7.35 %
 
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 %
(1)     The carrying value of the collateral is net of unaccreted purchase discounts of $7,159,664 as of December 31, 2023, there were no unaccreted purchase discounts as of December 31, 2022. The carrying value for 2021-FL1 CLO is net of debt issuance costs of $1,911,547 and $4,439,502 for December 31, 2023, and December 31, 2022, respectively, and the carrying value for LMF 2023-1 Financing is net of debt issuance costs of $3,327,701.
(2)    Weighted average coupon assumes applicable one-month LIBOR of 4.18% as of December 31, 2022 and 30-day Term SOFR of 5.33% and 4.19% as of December 31, 2023 and December 31, 2022, respectively, inclusive of weighted average interest rate floors of 0.38% and 0.25%, respectively. As of December 31, 2023, 100.0% of the investments by total exposure earned a floating rate indexed to 30-day Term SOFR. As of December 31, 2022, 80.4% of the investments by total investment exposure earned a floating rate indexed to one-month LIBOR and 19.6% of the investments by total investment exposure earned a floating indexed to 30-day term SOFR. Weighted average coupon for the financings assumes applicable 30-day term SOFR of 5.36% as of December 31, 2023 and one-month LIBOR of 4.32% as of December 31, 2022, respectively and spreads of 1.99% and 1.43% for December 31, 2023 and December 31, 2022.
Schedule of Condensed Consolidated Statements of Operations
The statement of operations related to the 2021-FL1 CLO and LMF 2023-1 Financing. at December 31, 2023 and December 31, 2022 include the following income and expense items:


Statements of OperationsDecember 31, 2023December 31, 2022
Interest income$105,008,175 $53,264,413 
Interest expense71,041,861 29,055,324 
Net interest income$33,966,314 $24,209,089 
Less:
Provision for credit losses$2,745,791 $— 
General and administrative fees755,745 614,149 
Net income$30,464,778 $23,594,940