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10-Q LONG-TERM DEBT (Tables)
 3 Months Ended
Mar. 31, 2024
Debt Disclosure [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
Outstanding principal balances of Long-term debt comprises of the following:
March 31, 2024December 31, 2023
CostFair valueCostFair value
Market-indexed notes:
LMATT Series 2024, Inc.$10,031,919 $11,221,852 $9,124,944 $9,477,780 
LMATT Growth Series 2.2024, Inc.3,331,744 4,426,776 2,981,480 3,551,852 
LMATT Growth & Income Series 1.2026, Inc542,618 631,377 492,582 569,862 
Secured borrowing:
LMA Income Series, LP22,485,826 22,485,826 22,368,209 22,368,209 
LMA Income Series II, LP50,323,493 50,323,493 32,380,852 32,380,852 
Unsecured borrowing:
Fixed Rate Senior Unsecured Notes60,650,000 60,650,000 35,650,000 35,650,000 
SPV Purchase and Sale Note27,341,832 27,341,832 26,538,004 26,538,004 
Sponsor PIK Note11,452,687 11,452,687 11,115,865 11,115,865 
Deferred issuance costs and discounts(2,724,708)(2,724,708)(1,831,910)(1,831,910)
Total debt183,435,411 185,809,135 138,820,026 139,820,514 
Less current portion of
long-term debt(13,363,663)(15,648,628)(11,440,236)(13,029,632)
Total long-term debt$170,071,748 $170,160,507 $127,379,790 $126,790,882 
Outstanding principal balances of Long-term debt comprises of the following:
December 31, 2023December 31, 2022
CostFair valueCostFair value
Market-indexed notes:
LMATT Series 2024, Inc.$9,124,944 $9,477,780 $9,866,900 $8,067,291 
LMATT Series 2.2024, Inc.2,981,480 3,551,852 2,333,391 2,354,013 
LMATT Growth & Income Series 1.2026, Inc492,582 569,862 400,000 400,000 
Secured borrowing:
LMA Income Series, LP21,889,444 22,368,209 17,428,349 17,428,349 
LMA Income Series II, LP32,380,852 32,380,852 — — 
Unsecured borrowing:
Fixed Rate Senior Unsecured Notes35,650,000 35,650,000 — — 
SPV Purchase and Sale Note26,538,004 26,538,004 — — 
Sponsor PIK Note11,115,865 11,115,865 — — 
Deferred issuance costs and discounts(1,831,910)(1,831,910)— — 
Total debt138,341,261 139,820,514 30,028,640 28,249,653 
Less current portion of
long-term debt(11,440,236)(13,029,632)— — 
Total long-term debt$126,901,025 $126,790,882 $30,028,640 $28,249,653 
Schedule of Maturities of Long-Term Debt
The following table shows scheduled principal payments by year for our long-term debt as of March 31, 2024:
Payments (without fair value adjustments) by Year
2024 remaining2025202620272028ThereafterTotal
Market-indexed notes:
LMATT Series 2024, Inc.$10,031,919 $— $— $— $— $— $10,031,919 
LMATT Series 2.2024, Inc.3,331,744 — — — — — 3,331,744 
LMATT Growth & Income Series 1.2026, Inc.— — 542,618 — — — 542,618 
Secured borrowing:
LMA Income Series, LP— 22,485,826 — — — — 22,485,826 
LMA Income Series II, LP— — 50,323,493 — — — 50,323,493 
Unsecured borrowing:
Fixed Rate Senior Unsecured Notes— — — — 60,650,000 — 60,650,000 
SPV Purchase and Sale Note— — 27,341,832 — — — 27,341,832 
Sponsor PIK Note— — — — 11,452,687 — 11,452,687 
$13,363,663 $22,485,826 $78,207,943 $— $72,102,687 $— $186,160,119 
The following table shows scheduled principal payments by year for our long-term debt as of December 31, 2023:
Payments Year
20242025202620272028ThereafterTotal
Market-indexed notes:
LMATT Series 2024, Inc.$9,477,780 $— $— $— $— $— $9,477,780 
LMATT Series 2.2024, Inc.3,551,852 — — — — — 3,551,852 
LMATT Growth & Income Series 1.2026, Inc.— — 569,862 — — — 569,862 
Secured borrowing:
LMA Income Series, LP— 22,368,209 — — — — 22,368,209 
LMA Income Series II, LP— — 32,380,852 — — — 32,380,852 
Unsecured borrowing:
Fixed Rate Senior Unsecured Notes— — — — 35,650,000 — 35,650,000 
SPV Purchase and Sale Note— — 26,538,004 — — — 26,538,004 
Sponsor PIK Note— — — — 11,115,865 — 11,115,865 
$13,029,632 $22,368,209 $59,488,718 $— $46,765,865 $— $141,652,424