v3.26.1
USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES - Condensed Consolidated Balance Sheets (Details) - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]      
Cash, cash equivalents and restricted cash $ 26,618,082 $ 71,564,098 $ 51,517,192
Other assets [1] 2,944,179 1,632,041  
Accrued interest receivable [1] 5,428,255 5,945,874  
Investment related receivable [1] 15,449,323 0  
Loans held for investment [1] 1,114,047,992 1,048,803,078  
Real estate owned, held-for-sale [1] 24,099,072 0  
Total assets [1] 1,215,980,159 1,128,594,378  
Accrued interest payable [1] 1,869,876 2,697,963  
Collateralized loan obligations [1] 748,433,484 828,390,189  
Other liabilities [1] 2,405,613 672,816  
Total liabilities [1] 996,893,441 890,695,346  
Equity 219,086,718 [1] 237,899,032 [1] $ 240,792,380
Total liabilities and equity [1] 1,215,980,159 1,128,594,378  
LMF 2023-1 And LMNT 2025-FL3 CLO      
Variable Interest Entity [Line Items]      
Cash, cash equivalents and restricted cash 2,253,630    
Other assets 524,278    
Accrued interest receivable 4,309,202    
Investment related receivable 15,449,323    
Loans held for investment 856,064,489    
Real estate owned, held-for-sale 10,906,169    
Total assets 889,507,091    
Accrued interest payable 1,445,867    
Collateralized loan obligations 748,433,484    
Other liabilities 395,205    
Total liabilities 750,274,556    
Equity 139,232,535    
Total liabilities and equity $ 889,507,091    
2021-FL1 CLO And LMF 2023-1      
Variable Interest Entity [Line Items]      
Cash, cash equivalents and restricted cash   2,391,042  
Other assets   0  
Accrued interest receivable   5,861,355  
Investment related receivable   0  
Loans held for investment   1,049,886,009  
Real estate owned, held-for-sale   0  
Total assets   1,058,138,406  
Accrued interest payable   2,611,416  
Collateralized loan obligations   828,390,189  
Other liabilities   0  
Total liabilities   831,001,605  
Equity   227,136,801  
Total liabilities and equity   $ 1,058,138,406  
[1] Our consolidated balance sheets include assets and liabilities of consolidated variable interest entities ("VIEs") as the Company was the primary beneficiary of these VIEs. As of December 31, 2025 and December 31, 2024, assets of the consolidated VIEs totaled $889,507,091 and $1,058,138,406, respectively, and the liabilities of consolidated VIEs totaled $750,274,556 and $831,001,605, respectively. See Note 4 for further discussion.