v3.26.1
SECURED FINANCING AGREEMENTS (Tables)
 3 Months Ended
Mar. 31, 2026
Repurchase Agreements [Abstract]  
Schedule of Repurchase Agreements and Weighted Average Interest Rates
The following table presents certain loan and borrowing characteristics of the Repurchase Agreement and Loan Agreement as of March 31, 2026 and December 31, 2025:
March 31, 2026
FacilityCollateral
Secured Funding Agreements:Current Maturity
Final Stated Maturity(1)
Maximum Facility SizeOutstanding Balance
Carrying Value(2)
Weighted Average Funding Cost(3)
Outstanding PrincipalCarrying Value
Repurchase Agreement(4)
November 2028November 2030$450,000,000 $315,342,045 $313,515,142 5.7 %$457,169,141 $446,737,133 
Loan AgreementApril 2028April 202950,000,000 35,450,000 35,208,815 7.2 %67,378,717 63,008,252 
Subtotal$500,000,000 $350,792,045 $348,723,957 5.8 %$524,547,858 $509,745,385 

December 31, 2025
FacilityCollateral
Secured Funding Agreements:Current Maturity
Final Stated Maturity(1)
Maximum Facility SizeOutstanding Balance
Carrying Value(2)
Weighted Average Funding Cost(3)
Outstanding PrincipalCarrying Value
Repurchase Agreement(4)
November 2028November 2030$450,000,000 $177,193,781 $175,204,869 5.6 %$259,571,503 $256,531,194 
Loan AgreementDecember 2027December 202950,000,000 17,000,000 16,738,351 7.2 %34,650,632 29,281,632 
Subtotal$500,000,000 $194,193,781 $191,943,220 5.7 %$294,222,135 $285,812,826 
(1)    Final Stated Maturity is determined based on the maximum maturity of the underlying financing agreements or corresponding loans, assuming all extension options in LFT's discretion are exercised.
(2)    Net of $2.1 million and 2.3 million unamortized deferred financing costs as of March 31, 2026 and December 31, 2025, respectively.
(3)    Weighted average funding cost for Repurchase Agreement assumes applicable 30-day term SOFR of 3.68% and 3.73% as of March 31, 2026 and December 31, 2025, respectively, and a spread of 2.01% and 1.85%, respectively. Weighted average funding cost for Loan Agreement assumes applicable 30-day term SOFR of 3.68% and 3.73% as of March 31, 2026 and December 31, 2025, respectively and a spread of 3.50%.
(4)    Borrowings under the Repurchase Agreement are on a partial (25%) recourse basis. This Agreement contains defined mark-to-market provisions that permit the lender to issue margin calls based on credit marks.