v3.25.1
LONG-TERM DEBT (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2025December 31, 2024
Maturity DateCostFair valueCostFair value
Market-indexed notes:
LMATT Series 2024, Inc.December 31, 2024$— $— $11,229,560 $14,591,663 
Secured borrowing:
Senior Secured Credit FacilityDecember 10, 2030100,000,000 100,000,000 100,000,000 100,000,000 
LMA Income Series, LPDecember 31, 20257,521,728 7,521,728 22,838,673 22,838,673 
March 31, 2025December 31, 2024
Maturity DateCostFair valueCostFair value
LMA Income Series II, LPMarch 31, 2026110,294,950 110,294,950 105,856,422 105,856,422 
Unamortized debt costs(4,400,056)(4,400,056)(4,533,917)(4,533,917)
Unsecured borrowing:
Fixed Rate Senior Unsecured NotesNovember 15, 2028133,377,075 133,377,075 133,377,075 133,377,075 
Sponsor PIK NoteJuly 5, 202812,905,174 12,905,174 12,525,635 12,525,635 
Deferred issuance costs and discountsJune 30, 2028(3,633,975)(3,633,975)(3,837,451)(3,837,451)
Total debt356,064,896 356,064,896 377,455,997 380,818,100 
Less current portion of long-term debt(118,094,610)(118,094,610)(34,068,233)(38,430,336)
Total long-term debt$237,970,286 $237,970,286 $343,387,764 $342,387,764 
Schedule of Maturities of Long-Term Debt
Maturities of long-term debt (secured and unsecured) outstanding, including current maturities, excluding unamortized debt issuance costs, at March 31, 2025 are as follows:
YearsAmount
2025 remaining$8,521,728 
2026111,294,950 
20271,000,000 
2028147,282,249 
20291,000,000 
Thereafter95,000,000 
Total$364,098,927