v3.26.1
SECURED FINANCING AGREEMENTS (Tables)
 6 Months Ended
Jun. 30, 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 June 30, 2026 and December 31, 2025:

June 30, 2026
FacilityCollateral
Secured Funding Agreements:Current Maturity
Final Stated Maturity(1)
Maximum Facility SizeOutstanding Balance
Carrying Value(2)
Weighted Average Funding Cost(3)
Outstanding Principal(5)
Carrying Value(5)
Repurchase Agreement(4)
November 2028November 2030$450,000,000 $248,294,347 $246,645,997 5.6 %$360,955,399 $356,027,306 
Loan AgreementDecember 2027December 202950,000,000 24,700,000 24,494,329 7.1 %43,177,515 39,931,845 
Subtotal$500,000,000 $272,994,347 $271,140,326 5.8 %$404,132,914 $395,959,151 

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 $1.9 million and 2.3 million unamortized deferred financing costs as of June 30, 2026 and December 31, 2025, respectively.
(3)    Weighted average funding cost for Repurchase Agreement assumes applicable 30-day term SOFR of 3.64% and 3.73% as of June 30, 2026 and December 31, 2025, respectively, and a spread of 1.99% and 1.85%, respectively. Weighted average funding cost for Loan Agreement assumes applicable 30-day term SOFR of 3.64% and 3.73% as of June 30, 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.
(5)    Collateral includes $13.2 million in cash held by Northeast Bank related to the financing of a loan that was repaid on June 30, 2026 with the related loan advance repaid on July 1, 2026.