v3.26.1
USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES - Condensed Consolidated Balance Sheets (Details) - USD ($)
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
ASSETS            
Cash, cash equivalents and restricted cash $ 54,677,953   $ 26,618,082 $ 60,747,957   $ 71,564,098
Other assets [1] 2,498,076   2,944,179      
Accrued interest receivable [1] 4,509,561   5,428,255      
Investment related receivable [1] 0   15,449,323      
Loans held for investment, net of allowance for credit losses [1] 991,664,826   1,114,047,992      
Real estate owned, held-for-sale [1] 10,877,081   24,099,072      
Total assets [1] 1,115,459,199   1,215,980,159      
LIABILITIES            
Accrued interest payable [1] 1,424,740   1,869,876      
Collateralized loan obligations and secured financings [1] 580,686,518   748,433,484      
Other liabilities [1] 1,559,776   2,405,613      
Total Liabilities [1] 910,640,830   996,893,441      
Equity 204,818,369 [1] $ 216,063,263 219,086,718 [1] $ 231,455,804 $ 232,048,040 $ 237,899,032
Total liabilities and equity [1] 1,115,459,199   1,215,980,159      
LMNT 2025-FL3 CLO            
ASSETS            
Cash, cash equivalents and restricted cash 17,502,400          
Other assets 0          
Accrued interest receivable 2,924,753          
Investment related receivable 0          
Loans held for investment, net of allowance for credit losses 642,093,223          
Real estate owned, held-for-sale 0          
Total assets 662,520,376          
LIABILITIES            
Accrued interest payable 900,919          
Collateralized loan obligations and secured financings 580,686,518          
Other liabilities 0          
Total Liabilities 581,587,437          
Equity 80,932,939          
Total liabilities and equity $ 662,520,376          
LMNT 2025-FL3 CLO and LMF 2023-1 Financing            
ASSETS            
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, net of allowance for credit losses     856,064,489      
Real estate owned, held-for-sale     10,906,169      
Total assets     889,507,091      
LIABILITIES            
Accrued interest payable     1,445,867      
Collateralized loan obligations and secured financings     748,433,484      
Other liabilities     395,205      
Total Liabilities     750,274,556      
Equity     139,232,535      
Total liabilities and equity     $ 889,507,091      
[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 June 30, 2026 and December 31, 2025, assets of consolidated VIEs totaled $662,520,376 and $889,507,091, respectively, and the liabilities of consolidated VIEs totaled $581,587,437 and $750,274,556, respectively. See Note 4 for further discussion.