v3.26.1
REAL ESTATE OWNED - Narrative (Details)
3 Months Ended 6 Months Ended 12 Months Ended
May 04, 2026
USD ($)
Dec. 22, 2025
USD ($)
Jun. 30, 2026
USD ($)
property
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
property
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
property
loan
Real Estate [Line Items]              
Multi-family bridge loan, carrying value [1]     $ 1,012,913,408   $ 1,012,913,408   $ 1,136,706,113
Real estate owned, held-for-sale [1]     $ 10,877,081   $ 10,877,081   $ 24,099,072
Number of real estate properties | property     4   4   3
Real estate investment property depreciation expense     $ 400,000   $ 700,000    
Net (expense) from real estate owned operations     $ (210,847) $ 0 $ (302,253) $ 0  
Multifamily              
Real Estate [Line Items]              
Real estate owned, weighted average occupancy rate     66.70%   66.70%   69.10%
Multifamily | ABR Foreclosed Real Estate Owned Assets | Minimum              
Real Estate [Line Items]              
Overall capitalization rate assumption (percent)             4.98%
Multifamily | ABR Foreclosed Real Estate Owned Assets | Maximum              
Real Estate [Line Items]              
Overall capitalization rate assumption (percent)             7.40%
LCMT NPL Warehouse, LLC | Multifamily | ABR Foreclosed Real Estate Owned Assets              
Real Estate [Line Items]              
Multi-family bridge loan, carrying value     $ 25,200,000   $ 25,200,000    
Financing receivable, specific CECL reserve         7,500,000    
Number of foreclosed real estate property loans | loan             2
2021-FL1 CLO | Multifamily | ABR Foreclosed Real Estate Owned Assets              
Real Estate [Line Items]              
Multi-family bridge loan, carrying value             $ 39,500,000
Financing receivable, specific CECL reserve             $ 2,400,000
Number of foreclosed real estate property loans | loan             2
LMF 2023-1 Financing              
Real Estate [Line Items]              
Real estate owned, held-for-sale $ 12,200,000 $ 8,200,000          
Gain (loss) on real estate owned $ (100,000) $ (500,000)          
LMF 2023-1 Financing | Multifamily | ABR Foreclosed Real Estate Owned Assets              
Real Estate [Line Items]              
Multi-family bridge loan, carrying value             $ 19,900,000
Financing receivable, specific CECL reserve             $ 700,000
Number of foreclosed real estate property loans | loan             2
2021-FL1 CLO and LMF 2023-1              
Real Estate [Line Items]              
Net (expense) from real estate owned operations     1,700,000   3,400,000    
Net income (expense) from real estate owned operations and operating expense     $ 1,600,000   $ 3,000,000.0    
[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.