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  <xs:element id="oaks_RiskLevelVeryLowRiskMember" abstract="true" name="RiskLevelVeryLowRiskMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_RiskLevelDefaultRiskMember" abstract="true" name="RiskLevelDefaultRiskMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_RiskLevelMonetaryDefaultDefaultRiskMember" abstract="true" name="RiskLevelMonetaryDefaultDefaultRiskMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_MultiFamilyPropertyMember" abstract="true" name="MultiFamilyPropertyMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_ArlingtonTXMember" abstract="true" name="ArlingtonTXMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_CedarParkTXMember" abstract="true" name="CedarParkTXMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_DesMoinesIAMember" abstract="true" name="DesMoinesIAMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_TampaFLMember" abstract="true" name="TampaFLMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_TallahasseeFLMember" abstract="true" name="TallahasseeFLMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_YpsilantiMIMember" abstract="true" name="YpsilantiMIMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_HoustonTXMember" abstract="true" name="HoustonTXMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_DallasTXMember" abstract="true" name="DallasTXMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_PhiladelphiaPAMember" abstract="true" name="PhiladelphiaPAMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_AverageRiskRate" abstract="false" name="AverageRiskRate" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:pureItemType"/>
  <xs:element id="oaks_FinancingReceivableAverageRiskRating" abstract="false" name="FinancingReceivableAverageRiskRating" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="oaks_FundingOfLoansHeldForSale" abstract="false" name="FundingOfLoansHeldForSale" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_TransitionOfCommercialLoansHeldForSaleToAHigherRiskRating" abstract="false" name="TransitionOfCommercialLoansHeldForSaleToAHigherRiskRating" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_TransitionOfCommercialLoansHeldForSaleToALowerRiskRating" abstract="false" name="TransitionOfCommercialLoansHeldForSaleToALowerRiskRating" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_TransitionOfCommercialLoansHeldForSaleToARiskRatingTwoStepsHigher" abstract="false" name="TransitionOfCommercialLoansHeldForSaleToARiskRatingTwoStepsHigher" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_CommercialLoansHeldForSaleForeclosedAndMovedToREO" abstract="false" name="CommercialLoansHeldForSaleForeclosedAndMovedToREO" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_NumberOfSpecificReserveLoans" abstract="false" name="NumberOfSpecificReserveLoans" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="oaks_NumberOfChargeOffOfCreditLossRelatedToForeclosure" abstract="false" name="NumberOfChargeOffOfCreditLossRelatedToForeclosure" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="oaks_NumberOfChargeOffOfCreditLossRelatedToThePayoff" abstract="false" name="NumberOfChargeOffOfCreditLossRelatedToThePayoff" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="oaks_FinancingReceivableSpecificAllowance" abstract="false" name="FinancingReceivableSpecificAllowance" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_NumberOfLoansCollateralized" abstract="false" name="NumberOfLoansCollateralized" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="oaks_NumberOfImpairedLoans" abstract="false" name="NumberOfImpairedLoans" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="oaks_FinancingReceivableHeldForInvestmentExcludingAccruedInterestBeforeAllowanceForCreditLoss" abstract="false" name="FinancingReceivableHeldForInvestmentExcludingAccruedInterestBeforeAllowanceForCreditLoss" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_FinancingReceivableModifiedInPeriodUnpaidPrincipal" abstract="false" name="FinancingReceivableModifiedInPeriodUnpaidPrincipal" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_FinancingReceivableModifiedInPeriodAmortizedCost" abstract="false" name="FinancingReceivableModifiedInPeriodAmortizedCost" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_FinancingReceivableModifiedInPeriodFairValue" abstract="false" name="FinancingReceivableModifiedInPeriodFairValue" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_CommercialLoansHeldForInvestmentMember" abstract="true" name="CommercialLoansHeldForInvestmentMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_SouthMember" abstract="true" name="SouthMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_SouthwestMember" abstract="true" name="SouthwestMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_MidAtlanticMember" abstract="true" name="MidAtlanticMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_MidwestMember" abstract="true" name="MidwestMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_WestMember" abstract="true" name="WestMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_CollateralPropertyMember" abstract="true" name="CollateralPropertyMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_AllowanceReserveAxis" abstract="true" name="AllowanceReserveAxis" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:dimensionItem" type="xbrli:stringItemType"/>
  <xs:element id="oaks_AllowanceReserveDomain" abstract="true" name="AllowanceReserveDomain" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_GeneralReserveMember" abstract="true" name="GeneralReserveMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_SpecificReserveMember" abstract="true" name="SpecificReserveMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_FinancingReceivableAllowanceForCreditLossExcludingAccruedInterestIncludingUnfundedLoanCommitments" abstract="false" name="FinancingReceivableAllowanceForCreditLossExcludingAccruedInterestIncludingUnfundedLoanCommitments" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_FinancingReceivableExcludingAccruedInterestNetOfAllowanceForCreditLoss" abstract="false" name="FinancingReceivableExcludingAccruedInterestNetOfAllowanceForCreditLoss" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_CollateralizedLoanObligationsLFTCRE2021FL1LtdMember" abstract="true" name="CollateralizedLoanObligationsLFTCRE2021FL1LtdMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_CollateralizedLoanObligationsLFTCRE2021FL1LtdInvestmentGradeMember" abstract="true" name="CollateralizedLoanObligationsLFTCRE2021FL1LtdInvestmentGradeMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_CollateralizedLoanObligationsLFTCRE2021FL1LtdBelowInvestmentGradeMember" abstract="true" name="CollateralizedLoanObligationsLFTCRE2021FL1LtdBelowInvestmentGradeMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_CollateralizedLoanObligations2025FL3Member" abstract="true" name="CollateralizedLoanObligations2025FL3Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_CollateralizedLoanObligationsLMNT2025FL3Ltd.InvestmentGradeMember" abstract="true" name="CollateralizedLoanObligationsLMNT2025FL3Ltd.InvestmentGradeMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_CollateralizedLoanObligationsLMNT2025FL3Ltd.BelowInvestmentGradeMember" abstract="true" name="CollateralizedLoanObligationsLMNT2025FL3Ltd.BelowInvestmentGradeMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_LMF20231FinancingMember" abstract="true" name="LMF20231FinancingMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_LumentFinanceTrustMember" abstract="true" name="LumentFinanceTrustMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_LMF20231Member" abstract="true" name="LMF20231Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_DebtInstrumentNumberOfTranches" abstract="false" name="DebtInstrumentNumberOfTranches" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="oaks_NumberOfNewlyFormedSubsidiaries" abstract="false" name="NumberOfNewlyFormedSubsidiaries" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="oaks_VariableInterestEntityQualitativeAndQuantitativeInformationEquityInterest" abstract="false" name="VariableInterestEntityQualitativeAndQuantitativeInformationEquityInterest" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_ProceedsFromIssuanceOfDebtSecuritiesAllocatedToAcquireAdditionalLoanObligations" abstract="false" name="ProceedsFromIssuanceOfDebtSecuritiesAllocatedToAcquireAdditionalLoanObligations" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_PeriodToAcquireAdditionalLoanObligationsFromClosingDate" abstract="false" name="PeriodToAcquireAdditionalLoanObligationsFromClosingDate" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="oaks_CollateralizedLoanObligationLeverageRatio" abstract="false" name="CollateralizedLoanObligationLeverageRatio" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:pureItemType"/>
  <xs:element id="oaks_DebtWeightedAverageExcludingFeesAndTransactionCostsTerm" abstract="false" name="DebtWeightedAverageExcludingFeesAndTransactionCostsTerm" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="oaks_FinancingInitialReinvestmentPeriod" abstract="false" name="FinancingInitialReinvestmentPeriod" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="oaks_InitialInvestmentPeriod" abstract="false" name="InitialInvestmentPeriod" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="oaks_A30DaySOFRMember" abstract="true" name="A30DaySOFRMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_NumberOfREOAssets" abstract="false" name="NumberOfREOAssets" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="oaks_NumberOfDebtInstruments" abstract="false" name="NumberOfDebtInstruments" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="oaks_CouponRateWeightedAverageYield" abstract="false" name="CouponRateWeightedAverageYield" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="oaks_WeightedAverageLIBORFloorRateCollateralizedLoanObligations" abstract="false" name="WeightedAverageLIBORFloorRateCollateralizedLoanObligations" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="oaks_FinancingReceivableSOFRSpreadRate" abstract="false" name="FinancingReceivableSOFRSpreadRate" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="oaks_A30DaySOFRRate" abstract="false" name="A30DaySOFRRate" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:pureItemType"/>
  <xs:element id="oaks_A2021FL1CLOAndLMF20231Member" abstract="true" name="A2021FL1CLOAndLMF20231Member" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_InterestExpenseCollateralizedLoanObligationsAndSecuredFinancings" abstract="false" name="InterestExpenseCollateralizedLoanObligationsAndSecuredFinancings" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_DepreciationFromRealEstateOwnedOperations" abstract="false" name="DepreciationFromRealEstateOwnedOperations" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_LCMTNPLWarehouseLLCMember" abstract="true" name="LCMTNPLWarehouseLLCMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_A2021FL1CLOMember" abstract="true" name="A2021FL1CLOMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_ABRForeclosedRealEstateOwnedAssetsMember" abstract="true" name="ABRForeclosedRealEstateOwnedAssetsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_FinancingReceivableSpecificReserve" abstract="false" name="FinancingReceivableSpecificReserve" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_NumberOfForeclosedRealEstatePropertyLoans" abstract="false" name="NumberOfForeclosedRealEstatePropertyLoans" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="oaks_RealEstateOwnedCapitalizationRateAssumption" abstract="false" name="RealEstateOwnedCapitalizationRateAssumption" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="oaks_GainLossOnRealEstateProperties" abstract="false" name="GainLossOnRealEstateProperties" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_RealEstateOwnedWeightedAverageOccupancyRate" abstract="false" name="RealEstateOwnedWeightedAverageOccupancyRate" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="oaks_RealEstateInvestmentPropertyDepreciationAndAmortizationExpense" abstract="false" name="RealEstateInvestmentPropertyDepreciationAndAmortizationExpense" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_NetIncomeExpenseFromRealEstateOwnedOperationsAndOperatingExpense" abstract="false" name="NetIncomeExpenseFromRealEstateOwnedOperationsAndOperatingExpense" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_RealEstateOwnedHeldForInvestmentAbstract" abstract="true" name="RealEstateOwnedHeldForInvestmentAbstract" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="oaks_RealEstateOwnedHeldForSaleAbstract" abstract="true" name="RealEstateOwnedHeldForSaleAbstract" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="oaks_CollateralizedLoanObligationReinvestmentPeriod" abstract="false" name="CollateralizedLoanObligationReinvestmentPeriod" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="oaks_MasterRepurchaseAgreementMember" abstract="true" name="MasterRepurchaseAgreementMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_LoanAgreementMember" abstract="true" name="LoanAgreementMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_NumberOfRepurchaseAgreementExtensions" abstract="false" name="NumberOfRepurchaseAgreementExtensions" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="oaks_RepurchaseAgreementExtensionPeriod" abstract="false" name="RepurchaseAgreementExtensionPeriod" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="oaks_RepurchaseAgreementPartialPercentage" abstract="false" name="RepurchaseAgreementPartialPercentage" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:pureItemType"/>
  <xs:element id="oaks_RepurchaseAgreementDrawPeriod" abstract="false" name="RepurchaseAgreementDrawPeriod" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="oaks_VariableRatePeriodAxis" abstract="true" name="VariableRatePeriodAxis" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:dimensionItem" type="xbrli:stringItemType"/>
  <xs:element id="oaks_VariableRatePeriodDomain" abstract="true" name="VariableRatePeriodDomain" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_VariableRatePeriodOneMember" abstract="true" name="VariableRatePeriodOneMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_RepurchaseAgreementCounterpartyWeightedAverageFundingCostPercentage" abstract="false" name="RepurchaseAgreementCounterpartyWeightedAverageFundingCostPercentage" nillable="true" xbrli:periodType="instant" substitutionGroup="xbrli:item" type="xbrli:pureItemType"/>
  <xs:element id="oaks_SecuritiesSoldUnderAgreementsToRepurchaseCollateralOutstandingPrincipalAmount" abstract="false" name="SecuritiesSoldUnderAgreementsToRepurchaseCollateralOutstandingPrincipalAmount" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_SecuritiesSoldUnderAgreementsToRepurchaseCarryingValueOfCollateral" abstract="false" name="SecuritiesSoldUnderAgreementsToRepurchaseCarryingValueOfCollateral" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_SecuritiesSoldUnderAgreementsToRepurchaseCashCollateralOutstanding" abstract="false" name="SecuritiesSoldUnderAgreementsToRepurchaseCashCollateralOutstanding" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_VariableRatePeriodTwoMember" abstract="true" name="VariableRatePeriodTwoMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_VariableRatePeriodThreeMember" abstract="true" name="VariableRatePeriodThreeMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_VariableRatePeriodFourMember" abstract="true" name="VariableRatePeriodFourMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_LineOfCreditFacilityAdditionalBorrowingCapacity" abstract="false" name="LineOfCreditFacilityAdditionalBorrowingCapacity" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_CollateralizedLoanObligationDeferredFinancingCosts" abstract="false" name="CollateralizedLoanObligationDeferredFinancingCosts" nillable="true" xbrli:periodType="instant" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_ScheduleOfMortgageServiceRightsActivityTable" abstract="true" name="ScheduleOfMortgageServiceRightsActivityTable" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:hypercubeItem" type="xbrli:stringItemType"/>
  <xs:element id="oaks_MortgageServicingRightsMember" abstract="true" name="MortgageServicingRightsMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_MortgageServicingRightsMSRLineItems" abstract="true" name="MortgageServicingRightsMSRLineItems" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="oaks_MortgageLoansAssociated" abstract="false" name="MortgageLoansAssociated" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_ScheduleOfMortgageServiceRightsActivityLineItems" abstract="true" name="ScheduleOfMortgageServiceRightsActivityLineItems" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="oaks_ScheduleOfComponentsOfServicingIncomeTable" abstract="true" name="ScheduleOfComponentsOfServicingIncomeTable" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:hypercubeItem" type="xbrli:stringItemType"/>
  <xs:element id="oaks_ScheduleOfComponentsOfServicingIncomeLineItems" abstract="true" name="ScheduleOfComponentsOfServicingIncomeLineItems" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="oaks_IncomeFromMortgageLoansOnRealEstate" abstract="false" name="IncomeFromMortgageLoansOnRealEstate" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_MortgageLoansOnRealEstateNet" abstract="false" name="MortgageLoansOnRealEstateNet" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_SecuredDebtTermLendingAgreement" abstract="false" name="SecuredDebtTermLendingAgreement" nillable="true" xbrli:periodType="instant" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_HuntInvestmentManagementLLCMember" abstract="true" name="HuntInvestmentManagementLLCMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_LumentStructuredFinanceMember" abstract="true" name="LumentStructuredFinanceMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_LumentRealEstateCapitalLLCMember" abstract="true" name="LumentRealEstateCapitalLLCMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_LFTCRE2021FL1LtdMember" abstract="true" name="LFTCRE2021FL1LtdMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_LoanPurchaseOneMember" abstract="true" name="LoanPurchaseOneMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_LoanPurchaseTwoMember" abstract="true" name="LoanPurchaseTwoMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_LoanPurchaseThreeMember" abstract="true" name="LoanPurchaseThreeMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_AnnualManagementFeePercentage" abstract="false" name="AnnualManagementFeePercentage" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="oaks_QuarterlyManagementFeePercentage" abstract="false" name="QuarterlyManagementFeePercentage" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="oaks_QuarterlyIncentiveFeePercentage" abstract="false" name="QuarterlyIncentiveFeePercentage" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="oaks_HurdleRatePercentage" abstract="false" name="HurdleRatePercentage" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="oaks_ManagementAgreementLengthOfRenewalPeriods" abstract="false" name="ManagementAgreementLengthOfRenewalPeriods" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:durationItemType"/>
  <xs:element id="oaks_ManagementFeesAccruedButNotYetPaid" abstract="false" name="ManagementFeesAccruedButNotYetPaid" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_IncentiveFeesAccruedButNotYetPaid" abstract="false" name="IncentiveFeesAccruedButNotYetPaid" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_IncentiveFeeWaived" abstract="false" name="IncentiveFeeWaived" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_ReimbursableExpensesAccruedButNotYetPaid" abstract="false" name="ReimbursableExpensesAccruedButNotYetPaid" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_ReductionToReimbursableExpensesAsPercentageOfExitFeesWaivedPercent" abstract="false" name="ReductionToReimbursableExpensesAsPercentageOfExitFeesWaivedPercent" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="oaks_ReductionToReimbursableExpensesAsPercentageOfWaivedExitFeesPercent" abstract="false" name="ReductionToReimbursableExpensesAsPercentageOfWaivedExitFeesPercent" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="oaks_ReimbursableOperatingExpenseWaived" abstract="false" name="ReimbursableOperatingExpenseWaived" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_ReimbursableOperatingExpenseReduction" abstract="false" name="ReimbursableOperatingExpenseReduction" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_FinancingReceivableNumberOfLoansPurchased" abstract="false" name="FinancingReceivableNumberOfLoansPurchased" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="oaks_PaymentsToAcquireFinanceReceivablesDiscount" abstract="false" name="PaymentsToAcquireFinanceReceivablesDiscount" nillable="true" xbrli:periodType="duration" xbrli:balance="credit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_A2025FL3CLOMember" abstract="true" name="A2025FL3CLOMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_LCMTMember" abstract="true" name="LCMTMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_StockholdersEquityNoteTable" abstract="true" name="StockholdersEquityNoteTable" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrldt:hypercubeItem" type="xbrli:stringItemType"/>
  <xs:element id="oaks_StockRepurchaseProgramMember" abstract="true" name="StockRepurchaseProgramMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_StockForFeesProgramMember" abstract="true" name="StockForFeesProgramMember" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:domainItemType"/>
  <xs:element id="oaks_StockholdersEquityNoteLineItems" abstract="true" name="StockholdersEquityNoteLineItems" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:stringItemType"/>
  <xs:element id="oaks_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesAdditionalInterestIssuedToParentShares" abstract="false" name="ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesAdditionalInterestIssuedToParentShares" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:sharesItemType"/>
  <xs:element id="oaks_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesExpenses" abstract="false" name="ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesExpenses" nillable="true" xbrli:periodType="duration" xbrli:balance="debit" substitutionGroup="xbrli:item" type="xbrli:monetaryItemType"/>
  <xs:element id="oaks_ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesDividendRatePercentage" abstract="false" name="ConsolidationLessThanWhollyOwnedSubsidiaryParentOwnershipInterestChangesDividendRatePercentage" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:percentItemType"/>
  <xs:element id="oaks_RedeemablePreferredSharesRedemptionPriceAsMultipleOfInitialPurchasePrice" abstract="false" name="RedeemablePreferredSharesRedemptionPriceAsMultipleOfInitialPurchasePrice" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:pureItemType"/>
  <xs:element id="oaks_NumberOfElections" abstract="false" name="NumberOfElections" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="oaks_SaleOfStockWeightedAveragePrice" abstract="false" name="SaleOfStockWeightedAveragePrice" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="dtr-types:perShareItemType"/>
  <xs:element id="oaks_FairMarketValueAverageClosingPricesShareOfCommonStockReportedNYSEPeriod" abstract="false" name="FairMarketValueAverageClosingPricesShareOfCommonStockReportedNYSEPeriod" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:integerItemType"/>
  <xs:element id="oaks_StockIssuedDuringPeriodFractionalSharesStockSplits" abstract="false" name="StockIssuedDuringPeriodFractionalSharesStockSplits" nillable="true" xbrli:periodType="duration" substitutionGroup="xbrli:item" type="xbrli:sharesItemType"/>
</xs:schema>
