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LONG-TERM DEBT (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
Outstanding principal balances of long-term debt is comprised of the following:
Maturity DateSeptember 30, 2025December 31, 2024
Market-indexed notes, at fair value:
LMATT Series 2024, Inc.December 31, 2024$— $14,591,663 
Secured borrowing:
Senior Secured Credit FacilityDecember 10, 2030149,250,000 100,000,000 
Deferred issuance costs(3,801,371)(3,797,594)
Secured borrowing, at fair value:
LMA Income Series, LPDecember 31, 2025— 22,838,673 
LMA Income Series II, LPMarch 31, 2026119,055,194 105,856,422 
Deferred issuance costs(556,323)(736,323)
Unsecured borrowing:
Fixed Rate Senior Unsecured NotesNovember 15, 2028135,379,475 133,377,075 
Maturity DateSeptember 30, 2025December 31, 2024
Market-indexed notes, at fair value:
Sponsor PIK NoteJuly 5, 202813,699,103 12,525,635 
Deferred issuance costs and discounts(3,755,423)(3,837,451)
Total debt409,270,655 380,818,100 
Less current portion of long-term debt(119,498,871)(38,430,336)
Total long-term debt$289,771,784 $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, as of September 30, 2025 are as follows:
YearsAmount
2025 remaining$250,000 
2026120,055,194 
20271,000,000 
2028150,078,578 
20291,000,000 
Thereafter145,000,000 
Total$417,383,772