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SECURED FINANCING AGREEMENTS (Tables) | 3 Months Ended
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Mar. 31, 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 March 31, 2026 and December 31, 2025:
March 31, 2026
Facility |  | Collateral
Secured Funding Agreements: |  | Current Maturity |  | Final Stated Maturity(1) |  | Maximum Facility Size |  | Outstanding Balance |  | Carrying Value(2) |  | Weighted Average Funding Cost(3) |  | Outstanding Principal |  | Carrying Value
Repurchase Agreement(4) |  | November 2028 |  | November 2030 |  | $ | 450,000,000 |  |  | $ | 315,342,045 |  |  | $ | 313,515,142 |  |  | 5.7 | % |  | $ | 457,169,141 |  |  | $ | 446,737,133 |
Loan Agreement |  | April 2028 |  | April 2029 |  | 50,000,000 |  |  | 35,450,000 |  |  | 35,208,815 |  |  | 7.2 | % |  | 67,378,717 |  |  | 63,008,252 |
Subtotal |  |  |  |  |  | $ | 500,000,000 |  |  | $ | 350,792,045 |  |  | $ | 348,723,957 |  |  | 5.8 | % |  | $ | 524,547,858 |  |  | $ | 509,745,385 |
December 31, 2025
Facility |  | Collateral
Secured Funding Agreements: |  | Current Maturity |  | Final Stated Maturity(1) |  | Maximum Facility Size |  | Outstanding Balance |  | Carrying Value(2) |  | Weighted Average Funding Cost(3) |  | Outstanding Principal |  | Carrying Value
Repurchase Agreement(4) |  | November 2028 |  | November 2030 |  | $ | 450,000,000 |  |  | $ | 177,193,781 |  |  | $ | 175,204,869 |  |  | 5.6 | % |  | $ | 259,571,503 |  |  | $ | 256,531,194 |
Loan Agreement |  | December 2027 |  | December 2029 |  | 50,000,000 |  |  | 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 $2.1 million and 2.3 million unamortized deferred financing costs as of March 31, 2026 and December 31, 2025, respectively. (3) Weighted average funding cost for Repurchase Agreement assumes applicable 30-day term SOFR of 3.68% and 3.73% as of March 31, 2026 and December 31, 2025, respectively, and a spread of 2.01% and 1.85%, respectively. Weighted average funding cost for Loan Agreement assumes applicable 30-day term SOFR of 3.68% and 3.73% as of March 31, 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.

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- Definition Repurchase Agreements [Abstract] + References No definition available. + Details
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- Definition Schedule of Borrowings under Repurchase Agreements and Weighted Average Interest Rates + References No definition available. + Details
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