Lument Finance Trust (LFT) 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2021	Aug. 09, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Transition Report	false
Entity File Number	001-35845
Entity Registrant Name	LUMENT FINANCE TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	45-4966519
Entity Address, Address Line One	230 Park Avenue, 20th Floor, New York, New York
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10169
City Area Code	212
Local Phone Number	521-6323
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		24,947,883
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001547546
Current Fiscal Year End Date	--12-31
Common Stock
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	LFT
Security Exchange Name	NYSE
Redeemable Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	7.875% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share
Trading Symbol	LFTPrA
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)		Jun. 30, 2021		Dec. 31, 2020
ASSETS
Cash and cash equivalents	[1]	$ 14,576,852		$ 11,375,960
Restricted cash	[1]	330,260,821		57,999,396
Commercial mortgage loans held-for-investment, at amortized cost		611,820,226	[1]	547,345,334
Mortgage servicing rights, at fair value	[1]	678,788		919,678
Accrued interest receivable	[1]	2,811,728		2,015,617
Investment related receivable	[1]	79,457,686		0
Other assets	[1]	2,356,934		1,833,794
Total Assets	[1]	1,041,963,035		621,489,779
LIABILITIES:
Collateralized loan obligations, net	[1]	826,070,345		463,060,090
Secured term loan, net	[1]	39,635,259		39,556,198
Accrued interest payable	[1]	666,277		432,936
Dividends payable	[1]	2,967,184		3,242,640
Fees and expenses payable to Manager	[1]	1,527,809		1,156,340
Other accounts payable and accrued expenses	[1]	859,151		338,423
Total Liabilities	[1]	871,726,025		507,786,627
Commitments and contingencies	[1]
EQUITY:
Preferred Stock: par value $0.01 per share; 50,000,000 shares authorized; 7.875% Series A Cumulative Redeemable, $60,000,000 aggregate liquidation preference, 2,400,000 and 0 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively		57,258,435		0
Common Stock: par value $0.01 per share; 450,000,000 shares authorized, 24,947,883 and 24,943,383 shares issued and outstanding, at June 30, 2021 and December 31, 2020, respectively	[1]	249,434		249,389
Additional paid-in capital	[1]	233,856,352		233,850,271
Cumulative distributions to stockholders	[1]	(136,575,566)		(131,355,978)
Accumulated earnings	[1]	15,348,855		10,859,970
Total stockholders' equity	[1]	170,137,510		113,603,652
Noncontrolling interests	[1]	99,500		99,500
Total equity	[1]	170,237,010		113,703,152
Total liabilities and equity	[1]	$ 1,041,963,035		$ 621,489,779
[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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $1,002,544,374 and $591,318,506, respectively and the liabilities of consolidated VIEs totaled $826,663,669 and $463,411,967 respectively. See Note 4 for further discussion.

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Preferred stock, par value (in dollars per share)		$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)		50,000,000	50,000,000
Preferred stock, dividend rate, percentage		7.875%	7.875%
Preferred stock, aggregate liquidation preference		$ 60,000,000	$ 60,000,000
Preferred stock, shares issued (in shares)		2,400,000	0
Preferred stock, shares outstanding (in shares)		2,400,000	0
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		450,000,000	450,000,000
Common stock, shares issued (in shares)		24,947,883	24,943,383
Common stock, shares outstanding (in shares)		24,947,883	24,943,383
Assets	[1]	$ 1,041,963,035	$ 621,489,779
Liabilities	[1]	871,726,025	507,786,627
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Assets		1,002,544,374	591,318,506
Liabilities		$ 826,663,669	$ 463,411,967
[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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $1,002,544,374 and $591,318,506, respectively and the liabilities of consolidated VIEs totaled $826,663,669 and $463,411,967 respectively. See Note 4 for further discussion.

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Interest income:
Commercial mortgage loans held-for-investment	$ 8,227,979	$ 8,472,153	$ 15,698,096	$ 17,637,958
Cash and cash equivalents	12,778	7,620	17,078	35,787
Interest expense:
Collateralized loan obligations	(2,211,947)	(2,915,638)	(4,397,189)	(7,153,527)
Secured term loan	(774,363)	(780,441)	(1,546,228)	(1,560,882)
Net interest income	5,254,447	4,783,694	9,771,757	8,959,336
Other income (loss):
Unrealized (loss) on mortgage servicing rights	(220,435)	(375,176)	(240,890)	(1,252,925)
Loss on extinguishment of debt	(1,663,926)	0	(1,663,926)	0
Servicing income, net	95,766	204,380	219,922	398,527
Other income	0	0	0	2
Total other income (loss)	(1,788,595)	(170,796)	(1,684,894)	(854,396)
Expenses:
Management and incentive fees	725,465	590,211	1,446,464	1,175,032
General and administrative expenses	520,013	978,842	1,200,327	1,744,734
Operating expenses reimbursable to Manager	496,599	346,653	809,053	807,774
Other operating expenses	48,054	833,998	82,807	1,134,924
Compensation expense	49,491	52,762	98,626	106,894
Total expenses	1,839,622	2,802,466	3,637,277	4,969,358
Net income before provision for income taxes	1,626,230	1,810,432	4,449,586	3,135,582
Benefit from income taxes	54,012	68,271	39,299	294,792
Net income	1,680,242	1,878,703	4,488,885	3,430,374
Dividends accrued to preferred stockholders	(725,667)	(3,750)	(729,375)	(7,500)
Net income attributable to common stockholders	954,575	1,874,953	3,759,510	3,422,874
Earnings per share:
Net income attributable to common stockholders (basic and diluted)	$ 954,575	$ 1,874,953	$ 3,759,510	$ 3,422,874
Weighted average number of shares of common stock outstanding (in shares)	24,944,075	24,939,575	24,943,731	24,925,529
Basic and diluted income per share (in dollars per share)	$ 0.04	$ 0.08	$ 0.15	$ 0.14
Dividends declared per share of common stock (in dollars per share)	$ 0.09	$ 0.08	$ 0.18	$ 0.15

Condensed Consolidated Statem_2

Condensed Consolidated Statement of Changes in Equity - USD ($)	Total		Preferred Stock	Common Stock	Additional Paid-in Capital	Cumulative Distributions to Stockholders	Accumulated Earnings	Total Stockholders' Equity	Noncontrolling interests
Balance (in shares) at Dec. 31, 2019				23,692,164
Balance at Dec. 31, 2019	$ 108,644,712			$ 236,877	$ 228,135,116	$ (122,236,981)	$ 2,410,200	$ 108,545,212	$ 99,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				1,246,719
Issuance of common stock	5,747,375			$ 12,467	5,734,908			5,747,375
Cost of issuing common stock	(13,333)				(13,333)			(13,333)
Restricted stock compensation expense	7,882				7,882			7,882
Net income	1,551,671						1,551,671	1,551,671
Common stock dividends	(1,870,416)					(1,870,416)		(1,870,416)
Preferred stock dividends	(3,750)					(3,750)		(3,750)
Balance (in shares) at Mar. 31, 2020				24,938,883
Balance at Mar. 31, 2020	114,064,141			$ 249,344	233,864,573	(124,111,147)	3,961,871	113,964,641	99,500
Balance (in shares) at Dec. 31, 2019				23,692,164
Balance at Dec. 31, 2019	108,644,712			$ 236,877	228,135,116	(122,236,981)	2,410,200	108,545,212	99,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	3,430,374
Common stock dividends	(3,741,170)
Preferred stock dividends	(7,500)
Balance (in shares) at Jun. 30, 2020				24,943,383
Balance at Jun. 30, 2020	114,061,519			$ 249,389	233,857,707	(125,985,651)	5,840,574	113,962,019	99,500
Balance (in shares) at Mar. 31, 2020				24,938,883
Balance at Mar. 31, 2020	114,064,141			$ 249,344	233,864,573	(124,111,147)	3,961,871	113,964,641	99,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				4,500
Issuance of common stock	14,985			$ 45	14,940			14,985
Cost of issuing common stock	(13,333)				(13,333)			(13,333)
Restricted stock compensation expense	(8,473)				(8,473)			(8,473)
Net income	1,878,703						1,878,703	1,878,703
Common stock dividends	(1,870,754)					(1,870,754)		(1,870,754)
Preferred stock dividends	(3,750)					(3,750)		(3,750)
Balance (in shares) at Jun. 30, 2020				24,943,383
Balance at Jun. 30, 2020	114,061,519			$ 249,389	233,857,707	(125,985,651)	5,840,574	113,962,019	99,500
Balance (in shares) at Dec. 31, 2020			0	24,943,383
Balance at Dec. 31, 2020	113,703,152	[1]	$ 0	$ 249,389	233,850,271	(131,355,978)	10,859,970	113,603,652	99,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock	0							0
Cost of issuing common stock	0				0			0
Issuance of preferred stock, net (in shares)			0
Issuance of preferred stock, net	0		$ 0					0
Restricted stock compensation expense	2,885				2,885			2,885
Net income	2,808,643						2,808,643	2,808,643
Common stock dividends	(2,244,904)					(2,244,904)		(2,244,904)
Preferred stock dividends	(3,708)					(3,708)		(3,708)
Balance (in shares) at Mar. 31, 2021			0	24,943,383
Balance at Mar. 31, 2021	114,266,068		$ 0	$ 249,389	233,853,156	(133,604,590)	13,668,613	114,166,568	99,500
Balance (in shares) at Dec. 31, 2020			0	24,943,383
Balance at Dec. 31, 2020	113,703,152	[1]	$ 0	$ 249,389	233,850,271	(131,355,978)	10,859,970	113,603,652	99,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,488,885
Common stock dividends	(4,490,214)
Preferred stock dividends	(729,375)
Balance (in shares) at Jun. 30, 2021			2,400,000	24,947,883
Balance at Jun. 30, 2021	170,237,010	[1]	$ 57,258,435	$ 249,434	233,856,352	(136,575,566)	15,348,855	170,137,510	99,500
Balance (in shares) at Mar. 31, 2021			0	24,943,383
Balance at Mar. 31, 2021	114,266,068		$ 0	$ 249,389	233,853,156	(133,604,590)	13,668,613	114,166,568	99,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				4,500
Issuance of common stock	11,700			$ 45	11,655			11,700
Cost of issuing common stock	0				0			0
Issuance of preferred stock, net (in shares)			2,400,000
Issuance of preferred stock, net	57,258,435		$ 57,258,435					57,258,435
Restricted stock compensation expense	(8,459)				(8,459)			(8,459)
Net income	1,680,242						1,680,242	1,680,242
Common stock dividends	(2,245,309)					(2,245,309)		(2,245,309)
Preferred stock dividends	(725,667)					(725,667)		(725,667)
Balance (in shares) at Jun. 30, 2021			2,400,000	24,947,883
Balance at Jun. 30, 2021	$ 170,237,010	[1]	$ 57,258,435	$ 249,434	$ 233,856,352	$ (136,575,566)	$ 15,348,855	$ 170,137,510	$ 99,500
[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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $1,002,544,374 and $591,318,506, respectively and the liabilities of consolidated VIEs totaled $826,663,669 and $463,411,967 respectively. See Note 4 for further discussion.

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net income	$ 4,488,885	$ 3,430,374
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of commercial mortgage loans held-for-investment discounts	(3,781)	0
Amortization of commercial mortgage loans held-for-investment premiums	78,008	0
Accretion of collateralized loan obligations discounts	207,767	570,039
Amortization of deferred offering costs	0	(26,667)
Amortization of deferred financing costs	573,113	512,136
Loss on extinguishment of debt	1,663,926	0
Unrealized loss on mortgage servicing rights	240,890	1,252,925
Restricted stock compensation expense	6,126	14,394
Net change in:
Accrued interest receivable	(796,111)	169,742
Deferred offering costs	0	26,667
Other assets	(523,140)	(571,307)
Accrued interest payable	233,341	(376,506)
Fees and expenses payable to Manager	371,469	(36,481)
Other accounts payable and accrued expenses	520,727	185,432
Net cash provided by operating activities	7,061,220	5,150,748
Cash flows from investing activities:
Purchase of commercial mortgage loans held-for-investment	(338,386,251)	(41,990,011)
Principal payments from commercial mortgage loans held-for-investment	273,837,132	67,402,863
Investment related receivable	(79,457,686)	(23,781,668)
Net cash (used in) provided by investing activities	(144,006,805)	1,631,184
Cash flows from financing activities:
Proceeds from issuance of common stock	0	5,747,375
Net proceeds from issuance of preferred stock	57,258,435	0
Proceeds from collateralized loan obligation	833,750,000	0
Dividends paid on common stock	(5,487,543)	(3,647,328)
Dividends paid on preferred stock	(7,500)	(7,500)
Payment of collateralized loan obligations	(465,316,126)	(8,615,358)
Payment of deferred financing costs	(7,789,364)	0
Net cash provided by (used in) financing activities	412,407,902	(6,522,811)
Net increase in cash, cash equivalents and restricted cash	275,462,317	259,121
Cash, cash equivalents and restricted cash, beginning of period	69,375,356	16,011,830
Cash, cash equivalents and restricted cash, end of period	344,837,673	16,270,951
Supplemental disclosure of cash flow information
Cash paid for interest	4,929,197	8,008,740
Non-cash investing and financing activities information
Dividends declared but not paid at end of period	$ 3,164,059	$ 1,870,754

ORGANIZATION AND BUSINESS OPERA

ORGANIZATION AND BUSINESS OPERATIONS	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS OPERATIONS	ORGANIZATION AND BUSINESS OPERATIONS Lument Finance Trust, Inc. (together with its consolidated subsidiaries, the "Company"), formerly Hunt Companies Finance Trust, Inc., is a Maryland corporation that focuses primarily on investing in, financing and managing a portfolio of commercial real estate ("CRE") debt investments. Effective January 3, 2020, the Company is externally managed by OREC Investment Management, LLC, doing business as Lument Investment Management (the "Manager" or "Lument IM"), who replaced the prior manager, Hunt Investment Management, LLC ("HIM"). On December 28, 2020, the Company changed its name from Hunt Companies Finance Trust, Inc. to Lument Finance Trust, Inc., and its common stock began trading on the NYSE under the symbol "LFT." Previously, the Company's common stock was listed on the NYSE under the symbol "HCFT." The Company was incorporated on March 28, 2012 and commenced operations on May 16, 2012. The Company began trading as a publicly traded company on March 22, 2013. The Company has elected to be taxed as a real estate investment trust ("REIT") and to comply with Sections 856 through 859 of the Internal Revenue Code of 1986, as amended (the "Code"). Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent of its distributions to stockholders and as long as certain asset, income and share ownership tests are met. On January 3, 2020, the Company and HIM entered into a termination agreement pursuant to which the Company and HIM agreed to mutually and immediately terminate that certain management agreement dated January 18, 2018. The Company simultaneously entered into a new management agreement with Lument IM. Pursuant to the terms of the termination agreement between the Company and HIM, the termination of the management agreement did not trigger, and HIM was not paid, a termination fee by the Company. See Note 10 for further discussion.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The unaudited condensed consolidated financial statements and related notes have been prepared in accordance with GAAP for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the financial statements prepared under GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the Securities and Exchange Commission (“SEC”) on March 15, 2021. Principles of Consolidation The accompanying condensed consolidated financial statements of the Company include the accounts of the Company and all subsidiaries which it controls (i) through voting or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not the primary beneficiary are accounted for under the equity method or other appropriate GAAP. All significant intercompany transactions have been eliminated on consolidation. VIEs An entity is considered a VIE when any of the following applies: (1) the equity investors (if any) lack one or more essential characteristics of a controlling financial interest; (2) the equity investment at risk is not sufficient to finance that entity's activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both the following characteristics: (1) the power to direct activities that, when taken together, most significantly impact the VIE performance; and (2) the obligation to absorb losses and right to receive returns from the VIE that would be significant to the VIE. The Company evaluates quarterly its junior retained notes and preferred shares of LFT 2021-FL1, Ltd. for potential consolidation and prior to the unwinding in the second quarter of 2021, Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. At June 30, 2021, the Company determined it was the primary beneficiary of LFT CRE 2021-FL1, Ltd. based on its obligation to absorb losses derived from ownership of its preferred shares, and prior to the second quarter of 2021 determined it was the primary beneficiary of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. Accordingly, the Company consolidated the assets, liabilities, income and expenses of the underlying issuing entities. The Company's maximum exposure to loss from collateralized loan obligations ("CLO") was $166,250,000 and $124,046,671 at June 30, 2021 and December 31, 2020. Use of Estimates The financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires the Company to make a number of significant estimates. As of June 30, 2021, the novel coronavirus, or COVID-19, pandemic is ongoing. During 2020, the COVID-19 pandemic created disruption in global supply chains, increased rates of unemployment and adversely impacted many industries, including industries related to the collateral underlying certain of our loans. In 2021, the global economy has, with certain setbacks, begun reopening and wider distribution of vaccines will likely encourage greater economic activity. Nonetheless, the recovery could remain uneven, particularly given uncertainty with respect to the distribution and acceptance of the vaccines and their effectiveness with respect to new variants of the virus, including the Delta variant which is believed to be more contagious than previous variants of the virus. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2021, however uncertainty over the ultimate impact of COVID-19 on the global economy generally, and our business in particular, makes any estimates and assumptions as of June 30, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results could differ from our estimates and the differences may be material. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents at time of purchase include cash held in bank accounts on an overnight basis and other short term deposit accounts with banks having maturities of 90 days or less at time of acquisition. The Company maintains its cash and cash equivalents with highly rated financial institutions, and at times these balances exceed insurable amounts. Restricted cash includes cash held within LFT CRE 2021-FL1 as of June 30, 2021 and Hunt CRE 2018-FL2 as of December 31, 2020. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the statements of cash flows. June 30, 2021 December 31, 2020 Cash and cash equivalents $ 14,576,852 $ 11,375,960 Restricted cash CRE 2018-FL2, Ltd. $ — $ 57,999,396 Restricted cash CRE 2021-FL1, Ltd. $ 330,260,821 $ — Total cash, cash equivalents and restricted cash $ 344,837,673 $ 69,375,356 Deferred Offering Costs Direct costs incurred to issue shares classified as equity, such as legal and accounting fees, are deducted from the related proceeds and the net amount recorded as stockholders’ equity. Accordingly, payments made by the Company in respect of such costs related to the issuance of shares are recorded as an asset in the accompanying consolidated balance sheets in the line item "Deferred offering costs", for subsequent deduction from the related proceeds upon closing of the offering. To the extent that certain costs, in particular legal fees, are known to have been accrued but have not yet been invoiced and paid, they are included in "Other accounts payable and accrued expenses" on the accompanying consolidated balance sheets. Fair Value Measurements The "Fair Value Measurements and Disclosures" Topic 820 of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurement under GAAP. Specifically, the guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at measurement date. ASC 820 specifies a hierarchy of valuation techniques based on the inputs used in measuring fair value. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable market data from independent sources, while unobservable inputs reflect the Company's market assumptions. The three levels are defined as follows: • Level 1 Inputs – Quoted prices for identical instruments in active markets. • Level 2 Inputs – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 Inputs – Instruments with primarily unobservable value drivers. Pursuant to ASC 820 we disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate fair value for those certain instruments. The following methods and assumptions are used to estimate the fair value of each class of financial instrument, for which it is practicable to estimate that value: • Cash and cash equivalents : The carrying amount of cash and cash equivalents approximates fair value. • Restricted cash : The carrying amount of restricted cash approximates fair value. • Commercial mortgage loans : The Company determines the fair value of commercial mortgage loans by utilizing a pricing model based on discounted cash flow methodologies using discount rates, which reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. Additionally, the Company may record fair value adjustments on a non-recurring basis when it has determined it necessary to record a specific impairment reserve or charge-off against a loan and the Company measures such specific reserve or charge-off using the fair value of the loan's collateral. To determine the fair value of loan collateral, the Company employs the income capitalization approach, appraised values, broker opinion of value, sale offers, letter of intentions of purchase, or other valuation benchmarks, as applicable, depending upon the nature of such collateral and other relevant market factors. • Mortgage servicing rights : The Company determines the fair value of MSRs from a third-party pricing service on a recurring basis. The third-party pricing service uses common market pricing methods that include using discounted cash flow models to calculate present value, estimated net servicing income and observed market pricing for MSR purchase and sale transactions. The model considers contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service and other economic factors. • Collateralized loan obligations : The Company determines the fair value of collateralized loan obligations by utilizing a third-party pricing service. In determining the value of a particular investment, pricing service providers may use market spreads, inventory levels, trade and bid history, as well as market insight from clients, trading desks and global research platform. • Secured term loan : The Company determines the fair value of its secured term loan based on a discounted cash flow methodology. Commercial Mortgage Loans Held-for-Investment Commercial mortgage loans held-for-investment represent floating-rate transitional loans and other commercial mortgage loans purchased by the Company. These loans include loans sold into securitizations that the Company consolidates. Commercial mortgage loans held-for-investment are intended to be held-to-maturity and, accordingly, are carried at their unpaid principal balances, adjusted for net unamortized loan fees and costs (in respect of originated loans), premiums and discounts (in respect of purchased loans) and impairment, if any. Interest income is recognized as revenue using the effective interest method and is recorded on the accrual basis according to the terms of the underlying loan agreement. Any fees, costs, premiums and discounts associated with these loan investments are deferred and amortized over the term of the loan using the effective interest method, or on a straight line basis when it approximates the effective interest method. Income accrual is generally suspended and loans are placed on non-accrual status on the earlier of the date at which payment has become 90 days past due or when full and timely collection of interest and principal is considered not probable. The Company may return a loan to accrual status when repayment of principal and interest is reasonably assured under the terms of the underlying loan agreement. As of June 30, 2021, the Company did not hold any loans placed in non-accrual status. Quarterly, the Company assesses the risk factors of each loan classified as held-for-investment and assigns a risk rating based on a variety of factors, including, without limitation, debt-service coverage ratio ("DSCR"), loan-to-value ratio ("LTV"), property type, geographic and local market dynamics, physical condition, leasing and tenant profile, adherence to business plan and exit plan, maturity default risk and project sponsorship. The Company's loans are rated on a 5-point scale, from least risk to greatest risk, respectively, which ratings are described as follows: 1. Very Low Risk : exceeds expectations and is outperforming underwriting or it is very likely that the underlying loan can be refinanced easily in the period's prevailing capital market conditions 2. Low Risk : meeting or exceeding underwritten expectations 3. Moderate Risk : in-line with underwritten expectations or the sponsor may be in the early stages of executing the business plan and the loan structure appropriately mitigates additional risks 4. High Risk : potential risk of default, a loss may occur in the event of default 5. Default Risk : imminent risk of default, a loss is likely in the event of default The Company evaluates each loan rated High Risk or above as to whether it is impaired on a quarterly basis. Impaired loans are individually evaluated based on the Company's quarterly assessment of each loan and assignment of a risk rating. Impairment occurs when the Company determines that the facts and circumstances of the loan deem it probable that the Company will not be able to collect all amounts due in accordance with the contractual terms of the loan. If a loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan through a charge to the provision for loan losses. Impairment of these loans, all of which are deemed collateral dependent, is measured by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, actions of other lenders, and other factors deemed necessary by the Manager. Actual losses, if any, could ultimately differ from estimated losses. In addition, the Company evaluates the entire portfolio to determine whether the portfolio has any impairment that requires a valuation allowance on the remainder of the loan portfolio. As of June 30, 2021, the Company has not recognized any impairments on its loans held-for-investment. We also assessed the remainder of the portfolio, considering the absence of delinquencies and current market conditions, and, as such has not recorded any allowance for loan losses. Mortgage Servicing Rights, at Fair Value Mortgage servicing rights ("MSRs") are associated with residential mortgage loans that the Company historically purchased and subsequently sold or securitized. MSRs are held and managed at Five Oaks Acquisition Corp. ("FOAC"), the Company’s taxable REIT subsidiary ("TRS"). As the owner of MSRs, the Company is entitled to receive a portion of the interest payments from the associated residential mortgage loan, and is obligated to service, directly or through a subservicer, the associated loan. MSRs are reported at fair value. Residential mortgage loans for which the Company owns the MSRs are directly serviced by two sub-servicers retained by the Company. The Company does not directly service any residential mortgage loans. MSR income is recognized at the contractually agreed upon rate, net of the costs of sub-servicers retained by the Company. If a sub-servicer with which the Company contracts were to default, an evaluation of MSR assets for impairment would be undertaken at that time. Collateralized Loan Obligations Collateralized loan obligations represent third-party liabilities of LFT CRE 2021-FL1, Ltd. as of June 30, 2021 and Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. prior to June 30, 2021 (the "CLOs"). The CLOs are VIEs that the Company has determined it is the primary beneficiary of and accordingly are consolidated in the Company's financial statements, excluding liabilities of the CLOs acquired by the Company that are eliminated on consolidation. The third-party obligations of the CLOs do not have any recourse to the Company as the consolidator of the CLOs. CLOs are carried at their outstanding unpaid principal balances, net of any unamortized discounts or deferred financing costs. Any premiums, discounts or deferred financing costs associated with these liabilities are amortized to interest expense using the effective interest method over the expected average life of the related obligations, or on a straight line basis when it approximates the effective interest method. In the second quarter of 2020, $624,816 in costs related to a contemplated collateralized loan transaction, that were previously deferred as "other assets" in the consolidated balance sheets were expensed as "other operating expenses" in the consolidated statements of operations as a result of abandoning the contemplated transaction due to the then current market environment, which had been impacted by the COVID-19 pandemic. Secured Term Loan The Company and certain of its subsidiaries are party to a $40.25 million credit and guaranty agreement with the lenders referred to therein and Cortland Capital Service LLC, as administrative agent and collateral agent for the lenders (the "Secured Term Loan"). The Secured Term Loan is carried at its unpaid principal balance, net of deferred financing costs. Deferred financing costs of $1,017,419 associated with this liability are amortized to interest expense on a straight line basis when it approximates the effective interest method. See Note 16 for additional information related to the Secured Term Loan. Common Stock At June 30, 2021 and December 31, 2020, the Company was authorized to issue up to 450,000,000 shares of common stock, par value $0.01 per share. The Company had 24,947,883 and 24,943,383 shares of common stock issued and outstanding at June 30, 2021 and December 31, 2020, respectively. Stock Repurchase Program On December 15, 2015, the Company’s Board of Directors authorized a stock repurchase program ("Repurchase Program"), to repurchase up to $10 million of the Company’s outstanding common stock. Subject to applicable securities laws, the repurchase of common stock under the Repurchase Program may be made at times and in amounts as the Company deems appropriate, using available cash resources. Shares of common stock repurchased by the Company under the Repurchase Program, if any, will be canceled and, until reissued by the Company, will be deemed to be authorized but unissued shares of common stock. The Repurchase Program may be suspended or discontinued by the Company at any time and without prior notice. Preferred Stock At June 30, 2021 and December 31, 2020, the Company was authorized to issue up to 50,000,000 shares of preferred stock, par value $0.01 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company's Board of Directors. The Company had 2,400,000 of preferred stock issued and outstanding at June 30, 2021 and no shares of preferred stock issued and outstanding as of December 31, 2020. Our preferred stock is classified as permanent equity and carried at its liquidation preference less offering costs. On May 3, 2021, the Company classified 2,400,000 shares of its authorized but unissued preferred stock as shares of 7.875% Series A Cumulative Redeemable Preferred Stock (Series A Preferred Stock"). See Note 12 for additional information related to our Series A Preferred Stock. Income Taxes The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes, commencing with the Company’s short taxable period ended December 31, 2012. A REIT is generally taxable as a U.S. C-Corporation; however, so long as the Company qualifies as a REIT it is entitled to a special deduction for dividends paid to stockholders not otherwise available to corporations. Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent its distributions to stockholders equals, or exceeds, its REIT taxable income for the year. In addition, the Company must continue to meet certain REIT qualification requirements with respect to distributions, as well as certain asset, income and share ownership tests, in accordance with Sections 856 through 860 of the Code, as summarized below. In addition, the TRS is maintained to perform certain services and earn income for the Company that the Company is not permitted to engage in as a REIT. To maintain its qualification as a REIT, the Company must meet certain requirements, including but not limited to the following: (i) distribute at least 90% of its REIT taxable income to its stockholders; (ii) invest at least 75% of its assets in REIT qualifying assets, with additional restrictions with respect to asset concentration risk; and (iii) earn at least 95% of its gross income from qualifying sources of income, including at least 75% from qualifying real estate and real estate related sources. Regardless of the REIT election, the Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax as a U.S. C-Corporation, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. Certain activities of the Company are conducted through a TRS and therefore are taxed as a standalone U.S. C-Corporation. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The TRS is not subject to a distribution requirement with respect to its REIT owner. The TRS may retain earnings annually, resulting in an increase in the consolidated book equity of the Company and without a corresponding distribution requirement by the REIT. If the TRS generates net income, and declares dividends to the Company, such dividends will be included in its taxable income and necessitate a distribution to its stockholders in accordance with the REIT distribution requirements. The Company assesses its tax positions for all open tax years and determines whether the Company has any material unrecognized liabilities in accordance with ASC 740, Income Taxes. The Company records these liabilities to the extent the Company deems them more likely than not to be incurred. The Company's accounting policy with respect to interest and penalties is to classify these amounts as other interest expense. Earnings per Share The Company calculates basic and diluted earnings per share by dividing net income attributable to common stockholders for the period by the weighted-average shares of the Company’s common stock outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as warrants, stock options, and unvested restricted stock, but use the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding. See Note 13 for details of the computation of basic and diluted earnings per share. Stock-Based Compensation The Company is required to recognize compensation costs relating to stock-based payment transactions in the consolidated financial statements. The Company accounts for share-based compensation issued to its Manager and non-management directors using the fair-value based methodology prescribed by ASC 505, Equity ("ASC 505"), or ASC 718, Share-Based Payment ("ASC 718"), as appropriate. Compensation cost related to restricted common stock issued to the Manager is initially measured at estimated fair value at the grant date, and is remeasured on subsequent dates to the extent the awards are unvested. Additionally, the compensation cost related to restricted common stock issued to the non-management directors is measured at its estimated fair value at the grant date and amortized and expensed over the vesting period. See Note 9 for details of stock-based awards issuable under the Manager Equity Plan. Comprehensive Income (Loss) Attributable to Common Stockholders For the three and six months ended June 30, 2021 and 2020, comprehensive income equaled net income; therefore, a separate consolidated statement of comprehensive income is not included in the accompanying consolidated financial statements. Recently Issued and/or Adopted Accounting Standards Credit Losses In June 2016, the FASB issued ASU 2016-13, which is a comprehensive amendment of credit losses on financial instruments. Currently GAAP requires an "incurred loss" methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The standard’s core principle is that an entity replaces the "incurred loss" impairment methodology in current GAAP with a methodology that reflects current expected credit losses and requires consideration of a broader range of reasonable and supportable information to support credit loss estimates. For public business entities that are SEC filers, the amendment in this update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, the FASB issued ASU 2019-10 which amended the effective dates for implementation of ASU 2016-13. ASU 2019-10 defers the effective date of ASU 2016-13 for SEC filers that are eligible to be smaller reporting companies, public business entities that are not SEC filers and all other companies, including not-for-profit companies and employee benefit plans for fiscal years beginning after December 15 2022, including interim periods within those fiscal years. The Company is designated as a smaller reporting company and has deferred implementation of ASU 2016-13 pursuant to ASU 2019-10 and is continuing to assess the impact of this guidance. In February 2020, the FASB issued ASU 2020-02, amending SEC paragraphs in the Codification to reflect the issuance of SEC Staff Accounting Bulletin ("SAB") No. 119 related to the new credit losses standard and revised effective date of the new leases standard. SAB No. 119 provides interpretive guidance on methodologies and supporting documentation for measuring credit losses, with a focus on the documentation the staff would normally expect registrants engaged in lending transactions to prepare and maintain to support estimates of current expected credit losses for loan transactions. This new guidance is effective for fiscal years beginning after December 15, 2022 for smaller reporting companies such as the Company. The Company is assessing the impact of this guidance. Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." This guidance eliminates certain exceptions to the general principles in Topic 740. This new guidance is effective for us on January 1, 2021, with early adoption permitted. The Company adopted ASU 2019-12 beginning with the first quarter of 2021, which had no material impact on the Company's financial condition or results of operations. Financial Instruments In March 2020, the FASB issued ASU 2020-03 which makes improvements to financial instruments guidance, including the current expected credit losses (CECL) guidance in ASU 2016-13. Only Issue 1, of the 7 improvement issues applies to the Company, which is effective upon issuance, requires all entities to provide fair value option disclosures. MSRs are reported at fair value as a result of the fair value election, as discussed in Mortgage Servicing Rights, at Fair Value above . Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 828): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The standard was issued to ease the accounting effects of reform to the London Interbank Offered Rate ("LIBOR") and other reference rates. The standard provides optional expedients and exceptions for applying GAAP to debt instruments, leases, derivatives and other contracts affected by reference rate reform. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. The standard is effective for all entities as of March 12, 2020 through December 31, 2022 and may be elected over time as reference rate reform activities occur. We are currently evaluating the impact of this guidance on our consolidated financial statements. CARES Act On March 27, 2020, former President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). Section 4013 of the CARES Act includes a provision that permits financial institutions an election to suspend temporarily troubled debt restructuring ("TDR") accounting under ASC Subtopic 310-40 in certain circumstances ("Section 4013 Elections"). Additionally, Section 4014 of the CARES Act includes a provision that permits deferral of the effective date of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), for insured depository institutions, bank holding companies, or any affiliates thereof ("Section 4014 Election"). The Company is not a financial institution, nor a depository institution, bank holding company or an affiliate of one and therefore would not be permitted to make Section 4013 or Section 4014 Elections. The Company is designated as a smaller reporting company for SEC filing purposes and has previously deferred implementation of ASU 2016-13 until January 1, 2023 pursuant to ASU 2019-10.

COMMERCIAL MORTGAGE LOANS HELD-

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT	The following tables summarize certain characteristics of the Company's investments in commercial mortgage loans as of June 30, 2021 and December 31, 2020: Weighted Average Loan Type Unpaid Principal Balance Carrying Value Loan Count Floating Rate Loan % Coupon (1) Remaining Term (Years) (2) June 30, 2021 Loans held-for-investment Senior secured loans (3) $ 611,527,493 $ 611,820,226 44 100.0 % 5.0 % 2.9 611,527,493 611,820,226 44 100.0 % 5.0 % 2.9 Weighted Average Loan Type Unpaid Principal Balance Carrying Value Loan Count Floating Rate Loan % Coupon (1) Remaining Term (Years) (2) December 31, 2020 Loans held-for-investment Senior secured loans (3) $ 547,345,334 $ 547,345,334 40 100.0 % 5.1 % 3.1 547,345,334 547,345,334 40 100.0 % 5.1 % 3.1 (1) Weighted average coupon assumes applicable one-month LIBOR of 0.08% and 0.14% as of June 30, 2021 and December 31, 2020, respectively, inclusive of weighted average floors of 1.32% and 1.64%, respectively. (2) Weighted average remaining term assumes all extension options are exercised by the borrower, provided, however, that our loans may be repaid prior to such date. (3) As of June 30, 2021, $590,574,226 of the outstanding senior secured loans were held in VIEs and $21,246,000 of the outstanding senior secured loans were held outside VIEs. As of December 31, 2020, $531,363,401 of the outstanding senior secured loans were held in VIEs and $15,981,933 of the outstanding senior secured loans were held outside VIEs. Activity: For the six months ended June 30, 2021, the loan portfolio activity was as follows: Commercial Mortgage Loans Held-for-Investment Balance at December 31, 2020 $ 547,345,334 Purchases and fundings 338,386,251 Proceeds from principal payments (273,837,132) Accretion of purchase discount 3,781 Amortization of purchase premium (78,008) Balance at June 30, 2021 $ 611,820,226 Loan Risk Ratings: As further described in Note 2, the Company evaluates the commercial mortgage loan portfolio on a quarterly basis and assigns a risk rating based on a variety of factors. The following table presents the principal balance and net book value of the loan portfolio based on the Company's internal risk ratings as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Risk Rating Number of Loans Unpaid Principal Balance Net Carrying Value Number of Loans Unpaid Principal Balance Net Carrying Value 1 — $ — — — — — 2 21 250,914,540 250,837,143 14 168,401,366 168,401,366 3 21 342,169,149 342,539,279 20 309,726,343 309,726,343 4 2 18,443,804 18,443,804 6 69,217,625 69,217,625 5 — — — — — — 44 $ 611,527,493 611,820,226 40 547,345,334 547,345,334 As of June 30, 2021, the average risk rating of the commercial mortgage loan portfolio was 2.6 (Moderate Risk), weighted by investment carrying value, with 97.0% of the net carrying value of commercial loans held-for-investment rated 3 (Moderate Risk) or better by the Company's Manager. As of December 31, 2020, the average risk rating of the commercial mortgage loan portfolio was 3.1 (Moderate Risk), weighted by investment carrying value, with 84.4% of the net carrying value of commercial loans held-for-invested rated 3 (Moderate Risk) or better by the Company's Manager. The decrease in average risk rating is primarily the result of commercial mortgage loans that paid off with a risk rating of "2" of $68.9 million, a risk rating of "3" of $177.2 million and a risk rating of "4" of $17.4 million, offset by the the purchase of commercial mortgage loans with a risk rating of "2" of $151.2 million, a risk rating of "3" of $165.7 million and a risk rating of "4" of $11.1 million during the first half of 2021. Concentration of Credit Risk: The following tables present the geographic and property types of collateral underlying the Company's commercial mortgage loans as a percentage of the loans' carrying value as of June 30, 2021 and December 31, 2020: Loans Held-for-Investment June 30, 2021 December 31, 2020 Geography South 36.2 % 36.5 % Southwest 31.7 38.7 West 21.0 1.8 Midwest 11.1 16.8 Mid-Atlantic — 6.2 Total 100.0 % 100.0 % June 30, 2021 December 31, 2020 Collateral Property Type Multifamily 84.8 % 89.5 % Self-Storage 9.2 0.8 Office 3.2 3.3 Retail 2.8 6.4 Total 100.0 % 100.0 % We did not have any impaired loans, nonaccrual loans, or loans in maturity default as of June 30, 2021 or December 31, 2020.

USE OF SPECIAL PURPOSE ENTITIES

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES	USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES We account for CLO transactions on our consolidated balance sheet as financing facilities. Our CLOs are VIEs for which we are the primary beneficiary and are consolidated in our financial statements. The investment grade tranches are treated as secured financings, and are non-recourse to us. See Note 2 ("Summary of Significant Accounting Policies - Principles Consolidation - VIE") for further discussion. On June 14, 2021, the Company completed a CRE CLO ("LFT CRE 2021-FL1, Ltd."), issuing eight tranches of CLO notes through two newly-formed wholly-owned subsidiaries totaling $903.8 million. Of the total CLO notes issued $833.8 million were investment grade notes issued to third party investors and $70 million were below investment-grade notes retained by us. In addition, a $96.25 million equity interest in the portfolio was retained by us. As of the CLO closing date, the notes were secured by a portfolio of loan obligations with a face value of $669.7 million, consisting primarily of bridge loans that were contributed from our existing loan portfolio and affiliates of the Company. The financing has a two-and-a-half year reinvestment period that allows principal proceeds and sale proceeds (if any) of the loan obligations to be reinvested in qualifying replacement loan obligations, subject to the satisfaction of certain conditions set forth in the indenture. Thereafter, the outstanding debt balance will be reduced as loans are repaid. Initially, the proceeds of the issuance of the securities also included $330.3 million for the purpose of acquiring additional loan obligations or a period of up to 180 days from the CLO closing date, resulting in the issuer owning loan obligations with a face value of $1.0 billion, representing leverage of 83%. We retained a residual interest in the portfolio with a notional amount of $166.2 million, including the $70 million below investment-grade notes. On June 14, 2021, the Company unwound Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. redeeming $388.2 million of outstanding notes which were repaid primarily from the refinancing of the remaining assets primarily within LFT 2021-FL1, Ltd., as well as cash held within Hunt CRE 2018-FL2, and expensed $1.7 million of deferred financing costs into loss on extinguishment of debt on the consolidated statements of operations. As of this date, the Company no longer consolidates the assets and liabilities as of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. The CRE CLO we consolidate is subject to collateralization and coverage tests that are customary for these types of securitizations. As of June 30, 2021 and December 31, 2020 all such collateralization and coverage tests in the CRE CLOs we consolidate were met. If the duration of the COVID-19 pandemic continues to prolong, its impact on our borrowers and their tenants could result in a sustained deterioration in a material amount of assets and may impact these tests. The carrying values of the Company's total assets and liabilities related to LFT CRE 2021-FL1, Ltd. at June 30, 2021 and Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. at December 31, 2020 included the following VIE assets and liabilities: ASSETS June 30, 2021 December 31, 2020 Cash, cash equivalents and restricted cash $ 330,260,821 $ 57,999,396 Accrued interest receivable 2,251,641 1,955,709 Investment related receivable 79,457,686 — Loans held for investment 590,574,226 531,363,401 Total Assets $ 1,002,544,374 $ 591,318,506 LIABILITIES Accrued interest payable $ 593,324 $ 351,877 Collateralized loan obligations (1) 826,070,345 463,060,090 Total Liabilities $ 826,663,669 $ 463,411,967 Equity 175,880,705 127,906,539 Total liabilities and equity $ 1,002,544,374 $ 591,318,506 (1) The stated maturity of the collateral loan obligations per the terms of the underlying collateralized loan obligation agreement is June 14, 2039 for LFT CRE 2021-FL1, Ltd., August 15, 2034 for Hunt CRE 2017-FL1, Ltd. and August 15, 2028 for Hunt CRE 2018-FL2, Ltd. The following tables present certain loan and borrowing characteristics of LFT CRE 2021-FL1, Ltd. as of June 30, 2021 and Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. as of December 31, 2020: As of June 30, 2021 Collateralized Loan Obligations Count Principal Value Carrying Value (1) Wtd. Avg. Yield Collateral (loan investments) 42 $ 590,281,493 $ 590,574,226 L + 3.67% Financings provided 2 833,750,000 826,070,345 L + 1.43% As of December 31, 2020 Collateralized Loan Obligations Count Principal Value Carrying Value (1) Wtd. Avg. Yield Collateral (loan investments) 40 $ 531,363,401 $ 531,363,401 L + 3.50% Financing provided 2 465,316,126 463,060,090 L + 1.44% (1) The carrying value for LFT CRE 2021-FL1, Ltd. is net of debt issuance costs of $7,679,655 for June 30, 2021, Hunt CRE 2017-FL1, Ltd. is net of discount of $207,767 for December 31, 2020, and the carrying value for Hunt CRE 2018-FL2, Ltd. is net of debt issuance costs of $2,048,269 for December 31, 2020. The statement of operations related to LFT CRE 2021-FL1, Ltd., Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. for the three and six months ended June 30, 2021 and June 30, 2020 include the following income and expense items: Statements of Operations Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Interest income $ 7,867,960 $ 8,292,797 Interest expense (2,211,947) (2,915,638) Net interest income $ 5,656,013 $ 5,377,159 General and administrative fees 91,786 (149,643) Net income $ 5,747,799 $ 5,227,516 Statements of Operations Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Interest income $ 15,131,821 $ 17,324,969 Interest expense (4,397,189) (7,153,527) Net interest income $ 10,734,632 $ 10,171,442 General and administrative fees (28,800) (295,629) Net income $ 10,705,832 $ 9,875,813

RESTRICTED CASH

RESTRICTED CASH	6 Months Ended
	Jun. 30, 2021
Cash and Cash Equivalents [Abstract]
RESTRICTED CASH	RESTRICTED CASHLFT CRE 2021-FL1, Ltd., Ltd. is actively managed with an initial reinvestment period of 30 months that expires in December 2023. As loans payoff or mature, as applicable, during this reinvestment period, cash received is restricted and intended to be reinvested within LFT CRE 2021-Fl1, Ltd. in accordance with the terms and conditions of their respective governing agreements.

SECURED TERM LOAN

SECURED TERM LOAN	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
SECURED TERM LOAN	SECURED TERM LOANOn January 15, 2019, the Company, together with its FOAC and Hunt CMT Equity subsidiaries (together with the Company, the "Credit Parties"), entered into the Secured Term Loan, as amended on February 13, 2019, July 9, 2020 and April 21, 2021 with the lenders party thereto and Cortland Capital Market Services, LLC, as administrative agent (in such capacity, the "Agent"), providing for a term facility ("Credit Agreement") to be drawn in an aggregate principal amount of $40.25 million with a maturity of 6 years. On February 14, 2019, the Company drew on the Secured Term Loan in the aggregate principal amount of $40.25 million generating net proceeds of $39.2 million. The outstanding balance of the Secured Term Loan in the table below is presented gross of deferred financing costs ($614,741 and $693,802 at June 30, 2021 and December 31, 2020, respectively). As of June 30, 2021 and December 31, 2020, the outstanding balance and total commitment under the Credit Agreement consisted of the following: June 30, 2021 December 31, 2020 Outstanding Balance Total Commitment Outstanding Balance Total Commitment Secured Term Loan $ 40,250,000 $ 40,250,000 $ 40,250,000 $ 40,250,000 Total $ 40,250,000 $ 40,250,000 $ 40,250,000 $ 40,250,000 The borrowings under the Secured Term Loan are joint and several obligations of the Credit Parties. In addition, the Credit Parties’ obligations under the Secured Term Loan are secured by substantially all the assets of the Credit Parties through pledge and security documentation. Amounts advanced under the Secured Term Loan are subject to compliance with a borrowing base comprised of assets of the Credit Parties and certain of their subsidiaries, and include senior and subordinated CRE mortgage loans, preferred equity in CRE as sets (directly or indirectly), CRE construction mortgage loans and certain types of equity interests (the "Eligible Assets"). Borrowings under the Secured Term Loan bear interest at a fixed rate of 7.25% for the six-year period following the initial draw-down, which is subject to step up by 0.25% for the first four months after the sixth anniversary of the borrowing of the Senior Secured Term Loan, then by 0.375% for the following four months, then by 0.50% for the last four months until maturity. In response to the continued COVID-19 pandemic, on July 9, 2020, the Company entered into the Second Amendment to the Credit and Guaranty Agreement. This amendment provides the Company with additional flexibility to effectively manage any potential borrower distress related to COVID-19 that were not originally contemplated in loan documentation. On April 21, 2021, the Company, together with its Credit Parties, entered into an amendment (the "Third Amendment") to the Credit and Guaranty Agreement. The amendment, among other things, (i) provides the Company with an incremental secured term loan in the aggregate principal amount of $7.5 million; (ii) extends the maturity date of the Secured Term Loan from February 14, 2025 to February 14, 2026; (iii) amends certain asset concentration limits and (iv) amends certain financial covenants. On May 5, 2021 the Third Amendment became effective. The Credit Agreement contains affirmative and negative covenants binding the Company and its subsidiaries that are customary for credit facilities of this type, including, but not limited to: minimum asset coverage ratio; minimum unencumbered assets ratio; maximum total net leverage ratio; minimum tangible net worth; and an interest charge coverage ratio. As of June 30, 2021 and December 31, 2020 we were in compliance with these covenants. If the duration of the COVID-19 pandemic continues to prolong, its impact on our borrowers and their tenants could result in a sustained deterioration in a material amount of assets and may impact these covenants. The Credit Agreement contains events of default that are customary for facilities of this type, including, but not limited to, nonpayment of principal, interest, fees and other amounts when due, violation of covenants, cross default with material indebtedness, and change of control.

MSRs

MSRs	6 Months Ended
	Jun. 30, 2021
Mortgage Servicing Rights MSR Disclosure [Abstract]
MSRs	MSRs As of June 30, 2021, the Company retained the servicing rights associated with an aggregate principal balance of $127,453,198 of residential mortgage loans that the Company had previously transferred to residential mortgage loan securitization trusts. The Company’s MSRs are held and managed at the Company’s TRS, and the Company employs two licensed sub-servicers to perform the related servicing activities. The following table presents the Company’s MSR activity for the six months ended June 30, 2021 and the six months ended June 30, 2020: June 30, 2021 June 30, 2020 Balance at beginning of period $ 919,678 $ 2,700,207 Changes in fair value due to: Changes in valuation inputs or assumptions used in valuation model 68,314 (777,330) Other changes to fair value (1) (309,204) (475,595) Balance at end of period $ 678,788 $ 1,447,282 Loans associated with MSRs (2) $ 127,453,198 $ 274,570,339 MSR values as percent of loans (3) 0.53 % 0.53 % (1) Amounts represent changes due to realization of expected cash flows and prepayment of principal of the underlying loan portfolio. (2) Amounts represent the unpaid principal balance of loans associated with MSRs outstanding at June 30, 2021 and June 30, 2020, respectively. (3) Amounts represent the carrying value of MSRs at June 30, 2021 and June 30, 2020, respectively divided by the outstanding balance of the loans associated with these MSRs. The following table presents the servicing income recorded on the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2021 and June 30, 2020: Three Months Ended Three Months Ended Servicing income, net $ 95,766 $ 204,380 Total servicing income $ 95,766 $ 204,380 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Servicing income, net $ 219,922 $ 398,527 Total servicing income $ 219,922 $ 398,527

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE The following tables summarize the valuation of the Company’s assets and liabilities carried at fair value on a recurring basis within the fair value hierarchy levels as of June 30, 2021 and December 31, 2020: June 30, 2021 Quoted prices in Significant Unobservable Balance as of June 30, 2021 Assets: Mortgage servicing rights — — 678,788 678,788 Total $ — $ — $ 678,788 $ 678,788 December 31, 2020 Quoted prices in Significant Unobservable Balance as of Assets: Mortgage servicing rights — — 919,678 919,678 Total $ — $ — $ 919,678 $ 919,678 As of June 30, 2021 and December 31, 2020, the Company had $678,788 and $919,678, respectively, in Level 3 assets. The Company’s Level 3 assets are comprised of MSRs. For more detail about Level 3 assets, also see Notes 2 and 7. The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s MSRs classified as Level 3 fair value assets at June 30, 2021 and December 31, 2020: As of June 30, 2021 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 11.8 - 30.0% 18.5 % Discount rate 12.0 % 12.0 % As of December 31, 2020 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 12.4 - 28.0% 21.1 % Discount rate 12.0 % 12.0 % As discussed in Note 2, GAAP requires disclosure of fair value information about financial instruments, whether or not recognized in the condensed consolidated balance sheets, for which it is practicable to estimate that value. The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2: June 30, 2021 Level in Fair Value Hierarchy Carrying Value Face Amount Fair Value Assets: Cash and cash equivalents 1 14,576,852 14,576,852 14,576,852 Restricted cash 1 330,260,821 330,260,821 330,260,821 Commercial mortgage loans held-for-investment 3 611,820,226 611,527,493 611,505,951 Total $ 956,657,899 $ 956,365,166 $ 956,343,624 Liabilities: Collateralized loan obligations 2 826,070,345 833,750,000 837,030,000 Secured Term Loan 3 39,635,259 40,250,000 44,233,486 Total $ 865,705,604 $ 874,000,000 $ 881,263,486 December 31, 2020 Level in Fair Value Hierarchy Carrying Value Face Amount Fair Value Assets: Cash and cash equivalents 1 11,375,960 11,375,960 11,375,960 Restricted cash 1 57,999,396 57,999,396 57,999,396 Commercial mortgage loans held-for-investment 3 547,345,334 547,345,334 547,134,755 Total $ 616,720,690 $ 616,720,690 $ 616,510,111 Liabilities: Collateralized loan obligations 2 463,060,090 465,316,126 458,094,412 Secured term loan 3 39,556,198 40,250,000 44,514,373 Total $ 502,616,288 $ 505,566,126 $ 502,608,785 Estimates of cash and cash equivalents and restricted cash are measured using quoted prices, or Level 1 inputs. Estimates of the fair value of collateralized loan obligations are measured using observable, quoted market prices, in active markets, or Level 2 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs. See Note 2 for further discussion regarding fair value measurement of certain of our assets and liabilities.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Management and Incentive Fee The Company is externally managed and advised by the Manager and through January 3, 2020 by HIM, our prior manager. Pursuant to the terms of the prior management agreement in effect for the year ended December 31, 2019, the Company paid the prior manager a management fee equal to 1.5% per annum, calculated and payable quarterly (0.375% per quarter) in arrears. For purposes of calculating the management fee, the Company’s stockholders’ equity included the sum of the net proceeds from all issuances of the Company’s equity securities since inception (allocated on a pro rata daily basis for such issuances during the fiscal quarter of any such issuance), plus the Company’s retained earnings at the end of the most recently completed calendar quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less any amount that the Company paid for repurchases of the Company’s common stock since inception, and excluding any unrealized gains, losses or other items that did not affect realized net income (regardless of whether such items were included in other comprehensive income or loss, or in net income). This amount was adjusted to exclude one-time events pursuant to changes in GAAP and certain non-cash items after discussions between the manager and the Company’s independent directors and approval by a majority of the Company’s independent directors. To the extent asset impairment reduced the Company’s retained earnings at the end of any completed calendar quarter, it would reduce the management fee for such quarter. The Company’s stockholders’ equity for the purposes of calculating the management fee could be greater than the amount of stockholders’ equity shown on the consolidated financial statements. Additionally, under the terms of the prior management agreement, starting in the first full calendar quarter following January 18, 2019, the Company was also required to pay the Manager a quarterly incentive fee equal to 20% of the excess of Core Earnings (as defined in the management agreement) over the product of (i) Stockholders' Equity as of the end of such fiscal quarter, and (ii) 8% per annum. On January 3, 2020, the management agreement in effect for the year ended December 31, 2019 was terminated, and a new management agreement with the Manager became effective. Pursuant to the terms of the new management contract, the Company is required to pay the Manager an annual base management fee of 1.50% of Stockholders' Equity (as defined in the management agreement), payable quarterly (0.375% per quarter) in arrears. The definition of stockholders' equity in the new management agreement is materially unchanged from the definition in the prior management agreement. Additionally, starting in the first full calendar quarter following January 3, 2020, the Company is also required to pay the Manager a quarterly incentive fee equal to 20% of the excess of Core Earnings (as defined in the management agreement) over the product of (i) the Stockholders' Equity as of the end of such fiscal quarter, and (ii) 8% per annum. For the three months ended June 30, 2021, the Company incurred management fees of $725,465 (June 30, 2020: $590,211), recorded as "Management and incentive fees" in the condensed consolidated statement of operations, of which $726,000 (June 30, 2020: $588,000) was accrued but had not been paid, included in "Fees and expenses payable to Manager" in the condensed consolidated balance sheets. For the six months ended June 30, 2021, the Company incurred management fees of $1,314,232 (June 30, 2020: $1,175,032), recorded as "Management and incentive fees" in the condensed consolidated statement of operations, of which $726,000 (June 30, 2020: $588,000) was accrued but had not been paid, included in "Fees and expenses payable to Manager" in the condensed consolidated balance sheets. For the three months ended June 30, 2021 and the three months ended June 30, 2020 the Company did not incur any incentive fees. For the six months ended June 30, 2021 the Company incurred incentive fees of $132,232 (June 30, 2020: $0), recorded as "Management and incentive fees" in the condensed consolidated statement of operations, of which $132,232 (June 30, 2020: $0) was accrued but had not been paid, included in "Fees and expenses payable to Manager" in the condensed consolidated balance sheets. Expense Reimbursement Pursuant to the management agreement, the Company is required to reimburse the Manager for operating expenses related to the Company incurred by the Manager, including accounting, auditing and tax services, technology and office facilities, operations, compliance, legal and filing fees, and miscellaneous general and administrative costs, including the cost of non-investment management personnel of the Manager who spend all or a portion of their time managing the Company’s affairs. The Manager has agreed to certain limitations on manager expense reimbursement from the Company. On March 18, 2019, the Company entered into a support agreement with the prior manager, pursuant to which, the prior manager agreed to reduce the reimbursement cap by 25% per annum (subject to such reduction not exceeding $568,000 per annum) until such time as the aggregate support provided thereunder equaled approximately $1.96 million. Pursuant to the new management agreement, the terms of the support agreement are materially unchanged. For the three months ended June 30, 2021, the Company incurred reimbursable expenses of $496,599 (June 30, 2020: $346,653), recorded as "operating expenses reimbursable to Manager" in the condensed consolidated statement of operations, of which $497,000 (June 30, 2020: $367,500) was accrued but had not yet been paid, included in "fees and expenses payable to Manager" in the condensed consolidated balance sheets. Per the management agreement, any exit fees waived by the Company as a result of permanent financing by the Manager or any of its affiliates, shall result in a reduction to reimbursed expenses by an amount equal to 50% of the amount of any such waived exit fee. For the three months ended June 30, 2021, the Company waived $46,838 of reimbursable expense exit fees and for the three months ended June 30, 2020, the Company waived $73,549 of reimbursable expense exit fees. For the six months ended June 30, 2021, the Company incurred reimbursable expenses of $809,053 (June 30, 2020: $807,774), recorded as "operating expenses reimbursable to Manager" in the condensed consolidated statement of operations, of which $497,000 (June 30, 2020: $367,500) was accrued but had not yet been paid, included in "fees and expenses payable to Manager" in the condensed consolidated balance sheets. Per the management agreement, any exit fees waived by the Company as a result of permanent financing by the Manager or any of its affiliates, shall result in a reduction to reimbursed expenses by an amount equal to 50% of the amount of any such waived exit fee. For the six months ended June 30, 2021, the Company waived $175,959 of reimbursable expense exit fees and for the six months ended June 30, 2020, the Company waived $73,549 of reimbursable expense exit fees. Manager Equity Plan The Company has in place a Manager Equity Plan under which the Company may compensate the Manager and the Company’s independent directors or consultants, or officers whom it may employ in the future. In turn, the Manager, in its sole discretion, grants such awards to its directors, officers, employees or consultants. The Company is able to issue under the Manager Equity Plan up to 3.0% of the total number of issued and outstanding shares of common stock (on a fully diluted basis) at the time of each award. Stock based compensation arrangements may include incentive stock options and non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, unrestricted stock awards and other awards based on the Company’s common stock. The following table summarizes the activity related to restricted common stock for the six months ended June 30, 2021 and June 30, 2020: Six Months Ended June 30, 2021 2021 2020 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding Unvested Shares at Beginning of Period 4,500 $ 2.60 4,500 $ 3.33 Granted 4,500 4.18 4,500 2.60 Vested (4,500) 2.60 (4,500) $ 3.33 Outstanding Unvested Shares at End of Period 4,500 $ 4.18 4,500 $ 2.60 For the period ended June 30, 2021, the Company recognized compensation expense related to restricted common stock of $6,126 (2020: $14,394). The Company has unrecognized compensation expense of $18,036 as of June 30, 2021 (2020: $11,251) for unvested shares of restricted common stock. As of June 30, 2021, the weighted average period for which the unrecognized compensation expense will be recognized is 11.7 months. OREC Structured Finance, LLC During the first quarter of 2021, Hunt CRE 2018-FL2, Ltd. purchased three loans with an aggregate unpaid principal balance of $34.9 million at par from OREC Structured Finance, LLC d/b/a Lument Structured Finance ("LSF"), an affiliate of our Manager. During the second quarter of 2021, Hunt CRE 2018-FL1, Ltd. purchased six loans with an aggregate unpaid principal balance of $67.8 million at par from LSF, Lument Commercial Mortgage Trust ("LCMT") purchased two loans with an aggregate unpaid principal balance of $21.2 million and funded 18 loan advances with an unpaid principal balance of $14.5 million from LSF and LFT CRE 2021-FL1, Ltd. purchased eight loans with an aggregate unpaid principal balance of $82.6 million at par from LSF. During the first quarter of 2020, Hunt CRE 2017-FL1, Ltd. purchased two loans with an aggregate unpaid principal balance of $31.9 million at par from LSF. OREC 2018-CRE1, Ltd. During the second quarter of 2021, LFT CRE 2021-FL1, Ltd. purchased nine loans with an aggregate unpaid principal balance of $112.5 million at a premium of $0.35 million from OREC 2018-CRE1, Ltd., an affiliate of our Manager.. ORIX Real Estate Holdings, LLC During the second quarter of 2021, LFT CRE 2021-FL1, Ltd. purchased eight loans with an aggregate unpaid principal balance of $4.6 million at a premium of $0.02 million from ORIX Real Estate Holdings, LLC, an affiliate of our Manager. ORIX Real Estate Capital ORIX Real Estate Capital, LLC d/b/a Lument Capital ("OREC"), an affiliate of the Manager, was appointed as the servicer and special servicer with respect to mortgage assets for LFT CRE 2021-FL1, Ltd.. Lument IM Lument IM was appointed as the collateral manager with respect to LFT CRE 2021-FL1, Ltd. Lument IM has agreed to waive all its entitlements to collateral management fees for so long as Lument IM or an affiliate is the collateral manager. Hunt Companies, Inc. One of the Company's directors is also Chief Executive Officer and President of Hunt Companies, Inc. ("Hunt") and is a member of the Hunt Board of Directors, with which affiliates of the Manager have a commercial business relationship. The Manager's affiliates may from time to time sell commercial mortgage loans to Hunt or various of its subsidiaries and affiliates.

GUARANTEES

GUARANTEES	6 Months Ended
	Jun. 30, 2021
Guarantees [Abstract]
GUARANTEES	GUARANTEES The Company, through FOAC, is party to customary and standard loan repurchase obligations in respect of residential mortgage loans that it has sold into securitizations or to third parties, to the extent it is determined that there has been a breach of standard seller representations and warranties in respect of such loans. To date, the Company has not been required to repurchase any loan due to a claim of breached seller reps and warranties. In July 2016, the Company announced that it would no longer aggregate and securitize residential mortgage loans; however, the Company sought to capitalize on its infrastructure and knowledge to become the provider of seller eligibility review and backstop services to MAXEX. MAXEX's wholly owned clearinghouse subsidiary, MAXEX Clearing LLC, formerly known as Central Clearing and Settlement LLC ("MAXEX Clearing LLC"), functions as the central counterparty with which buyers and sellers transact, and acts as the buyer's counterparty for each transaction. Pursuant to a Master Agreement dated June 15, 2016, as amended on August 29, 2016, January 30, 2017 and June 27, 2018, among MAXEX, MAXEX Clearing LLC and FOAC (the "Master Agreement"), FOAC provided seller eligibility review services under which it reviewed, approved and monitored sellers that sold loans via MAXEX Clearing LLC. Once approved, and having signed the standardized loan sale contract, the seller sold loan(s) to MAXEX Clearing LLC, and MAXEX Clearing LLC simultaneously sold loan(s) to the buyer on substantially the same terms including representations and warranties. The Master Agreement was terminated on November 28, 2018 (the "MAXEX Termination Date"). To the extent that a seller approved by FOAC prior to the MAXEX Termination Date failed to honor its obligations to repurchase a loan based on an arbitration finding that it breached its representations and warranties, FOAC was obligated to backstop the seller's repurchase obligation. The term of the backstop guarantee is the earlier of the contractual maturity of the underlying mortgage, or its earlier repayment in full; however, the incidence of claims for breaches of representations and warranties over time is considered unlikely to occur more than five years from the sale of a mortgage. FOAC's obligations to provide further seller eligibility review and backstop guarantee services terminated on the MAXEX Termination Date. Pursuant to an Assumption Agreement dated December 31, 2018, among MAXEX Clearing LLC and FOAC, MAXEX Clearing LLC assumed all of FOAC's obligations under its backstop guarantees and agreed to indemnify and hold FOAC harmless against any losses, liabilities, costs, expenses and obligations under the backstop guarantee. FOAC paid MAXEX Clearing LLC, as the replacement backstop provider, a fee of $426,770 (the "Alternate Backstop Fee"). MAXEX Clearing LLC represented to FOAC in the Assumption Agreement that it (i) is rated at least "A" (or equivalent) by at least one nationally recognized statistical rating agency or (ii) has (a) adjusted tangible net worth of at least $20 million and (b) minimum available liquidity equal to the greater of (x) $5 million and (y) 0.1% multiplied by the scheduled unpaid principal balance of each outstanding loan covered by the backstop guarantees. MAXEX's chief financial officer is required to certify ongoing compliance by MAXEX Clearing LLC with the aforementioned criteria on a quarterly basis and if MAXEX Clearing LLC fails to satisfy such criteria, MAXEX Clearing LLC is required to deposit into an escrow account for FOAC's benefit an amount equal to the greater of (A) the unamortized Alternate Backstop Fee for each outstanding loan covered by the backstop guarantee and (B) the product of 0.01% multiplied by the scheduled unpaid principal balance of each outstanding loan covered by the backstop guarantees. The maximum potential amount of future payments that the Company could be required to make under the outstanding backstop guarantees, which represents the outstanding balance of all underlying mortgage loans sold by approved sellers to MAXEX Clearing LLC, was estimated to be $465.2 million and $860.5 million as of June 30, 2021 and December 31, 2020, respectively, although the Company believes this amount is not indicative of the Company's actual potential losses. Amounts payable in excess of the outstanding principal balance of the related mortgage, for example any premium paid by the loan buyer or costs associated with collecting mortgage payments, are not currently estimable. Amounts that may become payable under the backstop guarantee are normally recoverable from the related seller, as well as from any payments received on (or from the sale of property securing) the mortgage loan repurchased and, as noted above, MAXEX Clearing LLC has assumed all of FOAC's obligations in respect of its backstop guarantees. Pursuant to the Master Agreement, FOAC is required to maintain minimum available liquidity equal to the greater of (i) $5.0 million or (ii) 0.10% of the aggregate unpaid principal balance of loans backstopped by FOAC, either directly or through a credit support agreement acceptable by MAXEX. As of June 30, 2021, the Company was not aware of any circumstances expected to lead to the triggering of a backstop guarantee obligation. In addition, the Company enters into certain contracts that contain a variety of indemnification obligations, principally with the Manager, brokers and counterparties to repurchase agreements. The maximum potential future payment amount the Company could be required to pay under these indemnification obligations is unlimited. The Company has not incurred any costs to defend lawsuits or settle claims related to the indemnification obligations. As a result, the estimated fair value of these agreements is minimal. Accordingly, the Company recorded no liabilities for these agreements as of June 30, 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Impact of COVID-19 As further discussed in Note 2, the full extent of the impact of COVID-19 on the global economy generally, and our business in particular, remains uncertain. As of June 30, 2021, no contingencies have been recorded on our consolidated balance sheet as a result of COVID-19, however, as the global pandemic continues, it may have long-term impacts on our financial condition, results of operations, and cash flows. Refer to Note 2 for further discussion of COVID-19. Litigation From time to time, LFT may be involved in various claims and legal actions arising in the ordinary course of business. LFT establishes an accrued liability for legal proceedings only when those matters present loss contingencies that are both probable and reasonably estimable. As of June 30, 2021, LFT was not involved in any material legal proceedings regarding claims or legal actions against LFT. Unfunded Commitments As of June 30, 2021, LSF, an affiliate of the Manager, had $47.4 million of unfunded commitments related to loans held in LFT CRE 2021-FL1, Ltd. and $1.6 million of unfunded commitments related to loans held in LCMT. These commitments are not reflected on the Company's condensed consolidated balance sheets. As of December 31, 2020, LSF, an affiliate of the Manager had $5.6 million in funded commitments and $24.6 million of unfunded commitments related to loans held in Hunt CRE 2017-FL1, Ltd that the Company could be required to purchase from LSF under the Future Funding Participation Transfer. These commitments are not reflected on the Company's condensed consolidated balance sheets. As of December 31, 2020, LSF, an affiliate of the Manager, had $25.8 million of unfunded commitments related to loans held in Hunt CRE 2018-FL2, Ltd. These commitments are not reflected on the Company's condensed consolidated balance sheets. Future loan fundings comprise funding for capital improvements, leasing costs, interest and carry costs, and fundings will vary depending on the progress of the business plan and cash flows at the mortgage assets. Therefore, the exact timing and amounts of such future loan fundings are uncertain and will depend on the current and future performance of the underlying mortgage assets. Due to the ongoing COVID-19 pandemic, the progress of capital improvements and leasing is anticipated to be slower than otherwise expected, and, as such the pace of future funding relating to these capital needs may be commensurately lower.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Common Stock The Company has 450,000,000 authorized shares of common stock, par value $0.01 per share, with 24,947,883 and 24,943,383 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively. On January 3, 2020, the Company issued 1,246,719 shares of common stock to an affiliate of the Manager in a private placement at a purchase price of $4.61 per share resulting in aggregate net proceeds of $5.7 million. Stock Repurchase Program On December 15, 2015, the Company’s board of directors authorized a stock repurchase program (or the "Repurchase Program"), to repurchase up to $10 million of the Company’s outstanding common stock. Shares of the Company’s common stock may be purchased in the open market, including through block purchases, or through privately negotiated transactions, or pursuant to any trading plan that may be adopted in accordance with Rule 10b18(b)(1) of the Securities Exchange Act of 1934, as amended. The timing, manner, price and amount of any repurchases will be determined at the Company’s discretion and the program may be suspended, terminated or modified at any time for any reason. Among other factors, the Company intends to only consider repurchasing shares of the Company’s common stock when the purchase price is less than the Company’s estimate of the Company’s current net asset value per common share. Shares of common stock repurchased by the Company under the Repurchase Program, if any, will be canceled and, until reissued by the Company, will be deemed to be authorized but unissued shares of the Company’s common stock. Through June 30, 2021, the Company had repurchased 126,856 shares of common stock at a weighted average share price of $5.09. No share repurchases have been made since January 19, 2016. As of June 30, 2021, $9.4 million of common stock remained authorized for future share repurchase under the Repurchase Program. Preferred Stock At June 30, 2021 and December 31, 2020, the Company was authorized to issue up to 50,000,000 shares of preferred stock, par value $0.01 per share, with 2,400,000 shares of Series A Preferred Stock issued and outstanding as of June 30, 2021, and no shares of preferred stock issued and outstanding at December 31, 2020. Voting and other rights and preferences will be determined by the Company's Board of Directors upon issuance. On May 5, 2021, LFT issued 2,400,000 shares of Series A Preferred Stock, and received net proceeds, after underwriting discounts and commissions but before offering expenses payable by the Company, of $58.1 million. The Series A Preferred Stock is redeemable, at LFT's option, at a liquidation preference price of $25.00 per share plus accrued dividends commencing on May 5, 2026. Dividends on the Series A Preferred Stock are payable quarterly in arrears beginning on July 15, 2021. Distributions to Stockholders For the 2021 taxable year to date, the Company has declared dividends to common stockholders totaling $4,490,213, or $0.18 per share. The following table presents cash dividends declared by the Company on its common stock during the six months ended June 30, 2021: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Weighted Average Share March 15, 2021 March 31, 2021 April 15, 2021 $ 2,244,904 $ 0.090 June 15, 2021 June 30, 2021 July 15, 2021 $ 2,245,309 $ 0.090 The following table presents cash dividends declared by the Company on its Series A Preferred stock for the six months ended June 30, 2021: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Weighted Average Share June 15, 2021 July 1, 2021 July 15, 2021 $ 918,750 $ 0.383 Non-controlling Interests On November 29, 2018, Lument Commercial Mortgage Trust, Inc. ("LCMT"), formerly known as Hunt Commercial Mortgage Trust ("HCMT"), an indirect wholly-owned subsidiary of the Company that has elected to be taxed as a REIT issued 125 shares of Series A Preferred Shares ("LCMT Preferred Shares"). Net proceeds to LCMT were $99,500 representing $125,000 in equity raised, less $25,500 in expenses and is reflected as "Non-controlling interests" in the Company’s consolidated balance sheets. Dividends on the LCMT Preferred Shares are cumulative annually, in an amount equal to 12% of the initial purchase price plus any accrued unpaid dividends. The LCMT Preferred Shares are redeemable at any time by LCMT. The redemption price through December 31, 2020 is 1.1x the initial purchase price plus all accrued and unpaid dividends, and the initial purchase price plus all accrued and unpaid dividends thereafter. The holders of the LCMT Preferred Shares have limited voting rights, which do not entitle the holders to participate or otherwise direct the management of LCMT or the Company. The LCMT Preferred Shares are not convertible into or exchangeable for any other property or securities of LCMT or the Company. Dividends on the LCMT Preferred Shares, which amounted to $15,000 for the year ended December 31, 2020 are reflected in "Dividends to preferred stockholders" in the Company’s consolidated statements of operations. As of June 30, 2021, LCMT paid $7,500 in dividends on the LCMT Preferred Shares which are reflected in "dividends to preferred stockholders" in the Company's condensed consolidated statements of operations.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE In accordance with ASC 260, outstanding instruments that contain rights to non-forfeitable dividends are considered participating securities. The Company is required to apply the two-class method or the treasury stock method of computing basic and diluted earnings per share when there are participating securities outstanding. The Company has determined that outstanding unvested restricted shares issued under the Manager Equity Plan are participating securities, and they are therefore included in the computation of basic and diluted earnings per share. The following tables provide additional disclosure regarding the computation for the three and six months ended June 30, 2021 and June 30, 2020: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Net income $ 1,680,242 $ 1,878,703 Less dividends: Common stock $ 2,245,309 $ 1,870,754 Preferred stock 725,667 3,750 2,970,976 1,874,504 Undistributed earnings (deficit) $ (1,290,734) $ 4,199 Unvested Share-Based Common Stock Unvested Share-Based Common Stock Distributed earnings $ 0.09 $ 0.09 $ 0.08 $ 0.08 Undistributed earnings (deficit) — (0.05) — — Total $ 0.09 $ 0.04 $ 0.08 $ 0.08 For the three months ended June 30, 2021 2020 Basic weighted average shares of common stock 24,939,575 24,935,372 Weighted average of non-vested restricted stock 4,500 4,203 Diluted weighted average shares of common stock outstanding 24,944,075 24,939,575 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Net income $ 4,488,885 $ 3,430,374 Less dividends: Common stock $ 4,490,214 $ 3,741,170 Preferred stock 729,375 7,500 5,219,589 3,748,670 Undistributed earnings (deficit) $ (730,704) $ (318,296) Unvested Share-Based Common Stock Unvested Share-Based Common Stock Distributed earnings $ 0.18 $ 0.18 $ 0.15 $ 0.15 Undistributed earnings (deficit) — (0.03) — (0.01) Total $ 0.18 $ 0.15 $ 0.15 $ 0.14 For the six months ended June 30, 2021 2020 Basic weighted average shares of common stock 24,939,231 24,921,177 Weighted average of non-vested restricted stock 4,500 4,352 Diluted weighted average shares of common stock outstanding 24,943,731 24,925,529

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2021
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTINGThe Company invests in a portfolio comprised of commercial mortgage loans and other mortgage-related investments, and operates as a single reporting segment.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company has elected to be treated as a REIT under federal income tax laws. As a REIT, the Company must generally distribute annually at least 90% of our taxable income, subject to certain adjustments and excluding any capital net gain, in order for U.S. federal income not to apply to our earnings that we distribute. To the extent that we satisfy this distribution requirement, but distribute less than 100% of our net taxable income, we will be subject to U.S. federal income tax on our undistributed taxable income. In addition, we will be subject to a 4% nondeductible excise tax if the actual amount that we pay out to our stockholders in a calendar year is less than a minimum amount specified under U.S. federal tax laws. Certain activities of the Company that produce prohibited income are conducted through a TRS, FOAC, to protect REIT election and FOAC is therefore subject to tax as a U.S. C-Corporation. To maintain our REIT election, the Company must continue to meet certain ownership, asset and income requirements set forth in the Code. As further discussed below, the Company may be subject to non-income taxes on excess amounts of assets or income that cause a failure of any of the REIT testing requirements. As of June 30, 2021 and December 31, 2020, we were in compliance with all REIT requirements. As of June 30, 2021, tax years 2017 through 2020 remain subject to examination by taxing authorities.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn July 29, 2021, LFT CRE 2021-FL1 deployed $249.5 million of restricted cash to acquire twelve loans from OSF, an affiliate of our manager, with a weighted average interest rate of one month U.S. LIBOR plus 3.37% and a weighted average LIBOR floor of 0.16%.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements and related notes have been prepared in accordance with GAAP for interim financial reporting and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, certain information and note disclosures normally included in the financial statements prepared under GAAP have been condensed or omitted. In the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the Company’s financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the Securities and Exchange Commission (“SEC”) on March 15, 2021.
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements of the Company include the accounts of the Company and all subsidiaries which it controls (i) through voting or similar rights or (ii) by means other than voting rights if the Company is the primary beneficiary of a variable interest entity ("VIE"). Entities which the Company does not control and entities which are VIEs in which the Company is not the primary beneficiary are accounted for under the equity method or other appropriate GAAP. All significant intercompany transactions have been eliminated on consolidation.
VIEs	VIEs An entity is considered a VIE when any of the following applies: (1) the equity investors (if any) lack one or more essential characteristics of a controlling financial interest; (2) the equity investment at risk is not sufficient to finance that entity's activities without additional subordinated financial support; or (3) the equity investors have voting rights that are not proportionate to their economic interests and the activities of the entity involve or are conducted on behalf of an investor with a disproportionately small voting interest. The Company consolidates VIEs in which it is considered to be the primary beneficiary. The primary beneficiary is defined as the entity having both the following characteristics: (1) the power to direct activities that, when taken together, most significantly impact the VIE performance; and (2) the obligation to absorb losses and right to receive returns from the VIE that would be significant to the VIE. The Company evaluates quarterly its junior retained notes and preferred shares of LFT 2021-FL1, Ltd. for potential consolidation and prior to the unwinding in the second quarter of 2021, Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. At June 30, 2021, the Company determined it was the primary beneficiary of LFT CRE 2021-FL1, Ltd. based on its obligation to absorb losses derived from ownership of its preferred shares, and prior to the second quarter of 2021 determined it was the primary beneficiary of Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. Accordingly, the Company consolidated the assets, liabilities, income and expenses of the underlying issuing entities. The Company's maximum exposure to loss from collateralized loan obligations ("CLO") was $166,250,000 and $124,046,671 at June 30, 2021 and December 31, 2020.
Use of Estimates	Use of Estimates The financial statements have been prepared on the accrual basis of accounting in accordance with GAAP. The preparation of financial statements in conformity with GAAP requires the Company to make a number of significant estimates. As of June 30, 2021, the novel coronavirus, or COVID-19, pandemic is ongoing. During 2020, the COVID-19 pandemic created disruption in global supply chains, increased rates of unemployment and adversely impacted many industries, including industries related to the collateral underlying certain of our loans. In 2021, the global economy has, with certain setbacks, begun reopening and wider distribution of vaccines will likely encourage greater economic activity. Nonetheless, the recovery could remain uneven, particularly given uncertainty with respect to the distribution and acceptance of the vaccines and their effectiveness with respect to new variants of the virus, including the Delta variant which is believed to be more contagious than previous variants of the virus. We believe the estimates and assumptions underlying our consolidated financial statements are reasonable and supportable based on the information available as of June 30, 2021, however uncertainty over the ultimate impact of COVID-19 on the global economy generally, and our business in particular, makes any estimates and assumptions as of June 30, 2021 inherently less certain than they would be absent the current and potential impacts of COVID-19. Actual results could differ from our estimates and the differences may be material.
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents at time of purchase include cash held in bank accounts on an overnight basis and other short term deposit accounts with banks having maturities of 90 days or less at time of acquisition. The Company maintains its cash and cash equivalents with highly rated financial institutions, and at times these balances exceed insurable amounts. Restricted cash includes cash held within LFT CRE 2021-FL1 as of June 30, 2021 and Hunt CRE 2018-FL2 as of December 31, 2020.
Deferred Offering Costs	Deferred Offering Costs Direct costs incurred to issue shares classified as equity, such as legal and accounting fees, are deducted from the related proceeds and the net amount recorded as stockholders’ equity. Accordingly, payments made by the Company in respect of such costs related to the issuance of shares are recorded as an asset in the accompanying consolidated balance sheets in the line item "Deferred offering costs", for subsequent deduction from the related proceeds upon closing of the offering. To the extent that certain costs, in particular legal fees, are known to have been accrued but have not yet been invoiced and paid, they are included in "Other accounts payable and accrued expenses" on the accompanying consolidated balance sheets.
Fair Value Measurements	Fair Value Measurements The "Fair Value Measurements and Disclosures" Topic 820 of the FASB, or ASC 820, defines fair value, establishes a framework for measuring fair value, and requires certain disclosures about fair value measurement under GAAP. Specifically, the guidance defines fair value based on exit price, or the price that would be received upon the sale of an asset or the transfer of a liability in an orderly transaction between market participants at measurement date. ASC 820 specifies a hierarchy of valuation techniques based on the inputs used in measuring fair value. Valuation techniques are based on observable and unobservable inputs. Observable inputs reflect readily obtainable market data from independent sources, while unobservable inputs reflect the Company's market assumptions. The three levels are defined as follows: • Level 1 Inputs – Quoted prices for identical instruments in active markets. • Level 2 Inputs – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3 Inputs – Instruments with primarily unobservable value drivers. Pursuant to ASC 820 we disclose fair value information about financial instruments, which are not otherwise reported at fair value in our consolidated balance sheet, to the extent it is practicable to estimate fair value for those certain instruments. The following methods and assumptions are used to estimate the fair value of each class of financial instrument, for which it is practicable to estimate that value: • Cash and cash equivalents : The carrying amount of cash and cash equivalents approximates fair value. • Restricted cash : The carrying amount of restricted cash approximates fair value. • Commercial mortgage loans : The Company determines the fair value of commercial mortgage loans by utilizing a pricing model based on discounted cash flow methodologies using discount rates, which reflect current market interest rates that would be offered for loans with similar characteristics and credit quality. Additionally, the Company may record fair value adjustments on a non-recurring basis when it has determined it necessary to record a specific impairment reserve or charge-off against a loan and the Company measures such specific reserve or charge-off using the fair value of the loan's collateral. To determine the fair value of loan collateral, the Company employs the income capitalization approach, appraised values, broker opinion of value, sale offers, letter of intentions of purchase, or other valuation benchmarks, as applicable, depending upon the nature of such collateral and other relevant market factors. • Mortgage servicing rights : The Company determines the fair value of MSRs from a third-party pricing service on a recurring basis. The third-party pricing service uses common market pricing methods that include using discounted cash flow models to calculate present value, estimated net servicing income and observed market pricing for MSR purchase and sale transactions. The model considers contractually specified servicing fees, prepayment assumptions, delinquency rates, late charges, other ancillary revenue, costs to service and other economic factors. • Collateralized loan obligations : The Company determines the fair value of collateralized loan obligations by utilizing a third-party pricing service. In determining the value of a particular investment, pricing service providers may use market spreads, inventory levels, trade and bid history, as well as market insight from clients, trading desks and global research platform. • Secured term loan : The Company determines the fair value of its secured term loan based on a discounted cash flow methodology.
Commercial Mortgage Loans Held-For-Investment	Commercial Mortgage Loans Held-for-Investment Commercial mortgage loans held-for-investment represent floating-rate transitional loans and other commercial mortgage loans purchased by the Company. These loans include loans sold into securitizations that the Company consolidates. Commercial mortgage loans held-for-investment are intended to be held-to-maturity and, accordingly, are carried at their unpaid principal balances, adjusted for net unamortized loan fees and costs (in respect of originated loans), premiums and discounts (in respect of purchased loans) and impairment, if any. Interest income is recognized as revenue using the effective interest method and is recorded on the accrual basis according to the terms of the underlying loan agreement. Any fees, costs, premiums and discounts associated with these loan investments are deferred and amortized over the term of the loan using the effective interest method, or on a straight line basis when it approximates the effective interest method. Income accrual is generally suspended and loans are placed on non-accrual status on the earlier of the date at which payment has become 90 days past due or when full and timely collection of interest and principal is considered not probable. The Company may return a loan to accrual status when repayment of principal and interest is reasonably assured under the terms of the underlying loan agreement. As of June 30, 2021, the Company did not hold any loans placed in non-accrual status. Quarterly, the Company assesses the risk factors of each loan classified as held-for-investment and assigns a risk rating based on a variety of factors, including, without limitation, debt-service coverage ratio ("DSCR"), loan-to-value ratio ("LTV"), property type, geographic and local market dynamics, physical condition, leasing and tenant profile, adherence to business plan and exit plan, maturity default risk and project sponsorship. The Company's loans are rated on a 5-point scale, from least risk to greatest risk, respectively, which ratings are described as follows: 1. Very Low Risk : exceeds expectations and is outperforming underwriting or it is very likely that the underlying loan can be refinanced easily in the period's prevailing capital market conditions 2. Low Risk : meeting or exceeding underwritten expectations 3. Moderate Risk : in-line with underwritten expectations or the sponsor may be in the early stages of executing the business plan and the loan structure appropriately mitigates additional risks 4. High Risk : potential risk of default, a loss may occur in the event of default 5. Default Risk : imminent risk of default, a loss is likely in the event of default The Company evaluates each loan rated High Risk or above as to whether it is impaired on a quarterly basis. Impaired loans are individually evaluated based on the Company's quarterly assessment of each loan and assignment of a risk rating. Impairment occurs when the Company determines that the facts and circumstances of the loan deem it probable that the Company will not be able to collect all amounts due in accordance with the contractual terms of the loan. If a loan is considered to be impaired, an allowance is recorded to reduce the carrying value of the loan through a charge to the provision for loan losses. Impairment of these loans, all of which are deemed collateral dependent, is measured by comparing the estimated fair value of the underlying collateral, less costs to sell, to the book value of the respective loan. These valuations require significant judgments, which include assumptions regarding capitalization rates, leasing, creditworthiness of major tenants, occupancy rates, availability of financing, exit plan, actions of other lenders, and other factors deemed necessary by the Manager. Actual losses, if any, could ultimately differ from estimated losses.
Mortgage Servicing Rights, at Fair Value	Mortgage Servicing Rights, at Fair Value Mortgage servicing rights ("MSRs") are associated with residential mortgage loans that the Company historically purchased and subsequently sold or securitized. MSRs are held and managed at Five Oaks Acquisition Corp. ("FOAC"), the Company’s taxable REIT subsidiary ("TRS"). As the owner of MSRs, the Company is entitled to receive a portion of the interest payments from the associated residential mortgage loan, and is obligated to service, directly or through a subservicer, the associated loan. MSRs are reported at fair value. Residential mortgage loans for which the Company owns the MSRs are directly serviced by two sub-servicers retained by the Company. The Company does not directly service any residential mortgage loans. MSR income is recognized at the contractually agreed upon rate, net of the costs of sub-servicers retained by the Company. If a sub-servicer with which the Company contracts were to default, an evaluation of MSR assets for impairment would be undertaken at that time.
Collateralized Loan Obligations and Secured Term Loan	Collateralized Loan Obligations Collateralized loan obligations represent third-party liabilities of LFT CRE 2021-FL1, Ltd. as of June 30, 2021 and Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. prior to June 30, 2021 (the "CLOs"). The CLOs are VIEs that the Company has determined it is the primary beneficiary of and accordingly are consolidated in the Company's financial statements, excluding liabilities of the CLOs acquired by the Company that are eliminated on consolidation. The third-party obligations of the CLOs do not have any recourse to the Company as the consolidator of the CLOs. CLOs are carried at their outstanding unpaid principal balances, net of any unamortized discounts or deferred financing costs. Any premiums, discounts or deferred financing costs associated with these liabilities are amortized to interest expense using the effective interest method over the expected average life of the related obligations, or on a straight line basis when it approximates the effective interest method. In the second quarter of 2020, $624,816 in costs related to a contemplated collateralized loan transaction, that were previously deferred as "other assets" in the consolidated balance sheets were expensed as "other operating expenses" in the consolidated statements of operations as a result of abandoning the contemplated transaction due to the then current market environment, which had been impacted by the COVID-19 pandemic. Secured Term Loan The Company and certain of its subsidiaries are party to a $40.25 million credit and guaranty agreement with the lenders referred to therein and Cortland Capital Service LLC, as administrative agent and collateral agent for the lenders (the "Secured Term Loan"). The Secured Term Loan is carried at its unpaid
Common Stock, Stock Repurchase Program and Preferred Stock	Common Stock At June 30, 2021 and December 31, 2020, the Company was authorized to issue up to 450,000,000 shares of common stock, par value $0.01 per share. The Company had 24,947,883 and 24,943,383 shares of common stock issued and outstanding at June 30, 2021 and December 31, 2020, respectively. Stock Repurchase Program On December 15, 2015, the Company’s Board of Directors authorized a stock repurchase program ("Repurchase Program"), to repurchase up to $10 million of the Company’s outstanding common stock. Subject to applicable securities laws, the repurchase of common stock under the Repurchase Program may be made at times and in amounts as the Company deems appropriate, using available cash resources. Shares of common stock repurchased by the Company under the Repurchase Program, if any, will be canceled and, until reissued by the Company, will be deemed to be authorized but unissued shares of common stock. The Repurchase Program may be suspended or discontinued by the Company at any time and without prior notice. Preferred Stock At June 30, 2021 and December 31, 2020, the Company was authorized to issue up to 50,000,000 shares of preferred stock, par value $0.01 per share, with such designations, voting and other rights and preferences as may be determined from time to time by the Company's Board of Directors. The Company had 2,400,000 of preferred stock issued and outstanding at June 30, 2021 and no shares of preferred stock issued and outstanding as of December 31, 2020. Our preferred stock is classified as permanent equity and carried at its liquidation preference less offering costs. On May 3, 2021, the Company classified 2,400,000 shares of its authorized but unissued preferred stock as shares of 7.875% Series A Cumulative Redeemable Preferred Stock (Series A Preferred Stock"). See Note 12 for additional information related to our Series A Preferred Stock.
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the Code for U.S. federal income tax purposes, commencing with the Company’s short taxable period ended December 31, 2012. A REIT is generally taxable as a U.S. C-Corporation; however, so long as the Company qualifies as a REIT it is entitled to a special deduction for dividends paid to stockholders not otherwise available to corporations. Accordingly, the Company generally will not be subject to U.S. federal income tax to the extent its distributions to stockholders equals, or exceeds, its REIT taxable income for the year. In addition, the Company must continue to meet certain REIT qualification requirements with respect to distributions, as well as certain asset, income and share ownership tests, in accordance with Sections 856 through 860 of the Code, as summarized below. In addition, the TRS is maintained to perform certain services and earn income for the Company that the Company is not permitted to engage in as a REIT. To maintain its qualification as a REIT, the Company must meet certain requirements, including but not limited to the following: (i) distribute at least 90% of its REIT taxable income to its stockholders; (ii) invest at least 75% of its assets in REIT qualifying assets, with additional restrictions with respect to asset concentration risk; and (iii) earn at least 95% of its gross income from qualifying sources of income, including at least 75% from qualifying real estate and real estate related sources. Regardless of the REIT election, the Company may also be subject to certain state, local and franchise taxes. Under certain circumstances, federal income and excise taxes may be due on its undistributed taxable income. If the Company were to fail to meet these requirements, it would be subject to U.S. federal income tax as a U.S. C-Corporation, which could have a material adverse impact on its results of operations and amounts available for distributions to its stockholders. Certain activities of the Company are conducted through a TRS and therefore are taxed as a standalone U.S. C-Corporation. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. The TRS is not subject to a distribution requirement with respect to its REIT owner. The TRS may retain earnings annually, resulting in an increase in the consolidated book equity of the Company and without a corresponding distribution requirement by the REIT. If the TRS generates net income, and declares dividends to the Company, such dividends will be included in its taxable income and necessitate a distribution to its stockholders in accordance with the REIT distribution requirements.
Earnings per Share	Earnings per ShareThe Company calculates basic and diluted earnings per share by dividing net income attributable to common stockholders for the period by the weighted-average shares of the Company’s common stock outstanding for that period. Diluted earnings per share takes into account the effect of dilutive instruments, such as warrants, stock options, and unvested restricted stock, but use the average share price for the period in determining the number of incremental shares that are to be added to the weighted-average number of shares outstanding.
Stock-Based Compensation	Stock-Based Compensation The Company is required to recognize compensation costs relating to stock-based payment transactions in the consolidated financial statements. The Company accounts for share-based compensation issued to its Manager and non-management directors using the fair-value based methodology prescribed by ASC 505, Equity ("ASC 505"), or ASC 718, Share-Based Payment
Comprehensive Income (Loss) Attributable to Common Stockholders	Comprehensive Income (Loss) Attributable to Common Stockholders For the three and six months ended June 30, 2021 and 2020, comprehensive income equaled net income; therefore, a separate consolidated statement of comprehensive income is not included in the accompanying consolidated financial statements.
Recently Issued and/or Adopted Accounting Standards	Recently Issued and/or Adopted Accounting Standards Credit Losses In June 2016, the FASB issued ASU 2016-13, which is a comprehensive amendment of credit losses on financial instruments. Currently GAAP requires an "incurred loss" methodology for recognizing credit losses that delays recognition until it is probable a loss has been incurred. The standard’s core principle is that an entity replaces the "incurred loss" impairment methodology in current GAAP with a methodology that reflects current expected credit losses and requires consideration of a broader range of reasonable and supportable information to support credit loss estimates. For public business entities that are SEC filers, the amendment in this update is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. In November 2019, the FASB issued ASU 2019-10 which amended the effective dates for implementation of ASU 2016-13. ASU 2019-10 defers the effective date of ASU 2016-13 for SEC filers that are eligible to be smaller reporting companies, public business entities that are not SEC filers and all other companies, including not-for-profit companies and employee benefit plans for fiscal years beginning after December 15 2022, including interim periods within those fiscal years. The Company is designated as a smaller reporting company and has deferred implementation of ASU 2016-13 pursuant to ASU 2019-10 and is continuing to assess the impact of this guidance. In February 2020, the FASB issued ASU 2020-02, amending SEC paragraphs in the Codification to reflect the issuance of SEC Staff Accounting Bulletin ("SAB") No. 119 related to the new credit losses standard and revised effective date of the new leases standard. SAB No. 119 provides interpretive guidance on methodologies and supporting documentation for measuring credit losses, with a focus on the documentation the staff would normally expect registrants engaged in lending transactions to prepare and maintain to support estimates of current expected credit losses for loan transactions. This new guidance is effective for fiscal years beginning after December 15, 2022 for smaller reporting companies such as the Company. The Company is assessing the impact of this guidance. Accounting for Income Taxes In December 2019, the FASB issued ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." This guidance eliminates certain exceptions to the general principles in Topic 740. This new guidance is effective for us on January 1, 2021, with early adoption permitted. The Company adopted ASU 2019-12 beginning with the first quarter of 2021, which had no material impact on the Company's financial condition or results of operations. Financial Instruments In March 2020, the FASB issued ASU 2020-03 which makes improvements to financial instruments guidance, including the current expected credit losses (CECL) guidance in ASU 2016-13. Only Issue 1, of the 7 improvement issues applies to the Company, which is effective upon issuance, requires all entities to provide fair value option disclosures. MSRs are reported at fair value as a result of the fair value election, as discussed in Mortgage Servicing Rights, at Fair Value above . Reference Rate Reform In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 828): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The standard was issued to ease the accounting effects of reform to the London Interbank Offered Rate ("LIBOR") and other reference rates. The standard provides optional expedients and exceptions for applying GAAP to debt instruments, leases, derivatives and other contracts affected by reference rate reform. ASU 2020-04 generally considers contract modifications related to reference rate reform to be an event that does not require contract remeasurement at the modification date nor a reassessment of a previous accounting determination. The standard is effective for all entities as of March 12, 2020 through December 31, 2022 and may be elected over time as reference rate reform activities occur. We are currently evaluating the impact of this guidance on our consolidated financial statements. CARES Act On March 27, 2020, former President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). Section 4013 of the CARES Act includes a provision that permits financial institutions an election to suspend temporarily troubled debt restructuring ("TDR") accounting under ASC Subtopic 310-40 in certain circumstances ("Section 4013 Elections"). Additionally, Section 4014 of the CARES Act includes a provision that permits deferral of the effective date of ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), for insured depository institutions, bank holding companies, or any affiliates thereof ("Section 4014 Election"). The Company is not a financial institution, nor a depository institution, bank holding company or an affiliate of one and therefore would not be permitted to make Section 4013 or Section 4014 Elections. The Company is designated as a smaller reporting company for SEC filing purposes and has previously deferred implementation of ASU 2016-13 until January 1, 2023 pursuant to ASU 2019-10.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2021
Accounting Policies [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the statements of cash flows. June 30, 2021 December 31, 2020 Cash and cash equivalents $ 14,576,852 $ 11,375,960 Restricted cash CRE 2018-FL2, Ltd. $ — $ 57,999,396 Restricted cash CRE 2021-FL1, Ltd. $ 330,260,821 $ — Total cash, cash equivalents and restricted cash $ 344,837,673 $ 69,375,356

COMMERCIAL MORTGAGE LOANS HEL_2

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT (Tables)	6 Months Ended
	Jun. 30, 2021
Receivables [Abstract]
Summary of Commercial Mortgage Loans	The following tables summarize certain characteristics of the Company's investments in commercial mortgage loans as of June 30, 2021 and December 31, 2020: Weighted Average Loan Type Unpaid Principal Balance Carrying Value Loan Count Floating Rate Loan % Coupon (1) Remaining Term (Years) (2) June 30, 2021 Loans held-for-investment Senior secured loans (3) $ 611,527,493 $ 611,820,226 44 100.0 % 5.0 % 2.9 611,527,493 611,820,226 44 100.0 % 5.0 % 2.9 Weighted Average Loan Type Unpaid Principal Balance Carrying Value Loan Count Floating Rate Loan % Coupon (1) Remaining Term (Years) (2) December 31, 2020 Loans held-for-investment Senior secured loans (3) $ 547,345,334 $ 547,345,334 40 100.0 % 5.1 % 3.1 547,345,334 547,345,334 40 100.0 % 5.1 % 3.1 (1) Weighted average coupon assumes applicable one-month LIBOR of 0.08% and 0.14% as of June 30, 2021 and December 31, 2020, respectively, inclusive of weighted average floors of 1.32% and 1.64%, respectively. (2) Weighted average remaining term assumes all extension options are exercised by the borrower, provided, however, that our loans may be repaid prior to such date. (3) As of June 30, 2021, $590,574,226 of the outstanding senior secured loans were held in VIEs and $21,246,000 of the outstanding senior secured loans were held outside VIEs. As of December 31, 2020, $531,363,401 of the outstanding senior secured loans were held in VIEs and $15,981,933 of the outstanding senior secured loans were held outside VIEs. Activity: For the six months ended June 30, 2021, the loan portfolio activity was as follows: Commercial Mortgage Loans Held-for-Investment Balance at December 31, 2020 $ 547,345,334 Purchases and fundings 338,386,251 Proceeds from principal payments (273,837,132) Accretion of purchase discount 3,781 Amortization of purchase premium (78,008) Balance at June 30, 2021 $ 611,820,226
Summary of Loan Risk Ratings	The following table presents the principal balance and net book value of the loan portfolio based on the Company's internal risk ratings as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Risk Rating Number of Loans Unpaid Principal Balance Net Carrying Value Number of Loans Unpaid Principal Balance Net Carrying Value 1 — $ — — — — — 2 21 250,914,540 250,837,143 14 168,401,366 168,401,366 3 21 342,169,149 342,539,279 20 309,726,343 309,726,343 4 2 18,443,804 18,443,804 6 69,217,625 69,217,625 5 — — — — — — 44 $ 611,527,493 611,820,226 40 547,345,334 547,345,334
Geographic Concentrations	The following tables present the geographic and property types of collateral underlying the Company's commercial mortgage loans as a percentage of the loans' carrying value as of June 30, 2021 and December 31, 2020: Loans Held-for-Investment June 30, 2021 December 31, 2020 Geography South 36.2 % 36.5 % Southwest 31.7 38.7 West 21.0 1.8 Midwest 11.1 16.8 Mid-Atlantic — 6.2 Total 100.0 % 100.0 % June 30, 2021 December 31, 2020 Collateral Property Type Multifamily 84.8 % 89.5 % Self-Storage 9.2 0.8 Office 3.2 3.3 Retail 2.8 6.4 Total 100.0 % 100.0 %

USE OF SPECIAL PURPOSE ENTITI_2

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES (Tables)	6 Months Ended
	Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Condensed Consolidated Balance Sheets	The carrying values of the Company's total assets and liabilities related to LFT CRE 2021-FL1, Ltd. at June 30, 2021 and Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. at December 31, 2020 included the following VIE assets and liabilities: ASSETS June 30, 2021 December 31, 2020 Cash, cash equivalents and restricted cash $ 330,260,821 $ 57,999,396 Accrued interest receivable 2,251,641 1,955,709 Investment related receivable 79,457,686 — Loans held for investment 590,574,226 531,363,401 Total Assets $ 1,002,544,374 $ 591,318,506 LIABILITIES Accrued interest payable $ 593,324 $ 351,877 Collateralized loan obligations (1) 826,070,345 463,060,090 Total Liabilities $ 826,663,669 $ 463,411,967 Equity 175,880,705 127,906,539 Total liabilities and equity $ 1,002,544,374 $ 591,318,506 (1) The stated maturity of the collateral loan obligations per the terms of the underlying collateralized loan obligation agreement is June 14, 2039 for LFT CRE 2021-FL1, Ltd., August 15, 2034 for Hunt CRE 2017-FL1, Ltd. and August 15, 2028 for Hunt CRE 2018-FL2, Ltd.
Schedule Of Loan And Borrowing Characteristics	The following tables present certain loan and borrowing characteristics of LFT CRE 2021-FL1, Ltd. as of June 30, 2021 and Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. as of December 31, 2020: As of June 30, 2021 Collateralized Loan Obligations Count Principal Value Carrying Value (1) Wtd. Avg. Yield Collateral (loan investments) 42 $ 590,281,493 $ 590,574,226 L + 3.67% Financings provided 2 833,750,000 826,070,345 L + 1.43% As of December 31, 2020 Collateralized Loan Obligations Count Principal Value Carrying Value (1) Wtd. Avg. Yield Collateral (loan investments) 40 $ 531,363,401 $ 531,363,401 L + 3.50% Financing provided 2 465,316,126 463,060,090 L + 1.44% (1) The carrying value for LFT CRE 2021-FL1, Ltd. is net of debt issuance costs of $7,679,655 for June 30, 2021, Hunt CRE 2017-FL1, Ltd. is net of discount of $207,767 for December 31, 2020, and the carrying value for Hunt CRE 2018-FL2, Ltd. is net of debt issuance costs of $2,048,269 for December 31, 2020.
Condensed Consolidated Statements of Operations	The statement of operations related to LFT CRE 2021-FL1, Ltd., Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. for the three and six months ended June 30, 2021 and June 30, 2020 include the following income and expense items: Statements of Operations Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Interest income $ 7,867,960 $ 8,292,797 Interest expense (2,211,947) (2,915,638) Net interest income $ 5,656,013 $ 5,377,159 General and administrative fees 91,786 (149,643) Net income $ 5,747,799 $ 5,227,516 Statements of Operations Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Interest income $ 15,131,821 $ 17,324,969 Interest expense (4,397,189) (7,153,527) Net interest income $ 10,734,632 $ 10,171,442 General and administrative fees (28,800) (295,629) Net income $ 10,705,832 $ 9,875,813

SECURED TERM LOAN (Tables)

SECURED TERM LOAN (Tables)	6 Months Ended
	Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of Credit Agreement	As of June 30, 2021 and December 31, 2020, the outstanding balance and total commitment under the Credit Agreement consisted of the following: June 30, 2021 December 31, 2020 Outstanding Balance Total Commitment Outstanding Balance Total Commitment Secured Term Loan $ 40,250,000 $ 40,250,000 $ 40,250,000 $ 40,250,000 Total $ 40,250,000 $ 40,250,000 $ 40,250,000 $ 40,250,000

MSRs (Tables)

MSRs (Tables)	6 Months Ended
	Jun. 30, 2021
Mortgage Servicing Rights MSR Disclosure [Abstract]
MSR Activity	The following table presents the Company’s MSR activity for the six months ended June 30, 2021 and the six months ended June 30, 2020: June 30, 2021 June 30, 2020 Balance at beginning of period $ 919,678 $ 2,700,207 Changes in fair value due to: Changes in valuation inputs or assumptions used in valuation model 68,314 (777,330) Other changes to fair value (1) (309,204) (475,595) Balance at end of period $ 678,788 $ 1,447,282 Loans associated with MSRs (2) $ 127,453,198 $ 274,570,339 MSR values as percent of loans (3) 0.53 % 0.53 % (1) Amounts represent changes due to realization of expected cash flows and prepayment of principal of the underlying loan portfolio. (2) Amounts represent the unpaid principal balance of loans associated with MSRs outstanding at June 30, 2021 and June 30, 2020, respectively. (3) Amounts represent the carrying value of MSRs at June 30, 2021 and June 30, 2020, respectively divided by the outstanding balance of the loans associated with these MSRs.
Components of Servicing Income	The following table presents the servicing income recorded on the Company’s condensed consolidated statements of operations for the three and six months ended June 30, 2021 and June 30, 2020: Three Months Ended Three Months Ended Servicing income, net $ 95,766 $ 204,380 Total servicing income $ 95,766 $ 204,380 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Servicing income, net $ 219,922 $ 398,527 Total servicing income $ 219,922 $ 398,527

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value Disclosures [Abstract]
Assets and Liabilities Carried at Fair Value on a Recurring Basis	The following tables summarize the valuation of the Company’s assets and liabilities carried at fair value on a recurring basis within the fair value hierarchy levels as of June 30, 2021 and December 31, 2020: June 30, 2021 Quoted prices in Significant Unobservable Balance as of June 30, 2021 Assets: Mortgage servicing rights — — 678,788 678,788 Total $ — $ — $ 678,788 $ 678,788 December 31, 2020 Quoted prices in Significant Unobservable Balance as of Assets: Mortgage servicing rights — — 919,678 919,678 Total $ — $ — $ 919,678 $ 919,678
Quantitative Information About the Significant Unobservable Inputs Used in the Fair Value Measurement of MSRs Classified as Level 3	The following table provides quantitative information about the significant unobservable inputs used in the fair value measurement of the Company’s MSRs classified as Level 3 fair value assets at June 30, 2021 and December 31, 2020: As of June 30, 2021 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 11.8 - 30.0% 18.5 % Discount rate 12.0 % 12.0 % As of December 31, 2020 Valuation Technique Unobservable Input Range Weighted Average Discounted cash flow Constant prepayment rate 12.4 - 28.0% 21.1 % Discount rate 12.0 % 12.0 %
Fair Value Schedule of Financial Instruments	The following table details the carrying amount, face amount and fair value of the financial instruments described in Note 2: June 30, 2021 Level in Fair Value Hierarchy Carrying Value Face Amount Fair Value Assets: Cash and cash equivalents 1 14,576,852 14,576,852 14,576,852 Restricted cash 1 330,260,821 330,260,821 330,260,821 Commercial mortgage loans held-for-investment 3 611,820,226 611,527,493 611,505,951 Total $ 956,657,899 $ 956,365,166 $ 956,343,624 Liabilities: Collateralized loan obligations 2 826,070,345 833,750,000 837,030,000 Secured Term Loan 3 39,635,259 40,250,000 44,233,486 Total $ 865,705,604 $ 874,000,000 $ 881,263,486 December 31, 2020 Level in Fair Value Hierarchy Carrying Value Face Amount Fair Value Assets: Cash and cash equivalents 1 11,375,960 11,375,960 11,375,960 Restricted cash 1 57,999,396 57,999,396 57,999,396 Commercial mortgage loans held-for-investment 3 547,345,334 547,345,334 547,134,755 Total $ 616,720,690 $ 616,720,690 $ 616,510,111 Liabilities: Collateralized loan obligations 2 463,060,090 465,316,126 458,094,412 Secured term loan 3 39,556,198 40,250,000 44,514,373 Total $ 502,616,288 $ 505,566,126 $ 502,608,785

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Transactions [Abstract]
Restricted Common Stock Activity	The following table summarizes the activity related to restricted common stock for the six months ended June 30, 2021 and June 30, 2020: Six Months Ended June 30, 2021 2021 2020 Shares Weighted Average Grant Date Fair Market Value Shares Weighted Average Grant Date Fair Market Value Outstanding Unvested Shares at Beginning of Period 4,500 $ 2.60 4,500 $ 3.33 Granted 4,500 4.18 4,500 2.60 Vested (4,500) 2.60 (4,500) $ 3.33 Outstanding Unvested Shares at End of Period 4,500 $ 4.18 4,500 $ 2.60

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity Note [Abstract]
Cash Dividends Declared	The following table presents cash dividends declared by the Company on its common stock during the six months ended June 30, 2021: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Weighted Average Share March 15, 2021 March 31, 2021 April 15, 2021 $ 2,244,904 $ 0.090 June 15, 2021 June 30, 2021 July 15, 2021 $ 2,245,309 $ 0.090 The following table presents cash dividends declared by the Company on its Series A Preferred stock for the six months ended June 30, 2021: Declaration Date Record Date Payment Date Dividend Amount Cash Dividend Per Weighted Average Share June 15, 2021 July 1, 2021 July 15, 2021 $ 918,750 $ 0.383

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share	The following tables provide additional disclosure regarding the computation for the three and six months ended June 30, 2021 and June 30, 2020: Three Months Ended June 30, 2021 Three Months Ended June 30, 2020 Net income $ 1,680,242 $ 1,878,703 Less dividends: Common stock $ 2,245,309 $ 1,870,754 Preferred stock 725,667 3,750 2,970,976 1,874,504 Undistributed earnings (deficit) $ (1,290,734) $ 4,199 Unvested Share-Based Common Stock Unvested Share-Based Common Stock Distributed earnings $ 0.09 $ 0.09 $ 0.08 $ 0.08 Undistributed earnings (deficit) — (0.05) — — Total $ 0.09 $ 0.04 $ 0.08 $ 0.08
Schedule of Weighted Average Number of Shares	For the three months ended June 30, 2021 2020 Basic weighted average shares of common stock 24,939,575 24,935,372 Weighted average of non-vested restricted stock 4,500 4,203 Diluted weighted average shares of common stock outstanding 24,944,075 24,939,575 Six Months Ended June 30, 2021 Six Months Ended June 30, 2020 Net income $ 4,488,885 $ 3,430,374 Less dividends: Common stock $ 4,490,214 $ 3,741,170 Preferred stock 729,375 7,500 5,219,589 3,748,670 Undistributed earnings (deficit) $ (730,704) $ (318,296) Unvested Share-Based Common Stock Unvested Share-Based Common Stock Distributed earnings $ 0.18 $ 0.18 $ 0.15 $ 0.15 Undistributed earnings (deficit) — (0.03) — (0.01) Total $ 0.18 $ 0.15 $ 0.15 $ 0.14 For the six months ended June 30, 2021 2020 Basic weighted average shares of common stock 24,939,231 24,921,177 Weighted average of non-vested restricted stock 4,500 4,352 Diluted weighted average shares of common stock outstanding 24,943,731 24,925,529

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)	May 31, 2021	Jun. 30, 2020	Jun. 30, 2021	Dec. 31, 2020	May 05, 2021	May 03, 2021	Feb. 14, 2019	Jan. 15, 2019	Dec. 15, 2015
Debt and Equity Securities, FV-NI [Line Items]
Non-accrual status			$ 0
Recognized impairment			0
Allowance for loan losses			0
Principal amount			40,250,000	$ 40,250,000
Deferred financing costs amortized			$ 1,017,419
Common stock, shares authorized (in shares)			450,000,000	450,000,000
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01
Common stock, shares issued (in shares)			24,947,883	24,943,383
Common stock, shares outstanding (in shares)			24,947,883	24,943,383
Stock repurchase program, authorized amount									$ 10,000,000
Preferred stock, shares authorized (in shares)			50,000,000	50,000,000
Preferred stock, par value (in dollars per share)			$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)			2,400,000	0
Preferred stock, shares outstanding (in shares)			2,400,000	0
Preferred stock, dividend rate, percentage	7.875%		7.875%	7.875%
Other Operating Income (Expense)
Debt and Equity Securities, FV-NI [Line Items]
Reclassification of deferred financing costs from other assets to other operating expenses		$ 624,816
Series A Cumulative Redeemable Preferred Stock
Debt and Equity Securities, FV-NI [Line Items]
Preferred stock, shares authorized (in shares)			50,000,000	50,000,000		2,400,000
Preferred stock, par value (in dollars per share)			$ 0.01	$ 0.01
Preferred stock, shares issued (in shares)			2,400,000	0	2,400,000
Preferred stock, shares outstanding (in shares)			2,400,000	0
Delayed Draw Facility | Credit Agreement
Debt and Equity Securities, FV-NI [Line Items]
Principal amount			$ 40,250,000				$ 40,250,000	$ 40,250,000
Collateralized Loan Obligations
Debt and Equity Securities, FV-NI [Line Items]
Maximum exposure to loss from consolidated trusts			$ 166,250,000	$ 124,046,671

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)		Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Cash and Cash Equivalents [Line Items]
Cash and cash equivalents	[1]	$ 14,576,852	$ 11,375,960
Restricted cash	[1]	330,260,821	57,999,396
Total cash, cash equivalents and restricted cash		344,837,673	69,375,356	$ 16,270,951	$ 16,011,830
Hunt CRE 2018-FL2, Ltd
Cash and Cash Equivalents [Line Items]
Restricted cash		0	57,999,396
LFT CRE 2021-FL1
Cash and Cash Equivalents [Line Items]
Restricted cash		$ 330,260,821	$ 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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $1,002,544,374 and $591,318,506, respectively and the liabilities of consolidated VIEs totaled $826,663,669 and $463,411,967 respectively. See Note 4 for further discussion.

COMMERCIAL MORTGAGE LOANS HEL_3

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT - Summary of Commercial Mortgage Loans (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)mortgage_loan		Dec. 31, 2020USD ($)mortgage_loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
One Month LIBOR Rate	$ 0.0008		$ 0.0014
Weighted average LIBOR floor rate (percent)	0.0132		0.0164
Commercial mortgage loans held-for-investment, at amortized cost	611,820,226	[1]	547,345,334
Commercial real estate portfolio segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Unpaid Principal Balance	611,527,493		547,345,334
Carrying Value	$ 611,820,226		$ 547,345,334
Loan Count | mortgage_loan	44		40
Weighted average, floating rate loan, percentage	100.00%		100.00%
Weighted average coupon rate, percentage	5.00%		5.10%
Weighted average, life (in years)	2 years 10 months 24 days		3 years 1 month 6 days
Commercial mortgage loans held-for-investment, at amortized cost	$ 611,820,226		$ 547,345,334
Outstanding senior secured loans from loan participations	21,246,000		15,981,933
Hunt CMT | Commercial real estate portfolio segment
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commercial mortgage loans held-for-investment, at amortized cost	$ 590,574,226		$ 531,363,401
[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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $1,002,544,374 and $591,318,506, respectively and the liabilities of consolidated VIEs totaled $826,663,669 and $463,411,967 respectively. See Note 4 for further discussion.

COMMERCIAL MORTGAGE LOANS HEL_4

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT - Loan Portfolio Activity (Details) - USD ($)		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020
Loans Receivable Held-For-Investment, Net, Reconciliation To Cash Flow [Roll Forward]
Balance at December 31, 2020		$ 547,345,334
Purchases and fundings		338,386,251	$ 41,990,011
Proceeds from principal payments		(273,837,132)	(67,402,863)
Accretion of purchase discount		3,781	0
Amortization of purchase premium		(78,008)	$ 0
Balance at June 30, 2021	[1]	611,820,226
Commercial real estate portfolio segment
Loans Receivable Held-For-Investment, Net, Reconciliation To Cash Flow [Roll Forward]
Balance at December 31, 2020		547,345,334
Purchases and fundings		338,386,251
Proceeds from principal payments		(273,837,132)
Balance at June 30, 2021		$ 611,820,226
[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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $1,002,544,374 and $591,318,506, respectively and the liabilities of consolidated VIEs totaled $826,663,669 and $463,411,967 respectively. See Note 4 for further discussion.

COMMERCIAL MORTGAGE LOANS HEL_5

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT - Summary of Commercial Loan Risk Ratings (Details)	6 Months Ended			12 Months Ended
	Jun. 30, 2021USD ($)mortgage_loan		Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)mortgage_loan
Financing Receivable, Credit Quality Indicator [Line Items]
Commercial mortgage loans held-for-investment, at amortized cost	$ 611,820,226	[1]		$ 547,345,334
Average risk rating, moderate	2.6			3.1
Principal payments from commercial mortgage loans held-for-investment	$ 273,837,132		$ 67,402,863
Purchase of commercial loans held for investment	$ 338,386,251		$ 41,990,011
Commercial real estate portfolio segment
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | mortgage_loan	44			40
Unpaid Principal Balance	$ 611,527,493			$ 547,345,334
Commercial mortgage loans held-for-investment, at amortized cost	611,820,226			$ 547,345,334
Principal payments from commercial mortgage loans held-for-investment	273,837,132
Purchase of commercial loans held for investment	$ 338,386,251
Commercial real estate portfolio segment | Risk rating, 1
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | mortgage_loan	0			0
Unpaid Principal Balance	$ 0			$ 0
Commercial mortgage loans held-for-investment, at amortized cost	$ 0			$ 0
Commercial real estate portfolio segment | Risk rating, 2
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | mortgage_loan	21			14
Unpaid Principal Balance	$ 250,914,540			$ 168,401,366
Commercial mortgage loans held-for-investment, at amortized cost	250,837,143			$ 168,401,366
Commercial loans that paid off	68,900,000
Purchase of commercial loans held for investment	$ 151,200,000
Commercial real estate portfolio segment | Risk rating, 3
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | mortgage_loan	21			20
Unpaid Principal Balance	$ 342,169,149			$ 309,726,343
Commercial mortgage loans held-for-investment, at amortized cost	$ 342,539,279			$ 309,726,343
Average risk rating, percentage	97.00%			84.40%
Commercial loans that paid off	$ 177,200,000
Purchase of commercial loans held for investment	$ 165,700,000
Commercial real estate portfolio segment | Risk rating, 4
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | mortgage_loan	2			6
Unpaid Principal Balance	$ 18,443,804			$ 69,217,625
Commercial mortgage loans held-for-investment, at amortized cost	18,443,804			$ 69,217,625
Commercial loans that paid off	17,400,000
Purchase of commercial loans held for investment	$ 11,100,000
Commercial real estate portfolio segment | Risk rating, 5
Financing Receivable, Credit Quality Indicator [Line Items]
Number of Loans | mortgage_loan	0			0
Unpaid Principal Balance	$ 0			$ 0
Commercial mortgage loans held-for-investment, at amortized cost	$ 0			$ 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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $1,002,544,374 and $591,318,506, respectively and the liabilities of consolidated VIEs totaled $826,663,669 and $463,411,967 respectively. See Note 4 for further discussion.

COMMERCIAL MORTGAGE LOANS HEL_6

COMMERCIAL MORTGAGE LOANS HELD-FOR-INVESTMENT - Summary of Concentration of Credit Risk (Details) - Commercial loans held-for-investment - Commercial real estate portfolio segment	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Geography
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	100.00%	100.00%
Collateral Property Type
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	100.00%	100.00%
Multifamily | Collateral Property Type
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	84.80%	89.50%
Retail | Collateral Property Type
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	2.80%	6.40%
Office | Collateral Property Type
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	3.20%	3.30%
Self-Storage | Collateral Property Type
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	9.20%	0.80%
Southwest | Geography
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	31.70%	38.70%
South | Geography
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	36.20%	36.50%
Midwest | Geography
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	11.10%	16.80%
Mid-Atlantic | Geography
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	0.00%	6.20%
West | Geography
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk, percentage	21.00%	1.80%

USE OF SPECIAL PURPOSE ENTITI_3

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES - Narrative (Details) $ in Thousands	Jun. 14, 2021USD ($)subsidiarytranche
Variable Interest Entity [Line Items]
Number of wholly-owned subsidiaries | subsidiary	2
Equity interest retained	$ 96,250
Proceeds from issuance of long-term debt allocated to acquire additional loan obligations	$ 330,300
Period to acquire additional loan obligations from closing date	180 days
Collateralized loan obligation leverage ratio	0.83
Collateralized Loan Obligations - LFT CRE 2021-FL1, Ltd.
Variable Interest Entity [Line Items]
Number of tranches of CLO notes issued | tranche	8
Aggregate principal of CLO notes	$ 903,800
Portfolio of loan obligations securing the notes	$ 669,700
Reinvestment period for collateralized loan obligation	2 years 6 months
Proceeds from issuance of collateralized loan obligations	$ 1,000,000
Notional amount of residual interest in collateralized loan obligation portfolio	166,200
Collateralized Loan Obligations - LFT CRE 2021-FL1, Ltd. - Investment Grade
Variable Interest Entity [Line Items]
Aggregate principal of CLO notes	833,800
Collateralized Loan Obligations - LFT CRE 2021-FL1, Ltd. - Below Investment Grade
Variable Interest Entity [Line Items]
Aggregate principal of CLO notes	70,000
Collateralized Loan Obligations - Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Outstanding notes redeemed	388,200
Write off of deferred debt issuance cost	$ 1,700

USE OF SPECIAL PURPOSE ENTITI_4

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES - Condensed Consolidated Balance Sheets (Details) - USD ($)		Jun. 30, 2021		Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Cash, cash equivalents and restricted cash		$ 344,837,673		$ 69,375,356	$ 16,270,951	$ 16,011,830
Accrued interest receivable	[1]	2,811,728		2,015,617
Investment related receivable	[1]	79,457,686		0
Loans held for investment		611,820,226	[1]	547,345,334
Total Assets	[1]	1,041,963,035		621,489,779
Accrued interest payable	[1]	666,277		432,936
Collateralized loan obligations	[1]	826,070,345		463,060,090
Total Liabilities	[1]	871,726,025		507,786,627
Equity	[1]	170,137,510		113,603,652
Total liabilities and equity	[1]	1,041,963,035		621,489,779
LFT CRE 2021-FL1, Ltd.
Variable Interest Entity [Line Items]
Cash, cash equivalents and restricted cash		330,260,821
Accrued interest receivable		2,251,641
Investment related receivable		79,457,686
Loans held for investment		590,574,226
Total Assets		1,002,544,374
Accrued interest payable		593,324
Collateralized loan obligations		826,070,345
Total Liabilities		826,663,669
Equity		175,880,705
Total liabilities and equity		1,002,544,374
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Cash, cash equivalents and restricted cash				57,999,396
Accrued interest receivable				1,955,709
Investment related receivable				0
Loans held for investment				531,363,401
Total Assets		1,002,544,374		591,318,506
Accrued interest payable				351,877
Collateralized loan obligations				463,060,090
Total Liabilities		$ 826,663,669		463,411,967
Equity				127,906,539
Total liabilities and equity				$ 591,318,506
[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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $1,002,544,374 and $591,318,506, respectively and the liabilities of consolidated VIEs totaled $826,663,669 and $463,411,967 respectively. See Note 4 for further discussion.

USE OF SPECIAL PURPOSE ENTITI_5

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES - Summary of Loan and Borrowing Characteristics (Details)		6 Months Ended	12 Months Ended
		Jun. 30, 2021USD ($)insturmentcontractmortgage_loan	Dec. 31, 2020USD ($)insturmentmortgage_loancontract
Variable Interest Entity [Line Items]
Collateralized loan obligations	[1]	$ 826,070,345	$ 463,060,090
Commercial real estate portfolio segment
Variable Interest Entity [Line Items]
Number of Loans | mortgage_loan		44	40
Carrying Value		$ 611,820,226	$ 547,345,334
LFT CRE 2021-FL1, Ltd.
Variable Interest Entity [Line Items]
Number of notes issued | insturment		2
Collateralized loan obligations		$ 826,070,345
LFT CRE 2021-FL1, Ltd. | London Interbank Offered Rate (LIBOR)
Variable Interest Entity [Line Items]
Weighted Average Yield (as a percentage)		3.67%
Interest fixed rate		1.43%
LFT CRE 2021-FL1, Ltd. | Commercial real estate portfolio segment
Variable Interest Entity [Line Items]
Number of Loans | contract		42
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Number of notes issued | insturment			2
Collateralized loan obligations			$ 463,060,090
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. | London Interbank Offered Rate (LIBOR)
Variable Interest Entity [Line Items]
Weighted Average Yield (as a percentage)			3.50%
Interest fixed rate			1.44%
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd. | Commercial real estate portfolio segment
Variable Interest Entity [Line Items]
Number of Loans | contract			40
Face Amount
Variable Interest Entity [Line Items]
Collateralized loan obligations			$ 465,316,126
Face Amount | LFT CRE 2021-FL1, Ltd.
Variable Interest Entity [Line Items]
Carrying Value		$ 590,281,493
Collateralized loan obligations		833,750,000
Face Amount | Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Carrying Value			531,363,401
Collateralized loan obligations			465,316,126
Carrying Value
Variable Interest Entity [Line Items]
Collateralized loan obligations			463,060,090
Carrying Value | LFT CRE 2021-FL1, Ltd.
Variable Interest Entity [Line Items]
Carrying Value		590,574,226
Collateralized loan obligations		$ 826,070,345	7,679,655
Carrying Value | Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Carrying Value			531,363,401
Collateralized loan obligations			463,060,090
Carrying Value | Hunt CRE 2017-FL1, Ltd.
Variable Interest Entity [Line Items]
Collateralized loan obligations			207,767
Carrying Value | Hunt CRE 2018-FL2, Ltd
Variable Interest Entity [Line Items]
Collateralized loan obligations			$ 2,048,269
[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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $1,002,544,374 and $591,318,506, respectively and the liabilities of consolidated VIEs totaled $826,663,669 and $463,411,967 respectively. See Note 4 for further discussion.

USE OF SPECIAL PURPOSE ENTITI_6

USE OF SPECIAL PURPOSE ENTITIES AND VARIABLE INTEREST ENTITIES - Condensed Consolidated Statement of Operations (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Variable Interest Entity [Line Items]
Net interest income	$ 5,254,447		$ 4,783,694		$ 9,771,757	$ 8,959,336
General and administrative fees	(520,013)		(978,842)		(1,200,327)	(1,744,734)
Net income	1,680,242	$ 2,808,643	1,878,703	$ 1,551,671	4,488,885	3,430,374
LFT CRE 2021-FL1, Ltd.
Variable Interest Entity [Line Items]
Interest income	7,867,960				15,131,821
Interest expense	(2,211,947)				(4,397,189)
Net interest income	5,656,013				10,734,632
General and administrative fees	91,786				(28,800)
Net income	$ 5,747,799				$ 10,705,832
Hunt CRE 2017-FL1, Ltd. and Hunt CRE 2018-FL2, Ltd.
Variable Interest Entity [Line Items]
Interest income			8,292,797			17,324,969
Interest expense			(2,915,638)			(7,153,527)
Net interest income			5,377,159			10,171,442
General and administrative fees			(149,643)			(295,629)
Net income			$ 5,227,516			$ 9,875,813

RESTRICTED CASH (Details)

RESTRICTED CASH (Details)	6 Months Ended
	Jun. 30, 2021
LFT CRE 2021-FL1
Restricted Cash and Cash Equivalents Items [Line Items]
Reinvestment period	30 months

SECURED TERM LOAN - Narrative (

SECURED TERM LOAN - Narrative (Details) - USD ($)	Jan. 15, 2019	Jun. 30, 2021	Apr. 21, 2021	Dec. 31, 2020	Feb. 14, 2019
Debt Instrument [Line Items]
Principal amount		$ 40,250,000		$ 40,250,000
Collateralized loan obligation, discount					$ 39,200,000
Collateralized loan obligation, deferred financing costs		614,741		$ 693,802
Delayed Draw Facility | Credit Agreement
Debt Instrument [Line Items]
Principal amount	$ 40,250,000	$ 40,250,000			$ 40,250,000
Incremental increase in term loan			$ 7,500,000
Maturity term	6 years
Stated interest rate (as a percentage)	7.25%
Five year period following initial draw | Delayed Draw Facility | Credit Agreement
Debt Instrument [Line Items]
Maturity term	6 years
First four months after fifth anniversary | Delayed Draw Facility | Credit Agreement
Debt Instrument [Line Items]
Weighted Average Yield (as a percentage)	0.25%
Second four months after fifth anniversary | Delayed Draw Facility | Credit Agreement
Debt Instrument [Line Items]
Weighted Average Yield (as a percentage)	0.375%
Last four months until maturity | Delayed Draw Facility | Credit Agreement
Debt Instrument [Line Items]
Weighted Average Yield (as a percentage)	0.50%

SECURED TERM LOAN - Summary of

SECURED TERM LOAN - Summary of Credit Agreement (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Outstanding Balance	$ 40,250,000	$ 40,250,000
Total Commitment	$ 40,250,000	$ 40,250,000

MSRs - Narrative (Details)

MSRs - Narrative (Details)	6 Months Ended
	Jun. 30, 2021USD ($)numberOfMortgageSub-servicers	Jun. 30, 2020USD ($)
Mortgage Servicing Rights MSR [Line Items]
Number of licensed sub-servicers | numberOfMortgageSub-servicers	2
Mortgage servicing rights
Mortgage Servicing Rights MSR [Line Items]
Loans associated with MSRs | $	$ 127,453,198	$ 274,570,339

MSRs - MSR Activity (Details)

MSRs - MSR Activity (Details) - Mortgage Servicing Rights - USD ($)	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Movement in Mortgage Service Rights
Balance at beginning of period	$ 919,678	$ 2,700,207
Changes in fair value due to:
Changes in valuation inputs or assumptions used in valuation model	68,314	(777,330)
Other changes to fair value	(309,204)	(475,595)
Balance at end of period	678,788	1,447,282
Loans associated with MSRs	$ 127,453,198	$ 274,570,339
MSR values as percent of loans	0.53%	0.53%

MSRs - Components of Servicing

MSRs - Components of Servicing Income (Details) - Mortgages - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Schedule Of Components Of Servicing Income [Line Items]
Servicing income, net	$ 95,766	$ 204,380	$ 219,922	$ 398,527
Total servicing income	$ 95,766	$ 204,380	$ 219,922	$ 398,527

FAIR VALUE - Assets and Liabili

FAIR VALUE - Assets and Liabilities at Fair Value (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Assets:
Total assets	$ 678,788	$ 919,678
Quoted prices in active markets for identical assets Level 1
Assets:
Total assets	0	0
Significant other observable inputs Level 2
Assets:
Total assets	0	0
Unobservable inputs Level 3
Assets:
Total assets	678,788	919,678
Mortgage servicing rights
Assets:
Total assets	678,788	919,678
Mortgage servicing rights | Quoted prices in active markets for identical assets Level 1
Assets:
Total assets	0	0
Mortgage servicing rights | Significant other observable inputs Level 2
Assets:
Total assets	0	0
Mortgage servicing rights | Unobservable inputs Level 3
Assets:
Total assets	$ 678,788	$ 919,678

FAIR VALUE - Narrative (Details

FAIR VALUE - Narrative (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 678,788	$ 919,678
Unobservable inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	678,788	919,678
Mortgage Servicing Rights
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	678,788	919,678
Mortgage Servicing Rights | Unobservable inputs Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 678,788	$ 919,678

FAIR VALUE - Unobservable Input

FAIR VALUE - Unobservable Inputs Information (Details) - Mortgage servicing rights - Discounted cash flow - Unobservable inputs Level 3	Jun. 30, 2021	Dec. 31, 2020
Constant prepayment rate | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.118	0.124
Constant prepayment rate | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.300	0.280
Constant prepayment rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.185	0.211
Discount rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.120	0.120
Discount rate | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Unobservable Input	0.120	0.120

FAIR VALUE - Fair Value Informa

FAIR VALUE - Fair Value Information on Financial Instruments (Details) - USD ($)		Jun. 30, 2021	Dec. 31, 2020
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents	[1]	$ 14,576,852	$ 11,375,960
Restricted cash	[1]	330,260,821	57,999,396
Total Assets	[1]	1,041,963,035	621,489,779
Collateralized loan obligations	[1]	826,070,345	463,060,090
Secured Term Loan	[1]	39,635,259	39,556,198
Total Liabilities	[1]	871,726,025	507,786,627
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		14,576,852	11,375,960
Restricted cash			57,999,396
Commercial mortgage loans held-for-investment	[1]		547,345,334
Total Assets		956,657,899	616,720,690
Collateralized loan obligations			463,060,090
Secured Term Loan			39,556,198
Total Liabilities		865,705,604	502,616,288
Carrying Value | Quoted prices in active markets for identical assets Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		14,576,852	11,375,960
Restricted cash		330,260,821	57,999,396
Carrying Value | Significant other observable inputs Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations		826,070,345	463,060,090
Carrying Value | Unobservable inputs Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans held-for-investment		611,820,226	547,345,334
Secured Term Loan		39,635,259	39,556,198
Face Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents			11,375,960
Restricted cash			57,999,396
Commercial mortgage loans held-for-investment			547,345,334
Total Assets		956,365,166	616,720,690
Collateralized loan obligations			465,316,126
Secured Term Loan			40,250,000
Total Liabilities		874,000,000	505,566,126
Face Amount | Quoted prices in active markets for identical assets Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		14,576,852	11,375,960
Restricted cash		330,260,821	57,999,396
Face Amount | Significant other observable inputs Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations		833,750,000	465,316,126
Face Amount | Unobservable inputs Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans held-for-investment		611,527,493	547,345,334
Secured Term Loan		40,250,000	40,250,000
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents			11,375,960
Restricted cash			57,999,396
Commercial mortgage loans held-for-investment			547,134,755
Total Assets		956,343,624	616,510,111
Collateralized loan obligations			458,094,412
Secured Term Loan			44,514,373
Total Liabilities		881,263,486	502,608,785
Fair Value | Quoted prices in active markets for identical assets Level 1
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash and cash equivalents		14,576,852	11,375,960
Restricted cash		330,260,821	57,999,396
Fair Value | Significant other observable inputs Level 2
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Collateralized loan obligations		837,030,000	458,094,412
Fair Value | Unobservable inputs Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Commercial mortgage loans held-for-investment		611,505,951	547,134,755
Secured Term Loan		$ 44,233,486	$ 44,514,373
[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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $1,002,544,374 and $591,318,506, respectively and the liabilities of consolidated VIEs totaled $826,663,669 and $463,411,967 respectively. See Note 4 for further discussion.

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details)	Jan. 03, 2020	Mar. 18, 2019USD ($)	Jan. 18, 2019	Jun. 30, 2021USD ($)contract	Jun. 30, 2020USD ($)contract	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Management fee percentage								1.50%
Quarterly management fee percentage								0.375%
Management fee expense				$ 725,465	$ 590,211	$ 1,314,232	$ 1,175,032
Management fee payable				726,000	588,000	726,000	588,000
Incentive fees				0	0	132,232	0
Incentive fees payable				132,232	0	132,232	0
Reimbursable expenses				496,599	346,653	809,053	807,774
Reimbursable expenses payable				$ 497,000	367,500	497,000	367,500
Percentage reduced of amount of waived exit fee				50.00%
Reimbursable expenses waived				$ 46,838	73,549	$ 175,959	73,549
Number of participation interests funded | contract				18
Hunt CRE 2017-FL1, Ltd.
Related Party Transaction [Line Items]
Funded participation interests									$ 5,600,000
Manager Equity Plan
Related Party Transaction [Line Items]
Maximum shares issued, percentage of issued and outstanding shares of common stock						3.00%
Manager Equity Plan | Restricted Stock Units (RSUs)
Related Party Transaction [Line Items]
Compensation expense						$ 6,126	14,394
Unrecognized compensation expense				$ 18,036	$ 11,251	$ 18,036	$ 11,251
Weighted average period for compensation expense not yet recognized						11 months 21 days
Hunt Investment Management, LLC
Related Party Transaction [Line Items]
Quarterly management fee percentage	0.375%
Quarterly incentive fee percentage	20.00%		20.00%
Hurdle rate percentage	8.00%		8.00%
Annual management fee percentage	1.50%
Hunt Investment Management, LLC | Support Agreement
Related Party Transaction [Line Items]
Maximum reduction of expense reimbursement per annum (percent)		25.00%
Maximum expense reimbursement reduction per annum		$ 568,000
Aggregate reduction of expense reimbursement		$ 1,960,000
Lument Structured Finance | Hunt CRE 2017-FL1, Ltd.
Related Party Transaction [Line Items]
Number of loans purchased | contract					2
Unpaid principal balance of purchased loans					$ 31,900,000
Lument Structured Finance | Hunt CRE 2018-FL2, Ltd
Related Party Transaction [Line Items]
Number of loans purchased | contract				3
Unpaid principal balance of purchased loans				$ 34,900,000
Lument Structured Finance | Hunt CRE 2018-FL1, LTD.
Related Party Transaction [Line Items]
Number of loans purchased | contract				6
Unpaid principal balance of purchased loans				$ 67,800,000
Lument Structured Finance | LFT CRE 2021-FL1, Ltd.
Related Party Transaction [Line Items]
Number of loans purchased | contract				8
Unpaid principal balance of purchased loans				$ 82,600,000
Lument Structured Finance | Lument Commercial Mortgage Trust
Related Party Transaction [Line Items]
Number of loans purchased | contract				2
Unpaid principal balance of purchased loans				$ 21,200,000
Funded participation interests				$ 14,500,000		$ 14,500,000
OREC 2018-CRE1, Ltd. | LFT CRE 2021-FL1, Ltd.
Related Party Transaction [Line Items]
Number of loans purchased | contract					9
Unpaid principal balance of purchased loans					$ 112,500,000
Payment of premium on unpaid principal balance of purchased loans					$ 350,000
ORIX Real Estate Holdings, LLC | LFT CRE 2021-FL1, Ltd.
Related Party Transaction [Line Items]
Number of loans purchased | contract					8
Unpaid principal balance of purchased loans					$ 4,600,000
Payment of premium on unpaid principal balance of purchased loans					$ 20,000

Related Party Disclosures (Deta

Related Party Disclosures (Details) - Restricted Stock - $ / shares	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Shares
Outstanding Unvested Shares at Beginning of Period (in shares)	4,500	4,500
Granted (in shares)	4,500	4,500
Vested (in shares)	(4,500)	(4,500)
Outstanding Unvested Shares at End of Period (in shares)	4,500	4,500
Weighted Average Grant Date Fair Market Value
Outstanding Unvested Shares at Beginning of Period (in dollars per share)	$ 2.60	$ 3.33
Granted (in usd per share)	4.18	2.60
Vested (in usd per share)	2.60	3.33
Outstanding Unvested Shares at End of Period (in dollars per share)	$ 4.18	$ 2.60

GUARANTEES (Details)

GUARANTEES (Details) - USD ($)	Jun. 15, 2016	Jun. 30, 2021	Dec. 31, 2020
Backstop Guarantee
Guarantor Obligations [Line Items]
Representation and warranty breach, threshold period for likely occurrence	5 years
Minimum adjusted tangible new worth		$ 20,000,000
Minimum available liquidity	$ 5,000,000	$ 5,000,000
Minimum available liquidity, percentage of aggregate unpaid principal balance	0.10%	0.10%
Maximum amount of estimated future payments under the backstop guarantees		$ 465,200,000	$ 860,500,000
Indemnification Agreement
Guarantor Obligations [Line Items]
Maximum amount of estimated future payments under the backstop guarantees		$ 0
Loan Review Services | Backstop Guarantee
Guarantor Obligations [Line Items]
Minimum available liquidity, percentage of aggregate unpaid principal balance		0.01%
Oak Circle Capital Partners, LLC | Loan Review Services | Backstop Guarantee
Guarantor Obligations [Line Items]
Alternative backstop fee		$ 426,770

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
LCMT
Loss Contingencies [Line Items]
Unfunded commitment related to loans held-for-investment	$ 1.6
LFT CRE 2021-FL1, Ltd.
Loss Contingencies [Line Items]
Unfunded commitment related to loans held-for-investment	$ 47.4
Hunt CRE 2017-FL1, Ltd.
Loss Contingencies [Line Items]
Funded participation interests		$ 5.6
Unfunded commitment related to loans held-for-investment		24.6
Hunt CRE 2018-FL2, Ltd
Loss Contingencies [Line Items]
Unfunded commitment related to loans held-for-investment		$ 25.8

EQUITY - Narrative (Details)

EQUITY - Narrative (Details)		May 05, 2021USD ($)$ / sharesshares	Jan. 03, 2020USD ($)$ / sharesshares	Nov. 29, 2018USD ($)shares	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)shares	Mar. 31, 2020shares	Jun. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2020USD ($)	Dec. 31, 2020USD ($)$ / sharesshares	May 03, 2021shares	Dec. 15, 2015USD ($)
Stockholders' Equity Note [Line Items]
Common stock, shares authorized (in shares) | shares					450,000,000			450,000,000		450,000,000
Common stock, par value (in dollars per share) | $ / shares					$ 0.01			$ 0.01		$ 0.01
Common stock, shares outstanding (in shares) | shares					24,947,883			24,947,883		24,943,383
Common stock, shares issued (in shares) | shares					24,947,883			24,947,883		24,943,383
Stock repurchase program, authorized amount | $												$ 10,000,000
Preferred stock, shares authorized (in shares) | shares					50,000,000			50,000,000		50,000,000
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01			$ 0.01		$ 0.01
Preferred stock, shares outstanding (in shares) | shares					2,400,000			2,400,000		0
Preferred stock, shares issued (in shares) | shares					2,400,000			2,400,000		0
Dividends payable | $	[1]				$ 2,967,184			$ 2,967,184		$ 3,242,640
Noncontrolling interests | $	[1]				99,500			99,500		$ 99,500
Dividends on the HCMT Preferred Shares | $					$ 725,667	$ 3,750		729,375	$ 7,500
Preferred dividends paid | $								$ 7,500
Stock Repurchase Program
Stockholders' Equity Note [Line Items]
Number of shares repurchased (in shares) | shares					126,856			126,856
Weighted average share price of common stock repurchased (in dollars per share) | $ / shares								$ 5.09
Common stock repurchase activity (in shares) | shares					0
Stock repurchase program, remaining authorized amount | $					$ 9,400,000			$ 9,400,000
Redeemable Preferred Stock
Stockholders' Equity Note [Line Items]
Preferred stock, shares authorized (in shares) | shares					50,000,000			50,000,000		50,000,000	2,400,000
Preferred stock, par value (in dollars per share) | $ / shares					$ 0.01			$ 0.01		$ 0.01
Preferred stock, shares outstanding (in shares) | shares					2,400,000			2,400,000		0
Preferred stock, shares issued (in shares) | shares		2,400,000			2,400,000			2,400,000		0
Proceeds from issuance of redeemable preferred stock | $		$ 58,100,000
Preferred stock, liquidation preference (in dollars per share) | $ / shares		$ 25
Common Stock
Stockholders' Equity Note [Line Items]
Issuance of common stock (in shares) | shares			1,246,719		4,500	4,500	1,246,719
Dividends payable | $					$ 4,490,213			$ 4,490,213
Dividends payable, amount per share (in dollars per share) | $ / shares					$ 0.18			$ 0.18
Noncontrolling interests | Preferred Stock
Stockholders' Equity Note [Line Items]
Number of shares issued (in shares) | shares				125
Noncontrolling interests | $				$ 99,500
Equity raised | $				125,000
Non-controlling interests expenses | $				$ 25,500
Dividend rate percentage				12.00%
Redemption price ratio										1.1
Dividends on the HCMT Preferred Shares | $										$ 15,000
Hunt | Private Placement
Stockholders' Equity Note [Line Items]
Common stock, shares issued (in dollars per share) | $ / shares			$ 4.61
Aggregate capital raise | $			$ 5,700,000
[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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $1,002,544,374 and $591,318,506, respectively and the liabilities of consolidated VIEs totaled $826,663,669 and $463,411,967 respectively. See Note 4 for further discussion.

EQUITY - Dividends Declared (De

EQUITY - Dividends Declared (Details) - USD ($)		Jul. 01, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Dividends [Line Items]
Dividend Amount	[1]		$ 2,967,184		$ 3,242,640
Common Stock
Dividends [Line Items]
Dividend Amount			$ 4,490,213
Cash Dividend Per Weighted Average Share (in dollars per share)			$ 0.18
Common Stock | Subsequent Event
Dividends [Line Items]
Dividend Amount		$ 918,750
Cash Dividend Per Weighted Average Share (in dollars per share)		$ 0.383
Common Stock | Distribution One
Dividends [Line Items]
Dividend Amount				$ 2,244,904
Cash Dividend Per Weighted Average Share (in dollars per share)				$ 0.090
Common Stock | Distribution Two
Dividends [Line Items]
Dividend Amount			$ 2,245,309
Cash Dividend Per Weighted Average Share (in dollars per share)			$ 0.090
[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, 2021 and December 31, 2020, assets of consolidated VIEs totaled $1,002,544,374 and $591,318,506, respectively and the liabilities of consolidated VIEs totaled $826,663,669 and $463,411,967 respectively. See Note 4 for further discussion.

EARNINGS PER SHARE - Earnings p

EARNINGS PER SHARE - Earnings per Share (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ 1,680,242	$ 2,808,643	$ 1,878,703	$ 1,551,671	$ 4,488,885	$ 3,430,374
Less dividends:
Common stock	2,245,309	2,244,904	1,870,754	1,870,416	4,490,214	3,741,170
Preferred stock	725,667	$ 3,708	3,750	$ 3,750	729,375	7,500
Dividends	2,970,976		1,874,504		5,219,589	3,748,670
Undistributed earnings (deficit)	$ (1,290,734)		$ 4,199		$ (730,704)	$ (318,296)
Common Stock
Less dividends:
Distributed earnings (in dollars per share)	$ 0.09		$ 0.08		$ 0.18	$ 0.15
Undistributed earnings (deficit) (in dollars per share)	(0.05)		0		(0.03)	(0.01)
Total (in dollars per share)	0.04		0.08		0.15	0.14
Unvested Share-Based Payment Awards
Less dividends:
Distributed earnings (in dollars per share)	0.09		0.08		0.18	0.15
Undistributed earnings (deficit) (in dollars per share)	0		0		0	0
Total (in dollars per share)	$ 0.09		$ 0.08		$ 0.18	$ 0.15

EARNINGS PER SHARE - Weighted A

EARNINGS PER SHARE - Weighted Average Number of Shares (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Earnings Per Share [Abstract]
Basic weighted average shares of common stock (in shares)	24,939,575	24,935,372	24,939,231	24,921,177
Weighted average of non-vested restricted stock (in shares)	4,500	4,203	4,500	4,352
Weighted Average Number of Shares Outstanding, Diluted, Total	24,944,075	24,939,575	24,943,731	24,925,529

Subsequent Events (Details)

Subsequent Events (Details)	Jul. 29, 2021USD ($)contract	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Subsequent Event [Line Items]
Weighted average LIBOR floor rate (percent)		$ 0.0132	$ 0.0164
Subsequent Event | LFT CRE 2021-FL1
Subsequent Event [Line Items]
Restricted cash deployed to purchase loans	$ 249,500,000
Number of loans purchased | contract	12
Subsequent Event | LFT CRE 2021-FL1 | London Interbank Offered Rate (LIBOR)
Subsequent Event [Line Items]
Interest fixed rate	3.37%
Weighted average LIBOR floor rate (percent)	$ 0.0016