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, 2025 and December 31, 2024, assets of consolidated VIEs totaled $934,090,475 and $1,058,138,406, respectively and the liabilities of consolidated VIEs totaled $712,768,638 and $831,001,605 respectively. See Note 4 for further discussion.

- Definition

Carrying amount as of the balance sheet date of all assets obtained in full or partial satisfaction of a debt arrangement through foreclosure proceedings or defeasance; includes real and personal property; equity interests in corporations, partnerships, and joint ventures; and beneficial interests in trusts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
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-URI https://asc.fasb.org/1943274/2147481990/310-10-45-3

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
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-URI https://asc.fasb.org/1943274/2147481962/310-10-50-11

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- Definition

Carrying amount as of the balance sheet date of land and buildings obtained through foreclosure proceedings or defeasance in full or partial satisfaction of a debt arrangement.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 310
-SubTopic 20
-Name Accounting Standards Codification
-Section 40
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481628/310-20-40-7

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Lument Finance Trust, Inc. 10-Q