AFC Gamma (AFCG) 10-Q 5 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 05, 2021
Cover [Abstract]
Entity Registrant Name	AFC GAMMA, INC.
Entity Central Index Key	0001822523
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	001-39995
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	85-1807125
Entity Address, Address Line One	525 Okeechobee Blvd., Suite 1770
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	561
Local Phone Number	510-2390
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AFCG
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		16,386,527

BALANCE SHEETS

BALANCE SHEETS - USD ($)		Jun. 30, 2021		Dec. 31, 2020
Assets
Loans held for investment at fair value (cost of $43,916,537 and $46,994,711 at June 30, 2021 and December 31, 2020, respectively, net)	[1]	$ 44,852,315		$ 48,558,051
Loans held for investment at carrying value	[3]	105,404,185	[2]	31,837,031
Loan receivable at carrying value		3,011,140		3,348,263
Current expected credit loss reserve		(701,143)		(404,860)
Loans held for investment at carrying value and loan receivable at carrying value, net of current expected credit loss reserve		107,714,182		34,780,434
Cash and cash equivalents		124,604,872		9,623,820
Interest receivable		1,150,669		927,292
Prepaid expenses and other assets		189,000		72,095
Total assets		278,511,038		93,961,692
Liabilities
Interest reserve		5,547,863		1,325,750
Current expected credit loss reserve		476,140		60,537
Accrued management and incentive fees		2,078,871		222,127
Accrued direct administrative expenses		530,939		550,671
Accounts payable and other liabilities		1,420,503		154,895
Total liabilities		10,054,316		2,313,980
Commitments and contingencies (Note 10)
Stockholders' Equity
Preferred stock, par value $0.01 per share, 10,000 shares authorized at June 30, 2021 and December 31, 2020 and 125 shares issued and outstanding at June 30, 2021 and December 31, 2020		1		1
Common stock, par value $0.01 per share, 25,000,000 and 15,000,000 shares authorized at June 30, 2021 and December 31, 2020, respectively, and 16,116,877 and 6,179,392 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively		161,169		61,794
Additional paid-in-capital		269,061,069		91,068,197
Accumulated earnings (deficit)		(765,517)		517,720
Total stockholders' equity		268,456,722		91,647,712
Total liabilities and stockholders' equity		$ 278,511,038		$ 93,961,692
[1]	Refer to Footnote 14 to our unaudited financial statements.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - USD ($)		Jun. 30, 2021		Dec. 31, 2020
Assets [Abstract]
Loans held for investment at cost	[2]	$ 43,916,537	[1]	$ 46,994,711
Shareholders' Equity
Preferred stock, par value (in dollars per share)		$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)		10,000		10,000
Preferred stock, shares issued (in shares)		125		125
Preferred stock, shares outstanding (in shares)		125		125
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01
Common stock, shares authorized (in shares)		25,000,000		15,000,000
Common stock, shares issued (in shares)		16,116,877		6,179,392
Common stock, shares outstanding (in shares)		16,116,877		6,179,392
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Revenue
Interest Income	$ 8,748,519	$ 13,433,524
Total revenue	8,748,519	13,433,524
Expenses
Management and incentive fees, net (less rebate of $182,707 and $420,450, respectively)	2,078,871	2,955,533
General and administrative expenses	706,865	1,169,383
Stock-based compensation	11,457	1,610,572
Professional fees	194,594	330,047
Total expenses	2,991,787	6,065,535
Provision for current expected credit losses	(645,786)	(711,886)
Change in unrealized gains / (losses) on loans at fair value, net	(483,159)	(627,561)
Net income before income taxes	4,627,787	6,028,542
Income tax expense	0	0
Net income	$ 4,627,787	$ 6,028,542
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.34	$ 0.58
Diluted earnings per common share (in dollars per share)	$ 0.34	$ 0.57
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in shares)	13,457,536	10,318,542
Diluted weighted average shares of common stock outstanding (in shares)	13,775,246	10,636,252

STATEMENTS OF OPERATIONS (Paren

STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Expenses
Management and incentive fees, net rebate	$ 182,707	$ 420,450

STATEMENTS OF STOCKHOLDERS' EQU

STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In-Capital [Member]	Accumulated Earnings (Deficit) [Member]	Total
Balance at Dec. 31, 2020	$ 1	$ 61,794	$ 91,068,197	$ 517,720	$ 91,647,712
Balance (in shares) at Dec. 31, 2020		6,179,392
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 99,375	176,382,300	0	176,481,675
Issuance of common stock, net of offering cost (in shares)		9,937,485
Stock-based compensation	0	$ 0	1,610,572	0	1,610,572
Dividends declared and paid on common shares	0	0	0	(7,304,279)	(7,304,279)
Dividends declared and paid on preferred shares	0	0	0	(7,500)	(7,500)
Net income	0	0	0	6,028,542	6,028,542
Balance at Jun. 30, 2021	1	$ 161,169	269,061,069	(765,517)	268,456,722
Balance (in shares) at Jun. 30, 2021		16,116,877
Balance at Mar. 31, 2021	1	$ 133,669	216,504,726	(306,391)	216,332,005
Balance (in shares) at Mar. 31, 2021		13,366,877
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 27,500	52,544,886	0	52,572,386
Issuance of common stock, net of offering cost (in shares)		2,750,000
Stock-based compensation	0	$ 0	11,457	0	11,457
Dividends declared and paid on common shares	0	0	0	(5,079,413)	(5,079,413)
Dividends declared and paid on preferred shares	0	0	0	(7,500)	(7,500)
Net income	0	0	0	4,627,787	4,627,787
Balance at Jun. 30, 2021	$ 1	$ 161,169	$ 269,061,069	$ (765,517)	$ 268,456,722
Balance (in shares) at Jun. 30, 2021		16,116,877

STATEMENTS OF STOCKHOLDERS' E_2

STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared and paid on common shares (in dollars per share)	$ 0.38	$ 0.74
Dividends declared and paid on preferred shares (in dollars per share)	$ 60	$ 60

STATEMENT OF CASH FLOWS

STATEMENT OF CASH FLOWS	6 Months Ended
	Jun. 30, 2021USD ($)
Operating activities:
Net income	$ 6,028,542
Adjustments to reconcile net income / (loss) to net cash provided by / (used in) operating activities:
Provision for current expected credit losses	711,886
Change in unrealized gains / (losses) on loans at fair value, net	627,561
Accretion of deferred loan original issue discount and other discounts	(2,275,032)
Stock-based compensation	1,610,572
PIK interest	(1,267,093)
Changes in operating assets and liabilities:
Interest reserve	(702,887)
Interest receivable	(223,377)
Prepaid expenses and other assets	(116,905)
Accrued management fees, net	1,856,744
Accrued direct administrative expenses	(19,732)
Accounts payable and other liabilities	1,265,608
Net cash provided by / (used in) operating activities	7,495,887
Cash flows from investing activities:
Issuance of and fundings on loans	(76,918,926)
Proceeds from sales of Assigned Rights	2,313,130
Principal repayment of loans	12,921,065
Net cash provided by / (used in) investing activities	(61,684,731)
Cash flows from financing activities:
Proceeds from sale of common stock	180,277,500
Payment of offering costs	(3,795,825)
Dividends paid	(7,311,779)
Net cash provided by / (used in) financing activities	169,169,896
Change in cash, cash equivalents and restricted cash	114,981,052
Cash, cash equivalents and restricted cash, beginning of period	9,623,820
Cash, cash equivalents and restricted cash, end of period	124,604,872
Supplemental disclosure of non-cash financing and investing activity:
Interest reserve withheld from funding of loan	4,925,000
Supplemental information:
Interest paid during the period	0
Income taxes paid during the period	$ 0

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2021
ORGANIZATION [Abstract]
ORGANIZATION	1. ORGANIZATION AFC Gamma, Inc. (the “Company” or “AFCG”) is a commercial real estate (“CRE”) finance company primarily engaged in originating, structuring, and underwriting senior secured loans and other types of loans. The Company was formed and commenced operations on July 31, 2020. The Company is a Maryland corporation and completed its initial public offering (the “IPO”) in March 2021. The Company is externally managed by AFC Management, LLC (“AFC Management” or the Company’s “Manager”), a Delaware limited liability company, pursuant to the terms of a management agreement (as amended, the “Management Agreement”). The Company operates as one operating segment and is primarily focused on financing senior secured loans and other types of loans for established cannabis industry operators in states where medical and/or adult use cannabis is legal. These loans are generally held for investment and are secured, directly or indirectly, by real estate, equipment, licenses and/or other assets of borrowers depending on the applicable laws and regulations governing such borrowers. The Company intends to elect to be taxed as a real estate investment trust (“REIT”) for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2020. The Company generally will not be subject to United States federal income taxes on its REIT taxable income as long as it annually distributes all of its REIT taxable income prior to the deduction for dividends paid to stockholders and complies with various other requirements as a REIT.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited interim financial statements should be read in conjunction with the audited financial statements and the related management's discussion and analysis of financial condition and results of operations included in the Company's final prospectus relating to our follow-on public offering filed with the Securities and Exchange Commission (“SEC”) in accordance with Rule 424(b) of the Securities Act of 1933, as amended (the “Securities Act”) on June 24, 2021 (the “Final Prospectus”). Refer to Note 2 to the Company’s financial statements in the Final Prospectus for a description of the Company’s significant accounting policies. The Company has included disclosure below regarding basis of presentation and other accounting policies that (i) are required to be disclosed quarterly, (ii) have material changes or (ii) the Company views as critical as of the date of this report. Basis of Presentation The accompanying unaudited interim financial statements and related notes have been prepared on the accrual basis of accounting in conformity with United States generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the SEC applicable to interim financial information. These unaudited interim financial statements reflect all adjustments and reclassifications that, in the opinion of management, are considered necessary for a fair statement of the balance sheets, statements of operations, statements of stockholders’ equity, and statement of cash flows for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2021. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the valuation of loans held for investment at fair value. The spread of a novel strain of coronavirus (“COVID-19”) has caused significant business disruptions in the United States beginning in the first quarter of 2020 and has resulted in governmental authorities implementing numerous measures to try to contain the virus, such as quarantines, shelter-in-place or total lock-down orders and business limitations and shutdowns (subject to exceptions for certain “essential” operations and businesses). Over the course of the COVID-19 pandemic, medical cannabis companies have been deemed “essential” by almost all states with legalized cannabis and stay-at-home orders. Consequently, the impact of the COVID-19 pandemic and the related regulatory and private sector response on our financial and operating results for the period ended June 30, 2021 was somewhat mitigated as all of our borrowers were permitted to continue to operate during this pandemic. Regardless, the full extent of the economic impact of the business disruptions caused by COVID-19 is uncertain. The outbreak of COVID-19 has severely impacted global economic activity and caused significant volatility and negative pressure in financial markets. The global impact of the outbreak has been rapidly evolving, and many countries, including the United States, have reacted by instituting quarantines, mandating business and school closures and restricting travel. As a result, the COVID-19 pandemic is negatively impacting almost every industry directly or indirectly, including the regulated cannabis industry. Although some of these measures have been lifted or scaled back, a recent resurgence of COVID-19 in certain parts of the world, including the United States, has resulted in the re-imposition of certain restrictions and may lead to more restrictions to reduce the spread of COVID-19. The extent of any effect that these disruptions may have on the operations and financial performance of the Company will depend on future developments, including possible impacts on the performance of the Company’s loans, general business activity, and ability to generate revenue, which cannot be determined. Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU No. 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting this ASU on its financial statements. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU No. 2021-01 is effective immediately for all entities. An entity may elect to apply the amendments on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date that financial statements are available to be issued. If an entity elects to apply any of the amendments for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The amendments do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). The Company is currently evaluating the impact, if any, of this ASU on its financial statements. In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs, which is an update to clarify that an entity should reevaluate whether a callable debt security is within the scope of 310-20-35-33 for each reporting period. ASU No. 2020-08 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. For all other entities, the amendments in ASU No. 2020-08 are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application is permitted for all other entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. All entities should apply the amendments in this update on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company has adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s financial statements.

LOANS HELD FOR INVESTMENT AT FA

LOANS HELD FOR INVESTMENT AT FAIR VALUE	6 Months Ended
	Jun. 30, 2021
LOANS HELD FOR INVESTMENT AT FAIR VALUE [Abstract]
LOANS HELD FOR INVESTMENT AT FAIR VALUE	3. LOANS HELD FOR INVESTMENT AT FAIR VALUE As of June 30, 2021 and December 31, 2020, the Company’s portfolio included three and four loans held at fair value, respectively. The aggregate originated commitment under these loans was approximately $47.4 million and $59.9 million, respectively, and outstanding principal was approximately $46.7 million and $50.8 million, respectively, as of June 30, 2021 and December 31, 2020. For the six months ended June 30, 2021, the Company funded approximately $7.7 million of outstanding principal and had repayments of approximately $12.6 million. As of June 30, 2021 and December 31, 2020, approximately 0% and 6.0%, respectively, of the Company’s loans held at fair value have floating interest rates. As of December 31, 2020, these floating rates were subject to LIBOR floors, with a weighted average floor of 2.5%, calculated based on loans with LIBOR floors. References to LIBOR or “L” are to 30-day LIBOR (unless otherwise specifically stated). The following tables summarize the Company’s loans held at fair value as of June 30, 2021 and December 31, 2020: As of June 30, 2021 Fair Value (2) Carrying Value (1) Outstanding Principal (1) Weighted Average Remaining Life (Years) (3) Senior Term Loans $ 44,852,315 $ 43,916,537 $ 46,653,209 2.6 Total loans held at fair value $ 44,852,315 $ 43,916,537 $ 46,653,209 2.6 As of December 31, 2020 Fair Value (2) Carrying Value (1) Outstanding Principal (1) Weighted Average Remaining Life (Years) (3) Senior Term Loans $ 48,558,051 $ 46,994,711 $ 50,831,235 3.3 Total loans held at fair value $ 48,558,051 $ 46,994,711 $ 50,831,235 3.3 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs. (2) Refer to Footnote 14 to our unaudited financial statements. (3) Weighted average remaining life is calculated based on the fair value of the loans as of June 30, 2021 and December 31, 2020 The following table presents changes in loans held at fair value as of and for the six months ended June 30, 2021 Principal Original Issue Discount Unrealized Gains / (Losses) Fair Value Total loans held at fair value at December 31, 2020 $ 50,831,235 $ (3,836,524 ) $ 1,563,340 $ 48,558,051 Change in unrealized gains / (losses) on loans at fair value, net - - (627,561 ) (627,561 ) New fundings 7,677,701 (501,346 ) - 7,176,355 Loan repayments (12,000,000 ) - - (12,000,000 ) Loan amortization payments (583,324 ) - - (583,324 ) Accretion of original issue discount - 1,601,197 - 1,601,197 PIK Interest 727,597 - - 727,597 Total loans held at fair value at June 30, 2021 $ 46,653,209 $ (2,736,673 ) $ 935,779 $ 44,852,315 A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of June 30, 2021 is as follows: Collateral Location Collateral Type (8) Fair Value (2) Carrying Value (1) Outstanding Principal (1) Interest Rate Maturity Date (3) Payment Terms (4) Private Co. A AZ, MI, MD, MA C , D $ 33,059,982 $ 32,543,647 $ 34,654,069 17.0 % (5) 5/8/2024 P/I Private Co. B MI C 8,909,663 8,503,029 9,059,140 17.0 % (6) 9/1/2023 P/I Public Co. A - Real Estate Loan NV C 2,882,670 2,869,861 2,940,000 14.0 % (7) 1/26/2023 I/O Total loans held at fair value $ 44,852,315 $ 43,916,537 $ 46,653,209 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs. (2) Refer to Footnote 14 to our unaudited financial statements. (3) Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications. (4) I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term. (5) Base interest rate of 13% and payment-in-kind (“PIK”) interest rate of 4%. (6) Base interest rate of 13% and PIK interest rate of 4%. (7) Base interest rate of 12% and PIK interest rate of 2%. (8) C = Cultivation Facilities, D = Dispensaries.

LOANS HELD FOR INVESTMENT AT CA

LOANS HELD FOR INVESTMENT AT CARRYING VALUE	6 Months Ended
	Jun. 30, 2021
LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]
LOANS HELD FOR INVESTMENT AT CARRYING VALUE	4. LOANS HELD FOR INVESTMENT AT CARRYING VALUE As of June 30, 2021 and December 31, 2020, the Company’s portfolio included ten and three loans, respectively, held at carrying value. The aggregate originated commitment under these loans was approximately $136.3 million and $44.0 million, respectively, and outstanding principal was approximately $114.4 million and $33.9 million, respectively, as of June 30, 2021 and December 31, 2020. For the six months ended June 30, 2021, the Company funded approximately $79.9 million of outstanding principal. As of June 30, 2021 and December 31, 2020, approximately 44% and 35%, respectively, of the Company’s loans held at carrying value have floating interest rates. These floating rates are subject to LIBOR floors, with a weighted average floor of 1%, calculated based on loans with LIBOR floors. References to LIBOR or “L” are to 30-day LIBOR (unless otherwise specifically stated). The following tables summarize the Company’s loans held at carrying value as of June 30, 2021 and December 31, 2020: As of June 30, 2021 Outstanding Principal (1) Original Issue Discount Carrying Value (1) Weighted Average Remaining Life (Years) (2) Senior Term Loans $ 114,376,084 $ (8,971,899 ) $ 105,404,185 Total loans held at carrying value $ 114,376,084 $ (8,971,899 ) $ 105,404,185 3.8 As of December 31, 2020 Outstanding Principal (1) Original Issue Discount Carrying Value (1) Weighted Average Remaining Life (Years) (2) Senior Term Loans $ 33,907,763 $ (2,070,732 ) $ 31,837,031 4.7 Total loans held at carrying value $ 33,907,763 $ (2,070,732 ) $ 31,837,031 4.7 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs. (2) Weighted average remaining life is calculated based on the carrying value of the loans as of June 30, 2021 and December 31, 2020. The following table presents changes in loans held at carrying value as of and for the six months ended June 30, 2021: Principal Original Issue Discount Carrying Value Total loans held at carrying value at December 31, 2020 $ 33,907,763 $ (2,070,732 ) $ 31,837,031 New fundings 79,928,825 (7,574,384 ) 72,354,441 Accretion of original issue discount - 673,217 673,217 PIK interest 539,496 - 539,496 Total loans held at carrying value at June 30, 2021 $ 114,376,084 $ (8,971,899 ) $ 105,404,185 A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of June 30, 2021 is as follows: Collateral Location Collateral Type (4) Outstanding Principal (1) Original Issue Discount Carrying (1) Interest Rate Maturity Date (2) Payment Terms (3) Private Co. C PA C , D $ 16,571,443 $ (764,590 ) $ 15,806,853 17.0 % (5) 12/1/2025 P/I Private Co. D OH, AR D 12,107,055 (930,564 ) 11,176,491 15.0 % (6) P/I Sub. of Public Co. D PA C 10,000,000 (160,714 ) 9,839,286 12.9 % (7) 12/18/2024 I/O Private Co. E OH C , D (2,936,883 ) 8,237,650 17.0 % (8) 4/1/2026 P/I Private Co. F MO C , D 6,166,025 (1,915,902 ) 4,250,123 17.0 % (9) 5/1/2026 P/I Public Co. E MI C 15,000,000 (985,714 ) 14,014,286 13.0 % (10) 4/29/2025 P/I Sub. of Private Co. G NJ C , D 22,075,778 (836,722 ) 21,239,056 17.0 % (11) 5/1/2026 P/I Public Co. F IL, FL, NV, OH, MA, MI, MD, AR, NV, AZ C , D 10,000,000 (184,000 ) 9,816,000 9.8 % (12) 5/30/2023 I/O Sub. of Private Co. H IL C 5,781,250 (146,810 ) 5,634,440 15.0 % (13) 5/11/2023 I/O Private Co. I MD C , D 5,500,000 (110,000 ) 5,390,000 13.0 % (14) 7/9/2021 I/O Total loans held at carry value $ 114,376,084 $ (8,971,899 ) $ 105,404,185 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs. (2) Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications. (3) I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term. (4) C = Cultivation Facilities, D = Dispensaries. (5) Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4%. (6) Base interest rate of 13% and PIK interest rate of 2%. (7) Base interest rate of 12.9%. (8) Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4%. (9) Base interest rate of 13% and PIK interest rate of 4%. (10) Base interest rate of 13%. (11) Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4%. (12) Base interest rate of 9.8%. (13) Base interest rate of 15%. (14) Base interest rate of 13%.

LOAN RECEIVABLE AT CARRYING VAL

LOAN RECEIVABLE AT CARRYING VALUE	6 Months Ended
	Jun. 30, 2021
LOAN RECEIVABLE AT CARRYING VALUE [Abstract]
LOAN RECEIVABLE AT CARRYING VALUE	5. LOAN RECEIVABLE AT CARRYING VALUE As of June 30, 2021 and December 31, 2020, the Company’s portfolio included one loan receivable at carrying value. The originated commitment under this loan was approximately $4.0 million and outstanding principal was approximately $3.0 million and $3.4 million as of June 30, 2021 and December 31, 2020, respectively. During the six months ended June 30, 2021, the Company received repayments of $337,741 of outstanding principal. The following table presents changes in loans receivable as of and for the six months ended June 30, 2021: Principal Original Issue Discount Carrying Value Total loans receivable at carrying value at December 31, 2020 $ 3,352,176 $ (3,913 ) $ 3,348,263 Principal repayment of loans (337,741 ) - (337,741 ) Accretion of original issue discount - 618 618 Total loans receivable at carrying value at June 30 2021 $ 3,014,435 $ (3,295 ) $ 3,011,140

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	6 Months Ended
	Jun. 30, 2021
CURRENT EXPECTED CREDIT LOSSES [Abstract]
CURRENT EXPECTED CREDIT LOSSES	6. CURRENT EXPECTED CREDIT LOSSES The Company estimates its current expected credit losses (“CECL”) on both the outstanding balances and unfunded commitments on loans held for investment and requires consideration of a broader range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform credit loss estimates (the “CECL Reserve”) using a model that considers multiple datapoints and methodologies that may include the likelihood of default and expected loss given default for each individual loan, discounted cash flows (“DCF”), and other inputs which may include the risk rating of the loan, how recently the loan was originated compared to the measurement date, and expected prepayment if applicable. Calculation of the CECL Reserve requires loan specific data, which includes fixed charge coverage ratio, loan-to-value, property type and geographic location. Estimating the CECL Reserve also requires significant judgment with respect to various factors, including (i) the appropriate historical loan loss reference data, (ii) the expected timing of loan repayments, (iii) calibration of the likelihood of default to reflect the risk characteristics of the Company’s loan portfolio and (iv) the Company’s current and future view of the macroeconomic environment. The Company may consider loan-specific qualitative factors on certain loans to estimate its CECL Reserve, which may include (i) whether cash from the borrower’s operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and (iii) the liquidation value of collateral. For loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we may elect to apply a practical expedient in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a Specific CECL Allowance. In order to estimate the future expected loan losses relevant to the Company’s portfolio, the Company may consider historical market loan loss data provided by a third-party data service. The third party’s loan database includes historical loss data for commercial mortgage-backed securities, or CMBS which the Company believes is a reasonably comparable and available data set to its type of loans. The Company utilized macroeconomic data that reflects a current recession; however, the short and long-term economic implications of the COVID-19 pandemic and its financial impact on the Company are highly uncertain. The CECL Reserve takes into consideration the macroeconomic impact of the COVID-19 pandemic on CRE properties and is not specific to any loan losses or impairments on the Company’s loans held for investment. As of June 30, 2021 and December 31, 2020, the Company’s CECL Reserve for its loans held at carrying value and loans receivable at carrying value is $1,177,283 and $465,397, respectively, or 109 and 132 basis points, respectively, of the Company’s total loans held at carrying value and loans receivable at carrying value of $108,415,325 and $35,185,294, respectively, and is bifurcated between the current expected credit loss reserve (contra-asset) related to outstanding balances on loans held at carrying value and loans receivable at carrying value of $701,143 and $404,860, respectively, and a liability for unfunded commitments of $476,140 and $60,537, respectively. The liability was based on the unfunded portion of the loan commitment over the full contractual period over which the Company is exposed to credit risk through a current obligation to extend credit. Management considered the likelihood that funding will occur, and if funded, the expected credit loss on the funded portion. Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value and loans receivable at carrying value as of and for the three and six months ended June 30, 2021 was as follows: Outstanding (1) Unfunded (2) Total Balance at March 31, 2021 $ 248,317 $ 283,180 $ 531,497 Provision for current expected credit losses 452,826 192,960 645,786 Write-offs - - - Recoveries - - - Balance at June 30, 2021 $ 701,143 $ 476,140 $ 1,177,283 Outstanding (1) Unfunded (2) Total Balance at December 31, 2020 $ 404,860 $ 60,537 $ 465,397 Provision for current expected credit losses 296,283 415,603 711,886 Write-offs - - - Recoveries - - - Balance at June 30, 2021 $ 701,143 $ 476,140 $ 1,177,283 (1) As of June 30, 2021 and December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company's balance sheets. (2) As of June 30, 2021 and December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company's balance sheets. The Company continuously evaluates the credit quality of each loan by assessing the risk factors of each loan and assigning a risk rating based on a variety of factors. Risk factors include property type, geographic and local market dynamics, physical condition, projected cash flow, loan structure and exit plan, loan-to-value ratio, fixed charge coverage ratio, project sponsorship, and other factors deemed necessary. Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows: Rating Definition 1 Very Low Risk 2 Low Risk 3 Medium Risk 4 High Risk/ Potential for Loss 5 Impaired/Loss Likely The risk ratings are primarily based on historical data as well as taking into account future economic conditions. As of June 30, 2021, the carrying value, excluding the CECL Reserve, of the Company’s loans held at carrying value and loans receivable at carrying value within each risk rating by year of origination is as follows: Risk Rating: 2021 2020 Total 1 $ - $ - $ - 2 23,830,286 - 23,830,286 3 36,513,621 45,060,278 81,573,899 4 - 3,011,140 3,011,140 5 - - - Total $ 60,343,907 $ 48,071,418 $ 108,415,325

INTEREST RECEIVABLE

INTEREST RECEIVABLE	6 Months Ended
	Jun. 30, 2021
INTEREST RECEIVABLE [Abstract]
INTEREST RECEIVABLE	7. INTEREST RECEIVABLE The following table summarize the interest receivable by the Company as of June 30, 2021 and December 31, 2020: As of June 30, 2021 As of December 31, 2020 Interest receivable $ 722,716 $ 675,795 PIK receivable 362,040 177,183 Unused fees receivable 65,913 74,314 Total interest receivable $ 1,150,669 $ 927,292

INTEREST RESERVE

INTEREST RESERVE	6 Months Ended
	Jun. 30, 2021
INTEREST RESERVE [Abstract]
INTEREST RESERVE	8. INTEREST RESERVE At June 30, 2021 and December 31, 2020, the Company had four and one loans, respectively, that included a loan funded interest reserve. For the three and six months ended June 30, 2021, $620,621 and $702,887, respectively, of interest income was earned and disbursed from the interest reserve. The following table presents changes in interest reserve as of and for the three and six months ended June 30, 2021: Three months ended June 30, 2021 Six months ended June 30, 2021 Beginning reserves $ 3,243,484 $ 1,325,750 New reserves 2,925,000 4,925,000 Reserves disbursed (620,621 ) (702,887 ) Ending reserves $ 5,547,863 $ 5,547,863

DEBT

DEBT	6 Months Ended
	Jun. 30, 2021
DEBT [Abstract]
DEBT	9. DEBT In July 2020, the Company obtained a secured revolving credit loan (the “Revolving Loan”) from AFC Finance, LLC, an affiliate of the Company’s management. The Revolving Loan had a loan commitment of $40,000,000 and had an interest rate of 8% per annum, payable in cash in arrears. The Company did not incur any fees or cost related to the origination of the Revolving Loan and the Revolving Loan did not have any unused fees. The maturity date of the Revolving Loan was the earlier of (i) July 31, 2021 and (ii) the date of the closing of any credit facility where the proceeds are incurred to refund, refinance or replace the Revolving Credit Agreement (as defined below) with an aggregate principal amount equal to or greater than $50.0 million (any such financing, a “ ”) of the credit agreement governing (the “Revolving Credit Agreement”) On May 7, 2021, the Company amended the Revolving Credit Agreement from AFC Finance, LLC, an affiliate of the Company’s management. The amendment to the Revolving Credit Agreement increased the loan commitment from $40,000,000 to $50,000,000, decreased the interest rate from 8% per annum to 6% per annum, removed Gamma Lending Holdco LLC as a lender and extended the maturity date from July 31, 2021 to the earlier of (i) December 31, 2021 or (ii) the date of the closing of any Refinancing Credit Facility. The Company did not incur any fees or cost related to the amendment of the Revolving Loan and the Revolving Loan does not have any unused fees. For the three and six months ended June 30, 2021, the Company has not drawn on the Revolving Loan or incurred any fees or interest expense related to the Revolving Loan.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES As of June 30, 2021 and December 31, 2020, the Company had the following commitments to fund various senior term loans, equipment loans and bridge loans. As of June 30, 2021 As of December 31, 2020 Total original loan commitments $ 187,721,250 $ 107,292,176 Less: drawn commitments (163,721,408 ) (87,467,057 ) Total undrawn commitments $ 23,999,842 $ 19,825,119 The Company from time to time may be a party to litigation in the normal course of business. As of June 30, 2021, the Company is not aware of any legal claims that could materially impact its business, financial condition or results of operations. The Company provides loans to established companies operating in the cannabis industry which involves significant risks, including the risk of strict enforcement against borrowers of borrowers’ inability to renew or otherwise maintain their licenses or other requisite authorizations for their cannabis operations, such loans of loans The Company’s ability to grow or maintain our business depends on state laws pertaining to the cannabis industry. New laws that are adverse to the Company’s borrowers may be enacted, and current favorable state or national laws or enforcement guidelines relating to cultivation, production and distribution of cannabis may be modified or eliminated in the future, which would impede the Company’s ability to grow and could materially adversely affect the Company’s business. Management’s plan to mitigate risks include monitoring the legal landscape as deemed appropriate. Also, should a loan default or otherwise be seized, the Company may be prohibited from owning cannabis assets and thus could not take possession of collateral, in which case the Company would look to sell the loan, which could result in the Company realizing a loss on the transaction.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2021
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	11. STOCKHOLDERS’ EQUITY Series A Preferred Stock As of June 30, 2021 and December 31, 2020, the Company has authorized 10,000 preferred shares and issued 125 of the preferred shares designated as 12.0% Series A Cumulative Non-Voting Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”). The Series A Preferred Stock entitles the holders thereof to receive cumulative cash dividends at a rate per annum of 12.0% of the liquidation preference of $1,000 per share plus all accumulated and unpaid dividends thereon. The Company generally may not declare or pay, or set apart for payment, any dividend or other distribution on any shares of the Company’s stock ranking junior to the Series A Preferred Stock as to dividends, including the Company’s common stock, or redeem, repurchase or otherwise make payments on any such shares, unless full, cumulative dividends on all outstanding shares of Series A Preferred Stock have been declared and paid or set apart for payment for all past dividend periods. The holders of the Series A Preferred Stock generally have no voting rights except in limited circumstances, including certain amendments to the Company’s charter and the authorization or issuance of equity securities senior to or on parity with the Series A Preferred Stock. The Series A Preferred Stock is not convertible into shares of any other class or series of our stock. The Series A Preferred Stock is senior to all other classes and series of shares of the Company’s stock as to dividend and redemption rights and rights upon the Company’s liquidation, dissolution and winding up. Upon written notice to each record holder of the Series A Preferred Stock as to the effective date of redemption, the Company may redeem the shares of the outstanding Series A Preferred Stock at the Company’s option, in whole or in part, at any time for cash at a redemption price equal to $1,000 per share, for a total of $125,000 for the 125 shares outstanding, plus all accrued and unpaid dividends thereon to and including the date fixed for redemption, plus a redemption premium of $50 per share if the shares are redeemed on or before December 31, 2021. Shares of the Series A Preferred Stock that are redeemed shall no longer be deemed outstanding shares of the Company and all rights of the holders of such shares will terminate. Common Stock The Board of Directors of the Company (the “Board”) approved a seven-for-one stock split of the Company's common stock effective on January 25, 2021. All common shares, stock options, and per share information presented in the financial statements have been adjusted to reflect the stock split on a retroactive basis for all periods presented, including reclassifying an amount equal to the increase in par value of common stock from additional paid-in capital. There was no change in the par value of the Company's common stock. Upon consummation of the Company’s IPO, any stockholder that held fractional shares received cash in lieu of such fractional shares based on the public offering price of the shares of the Company’s common stock at IPO. This resulted in the reduction of 15 shares issued and outstanding. On March 23, 2021, the Company completed its IPO of 6,250,000 shares of its common stock at a price of $19.00 per share, raising $118,750,000 in gross proceeds. The underwriters also exercised their over-allotment option to purchase up to an additional 937,500 shares of the Company’s common stock at a price of $19.00 per share, which was completed on March 26, 2021, raising $17,812,500 in additional gross proceeds. The underwriting commissions of $8,312,500 and $1,246,875, respectively, are reflected as a reduction of additional paid-in capital on the statement of stockholders’ equity. The Company incurred approximately $3,093,836 of expenses in connection with the IPO, which is reflected as a reduction in additional paid-in capital. The net proceeds to the Company totaled approximately $123,909,289. On June 28, 2021, the Company completed an offering of 2,750,000 shares of its common stock at a price of $20.50 per share, raising $56,375,000 in gross proceeds. The underwriting commissions of $3,100,625 are reflected as a reduction of additional paid-in capital on the statement of stockholders’ equity. The Company incurred approximately $701,989 of expenses in connection with the offering, which is reflected as a reduction in additional paid-in capital. The net proceeds to the Company totaled approximately $52,572,386. Subsequent to the period ended June 30, 2021, the underwriters partially exercised their over-allotment option to purchase 269,650 shares of the Company’s common stock at a price of $20.50 per share, which was completed on July 6, 2021, raising $5,527,825 in additional gross proceeds or $5,223,795 in net proceeds after underwriting commissions of $304,030, which is reflected as a reduction of additional paid-in capital on the statement of stockholders’ equity. The Company intends to use the net proceeds of the IPO and additional offering (i) to fund loans related to unfunded commitments to existing borrowers, (ii) to originate and participate in commercial loans to companies operating in the cannabis industry that are consistent with the Company’s investment strategy and (iii) for working capital and other general corporate purposes. Until appropriate investments can be identified, the Company may invest this balance in interest-bearing short-term investments, including money market accounts or funds, commercial mortgage-backed securities and corporate bonds, which are consistent with the Company’s intention to qualify as a REIT and to maintain our exclusion from registration under the Investment Company Act of 1940, as amended. Equity Incentive Plan The Company has established an equity incentive compensation plan (the “Plan”). The Company’s Board authorized the adoption of the Plan (as amended, the “2020 Plan”) and approved stock option grants of 1,616,098 shares of common stock as of June 30, 2021. The Board or one or more committees appointed by the Board administers the 2020 Plan. The 2020 Plan authorizes stock options, stock appreciation rights, restricted stock, stock bonuses, stock units and other forms of awards granted or denominated in the Company’s common stock or units of common stock. The 2020 Plan retains flexibility to offer competitive incentives and to tailor benefits to specific needs and circumstances. Any award may be structured to be paid or settled in cash. The Company currently intends to grant stock options to participants in the 2020 Plan, but it may also grant any other type of award available under the 2020 Plan in the future. Persons eligible to receive awards under the 2020 Plan include officers or employees of the Company or any of its subsidiaries, directors of the Company, employees of the Manager and certain directors and consultants and other service providers to the Company or any of its subsidiaries. As of June 30, 2021, the maximum number of shares of the Company common stock that may be delivered pursuant to awards under the 2020 Plan (the “Share Limit”) equals 2,375,000 shares, which is an increase of 275,000 shares compared to March 31, 2021 under the evergreen provision in the 2020 Plan in connection with the public offering of common stock by the Company in June 2021. Subsequent to the period ended June 30, 2021, the Company issued an additional 269,650 shares of common stock to the underwriters in connection with their partial exercise of an over-allotment option, which increased the Share Limit of the 2020 Plan by 26,965 under the evergreen provision in the 2020 Plan, for a total maximum Share Limit of 2,401,965. Shares that are subject to or underlie awards that expire or for any reason are cancelled or terminated, are forfeited, fail to vest, or for any other reason are not paid or delivered under the 2020 Plan will not be counted against the Share Limit and will again be available for subsequent awards under the 2020 Plan. Shares that are exchanged by a participant or withheld by the Company as full or partial payment in connection with any award granted under the 2020 Plan, as well as any shares exchanged by a participant or withheld by us to satisfy tax withholding obligations related to any award granted under the 2020 Plan, will not be counted against the Share Limit and will again be available for subsequent awards under the 2020 Plan. To the extent that an award is settled in cash or a form other than shares, the shares that would have been delivered had there been no such cash or other settlement will not be counted against the Share Limit and will again be available for subsequent awards under the 2020 Plan. The exercise price of any options granted under the 2020 Plan will be at net asset value or greater; provided, however, the exercise price will be at least equal to the market price of the underlying shares on the grant date. The options granted under the 2020 Plan have an ordinary term of up to ten years. An option may either be an incentive stock option or a nonqualified stock option. Options generally may not be transferred to third parties for value and do not include dividend equivalent rights. The following table summarizes the (i) non-vested options granted, (ii) vested options granted and (iii) forfeited options granted for the Company’s directors and officers and employees of the Manager as of June 30, 2021 and December 31, 2020: As of June 30, 2021 As of December 31, 2020 Non-vested 183,114 142,814 Vested 1,449,518 800,618 Forfeited (19,534 ) (16,534 ) Balance 1,613,098 926,898 The Company uses the Black-Scholes option pricing model to value stock options in determining the share-based compensation expense. Forfeitures are recognized as they occur. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant. The expected dividend yield was based on the Company’s expected dividend yield at grant date. Expected volatility is based on the estimated average volatility of similar companies due to the lack of historical volatilities of the Company’s common stock. The share-based compensation expense for the Company was approximately $11,457 and $1,610,572 for the three and six months ended June 30, 2021, respectively. The following table presents the assumptions used in the option pricing model of options granted under the 2020 Plan: Assumptions Range Expected volatility 40% - 50 % Expected dividend yield 10% - 20 % Risk-free interest rate 0.5% - 1.5 % Expected forfeiture rate 0 % The following tables summarizes stock option activity during the three and six months ended June 30, 2021: Three months ended June 30, 2021 Weighted-Average Grant Date Fair Value Per Option Balance as of March 31, 2021 1,616,098 $ 1.08 Granted - - Exercised - - Forfeited (3,000 ) 1.31 Balance as of June 30, 2021 1,613,098 $ 1.08 Six months ended June 30, 2021 Weighted-Average Grant Date Fair Value Per Option Balance as of December 31, 2020 926,898 $ 0.91 Granted 689,200 1.31 Exercised - - Forfeited (3,000 ) 1.31 Balance as of June 30, 2021 1,613,098 $ 1.08

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2021
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	12. EARNINGS PER SHARE T he following information sets forth the computations of basic weighted average earnings per common share for the and months ended June Three months ended June 30, 2021 Six months ended June 30, 2021 Net income / (loss) attributable to common stockholders $ 4,627,787 $ 6,028,542 Divided by: Basic weighted average shares of common stock outstanding 13,457,536 10,318,542 Diluted weighted average shares of common stock outstanding 13,775,246 10,636,252 Basic weighted average earnings per common share $ 0.34 $ 0.58 Diluted weighted average earnings per common share $ 0.34 $ 0.57

INCOME TAX

INCOME TAX	6 Months Ended
	Jun. 30, 2021
INCOME TAX [Abstract]
INCOME TAX	13. INCOME TAX The income tax provision for the Company was $0 for the six months ended June 30, 2021. For the three and six months ended June 30, 2021, the Company incurred no expense for United States federal excise tax. Excise tax represents a 4% tax on the sum of a portion of the Company’s ordinary income and net capital gains not distributed during the period. If it is determined that an excise tax liability exists for the current period, the Company will accrue excise tax on estimated excess taxable income as such taxable income is earned. The expense is calculated in accordance with applicable tax regulations. The Company does not have any unrecognized tax benefits and the Company does not expect that to change in the next 12 months.

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2021
FAIR VALUE [Abstract]
FAIR VALUE	14. FAIR VALUE The Company’s loans are typically valued using a yield analysis, which is typically performed for non-credit impaired loans to borrowers where the Company does not own a controlling equity position. To determine fair value using a yield analysis, a current price is imputed for the loan based upon an assessment of the expected market yield for a similarly structured loan with a similar level of risk. In the yield analysis, the Company considers the current contractual interest rate, the maturity and other terms of the loan relative to risk of the company and the specific loan. A key determinant of risk, among other things, is the leverage through the loan relative to the enterprise value of the borrower. As loans held by the Company are substantially illiquid with no active loan market, the Company depends on primary market data, including newly funded loans, as well as secondary market data with respect to high yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable. The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of June 30, 2021 and December 31, 2020. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values. As of June 30, 2021 Unobservable Input Fair Value Primary Valuation Techniques Input Estimated Range Weighted Average Senior Term Loans $ 44,852,315 Yield analysis Market Yield 17.21% - 20.47 % 20.24 % Total Investments $ 44,852,315 As of December 31, 2020 Unobservable Input Fair Value Primary Valuation Techniques Input Estimated Range Weighted Average Senior Term Loans $ 48,558,051 Yield analysis Market Yield 15.79% - 20.75 % 20.20 % Total Investments $ 48,558,051 Changes in market yields may change the fair value of certain of the Company’s loans. Generally, an increase in market yields may result in a decrease in the fair value of certain of the Company’s loans. Due to the inherent uncertainty of determining the fair value of loans that do not have a readily available market value, the fair value of the Company’s loans may fluctuate from period to period. Additionally, the fair value of the Company’s loans may differ significantly from the values that would have been used had a ready market existed for such loans and may differ materially from the values that the Company may ultimately realize. Further, such loans are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a loan in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the loans may cause the gains or losses ultimately realized on these loans to be different than the unrealized gains or losses reflected in the valuations currently assigned. The following tables present fair value measurements of loans held at fair value as of June 30, 2021 and December 31, 2020: Fair Value Measurement Using as of June 30, 2021 Total Level 1 Level 2 Level 3 Loans held at fair value $ 44,852,315 - - $ 44,852,315 Total $ 44,852,315 - - $ 44,852,315 Fair Value Measurement Using as of December 31, 2020 Total Level 1 Level 2 Level 3 Loans held at fair value $ 48,558,051 - - $ 48,558,051 Total $ 48,558,051 - - $ 48,558,051 The following table presents changes in loans that use Level 3 inputs as of and for the six months ended June 30, 2021: Six months ended June 30, 2021 Total loans using Level 3 inputs at December 31 2020 $ 48,558,051 Change in unrealized gains / (losses) on loans at fair value, net (627,561 ) Additional funding 7,677,701 Original issue discount and other discounts, net of costs (501,346 ) Loan repayments (12,000,000 ) Loan amortization payments (583,324 ) Accretion of original issue discount 1,601,197 PIK Interest 727,597 Total loans using Level 3 inputs at June 30 2021 $ 44,852,315 Fair Value of Financial Instruments GAAP requires disclosure of fair value information about financial instruments, whether or not recognized at fair value in the balance sheet, for which it is practicable to estimate that value. The following table details the book value and fair value of the Company’s financial instruments not recognized at fair value in the balance sheet: As of June 30, 2021 Carrying Value Fair Value Financial assets Cash and cash equivalents $ 124,604,872 $ 124,604,872 Loans held for investment at carrying value $ 105,404,185 $ 110,407,362 Loan receivable at carrying value $ 3,011,140 $ 2,868,235 Estimates of fair value for cash and cash equivalents are measured using observable, quoted market prices, or Level 1 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2021
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	15. RELATED PARTY TRANSACTIONS Management Agreement Pursuant to the Management Agreement, the Manager manages the loans and day-to-day operations of the Company, subject at all times to the further terms and conditions set forth in the Management Agreement and such further limitations or parameters as may be imposed from time to time by the Company’s Board. The Manager will receive base management fees (the “Base Management Fee”) that are calculated and payable quarterly in arrears, in an amount equal to 0.375% of the Company’s Equity (as defined below), subject to certain adjustments, less 50% of the aggregate amount of any other fees (“Outside Fees”), including any agency fees relating to our loans, but excluding the Incentive Compensation (as defined below) and any diligence fees paid to and earned by the Manager and paid by third parties in connection with the Manager's due diligence of potential loans. Prior to the IPO, the quarterly base management fee was equal to 0.4375% of the Company’s Equity, subject to certain adjustments, less 100% of the aggregate amount of any Outside Fees, including any agency fees relating to our loans, but excluding the Incentive Compensation and any diligence fees paid to and earned by the Manager and paid by third parties in connection with the Manager's due diligence of potential loans. In addition to the Base Management Fee, the Manager is entitled to receive incentive compensation (the “Incentive Compensation” or “Incentive Fees”) under the Management Agreement. Under the Management Agreement, the Company will pay Incentive Fees to the Manager based upon the Company’s achievement of targeted levels of Core Earnings. “Core Earnings” is defined in the Management Agreement as, for a given period means the net income (loss) for such period, computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income and (v) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between the Manager and the Company’s independent directors and approved by a majority of the independent directors. The Incentive Compensation for the three and six months ended June 30, 2021 was approximately $1,442,047 and $2,104,777, respectively. The Company shall pay all of its costs and expenses and shall reimburse the Manager or its affiliates for expenses of the Manager and its affiliates paid or incurred on behalf of the Company, excepting only those expenses that are specifically the responsibility of the Manager pursuant to the Management Agreement. The following table summarizes the related party costs incurred by the Company for the three and six months ended June 30, 2021: Three months ended June 30, 2021 Six months ended June 30, 2021 Affiliate Costs Management fees $ 819,531 $ 1,271,206 Less other fees earned (182,707 ) (420,450 ) Incentive fees earned 1,442,047 2,104,777 General and administrative expenses reimbursable to Manager 423,939 789,506 Total $ 2,502,810 $ 3,745,039 Amounts payable to the Company’s Manager as of June 30, 2021 and December 31, 2020 were $2,609,810 and $728,298, respectively. Investments in Loans From time to time, the Company may co-invest with other investment vehicles managed by the Company’s Manager or its affiliates, including the Manager, and their portfolio companies, including by means of splitting loans, participating in loans or other means of syndicating loans. The Company is not obligated to provide, nor has it provided, any financial support to the other managed investment vehicles. As such, the Company’s risk is limited to the carrying value of its investment in any such loan. As of and for the six months ended June 30, 2021, there were no co-investments held by the Company. In connection with investments in loans, the Company may receive the option to assign the right (the “Assigned Right”) to acquire warrants and/or equity of the borrower. The Company may sell the Assigned Right, and the sale may be to an affiliate of the Company. For the three and six months ended June 30, 2021, the Company sold approximately $1,104,914 and $2,313,130, respectively, of Assigned Rights to an affiliate which are accounted for as additional original issue discount and accreted over the life of the loans. Secured Revolving Credit From Affiliate The Company has the Revolving Loan from AFC Finance, LLC, an affiliate of the Company’s management. Refer to footnote 9 to our unaudited financial statements for more information.

DIVIDENDS AND DISTRIBUTIONS

DIVIDENDS AND DISTRIBUTIONS	6 Months Ended
	Jun. 30, 2021
DIVIDENDS AND DISTRIBUTIONS [Abstract]
DIVIDENDS AND DISTRIBUTIONS	16. DIVIDENDS AND DISTRIBUTIONS The following table summarizes the Company’s dividends declared and paid during the six months ended June 30, 2021: Record Date Payment Date Common Share Distribution Amount Taxable Ordinary Income Return of Capital Section 199A Dividends Regular cash dividend 3/15/2021 3/31/2021 $ 0.36 $ 0.36 $ - $ 0.36 Regular cash dividend 6/15/2021 6/30/2021 $ 0.38 $ 0.38 $ - $ 0.38 Total cash dividend $ 0.74 $ 0.74 $ - $ 0.74

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2021
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financial statements were available to be issued. There were no material subsequent events, other than that described below, that required disclosure in these financial statements. Subsequent to quarter end, the underwriters partially exercised their over-allotment option under the public offering to purchase 269,650 shares of the Company’s common stock at a price of $20.50 per share, which was completed on July 6, 2021. Refer to footnote 11 to our unaudited financial statements for more information. In July 2021, the Company entered into a commitment to fund a $19.75 million senior secured term loan which is contingent on the borrower raising additional equity as required by the loan agreement. Until the borrower meets the required criteria in the loan agreement, the commitment has a ticking fee based on the aggregate commitment amount as follows: (a) 6.0% from the date of closing through July 26, 2021 and (b) 6.5% from and after July 27, 2021 through August 9, 2021 or the initial funding date, whichever is earlier. Once funded, the loan will have a per annum interest rate of 12.0% plus LIBOR with a LIBOR floor of 1.0%. The loan will have a maturity date of August 3, 2026, an unused fee of 3.0%, an exit fee of 3.0%, OID of 4.0% and an interest reserve of $0.75 million. In July 2021, Private Company I refinanced their bridge loan which had a maturity date of July 9, 2021 which had an interest rate of 13.0% and OID of 4.0%. The new senior secured loan of $15.5 million was syndicated by the Company’s Manager between the Company and A BDC Warehouse, LLC (“ABW”), an affiliate of the Company . The Company committed and funded approximately $10.1 million of the new loan which has a per annum interest rate of 12.0% plus LIBOR, with a LIBOR floor of 1.0%, and PIK interest rate of 2.5%. The loan has a maturity date of August 1, 2026, an exit fee of 3.0% and OID of 4.0%. As part of the refinancing agreement, the exit fee on the bridge loan was waived and the borrower was credited for a portion of the original OID on the bridge loan. In July 2021, the Company entered into a commitment to fund a $3.0 million bridge loan and funded $3.0 million at closing. The loan has an interest rate of 13.0%, a maturity date of August 31, 2021, an exit fee of 10.0% which is reduced to 2.0% upon refinancing the loan with a senior secured loan with the Company, and OID of 4.0%. In July 2021, Flower Loan Holdco, LLC, an affiliated entity in which Mr. Tannenbaum is the majority ultimate beneficial owner (“FLH”), purchased approximately $8.5 million of the senior secured credit facility with Private Company A from a third-party lender, and the Company has a 30-day option to purchase such amount from FLH. The Company and the Company’s Manager, as agent, subsequently amended and restated the senior secured credit facility with Private Company A to, among other things, increase the loan amount by $10.0 million, which the agent syndicated to ABW. The amendment also allows for the borrower to draw up to an additional $20 million from a designee of the agent, subject to the agent’s satisfaction that certain conditions have been met. Separately, FLH entered into a new credit facility with Private Company A under which the borrower may draw up to $40.0 million (the “Bridge Loan”), which is secured by collateral separate from collateral securing the Company’s credit facility. In connection with the Bridge Loan and a related equity raise by Private Company A (the “Equity Raise”), the Manager or its designees are entitled to (i) appoint three of the seven members of Private Company A’s board of directors and (ii) receive a number of warrants to purchase common stock of Private Company A. In connection with the Equity Raise, an investment vehicle controlled by Jonathan Kalikow, one of the Company’s directors and executive officers, acquired approximately 8.8% of the equity interest of Private Company A on a fully-diluted basis. Following the transactions described above, Mr. Kalikow beneficially held or controlled through investment vehicles a total of approximately 10.1% of Private Company A’s equity interest on a fully-diluted basis. As of the date of these transactions, Mr. Tannenbaum beneficially held approximately 16.7% of Private Company A’s equity interest on a fully-diluted basis through investment vehicles, which amount reflects two acquisitions of additional equity of Private Company A from third-party stockholders during the three months ended June 30, 2021. Following the transactions described above, Mr. Tannenbaum beneficially held approximately 21.8% of Private Company A’s equity interest on a fully-diluted basis through investment vehicles. Given Mr. Tannenbaum’s equity ownership, each of the transactions with Private Company A described above were reviewed and approved by the Company’s Audit & Valuation Committee of the Board in accordance with the Company’s Amended and Restated Code of Business Conduct and Ethics and its Related-Persons Transaction Policy.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2021
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim financial statements and related notes have been prepared on the accrual basis of accounting in conformity with United States generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the SEC applicable to interim financial information. These unaudited interim financial statements reflect all adjustments and reclassifications that, in the opinion of management, are considered necessary for a fair statement of the balance sheets, statements of operations, statements of stockholders’ equity, and statement of cash flows for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2021.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the valuation of loans held for investment at fair value. The spread of a novel strain of coronavirus (“COVID-19”) has caused significant business disruptions in the United States beginning in the first quarter of 2020 and has resulted in governmental authorities implementing numerous measures to try to contain the virus, such as quarantines, shelter-in-place or total lock-down orders and business limitations and shutdowns (subject to exceptions for certain “essential” operations and businesses). Over the course of the COVID-19 pandemic, medical cannabis companies have been deemed “essential” by almost all states with legalized cannabis and stay-at-home orders. Consequently, the impact of the COVID-19 pandemic and the related regulatory and private sector response on our financial and operating results for the period ended June 30, 2021 was somewhat mitigated as all of our borrowers were permitted to continue to operate during this pandemic. Regardless, the full extent of the economic impact of the business disruptions caused by COVID-19 is uncertain. The outbreak of COVID-19 has severely impacted global economic activity and caused significant volatility and negative pressure in financial markets. The global impact of the outbreak has been rapidly evolving, and many countries, including the United States, have reacted by instituting quarantines, mandating business and school closures and restricting travel. As a result, the COVID-19 pandemic is negatively impacting almost every industry directly or indirectly, including the regulated cannabis industry. Although some of these measures have been lifted or scaled back, a recent resurgence of COVID-19 in certain parts of the world, including the United States, has resulted in the re-imposition of certain restrictions and may lead to more restrictions to reduce the spread of COVID-19. The extent of any effect that these disruptions may have on the operations and financial performance of the Company will depend on future developments, including possible impacts on the performance of the Company’s loans, general business activity, and ability to generate revenue, which cannot be determined.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU No. 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting this ASU on its financial statements. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU No. 2021-01 is effective immediately for all entities. An entity may elect to apply the amendments on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date that financial statements are available to be issued. If an entity elects to apply any of the amendments for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The amendments do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). The Company is currently evaluating the impact, if any, of this ASU on its financial statements. In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs, which is an update to clarify that an entity should reevaluate whether a callable debt security is within the scope of 310-20-35-33 for each reporting period. ASU No. 2020-08 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. For all other entities, the amendments in ASU No. 2020-08 are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application is permitted for all other entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. All entities should apply the amendments in this update on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company has adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s financial statements.

LOANS HELD FOR INVESTMENT AT _2

LOANS HELD FOR INVESTMENT AT FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2021
LOANS HELD FOR INVESTMENT AT FAIR VALUE [Abstract]
Loans Held at Fair Value	The following tables summarize the Company’s loans held at fair value as of June 30, 2021 and December 31, 2020: As of June 30, 2021 Fair Value (2) Carrying Value (1) Outstanding Principal (1) Weighted Average Remaining Life (Years) (3) Senior Term Loans $ 44,852,315 $ 43,916,537 $ 46,653,209 2.6 Total loans held at fair value $ 44,852,315 $ 43,916,537 $ 46,653,209 2.6 As of December 31, 2020 Fair Value (2) Carrying Value (1) Outstanding Principal (1) Weighted Average Remaining Life (Years) (3) Senior Term Loans $ 48,558,051 $ 46,994,711 $ 50,831,235 3.3 Total loans held at fair value $ 48,558,051 $ 46,994,711 $ 50,831,235 3.3 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs. (2) Refer to Footnote 14 to our unaudited financial statements. (3) Weighted average remaining life is calculated based on the fair value of the loans as of June 30, 2021 and December 31, 2020
Changes in Loans Held at Fair Value	The following table presents changes in loans held at fair value as of and for the six months ended June 30, 2021 Principal Original Issue Discount Unrealized Gains / (Losses) Fair Value Total loans held at fair value at December 31, 2020 $ 50,831,235 $ (3,836,524 ) $ 1,563,340 $ 48,558,051 Change in unrealized gains / (losses) on loans at fair value, net - - (627,561 ) (627,561 ) New fundings 7,677,701 (501,346 ) - 7,176,355 Loan repayments (12,000,000 ) - - (12,000,000 ) Loan amortization payments (583,324 ) - - (583,324 ) Accretion of original issue discount - 1,601,197 - 1,601,197 PIK Interest 727,597 - - 727,597 Total loans held at fair value at June 30, 2021 $ 46,653,209 $ (2,736,673 ) $ 935,779 $ 44,852,315
Loans Held at Fair Value Portfolio	A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of June 30, 2021 is as follows: Collateral Location Collateral Type (8) Fair Value (2) Carrying Value (1) Outstanding Principal (1) Interest Rate Maturity Date (3) Payment Terms (4) Private Co. A AZ, MI, MD, MA C , D $ 33,059,982 $ 32,543,647 $ 34,654,069 17.0 % (5) 5/8/2024 P/I Private Co. B MI C 8,909,663 8,503,029 9,059,140 17.0 % (6) 9/1/2023 P/I Public Co. A - Real Estate Loan NV C 2,882,670 2,869,861 2,940,000 14.0 % (7) 1/26/2023 I/O Total loans held at fair value $ 44,852,315 $ 43,916,537 $ 46,653,209 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs. (2) Refer to Footnote 14 to our unaudited financial statements. (3) Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications. (4) I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term. (5) Base interest rate of 13% and payment-in-kind (“PIK”) interest rate of 4%. (6) Base interest rate of 13% and PIK interest rate of 4%. (7) Base interest rate of 12% and PIK interest rate of 2%. (8) C = Cultivation Facilities, D = Dispensaries.

LOANS HELD FOR INVESTMENT AT _3

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Tables)	6 Months Ended
	Jun. 30, 2021
LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]
Loans Held at Carrying Value	The following tables summarize the Company’s loans held at carrying value as of June 30, 2021 and December 31, 2020: As of June 30, 2021 Outstanding Principal (1) Original Issue Discount Carrying Value (1) Weighted Average Remaining Life (Years) (2) Senior Term Loans $ 114,376,084 $ (8,971,899 ) $ 105,404,185 Total loans held at carrying value $ 114,376,084 $ (8,971,899 ) $ 105,404,185 3.8 As of December 31, 2020 Outstanding Principal (1) Original Issue Discount Carrying Value (1) Weighted Average Remaining Life (Years) (2) Senior Term Loans $ 33,907,763 $ (2,070,732 ) $ 31,837,031 4.7 Total loans held at carrying value $ 33,907,763 $ (2,070,732 ) $ 31,837,031 4.7 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs. (2) Weighted average remaining life is calculated based on the carrying value of the loans as of June 30, 2021 and December 31, 2020.
Changes in Loans Held at Carrying Value	The following table presents changes in loans held at carrying value as of and for the six months ended June 30, 2021: Principal Original Issue Discount Carrying Value Total loans held at carrying value at December 31, 2020 $ 33,907,763 $ (2,070,732 ) $ 31,837,031 New fundings 79,928,825 (7,574,384 ) 72,354,441 Accretion of original issue discount - 673,217 673,217 PIK interest 539,496 - 539,496 Total loans held at carrying value at June 30, 2021 $ 114,376,084 $ (8,971,899 ) $ 105,404,185
Loans Held at Carrying Value Portfolio	A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of June 30, 2021 is as follows: Collateral Location Collateral Type (4) Outstanding Principal (1) Original Issue Discount Carrying (1) Interest Rate Maturity Date (2) Payment Terms (3) Private Co. C PA C , D $ 16,571,443 $ (764,590 ) $ 15,806,853 17.0 % (5) 12/1/2025 P/I Private Co. D OH, AR D 12,107,055 (930,564 ) 11,176,491 15.0 % (6) P/I Sub. of Public Co. D PA C 10,000,000 (160,714 ) 9,839,286 12.9 % (7) 12/18/2024 I/O Private Co. E OH C , D (2,936,883 ) 8,237,650 17.0 % (8) 4/1/2026 P/I Private Co. F MO C , D 6,166,025 (1,915,902 ) 4,250,123 17.0 % (9) 5/1/2026 P/I Public Co. E MI C 15,000,000 (985,714 ) 14,014,286 13.0 % (10) 4/29/2025 P/I Sub. of Private Co. G NJ C , D 22,075,778 (836,722 ) 21,239,056 17.0 % (11) 5/1/2026 P/I Public Co. F IL, FL, NV, OH, MA, MI, MD, AR, NV, AZ C , D 10,000,000 (184,000 ) 9,816,000 9.8 % (12) 5/30/2023 I/O Sub. of Private Co. H IL C 5,781,250 (146,810 ) 5,634,440 15.0 % (13) 5/11/2023 I/O Private Co. I MD C , D 5,500,000 (110,000 ) 5,390,000 13.0 % (14) 7/9/2021 I/O Total loans held at carry value $ 114,376,084 $ (8,971,899 ) $ 105,404,185 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs. (2) Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications. (3) I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term. (4) C = Cultivation Facilities, D = Dispensaries. (5) Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4%. (6) Base interest rate of 13% and PIK interest rate of 2%. (7) Base interest rate of 12.9%. (8) Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4%. (9) Base interest rate of 13% and PIK interest rate of 4%. (10) Base interest rate of 13%. (11) Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4%. (12) Base interest rate of 9.8%. (13) Base interest rate of 15%. (14) Base interest rate of 13%.

LOAN RECEIVABLE AT CARRYING V_2

LOAN RECEIVABLE AT CARRYING VALUE (Tables)	6 Months Ended
	Jun. 30, 2021
LOAN RECEIVABLE AT CARRYING VALUE [Abstract]
Changes in Loans Receivable	The following table presents changes in loans receivable as of and for the six months ended June 30, 2021: Principal Original Issue Discount Carrying Value Total loans receivable at carrying value at December 31, 2020 $ 3,352,176 $ (3,913 ) $ 3,348,263 Principal repayment of loans (337,741 ) - (337,741 ) Accretion of original issue discount - 618 618 Total loans receivable at carrying value at June 30 2021 $ 3,014,435 $ (3,295 ) $ 3,011,140

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Tables)	6 Months Ended
	Jun. 30, 2021
CURRENT EXPECTED CREDIT LOSSES [Abstract]
Financing Receivable, Allowance for Credit Loss	Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value and loans receivable at carrying value as of and for the three and six months ended June 30, 2021 was as follows: Outstanding (1) Unfunded (2) Total Balance at March 31, 2021 $ 248,317 $ 283,180 $ 531,497 Provision for current expected credit losses 452,826 192,960 645,786 Write-offs - - - Recoveries - - - Balance at June 30, 2021 $ 701,143 $ 476,140 $ 1,177,283 Outstanding (1) Unfunded (2) Total Balance at December 31, 2020 $ 404,860 $ 60,537 $ 465,397 Provision for current expected credit losses 296,283 415,603 711,886 Write-offs - - - Recoveries - - - Balance at June 30, 2021 $ 701,143 $ 476,140 $ 1,177,283 (1) As of June 30, 2021 and December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company's balance sheets. (2) As of June 30, 2021 and December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company's balance sheets.
Risk Rating by Year of Origination	The Company continuously evaluates the credit quality of each loan by assessing the risk factors of each loan and assigning a risk rating based on a variety of factors. Risk factors include property type, geographic and local market dynamics, physical condition, projected cash flow, loan structure and exit plan, loan-to-value ratio, fixed charge coverage ratio, project sponsorship, and other factors deemed necessary. Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows: Rating Definition 1 Very Low Risk 2 Low Risk 3 Medium Risk 4 High Risk/ Potential for Loss 5 Impaired/Loss Likely The risk ratings are primarily based on historical data as well as taking into account future economic conditions. As of June 30, 2021, the carrying value, excluding the CECL Reserve, of the Company’s loans held at carrying value and loans receivable at carrying value within each risk rating by year of origination is as follows: Risk Rating: 2021 2020 Total 1 $ - $ - $ - 2 23,830,286 - 23,830,286 3 36,513,621 45,060,278 81,573,899 4 - 3,011,140 3,011,140 5 - - - Total $ 60,343,907 $ 48,071,418 $ 108,415,325

INTEREST RECEIVABLE (Tables)

INTEREST RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2021
INTEREST RECEIVABLE [Abstract]
Interest Receivable	The following table summarize the interest receivable by the Company as of June 30, 2021 and December 31, 2020: As of June 30, 2021 As of December 31, 2020 Interest receivable $ 722,716 $ 675,795 PIK receivable 362,040 177,183 Unused fees receivable 65,913 74,314 Total interest receivable $ 1,150,669 $ 927,292

INTEREST RESERVE (Tables)

INTEREST RESERVE (Tables)	6 Months Ended
	Jun. 30, 2021
INTEREST RESERVE [Abstract]
Changes in Interest Reserve	The following table presents changes in interest reserve as of and for the three and six months ended June 30, 2021: Three months ended June 30, 2021 Six months ended June 30, 2021 Beginning reserves $ 3,243,484 $ 1,325,750 New reserves 2,925,000 4,925,000 Reserves disbursed (620,621 ) (702,887 ) Ending reserves $ 5,547,863 $ 5,547,863

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2021
COMMITMENTS AND CONTINGENCIES [Abstract]
Commitments to Fund Various Senior Term Loans, Equipment Loans and Bridge Loans	As of June 30, 2021 and December 31, 2020, the Company had the following commitments to fund various senior term loans, equipment loans and bridge loans. As of June 30, 2021 As of December 31, 2020 Total original loan commitments $ 187,721,250 $ 107,292,176 Less: drawn commitments (163,721,408 ) (87,467,057 ) Total undrawn commitments $ 23,999,842 $ 19,825,119

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2021
STOCKHOLDERS' EQUITY [Abstract]
Summary of Options Granted	The following table summarizes the (i) non-vested options granted, (ii) vested options granted and (iii) forfeited options granted for the Company’s directors and officers and employees of the Manager as of June 30, 2021 and December 31, 2020: As of June 30, 2021 As of December 31, 2020 Non-vested 183,114 142,814 Vested 1,449,518 800,618 Forfeited (19,534 ) (16,534 ) Balance 1,613,098 926,898
Assumptions used in the Option Pricing Model of Options Granted	The following table presents the assumptions used in the option pricing model of options granted under the 2020 Plan: Assumptions Range Expected volatility 40% - 50 % Expected dividend yield 10% - 20 % Risk-free interest rate 0.5% - 1.5 % Expected forfeiture rate 0 %
Summary of Stock Option Activity	The following tables summarizes stock option activity during the three and six months ended June 30, 2021: Three months ended June 30, 2021 Weighted-Average Grant Date Fair Value Per Option Balance as of March 31, 2021 1,616,098 $ 1.08 Granted - - Exercised - - Forfeited (3,000 ) 1.31 Balance as of June 30, 2021 1,613,098 $ 1.08 Six months ended June 30, 2021 Weighted-Average Grant Date Fair Value Per Option Balance as of December 31, 2020 926,898 $ 0.91 Granted 689,200 1.31 Exercised - - Forfeited (3,000 ) 1.31 Balance as of June 30, 2021 1,613,098 $ 1.08

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2021
EARNINGS PER SHARE [Abstract]
Computations of Basic Weighted Average Earnings per Common Share	T he following information sets forth the computations of basic weighted average earnings per common share for the and months ended June Three months ended June 30, 2021 Six months ended June 30, 2021 Net income / (loss) attributable to common stockholders $ 4,627,787 $ 6,028,542 Divided by: Basic weighted average shares of common stock outstanding 13,457,536 10,318,542 Diluted weighted average shares of common stock outstanding 13,775,246 10,636,252 Basic weighted average earnings per common share $ 0.34 $ 0.58 Diluted weighted average earnings per common share $ 0.34 $ 0.57

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2021
FAIR VALUE [Abstract]
Significant Unobservable Inputs	The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of June 30, 2021 and December 31, 2020. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values. As of June 30, 2021 Unobservable Input Fair Value Primary Valuation Techniques Input Estimated Range Weighted Average Senior Term Loans $ 44,852,315 Yield analysis Market Yield 17.21% - 20.47 % 20.24 % Total Investments $ 44,852,315 As of December 31, 2020 Unobservable Input Fair Value Primary Valuation Techniques Input Estimated Range Weighted Average Senior Term Loans $ 48,558,051 Yield analysis Market Yield 15.79% - 20.75 % 20.20 % Total Investments $ 48,558,051
Fair Value Measurements of Loans Held at Fair Value	The following tables present fair value measurements of loans held at fair value as of June 30, 2021 and December 31, 2020: Fair Value Measurement Using as of June 30, 2021 Total Level 1 Level 2 Level 3 Loans held at fair value $ 44,852,315 - - $ 44,852,315 Total $ 44,852,315 - - $ 44,852,315 Fair Value Measurement Using as of December 31, 2020 Total Level 1 Level 2 Level 3 Loans held at fair value $ 48,558,051 - - $ 48,558,051 Total $ 48,558,051 - - $ 48,558,051
Fair Value Measurements of Changes in Loans using Level 3 inputs	The following table presents changes in loans that use Level 3 inputs as of and for the six months ended June 30, 2021: Six months ended June 30, 2021 Total loans using Level 3 inputs at December 31 2020 $ 48,558,051 Change in unrealized gains / (losses) on loans at fair value, net (627,561 ) Additional funding 7,677,701 Original issue discount and other discounts, net of costs (501,346 ) Loan repayments (12,000,000 ) Loan amortization payments (583,324 ) Accretion of original issue discount 1,601,197 PIK Interest 727,597 Total loans using Level 3 inputs at June 30 2021 $ 44,852,315
Book Value and Fair Value of the Financial Instruments	The following table details the book value and fair value of the Company’s financial instruments not recognized at fair value in the balance sheet: As of June 30, 2021 Carrying Value Fair Value Financial assets Cash and cash equivalents $ 124,604,872 $ 124,604,872 Loans held for investment at carrying value $ 105,404,185 $ 110,407,362 Loan receivable at carrying value $ 3,011,140 $ 2,868,235

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2021
RELATED PARTY TRANSACTIONS [Abstract]
Summary of Related Party Costs	The following table summarizes the related party costs incurred by the Company for the three and six months ended June 30, 2021: Three months ended June 30, 2021 Six months ended June 30, 2021 Affiliate Costs Management fees $ 819,531 $ 1,271,206 Less other fees earned (182,707 ) (420,450 ) Incentive fees earned 1,442,047 2,104,777 General and administrative expenses reimbursable to Manager 423,939 789,506 Total $ 2,502,810 $ 3,745,039

DIVIDENDS AND DISTRIBUTIONS (Ta

DIVIDENDS AND DISTRIBUTIONS (Tables)	6 Months Ended
	Jun. 30, 2021
DIVIDENDS AND DISTRIBUTIONS [Abstract]
Summary of Dividends Declared and Paid	The following table summarizes the Company’s dividends declared and paid during the six months ended June 30, 2021: Record Date Payment Date Common Share Distribution Amount Taxable Ordinary Income Return of Capital Section 199A Dividends Regular cash dividend 3/15/2021 3/31/2021 $ 0.36 $ 0.36 $ - $ 0.36 Regular cash dividend 6/15/2021 6/30/2021 $ 0.38 $ 0.38 $ - $ 0.38 Total cash dividend $ 0.74 $ 0.74 $ - $ 0.74

ORGANIZATION (Details)

ORGANIZATION (Details)	6 Months Ended
	Jun. 30, 2021Segment
ORGANIZATION [Abstract]
Number of operating segments	1

LOANS HELD FOR INVESTMENT AT _4

LOANS HELD FOR INVESTMENT AT FAIR VALUE (Details)		6 Months Ended		12 Months Ended
		Jun. 30, 2021USD ($)Loans		Dec. 31, 2020USD ($)Loans
Loans held for Investment at Fair Value [Abstract]
Number of portfolio loans | Loans		3		4
Loans held at fair value, aggregate commitments		$ 47,400,000		$ 59,900,000
Loans held for investment at outstanding principal	[2]	46,653,209	[1]	$ 50,831,235
Loans held at fair value, funded of outstanding principal		7,700,000
Loans held at fair value, repayments		$ 12,600,000
Loans held at fair value, floating interest rate		0.00%		6.00%
LIBOR Floor Rate [Member]
Loans held for Investment at Fair Value [Abstract]
Loans held at fair value, weighted average floor				2.50%
Variable term		30 days
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.

LOANS HELD FOR INVESTMENT AT _5

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Summary of Loans Held at Fair Value (Details) - USD ($)		6 Months Ended		12 Months Ended
		Jun. 30, 2021		Dec. 31, 2020
Loans held as investment, Fair Value Amount [Abstract]
Loans held for investment at fair value	[1]	$ 44,852,315		$ 48,558,051
Loans held for investment at carrying value	[3]	43,916,537	[2]	46,994,711
Loans held for investment at outstanding principal	[3]	$ 46,653,209	[2]	$ 50,831,235
Loans held at fair value, weighted average remaining life	[4]	2 years 7 months 6 days		3 years 3 months 18 days
Senior Term Loans [Member]
Loans held as investment, Fair Value Amount [Abstract]
Loans held for investment at fair value	[1]	$ 44,852,315		$ 48,558,051
Loans held for investment at carrying value	[3]	43,916,537		46,994,711
Loans held for investment at outstanding principal	[3]	$ 46,653,209		$ 50,831,235
Loans held at fair value, weighted average remaining life	[4]	2 years 7 months 6 days		3 years 3 months 18 days
[1]	Refer to Footnote 14 to our unaudited financial statements.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[4]	Weighted average remaining life is calculated based on the fair value of the loans as of June 30, 2021 and December 31, 2020

LOANS HELD FOR INVESTMENT AT _6

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Changes in Loans Held at Fair Value (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
Loans Receivable, Principal [Roll Forward]
Total loans held at fair value, beginning balance	$ 50,831,235	[1]
Loans held at fair value, principal, change in unrealized gains / (losses) on loans at fair value, net	0
Loans held at fair value, principal, new fundings	7,677,701
Loans held at fair value, principal, loan repayments	(12,000,000)
Loans held at fair value, loan amortization payments	(583,324)
Loans held at fair value, principal, accretion of original issue discount	0
Loans held at fair value, principal, PIK Interest	727,597
Total loans held at fair value, ending balance	46,653,209	[1],[2]
Loans Held for Investment, Original Issue Cost [Roll Forward]
Loans held for at fair value, original issue discount, beginning balance	(3,836,524)
Loans held at fair value, original issue discount, change in unrealized gains / (losses) on loans at Fair value, net	0
Loans held at fair value, original issue discount, new fundings	(501,346)
Loans held at fair value, original issue discount, loan repayments	0
Loans held at fair value, original issue discount, loan amortization payments	0
Loans held at fair value, original issue discount, accretion of original issue discount	1,601,197
Loans held at fair value, original issue discount, PIK Interest	0
Loans held for at fair value, original issue discount, ending balance	(2,736,673)
Loans Held for Investment, Unrealized Gains/(Losses) [Roll Forward]
Loans held at fair value, unrealized gains / (losses), beginning balance	1,563,340
Loans held at fair value, unrealized gains / (losses), change in unrealized gains / (losses) on loans at fair value, net	(627,561)
Loans held at fair value, unrealized gains / (losses), new fundings	0
Loans held at fair value, unrealized gains / (losses), loan repayments	0
Loans held at fair value, unrealized gains / (losses), loan amortization payments	0
Loans held at fair value, unrealized gains / (losses), accretion of original issue discount	0
Loans held at fair value, unrealized gains / (losses), PIK interest	0
Loans held at fair value, unrealized gains / (losses), ending balance	935,779
Loans Held for Investment, Fair Value [Roll Forward]
Loans held at fair value, beginning balance	48,558,051	[3]
Loans held at fair value, change in unrealized gains / (losses) on loans at fair value, net	(627,561)
Loans held for at fair value, new fundings	7,176,355
Loans held for at fair value, loan repayments	(12,000,000)
Loans held for at fair value, loan amortization payments	(583,324)
Loans held at fair value, Accretion of original issue discount	1,601,197
Loans held at fair value, PIK Interest	727,597
Loans held at fair value, ending balance	$ 44,852,315	[3]
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.
[3]	Refer to Footnote 14 to our unaudited financial statements.

LOANS HELD FOR INVESTMENT AT _7

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Loans Held at Fair Value Portfolio (Details) - USD ($)		6 Months Ended
		Jun. 30, 2021		Dec. 31, 2020
Loans Held at Fair Value Portfolio [Abstract]
Loans held at fair value	[1]	$ 44,852,315		$ 48,558,051
Loans held for investment at carrying value	[3]	43,916,537	[2]	46,994,711
Outstanding principal	[3]	$ 46,653,209	[2]	$ 50,831,235
Private Co. A [Member] | Multi State [Member]
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate		13.00%
PIK interest rate		4.00%
Private Co. A [Member] | Multi State [Member] | Cultivation Facilities, Dispensaries [Member]
Loans Held at Fair Value Portfolio [Abstract]
Loans held at fair value	[1]	$ 33,059,982
Loans held for investment at carrying value	[2]	32,543,647
Outstanding principal	[2]	$ 34,654,069
Interest rate	[4]	17.00%
Maturity date	[5]	May 8, 2024
Payment terms	[6]	P/I
Private Co. B [Member] | MI [Member]
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate		13.00%
PIK interest rate		4.00%
Private Co. B [Member] | MI [Member] | Cultivation Facilities [Member]
Loans Held at Fair Value Portfolio [Abstract]
Loans held at fair value	[1]	$ 8,909,663
Loans held for investment at carrying value	[2]	8,503,029
Outstanding principal	[2]	$ 9,059,140
Interest rate	[7]	17.00%
Maturity date	[5]	Sep. 1, 2023
Payment terms	[6]	P/I
Public Co. A - Real Estate Loan[Member] | NV [Member]
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate		12.00%
PIK interest rate		2.00%
Public Co. A - Real Estate Loan[Member] | NV [Member] | Cultivation Facilities [Member]
Loans Held at Fair Value Portfolio [Abstract]
Loans held at fair value	[1]	$ 2,882,670
Loans held for investment at carrying value	[2]	2,869,861
Outstanding principal	[2]	$ 2,940,000
Interest rate	[8]	14.00%
Maturity date	[5]	Jan. 26, 2023
Payment terms	[6]	I/O
[1]	Refer to Footnote 14 to our unaudited financial statements.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[4]	Base interest rate of 13% and payment-in-kind (“PIK”) interest rate of 4%.
[5]	Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[6]	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.
[7]	Base interest rate of 13% and PIK interest rate of 4%.
[8]	Base interest rate of 12% and PIK interest rate of 2%.

LOANS HELD FOR INVESTMENT AT _8

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Details)		6 Months Ended		12 Months Ended
		Jun. 30, 2021USD ($)Loan		Dec. 31, 2020USD ($)Loan
Loans Held as Investment, Carrying Amount Disclosure [Abstract]
Number of loans held for investments in portfolio | Loan		10		3
Loans held for investments aggregate commitments		$ 136,300,000		$ 44,000,000
Loans held at carrying value, outstanding principal	[2]	114,376,084	[1]	$ 33,907,763
Loans held at carrying value, outstanding principal fundings		$ 79,900,000
Percentage of loans held at carrying value with floating interest rates		44.00%		35.00%
LIBOR period		30 days
LIBOR Weighted Average Floor Rate [Member]
Loans Held as Investment, Carrying Amount Disclosure [Abstract]
Loans held at carrying value, interest rate		1.00%		1.00%
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.

LOANS HELD FOR INVESTMENT AT _9

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Summary of Loans Held at Carrying Value (Details) - USD ($)		6 Months Ended		12 Months Ended
		Jun. 30, 2021		Dec. 31, 2020
Loans held as investment, Carrying Amount [Abstract]
Loans held at carrying value, outstanding principal	[2]	$ 114,376,084	[1]	$ 33,907,763
Loans held at carrying value, original issue discount		(8,971,899)		(2,070,732)
Loans held at carrying value	[2]	$ 105,404,185	[1]	$ 31,837,031
Loans held at carrying value, weighted average remaining life	[3]	3 years 9 months 18 days		4 years 8 months 12 days
Senior Term Loans [Member]
Loans held as investment, Carrying Amount [Abstract]
Loans held at carrying value, outstanding principal	[2]	$ 114,376,084		$ 33,907,763
Loans held at carrying value, original issue discount		(8,971,899)		(2,070,732)
Loans held at carrying value	[2]	$ 105,404,185		$ 31,837,031
Loans held at carrying value, weighted average remaining life	[3]	3 years 9 months 18 days		4 years 8 months 12 days
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.
[3]	Weighted average remaining life is calculated based on the carrying value of the loans as of June 30, 2021 and December 31, 2020.

LOANS HELD FOR INVESTMENT AT_10

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Changes in Loans Held at Carrying Value (Details)	6 Months Ended
	Jun. 30, 2021USD ($)
Principal [Abstract]
Total loans held at carrying value, principal, beginning balance	$ 33,907,763	[1]
Total loans held at carrying value, principal, new fundings	79,928,825
Total loans held at carrying value, principal, PIK interest	539,496
Total loans held at carrying value, principal, ending balance	114,376,084	[1],[2]
Original Issue Discount [Abstract]
Total loans held at carrying value, original issue discount, beginning balance	(2,070,732)
Total loans held at carrying value, original issue discount, new fundings	(7,574,384)
Total loans held at carrying value, original Issue discount, accretion of original issue discount	673,217
Total loans held at carrying value, original issue discount, ending balance	(8,971,899)
Carrying Value [Abstract]
Total loans held at carrying value, beginning balance	31,837,031	[1]
Total loans held at carrying value, new fundings	72,354,441
Total loans held at carrying value, accretion of original issue discount	673,217
Total loans held at carrying value, PIK Interest	539,496
Total loans held at carrying value, ending balance	$ 105,404,185	[1],[2]
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.

LOANS HELD FOR INVESTMENT AT_11

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Loans Held at Carrying Value portfolio (Details) - USD ($)		6 Months Ended
		Jun. 30, 2021		Dec. 31, 2020
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[2]	$ 114,376,084	[1]	$ 33,907,763
Original issue discount		(8,971,899)		(2,070,732)
Loans held for investment at carrying value	[2]	$ 105,404,185	[1]	$ 31,837,031
Private Co. C [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		12.00%
Private Co. C [Member] | LIBOR Floor Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		1.00%
Private Co. C [Member] | PIK Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		4.00%
Private Co. C [Member] | PA [Member] | Cultivation Facilities, Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 16,571,443
Original issue discount		(764,590)
Loans held for investment at carrying value	[1]	$ 15,806,853
Interest rate	[3]	17.00%
Maturity date	[4]	Dec. 1, 2025
Payment Terms	[5]	P/I
Private Co. D [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		13.00%
Private Co. D [Member] | PIK Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		2.00%
Private Co. D [Member] | Multi State [Member] | Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 12,107,055
Original issue discount		(930,564)
Loans held for investment at carrying value	[1]	$ 11,176,491
Interest rate	[6]	15.00%
Maturity date	[4]	Jan. 1, 2026
Payment Terms	[5]	P/I
Sub. of Public Co. D [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		12.90%
Sub. of Public Co. D [Member] | PA [Member] | Cultivation Facilities [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 10,000,000
Original issue discount		(160,714)
Loans held for investment at carrying value	[1]	$ 9,839,286
Interest rate	[7]	12.90%
Maturity date	[4]	Dec. 18, 2024
Payment Terms	[5]	I/O
Private Co. E [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		12.00%
Private Co. E [Member] | LIBOR Floor Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		1.00%
Private Co. E [Member] | PIK Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		4.00%
Private Co. E [Member] | OH [Member] | Cultivation Facilities, Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 11,174,533
Original issue discount		(2,936,883)
Loans held for investment at carrying value	[1]	$ 8,237,650
Interest rate	[3]	17.00%
Maturity date	[4]	Apr. 1, 2026
Payment Terms	[5]	P/I
Private Co. F [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		13.00%
Private Co. F [Member] | PIK Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		4.00%
Private Co. F [Member] | MO [Member] | Cultivation Facilities, Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 6,166,025
Original issue discount		(1,915,902)
Loans held for investment at carrying value	[1]	$ 4,250,123
Interest rate	[8]	17.00%
Maturity date	[4]	May 1, 2026
Payment Terms	[5]	P/I
Public Co. E [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		13.00%
Public Co. E [Member] | MI [Member] | Cultivation Facilities [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 15,000,000
Original issue discount		(985,714)
Loans held for investment at carrying value	[1]	$ 14,014,286
Interest rate	[9]	13.00%
Maturity date	[4]	Apr. 29, 2025
Payment Terms	[5]	P/I
Sub of Private Co. G [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		12.00%
Sub of Private Co. G [Member] | LIBOR Floor Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		1.00%
Sub of Private Co. G [Member] | PIK Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		4.00%
Sub of Private Co. G [Member] | NJ [Member] | Cultivation Facilities, Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 22,075,778
Original issue discount		(836,722)
Loans held for investment at carrying value	[1]	$ 21,239,056
Interest rate	[3]	17.00%
Maturity date	[4]	May 1, 2026
Payment Terms	[5]	P/I
Public Co. F [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		9.80%
Public Co. F [Member] | Multi State [Member] | Cultivation Facilities, Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 10,000,000
Original issue discount		(184,000)
Loans held for investment at carrying value	[1]	$ 9,816,000
Interest rate	[10]	9.80%
Maturity date	[4]	May 30, 2023
Payment Terms	[5]	I/O
Sub of Private Co. H [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		15.00%
Sub of Private Co. H [Member] | IL [Member] | Cultivation Facilities [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 5,781,250
Original issue discount		(146,810)
Loans held for investment at carrying value	[1]	$ 5,634,440
Interest rate	[11]	15.00%
Maturity date	[4]	May 11, 2023
Payment Terms	[5]	I/O
Private Co I [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		13.00%
Private Co I [Member] | MD [Member] | Cultivation Facilities, Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 5,500,000
Original issue discount		(110,000)
Loans held for investment at carrying value	[1]	$ 5,390,000
Interest rate	[9]	13.00%
Maturity date	[4]	Jul. 9, 2021
Payment Terms	[5]	I/O
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.
[3]	Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4%.
[4]	Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[5]	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.
[6]	Base interest rate of 13% and PIK interest rate of 2%.
[7]	Base interest rate of 12.9%.
[8]	Base interest rate of 13% and PIK interest rate of 4%.
[9]	Base interest rate of 13%.
[10]	Base interest rate of 9.8%.
[11]	Base interest rate of 15%.

LOAN RECEIVABLE AT CARRYING V_3

LOAN RECEIVABLE AT CARRYING VALUE (Details)	6 Months Ended
	Jun. 30, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan
Proceeds from Sale and Collection of Loans Receivable [Abstract]
Number of portfolio loans | Loan	1	1
Loans receivable at carrying value aggregate commitments	$ 4,000,000	$ 4,000,000
Loans Receivable, Principal [Roll Forward]
Total loans receivable at principal, beginning of period	3,352,176
Principal repayment of loans at principal	(337,741)
Total loans receivable at principal, end of period	3,014,435
Loans Receivable, Original Issue Discount [Roll Forward]
Total loans receivable at original issue discount, beginning of period	(3,913)
Accretion of original issue discount at original issue discount	618
Total loans receivable at original issue discount, end of period	(3,295)
Loans Receivable, Carrying Value [Roll Forward]
Total loans receivable at carrying value, beginning of period	3,348,263
Principal repayment of loans at carrying value	(337,741)
Accretion of original issue discount at carrying value	618
Total loans receivable at carrying value, end of period	$ 3,011,140

CURRENT EXPECTED CREDIT LOSSE_2

CURRENT EXPECTED CREDIT LOSSES (Details) - USD ($)		3 Months Ended	6 Months Ended
		Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Current Expected Credit Loss [Abstract]
Allowance for credit losses		$ 701,143	$ 701,143	$ 404,860
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments
Beginning balance			404,860
Ending balance		701,143	701,143
CECL Reserve [Member]
Current Expected Credit Loss [Abstract]
Allowance for credit losses		$ 1,177,283	$ 1,177,283	$ 465,397
Loans receivable variable spread rate		1.09%	1.09%	1.32%
Loans receivable at carrying value, commitment balance		$ 108,415,325	$ 108,415,325	$ 35,185,294
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments
Beginning balance		531,497	465,397
Provision for current expected credit losses		645,786	711,886
Write-offs		0	0
Recoveries		0	0
Ending balance		1,177,283	1,177,283
Funded Loan Commitment [Member] | CECL Reserve [Member]
Current Expected Credit Loss [Abstract]
Allowance for credit losses	[1]	701,143	701,143	404,860
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments
Beginning balance	[1]	248,317	404,860
Provision for current expected credit losses	[1]	452,826	296,283
Write-offs	[1]	0	0
Recoveries	[1]	0	0
Ending balance	[1]	701,143	701,143
Unfunded Loan Commitment [Member] | CECL Reserve [Member]
Current Expected Credit Loss [Abstract]
Allowance for credit losses	[2]	476,140	476,140	$ 60,537
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments
Beginning balance	[2]	283,180	60,537
Provision for current expected credit losses	[2]	192,960	415,603
Write-offs	[2]	0	0
Recoveries	[2]	0	0
Ending balance	[2]	$ 476,140	$ 476,140
[1]	As of June 30, 2021 and December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company's balance sheets.
[2]	As of June 30, 2021 and December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company's balance sheets.

CURRENT EXPECTED CREDIT LOSSES,

CURRENT EXPECTED CREDIT LOSSES, Risk Rating by Year of Origination (Details)	Jun. 30, 2021USD ($)
Risk Rating by Year of Origination [Abstract]
2021	$ 60,343,907
2020	48,071,418
Total	108,415,325
Very Low Risk [Member]
Risk Rating by Year of Origination [Abstract]
2021	0
2020	0
Total	0
Low Risk [Member]
Risk Rating by Year of Origination [Abstract]
2021	23,830,286
2020	0
Total	23,830,286
Medium Risk [Member]
Risk Rating by Year of Origination [Abstract]
2021	36,513,621
2020	45,060,278
Total	81,573,899
High Risk/ Potential for Loss [Member]
Risk Rating by Year of Origination [Abstract]
2021	0
2020	3,011,140
Total	3,011,140
Impaired/Loss Likely [Member]
Risk Rating by Year of Origination [Abstract]
2021	0
2020	0
Total	$ 0

INTEREST RECEIVABLE (Details)

INTEREST RECEIVABLE (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
INTEREST RECEIVABLE [Abstract]
Interest receivable	$ 722,716	$ 675,795
PIK receivable	362,040	177,183
Unused fees receivable	65,913	74,314
Total interest receivable	$ 1,150,669	$ 927,292

INTEREST RESERVE (Details)

INTEREST RESERVE (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan
INTEREST RESERVE [Abstract]
Number of loans included in loan funded interest reserve | Loan		4	1
Changes in Interest Reserve [Abstract]
Beginning reserves	$ 3,243,484	$ 1,325,750
New reserves	2,925,000	4,925,000
Reserves disbursed	(620,621)	(702,887)
Ending reserves	$ 5,547,863	$ 5,547,863	$ 1,325,750

DEBT (Details)

DEBT (Details) - Revolving Loan [Member] - Secured Debt [Member] - USD ($)	May 07, 2021	May 06, 2021	Jun. 30, 2021	Jun. 30, 2021	Jul. 31, 2021
Line of Credit Facility [Abstract]
Loan commitment	$ 50,000,000	$ 40,000,000
Interest rate	6.00%	8.00%
Maturity date		Jul. 31, 2021		Dec. 31, 2021
Interest expense			$ 0	$ 0
Subsequent Event [Member]
Line of Credit Facility [Abstract]
Loan commitment					$ 50,000,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Jun. 30, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
Total original loan commitments	$ 187,721,250	$ 107,292,176
Less: drawn commitments	(163,721,408)	(87,467,057)
Total undrawn commitments	$ 23,999,842	$ 19,825,119

STOCKHOLDERS' EQUITY, Series A

STOCKHOLDERS' EQUITY, Series A Preferred Stock (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	125	125
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares)	125	125
Series A Preferred Stock [Member]
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)	10,000	10,000
Preferred stock, shares issued (in shares)	125	125
Preferred stock, dividend rate	12.00%	12.00%
Preferred stock, liquidation preference (in dollars per share)	$ 1,000	$ 1,000
Preferred stock, redemption price (in dollars per share)	$ 1,000	$ 1,000
Preferred stock, redemption amount	$ 125,000	$ 125,000
Preferred stock, shares outstanding (in shares)	125	125
Preferred stock, redemption premium (in dollars per share)	$ 50	$ 50

STOCKHOLDERS' EQUITY, Common St

STOCKHOLDERS' EQUITY, Common Stock (Details)	Jul. 06, 2021USD ($)$ / sharesshares	Jun. 28, 2021USD ($)$ / sharesshares	Mar. 26, 2021USD ($)$ / sharesshares	Mar. 23, 2021USD ($)$ / sharesshares	Jan. 25, 2021	Jun. 30, 2021USD ($)shares
Common Stock [Abstract]
Net proceeds						$ 123,909,289
IPO [Member]
Common Stock [Abstract]
Reduction of shares issued due to fractional shares based on the public offering price (in shares) | shares						(15)
Reduction of shares outstanding due to fractional shares based on the public offering price (in shares) | shares						(15)
Gross proceeds from offering				$ 118,750,000
Underwriting commissions				8,312,500
Expenses incurred				$ 3,093,836
Over-Allotment Option [Member]
Common Stock [Abstract]
Gross proceeds from offering			$ 17,812,500
Underwriting commissions			$ 1,246,875
Over-Allotment Option [Member] | Subsequent Event [Member]
Common Stock [Abstract]
Shares issues (in shares) | shares	269,650
Share price (in dollars per share) | $ / shares	$ 20.50
Gross proceeds from offering	$ 5,527,825
Underwriting commissions	304,030
Net proceeds	$ 5,223,795
Additional Offering [Member]
Common Stock [Abstract]
Shares issues (in shares) | shares		2,750,000
Share price (in dollars per share) | $ / shares		$ 20.50
Gross proceeds from offering		$ 56,375,000
Underwriting commissions		3,100,625
Expenses incurred		701,989
Net proceeds		$ 52,572,386
Common Stock [Member]
Common Stock [Abstract]
Stock split					7
Common Stock [Member] | IPO [Member]
Common Stock [Abstract]
Shares issues (in shares) | shares				6,250,000
Share price (in dollars per share) | $ / shares				$ 19
Common Stock [Member] | Over-Allotment Option [Member]
Common Stock [Abstract]
Shares issues (in shares) | shares			937,500
Share price (in dollars per share) | $ / shares			$ 19
Common Stock [Member] | Over-Allotment Option [Member] | Subsequent Event [Member]
Common Stock [Abstract]
Shares issues (in shares) | shares	269,650
Share price (in dollars per share) | $ / shares	$ 20.50

STOCKHOLDERS' EQUITY, Equity In

STOCKHOLDERS' EQUITY, Equity Incentive Plan (Details) - USD ($)	Jul. 06, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Option activity of directors and officers and employees [Abstract]
Non-vested (in shares)		183,114		183,114	142,814
Vested (in shares)		1,449,518			800,618
Forfeited (in shares)		(19,534)			(16,534)
Balance (in shares)		1,613,098	1,616,098	1,613,098	926,898
Share based compensation		$ 11,457		$ 1,610,572
Option Activity [Abstract]
Beginning balance (in shares)		1,616,098	926,898	926,898
Granted (in shares)		0		689,200
Exercised (in shares)		0		0
Forfeited (in shares)		(3,000)		(3,000)
Ending balance (in shares)		1,613,098	1,616,098	1,613,098	926,898
Weighted-Average Grant Date Fair Value Per Option [Abstract]
Beginning balance (in dollars per share)		$ 1.08	$ 0.91	$ 0.91
Granted (in dollars per share)		0		1.31
Exercised (in dollars per share)		0		0
Forfeited (in dollars per share)		1.31		1.31
Ending balance (in dollars per share)		$ 1.08	$ 1.08	$ 1.08	$ 0.91
2020 Plan [Member]
Equity Incentive Plan [Abstract]
Authorized (in shares)		1,616,098		1,616,098
Increase in share limit (in shares)		275,000
Assumptions [Abstract]
Expected forfeiture rate			0.00%
2020 Plan [Member] | Subsequent Event [Member]
Equity Incentive Plan [Abstract]
Increase in share limit (in shares)	26,965
Shares issues (in shares)	269,650
2020 Plan [Member] | Maximum [Member]
Equity Incentive Plan [Abstract]
Share limit (in shares)		2,375,000		2,375,000
Options granted expiration period				10 years
Assumptions [Abstract]
Expected volatility			50.00%
Expected dividend yield			20.00%
Risk-free interest rate			1.50%
2020 Plan [Member] | Maximum [Member] | Subsequent Event [Member]
Equity Incentive Plan [Abstract]
Share limit (in shares)	2,401,965
2020 Plan [Member] | Minimum [Member]
Assumptions [Abstract]
Expected volatility			40.00%
Expected dividend yield			10.00%
Risk-free interest rate			0.50%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Earnings Per Share Reconciliation [Abstract]
Net income / (loss) attributable to common stockholders	$ 4,627,787	$ 6,028,542
Divided by: [Abstract]
Basic weighted average shares of common stock outstanding (in shares)	13,457,536	10,318,542
Diluted weighted average shares of common stock outstanding (in shares)	13,775,246	10,636,252
Basic weighted average earnings per common share (in dollars per share)	$ 0.34	$ 0.58
Diluted weighted average earnings per common share (in dollars per share)	$ 0.34	$ 0.57

INCOME TAX (Details)

INCOME TAX (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2021USD ($)
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Provision for income taxes	$ 0	$ 0
United stated federal excise tax expense	$ 0	$ 0
Exercise tax as a percentage of undistributed ordinary income and net capital gains	4.00%	4.00%
Unrecognized tax benefits	$ 0	$ 0

FAIR VALUE, Significant Unobser

FAIR VALUE, Significant Unobservable Inputs (Details) - Level 3 [Member]	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value [Abstract]
Total Investments	$ 44,852,315	$ 48,558,051
Senior Term Loans [Member]
Fair Value [Abstract]
Total Investments	$ 44,852,315	$ 48,558,051
Senior Term Loans [Member] | Yield Analysis [Member] | Market Yield [Member] | Maximum [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.2047	0.2075
Senior Term Loans [Member] | Yield Analysis [Member] | Market Yield [Member] | Minimum [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.1721	0.1579
Senior Term Loans [Member] | Yield Analysis [Member] | Market Yield [Member] | Weighted Average [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.2024	0.2020

FAIR VALUE, Fair Value Measurem

FAIR VALUE, Fair Value Measurements of Loans Held at Fair Value (Details) - USD ($)		Jun. 30, 2021	Dec. 31, 2020
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held at fair value	[1]	$ 44,852,315	$ 48,558,051
Total		44,852,315	48,558,051
Level 1 [Member]
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held at fair value		0	0
Total		0	0
Level 2 [Member]
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held at fair value		0	0
Total		0	0
Level 3 [Member]
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held at fair value		44,852,315	48,558,051
Total		$ 44,852,315	$ 48,558,051
[1]	Refer to Footnote 14 to our unaudited financial statements.

FAIR VALUE, Changes in Loans Us

FAIR VALUE, Changes in Loans Using Level 3 Inputs (Details) - USD ($)		6 Months Ended
		Jun. 30, 2021		Dec. 31, 2020
Changes in Loans Using Level 3 Inputs [Abstract]
Loans held at fair value, beginning balance	[1]	$ 48,558,051
Change in unrealized gains / (losses) on loans at fair value, net		(627,561)
Additional funding		7,677,701
Original issue discount and other discounts, net of costs		501,346
Loan repayments		(12,000,000)
Loan amortization payments		(583,324)
Accretion of original issue discount		1,601,197
PIK Interest		727,597
Loans held at fair value, ending balance	[1]	44,852,315
Carrying Value [Abstract]
Cash and cash equivalents		124,604,872		$ 9,623,820
Loans held for investment at carrying value	[3]	105,404,185	[2]	31,837,031
Loan receivable at carrying value		3,011,140		$ 3,348,263
Fair Value [Abstract]
Cash and cash equivalents, at fair value		124,604,872
Loans held for investment at fair value		110,407,362
Loan receivable at carrying value		2,868,235
Level 3 [Member]
Changes in Loans Using Level 3 Inputs [Abstract]
Loans held at fair value, beginning balance		48,558,051
Change in unrealized gains / (losses) on loans at fair value, net		(627,561)
Additional funding		7,677,701
Original issue discount and other discounts, net of costs		(501,346)
Loan repayments		(12,000,000)
Loan amortization payments		(583,324)
Accretion of original issue discount		1,601,197
PIK Interest		727,597
Loans held at fair value, ending balance		$ 44,852,315
[1]	Refer to Footnote 14 to our unaudited financial statements.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.

RELATED PARTY TRANSACTIONS, Man

RELATED PARTY TRANSACTIONS, Management Agreement (Details) - USD ($)	3 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Affiliate Costs [Abstract]
Management fees	$ 819,531	$ 1,271,206
Less other fees earned	(182,707)	(420,450)
Incentive fees earned	1,442,047	2,104,777
General and administrative expenses reimbursable to Manager	423,939	789,506
Total	$ 2,502,810	$ 3,745,039
Managers [Member]
Management Agreement [Abstract]
Percentage of base management fees	0.375%	0.375%	0.4375%
Frequency of management fees payment		quarterly
Percentage of aggregate amount of any outside fees	50.00%	50.00%	100.00%
Amounts payable		$ 2,609,810	$ 728,298

RELATED PARTY TRANSACTIONS, Inv

RELATED PARTY TRANSACTIONS, Investments in Loans (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Investments in Loans [Abstract]
Amount of co-investments held		$ 0
Sale of assigned rights	$ 1,104,914	$ 2,313,130

DIVIDENDS AND DISTRIBUTIONS (De

DIVIDENDS AND DISTRIBUTIONS (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021
Dividends Declared and Paid [Abstract]
Common share distribution amount (in dollars per share)	$ 0.38		$ 0.74
Taxable ordinary income (in dollars per share)			0.74
Return of capital (in dollars per share)			0
Section 199A dividends (in dollars per share)			$ 0.74
Regular Cash Dividend [Member]
Dividends Declared and Paid [Abstract]
Record date	Jun. 15, 2021	Mar. 15, 2021
Payment date	Jun. 30, 2021	Mar. 31, 2021
Common share distribution amount (in dollars per share)	$ 0.38	$ 0.36
Taxable ordinary income (in dollars per share)	0.38	0.36
Return of capital (in dollars per share)	0	0
Section 199A dividends (in dollars per share)	$ 0.38	$ 0.36

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Aug. 09, 2021	Jul. 06, 2021	Mar. 26, 2021	Jul. 31, 2021	Jul. 26, 2021	Jun. 30, 2021	Jun. 30, 2021
Subsequent Event [Abstract]
Interest reserve						$ 2,925,000	$ 4,925,000
Senior Term Loan [Member] | Forecast [Member]
Subsequent Event [Abstract]
Percentage of ticking fee	6.50%
Common Stock [Member] | Over-Allotment Option [Member]
Subsequent Event [Abstract]
Shares issues (in shares)			937,500
Share price (in dollars per share)			$ 19
Subsequent Event [Member] | Private Company I - Bridge Loan [Member]
Subsequent Event [Abstract]
Interest rate				13.00%
Maturity date				Jul. 9, 2021
Original issuer discount				4.00%
Subsequent Event [Member] | Senior Term Loan [Member]
Subsequent Event [Abstract]
Loan commitment				$ 19,750,000
Percentage of ticking fee					6.00%
Interest rate				12.00%
Maturity date				Aug. 3, 2026
Unused fee				3.00%
Exit fee percentage				3.00%
Original issuer discount				4.00%
Interest reserve				$ 750,000
Subsequent Event [Member] | Senior Secured Loan [Member]
Subsequent Event [Abstract]
Loan commitment				15,500,000
Funded loan commitment				$ 10,100,000
Interest rate				12.00%
PIK interest rate				2.50%
Maturity date				Aug. 1, 2026
Exit fee percentage				3.00%
Original issuer discount				4.00%
Subsequent Event [Member] | Bridge Loan [Member]
Subsequent Event [Abstract]
Loan commitment				$ 3,000,000
Funded loan commitment				$ 3,000,000
Interest rate				13.00%
Maturity date				Aug. 31, 2021
Exit fee percentage				10.00%
Step down percentage				2.00%
Original issuer discount				4.00%
Subsequent Event [Member] | Mr. Tannenbaum [Member]
Subsequent Event [Abstract]
Equity interest on fully-diluted basis				21.80%
Equity interest on fully-diluted basis through investment vehicles				16.70%
Subsequent Event [Member] | Mr. Kalikow [Member]
Subsequent Event [Abstract]
Equity interest on fully-diluted basis				10.10%
Equity interest on fully-diluted basis through investment vehicles				8.80%
Subsequent Event [Member] | Mr. Kalikow [Member] | Senior Secured Loan [Member]
Subsequent Event [Abstract]
Purchase of senior secured credit facility				$ 8,500,000
Option to purchase credit facility timing (in days)				30 days
Loan amount increase				$ 10,000,000
Additional loan amount increase				20,000,000
Subsequent Event [Member] | Mr. Kalikow [Member] | Bridge Loan [Member]
Subsequent Event [Abstract]
Loan commitment				$ 40,000,000
Subsequent Event [Member] | LIBOR [Member] | Senior Term Loan [Member]
Subsequent Event [Abstract]
Variable rate percentage				1.00%
Subsequent Event [Member] | LIBOR [Member] | Senior Secured Loan [Member]
Subsequent Event [Abstract]
Variable rate percentage				1.00%
Subsequent Event [Member] | Over-Allotment Option [Member]
Subsequent Event [Abstract]
Shares issues (in shares)		269,650
Share price (in dollars per share)		$ 20.50
Subsequent Event [Member] | Common Stock [Member] | Over-Allotment Option [Member]
Subsequent Event [Abstract]
Shares issues (in shares)		269,650
Share price (in dollars per share)		$ 20.50