AFC Gamma (AFCG) S-11 3 Jan 22 Registration of securities for real estate companies Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2021
Cover [Abstract]
Document Type	S-11
Amendment Flag	false
Entity Registrant Name	AFC Gamma, Inc.
Entity Central Index Key	0001822523
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false

Balance Sheet (FY)

Balance Sheet (FY)	Dec. 31, 2020USD ($)
Assets
Loans held for investment at fair value (cost of $46,994,711,net)	$ 48,558,051	[1],[2]
Loans held for investment at carrying value	31,837,031	[3],[4],[5]
Loan receivable at carrying value	3,348,263
Current expected credit loss reserve	(404,860)
Loans held for investment at carrying value and loan receivable at carrying value, net of current expected credit loss reserve	34,780,434
Cash and cash equivalents	9,623,820
Interest receivable	927,292
Prepaid expenses and other assets	72,095
Total assets	93,961,692
Liabilities
Interest reserve	1,325,750
Due to affiliate	0
Dividends payable	0
Accounts payable and other liabilities	154,895
Current expected credit loss reserve	60,537
Accrued management fees	222,127
Accrued direct administrative expenses	550,671
Accounts payable and other liabilities	215,432
Total liabilities	2,313,980
Stockholders' Equity
Preferred stock, par value $0.01 per share, 10,000 shares authorized at December 31, 2020 and 125 shares issued and outstanding at December 31, 2020	1
Common stock, par value $0.01 per share, 15,000,000 shares authorized at December 31, 2020 and 6,179,392 shares issued and outstanding at December 31, 2020	61,794
Additional paid-in-capital	91,068,197
Accumulated earnings	517,720
Total stockholders' equity	91,647,712
Total liabilities and stockholders' equity	$ 93,961,692
[1]	Refer to Footnote 14
[2]	Refer to Note 14 to our unaudited consolidated financial statements.
[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
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.
[5]	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

Balance Sheet (FY) (Parenthetic

Balance Sheet (FY) (Parenthetical) - USD ($)		Sep. 30, 2021		Dec. 31, 2020
Assets
Loans held for investment at cost	[2]	$ 73,934,116	[1]	$ 46,994,711	[3],[4]
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)		16,442,812		6,179,392
Common stock, shares outstanding (in shares)		16,442,812		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.
[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
[4]	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

Statement of Operations (FY)

Statement of Operations (FY) - USD ($)	2 Months Ended		3 Months Ended			5 Months Ended	9 Months Ended
	Sep. 30, 2020		Sep. 30, 2021	Dec. 31, 2020		Dec. 31, 2020	Sep. 30, 2021
Revenue
Interest Income	$ 1,594,769		$ 10,616,538			$ 5,250,108	$ 24,050,062
Total revenue	1,594,769		10,616,538	$ 3,655,339		5,250,108	24,050,062
Expenses
Management fees, net (less rebate of $259,167)	142,067		2,542,936			364,194	5,498,469
General and administrative expense	204,262		858,663			785,016	2,028,046
Organizational expenses	616,190		0			616,190	0
Stock-based compensation	0		51,429				1,662,001
Professional fees	89,800		396,147			614,019	726,194
Total expenses	1,052,319		3,849,175	1,327,100		2,379,419	9,914,710
Provision for current expected credit losses	0		(660,612)	(465,397)		(465,397)	(1,372,498)
Realized gains / (losses) on loans at fair value, net	0		400,000	345,000		345,000	400,000
Change in unrealized gains / (losses) on loans at fair value, net	1,563,800		1,423,929	(460)		1,563,340	796,368
Net income before income taxes	2,106,250		7,930,680			4,313,632	13,959,222
Income tax expense	0		0			0	0
Net income	$ 2,106,250		$ 7,930,680	$ 2,207,382		$ 4,313,632	$ 13,959,222
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.39	[1]	$ 0.48	$ 0.37	[1]	$ 0.76	$ 1.13
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in shares)	5,376,411		16,402,984	5,908,822		5,694,475	12,368,977
[1]	The sum of per share amounts for the period from July 31, 2020 to September 30, 2020 and the quarter ended December 31, 2020 may differ from the annual per share amounts due to the required method of computing weighted-average number of common shares outstanding in the respective periods and share offerings that occurred during the year.

Statement of Operations (FY) (P

Statement of Operations (FY) (Parenthetical) - USD ($)	2 Months Ended	3 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Expenses
Management fee, net rebate	$ 84,167	$ 256,989	$ 259,167	$ 677,439

Statement of Stockholders' Equi

Statement of Stockholders' Equity (FY) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In-Capital [Member]	Accumulated Earnings [Member]	Total
Balance at Jul. 30, 2020	$ 0	$ 0	$ 0	$ 0	$ 0
Balance (in shares) at Jul. 30, 2020		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 53,764	78,695,168	0	78,748,932
Issuance of common stock, net of offering cost (in shares)		5,376,411
Net income	0	$ 0	0	2,106,250	2,106,250
Balance at Sep. 30, 2020	0	$ 53,764	78,695,168	2,106,250	80,855,182
Balance (in shares) at Sep. 30, 2020		5,376,411
Balance at Jul. 30, 2020	0	$ 0	0	0	0
Balance (in shares) at Jul. 30, 2020		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 61,794	90,967,139	0	91,028,933
Issuance of common stock, net of offering cost (in shares)		6,179,392
Issuance of preferred stock, net of offering cost	1	$ 0	101,058	0	101,059
Issuance of preferred stock, net of offering cost (in shares)		0
Dividends declared and paid on common shares ($0.61 per share)	0	$ 0	0	(3,795,912)	(3,795,912)
Net income	0	0	0	4,313,632	4,313,632
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
Balance at Sep. 30, 2020	0	$ 53,764	78,695,168	2,106,250	80,855,182
Balance (in shares) at Sep. 30, 2020		5,376,411
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					2,207,382
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	$ 102,072	181,418,125	0	181,520,197
Issuance of common stock, net of offering cost (in shares)		10,263,420
Dividends declared and paid on common shares ($0.61 per share)	0	$ 0	0	(14,374,688)	(14,374,688)
Net income	0	0	0	13,959,222	13,959,222
Balance at Sep. 30, 2021	1	$ 163,866	274,148,323	94,754	274,406,944
Balance (in shares) at Sep. 30, 2021		16,442,812
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 2,697	5,035,825	0	5,038,522
Issuance of common stock, net of offering cost (in shares)		269,650
Dividends declared and paid on common shares ($0.61 per share)	0	$ 0	0	(7,070,409)	(7,070,409)
Net income	0	0	0	7,930,680	7,930,680
Balance at Sep. 30, 2021	$ 1	$ 163,866	$ 274,148,323	$ 94,754	$ 274,406,944
Balance (in shares) at Sep. 30, 2021		16,442,812

Statement of Stockholders' Eq_2

Statement of Stockholders' Equity (FY) (Parenthetical) - $ / shares	3 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared and paid on common shares (in dollars per share)	$ 0.43	$ 0.61	$ 1.17

Statement of Cash Flows (FY)

Statement of Cash Flows (FY) - USD ($)	2 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Sep. 30, 2021
Operating activities:
Net income	$ 2,106,250	$ 4,313,632	$ 13,959,222
Adjustments to reconcile net income / (loss) to net cash provided by / (used in) operating activities:
Provision for current expected credit losses	0	465,397	1,372,498
Realized gain on sale of loans at fair value	0	(345,000)	(400,000)
Change in unrealized gains / (losses) on loans at fair value, net	(1,563,800)	(1,563,340)	(796,368)
Accretion of deferred loan original issue discount and other discounts	(173,110)	(783,481)	(4,038,816)
Stock-based compensation	0		1,662,001
PIK interest	(79,707)	(422,408)	(2,787,847)
Changes in operating assets and liabilities:
Interest reserve	0	(74,250)	(2,521,923)
Interest receivable	(783,673)	(927,292)	(1,507,427)
Prepaid expenses and other assets	(25,029)	(72,095)	(319,140)
Accrued management fees, net	142,067	222,127	2,320,808
Accrued direct administrative expenses	202,534	550,671	296,040
Accounts payable and other liabilities	118,040	154,895	366,696
Net cash provided by / (used in) operating activities	(56,428)	1,518,856	7,605,744
Cash flows from investing activities:
Issuance of and fundings on loans	(780,000)	(46,769,285)	(156,345,116)
Proceeds from sales of Assigned Rights	0	1,649,468	2,313,130
Principal repayment of loans	137,340	5,348,542	22,168,395
Proceeds from sales of loans	0	7,345,000	10,400,000
Net cash provided by / (used in) investing activities	(642,660)	(32,426,275)	(121,463,591)
Cash flows from financing activities:
Payment of offering costs	0		(3,981,098)
Issuance of common stock	31,946,092	44,226,092	185,501,295
Issuance of preferred stock		101,059
Dividends paid	0	(3,795,912)	(7,311,779)
Net cash provided by / (used in) financing activities	31,946,092	40,531,239	174,208,418
Change in cash, cash equivalents and restricted cash	31,247,004	9,623,820	60,350,571
Cash, cash equivalents and restricted cash, beginning of period	0	0	9,623,820
Cash, cash equivalents and restricted cash, end of period	31,247,004	9,623,820	69,974,391
Supplemental disclosure of non-cash financing and investing activity:
Loans acquired for issuance of shares of common stock	46,802,840	46,802,841	0
Interest reserve withheld from funding of loan	1,400,000	1,400,000	9,450,468
Supplemental information:
Interest paid during the period	0	0	0
Income taxes paid during the period	$ 0	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Q3

CONSOLIDATED BALANCE SHEETS (Q3) - USD ($)		Sep. 30, 2021		Dec. 31, 2020
Assets
Loans held for investment at fair value (cost of $73,934,116 and $46,994,711 at September 30, 2021 and December 31, 2020, respectively, net)	[1]	$ 76,293,824		$ 48,558,051	[2]
Loans held for investment at carrying value	[3]	153,161,781	[4]	31,837,031	[5],[6]
Loan receivable at carrying value		2,774,455		3,348,263
Current expected credit loss reserve		(1,145,629)		(404,860)
Loans held for investment at carrying value and loan receivable at carrying value, net of current expected credit loss reserve		154,790,607		34,780,434
Cash and cash equivalents		69,974,391		9,623,820
Interest receivable		2,434,719		927,292
Prepaid expenses and other assets		391,235		72,095
Total assets		303,884,776		93,961,692
Liabilities
Interest reserve		8,254,295		1,325,750
Due to affiliate		9,550,625		0
Dividends payable		7,070,409		0
Current expected credit loss reserve		692,266		60,537
Accrued management and incentive fees		2,542,935		222,127
Accrued direct administrative expenses		846,711		550,671
Accounts payable and other liabilities		520,591		154,895
Total liabilities		29,477,832		2,313,980
Commitments and contingencies (Note 10)
Stockholders' Equity
Preferred stock, par value $0.01 per share, 10,000 shares authorized at September 30, 2021 and December 31, 2020 and 125 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively		1		1
Common stock, par value $0.01 per share, 25,000,000 and 15,000,000 shares authorized at September 30, 2021 and December 31, 2020, respectively, and 16,442,812 and 6,179,392 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively		163,866		61,794
Additional paid-in-capital		274,148,323		91,068,197
Accumulated earnings		94,754		517,720
Total stockholders' equity		274,406,944		91,647,712
Total liabilities and stockholders' equity		$ 303,884,776		$ 93,961,692
[1]	Refer to Note 14 to our unaudited consolidated financial statements.
[2]	Refer to Footnote 14
[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.
[4]	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.
[5]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[6]	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

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Q3) (Parenthetical) - USD ($)		Sep. 30, 2021		Dec. 31, 2020
Assets [Abstract]
Loans held for investment at cost	[2]	$ 73,934,116	[1]	$ 46,994,711	[3],[4]
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)		16,442,812		6,179,392
Common stock, shares outstanding (in shares)		16,442,812		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.
[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
[4]	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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Q3) - USD ($)	2 Months Ended		3 Months Ended			5 Months Ended	9 Months Ended
	Sep. 30, 2020		Sep. 30, 2021	Dec. 31, 2020		Dec. 31, 2020	Sep. 30, 2021
Revenue
Interest income	$ 1,594,769		$ 10,616,538			$ 5,250,108	$ 24,050,062
Total revenue	1,594,769		10,616,538	$ 3,655,339		5,250,108	24,050,062
Expenses
Management and incentive fees, net (less rebate of $256,989, $84,167, $677,439 and $84,167, respectively)	142,067		2,542,936			364,194	5,498,469
General and administrative expenses	204,262		858,663			785,016	2,028,046
Organizational expenses	616,190		0			616,190	0
Stock-based compensation	0		51,429				1,662,001
Professional fees	89,800		396,147			614,019	726,194
Total expenses	1,052,319		3,849,175	1,327,100		2,379,419	9,914,710
Provision for current expected credit losses	0		(660,612)	(465,397)		(465,397)	(1,372,498)
Realized gains / (losses) on loans at fair value, net	0		400,000	345,000		345,000	400,000
Change in unrealized gains / (losses) on loans at fair value, net	1,563,800		1,423,929	(460)		1,563,340	796,368
Net income before income taxes	2,106,250		7,930,680			4,313,632	13,959,222
Income tax expense	0		0			0	0
Net income	$ 2,106,250		$ 7,930,680	$ 2,207,382		$ 4,313,632	$ 13,959,222
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.39	[1]	$ 0.48	$ 0.37	[1]	$ 0.76	$ 1.13
Diluted earnings per common share (in dollars per share)	$ 0.39		$ 0.47				$ 1.10
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in shares)	5,376,411		16,402,984	5,908,822		5,694,475	12,368,977
Diluted weighted average shares of common stock outstanding (in shares)	5,376,411		16,776,648				12,742,641
[1]	The sum of per share amounts for the period from July 31, 2020 to September 30, 2020 and the quarter ended December 31, 2020 may differ from the annual per share amounts due to the required method of computing weighted-average number of common shares outstanding in the respective periods and share offerings that occurred during the year.

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Q3) (Parenthetical) - USD ($)	2 Months Ended	3 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Expenses
Management and incentive fees, net rebate	$ 84,167	$ 256,989	$ 259,167	$ 677,439

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Q3) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In-Capital [Member]	Accumulated Earnings (Deficit) [Member]	Total
Balance at Jul. 30, 2020	$ 0	$ 0	$ 0	$ 0	$ 0
Balance (in shares) at Jul. 30, 2020		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 53,764	78,695,168	0	78,748,932
Issuance of common stock, net of offering cost (in shares)		5,376,411
Net income	0	$ 0	0	2,106,250	2,106,250
Balance at Sep. 30, 2020	0	$ 53,764	78,695,168	2,106,250	80,855,182
Balance (in shares) at Sep. 30, 2020		5,376,411
Balance at Jul. 30, 2020	0	$ 0	0	0	0
Balance (in shares) at Jul. 30, 2020		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 61,794	90,967,139	0	91,028,933
Issuance of common stock, net of offering cost (in shares)		6,179,392
Dividends declared on common shares	0	$ 0	0	(3,795,912)	(3,795,912)
Net income	0	0	0	4,313,632	4,313,632
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
Balance at Sep. 30, 2020	0	$ 53,764	78,695,168	2,106,250	80,855,182
Balance (in shares) at Sep. 30, 2020		5,376,411
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					2,207,382
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	$ 102,072	181,418,125	0	181,520,197
Issuance of common stock, net of offering cost (in shares)		10,263,420
Stock-based compensation	0	$ 0	1,662,001	0	1,662,001
Dividends declared on common shares	0	0	0	(14,374,688)	(14,374,688)
Dividends declared on preferred shares	0	0	0	(7,500)	(7,500)
Net income	0	0	0	13,959,222	13,959,222
Balance at Sep. 30, 2021	1	$ 163,866	274,148,323	94,754	274,406,944
Balance (in shares) at Sep. 30, 2021		16,442,812
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 2,697	5,035,825	0	5,038,522
Issuance of common stock, net of offering cost (in shares)		269,650
Stock-based compensation	0	$ 0	51,429	0	51,429
Stock-based compensation (in shares)		56,285
Dividends declared on common shares	0	$ 0	0	(7,070,409)	(7,070,409)
Dividends declared on preferred shares	0	0	0	0	0
Net income	0	0	0	7,930,680	7,930,680
Balance at Sep. 30, 2021	$ 1	$ 163,866	$ 274,148,323	$ 94,754	$ 274,406,944
Balance (in shares) at Sep. 30, 2021		16,442,812

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Q3) (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared and paid on common shares (in dollars per share)	$ 0.43	$ 1.17
Dividends declared and paid on preferred shares (in dollars per share)	$ 60	$ 60

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Q3) - USD ($)	2 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021
Operating activities:
Net income	$ 2,106,250	$ 13,959,222
Adjustments to reconcile net income to net cash provided by / (used in) operating activities:
Provision for current expected credit losses	0	1,372,498
Realized gain on sale of loans	0	(400,000)
Change in unrealized (gains) / losses on loans at fair value, net	(1,563,800)	(796,368)
Accretion of deferred loan original issue discount and other discounts	(173,110)	(4,038,816)
Stock-based compensation	0	1,662,001
PIK interest	(79,707)	(2,787,847)
Changes in operating assets and liabilities
Interest reserve	0	(2,521,923)
Interest receivable	(783,673)	(1,507,427)
Prepaid expenses and other assets	(25,029)	(319,140)
Accrued management and incentive fees, net	142,067	2,320,808
Accrued direct administrative expenses	202,534	296,040
Accounts payable and other liabilities	118,040	366,696
Net cash provided by / (used in) operating activities	(56,428)	7,605,744
Cash flows from investing activities:
Issuance of and fundings on loans	(780,000)	(156,345,116)
Proceeds from sales of Assigned Rights	0	2,313,130
Proceeds from sales of loans	0	10,400,000
Principal repayment of loans	137,340	22,168,395
Net cash provided by / (used in) investing activities	(642,660)	(121,463,591)
Cash flows from financing activities:
Proceeds from sale of common stock	31,946,092	185,501,295
Payment of offering costs	0	(3,981,098)
Dividends paid	0	(7,311,779)
Net cash provided by / (used in) financing activities	31,946,092	174,208,418
Change in cash, cash equivalents and restricted cash	31,247,004	60,350,571
Cash, cash equivalents and restricted cash, beginning of period	0	9,623,820
Cash, cash equivalents and restricted cash, end of period	31,247,004	69,974,391
Supplemental disclosure of non-cash financing and investing activity
Loans acquired for issuance of shares of common stock	46,802,840	0
Interest reserve withheld from funding of loans	1,400,000	9,450,468
OID withheld from funding of loans	320,000	12,391,624
Loans funded from amounts due to affiliate	0	9,549,625
Supplemental information:
Interest paid during the period	0	0
Income taxes paid during the period	$ 0	$ 0

ORGANIZATION (FY)

ORGANIZATION (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
ORGANIZATION [Abstract]
ORGANIZATION	1. ORGANIZATION AFC Gamma, Inc. (the “Company” or “AFCG”) is a commercial real estate 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’s wholly owned subsidiary, AFCG TRS1, LLC (“TRS”), was formed under the laws of the State of Delaware on December 31, 2020, and operates as a taxable real estate investment trust (“REIT”) subsidiary. TRS began operating in July 2021, and the financial statements of TRS have been consolidated within the Company’s consolidated financial statements beginning with the quarter ended September 30, 2021. 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, the value associated with licenses and/or other assets of borrowers depending on the applicable laws and regulations governing such borrowers. The Company has elected to be taxed as a 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.	1. ORGANIZATION AFC Gamma, Inc. (the “Company” or “AFCG”) is a commercial real estate (“CRE”) finance company primarily engaged in originating, structuring, underwriting and managing 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 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 (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 will 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 ending 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. If, on the five-year anniversary of the Initial Closing Date, the Company is not a publicly traded company with its common stock listed on a Securities Exchange, then, subject to any required approvals by the Board and its stockholders, the Company will immediately take all necessary action to undertake an orderly liquidation and sale of its assets and will distribute any net sale proceeds therefrom, after the payment or adequate provision for all known debts and liabilities and any preferential rights of the holders of any then-outstanding shares of preferred stock, pro rata to the holders of common stock, following which the Company shall terminate and dissolve. Subject to applicable law, the Company intends to complete any such process of liquidation, termination and dissolution over a period of three

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited interim consolidated 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 disclosures below regarding basis of presentation and other accounting policies that (i) are required to be disclosed quarterly, (ii) have material changes or (iii) the Company views as critical as of the date of this report. Basis of Presentation The accompanying unaudited interim consolidated 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 consolidated 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. Over the course of the coronavirus (“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 September 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 most of these measures have been lifted or scaled back, surges of COVID-19 in certain parts of the world, including the United States, have resulted and may in the future result in the re-imposition of certain restrictions and may lead to more restrictions to reduce the spread of COVID-19. The full 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 adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with United States generally accepted accounting principles (“GAAP”). The financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions. Cash and short-term investments with an original maturity of three months or less when acquired are considered cash and cash equivalents for the purpose of the balance sheet and statement of cash flows. Restricted cash includes deposits required under certain Secured Funding Agreements. As of the balance sheet date, the Company did not have any restricted cash. Concentration of Credit Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, loans and interest receivable. The Company places its cash and cash equivalents with financial institutions and, at times, cash held exceeds the Federal Deposit Insurance Corporation insured limit. The Company and the Company’s Manager seek to manage this credit risk by monitoring the financial institutions and their ability to continue in business for the foreseeable future. The Company has exposure to credit risk on its loans and interest receivable. The Company and the Company’s Manager seek to manage credit risk by performing due diligence prior to origination or acquisition and through the use of non-recourse financing, when and where available and appropriate. Investments in Loans The Company originates CRE debt and related instruments generally to be held for investment. The Company accretes or amortizes any discounts or premiums on loans held for investment over the life of the related loan held for investment utilizing the effective interest method. Loans are generally collateralized by real estate, equipment, licenses and/or other assets of borrowers. The extent of any credit deterioration associated with the performance and/or value of the underlying collateral property and the financial and operating capability of the borrower could impact the expected amounts received. The Company monitors performance of its portfolio of loans held for investment under the following methodology: (1) borrower review, which analyzes the borrower’s ability to execute on its original business plan, reviews its financial condition, assesses pending litigation and considers its general level of responsiveness and cooperation; (2) economic review, which considers underlying collateral (i.e. leasing performance, unit sales and cash flow of the collateral and its ability to cover debt service, as well as the residual loan balance at maturity); (3) property review, which considers current environmental risks, changes in insurance costs or coverage, current site visibility, capital expenditures and market perception; and (4) market review, which analyzes the collateral from a supply and demand perspective of similar property types, as well as from a capital markets perspective. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding the borrower’s ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to placing a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. The Company may make modifications to loans, including loans that are in default. Loan terms that may be modified include interest rates, required prepayments, maturity dates, covenants, principal amounts and other loan terms. The terms and conditions of each modification vary based on individual circumstances and will be determined on a case by case basis. The Company’s Manager monitors and evaluates each of the Company’s loans held for investment and has maintained regular communications with borrowers regarding the potential impacts of the COVID-19 pandemic on the Company’s loans. Loans Held at Fair Value Investments in loans at fair value are carried at fair value in the Company’s balance sheets, with changes in fair value recorded through earnings. Refer to footnote 14 for more information on the valuations of the investments. Although the Company generally holds its target investments as long-term investments, the Company may occasionally classify some of its loans as held for sale. Investments held for sale are carried at fair value, with changes in fair value recorded through earnings. Investment transactions are recorded on the trade date at cost, net of any original issue discounts. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized and/or accreted cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. An unrealized gain arises when the value the loan portfolio exceeds its cost and an unrealized loss arises when the value of the loan portfolio is less than its cost. The change in unrealized gains or losses primarily reflect the change in loan values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized. Loans Held at Carrying Value Investments in loans held at amortized cost are carried at cost, net of unamortized loan original issue discount and origination costs and other original issue discounts (the “carrying value”) in the Company’s balance sheets. The Company follows ASC 842 for certain loans which are considered financial assets not eligible to elect the fair value option due to the structure of the loans. These loans are carried at cost, net of unamortized loan original issue discount and origination costs and other original issue discounts (the “carrying value”) in the Company’s balance sheets. Fair Value Measurements The Company follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the company’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Company has elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “prepaid expenses and other assets,” “loans receivable” and “interest reserve”, which are reported at amortized cost, all assets and liabilities approximate fair value on the balance sheet. The carrying value of the lines titled “interest receivable,” “accrued management fees,” “accrued direct administrative expenses” and “accounts payable and other liabilities” approximate fair value due to their short maturity. The Company also follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Company to assume that the transaction is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Company has considered its principal market as the market in which the Company exits its loans with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below: ⯀ Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. ⯀ Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. ⯀ Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. If inputs used to measure fair value fall into different levels of the fair value hierarchy, a loan’s level is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the loan. This includes loans that are valued using “bid” and “ask” prices obtained from independent third-party pricing services or directly from brokers. Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, the Company obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Company’s loans for which quotations are available. In determining the fair value of a particular loan, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations. GAAP requires disclosure of fair value information about financial and nonfinancial assets and liabilities, whether or not recognized in the financial statements, for which it is practical to estimate the value. In cases where quoted market prices are not available, fair values are based upon the application of discount rates to estimated future cash flows using market yields, or other valuation methodologies. Any changes to the valuation methodology will be reviewed by the Company’s management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while the Company anticipates that the valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial and nonfinancial assets and liabilities could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of the measurement date, which may fall within periods of market dislocation, during which price transparency may be reduced. Current Expected Credit Losses In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard replaced the incurred loss impairment methodology pursuant to GAAP with a methodology that reflects 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”). ASU No. 2016-13 was adopted by the Company on as of July 31, 2020, commencement of operations. Subsequent period increases and decreases to expected credit losses impact earnings and are recorded within provision for current expected credit losses in the Company’s statement of operations. The CECL Reserve related to outstanding balances on loans held for investment required under ASU No. 2016-13 is a valuation account that is deducted from the amortized cost basis of the Company’s loans held at carrying value and loans receivable at carrying value in the Company’s balance sheet. The CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within accounts payable and other liabilities in the Company’s balance sheet. See Note 6 included in these financial statements for CECL related disclosures. Equity-Based Compensation The Company accounts for equity-based compensation issued to employees and the Board of Directors pursuant to the Amended and Restated Stock Incentive Plan (the “Stock Incentive Plan”) under the fair value method. This method measures compensation cost at the date of grant based on the value of the award and recognizes the cost over the service period, which is usually the vesting period. The fair value of equity-based compensation awards is based on the estimated fair value of the Company’s common stock, as determined by management using a valuation model and approved by the Board of Directors. Fair values of award grants also recognize any ongoing restrictions on the sale of securities. Debt Issuance Costs Debt issuance costs under the Company’s indebtedness are capitalized and amortized over the term of the respective debt instrument. Unamortized debt issuance costs are expensed when the associated debt is repaid prior to maturity. Debt issuance costs related to debt securitizations are capitalized and amortized over the term of the underlying loans using the effective interest method. When an underlying loan is prepaid in a debt securitization and the outstanding principal balance of the securitization debt is reduced, the related unamortized debt issuance costs are charged to expense based on a pro-rata share of the debt issuance costs being allocated to the specific loans that were prepaid. Amortization of debt issuance costs is included within interest expense in the Company’s statements of operations. For the period from July 31, 2020 (commencement of operations) to December 31, 2020, the Company did not have any debt issuance costs. Payment-in-Kind Interest The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. The PIK interest computed at the contractual rate specified in each applicable agreement, is accrued and added to the principal balance of the loan monthly in arrears and recorded as interest income. The PIK income added to the principal balance is generally collected upon repayment of the outstanding principal. To maintain the Company’s status as a REIT, this non-cash source of income must be paid out to stockholders in the form of dividends for the year earned, even though the Company has not yet collected the cash. Revenue Recognition Interest income from loans is accrued based on the outstanding principal amount and the contractual terms of each loan. For loans, origination fees, direct loan origination costs, and other discounts (in aggregate the “Original Issue Discount” or “OID”) are also recognized in interest income from loans over the initial loan term as a yield adjustment using the effective interest method. Delayed draw loans earn interest or unused fees on the undrawn portion of the loan, which is recognized as interest income in the period earned. Other fees, including prepayment fees and exit fees, are recognized as interest income when received. Interest reserves The Company utilizes interest reserves on certain loans to fund the interest payments. Such reserves are established at the time of loan origination. The interest reserve represents a deposit received from the borrower for future loan interest payments. It is recorded as a liability as it represents unearned interest revenue. The interest reserve is relieved when the interest on the loan is earned and interest income is recorded in the period when the interest is earned in accordance with the credit agreement. The interest payment is deducted from the interest reserve deposit balance when the interest payment is due. The decision to establish a loan-funded interest reserve is made during the underwriting process and considers the feasibility of the project, the creditworthiness and expertise of the borrower, and the debt coverage provided by the real estate and other pledged collateral. It is the Company’s policy to recognize income for this interest component as long as the borrower is progressing as originally projected and if there has been no deterioration in the financial standing of the borrower or the underlying project. The Company’s standard policies for interest income recognition are applied to all loans, including those with interest reserves. Net Interest Margin and Interest Expense Net interest margin in the Company’s statement of operations serves to measure the performance of the Company’s loans held for investment as compared to its use of debt leverage. As of the balance sheet date, the Company had no interest expense. Income Taxes The Company is a Maryland corporation and will elect to be taxed as a REIT under the Code, commencing with its taxable year ending December 31, 2020. The Company believes that its proposed method of operation will enable it to qualify as a REIT. However, no assurances can be given that the Company’s beliefs or expectations will be fulfilled, since qualification as a REIT depends on the Company satisfying numerous asset, income and distribution tests which depends, in part, on the Company’s operating results. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that the Company distributes annually to its stockholders at least 90% of the Company’s REIT taxable income prior to the deduction for dividends paid. To the extent that the Company distributes less than 100% of its REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), the Company will pay tax at regular corporate rates on that undistributed portion. Furthermore, if the Company distributes less than the sum of 1) 85% of its ordinary income for the calendar year, 2) 95% of our capital gain net income for the calendar year, and 3) any undistributed shortfall from our prior calendar year (the “Required Distribution”) to its stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then it is required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if the Company elects to retain any of its net capital gain for any tax year, it must notify its stockholders and pay tax at regular corporate rates on the retained net capital gain. The stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax. If it is determined that the Company’s estimated current year taxable income will be in excess of estimated dividend distributions (including capital gain dividend) for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. The annual expense is calculated in accordance with applicable tax regulations. Excise tax expense is included in the line item income tax expense. FASB ASC Topic 740, Income Taxes (“ASC 740”), prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported as of December 31, 2020. Based on the Company’s evaluation, there is no reserve for any uncertain income tax positions. Accrued interest and penalties, if any, are included within other liabilities in the balance sheets. Earnings per Share The Company calculates basic earnings / (loss) per share by dividing net income / (loss) allocable to common stockholders for the period by the weighted average shares of common stock outstanding for that period after consideration of the earnings / (loss) allocated to the Company’s restricted stock, which are participating securities as defined in GAAP. Diluted earnings / (loss) per share takes into effect any dilutive instruments, such as restricted stock, RSUs and convertible debt, except when doing so would be anti-dilutive. As of December 31, 2020, there were no dilutive instruments. See Note 11 included in these financial statements for the earnings per share calculations. 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 investments. Recent Accounting Pronouncements In March 2020, the FASB issued 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. 2021-01is 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 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 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 is currently evaluating the impact, if any, of adopting this ASU on its financial statements.

LOANS HELD FOR INVESTMENT AT FA

LOANS HELD FOR INVESTMENT AT FAIR VALUE (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 September 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 $75.9 million and $59.9 million, respectively, and outstanding principal was approximately $77.0 million and $50.8 million, respectively, as of September 30, 2021 and December 31, 2020. For the nine months ended September 30, 2021, the Company funded approximately $37.7 million of outstanding principal and had repayments of approximately $13.1 million. As of September 30, 2021 and December 31, 2020, 0.0% and approximately 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 September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ Fair Value (2) ​ ​ Carrying Value (1) ​ ​ Outstanding Principal (1) ​ ​ Weighted Average Remaining Life (Years) (3) Senior Term Loans ​ ​ $ 76,293,824 ​ ​ $ 73,934,116 ​ ​ $ 76,995,548 ​ ​ 2.5 Total loans held at fair value ​ ​ $ 76,293,824 ​ ​ $ 73,934,116 ​ ​ $ 76,995,548 ​ ​ 2.5 ​ ​ 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 Note 14 to our unaudited consolidated financial statements. (3) Weighted average remaining life is calculated based on the fair value of the loans as of September 30, 2021 and December 31, 2020. The following table presents changes in loans held at fair value as of and for the nine months ended September 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 ​ ​ — ​ ​ — ​ ​ 796,368 ​ ​ 796,368 New fundings ​ ​ 37,701,104 ​ ​ (1,130,623) ​ ​ — ​ ​ 36,570,481 Loan repayments ​ ​ (12,000,000) ​ ​ — ​ ​ — ​ ​ (12,000,000) Loan amortization payments ​ ​ (1,093,659) ​ ​ — ​ ​ — ​ ​ (1,093,659) Accretion of original issue discount ​ ​ — ​ ​ 1,905,715 ​ ​ — ​ ​ 1,905,715 PIK interest ​ ​ 1,556,868 ​ ​ — ​ ​ — ​ ​ 1,556,868 Total loans held at fair value at September 30, 2021 ​ ​ $ 76,995,548 ​ ​ $ (3,061,432) ​ ​ $ 2,359,708 ​ ​ $ 76,293,824 A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of September 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 ​ ​ $62,853,367 ​ ​ $60,857,429 ​ ​ $63,391,847 ​ ​ 16.4% (5) ​ ​ 5/8/2024 ​ ​ P/I Private Co. B ​ ​ MI ​ ​ C ​ ​ 10,535,737 ​ ​ 10,171,757 ​ ​ 10,663,701 ​ ​ 17.0% (6) ​ ​ 9/1/2023 ​ ​ P/I Public Co. A ​ ​ NV ​ ​ C ​ ​ 2,904,720 ​ ​ 2,904,930 ​ ​ 2,940,000 ​ ​ 14.0% (7) ​ ​ 1/26/2023 ​ ​ I/O Total loans held at fair value ​ ​ ​ ​ ​ ​ $ 76,293,824 ​ ​ $ 73,934,116 ​ ​ $ 76,995,548 ​ ​ ​ ​ ​ ​ (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 Note 14 to our unaudited consolidated 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 3.4%. (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.	3. LOANS HELD FOR INVESTMENT AT FAIR VALUE As of December 31, 2020, the Company’s portfolio included four loans held at fair value. The aggregate originated commitment under these loans was approximately $59.9 million and outstanding principal was approximately $50.8 million as of December 31, 2020. During the period from July 31, 2020 to December 31, 2020, the Company funded approximately $16.4 million of outstanding principal and was repaid approximately $12 million of principal. As of December 31, 2020, approximately 6.0% of the Company’s loans held at fair value have floating interest rates. These floating rates are subject to London Interbank Offered Rate (“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 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 (3) Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2020 The following table presents changes in loans held at fair value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Principal ​ ​ Original Issue Discount ​ ​ Fair Value Loans acquired at July 31, 2020 ​ ​ $ 46,080,605 ​ ​ $ (2,974,054) ​ ​ $ 43,106,551 Realized gains / (losses) on loans at fair value, net ​ ​ 345,000 ​ ​ — ​ ​ 345,000 Change in unrealized gains / (losses) on loans at fair value, net ​ ​ — ​ ​ — ​ ​ 1,563,340 New fundings ​ ​ 16,360,000 ​ ​ (1,595,199) ​ ​ 14,764,801 Repayments ​ ​ (5,000,000) ​ ​ — ​ ​ (5,000,000) Sale of loans ​ ​ (7,345,000) ​ ​ — ​ ​ (7,345,000) Accretion of original issue discount ​ ​ — ​ ​ 732,729 ​ ​ 732,729 PIK Interest ​ ​ 390,630 ​ ​ — ​ ​ 390,630 Total loans held at fair value at December 31, 2020 ​ ​ $ 50,831,235 ​ ​ $ (3,836,524) ​ ​ $ 48,558,051 A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of December 31, 2020 is as follows: ​ ​ Location ​ ​ Fair Value (2) ​ ​ Carrying Value (1) ​ ​ Outstanding Principal (1) ​ ​ Interest Rate ​ ​ Maturity Date (3) ​ ​ Payment Terms (4) Private Co. A ​ ​ Multi State ​ ​ $31,510,387 ​ ​ $30,913,524 ​ ​ $33,344,325 ​ ​ 17.0% (5) ​ ​ 5/8/2024 ​ ​ P/I Private Co. B ​ ​ MI ​ ​ 2,461,036 ​ ​ 2,238,402 ​ ​ 2,522,846 ​ ​ 17.0% (6) ​ ​ 9/1/2023 ​ ​ P/I Public Co. A ​ ​ NV ​ ​ 2,870,910 ​ ​ 2,909,656 ​ ​ 2,940,000 ​ ​ 10.5% (7) ​ ​ 6/27/2021 ​ ​ I/O Sub. Of Public Co. C ​ ​ FL ​ ​ 11,715,718 ​ ​ 10,933,129 ​ ​ 12,024,064 ​ ​ 18.0% (8) ​ ​ 2/18/2025 ​ ​ P/I Total loans held at fair value ​ ​ ​ ​ $ 48,558,051 ​ ​ $ 46,994,711 ​ ​ $ 50,831,235 ​ ​ ​ ​ ​ ​ (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) Refer to Footnote 14 (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 PIK interest rate of 4% (6) Base interest rate of 13% and PIK interest rate of 4% (7) Base interest rate of 8% plus LIBOR (LIBOR floor of 2.5%) (8) Loan to Subsidiary of Public Company C is a $15 million aggregate loan commitment with an initial funding of $3 million at a base interest rate of 13.5% and PIK interest rate of 3% and subsequent advances of $9 million at a base interest rate of 19%. The weighted average interest rate is 18.0% at December 31, 2020

LOANS HELD FOR INVESTMENT AT CA

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 September 30, 2021 and December 31, 2020, the Company’s portfolio included 12 and three loans, respectively, held at carrying value. The aggregate originated commitment under these loans was approximately $217.0 million and $44.0 million, respectively, and outstanding principal was approximately $164.4 million and $33.9 million, respectively, as of September 30, 2021 and December 31, 2020. For the nine months ended September 30, 2021, the Company funded approximately $139.2 million of outstanding principal. As of September 30, 2021 and December 31, 2020, approximately 68% 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 1.0%, 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 September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ Outstanding Principal (1) ​ ​ Original Issue Discount ​ ​ Carrying Value (1) ​ ​ Weighted Average Remaining Life (Years) (2) Senior Term Loans ​ ​ $ 164,361,340 ​ ​ $ (11,199,559) ​ ​ $ 153,161,781 ​ ​ 4.0 Total loans held at carrying value ​ ​ $ 164,361,340 ​ ​ $ (11,199,559) ​ ​ $ 153,161,781 ​ ​ 4.0 ​ ​ 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 September 30, 2021 and December 31, 2020. The following table presents changes in loans held at carrying value as of and for the nine months ended September 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 ​ ​ 139,222,598 ​ ​ (11,261,001) ​ ​ 127,961,597 Accretion of original issue discount ​ ​ — ​ ​ 2,132,174 ​ ​ 2,132,174 Realized gain on sale of loans ​ ​ 400,000 ​ ​ — ​ ​ 400,000 Sale of loans ​ ​ (10,400,000) ​ ​ — ​ ​ (10,400,000) PIK interest ​ ​ 1,230,979 ​ ​ — ​ ​ 1,230,979 Total loans held at carrying value at September 30, 2021 ​ ​ $ 164,361,340 ​ ​ $ (11,199,559) ​ ​ $ 153,161,781 A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of September 30, 2021 is as follows: ​ ​ Collateral Location ​ ​ Collateral Type (4) ​ ​ Outstanding Principal (1) ​ ​ Original Issue Discount ​ ​ Carrying Value (1) ​ ​ Interest Rate ​ ​ Maturity Date (2) ​ ​ Payment Terms (3) Private Co. C ​ ​ PA ​ ​ C , D ​ ​ $19,333,872 ​ ​ $ (721,311) ​ ​ $18,612,561 ​ ​ 17.0% (5) ​ ​ 12/1/2025 ​ ​ P/I Sub. of Public Co. D ​ ​ PA ​ ​ C ​ ​ 10,000,000 ​ ​ (149,235) ​ ​ 9,850,765 ​ ​ 12.9% (6) ​ ​ 12/18/2024 ​ ​ I/O Private Co. D ​ ​ OH, AR ​ ​ D ​ ​ 12,169,041 ​ ​ (877,891) ​ ​ 11,291,150 ​ ​ 15.0% (7) ​ ​ 1/1/2026 ​ ​ P/I Private Co. E ​ ​ OH ​ ​ C , D ​ ​ 14,220,552 ​ ​ (2,782,310) ​ ​ 11,438,242 ​ ​ 17.0% (8) ​ ​ 4/1/2026 ​ ​ P/I Private Co. F ​ ​ MO ​ ​ C , D ​ ​ 9,799,658 ​ ​ (1,816,803) ​ ​ 7,982,855 ​ ​ 17.0% (9) ​ ​ 5/1/2026 ​ ​ P/I Public Co. E ​ ​ MI ​ ​ C ​ ​ 5,000,000 ​ ​ (307,143) ​ ​ 4,692,857 ​ ​ 13.0% (10) ​ ​ 4/29/2025 ​ ​ P/I Sub. of Private Co. G ​ ​ NJ ​ ​ C , D ​ ​ 42,945,657 ​ ​ (2,498,443) ​ ​ 40,447,214 ​ ​ 14.3% (11) ​ ​ 5/1/2026 ​ ​ P/I Public Co. F ​ ​ IL, FL, NV, OH, MA, MI, MD,AR, NV, AZ ​ ​ C , D ​ ​ 10,000,000 ​ ​ (160,000) ​ ​ 9,840,000 ​ ​ 9.8% (12) ​ ​ 5/30/2023 ​ ​ I/O Sub. of Private Co. H ​ ​ IL ​ ​ C ​ ​ 5,781,250 ​ ​ (126,790) ​ ​ 5,654,460 ​ ​ 15.0% (13) ​ ​ 5/11/2023 ​ ​ I/O Private Co. K ​ ​ MA ​ ​ C , D ​ ​ 7,000,000 ​ ​ (763,667) ​ ​ 6,236,333 ​ ​ 13.0% (14) ​ ​ 08/03/2026 ​ ​ P/I Private Co. I ​ ​ MD ​ ​ C , D ​ ​ 10,109,310 ​ ​ (225,184) ​ ​ 9,884,126 ​ ​ 15.5% (15) ​ ​ 8/1/2026 ​ ​ P/I Private Co. J ​ ​ MO ​ ​ C ​ ​ 18,002,000 ​ ​ (770,782) ​ ​ 17,231,218 ​ ​ 15.0% (16) ​ ​ 09/01/2025 ​ ​ P/I Total loans held at carrying value ​ ​ ​ ​ ​ ​ $164,361,340 ​ ​ $(11,199,559) ​ ​ $153,161,781 ​ ​ ​ ​ ​ ​ (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 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%. (6) Base interest rate of 12.9%. (7) Base interest rate of 13.0% and PIK interest rate of 2.0%. (8) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%. (9) Base interest rate of 13.0% and PIK interest rate of 4.0%. (10) Base interest rate of 13.0%. (11) Base interest rate of 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%. (12) Base interest rate of 9.8%. (13) Base interest rate of 15.0%. (14) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) (15) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%. (16) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%.	4. LOANS HELD FOR INVESTMENT AT CARRYING VALUE As of December 31, 2020, the Company’s portfolio included three loans held at carrying value. The aggregate originated commitment under these loans was approximately $44 million and outstanding principal was approximately $33.9 million as of December 31, 2020. During the period from July 31, 2020 to December 31, 2020, the Company funded approximately $33.9 million of outstanding principal. As of December 31, 2020, approximately 35% of the Company’s loans held at carrying value have floating interest rates. These floating rates are subject to London Interbank Offered Rate (“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 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 December 31, 2020 The following table presents changes in loans held at carrying value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Principal ​ ​ Original Issue Discount ​ ​ Carrying Value Loans at July 31, 2020 ​ ​ $ — ​ ​ $ — ​ ​ $ — New fundings ​ ​ 33,875,985 ​ ​ (2,120,969) ​ ​ 31,755,016 Accretion of original issue discount ​ ​ — ​ ​ 50,237 ​ ​ 50,237 PIK Interest ​ ​ 31,778 ​ ​ — ​ ​ 31,778 Total loans held at carrying value at December 31, 2020 ​ ​ $ 33,907,763 ​ ​ $ (2,070,732) ​ ​ $ 31,837,031 A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of December 31, 2020 is as follows: ​ ​ Location ​ ​ Outstanding Principal (1) ​ ​ Original Issue Discount ​ ​ Carrying Value (1) ​ ​ Interest Rate ​ ​ Maturity Date (2) ​ ​ Payment Terms (3) Private Co. C ​ ​ PA ​ ​ $ 11,907,763 ​ ​ $ (851,148) ​ ​ $ 11,056,615 ​ ​ 17.0% (4) ​ ​ 12/1/2025 ​ ​ P/I Private Co. D ​ ​ Multi State ​ ​ 12,000,000 ​ ​ (1,035,911) ​ ​ 10,964,089 ​ ​ 15.0% (5) ​ ​ 1/1/2026 ​ ​ P/I Sub. of Public Co. D ​ ​ PA ​ ​ 10,000,000 ​ ​ (183,673) ​ ​ 9,816,327 ​ ​ 12.9% (6) ​ ​ 12/18/2024 ​ ​ I/O Total loans held at carry value ​ ​ ​ ​ $ 33,907,763 ​ ​ $ (2,070,732) ​ ​ $ 31,837,031 ​ ​ ​ ​ ​ ​ (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) Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4% (5) Base interest rate of 13% and PIK interest rate of 2% (6) Base interest rate of 12.9%

LOAN RECEIVABLE AT CARRYING VAL

LOAN RECEIVABLE AT CARRYING VALUE (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
LOAN RECEIVABLE AT CARRYING VALUE [Abstract]
LOAN RECEIVABLE AT CARRYING VALUE	5. LOAN RECEIVABLE AT CARRYING VALUE As of September 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 $2.8 million and $3.4 million as of September 30, 2021 and December 31, 2020, respectively. During the nine months ended September 30, 2021, the Company received repayments of approximately $0.6 million of outstanding principal. The following table presents changes in loans receivable as of and for the nine months ended September 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 ​ ​ (574,735) ​ ​ — ​ ​ (574,735) Accretion of original issue discount ​ ​ — ​ ​ 927 ​ ​ 927 Total loans receivable at carrying value at September 30, 2021 ​ ​ $ 2,777,441 ​ ​ $ (2,986) ​ ​ $ 2,774,455	5. LOAN RECEIVABLE AT CARRYING VALUE As of December 31, 2020, the Company’s portfolio included one loan receivable at carrying value. The originated commitment under this loan was approximately $4 million and outstanding principal was approximately $3.4 million as of December 31, 2020. During the period from July 31, 2020 to December 31, 2020, the Company received repayments of $0.35 million of outstanding principal. The following table presents changes in loans receivable as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Principal ​ ​ Original Issue Discount ​ ​ Carrying Value Loan receivable acquired at July 31, 2020 ​ ​ $3,700,718 ​ ​ $(4,428) ​ ​ $3,696,290 Principal repayment of loans ​ ​ (348,542) ​ ​ — ​ ​ (348,542) Accretion of original issue discount ​ ​ — ​ ​ 515 ​ ​ 515 Total loans receivable at carrying value at December 31, 2020 ​ ​ $ 3,352,176 ​ ​ $ (3,913) ​ ​ $ 3,348,263

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 commercial real estate properties and is not specific to any loan losses or impairments on the Company’s loans held for investment. As of September 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 $1,837,895 and $465,397, respectively, or 118 and 132 basis points, respectively, of the Company’s total loans held at carrying value and loans receivable at carrying value of $155,936,236 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 $1,145,629 and $404,860, respectively, and a liability for unfunded commitments of $692,266 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 nine months ended September 30, 2021 was as follows: ​ ​ Outstanding (1) ​ ​ Unfunded (2) ​ ​ Total Balance at June 30, 2021 ​ ​ $ 701,143 ​ ​ $ 476,140 ​ ​ $1,177,283 Provision for current expected credit losses ​ ​ 444,486 ​ ​ 216,126 ​ ​ 660,612 Write-offs ​ ​ — ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — ​ ​ — Balance at September 30, 2021 ​ ​ $1,145,629 ​ ​ $ 692,266 ​ ​ $1,837,895 ​ ​ Outstanding (1) ​ ​ Unfunded (2) ​ ​ Total Balance at December 31, 2020 ​ ​ $ 404,860 ​ ​ $ 60,537 ​ ​ $ 465,397 Provision for current expected credit losses ​ ​ 740,769 ​ ​ 631,729 ​ ​ 1,372,498 Write-offs ​ ​ — ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — ​ ​ — Balance at September 30, 2021 ​ ​ $1,145,629 ​ ​ $ 692,266 ​ ​ $ 1,837,895 (1) As of September 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 consolidated balance sheets. (2) As of September 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 consolidated 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 September 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 ​ ​ 14,532,857 ​ ​ — ​ ​ 14,532,857 3 ​ ​ 88,990,322 ​ ​ 42,528,931 ​ ​ 131,519,253 4 ​ ​ 9,884,126 ​ ​ — ​ ​ 9,884,126 5 ​ ​ — ​ ​ — ​ ​ — Total ​ ​ $113,407,305 ​ ​ $ 42,528,931 ​ ​ $ 155,936,236	6. CURRENT EXPECTED CREDIT LOSSES The Company estimates its 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 December 31, 2020, the Company’s CECL Reserve for its loans held at carrying value and loans receivable at carrying value portfolio is $465,397 or 132 basis points of the Company’s total loans held at carrying value and loans receivable at carrying value commitment balance of $35,185,294 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 $404,860 and a liability for unfunded commitments of $60,537. 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. Current Expected Credit Loss Reserve for Funded Loan Commitments Activity related to the CECL Reserve for outstanding balances on the Company’s loans held at carrying value and loans receivable at carrying value as of and for the period from July 31, 2020 to December 31, 2020 was as follows: Balance at July 31, 2020 (Commencement of Operations) ​ ​ $ — Provision for current expected credit losses ​ ​ 404,860 Write-offs ​ ​ — Recoveries ​ ​ — Balance at December 31, 2020 (1) ​ ​ $ 404,860 (1) As of 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 sheet. Current Expected Credit Loss Reserve for Unfunded Loan Commitments Activity related to the CECL Reserve for unfunded commitments on the Company’s loans held at carrying value as of and for the period from July 31, 2020 to December 31, 2020 was as follows: Balance at July 31, 2020 (Commencement of Operations) ​ ​ $ — Provision for current expected credit losses ​ ​ 60,537 Write-offs ​ ​ — Recoveries ​ ​ — Balance at December 31, 2020 (1) ​ ​ $ 60,537 (1) As of 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 consolidated 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 December 31, 2020, 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: ​ ​ 2020 ​ ​ Total 1 ​ ​ $ — ​ ​ $ — 2 ​ ​ 9,816,327 ​ ​ 9,816,327 3 ​ ​ 22,020,704 ​ ​ 22,020,704 4 ​ ​ 3,348,263 ​ ​ 3,348,263 5 ​ ​ — ​ ​ — Total ​ ​ $ 35,185,294 ​ ​ $ 35,185,294

INTEREST RECEIVABLE (FY)

INTEREST RECEIVABLE (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
INTEREST RECEIVABLE [Abstract]
INTEREST RECEIVABLE	7. INTEREST RECEIVABLE The following table summarizes the interest receivable by the Company as of September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ As of December 31, 2020 Interest receivable ​ ​ $1,838,494 ​ ​ $675,795 PIK receivable ​ ​ 522,933 ​ ​ 177,183 Unused fees receivable ​ ​ 73,292 ​ ​ 74,314 Total interest receivable ​ ​ $ 2,434,719 ​ ​ $ 927,292	7. INTEREST RECEIVABLE The following tables summarize the interest receivable by the Company as of December 31, 2020: ​ ​ As of December 31, 2020 Interest receivable ​ ​ $675,795 PIK receivable ​ ​ 177,183 Unused fees ​ ​ 74,314 Total interest receivable ​ ​ $ 927,292

INTEREST RESERVE (FY)

INTEREST RESERVE (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
INTEREST RESERVE [Abstract]
INTEREST RESERVE	8. INTEREST RESERVE At September 30, 2021 and December 31, 2020, the Company had eight and one loans, respectively, that included a loan funded interest reserve. For the three and nine months ended September 30, 2021, approximately $1.8 million and $2.5 million, 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 nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020: ​ ​ For the three months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ For the nine months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 Beginning reserves ​ ​ $ 5,547,863 ​ ​ $ — ​ ​ $ 1,325,750 ​ ​ $ — New reserves ​ ​ 4,525,468 ​ ​ 1,400,000 ​ ​ 9,450,468 ​ ​ 1,400,000 Reserves disbursed ​ ​ (1,819,036) ​ ​ — ​ ​ (2,521,923) ​ ​ — Ending reserves ​ ​ $ 8,254,295 ​ ​ $ 1,400,000 ​ ​ $ 8,254,295 ​ ​ $ 1,400,000	8. INTEREST RESERVE At December 31, 2020, the Company had one loan that included a loan funded interest reserve. As of December 31, 2020, approximately $74 thousand of interest income was earned and disbursed from the interest reserve. The following table presents changes in interest reserve as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ For the period from July 31, 2020 to December 31, 2020 Initial reserves ​ ​ $ — New reserves ​ ​ 1,400,000 Reserves disbursed ​ ​ (74,250) Total Interest reserve ​ ​ $ 1,325,750

DEBT (FY)

DEBT (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
DEBT [Abstract]
DEBT	9. DEBT Revolving Credit Facility In July 2020, the Company obtained a secured revolving credit loan (the “Revolving Credit Facility”) from AFC Finance, LLC, an affiliate of the Company’s management. The Revolving Credit Facility 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 Credit Facility and the Revolving Credit Facility did not have any unused fees. The maturity date of the Revolving Credit Facility 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 “Refinancing Credit Facility”) in accordance with terms of the credit agreement governing the Revolving Credit Facility (the “Revolving Credit Agreement”). The Revolving Credit Facility was secured by the assets of the Company. On May 7, 2021, the Company amended the Revolving Credit Agreement with AFC Finance, LLC (the “First Amendment”). The First Amendment 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. On November 3, 2021, the Company entered into the Second Amendment to the Revolving Credit Agreement with AFC Finance, LLC (the “Second Amendment”). Under the Second Amendment, payments to AFC Finance, LLC for interest, commitment fees and unused fees (net applicable taxes) are required to be paid directly or indirectly through AFC Finance, LLC to charitable organizations designated by AFC Finance, LLC. The Second Amendment (i) increased the loan commitment from $50,000,000 to $75,000,000; (ii) decreased the interest rate from 6% per annum to 4.75% per annum; (iii) introduced a one-time commitment fee of 0.25%, to be paid in three equal quarterly installments, and an unused line fee of 0.25% per annum, to be paid quarterly in arrears; (iv) provided an optional buyout provision for the holders of the Company’s 2027 Senior Notes (as defined above) upon an event of default under the Revolving Credit Agreement; (v) extended the fixed element of the maturity date from December 31, 2021 to September 30, 2022 and (vi) provided that a Refinancing Credit Facility (as defined below) may be any credit facility where the proceeds are incurred to refund, refinance or replace the Revolving Credit Agreement. Pursuant to the Second Amendment, the Company incurred a one-time commitment fee expense of $187,500 in November 2021, payable in three quarterly installments beginning in the first quarter of 2022, which will be amortized over the life of the loan. For the three and nine months ended September 30, 2021 and through November 3, 2021, the Company has not drawn on the Revolving Credit Facility or incurred any interest expense related to the Revolving Credit Facility. 2027 Senior Notes On November 3, 2021, the Company issued $100 million in aggregate principal amount of senior unsecured notes due in 2027 The Indenture governing the 2027 Senior Notes contains customary terms and restrictions, subject to a number of exceptions and qualifications, including restrictions on the Company’s ability to (1) incur additional indebtedness unless the Annual Debt Service Charge (as defined in the Indenture) is no less than 1.5 to 1.0, (2) incur or maintain total debt in an aggregate principal amount greater than 60% of the Company’s consolidated Total Assets (as defined in the Indenture), (3) incur or maintain secured debt in an aggregate principal amount greater than 25% of the Company’s consolidated Total Assets (as defined in the Indenture); and (4) merge, consolidate or sell substantially all of the Company’s assets. On or after February 1, 2027, the Company may redeem the 2027 Senior Notes in whole or in part at a price equal to 100% of the principal amount of the notes being redeemed, plus a make-whole premium and accrued and unpaid interest thereon to, but excluding, the applicable redemption date.	9. DEBT 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 has a loan commitment of $40,000,000 and bears interest 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 does not have any unused fees. The maturity date of the Revolving Loan is the earlier of (i) July 31, 2021 and (ii) the date of the closing of any Refinancing Credit Facility in accordance with terms in the Revolving Loan agreement. The Revolving Loan is secured by the assets of the Company. For the period from July 31, 2020 to December 31, 2020, the Company did not utilize its Revolving Loan and therefor no interest expense was incurred.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES As of September 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 September 30, 2021 ​ ​ As of December 31, 2020 Total original loan commitments ​ ​ $ 296,946,250 ​ ​ $ 107,292,176 Less: drawn commitments ​ ​ (243,038,584) ​ ​ (87,467,057) Total undrawn commitments ​ ​ $ 53,907,666 ​ ​ $ 19,825,119 The Company from time to time may be a party to litigation in the normal course of business. As of September 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 the Company’s borrowers of the federal illegality of cannabis, the Company’s borrowers’ inability to renew or otherwise maintain their licenses or other requisite authorizations for their cannabis operations, and such loans lack of liquidity, and the Company could lose all or part of any of the Company’s 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.	10. COMMITMENTS AND CONTINGENCIES 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 imitations 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 29 states administering shelter-in-place orders and adult use cannabis has been deemed “essential” in eight of those states. 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 December 31, 2020 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. As of December 31, 2020, the Company had the following commitments to fund various senior term loans, equipment loans and bridge loans. ​ ​ As of December 31, 2020 Total original loan commitments ​ ​ $ 107,292,176 Less: drawn commitments ​ ​ (87,467,057) Total undrawn commitments ​ ​ $ 19,825,119 At December 31, 2020, the Company had executed $38.5 million in non-binding term sheets with various prospective borrowers. Subsequent to year end, the Company executed an additional $49.5 million in non-binding term sheets and a syndication commitment letter with various prospective borrowers. Included in these amounts is an approximately $46.2 million term sheet with a prospective borrower where the credit facility will be syndicated to an affiliate of the Company. The Company’s portion of the syndication is $22.0 million and is included in the $38.5 million of non-binding term sheets at December 31, 2020. AFC Management is serving as the manager of the syndication and is expected to serve as the agent for the loan. The Company from time to time may be a party to litigation in the normal course of business. As of December 31, 2020, the Company is not aware of any legal claims that could materially impact its business, financial condition or results of operations. We provide loans to established companies operating in the cannabis industry which involves significant risks, including the risk of strict enforcement of federal laws regarding the federal illegality of cannabis, and lack liquidity, and we could lose all or part of any of our investments. Our ability to grow or maintain our business depends on state laws pertaining to the cannabis industry. New laws that are adverse to our portfolio companies 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 our ability to grow and could materially adversely affect our 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 (FY)

STOCKHOLDERS' EQUITY (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	11. STOCKHOLDERS’ EQUITY Series A Preferred Stock As of September 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 consolidated 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 consolidated statements 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 consolidated statements 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. On July 6, 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 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 consolidated statements of stockholders’ equity. 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 1,632,632 shares of common stock and 56,285 shares of restricted stock as of September 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 has, and currently intends to continue 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 September 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 2,401,965 shares, which is an increase of 26,965 shares compared to June 30, 2021 under the evergreen provision in the 2020 Plan in connection with the issuance of an additional 269,650 shares of common stock to the underwriters in connection with their partial exercise of an over-allotment option in July 2021. 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 10 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 September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ As of December 31, 2020 Non-vested ​ ​ 183,114 ​ ​ 142,814 Vested ​ ​ 1,449,518 ​ ​ 800,618 Forfeited ​ ​ (28,396) ​ ​ (16,534) Balance ​ ​ 1,604,236 ​ ​ 926,898 The following table summarizes the (i) non-vested restricted stock granted, (ii) vested restricted stock granted and (iii) forfeited restricted stock granted for the Company’s directors and officers and employees of the Manager as of September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ As of December 31, 2020 Non-vested ​ ​ 56,285 ​ ​ — Vested ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Balance ​ ​ 56,285 ​ ​ — 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. Restricted stock grant expense is based on the Company’s stock price at the time of the grant and amortized over the vesting period. The share-based compensation expense for the Company was approximately $51,429 and $1,662,001 for the three and nine months ended September 30, 2021, respectively, and no expense was booked during the period from July 31, 2020 to September 30, 2020. 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 summarize stock option activity during the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020: ​ ​ Three months ended September 30, 2021 ​ ​ Weighted-Average Grant Date Fair Value Per Option Balance as of June 30, 2021 ​ ​ 1,613,098 ​ ​ $1.08 Granted ​ ​ — ​ ​ — Exercised ​ ​ — ​ ​ — Forfeited ​ ​ (8,862) ​ ​ 0.90 Balance as of September 30, 2021 ​ ​ 1,604,236 ​ ​ $ 1.08 ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ Weighted-Average Grant Date Fair Value Per Option Balance as of July 31, 2020 ​ ​ — ​ ​ $ — Granted ​ ​ 806,456 ​ ​ 0.90 Exercised ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Balance as of September 30, 2020 ​ ​ 806,456 ​ ​ $ 0.90 ​ ​ Nine months ended September 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 ​ ​ (11,862) ​ ​ 1.01 Balance as of September 30, 2021 ​ ​ 1,604,236 ​ ​ $ 1.08	11. STOCKHOLDERS’ EQUITY Series A Preferred Stock. As of December 31, 2020, the Company has authorized 10,000 preferred shares and issued 125 preferred shares. In order for the Company to qualify as a REIT and satisfy the principles of Section 856(a)(5) of the Code, the Company’s stock must be beneficially owned by 100 or more persons. Therefore, on December 18, 2020, the Company sold and issued 125 shares, to 125 investors, of 12.0% Series A Cumulative Non-Voting Preferred Stock, $0.01 par value per share (the “Series A Preferred Stock”), in a private placement offering (the “Series A Offering”), at a purchase price of $1,000 per share, with gross proceeds of $125,000 in cash and net proceeds of approximately $101,059. 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 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 has approved a 7-for-1 The Company issued 6,179,392 shares in private offerings during the period from July 31, 2020 to December 31, 2020. Equity Incentive Plan The Company has established an equity incentive compensation plan (the “Plan”). The Company’s board of directors authorized the adoption of the Plan (the “2020 Plan”) and approved stock option grants of 926,898 shares of common stock as of December 31, 2020. The Board or one or more committees appointed by the Board will administer the 2020 Plan. The 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, and certain directors and consultants and other service providers to the Company or any of its subsidiaries. The current maximum number of shares of the Company common stock that may be delivered pursuant to awards under the 2020 Plan (the “ Share Limit 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 fair market value 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. For so long as the Company remains private, any options that become vested under the 2020 Plan will not be exercisable until the earlier of (i) a Change in Control Event (as defined in the 2020 Plan) and (ii) a Public Offering Date (as defined in the 2020 Plan). In the event the term of any options expires prior to the occurrence of either a Change in Control Event or Public Offering Date, the options, whether vested or unvested, shall expire and be forfeited for no consideration. As such, no options are considered dilutive as of the date of these financial statements. 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 December 31, 2020: ​ ​ Restricted Stock Options Granted Non-vested ​ ​ 142,814 Vested ​ ​ 800,618 Forfeited ​ ​ (16,534) Balance at December 31, 2020 ​ ​ 926,898

EARNINGS PER SHARE (FY)

EARNINGS PER SHARE (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	12. EARNINGS PER SHARE The following information sets forth the computations of basic weighted average earnings per common share for the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020: ​ ​ For the three months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ For the nine months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 Net income attributable to common stockholders ​ ​ $ 7,930,680 ​ ​ $2,106,250 ​ ​ $13,959,222 ​ ​ $2,106,250 Divided by: ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares of common stock outstanding ​ ​ 16,402,984 ​ ​ 5,376,411 ​ ​ 12,368,977 ​ ​ 5,376,411 Diluted weighted average shares of common stock outstanding ​ ​ 16,776,648 ​ ​ 5,376,411 ​ ​ 12,742,641 ​ ​ 5,376,411 Basic weighted average earnings per common share ​ ​ $ 0.48 ​ ​ $ 0.39 ​ ​ $ 1.13 ​ ​ $ 0.39 Diluted weighted average earnings per common share ​ ​ $ 0.47 ​ ​ $ 0.39 ​ ​ $ 1.10 ​ ​ $ 0.39	12. EARNINGS PER SHARE The following information sets forth the computations of basic weighted average earnings per common share for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Period from July 31, 2020 to December 31, 2020 Net income / (loss) attributable to common stockholders ​ ​ $4,313,632 Divided by: ​ ​ Basic weighted average shares of common stock outstanding ​ ​ 5,694,475 Basic weighted average earnings per common share ​ ​ $ 0.76

INCOME TAX (FY)

INCOME TAX (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
INCOME TAX [Abstract]
INCOME TAX	13. INCOME TAX The income tax provision for the Company was $0 for the nine months ended September 30, 2021. For the three and nine months ended September 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.	13. INCOME TAX The income tax provisions for the Company was $0 for the period from July 31, 2020 to December 31, 2020. For the period from July 31, 2020 to December 31, 2020, the Company incurred no expense for United Stated 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 (FY)

FAIR VALUE (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 September 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 September 30, 2021 ​ ​ Fair Value ​ ​ Primary Valuation Techniques ​ ​ Unobservable Input ​ ​ Input ​ ​ Estimated Range ​ ​ Weighted Average Senior Term Loans ​ ​ $76,293,824 ​ ​ Yield analysis ​ ​ Market Yield ​ ​ 17.62% - 20.68% ​ ​ 17.82% Total Investments ​ ​ $76,293,824 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ Fair Value ​ ​ Primary Valuation Techniques ​ ​ Unobservable Input ​ ​ 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 September 30, 2021 and December 31, 2020: ​ ​ Fair Value Measurement Using as of September 30, 2021 ​ ​ Total ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Loans held at fair value ​ ​ $76,293,824 ​ ​ $— ​ ​ $— ​ ​ $76,293,824 Total ​ ​ $76,293,824 ​ ​ $— ​ ​ $— ​ ​ $76,293,824 ​ ​ 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 nine months ended September 30, 2021: ​ ​ For the nine months ended September 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 ​ ​ 796,368 Additional funding ​ ​ 37,701,104 Original issue discount and other discounts, net of costs ​ ​ (1,130,623) Loan repayments ​ ​ (12,000,000) Loan amortization payments ​ ​ (1,093,659) Accretion of original issue discount ​ ​ 1,905,715 PIK interest ​ ​ 1,556,868 Total loans using Level 3 inputs at September 30, 2021 ​ ​ $ 76,293,824 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 September 30, 2021 ​ ​ Carrying Value ​ ​ Fair Value Financial assets ​ ​ ​ ​ Cash and cash equivalents ​ ​ $ 69,974,391 ​ ​ $ 69,974,391 Loans held for investment at carrying value ​ ​ $153,161,781 ​ ​ $158,771,796 Loan receivable at carrying value ​ ​ $ 2,774,455 ​ ​ $ 2,695,507 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.	14. FAIR VALUE The Company’s loans are typically valued using a yield analysis, which is typically performed for non-credit impaired loans to portfolio companies 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 portfolio company. 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 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 December 31, 2020 ​ ​ Fair Value ​ ​ Primary Valuation Techniques ​ ​ Unobservable Input ​ ​ 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 table presents fair value measurements of loans held at fair value as of December 31, 2020: ​ ​ Fair Value Measurement Using ​ ​ 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 period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ For the period from July 31, 2020 to December 31, 2020 Loans acquired at July 31, 2020 ​ ​ $ 43,106,551 Realized gains / (losses) on loans at fair value, net ​ ​ 345,000 Change in unrealized gains / (losses) on loans at fair value, net ​ ​ 1,563,340 Additional funding ​ ​ 16,360,000 Original issue discount and other discounts, net of costs ​ ​ (1,595,199) Repayments ​ ​ (5,000,000) Sale of loans ​ ​ (7,345,000) Accretion of original issue discount ​ ​ 732,729 PIK Interest ​ ​ 390,630 Total loans using Level 3 inputs at December 31, 2020 ​ ​ $ 48,558,051

RELATED PARTY TRANSACTIONS (FY)

RELATED PARTY TRANSACTIONS (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 nine months ended September 30, 2021 was approximately $1,769,207 and $3,873,984, respectively. For the period from July 31, 2020 to September 30, 2020, the Manager agreed to waive the incentive compensation. 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 nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020: ​ ​ For the three months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ For the nine months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 Affiliate Costs ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ ​ $1,030,718 ​ ​ $226,234 ​ ​ $2,301,924 ​ ​ $226,234 Less Outside Fees earned ​ ​ (256,989) ​ ​ (84,167) ​ ​ (677,439) ​ ​ (84,167) Incentive fees earned ​ ​ 1,769,207 ​ ​ — ​ ​ 3,873,984 ​ ​ — General and administrative expenses reimbursable to Manager ​ ​ 625,711 ​ ​ 165,434 ​ ​ 1,415,217 ​ ​ 165,434 Total ​ ​ $3,168,647 ​ ​ $307,501 ​ ​ $6,913,686 ​ ​ $307,501 Amounts payable to the Company’s Manager as of September 30, 2021 and December 31, 2020 were $3,389,646 and $728,298, respectively. Due to Affiliate Amounts due to an affiliate of the Company as of September 30, 2021 and December 31, 2020 were $9,550,625 and $0, respectively. The amount due to the affiliate, AFC Management, is related to the funding of the loan to Subsidiary of Private Co. G and was subsequently paid to AFC Management on October 1, 2021. 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 September 30, 2021, there were three co-invested loans held by the Company and an affiliate of 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. During the three months ended September 30, 2021, the Company neither received nor sold any Assigned Right. For the nine months ended September 30, 2021, the Company sold approximately $2.3 million of Assigned Rights to an affiliate which are accounted for as additional original issue discount and accreted over the life of the loans. For the period from July 31, 2020 to September 30, 2020, the Company did not have any Assigned Rights which were assigned or sold. Secured Revolving Credit Facility From Affiliate The Company has the Revolving Credit Facility from AFC Finance, LLC, an affiliate of the Company. Refer to Note 9 to our unaudited consolidated financial statements for more information.	15. RELATED PARTY TRANSACTIONS Management Agreement Pursuant to the Management Agreement, the Manager will manage 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 0.4375% of the Company’s Equity, determined as of the last day of each such quarter; provided that the Base Management Fee shall be reduced by the aggregate amount of any other fees earned and paid to the Manager during such quarter resulting from the investment advisory services and general management services rendered by it under the Management Agreement, including any syndication, structuring, diligence, monitoring or agency fees relating to the Company’s loans, but excluding the Incentive Compensation. 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 Independent Directors and approved by a majority of the Independent Directors. The Manager has agreed to waive the incentive compensation for the period from July 31, 2020 (date of commencement of operations) through December 31, 2020 which would have been approximately $479,166 for the period. 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 period from July 31, 2020 (commencement of operations) to December 31, 2020 and amounts payable to the Company’s Manager as of December 31, 2020. ​ ​ Incurred for the period from July 31, 2020 to December 31, 2020 ​ ​ Payable as of December 31, 2020 Affiliate Payments ​ ​ ​ ​ Management fees ​ ​ $ 623,361 ​ ​ $ 222,127 Less other fees earned and paid to the Manager ​ ​ (259,167) ​ ​ — General and administrative expenses reimbursed to Manager ​ ​ 671,605 ​ ​ 506,171 Total ​ ​ $1,035,799 ​ ​ $ 728,298 Investments in Loans From time to time, the Company may co-invest with other investment vehicles managed by the Company’s Management 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 period from July 31, 2020 to December 31, 2020, 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. As of and for the period from July 31, 2020 to December 31, 2020, the Company sold approximately $1.6 million of Assigned Rights which are accounted for as additional original issue discount and accreted over the life of the loans. Loans Acquired From Affiliate The Company acquired loans at fair value of approximately $46,802,841 and cash from an affiliate of the Company’s Management in exchange for issuance of 3,342,500 shares of common stock. Secured Revolving Credit From Affiliate The Company obtained a secured revolving credit loan (the “Revolving Loan”) from AFC Finance, LLC, an affiliate of the Company’s management. Refer to footnote 9 for more information.

DIVIDENDS AND DISTRIBUTIONS (FY

DIVIDENDS AND DISTRIBUTIONS (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
DIVIDENDS AND DISTRIBUTIONS [Abstract]
DIVIDENDS AND DISTRIBUTIONS	16. DIVIDENDS AND DISTRIBUTIONS The following table summarizes the Company’s dividends declared during the nine months ended September 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 Regular cash dividend ​ ​ 9/30/2021 ​ ​ 10/15/2021 ​ ​ $0.43 ​ ​ $0.43 ​ ​ $— ​ ​ $0.43 Total cash dividend ​ ​ ​ ​ ​ ​ $1.17 ​ ​ $1.17 ​ ​ $— ​ ​ $1.17	16. DIVIDENDS AND DISTRIBUTIONS The following table summarizes the Company’s dividends declared and paid during the period from July 31, 2020 to December 31, 2020: ​ ​ Record Date ​ ​ Payment Date ​ ​ Common Share distribution amount ​ ​ Taxable Ordinary Income ​ ​ Return of Capital ​ ​ Section 199A Dividends Regular cash dividend ​ ​ 12/23/2020 ​ ​ 12/30/2020 ​ ​ $0.35 ​ ​ $0.35 ​ ​ $— ​ ​ $0.35 Special cash dividend (1) ​ ​ 12/23/2020 ​ ​ 12/30/2020 ​ ​ 0.26 ​ ​ 0.26 ​ ​ — ​ ​ 0.26 Total cash dividend ​ ​ ​ ​ ​ ​ $0.61 ​ ​ $0.61 ​ ​ $— ​ ​ $0.61 (1) Dividend of approximately $0.26

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED) (FY)	12 Months Ended
	Dec. 31, 2020
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	17. QUARTERLY FINANCIAL DATA (UNAUDITED) The following table summarizes the Company’s quarterly financial results for the period from July 31, 2020 to September 30, 2020 and the quarter ended December 31, 2020: ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ Quarter Ended December 31, 2020 Total revenue ​ ​ $1,594,769 ​ ​ $3,655,339 Total expenses ​ ​ 1,052,319 ​ ​ 1,327,100 Provision for current expected credit losses ​ ​ — ​ ​ (465,397) Realized gains / (losses) on loans at fair value, net ​ ​ — ​ ​ 345,000 Change in unrealized gains / (losses) on loans at fair value, net ​ ​ 1,563,800 ​ ​ (460) Net Income / (loss) ​ ​ 2,106,250 ​ ​ 2,207,382 Basic earnings per common share (in dollars per share) (1) ​ ​ $ 0.39 ​ ​ $ 0.37 Basic weighted average shares of common stock outstanding (in shares) ​ ​ 5,376,411 ​ ​ 5,908,822 (1) The sum of per share amounts for the period from July 31, 2020 to September 30, 2020 and the quarter ended December 31, 2020 may differ from the annual per share amounts due to the required method of computing weighted-average number of common shares outstanding in the respective periods and share offerings that occurred during the year.

SUBSEQUENT EVENTS (FY)

SUBSEQUENT EVENTS (FY)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 those described below, that required disclosure in these financial statements. Subsequent to the end of the third quarter, the Company closed one loan, had new commitments of $50.0 million, and funded approximately $52.3 million of principal amount. In October 2021, the Company sold its investment in the loan to Public Company E to a third party in a private transaction. The Company received approximately $5.1 million in net proceeds from the sale. In October 2021, the Company entered into an additional commitment for a $50 million senior term loan with Public Company F, as part of a $120 million third tranche under Public Company F’s senior secured credit facility and funded $50.0 million of principal less OID of $1.2 million for net funding of $48.8 million at closing. Following the expansion, the Company’s total loan commitments to Public Company F increased to an aggregate principal amount of $60 million, including $10 million of the second tranche funded in May 2021. On November 3, 2021, the Company issued the 2027 Senior Notes. The 2027 Senior Notes accrue interest at a rate of 5.75% per annum. Interest on the 2027 Senior Notes is due semi-annually on May 1 and November 1 of each year, beginning on May 1, 2022. The net proceeds from the Offering were approximately $97 million, after deducting the initial purchasers’ discounts and commissions and estimated offering fees and expenses payable by the Company. The Company intends to use the net proceeds from the issuance of the 2027 Senior Notes to (i) 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 our investment strategy and (iii) for working capital and other general corporate purposes. The terms of the 2027 Senior Notes are governed by the Indenture. Under the Indenture governing the 2027 Senior Notes, we are required to cause all of our existing and future subsidiaries to guarantee the 2027 Senior Notes, other than certain immaterial subsidiaries as set forth in the Indenture. The 2027 Senior Notes are currently not guaranteed by any of our subsidiaries. The Indenture governing the 2027 Senior Notes contains customary terms and restrictions, subject to a number of exceptions and qualifications, including restrictions on the Company’s ability to (1) incur additional indebtedness unless the Annual Debt Service Charge (as defined in the Indenture) is no less than 1.5 to 1.0, (2) incur or maintain total debt in an aggregate principal amount greater than 60% of the Company’s consolidated Total Assets (as defined in the Indenture), (3) incur or maintain secured debt in an aggregate principal amount greater than 25% of the Company’s consolidated Total Assets (as defined in the Indenture); and (4) merge, consolidate or sell substantially all of the Company’s assets. On or after February 1, the Company may redeem the 2027 Senior Notes in whole or in part at a price equal to 100% of the principal amount of the notes being redeemed, plus a make-whole premium and accrued and unpaid interest thereon to, but excluding, the applicable redemption date. On November 3, 2021, the Company entered into the Second Amendment to the Revolving Credit Agreement with AFC Finance, LLC. Under the Second Amendment, the terms of the Revolving Credit Facility were amended to, among other things: (i) decrease the interest rate to 4.75% per annum; (ii) extend the maturity date to the earlier of September 30, 2022 and the closing date of any credit facility where the proceeds are incurred to refund, refinance or replace such Revolving Credit Agreement; (iii) add an unused fee of 0.25% per annum on the undrawn amount of the revolving loan commitments; (iv) add a one-time commitment fee of 0.25% of the total revolving loan commitments, payable in three quarterly installments, beginning in the first quarter of 2022; (v) increase the aggregate revolving credit commitments to $75.0 million; (vi) provided an optional buyout provision for the holders of the Company’s 2027 Senior Notes upon certain events of default under the Revolving Credit Agreement; and (vii) require all payments of interest, the commitment fee and unused fee to be paid, directly or indirectly, to a charitable organization to be designated by AFC Finance, LLC in its sole discretion, net of any taxes. See Note 9 to the Company’s consolidated financial statements for the quarter ended September 30, 2021 for more information.	18. 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. Public Company A previously defaulted on certain covenants under the applicable agreements governing their real estate loan and equipment loan with us. These defaults resulted from, among other things, the loan parties’ failure to timely pay taxes due, incurrence of mechanic’s liens and tax liens on assets, failure to notify the lenders of such failure to pay and incurrence of liens, failure to make payments due in January 2021, failure to make payment obligations owed to third party creditors and failure to enter into specified debt restructuring transactions. Such defaults were unrelated to the COVID-19 pandemic. In January 2021, the loan parties entered into modification agreements for each of the Public Company A loans pursuant to which the Company agreed to forbear from exercising its rights and remedies regarding such defaults for certain considerations and on certain terms and conditions. Under the RE Modification Agreement, the Company and the other lenders agreed to forbear until the earlier of December 21, 2021 and the existence of any new event of default, and the terms of the real estate loan were modified to, among other things, (i) extend the maturity date from June 27, 2021 to December 21, 2021, (ii) modify the interest rate to 14.0%, with 12.0% paid monthly and 2.0% paid at maturity and (iii) add an exit fee of $1.0 million payable upon payment in full of the real estate loan on the maturity date. The RE Modification Agreement also provided for the establishment of an interest reserve for the payment of the last three months of interest on the real estate loan. Additional consideration for the RE Modification Agreement included (w) a modification fee in an amount equal to 3.0% per annum on the outstanding principal of the real estate loan from May 19, 2020 to the effective date of the RE Modification Agreement less certain fees previously paid, (x) common shares of Public Company A in an aggregate amount equal to $1.2 million, (y) the grant of certain warrants to purchase common shares of Public Company A and (z) reimbursement of certain expenses. The Company sold its portion of the rights to acquire the common shares and warrants received as considerations for the RE Modification Agreement to the administrative agent under the Public Company A real estate loan documents. Under the modification agreement relating to the Public Company A equipment loan, the Company and the other lenders agreed to forbear until the earlier of February 5, 2024 and the existence of any new event of default, and the terms of the equipment loan were modified to, among other things, (i) amend the payment schedule allowing for reduced monthly payments for three months, with the reduced amounts amortized equally over the remaining monthly payments, (ii) add an exit fee of $500,000 due at the end of the term of the agreement governing the equipment loan, (iii) release a certain guarantor, and (iv) add a new parent company guarantee. Additional consideration for the Equipment Modification Agreement included (x) a modification fee in an amount equal to 6.0% per annum on the outstanding principal of the equipment loan from May 19, 2020 through and including the effective date of the Equipment Modification Agreement less certain fees previously paid, (y) an additional fee of $500,000 payable in equal monthly installments commencing April 5, 2021 and (z) reimbursement of certain expenses. In connection with the Modification Agreements, Public Company A consummated the initial closing of $10.1 million of its non-brokered convertible debenture offering for up to $25.0 million of debenture units. The net proceeds received by Public Company A from the convertible debenture offering are intended to be used for working capital, previous debt obligations and general corporate purposes. Public Company A has since paid the January 2021 payments and there are no delinquent payment obligations owed to the Company.

ORGANIZATION (Q3)

ORGANIZATION (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
ORGANIZATION [Abstract]
ORGANIZATION	1. ORGANIZATION AFC Gamma, Inc. (the “Company” or “AFCG”) is a commercial real estate 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’s wholly owned subsidiary, AFCG TRS1, LLC (“TRS”), was formed under the laws of the State of Delaware on December 31, 2020, and operates as a taxable real estate investment trust (“REIT”) subsidiary. TRS began operating in July 2021, and the financial statements of TRS have been consolidated within the Company’s consolidated financial statements beginning with the quarter ended September 30, 2021. 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, the value associated with licenses and/or other assets of borrowers depending on the applicable laws and regulations governing such borrowers. The Company has elected to be taxed as a 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.	1. ORGANIZATION AFC Gamma, Inc. (the “Company” or “AFCG”) is a commercial real estate (“CRE”) finance company primarily engaged in originating, structuring, underwriting and managing 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 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 (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 will 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 ending 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. If, on the five-year anniversary of the Initial Closing Date, the Company is not a publicly traded company with its common stock listed on a Securities Exchange, then, subject to any required approvals by the Board and its stockholders, the Company will immediately take all necessary action to undertake an orderly liquidation and sale of its assets and will distribute any net sale proceeds therefrom, after the payment or adequate provision for all known debts and liabilities and any preferential rights of the holders of any then-outstanding shares of preferred stock, pro rata to the holders of common stock, following which the Company shall terminate and dissolve. Subject to applicable law, the Company intends to complete any such process of liquidation, termination and dissolution over a period of three

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited interim consolidated 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 disclosures below regarding basis of presentation and other accounting policies that (i) are required to be disclosed quarterly, (ii) have material changes or (iii) the Company views as critical as of the date of this report. Basis of Presentation The accompanying unaudited interim consolidated 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 consolidated 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. Over the course of the coronavirus (“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 September 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 most of these measures have been lifted or scaled back, surges of COVID-19 in certain parts of the world, including the United States, have resulted and may in the future result in the re-imposition of certain restrictions and may lead to more restrictions to reduce the spread of COVID-19. The full 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 adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with United States generally accepted accounting principles (“GAAP”). The financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions. Cash and short-term investments with an original maturity of three months or less when acquired are considered cash and cash equivalents for the purpose of the balance sheet and statement of cash flows. Restricted cash includes deposits required under certain Secured Funding Agreements. As of the balance sheet date, the Company did not have any restricted cash. Concentration of Credit Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, loans and interest receivable. The Company places its cash and cash equivalents with financial institutions and, at times, cash held exceeds the Federal Deposit Insurance Corporation insured limit. The Company and the Company’s Manager seek to manage this credit risk by monitoring the financial institutions and their ability to continue in business for the foreseeable future. The Company has exposure to credit risk on its loans and interest receivable. The Company and the Company’s Manager seek to manage credit risk by performing due diligence prior to origination or acquisition and through the use of non-recourse financing, when and where available and appropriate. Investments in Loans The Company originates CRE debt and related instruments generally to be held for investment. The Company accretes or amortizes any discounts or premiums on loans held for investment over the life of the related loan held for investment utilizing the effective interest method. Loans are generally collateralized by real estate, equipment, licenses and/or other assets of borrowers. The extent of any credit deterioration associated with the performance and/or value of the underlying collateral property and the financial and operating capability of the borrower could impact the expected amounts received. The Company monitors performance of its portfolio of loans held for investment under the following methodology: (1) borrower review, which analyzes the borrower’s ability to execute on its original business plan, reviews its financial condition, assesses pending litigation and considers its general level of responsiveness and cooperation; (2) economic review, which considers underlying collateral (i.e. leasing performance, unit sales and cash flow of the collateral and its ability to cover debt service, as well as the residual loan balance at maturity); (3) property review, which considers current environmental risks, changes in insurance costs or coverage, current site visibility, capital expenditures and market perception; and (4) market review, which analyzes the collateral from a supply and demand perspective of similar property types, as well as from a capital markets perspective. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding the borrower’s ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to placing a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. The Company may make modifications to loans, including loans that are in default. Loan terms that may be modified include interest rates, required prepayments, maturity dates, covenants, principal amounts and other loan terms. The terms and conditions of each modification vary based on individual circumstances and will be determined on a case by case basis. The Company’s Manager monitors and evaluates each of the Company’s loans held for investment and has maintained regular communications with borrowers regarding the potential impacts of the COVID-19 pandemic on the Company’s loans. Loans Held at Fair Value Investments in loans at fair value are carried at fair value in the Company’s balance sheets, with changes in fair value recorded through earnings. Refer to footnote 14 for more information on the valuations of the investments. Although the Company generally holds its target investments as long-term investments, the Company may occasionally classify some of its loans as held for sale. Investments held for sale are carried at fair value, with changes in fair value recorded through earnings. Investment transactions are recorded on the trade date at cost, net of any original issue discounts. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized and/or accreted cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. An unrealized gain arises when the value the loan portfolio exceeds its cost and an unrealized loss arises when the value of the loan portfolio is less than its cost. The change in unrealized gains or losses primarily reflect the change in loan values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized. Loans Held at Carrying Value Investments in loans held at amortized cost are carried at cost, net of unamortized loan original issue discount and origination costs and other original issue discounts (the “carrying value”) in the Company’s balance sheets. The Company follows ASC 842 for certain loans which are considered financial assets not eligible to elect the fair value option due to the structure of the loans. These loans are carried at cost, net of unamortized loan original issue discount and origination costs and other original issue discounts (the “carrying value”) in the Company’s balance sheets. Fair Value Measurements The Company follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the company’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Company has elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “prepaid expenses and other assets,” “loans receivable” and “interest reserve”, which are reported at amortized cost, all assets and liabilities approximate fair value on the balance sheet. The carrying value of the lines titled “interest receivable,” “accrued management fees,” “accrued direct administrative expenses” and “accounts payable and other liabilities” approximate fair value due to their short maturity. The Company also follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Company to assume that the transaction is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Company has considered its principal market as the market in which the Company exits its loans with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below: ⯀ Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. ⯀ Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. ⯀ Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. If inputs used to measure fair value fall into different levels of the fair value hierarchy, a loan’s level is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the loan. This includes loans that are valued using “bid” and “ask” prices obtained from independent third-party pricing services or directly from brokers. Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, the Company obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Company’s loans for which quotations are available. In determining the fair value of a particular loan, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations. GAAP requires disclosure of fair value information about financial and nonfinancial assets and liabilities, whether or not recognized in the financial statements, for which it is practical to estimate the value. In cases where quoted market prices are not available, fair values are based upon the application of discount rates to estimated future cash flows using market yields, or other valuation methodologies. Any changes to the valuation methodology will be reviewed by the Company’s management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while the Company anticipates that the valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial and nonfinancial assets and liabilities could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of the measurement date, which may fall within periods of market dislocation, during which price transparency may be reduced. Current Expected Credit Losses In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard replaced the incurred loss impairment methodology pursuant to GAAP with a methodology that reflects 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”). ASU No. 2016-13 was adopted by the Company on as of July 31, 2020, commencement of operations. Subsequent period increases and decreases to expected credit losses impact earnings and are recorded within provision for current expected credit losses in the Company’s statement of operations. The CECL Reserve related to outstanding balances on loans held for investment required under ASU No. 2016-13 is a valuation account that is deducted from the amortized cost basis of the Company’s loans held at carrying value and loans receivable at carrying value in the Company’s balance sheet. The CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within accounts payable and other liabilities in the Company’s balance sheet. See Note 6 included in these financial statements for CECL related disclosures. Equity-Based Compensation The Company accounts for equity-based compensation issued to employees and the Board of Directors pursuant to the Amended and Restated Stock Incentive Plan (the “Stock Incentive Plan”) under the fair value method. This method measures compensation cost at the date of grant based on the value of the award and recognizes the cost over the service period, which is usually the vesting period. The fair value of equity-based compensation awards is based on the estimated fair value of the Company’s common stock, as determined by management using a valuation model and approved by the Board of Directors. Fair values of award grants also recognize any ongoing restrictions on the sale of securities. Debt Issuance Costs Debt issuance costs under the Company’s indebtedness are capitalized and amortized over the term of the respective debt instrument. Unamortized debt issuance costs are expensed when the associated debt is repaid prior to maturity. Debt issuance costs related to debt securitizations are capitalized and amortized over the term of the underlying loans using the effective interest method. When an underlying loan is prepaid in a debt securitization and the outstanding principal balance of the securitization debt is reduced, the related unamortized debt issuance costs are charged to expense based on a pro-rata share of the debt issuance costs being allocated to the specific loans that were prepaid. Amortization of debt issuance costs is included within interest expense in the Company’s statements of operations. For the period from July 31, 2020 (commencement of operations) to December 31, 2020, the Company did not have any debt issuance costs. Payment-in-Kind Interest The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. The PIK interest computed at the contractual rate specified in each applicable agreement, is accrued and added to the principal balance of the loan monthly in arrears and recorded as interest income. The PIK income added to the principal balance is generally collected upon repayment of the outstanding principal. To maintain the Company’s status as a REIT, this non-cash source of income must be paid out to stockholders in the form of dividends for the year earned, even though the Company has not yet collected the cash. Revenue Recognition Interest income from loans is accrued based on the outstanding principal amount and the contractual terms of each loan. For loans, origination fees, direct loan origination costs, and other discounts (in aggregate the “Original Issue Discount” or “OID”) are also recognized in interest income from loans over the initial loan term as a yield adjustment using the effective interest method. Delayed draw loans earn interest or unused fees on the undrawn portion of the loan, which is recognized as interest income in the period earned. Other fees, including prepayment fees and exit fees, are recognized as interest income when received. Interest reserves The Company utilizes interest reserves on certain loans to fund the interest payments. Such reserves are established at the time of loan origination. The interest reserve represents a deposit received from the borrower for future loan interest payments. It is recorded as a liability as it represents unearned interest revenue. The interest reserve is relieved when the interest on the loan is earned and interest income is recorded in the period when the interest is earned in accordance with the credit agreement. The interest payment is deducted from the interest reserve deposit balance when the interest payment is due. The decision to establish a loan-funded interest reserve is made during the underwriting process and considers the feasibility of the project, the creditworthiness and expertise of the borrower, and the debt coverage provided by the real estate and other pledged collateral. It is the Company’s policy to recognize income for this interest component as long as the borrower is progressing as originally projected and if there has been no deterioration in the financial standing of the borrower or the underlying project. The Company’s standard policies for interest income recognition are applied to all loans, including those with interest reserves. Net Interest Margin and Interest Expense Net interest margin in the Company’s statement of operations serves to measure the performance of the Company’s loans held for investment as compared to its use of debt leverage. As of the balance sheet date, the Company had no interest expense. Income Taxes The Company is a Maryland corporation and will elect to be taxed as a REIT under the Code, commencing with its taxable year ending December 31, 2020. The Company believes that its proposed method of operation will enable it to qualify as a REIT. However, no assurances can be given that the Company’s beliefs or expectations will be fulfilled, since qualification as a REIT depends on the Company satisfying numerous asset, income and distribution tests which depends, in part, on the Company’s operating results. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that the Company distributes annually to its stockholders at least 90% of the Company’s REIT taxable income prior to the deduction for dividends paid. To the extent that the Company distributes less than 100% of its REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), the Company will pay tax at regular corporate rates on that undistributed portion. Furthermore, if the Company distributes less than the sum of 1) 85% of its ordinary income for the calendar year, 2) 95% of our capital gain net income for the calendar year, and 3) any undistributed shortfall from our prior calendar year (the “Required Distribution”) to its stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then it is required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if the Company elects to retain any of its net capital gain for any tax year, it must notify its stockholders and pay tax at regular corporate rates on the retained net capital gain. The stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax. If it is determined that the Company’s estimated current year taxable income will be in excess of estimated dividend distributions (including capital gain dividend) for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. The annual expense is calculated in accordance with applicable tax regulations. Excise tax expense is included in the line item income tax expense. FASB ASC Topic 740, Income Taxes (“ASC 740”), prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported as of December 31, 2020. Based on the Company’s evaluation, there is no reserve for any uncertain income tax positions. Accrued interest and penalties, if any, are included within other liabilities in the balance sheets. Earnings per Share The Company calculates basic earnings / (loss) per share by dividing net income / (loss) allocable to common stockholders for the period by the weighted average shares of common stock outstanding for that period after consideration of the earnings / (loss) allocated to the Company’s restricted stock, which are participating securities as defined in GAAP. Diluted earnings / (loss) per share takes into effect any dilutive instruments, such as restricted stock, RSUs and convertible debt, except when doing so would be anti-dilutive. As of December 31, 2020, there were no dilutive instruments. See Note 11 included in these financial statements for the earnings per share calculations. 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 investments. Recent Accounting Pronouncements In March 2020, the FASB issued 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. 2021-01is 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 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 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 is currently evaluating the impact, if any, of adopting this ASU on its financial statements.

LOANS HELD FOR INVESTMENT AT _2

LOANS HELD FOR INVESTMENT AT FAIR VALUE (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 September 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 $75.9 million and $59.9 million, respectively, and outstanding principal was approximately $77.0 million and $50.8 million, respectively, as of September 30, 2021 and December 31, 2020. For the nine months ended September 30, 2021, the Company funded approximately $37.7 million of outstanding principal and had repayments of approximately $13.1 million. As of September 30, 2021 and December 31, 2020, 0.0% and approximately 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 September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ Fair Value (2) ​ ​ Carrying Value (1) ​ ​ Outstanding Principal (1) ​ ​ Weighted Average Remaining Life (Years) (3) Senior Term Loans ​ ​ $ 76,293,824 ​ ​ $ 73,934,116 ​ ​ $ 76,995,548 ​ ​ 2.5 Total loans held at fair value ​ ​ $ 76,293,824 ​ ​ $ 73,934,116 ​ ​ $ 76,995,548 ​ ​ 2.5 ​ ​ 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 Note 14 to our unaudited consolidated financial statements. (3) Weighted average remaining life is calculated based on the fair value of the loans as of September 30, 2021 and December 31, 2020. The following table presents changes in loans held at fair value as of and for the nine months ended September 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 ​ ​ — ​ ​ — ​ ​ 796,368 ​ ​ 796,368 New fundings ​ ​ 37,701,104 ​ ​ (1,130,623) ​ ​ — ​ ​ 36,570,481 Loan repayments ​ ​ (12,000,000) ​ ​ — ​ ​ — ​ ​ (12,000,000) Loan amortization payments ​ ​ (1,093,659) ​ ​ — ​ ​ — ​ ​ (1,093,659) Accretion of original issue discount ​ ​ — ​ ​ 1,905,715 ​ ​ — ​ ​ 1,905,715 PIK interest ​ ​ 1,556,868 ​ ​ — ​ ​ — ​ ​ 1,556,868 Total loans held at fair value at September 30, 2021 ​ ​ $ 76,995,548 ​ ​ $ (3,061,432) ​ ​ $ 2,359,708 ​ ​ $ 76,293,824 A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of September 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 ​ ​ $62,853,367 ​ ​ $60,857,429 ​ ​ $63,391,847 ​ ​ 16.4% (5) ​ ​ 5/8/2024 ​ ​ P/I Private Co. B ​ ​ MI ​ ​ C ​ ​ 10,535,737 ​ ​ 10,171,757 ​ ​ 10,663,701 ​ ​ 17.0% (6) ​ ​ 9/1/2023 ​ ​ P/I Public Co. A ​ ​ NV ​ ​ C ​ ​ 2,904,720 ​ ​ 2,904,930 ​ ​ 2,940,000 ​ ​ 14.0% (7) ​ ​ 1/26/2023 ​ ​ I/O Total loans held at fair value ​ ​ ​ ​ ​ ​ $ 76,293,824 ​ ​ $ 73,934,116 ​ ​ $ 76,995,548 ​ ​ ​ ​ ​ ​ (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 Note 14 to our unaudited consolidated 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 3.4%. (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.	3. LOANS HELD FOR INVESTMENT AT FAIR VALUE As of December 31, 2020, the Company’s portfolio included four loans held at fair value. The aggregate originated commitment under these loans was approximately $59.9 million and outstanding principal was approximately $50.8 million as of December 31, 2020. During the period from July 31, 2020 to December 31, 2020, the Company funded approximately $16.4 million of outstanding principal and was repaid approximately $12 million of principal. As of December 31, 2020, approximately 6.0% of the Company’s loans held at fair value have floating interest rates. These floating rates are subject to London Interbank Offered Rate (“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 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 (3) Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2020 The following table presents changes in loans held at fair value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Principal ​ ​ Original Issue Discount ​ ​ Fair Value Loans acquired at July 31, 2020 ​ ​ $ 46,080,605 ​ ​ $ (2,974,054) ​ ​ $ 43,106,551 Realized gains / (losses) on loans at fair value, net ​ ​ 345,000 ​ ​ — ​ ​ 345,000 Change in unrealized gains / (losses) on loans at fair value, net ​ ​ — ​ ​ — ​ ​ 1,563,340 New fundings ​ ​ 16,360,000 ​ ​ (1,595,199) ​ ​ 14,764,801 Repayments ​ ​ (5,000,000) ​ ​ — ​ ​ (5,000,000) Sale of loans ​ ​ (7,345,000) ​ ​ — ​ ​ (7,345,000) Accretion of original issue discount ​ ​ — ​ ​ 732,729 ​ ​ 732,729 PIK Interest ​ ​ 390,630 ​ ​ — ​ ​ 390,630 Total loans held at fair value at December 31, 2020 ​ ​ $ 50,831,235 ​ ​ $ (3,836,524) ​ ​ $ 48,558,051 A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of December 31, 2020 is as follows: ​ ​ Location ​ ​ Fair Value (2) ​ ​ Carrying Value (1) ​ ​ Outstanding Principal (1) ​ ​ Interest Rate ​ ​ Maturity Date (3) ​ ​ Payment Terms (4) Private Co. A ​ ​ Multi State ​ ​ $31,510,387 ​ ​ $30,913,524 ​ ​ $33,344,325 ​ ​ 17.0% (5) ​ ​ 5/8/2024 ​ ​ P/I Private Co. B ​ ​ MI ​ ​ 2,461,036 ​ ​ 2,238,402 ​ ​ 2,522,846 ​ ​ 17.0% (6) ​ ​ 9/1/2023 ​ ​ P/I Public Co. A ​ ​ NV ​ ​ 2,870,910 ​ ​ 2,909,656 ​ ​ 2,940,000 ​ ​ 10.5% (7) ​ ​ 6/27/2021 ​ ​ I/O Sub. Of Public Co. C ​ ​ FL ​ ​ 11,715,718 ​ ​ 10,933,129 ​ ​ 12,024,064 ​ ​ 18.0% (8) ​ ​ 2/18/2025 ​ ​ P/I Total loans held at fair value ​ ​ ​ ​ $ 48,558,051 ​ ​ $ 46,994,711 ​ ​ $ 50,831,235 ​ ​ ​ ​ ​ ​ (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) Refer to Footnote 14 (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 PIK interest rate of 4% (6) Base interest rate of 13% and PIK interest rate of 4% (7) Base interest rate of 8% plus LIBOR (LIBOR floor of 2.5%) (8) Loan to Subsidiary of Public Company C is a $15 million aggregate loan commitment with an initial funding of $3 million at a base interest rate of 13.5% and PIK interest rate of 3% and subsequent advances of $9 million at a base interest rate of 19%. The weighted average interest rate is 18.0% at December 31, 2020

LOANS HELD FOR INVESTMENT AT _3

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 September 30, 2021 and December 31, 2020, the Company’s portfolio included 12 and three loans, respectively, held at carrying value. The aggregate originated commitment under these loans was approximately $217.0 million and $44.0 million, respectively, and outstanding principal was approximately $164.4 million and $33.9 million, respectively, as of September 30, 2021 and December 31, 2020. For the nine months ended September 30, 2021, the Company funded approximately $139.2 million of outstanding principal. As of September 30, 2021 and December 31, 2020, approximately 68% 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 1.0%, 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 September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ Outstanding Principal (1) ​ ​ Original Issue Discount ​ ​ Carrying Value (1) ​ ​ Weighted Average Remaining Life (Years) (2) Senior Term Loans ​ ​ $ 164,361,340 ​ ​ $ (11,199,559) ​ ​ $ 153,161,781 ​ ​ 4.0 Total loans held at carrying value ​ ​ $ 164,361,340 ​ ​ $ (11,199,559) ​ ​ $ 153,161,781 ​ ​ 4.0 ​ ​ 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 September 30, 2021 and December 31, 2020. The following table presents changes in loans held at carrying value as of and for the nine months ended September 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 ​ ​ 139,222,598 ​ ​ (11,261,001) ​ ​ 127,961,597 Accretion of original issue discount ​ ​ — ​ ​ 2,132,174 ​ ​ 2,132,174 Realized gain on sale of loans ​ ​ 400,000 ​ ​ — ​ ​ 400,000 Sale of loans ​ ​ (10,400,000) ​ ​ — ​ ​ (10,400,000) PIK interest ​ ​ 1,230,979 ​ ​ — ​ ​ 1,230,979 Total loans held at carrying value at September 30, 2021 ​ ​ $ 164,361,340 ​ ​ $ (11,199,559) ​ ​ $ 153,161,781 A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of September 30, 2021 is as follows: ​ ​ Collateral Location ​ ​ Collateral Type (4) ​ ​ Outstanding Principal (1) ​ ​ Original Issue Discount ​ ​ Carrying Value (1) ​ ​ Interest Rate ​ ​ Maturity Date (2) ​ ​ Payment Terms (3) Private Co. C ​ ​ PA ​ ​ C , D ​ ​ $19,333,872 ​ ​ $ (721,311) ​ ​ $18,612,561 ​ ​ 17.0% (5) ​ ​ 12/1/2025 ​ ​ P/I Sub. of Public Co. D ​ ​ PA ​ ​ C ​ ​ 10,000,000 ​ ​ (149,235) ​ ​ 9,850,765 ​ ​ 12.9% (6) ​ ​ 12/18/2024 ​ ​ I/O Private Co. D ​ ​ OH, AR ​ ​ D ​ ​ 12,169,041 ​ ​ (877,891) ​ ​ 11,291,150 ​ ​ 15.0% (7) ​ ​ 1/1/2026 ​ ​ P/I Private Co. E ​ ​ OH ​ ​ C , D ​ ​ 14,220,552 ​ ​ (2,782,310) ​ ​ 11,438,242 ​ ​ 17.0% (8) ​ ​ 4/1/2026 ​ ​ P/I Private Co. F ​ ​ MO ​ ​ C , D ​ ​ 9,799,658 ​ ​ (1,816,803) ​ ​ 7,982,855 ​ ​ 17.0% (9) ​ ​ 5/1/2026 ​ ​ P/I Public Co. E ​ ​ MI ​ ​ C ​ ​ 5,000,000 ​ ​ (307,143) ​ ​ 4,692,857 ​ ​ 13.0% (10) ​ ​ 4/29/2025 ​ ​ P/I Sub. of Private Co. G ​ ​ NJ ​ ​ C , D ​ ​ 42,945,657 ​ ​ (2,498,443) ​ ​ 40,447,214 ​ ​ 14.3% (11) ​ ​ 5/1/2026 ​ ​ P/I Public Co. F ​ ​ IL, FL, NV, OH, MA, MI, MD,AR, NV, AZ ​ ​ C , D ​ ​ 10,000,000 ​ ​ (160,000) ​ ​ 9,840,000 ​ ​ 9.8% (12) ​ ​ 5/30/2023 ​ ​ I/O Sub. of Private Co. H ​ ​ IL ​ ​ C ​ ​ 5,781,250 ​ ​ (126,790) ​ ​ 5,654,460 ​ ​ 15.0% (13) ​ ​ 5/11/2023 ​ ​ I/O Private Co. K ​ ​ MA ​ ​ C , D ​ ​ 7,000,000 ​ ​ (763,667) ​ ​ 6,236,333 ​ ​ 13.0% (14) ​ ​ 08/03/2026 ​ ​ P/I Private Co. I ​ ​ MD ​ ​ C , D ​ ​ 10,109,310 ​ ​ (225,184) ​ ​ 9,884,126 ​ ​ 15.5% (15) ​ ​ 8/1/2026 ​ ​ P/I Private Co. J ​ ​ MO ​ ​ C ​ ​ 18,002,000 ​ ​ (770,782) ​ ​ 17,231,218 ​ ​ 15.0% (16) ​ ​ 09/01/2025 ​ ​ P/I Total loans held at carrying value ​ ​ ​ ​ ​ ​ $164,361,340 ​ ​ $(11,199,559) ​ ​ $153,161,781 ​ ​ ​ ​ ​ ​ (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 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%. (6) Base interest rate of 12.9%. (7) Base interest rate of 13.0% and PIK interest rate of 2.0%. (8) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%. (9) Base interest rate of 13.0% and PIK interest rate of 4.0%. (10) Base interest rate of 13.0%. (11) Base interest rate of 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%. (12) Base interest rate of 9.8%. (13) Base interest rate of 15.0%. (14) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) (15) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%. (16) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%.	4. LOANS HELD FOR INVESTMENT AT CARRYING VALUE As of December 31, 2020, the Company’s portfolio included three loans held at carrying value. The aggregate originated commitment under these loans was approximately $44 million and outstanding principal was approximately $33.9 million as of December 31, 2020. During the period from July 31, 2020 to December 31, 2020, the Company funded approximately $33.9 million of outstanding principal. As of December 31, 2020, approximately 35% of the Company’s loans held at carrying value have floating interest rates. These floating rates are subject to London Interbank Offered Rate (“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 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 December 31, 2020 The following table presents changes in loans held at carrying value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Principal ​ ​ Original Issue Discount ​ ​ Carrying Value Loans at July 31, 2020 ​ ​ $ — ​ ​ $ — ​ ​ $ — New fundings ​ ​ 33,875,985 ​ ​ (2,120,969) ​ ​ 31,755,016 Accretion of original issue discount ​ ​ — ​ ​ 50,237 ​ ​ 50,237 PIK Interest ​ ​ 31,778 ​ ​ — ​ ​ 31,778 Total loans held at carrying value at December 31, 2020 ​ ​ $ 33,907,763 ​ ​ $ (2,070,732) ​ ​ $ 31,837,031 A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of December 31, 2020 is as follows: ​ ​ Location ​ ​ Outstanding Principal (1) ​ ​ Original Issue Discount ​ ​ Carrying Value (1) ​ ​ Interest Rate ​ ​ Maturity Date (2) ​ ​ Payment Terms (3) Private Co. C ​ ​ PA ​ ​ $ 11,907,763 ​ ​ $ (851,148) ​ ​ $ 11,056,615 ​ ​ 17.0% (4) ​ ​ 12/1/2025 ​ ​ P/I Private Co. D ​ ​ Multi State ​ ​ 12,000,000 ​ ​ (1,035,911) ​ ​ 10,964,089 ​ ​ 15.0% (5) ​ ​ 1/1/2026 ​ ​ P/I Sub. of Public Co. D ​ ​ PA ​ ​ 10,000,000 ​ ​ (183,673) ​ ​ 9,816,327 ​ ​ 12.9% (6) ​ ​ 12/18/2024 ​ ​ I/O Total loans held at carry value ​ ​ ​ ​ $ 33,907,763 ​ ​ $ (2,070,732) ​ ​ $ 31,837,031 ​ ​ ​ ​ ​ ​ (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) Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4% (5) Base interest rate of 13% and PIK interest rate of 2% (6) Base interest rate of 12.9%

LOAN RECEIVABLE AT CARRYING V_2

LOAN RECEIVABLE AT CARRYING VALUE (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
LOAN RECEIVABLE AT CARRYING VALUE [Abstract]
LOAN RECEIVABLE AT CARRYING VALUE	5. LOAN RECEIVABLE AT CARRYING VALUE As of September 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 $2.8 million and $3.4 million as of September 30, 2021 and December 31, 2020, respectively. During the nine months ended September 30, 2021, the Company received repayments of approximately $0.6 million of outstanding principal. The following table presents changes in loans receivable as of and for the nine months ended September 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 ​ ​ (574,735) ​ ​ — ​ ​ (574,735) Accretion of original issue discount ​ ​ — ​ ​ 927 ​ ​ 927 Total loans receivable at carrying value at September 30, 2021 ​ ​ $ 2,777,441 ​ ​ $ (2,986) ​ ​ $ 2,774,455	5. LOAN RECEIVABLE AT CARRYING VALUE As of December 31, 2020, the Company’s portfolio included one loan receivable at carrying value. The originated commitment under this loan was approximately $4 million and outstanding principal was approximately $3.4 million as of December 31, 2020. During the period from July 31, 2020 to December 31, 2020, the Company received repayments of $0.35 million of outstanding principal. The following table presents changes in loans receivable as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Principal ​ ​ Original Issue Discount ​ ​ Carrying Value Loan receivable acquired at July 31, 2020 ​ ​ $3,700,718 ​ ​ $(4,428) ​ ​ $3,696,290 Principal repayment of loans ​ ​ (348,542) ​ ​ — ​ ​ (348,542) Accretion of original issue discount ​ ​ — ​ ​ 515 ​ ​ 515 Total loans receivable at carrying value at December 31, 2020 ​ ​ $ 3,352,176 ​ ​ $ (3,913) ​ ​ $ 3,348,263

CURRENT EXPECTED CREDIT LOSSE_2

CURRENT EXPECTED CREDIT LOSSES (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 commercial real estate properties and is not specific to any loan losses or impairments on the Company’s loans held for investment. As of September 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 $1,837,895 and $465,397, respectively, or 118 and 132 basis points, respectively, of the Company’s total loans held at carrying value and loans receivable at carrying value of $155,936,236 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 $1,145,629 and $404,860, respectively, and a liability for unfunded commitments of $692,266 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 nine months ended September 30, 2021 was as follows: ​ ​ Outstanding (1) ​ ​ Unfunded (2) ​ ​ Total Balance at June 30, 2021 ​ ​ $ 701,143 ​ ​ $ 476,140 ​ ​ $1,177,283 Provision for current expected credit losses ​ ​ 444,486 ​ ​ 216,126 ​ ​ 660,612 Write-offs ​ ​ — ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — ​ ​ — Balance at September 30, 2021 ​ ​ $1,145,629 ​ ​ $ 692,266 ​ ​ $1,837,895 ​ ​ Outstanding (1) ​ ​ Unfunded (2) ​ ​ Total Balance at December 31, 2020 ​ ​ $ 404,860 ​ ​ $ 60,537 ​ ​ $ 465,397 Provision for current expected credit losses ​ ​ 740,769 ​ ​ 631,729 ​ ​ 1,372,498 Write-offs ​ ​ — ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — ​ ​ — Balance at September 30, 2021 ​ ​ $1,145,629 ​ ​ $ 692,266 ​ ​ $ 1,837,895 (1) As of September 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 consolidated balance sheets. (2) As of September 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 consolidated 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 September 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 ​ ​ 14,532,857 ​ ​ — ​ ​ 14,532,857 3 ​ ​ 88,990,322 ​ ​ 42,528,931 ​ ​ 131,519,253 4 ​ ​ 9,884,126 ​ ​ — ​ ​ 9,884,126 5 ​ ​ — ​ ​ — ​ ​ — Total ​ ​ $113,407,305 ​ ​ $ 42,528,931 ​ ​ $ 155,936,236	6. CURRENT EXPECTED CREDIT LOSSES The Company estimates its 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 December 31, 2020, the Company’s CECL Reserve for its loans held at carrying value and loans receivable at carrying value portfolio is $465,397 or 132 basis points of the Company’s total loans held at carrying value and loans receivable at carrying value commitment balance of $35,185,294 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 $404,860 and a liability for unfunded commitments of $60,537. 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. Current Expected Credit Loss Reserve for Funded Loan Commitments Activity related to the CECL Reserve for outstanding balances on the Company’s loans held at carrying value and loans receivable at carrying value as of and for the period from July 31, 2020 to December 31, 2020 was as follows: Balance at July 31, 2020 (Commencement of Operations) ​ ​ $ — Provision for current expected credit losses ​ ​ 404,860 Write-offs ​ ​ — Recoveries ​ ​ — Balance at December 31, 2020 (1) ​ ​ $ 404,860 (1) As of 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 sheet. Current Expected Credit Loss Reserve for Unfunded Loan Commitments Activity related to the CECL Reserve for unfunded commitments on the Company’s loans held at carrying value as of and for the period from July 31, 2020 to December 31, 2020 was as follows: Balance at July 31, 2020 (Commencement of Operations) ​ ​ $ — Provision for current expected credit losses ​ ​ 60,537 Write-offs ​ ​ — Recoveries ​ ​ — Balance at December 31, 2020 (1) ​ ​ $ 60,537 (1) As of 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 consolidated 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 December 31, 2020, 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: ​ ​ 2020 ​ ​ Total 1 ​ ​ $ — ​ ​ $ — 2 ​ ​ 9,816,327 ​ ​ 9,816,327 3 ​ ​ 22,020,704 ​ ​ 22,020,704 4 ​ ​ 3,348,263 ​ ​ 3,348,263 5 ​ ​ — ​ ​ — Total ​ ​ $ 35,185,294 ​ ​ $ 35,185,294

INTEREST RECEIVABLE (Q3)

INTEREST RECEIVABLE (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
INTEREST RECEIVABLE [Abstract]
INTEREST RECEIVABLE	7. INTEREST RECEIVABLE The following table summarizes the interest receivable by the Company as of September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ As of December 31, 2020 Interest receivable ​ ​ $1,838,494 ​ ​ $675,795 PIK receivable ​ ​ 522,933 ​ ​ 177,183 Unused fees receivable ​ ​ 73,292 ​ ​ 74,314 Total interest receivable ​ ​ $ 2,434,719 ​ ​ $ 927,292	7. INTEREST RECEIVABLE The following tables summarize the interest receivable by the Company as of December 31, 2020: ​ ​ As of December 31, 2020 Interest receivable ​ ​ $675,795 PIK receivable ​ ​ 177,183 Unused fees ​ ​ 74,314 Total interest receivable ​ ​ $ 927,292

INTEREST RESERVE (Q3)

INTEREST RESERVE (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
INTEREST RESERVE [Abstract]
INTEREST RESERVE	8. INTEREST RESERVE At September 30, 2021 and December 31, 2020, the Company had eight and one loans, respectively, that included a loan funded interest reserve. For the three and nine months ended September 30, 2021, approximately $1.8 million and $2.5 million, 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 nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020: ​ ​ For the three months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ For the nine months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 Beginning reserves ​ ​ $ 5,547,863 ​ ​ $ — ​ ​ $ 1,325,750 ​ ​ $ — New reserves ​ ​ 4,525,468 ​ ​ 1,400,000 ​ ​ 9,450,468 ​ ​ 1,400,000 Reserves disbursed ​ ​ (1,819,036) ​ ​ — ​ ​ (2,521,923) ​ ​ — Ending reserves ​ ​ $ 8,254,295 ​ ​ $ 1,400,000 ​ ​ $ 8,254,295 ​ ​ $ 1,400,000	8. INTEREST RESERVE At December 31, 2020, the Company had one loan that included a loan funded interest reserve. As of December 31, 2020, approximately $74 thousand of interest income was earned and disbursed from the interest reserve. The following table presents changes in interest reserve as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ For the period from July 31, 2020 to December 31, 2020 Initial reserves ​ ​ $ — New reserves ​ ​ 1,400,000 Reserves disbursed ​ ​ (74,250) Total Interest reserve ​ ​ $ 1,325,750

DEBT (Q3)

DEBT (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
DEBT [Abstract]
DEBT	9. DEBT Revolving Credit Facility In July 2020, the Company obtained a secured revolving credit loan (the “Revolving Credit Facility”) from AFC Finance, LLC, an affiliate of the Company’s management. The Revolving Credit Facility 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 Credit Facility and the Revolving Credit Facility did not have any unused fees. The maturity date of the Revolving Credit Facility 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 “Refinancing Credit Facility”) in accordance with terms of the credit agreement governing the Revolving Credit Facility (the “Revolving Credit Agreement”). The Revolving Credit Facility was secured by the assets of the Company. On May 7, 2021, the Company amended the Revolving Credit Agreement with AFC Finance, LLC (the “First Amendment”). The First Amendment 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. On November 3, 2021, the Company entered into the Second Amendment to the Revolving Credit Agreement with AFC Finance, LLC (the “Second Amendment”). Under the Second Amendment, payments to AFC Finance, LLC for interest, commitment fees and unused fees (net applicable taxes) are required to be paid directly or indirectly through AFC Finance, LLC to charitable organizations designated by AFC Finance, LLC. The Second Amendment (i) increased the loan commitment from $50,000,000 to $75,000,000; (ii) decreased the interest rate from 6% per annum to 4.75% per annum; (iii) introduced a one-time commitment fee of 0.25%, to be paid in three equal quarterly installments, and an unused line fee of 0.25% per annum, to be paid quarterly in arrears; (iv) provided an optional buyout provision for the holders of the Company’s 2027 Senior Notes (as defined above) upon an event of default under the Revolving Credit Agreement; (v) extended the fixed element of the maturity date from December 31, 2021 to September 30, 2022 and (vi) provided that a Refinancing Credit Facility (as defined below) may be any credit facility where the proceeds are incurred to refund, refinance or replace the Revolving Credit Agreement. Pursuant to the Second Amendment, the Company incurred a one-time commitment fee expense of $187,500 in November 2021, payable in three quarterly installments beginning in the first quarter of 2022, which will be amortized over the life of the loan. For the three and nine months ended September 30, 2021 and through November 3, 2021, the Company has not drawn on the Revolving Credit Facility or incurred any interest expense related to the Revolving Credit Facility. 2027 Senior Notes On November 3, 2021, the Company issued $100 million in aggregate principal amount of senior unsecured notes due in 2027 The Indenture governing the 2027 Senior Notes contains customary terms and restrictions, subject to a number of exceptions and qualifications, including restrictions on the Company’s ability to (1) incur additional indebtedness unless the Annual Debt Service Charge (as defined in the Indenture) is no less than 1.5 to 1.0, (2) incur or maintain total debt in an aggregate principal amount greater than 60% of the Company’s consolidated Total Assets (as defined in the Indenture), (3) incur or maintain secured debt in an aggregate principal amount greater than 25% of the Company’s consolidated Total Assets (as defined in the Indenture); and (4) merge, consolidate or sell substantially all of the Company’s assets. On or after February 1, 2027, the Company may redeem the 2027 Senior Notes in whole or in part at a price equal to 100% of the principal amount of the notes being redeemed, plus a make-whole premium and accrued and unpaid interest thereon to, but excluding, the applicable redemption date.	9. DEBT 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 has a loan commitment of $40,000,000 and bears interest 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 does not have any unused fees. The maturity date of the Revolving Loan is the earlier of (i) July 31, 2021 and (ii) the date of the closing of any Refinancing Credit Facility in accordance with terms in the Revolving Loan agreement. The Revolving Loan is secured by the assets of the Company. For the period from July 31, 2020 to December 31, 2020, the Company did not utilize its Revolving Loan and therefor no interest expense was incurred.

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES As of September 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 September 30, 2021 ​ ​ As of December 31, 2020 Total original loan commitments ​ ​ $ 296,946,250 ​ ​ $ 107,292,176 Less: drawn commitments ​ ​ (243,038,584) ​ ​ (87,467,057) Total undrawn commitments ​ ​ $ 53,907,666 ​ ​ $ 19,825,119 The Company from time to time may be a party to litigation in the normal course of business. As of September 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 the Company’s borrowers of the federal illegality of cannabis, the Company’s borrowers’ inability to renew or otherwise maintain their licenses or other requisite authorizations for their cannabis operations, and such loans lack of liquidity, and the Company could lose all or part of any of the Company’s 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.	10. COMMITMENTS AND CONTINGENCIES 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 imitations 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 29 states administering shelter-in-place orders and adult use cannabis has been deemed “essential” in eight of those states. 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 December 31, 2020 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. As of December 31, 2020, the Company had the following commitments to fund various senior term loans, equipment loans and bridge loans. ​ ​ As of December 31, 2020 Total original loan commitments ​ ​ $ 107,292,176 Less: drawn commitments ​ ​ (87,467,057) Total undrawn commitments ​ ​ $ 19,825,119 At December 31, 2020, the Company had executed $38.5 million in non-binding term sheets with various prospective borrowers. Subsequent to year end, the Company executed an additional $49.5 million in non-binding term sheets and a syndication commitment letter with various prospective borrowers. Included in these amounts is an approximately $46.2 million term sheet with a prospective borrower where the credit facility will be syndicated to an affiliate of the Company. The Company’s portion of the syndication is $22.0 million and is included in the $38.5 million of non-binding term sheets at December 31, 2020. AFC Management is serving as the manager of the syndication and is expected to serve as the agent for the loan. The Company from time to time may be a party to litigation in the normal course of business. As of December 31, 2020, the Company is not aware of any legal claims that could materially impact its business, financial condition or results of operations. We provide loans to established companies operating in the cannabis industry which involves significant risks, including the risk of strict enforcement of federal laws regarding the federal illegality of cannabis, and lack liquidity, and we could lose all or part of any of our investments. Our ability to grow or maintain our business depends on state laws pertaining to the cannabis industry. New laws that are adverse to our portfolio companies 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 our ability to grow and could materially adversely affect our 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 (Q3)

STOCKHOLDERS' EQUITY (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	11. STOCKHOLDERS’ EQUITY Series A Preferred Stock As of September 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 consolidated 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 consolidated statements 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 consolidated statements 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. On July 6, 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 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 consolidated statements of stockholders’ equity. 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 1,632,632 shares of common stock and 56,285 shares of restricted stock as of September 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 has, and currently intends to continue 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 September 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 2,401,965 shares, which is an increase of 26,965 shares compared to June 30, 2021 under the evergreen provision in the 2020 Plan in connection with the issuance of an additional 269,650 shares of common stock to the underwriters in connection with their partial exercise of an over-allotment option in July 2021. 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 10 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 September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ As of December 31, 2020 Non-vested ​ ​ 183,114 ​ ​ 142,814 Vested ​ ​ 1,449,518 ​ ​ 800,618 Forfeited ​ ​ (28,396) ​ ​ (16,534) Balance ​ ​ 1,604,236 ​ ​ 926,898 The following table summarizes the (i) non-vested restricted stock granted, (ii) vested restricted stock granted and (iii) forfeited restricted stock granted for the Company’s directors and officers and employees of the Manager as of September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ As of December 31, 2020 Non-vested ​ ​ 56,285 ​ ​ — Vested ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Balance ​ ​ 56,285 ​ ​ — 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. Restricted stock grant expense is based on the Company’s stock price at the time of the grant and amortized over the vesting period. The share-based compensation expense for the Company was approximately $51,429 and $1,662,001 for the three and nine months ended September 30, 2021, respectively, and no expense was booked during the period from July 31, 2020 to September 30, 2020. 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 summarize stock option activity during the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020: ​ ​ Three months ended September 30, 2021 ​ ​ Weighted-Average Grant Date Fair Value Per Option Balance as of June 30, 2021 ​ ​ 1,613,098 ​ ​ $1.08 Granted ​ ​ — ​ ​ — Exercised ​ ​ — ​ ​ — Forfeited ​ ​ (8,862) ​ ​ 0.90 Balance as of September 30, 2021 ​ ​ 1,604,236 ​ ​ $ 1.08 ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ Weighted-Average Grant Date Fair Value Per Option Balance as of July 31, 2020 ​ ​ — ​ ​ $ — Granted ​ ​ 806,456 ​ ​ 0.90 Exercised ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Balance as of September 30, 2020 ​ ​ 806,456 ​ ​ $ 0.90 ​ ​ Nine months ended September 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 ​ ​ (11,862) ​ ​ 1.01 Balance as of September 30, 2021 ​ ​ 1,604,236 ​ ​ $ 1.08	11. STOCKHOLDERS’ EQUITY Series A Preferred Stock. As of December 31, 2020, the Company has authorized 10,000 preferred shares and issued 125 preferred shares. In order for the Company to qualify as a REIT and satisfy the principles of Section 856(a)(5) of the Code, the Company’s stock must be beneficially owned by 100 or more persons. Therefore, on December 18, 2020, the Company sold and issued 125 shares, to 125 investors, of 12.0% Series A Cumulative Non-Voting Preferred Stock, $0.01 par value per share (the “Series A Preferred Stock”), in a private placement offering (the “Series A Offering”), at a purchase price of $1,000 per share, with gross proceeds of $125,000 in cash and net proceeds of approximately $101,059. 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 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 has approved a 7-for-1 The Company issued 6,179,392 shares in private offerings during the period from July 31, 2020 to December 31, 2020. Equity Incentive Plan The Company has established an equity incentive compensation plan (the “Plan”). The Company’s board of directors authorized the adoption of the Plan (the “2020 Plan”) and approved stock option grants of 926,898 shares of common stock as of December 31, 2020. The Board or one or more committees appointed by the Board will administer the 2020 Plan. The 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, and certain directors and consultants and other service providers to the Company or any of its subsidiaries. The current maximum number of shares of the Company common stock that may be delivered pursuant to awards under the 2020 Plan (the “ Share Limit 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 fair market value 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. For so long as the Company remains private, any options that become vested under the 2020 Plan will not be exercisable until the earlier of (i) a Change in Control Event (as defined in the 2020 Plan) and (ii) a Public Offering Date (as defined in the 2020 Plan). In the event the term of any options expires prior to the occurrence of either a Change in Control Event or Public Offering Date, the options, whether vested or unvested, shall expire and be forfeited for no consideration. As such, no options are considered dilutive as of the date of these financial statements. 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 December 31, 2020: ​ ​ Restricted Stock Options Granted Non-vested ​ ​ 142,814 Vested ​ ​ 800,618 Forfeited ​ ​ (16,534) Balance at December 31, 2020 ​ ​ 926,898

EARNINGS PER SHARE (Q3)

EARNINGS PER SHARE (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	12. EARNINGS PER SHARE The following information sets forth the computations of basic weighted average earnings per common share for the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020: ​ ​ For the three months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ For the nine months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 Net income attributable to common stockholders ​ ​ $ 7,930,680 ​ ​ $2,106,250 ​ ​ $13,959,222 ​ ​ $2,106,250 Divided by: ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares of common stock outstanding ​ ​ 16,402,984 ​ ​ 5,376,411 ​ ​ 12,368,977 ​ ​ 5,376,411 Diluted weighted average shares of common stock outstanding ​ ​ 16,776,648 ​ ​ 5,376,411 ​ ​ 12,742,641 ​ ​ 5,376,411 Basic weighted average earnings per common share ​ ​ $ 0.48 ​ ​ $ 0.39 ​ ​ $ 1.13 ​ ​ $ 0.39 Diluted weighted average earnings per common share ​ ​ $ 0.47 ​ ​ $ 0.39 ​ ​ $ 1.10 ​ ​ $ 0.39	12. EARNINGS PER SHARE The following information sets forth the computations of basic weighted average earnings per common share for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Period from July 31, 2020 to December 31, 2020 Net income / (loss) attributable to common stockholders ​ ​ $4,313,632 Divided by: ​ ​ Basic weighted average shares of common stock outstanding ​ ​ 5,694,475 Basic weighted average earnings per common share ​ ​ $ 0.76

INCOME TAX (Q3)

INCOME TAX (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
INCOME TAX [Abstract]
INCOME TAX	13. INCOME TAX The income tax provision for the Company was $0 for the nine months ended September 30, 2021. For the three and nine months ended September 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.	13. INCOME TAX The income tax provisions for the Company was $0 for the period from July 31, 2020 to December 31, 2020. For the period from July 31, 2020 to December 31, 2020, the Company incurred no expense for United Stated 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 (Q3)

FAIR VALUE (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 September 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 September 30, 2021 ​ ​ Fair Value ​ ​ Primary Valuation Techniques ​ ​ Unobservable Input ​ ​ Input ​ ​ Estimated Range ​ ​ Weighted Average Senior Term Loans ​ ​ $76,293,824 ​ ​ Yield analysis ​ ​ Market Yield ​ ​ 17.62% - 20.68% ​ ​ 17.82% Total Investments ​ ​ $76,293,824 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ Fair Value ​ ​ Primary Valuation Techniques ​ ​ Unobservable Input ​ ​ 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 September 30, 2021 and December 31, 2020: ​ ​ Fair Value Measurement Using as of September 30, 2021 ​ ​ Total ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Loans held at fair value ​ ​ $76,293,824 ​ ​ $— ​ ​ $— ​ ​ $76,293,824 Total ​ ​ $76,293,824 ​ ​ $— ​ ​ $— ​ ​ $76,293,824 ​ ​ 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 nine months ended September 30, 2021: ​ ​ For the nine months ended September 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 ​ ​ 796,368 Additional funding ​ ​ 37,701,104 Original issue discount and other discounts, net of costs ​ ​ (1,130,623) Loan repayments ​ ​ (12,000,000) Loan amortization payments ​ ​ (1,093,659) Accretion of original issue discount ​ ​ 1,905,715 PIK interest ​ ​ 1,556,868 Total loans using Level 3 inputs at September 30, 2021 ​ ​ $ 76,293,824 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 September 30, 2021 ​ ​ Carrying Value ​ ​ Fair Value Financial assets ​ ​ ​ ​ Cash and cash equivalents ​ ​ $ 69,974,391 ​ ​ $ 69,974,391 Loans held for investment at carrying value ​ ​ $153,161,781 ​ ​ $158,771,796 Loan receivable at carrying value ​ ​ $ 2,774,455 ​ ​ $ 2,695,507 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.	14. FAIR VALUE The Company’s loans are typically valued using a yield analysis, which is typically performed for non-credit impaired loans to portfolio companies 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 portfolio company. 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 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 December 31, 2020 ​ ​ Fair Value ​ ​ Primary Valuation Techniques ​ ​ Unobservable Input ​ ​ 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 table presents fair value measurements of loans held at fair value as of December 31, 2020: ​ ​ Fair Value Measurement Using ​ ​ 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 period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ For the period from July 31, 2020 to December 31, 2020 Loans acquired at July 31, 2020 ​ ​ $ 43,106,551 Realized gains / (losses) on loans at fair value, net ​ ​ 345,000 Change in unrealized gains / (losses) on loans at fair value, net ​ ​ 1,563,340 Additional funding ​ ​ 16,360,000 Original issue discount and other discounts, net of costs ​ ​ (1,595,199) Repayments ​ ​ (5,000,000) Sale of loans ​ ​ (7,345,000) Accretion of original issue discount ​ ​ 732,729 PIK Interest ​ ​ 390,630 Total loans using Level 3 inputs at December 31, 2020 ​ ​ $ 48,558,051

RELATED PARTY TRANSACTIONS (Q3)

RELATED PARTY TRANSACTIONS (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 nine months ended September 30, 2021 was approximately $1,769,207 and $3,873,984, respectively. For the period from July 31, 2020 to September 30, 2020, the Manager agreed to waive the incentive compensation. 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 nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020: ​ ​ For the three months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ For the nine months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 Affiliate Costs ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ ​ $1,030,718 ​ ​ $226,234 ​ ​ $2,301,924 ​ ​ $226,234 Less Outside Fees earned ​ ​ (256,989) ​ ​ (84,167) ​ ​ (677,439) ​ ​ (84,167) Incentive fees earned ​ ​ 1,769,207 ​ ​ — ​ ​ 3,873,984 ​ ​ — General and administrative expenses reimbursable to Manager ​ ​ 625,711 ​ ​ 165,434 ​ ​ 1,415,217 ​ ​ 165,434 Total ​ ​ $3,168,647 ​ ​ $307,501 ​ ​ $6,913,686 ​ ​ $307,501 Amounts payable to the Company’s Manager as of September 30, 2021 and December 31, 2020 were $3,389,646 and $728,298, respectively. Due to Affiliate Amounts due to an affiliate of the Company as of September 30, 2021 and December 31, 2020 were $9,550,625 and $0, respectively. The amount due to the affiliate, AFC Management, is related to the funding of the loan to Subsidiary of Private Co. G and was subsequently paid to AFC Management on October 1, 2021. 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 September 30, 2021, there were three co-invested loans held by the Company and an affiliate of 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. During the three months ended September 30, 2021, the Company neither received nor sold any Assigned Right. For the nine months ended September 30, 2021, the Company sold approximately $2.3 million of Assigned Rights to an affiliate which are accounted for as additional original issue discount and accreted over the life of the loans. For the period from July 31, 2020 to September 30, 2020, the Company did not have any Assigned Rights which were assigned or sold. Secured Revolving Credit Facility From Affiliate The Company has the Revolving Credit Facility from AFC Finance, LLC, an affiliate of the Company. Refer to Note 9 to our unaudited consolidated financial statements for more information.	15. RELATED PARTY TRANSACTIONS Management Agreement Pursuant to the Management Agreement, the Manager will manage 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 0.4375% of the Company’s Equity, determined as of the last day of each such quarter; provided that the Base Management Fee shall be reduced by the aggregate amount of any other fees earned and paid to the Manager during such quarter resulting from the investment advisory services and general management services rendered by it under the Management Agreement, including any syndication, structuring, diligence, monitoring or agency fees relating to the Company’s loans, but excluding the Incentive Compensation. 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 Independent Directors and approved by a majority of the Independent Directors. The Manager has agreed to waive the incentive compensation for the period from July 31, 2020 (date of commencement of operations) through December 31, 2020 which would have been approximately $479,166 for the period. 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 period from July 31, 2020 (commencement of operations) to December 31, 2020 and amounts payable to the Company’s Manager as of December 31, 2020. ​ ​ Incurred for the period from July 31, 2020 to December 31, 2020 ​ ​ Payable as of December 31, 2020 Affiliate Payments ​ ​ ​ ​ Management fees ​ ​ $ 623,361 ​ ​ $ 222,127 Less other fees earned and paid to the Manager ​ ​ (259,167) ​ ​ — General and administrative expenses reimbursed to Manager ​ ​ 671,605 ​ ​ 506,171 Total ​ ​ $1,035,799 ​ ​ $ 728,298 Investments in Loans From time to time, the Company may co-invest with other investment vehicles managed by the Company’s Management 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 period from July 31, 2020 to December 31, 2020, 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. As of and for the period from July 31, 2020 to December 31, 2020, the Company sold approximately $1.6 million of Assigned Rights which are accounted for as additional original issue discount and accreted over the life of the loans. Loans Acquired From Affiliate The Company acquired loans at fair value of approximately $46,802,841 and cash from an affiliate of the Company’s Management in exchange for issuance of 3,342,500 shares of common stock. Secured Revolving Credit From Affiliate The Company obtained a secured revolving credit loan (the “Revolving Loan”) from AFC Finance, LLC, an affiliate of the Company’s management. Refer to footnote 9 for more information.

DIVIDENDS AND DISTRIBUTIONS (Q3

DIVIDENDS AND DISTRIBUTIONS (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
DIVIDENDS AND DISTRIBUTIONS [Abstract]
DIVIDENDS AND DISTRIBUTIONS	16. DIVIDENDS AND DISTRIBUTIONS The following table summarizes the Company’s dividends declared during the nine months ended September 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 Regular cash dividend ​ ​ 9/30/2021 ​ ​ 10/15/2021 ​ ​ $0.43 ​ ​ $0.43 ​ ​ $— ​ ​ $0.43 Total cash dividend ​ ​ ​ ​ ​ ​ $1.17 ​ ​ $1.17 ​ ​ $— ​ ​ $1.17	16. DIVIDENDS AND DISTRIBUTIONS The following table summarizes the Company’s dividends declared and paid during the period from July 31, 2020 to December 31, 2020: ​ ​ Record Date ​ ​ Payment Date ​ ​ Common Share distribution amount ​ ​ Taxable Ordinary Income ​ ​ Return of Capital ​ ​ Section 199A Dividends Regular cash dividend ​ ​ 12/23/2020 ​ ​ 12/30/2020 ​ ​ $0.35 ​ ​ $0.35 ​ ​ $— ​ ​ $0.35 Special cash dividend (1) ​ ​ 12/23/2020 ​ ​ 12/30/2020 ​ ​ 0.26 ​ ​ 0.26 ​ ​ — ​ ​ 0.26 Total cash dividend ​ ​ ​ ​ ​ ​ $0.61 ​ ​ $0.61 ​ ​ $— ​ ​ $0.61 (1) Dividend of approximately $0.26

SUBSEQUENT EVENTS (Q3)

SUBSEQUENT EVENTS (Q3)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 those described below, that required disclosure in these financial statements. Subsequent to the end of the third quarter, the Company closed one loan, had new commitments of $50.0 million, and funded approximately $52.3 million of principal amount. In October 2021, the Company sold its investment in the loan to Public Company E to a third party in a private transaction. The Company received approximately $5.1 million in net proceeds from the sale. In October 2021, the Company entered into an additional commitment for a $50 million senior term loan with Public Company F, as part of a $120 million third tranche under Public Company F’s senior secured credit facility and funded $50.0 million of principal less OID of $1.2 million for net funding of $48.8 million at closing. Following the expansion, the Company’s total loan commitments to Public Company F increased to an aggregate principal amount of $60 million, including $10 million of the second tranche funded in May 2021. On November 3, 2021, the Company issued the 2027 Senior Notes. The 2027 Senior Notes accrue interest at a rate of 5.75% per annum. Interest on the 2027 Senior Notes is due semi-annually on May 1 and November 1 of each year, beginning on May 1, 2022. The net proceeds from the Offering were approximately $97 million, after deducting the initial purchasers’ discounts and commissions and estimated offering fees and expenses payable by the Company. The Company intends to use the net proceeds from the issuance of the 2027 Senior Notes to (i) 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 our investment strategy and (iii) for working capital and other general corporate purposes. The terms of the 2027 Senior Notes are governed by the Indenture. Under the Indenture governing the 2027 Senior Notes, we are required to cause all of our existing and future subsidiaries to guarantee the 2027 Senior Notes, other than certain immaterial subsidiaries as set forth in the Indenture. The 2027 Senior Notes are currently not guaranteed by any of our subsidiaries. The Indenture governing the 2027 Senior Notes contains customary terms and restrictions, subject to a number of exceptions and qualifications, including restrictions on the Company’s ability to (1) incur additional indebtedness unless the Annual Debt Service Charge (as defined in the Indenture) is no less than 1.5 to 1.0, (2) incur or maintain total debt in an aggregate principal amount greater than 60% of the Company’s consolidated Total Assets (as defined in the Indenture), (3) incur or maintain secured debt in an aggregate principal amount greater than 25% of the Company’s consolidated Total Assets (as defined in the Indenture); and (4) merge, consolidate or sell substantially all of the Company’s assets. On or after February 1, the Company may redeem the 2027 Senior Notes in whole or in part at a price equal to 100% of the principal amount of the notes being redeemed, plus a make-whole premium and accrued and unpaid interest thereon to, but excluding, the applicable redemption date. On November 3, 2021, the Company entered into the Second Amendment to the Revolving Credit Agreement with AFC Finance, LLC. Under the Second Amendment, the terms of the Revolving Credit Facility were amended to, among other things: (i) decrease the interest rate to 4.75% per annum; (ii) extend the maturity date to the earlier of September 30, 2022 and the closing date of any credit facility where the proceeds are incurred to refund, refinance or replace such Revolving Credit Agreement; (iii) add an unused fee of 0.25% per annum on the undrawn amount of the revolving loan commitments; (iv) add a one-time commitment fee of 0.25% of the total revolving loan commitments, payable in three quarterly installments, beginning in the first quarter of 2022; (v) increase the aggregate revolving credit commitments to $75.0 million; (vi) provided an optional buyout provision for the holders of the Company’s 2027 Senior Notes upon certain events of default under the Revolving Credit Agreement; and (vii) require all payments of interest, the commitment fee and unused fee to be paid, directly or indirectly, to a charitable organization to be designated by AFC Finance, LLC in its sole discretion, net of any taxes. See Note 9 to the Company’s consolidated financial statements for the quarter ended September 30, 2021 for more information.	18. 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. Public Company A previously defaulted on certain covenants under the applicable agreements governing their real estate loan and equipment loan with us. These defaults resulted from, among other things, the loan parties’ failure to timely pay taxes due, incurrence of mechanic’s liens and tax liens on assets, failure to notify the lenders of such failure to pay and incurrence of liens, failure to make payments due in January 2021, failure to make payment obligations owed to third party creditors and failure to enter into specified debt restructuring transactions. Such defaults were unrelated to the COVID-19 pandemic. In January 2021, the loan parties entered into modification agreements for each of the Public Company A loans pursuant to which the Company agreed to forbear from exercising its rights and remedies regarding such defaults for certain considerations and on certain terms and conditions. Under the RE Modification Agreement, the Company and the other lenders agreed to forbear until the earlier of December 21, 2021 and the existence of any new event of default, and the terms of the real estate loan were modified to, among other things, (i) extend the maturity date from June 27, 2021 to December 21, 2021, (ii) modify the interest rate to 14.0%, with 12.0% paid monthly and 2.0% paid at maturity and (iii) add an exit fee of $1.0 million payable upon payment in full of the real estate loan on the maturity date. The RE Modification Agreement also provided for the establishment of an interest reserve for the payment of the last three months of interest on the real estate loan. Additional consideration for the RE Modification Agreement included (w) a modification fee in an amount equal to 3.0% per annum on the outstanding principal of the real estate loan from May 19, 2020 to the effective date of the RE Modification Agreement less certain fees previously paid, (x) common shares of Public Company A in an aggregate amount equal to $1.2 million, (y) the grant of certain warrants to purchase common shares of Public Company A and (z) reimbursement of certain expenses. The Company sold its portion of the rights to acquire the common shares and warrants received as considerations for the RE Modification Agreement to the administrative agent under the Public Company A real estate loan documents. Under the modification agreement relating to the Public Company A equipment loan, the Company and the other lenders agreed to forbear until the earlier of February 5, 2024 and the existence of any new event of default, and the terms of the equipment loan were modified to, among other things, (i) amend the payment schedule allowing for reduced monthly payments for three months, with the reduced amounts amortized equally over the remaining monthly payments, (ii) add an exit fee of $500,000 due at the end of the term of the agreement governing the equipment loan, (iii) release a certain guarantor, and (iv) add a new parent company guarantee. Additional consideration for the Equipment Modification Agreement included (x) a modification fee in an amount equal to 6.0% per annum on the outstanding principal of the equipment loan from May 19, 2020 through and including the effective date of the Equipment Modification Agreement less certain fees previously paid, (y) an additional fee of $500,000 payable in equal monthly installments commencing April 5, 2021 and (z) reimbursement of certain expenses. In connection with the Modification Agreements, Public Company A consummated the initial closing of $10.1 million of its non-brokered convertible debenture offering for up to $25.0 million of debenture units. The net proceeds received by Public Company A from the convertible debenture offering are intended to be used for working capital, previous debt obligations and general corporate purposes. Public Company A has since paid the January 2021 payments and there are no delinquent payment obligations owed to the Company.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (FY) (Policies)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated 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 consolidated 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.	Basis of Presentation The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with United States generally accepted accounting principles (“GAAP”). The financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented.
Cash, Cash Equivalents and Restricted Cash		Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions. Cash and short-term investments with an original maturity of three months or less when acquired are considered cash and cash equivalents for the purpose of the balance sheet and statement of cash flows. Restricted cash includes deposits required under certain Secured Funding Agreements. As of the balance sheet date, the Company did not have any restricted cash.
Concentration of Credit Risks		Concentration of Credit Risks Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, loans and interest receivable. The Company places its cash and cash equivalents with financial institutions and, at times, cash held exceeds the Federal Deposit Insurance Corporation insured limit. The Company and the Company’s Manager seek to manage this credit risk by monitoring the financial institutions and their ability to continue in business for the foreseeable future. The Company has exposure to credit risk on its loans and interest receivable. The Company and the Company’s Manager seek to manage credit risk by performing due diligence prior to origination or acquisition and through the use of non-recourse financing, when and where available and appropriate.
Investments in Loans		Investments in Loans The Company originates CRE debt and related instruments generally to be held for investment. The Company accretes or amortizes any discounts or premiums on loans held for investment over the life of the related loan held for investment utilizing the effective interest method. Loans are generally collateralized by real estate, equipment, licenses and/or other assets of borrowers. The extent of any credit deterioration associated with the performance and/or value of the underlying collateral property and the financial and operating capability of the borrower could impact the expected amounts received. The Company monitors performance of its portfolio of loans held for investment under the following methodology: (1) borrower review, which analyzes the borrower’s ability to execute on its original business plan, reviews its financial condition, assesses pending litigation and considers its general level of responsiveness and cooperation; (2) economic review, which considers underlying collateral (i.e. leasing performance, unit sales and cash flow of the collateral and its ability to cover debt service, as well as the residual loan balance at maturity); (3) property review, which considers current environmental risks, changes in insurance costs or coverage, current site visibility, capital expenditures and market perception; and (4) market review, which analyzes the collateral from a supply and demand perspective of similar property types, as well as from a capital markets perspective. Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding the borrower’s ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to placing a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection. The Company may make modifications to loans, including loans that are in default. Loan terms that may be modified include interest rates, required prepayments, maturity dates, covenants, principal amounts and other loan terms. The terms and conditions of each modification vary based on individual circumstances and will be determined on a case by case basis. The Company’s Manager monitors and evaluates each of the Company’s loans held for investment and has maintained regular communications with borrowers regarding the potential impacts of the COVID-19 pandemic on the Company’s loans. Loans Held at Fair Value Investments in loans at fair value are carried at fair value in the Company’s balance sheets, with changes in fair value recorded through earnings. Refer to footnote 14 for more information on the valuations of the investments. Although the Company generally holds its target investments as long-term investments, the Company may occasionally classify some of its loans as held for sale. Investments held for sale are carried at fair value, with changes in fair value recorded through earnings. Investment transactions are recorded on the trade date at cost, net of any original issue discounts. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized and/or accreted cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries. An unrealized gain arises when the value the loan portfolio exceeds its cost and an unrealized loss arises when the value of the loan portfolio is less than its cost. The change in unrealized gains or losses primarily reflect the change in loan values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized. Loans Held at Carrying Value Investments in loans held at amortized cost are carried at cost, net of unamortized loan original issue discount and origination costs and other original issue discounts (the “carrying value”) in the Company’s balance sheets. The Company follows ASC 842 for certain loans which are considered financial assets not eligible to elect the fair value option due to the structure of the loans. These loans are carried at cost, net of unamortized loan original issue discount and origination costs and other original issue discounts (the “carrying value”) in the Company’s balance sheets.
Fair Value Measurements		Fair Value Measurements The Company follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the company’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Company has elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “prepaid expenses and other assets,” “loans receivable” and “interest reserve”, which are reported at amortized cost, all assets and liabilities approximate fair value on the balance sheet. The carrying value of the lines titled “interest receivable,” “accrued management fees,” “accrued direct administrative expenses” and “accounts payable and other liabilities” approximate fair value due to their short maturity. The Company also follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. ASC 820-10 requires the Company to assume that the transaction is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Company has considered its principal market as the market in which the Company exits its loans with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below: ⯀ Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. ⯀ Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. ⯀ Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. If inputs used to measure fair value fall into different levels of the fair value hierarchy, a loan’s level is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the loan. This includes loans that are valued using “bid” and “ask” prices obtained from independent third-party pricing services or directly from brokers. Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, the Company obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Company’s loans for which quotations are available. In determining the fair value of a particular loan, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations. GAAP requires disclosure of fair value information about financial and nonfinancial assets and liabilities, whether or not recognized in the financial statements, for which it is practical to estimate the value. In cases where quoted market prices are not available, fair values are based upon the application of discount rates to estimated future cash flows using market yields, or other valuation methodologies. Any changes to the valuation methodology will be reviewed by the Company’s management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while the Company anticipates that the valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial and nonfinancial assets and liabilities could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of the measurement date, which may fall within periods of market dislocation, during which price transparency may be reduced.
Current Expected Credit Losses		Current Expected Credit Losses In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard replaced the incurred loss impairment methodology pursuant to GAAP with a methodology that reflects 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”). ASU No. 2016-13 was adopted by the Company on as of July 31, 2020, commencement of operations. Subsequent period increases and decreases to expected credit losses impact earnings and are recorded within provision for current expected credit losses in the Company’s statement of operations. The CECL Reserve related to outstanding balances on loans held for investment required under ASU No. 2016-13 is a valuation account that is deducted from the amortized cost basis of the Company’s loans held at carrying value and loans receivable at carrying value in the Company’s balance sheet. The CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within accounts payable and other liabilities in the Company’s balance sheet. See Note 6 included in these financial statements for CECL related disclosures.
Equity-Based Compensation		Equity-Based Compensation The Company accounts for equity-based compensation issued to employees and the Board of Directors pursuant to the Amended and Restated Stock Incentive Plan (the “Stock Incentive Plan”) under the fair value method. This method measures compensation cost at the date of grant based on the value of the award and recognizes the cost over the service period, which is usually the vesting period. The fair value of equity-based compensation awards is based on the estimated fair value of the Company’s common stock, as determined by management using a valuation model and approved by the Board of Directors. Fair values of award grants also recognize any ongoing restrictions on the sale of securities.
Debt Issuance Costs		Debt Issuance Costs Debt issuance costs under the Company’s indebtedness are capitalized and amortized over the term of the respective debt instrument. Unamortized debt issuance costs are expensed when the associated debt is repaid prior to maturity. Debt issuance costs related to debt securitizations are capitalized and amortized over the term of the underlying loans using the effective interest method. When an underlying loan is prepaid in a debt securitization and the outstanding principal balance of the securitization debt is reduced, the related unamortized debt issuance costs are charged to expense based on a pro-rata share of the debt issuance costs being allocated to the specific loans that were prepaid. Amortization of debt issuance costs is included within interest expense in the Company’s statements of operations. For the period from July 31, 2020 (commencement of operations) to December 31, 2020, the Company did not have any debt issuance costs.
Payment-in-Kind Interest		Payment-in-Kind Interest The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. The PIK interest computed at the contractual rate specified in each applicable agreement, is accrued and added to the principal balance of the loan monthly in arrears and recorded as interest income. The PIK income added to the principal balance is generally collected upon repayment of the outstanding principal. To maintain the Company’s status as a REIT, this non-cash source of income must be paid out to stockholders in the form of dividends for the year earned, even though the Company has not yet collected the cash.
Revenue Recognition		Revenue Recognition Interest income from loans is accrued based on the outstanding principal amount and the contractual terms of each loan. For loans, origination fees, direct loan origination costs, and other discounts (in aggregate the “Original Issue Discount” or “OID”) are also recognized in interest income from loans over the initial loan term as a yield adjustment using the effective interest method. Delayed draw loans earn interest or unused fees on the undrawn portion of the loan, which is recognized as interest income in the period earned. Other fees, including prepayment fees and exit fees, are recognized as interest income when received.
Interest Reserves		Interest reserves The Company utilizes interest reserves on certain loans to fund the interest payments. Such reserves are established at the time of loan origination. The interest reserve represents a deposit received from the borrower for future loan interest payments. It is recorded as a liability as it represents unearned interest revenue. The interest reserve is relieved when the interest on the loan is earned and interest income is recorded in the period when the interest is earned in accordance with the credit agreement. The interest payment is deducted from the interest reserve deposit balance when the interest payment is due. The decision to establish a loan-funded interest reserve is made during the underwriting process and considers the feasibility of the project, the creditworthiness and expertise of the borrower, and the debt coverage provided by the real estate and other pledged collateral. It is the Company’s policy to recognize income for this interest component as long as the borrower is progressing as originally projected and if there has been no deterioration in the financial standing of the borrower or the underlying project. The Company’s standard policies for interest income recognition are applied to all loans, including those with interest reserves.
Net Interest Margin and Interest Expense		Net Interest Margin and Interest Expense Net interest margin in the Company’s statement of operations serves to measure the performance of the Company’s loans held for investment as compared to its use of debt leverage. As of the balance sheet date, the Company had no interest expense.
Income Taxes		Income Taxes The Company is a Maryland corporation and will elect to be taxed as a REIT under the Code, commencing with its taxable year ending December 31, 2020. The Company believes that its proposed method of operation will enable it to qualify as a REIT. However, no assurances can be given that the Company’s beliefs or expectations will be fulfilled, since qualification as a REIT depends on the Company satisfying numerous asset, income and distribution tests which depends, in part, on the Company’s operating results. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that the Company distributes annually to its stockholders at least 90% of the Company’s REIT taxable income prior to the deduction for dividends paid. To the extent that the Company distributes less than 100% of its REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), the Company will pay tax at regular corporate rates on that undistributed portion. Furthermore, if the Company distributes less than the sum of 1) 85% of its ordinary income for the calendar year, 2) 95% of our capital gain net income for the calendar year, and 3) any undistributed shortfall from our prior calendar year (the “Required Distribution”) to its stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then it is required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if the Company elects to retain any of its net capital gain for any tax year, it must notify its stockholders and pay tax at regular corporate rates on the retained net capital gain. The stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax. If it is determined that the Company’s estimated current year taxable income will be in excess of estimated dividend distributions (including capital gain dividend) for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. The annual expense is calculated in accordance with applicable tax regulations. Excise tax expense is included in the line item income tax expense. FASB ASC Topic 740, Income Taxes (“ASC 740”), prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported as of December 31, 2020. Based on the Company’s evaluation, there is no reserve for any uncertain income tax positions. Accrued interest and penalties, if any, are included within other liabilities in the balance sheets.
Earnings per Share		Earnings per Share The Company calculates basic earnings / (loss) per share by dividing net income / (loss) allocable to common stockholders for the period by the weighted average shares of common stock outstanding for that period after consideration of the earnings / (loss) allocated to the Company’s restricted stock, which are participating securities as defined in GAAP. Diluted earnings / (loss) per share takes into effect any dilutive instruments, such as restricted stock, RSUs and convertible debt, except when doing so would be anti-dilutive. As of December 31, 2020, there were no dilutive instruments. See Note 11 included in these financial statements for the earnings per share calculations.
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. Over the course of the coronavirus (“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 September 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 most of these measures have been lifted or scaled back, surges of COVID-19 in certain parts of the world, including the United States, have resulted and may in the future result in the re-imposition of certain restrictions and may lead to more restrictions to reduce the spread of COVID-19. The full 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.	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 investments.
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 adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.	Recent Accounting Pronouncements In March 2020, the FASB issued 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. 2021-01is 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 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 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 is currently evaluating the impact, if any, of adopting this ASU on its financial statements.

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Q3) (Policies)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated 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 consolidated 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.	Basis of Presentation The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with United States generally accepted accounting principles (“GAAP”). The financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented.
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. Over the course of the coronavirus (“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 September 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 most of these measures have been lifted or scaled back, surges of COVID-19 in certain parts of the world, including the United States, have resulted and may in the future result in the re-imposition of certain restrictions and may lead to more restrictions to reduce the spread of COVID-19. The full 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.	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 investments.
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 adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.	Recent Accounting Pronouncements In March 2020, the FASB issued 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. 2021-01is 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 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 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 is currently evaluating the impact, if any, of adopting this ASU on its financial statements.

LOANS HELD FOR INVESTMENT AT _4

LOANS HELD FOR INVESTMENT AT FAIR VALUE (FY) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ Fair Value (2) ​ ​ Carrying Value (1) ​ ​ Outstanding Principal (1) ​ ​ Weighted Average Remaining Life (Years) (3) Senior Term Loans ​ ​ $ 76,293,824 ​ ​ $ 73,934,116 ​ ​ $ 76,995,548 ​ ​ 2.5 Total loans held at fair value ​ ​ $ 76,293,824 ​ ​ $ 73,934,116 ​ ​ $ 76,995,548 ​ ​ 2.5 ​ ​ 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 Note 14 to our unaudited consolidated financial statements. (3) Weighted average remaining life is calculated based on the fair value of the loans as of September 30, 2021 and December 31, 2020.	The following tables summarize the Company’s loans held at fair value 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 (3) Weighted average remaining life is calculated based on the fair value of the loans as of 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 nine months ended September 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 ​ ​ — ​ ​ — ​ ​ 796,368 ​ ​ 796,368 New fundings ​ ​ 37,701,104 ​ ​ (1,130,623) ​ ​ — ​ ​ 36,570,481 Loan repayments ​ ​ (12,000,000) ​ ​ — ​ ​ — ​ ​ (12,000,000) Loan amortization payments ​ ​ (1,093,659) ​ ​ — ​ ​ — ​ ​ (1,093,659) Accretion of original issue discount ​ ​ — ​ ​ 1,905,715 ​ ​ — ​ ​ 1,905,715 PIK interest ​ ​ 1,556,868 ​ ​ — ​ ​ — ​ ​ 1,556,868 Total loans held at fair value at September 30, 2021 ​ ​ $ 76,995,548 ​ ​ $ (3,061,432) ​ ​ $ 2,359,708 ​ ​ $ 76,293,824	The following table presents changes in loans held at fair value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Principal ​ ​ Original Issue Discount ​ ​ Fair Value Loans acquired at July 31, 2020 ​ ​ $ 46,080,605 ​ ​ $ (2,974,054) ​ ​ $ 43,106,551 Realized gains / (losses) on loans at fair value, net ​ ​ 345,000 ​ ​ — ​ ​ 345,000 Change in unrealized gains / (losses) on loans at fair value, net ​ ​ — ​ ​ — ​ ​ 1,563,340 New fundings ​ ​ 16,360,000 ​ ​ (1,595,199) ​ ​ 14,764,801 Repayments ​ ​ (5,000,000) ​ ​ — ​ ​ (5,000,000) Sale of loans ​ ​ (7,345,000) ​ ​ — ​ ​ (7,345,000) Accretion of original issue discount ​ ​ — ​ ​ 732,729 ​ ​ 732,729 PIK Interest ​ ​ 390,630 ​ ​ — ​ ​ 390,630 Total loans held at fair value at December 31, 2020 ​ ​ $ 50,831,235 ​ ​ $ (3,836,524) ​ ​ $ 48,558,051
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 September 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 ​ ​ $62,853,367 ​ ​ $60,857,429 ​ ​ $63,391,847 ​ ​ 16.4% (5) ​ ​ 5/8/2024 ​ ​ P/I Private Co. B ​ ​ MI ​ ​ C ​ ​ 10,535,737 ​ ​ 10,171,757 ​ ​ 10,663,701 ​ ​ 17.0% (6) ​ ​ 9/1/2023 ​ ​ P/I Public Co. A ​ ​ NV ​ ​ C ​ ​ 2,904,720 ​ ​ 2,904,930 ​ ​ 2,940,000 ​ ​ 14.0% (7) ​ ​ 1/26/2023 ​ ​ I/O Total loans held at fair value ​ ​ ​ ​ ​ ​ $ 76,293,824 ​ ​ $ 73,934,116 ​ ​ $ 76,995,548 ​ ​ ​ ​ ​ ​ (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 Note 14 to our unaudited consolidated 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 3.4%. (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.	A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of December 31, 2020 is as follows: ​ ​ Location ​ ​ Fair Value (2) ​ ​ Carrying Value (1) ​ ​ Outstanding Principal (1) ​ ​ Interest Rate ​ ​ Maturity Date (3) ​ ​ Payment Terms (4) Private Co. A ​ ​ Multi State ​ ​ $31,510,387 ​ ​ $30,913,524 ​ ​ $33,344,325 ​ ​ 17.0% (5) ​ ​ 5/8/2024 ​ ​ P/I Private Co. B ​ ​ MI ​ ​ 2,461,036 ​ ​ 2,238,402 ​ ​ 2,522,846 ​ ​ 17.0% (6) ​ ​ 9/1/2023 ​ ​ P/I Public Co. A ​ ​ NV ​ ​ 2,870,910 ​ ​ 2,909,656 ​ ​ 2,940,000 ​ ​ 10.5% (7) ​ ​ 6/27/2021 ​ ​ I/O Sub. Of Public Co. C ​ ​ FL ​ ​ 11,715,718 ​ ​ 10,933,129 ​ ​ 12,024,064 ​ ​ 18.0% (8) ​ ​ 2/18/2025 ​ ​ P/I Total loans held at fair value ​ ​ ​ ​ $ 48,558,051 ​ ​ $ 46,994,711 ​ ​ $ 50,831,235 ​ ​ ​ ​ ​ ​ (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) Refer to Footnote 14 (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 PIK interest rate of 4% (6) Base interest rate of 13% and PIK interest rate of 4% (7) Base interest rate of 8% plus LIBOR (LIBOR floor of 2.5%) (8) Loan to Subsidiary of Public Company C is a $15 million aggregate loan commitment with an initial funding of $3 million at a base interest rate of 13.5% and PIK interest rate of 3% and subsequent advances of $9 million at a base interest rate of 19%. The weighted average interest rate is 18.0% at December 31, 2020

LOANS HELD FOR INVESTMENT AT _5

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (FY) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ Outstanding Principal (1) ​ ​ Original Issue Discount ​ ​ Carrying Value (1) ​ ​ Weighted Average Remaining Life (Years) (2) Senior Term Loans ​ ​ $ 164,361,340 ​ ​ $ (11,199,559) ​ ​ $ 153,161,781 ​ ​ 4.0 Total loans held at carrying value ​ ​ $ 164,361,340 ​ ​ $ (11,199,559) ​ ​ $ 153,161,781 ​ ​ 4.0 ​ ​ 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 September 30, 2021 and December 31, 2020.	The following tables summarize the Company’s loans held at carrying value 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 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 nine months ended September 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 ​ ​ 139,222,598 ​ ​ (11,261,001) ​ ​ 127,961,597 Accretion of original issue discount ​ ​ — ​ ​ 2,132,174 ​ ​ 2,132,174 Realized gain on sale of loans ​ ​ 400,000 ​ ​ — ​ ​ 400,000 Sale of loans ​ ​ (10,400,000) ​ ​ — ​ ​ (10,400,000) PIK interest ​ ​ 1,230,979 ​ ​ — ​ ​ 1,230,979 Total loans held at carrying value at September 30, 2021 ​ ​ $ 164,361,340 ​ ​ $ (11,199,559) ​ ​ $ 153,161,781	The following table presents changes in loans held at carrying value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Principal ​ ​ Original Issue Discount ​ ​ Carrying Value Loans at July 31, 2020 ​ ​ $ — ​ ​ $ — ​ ​ $ — New fundings ​ ​ 33,875,985 ​ ​ (2,120,969) ​ ​ 31,755,016 Accretion of original issue discount ​ ​ — ​ ​ 50,237 ​ ​ 50,237 PIK Interest ​ ​ 31,778 ​ ​ — ​ ​ 31,778 Total loans held at carrying value at December 31, 2020 ​ ​ $ 33,907,763 ​ ​ $ (2,070,732) ​ ​ $ 31,837,031
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 September 30, 2021 is as follows: ​ ​ Collateral Location ​ ​ Collateral Type (4) ​ ​ Outstanding Principal (1) ​ ​ Original Issue Discount ​ ​ Carrying Value (1) ​ ​ Interest Rate ​ ​ Maturity Date (2) ​ ​ Payment Terms (3) Private Co. C ​ ​ PA ​ ​ C , D ​ ​ $19,333,872 ​ ​ $ (721,311) ​ ​ $18,612,561 ​ ​ 17.0% (5) ​ ​ 12/1/2025 ​ ​ P/I Sub. of Public Co. D ​ ​ PA ​ ​ C ​ ​ 10,000,000 ​ ​ (149,235) ​ ​ 9,850,765 ​ ​ 12.9% (6) ​ ​ 12/18/2024 ​ ​ I/O Private Co. D ​ ​ OH, AR ​ ​ D ​ ​ 12,169,041 ​ ​ (877,891) ​ ​ 11,291,150 ​ ​ 15.0% (7) ​ ​ 1/1/2026 ​ ​ P/I Private Co. E ​ ​ OH ​ ​ C , D ​ ​ 14,220,552 ​ ​ (2,782,310) ​ ​ 11,438,242 ​ ​ 17.0% (8) ​ ​ 4/1/2026 ​ ​ P/I Private Co. F ​ ​ MO ​ ​ C , D ​ ​ 9,799,658 ​ ​ (1,816,803) ​ ​ 7,982,855 ​ ​ 17.0% (9) ​ ​ 5/1/2026 ​ ​ P/I Public Co. E ​ ​ MI ​ ​ C ​ ​ 5,000,000 ​ ​ (307,143) ​ ​ 4,692,857 ​ ​ 13.0% (10) ​ ​ 4/29/2025 ​ ​ P/I Sub. of Private Co. G ​ ​ NJ ​ ​ C , D ​ ​ 42,945,657 ​ ​ (2,498,443) ​ ​ 40,447,214 ​ ​ 14.3% (11) ​ ​ 5/1/2026 ​ ​ P/I Public Co. F ​ ​ IL, FL, NV, OH, MA, MI, MD,AR, NV, AZ ​ ​ C , D ​ ​ 10,000,000 ​ ​ (160,000) ​ ​ 9,840,000 ​ ​ 9.8% (12) ​ ​ 5/30/2023 ​ ​ I/O Sub. of Private Co. H ​ ​ IL ​ ​ C ​ ​ 5,781,250 ​ ​ (126,790) ​ ​ 5,654,460 ​ ​ 15.0% (13) ​ ​ 5/11/2023 ​ ​ I/O Private Co. K ​ ​ MA ​ ​ C , D ​ ​ 7,000,000 ​ ​ (763,667) ​ ​ 6,236,333 ​ ​ 13.0% (14) ​ ​ 08/03/2026 ​ ​ P/I Private Co. I ​ ​ MD ​ ​ C , D ​ ​ 10,109,310 ​ ​ (225,184) ​ ​ 9,884,126 ​ ​ 15.5% (15) ​ ​ 8/1/2026 ​ ​ P/I Private Co. J ​ ​ MO ​ ​ C ​ ​ 18,002,000 ​ ​ (770,782) ​ ​ 17,231,218 ​ ​ 15.0% (16) ​ ​ 09/01/2025 ​ ​ P/I Total loans held at carrying value ​ ​ ​ ​ ​ ​ $164,361,340 ​ ​ $(11,199,559) ​ ​ $153,161,781 ​ ​ ​ ​ ​ ​ (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 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%. (6) Base interest rate of 12.9%. (7) Base interest rate of 13.0% and PIK interest rate of 2.0%. (8) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%. (9) Base interest rate of 13.0% and PIK interest rate of 4.0%. (10) Base interest rate of 13.0%. (11) Base interest rate of 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%. (12) Base interest rate of 9.8%. (13) Base interest rate of 15.0%. (14) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) (15) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%. (16) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%.	A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of December 31, 2020 is as follows: ​ ​ Location ​ ​ Outstanding Principal (1) ​ ​ Original Issue Discount ​ ​ Carrying Value (1) ​ ​ Interest Rate ​ ​ Maturity Date (2) ​ ​ Payment Terms (3) Private Co. C ​ ​ PA ​ ​ $ 11,907,763 ​ ​ $ (851,148) ​ ​ $ 11,056,615 ​ ​ 17.0% (4) ​ ​ 12/1/2025 ​ ​ P/I Private Co. D ​ ​ Multi State ​ ​ 12,000,000 ​ ​ (1,035,911) ​ ​ 10,964,089 ​ ​ 15.0% (5) ​ ​ 1/1/2026 ​ ​ P/I Sub. of Public Co. D ​ ​ PA ​ ​ 10,000,000 ​ ​ (183,673) ​ ​ 9,816,327 ​ ​ 12.9% (6) ​ ​ 12/18/2024 ​ ​ I/O Total loans held at carry value ​ ​ ​ ​ $ 33,907,763 ​ ​ $ (2,070,732) ​ ​ $ 31,837,031 ​ ​ ​ ​ ​ ​ (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) Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4% (5) Base interest rate of 13% and PIK interest rate of 2% (6) Base interest rate of 12.9%

LOAN RECEIVABLE AT CARRYING V_3

LOAN RECEIVABLE AT CARRYING VALUE (FY) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
LOAN RECEIVABLE AT CARRYING VALUE [Abstract]
Changes in Loans Receivable	The following table presents changes in loans receivable as of and for the nine months ended September 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 ​ ​ (574,735) ​ ​ — ​ ​ (574,735) Accretion of original issue discount ​ ​ — ​ ​ 927 ​ ​ 927 Total loans receivable at carrying value at September 30, 2021 ​ ​ $ 2,777,441 ​ ​ $ (2,986) ​ ​ $ 2,774,455	The following table presents changes in loans receivable as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Principal ​ ​ Original Issue Discount ​ ​ Carrying Value Loan receivable acquired at July 31, 2020 ​ ​ $3,700,718 ​ ​ $(4,428) ​ ​ $3,696,290 Principal repayment of loans ​ ​ (348,542) ​ ​ — ​ ​ (348,542) Accretion of original issue discount ​ ​ — ​ ​ 515 ​ ​ 515 Total loans receivable at carrying value at December 31, 2020 ​ ​ $ 3,352,176 ​ ​ $ (3,913) ​ ​ $ 3,348,263

CURRENT EXPECTED CREDIT LOSSE_3

CURRENT EXPECTED CREDIT LOSSES (FY) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 nine months ended September 30, 2021 was as follows: ​ ​ Outstanding (1) ​ ​ Unfunded (2) ​ ​ Total Balance at June 30, 2021 ​ ​ $ 701,143 ​ ​ $ 476,140 ​ ​ $1,177,283 Provision for current expected credit losses ​ ​ 444,486 ​ ​ 216,126 ​ ​ 660,612 Write-offs ​ ​ — ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — ​ ​ — Balance at September 30, 2021 ​ ​ $1,145,629 ​ ​ $ 692,266 ​ ​ $1,837,895 ​ ​ Outstanding (1) ​ ​ Unfunded (2) ​ ​ Total Balance at December 31, 2020 ​ ​ $ 404,860 ​ ​ $ 60,537 ​ ​ $ 465,397 Provision for current expected credit losses ​ ​ 740,769 ​ ​ 631,729 ​ ​ 1,372,498 Write-offs ​ ​ — ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — ​ ​ — Balance at September 30, 2021 ​ ​ $1,145,629 ​ ​ $ 692,266 ​ ​ $ 1,837,895 (1) As of September 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 consolidated balance sheets. (2) As of September 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 consolidated balance sheets.	Current Expected Credit Loss Reserve for Funded Loan Commitments Activity related to the CECL Reserve for outstanding balances on the Company’s loans held at carrying value and loans receivable at carrying value as of and for the period from July 31, 2020 to December 31, 2020 was as follows: Balance at July 31, 2020 (Commencement of Operations) ​ ​ $ — Provision for current expected credit losses ​ ​ 404,860 Write-offs ​ ​ — Recoveries ​ ​ — Balance at December 31, 2020 (1) ​ ​ $ 404,860 (1) As of 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 sheet. Current Expected Credit Loss Reserve for Unfunded Loan Commitments Activity related to the CECL Reserve for unfunded commitments on the Company’s loans held at carrying value as of and for the period from July 31, 2020 to December 31, 2020 was as follows: Balance at July 31, 2020 (Commencement of Operations) ​ ​ $ — Provision for current expected credit losses ​ ​ 60,537 Write-offs ​ ​ — Recoveries ​ ​ — Balance at December 31, 2020 (1) ​ ​ $ 60,537 (1) As of 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 consolidated 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 September 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 ​ ​ 14,532,857 ​ ​ — ​ ​ 14,532,857 3 ​ ​ 88,990,322 ​ ​ 42,528,931 ​ ​ 131,519,253 4 ​ ​ 9,884,126 ​ ​ — ​ ​ 9,884,126 5 ​ ​ — ​ ​ — ​ ​ — Total ​ ​ $113,407,305 ​ ​ $ 42,528,931 ​ ​ $ 155,936,236	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 December 31, 2020, 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: ​ ​ 2020 ​ ​ Total 1 ​ ​ $ — ​ ​ $ — 2 ​ ​ 9,816,327 ​ ​ 9,816,327 3 ​ ​ 22,020,704 ​ ​ 22,020,704 4 ​ ​ 3,348,263 ​ ​ 3,348,263 5 ​ ​ — ​ ​ — Total ​ ​ $ 35,185,294 ​ ​ $ 35,185,294

INTEREST RECEIVABLE (FY) (Table

INTEREST RECEIVABLE (FY) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
INTEREST RECEIVABLE [Abstract]
Interest Receivable	The following table summarizes the interest receivable by the Company as of September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ As of December 31, 2020 Interest receivable ​ ​ $1,838,494 ​ ​ $675,795 PIK receivable ​ ​ 522,933 ​ ​ 177,183 Unused fees receivable ​ ​ 73,292 ​ ​ 74,314 Total interest receivable ​ ​ $ 2,434,719 ​ ​ $ 927,292	The following tables summarize the interest receivable by the Company as of December 31, 2020: ​ ​ As of December 31, 2020 Interest receivable ​ ​ $675,795 PIK receivable ​ ​ 177,183 Unused fees ​ ​ 74,314 Total interest receivable ​ ​ $ 927,292

INTEREST RESERVE (FY) (Tables)

INTEREST RESERVE (FY) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
INTEREST RESERVE [Abstract]
Changes in Interest Reserve	The following table presents changes in interest reserve as of and for the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020: ​ ​ For the three months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ For the nine months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 Beginning reserves ​ ​ $ 5,547,863 ​ ​ $ — ​ ​ $ 1,325,750 ​ ​ $ — New reserves ​ ​ 4,525,468 ​ ​ 1,400,000 ​ ​ 9,450,468 ​ ​ 1,400,000 Reserves disbursed ​ ​ (1,819,036) ​ ​ — ​ ​ (2,521,923) ​ ​ — Ending reserves ​ ​ $ 8,254,295 ​ ​ $ 1,400,000 ​ ​ $ 8,254,295 ​ ​ $ 1,400,000	The following table presents changes in interest reserve as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ For the period from July 31, 2020 to December 31, 2020 Initial reserves ​ ​ $ — New reserves ​ ​ 1,400,000 Reserves disbursed ​ ​ (74,250) Total Interest reserve ​ ​ $ 1,325,750

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (FY) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
Commitments to Fund Various Senior Term Loans, Equipment Loans and Bridge Loans	As of September 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 September 30, 2021 ​ ​ As of December 31, 2020 Total original loan commitments ​ ​ $ 296,946,250 ​ ​ $ 107,292,176 Less: drawn commitments ​ ​ (243,038,584) ​ ​ (87,467,057) Total undrawn commitments ​ ​ $ 53,907,666 ​ ​ $ 19,825,119	As of December 31, 2020, the Company had the following commitments to fund various senior term loans, equipment loans and bridge loans. ​ ​ As of December 31, 2020 Total original loan commitments ​ ​ $ 107,292,176 Less: drawn commitments ​ ​ (87,467,057) Total undrawn commitments ​ ​ $ 19,825,119

STOCKHOLDERS' EQUITY (FY) (Tabl

STOCKHOLDERS' EQUITY (FY) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ As of December 31, 2020 Non-vested ​ ​ 183,114 ​ ​ 142,814 Vested ​ ​ 1,449,518 ​ ​ 800,618 Forfeited ​ ​ (28,396) ​ ​ (16,534) Balance ​ ​ 1,604,236 ​ ​ 926,898	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 December 31, 2020: ​ ​ Restricted Stock Options Granted Non-vested ​ ​ 142,814 Vested ​ ​ 800,618 Forfeited ​ ​ (16,534) Balance at December 31, 2020 ​ ​ 926,898

EARNINGS PER SHARE (FY) (Tables

EARNINGS PER SHARE (FY) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
EARNINGS PER SHARE [Abstract]
Computations of Basic Weighted Average Earnings per Common Share	The following information sets forth the computations of basic weighted average earnings per common share for the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020: ​ ​ For the three months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ For the nine months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 Net income attributable to common stockholders ​ ​ $ 7,930,680 ​ ​ $2,106,250 ​ ​ $13,959,222 ​ ​ $2,106,250 Divided by: ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares of common stock outstanding ​ ​ 16,402,984 ​ ​ 5,376,411 ​ ​ 12,368,977 ​ ​ 5,376,411 Diluted weighted average shares of common stock outstanding ​ ​ 16,776,648 ​ ​ 5,376,411 ​ ​ 12,742,641 ​ ​ 5,376,411 Basic weighted average earnings per common share ​ ​ $ 0.48 ​ ​ $ 0.39 ​ ​ $ 1.13 ​ ​ $ 0.39 Diluted weighted average earnings per common share ​ ​ $ 0.47 ​ ​ $ 0.39 ​ ​ $ 1.10 ​ ​ $ 0.39	The following information sets forth the computations of basic weighted average earnings per common share for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Period from July 31, 2020 to December 31, 2020 Net income / (loss) attributable to common stockholders ​ ​ $4,313,632 Divided by: ​ ​ Basic weighted average shares of common stock outstanding ​ ​ 5,694,475 Basic weighted average earnings per common share ​ ​ $ 0.76

FAIR VALUE (FY) (Tables)

FAIR VALUE (FY) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 September 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 September 30, 2021 ​ ​ Fair Value ​ ​ Primary Valuation Techniques ​ ​ Unobservable Input ​ ​ Input ​ ​ Estimated Range ​ ​ Weighted Average Senior Term Loans ​ ​ $76,293,824 ​ ​ Yield analysis ​ ​ Market Yield ​ ​ 17.62% - 20.68% ​ ​ 17.82% Total Investments ​ ​ $76,293,824 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ Fair Value ​ ​ Primary Valuation Techniques ​ ​ Unobservable Input ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​	The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of 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 December 31, 2020 ​ ​ Fair Value ​ ​ Primary Valuation Techniques ​ ​ Unobservable Input ​ ​ 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 September 30, 2021 and December 31, 2020: ​ ​ Fair Value Measurement Using as of September 30, 2021 ​ ​ Total ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Loans held at fair value ​ ​ $76,293,824 ​ ​ $— ​ ​ $— ​ ​ $76,293,824 Total ​ ​ $76,293,824 ​ ​ $— ​ ​ $— ​ ​ $76,293,824 ​ ​ 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 fair value measurements of loans held at fair value as of December 31, 2020: ​ ​ Fair Value Measurement Using ​ ​ 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 nine months ended September 30, 2021: ​ ​ For the nine months ended September 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 ​ ​ 796,368 Additional funding ​ ​ 37,701,104 Original issue discount and other discounts, net of costs ​ ​ (1,130,623) Loan repayments ​ ​ (12,000,000) Loan amortization payments ​ ​ (1,093,659) Accretion of original issue discount ​ ​ 1,905,715 PIK interest ​ ​ 1,556,868 Total loans using Level 3 inputs at September 30, 2021 ​ ​ $ 76,293,824	The following table presents changes in loans that use Level 3 inputs as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ For the period from July 31, 2020 to December 31, 2020 Loans acquired at July 31, 2020 ​ ​ $ 43,106,551 Realized gains / (losses) on loans at fair value, net ​ ​ 345,000 Change in unrealized gains / (losses) on loans at fair value, net ​ ​ 1,563,340 Additional funding ​ ​ 16,360,000 Original issue discount and other discounts, net of costs ​ ​ (1,595,199) Repayments ​ ​ (5,000,000) Sale of loans ​ ​ (7,345,000) Accretion of original issue discount ​ ​ 732,729 PIK Interest ​ ​ 390,630 Total loans using Level 3 inputs at December 31, 2020 ​ ​ $ 48,558,051

RELATED PARTY TRANSACTIONS (F_2

RELATED PARTY TRANSACTIONS (FY) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020: ​ ​ For the three months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ For the nine months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 Affiliate Costs ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ ​ $1,030,718 ​ ​ $226,234 ​ ​ $2,301,924 ​ ​ $226,234 Less Outside Fees earned ​ ​ (256,989) ​ ​ (84,167) ​ ​ (677,439) ​ ​ (84,167) Incentive fees earned ​ ​ 1,769,207 ​ ​ — ​ ​ 3,873,984 ​ ​ — General and administrative expenses reimbursable to Manager ​ ​ 625,711 ​ ​ 165,434 ​ ​ 1,415,217 ​ ​ 165,434 Total ​ ​ $3,168,647 ​ ​ $307,501 ​ ​ $6,913,686 ​ ​ $307,501	The following table summarizes the related party costs incurred by the Company for the period from July 31, 2020 (commencement of operations) to December 31, 2020 and amounts payable to the Company’s Manager as of December 31, 2020. ​ ​ Incurred for the period from July 31, 2020 to December 31, 2020 ​ ​ Payable as of December 31, 2020 Affiliate Payments ​ ​ ​ ​ Management fees ​ ​ $ 623,361 ​ ​ $ 222,127 Less other fees earned and paid to the Manager ​ ​ (259,167) ​ ​ — General and administrative expenses reimbursed to Manager ​ ​ 671,605 ​ ​ 506,171 Total ​ ​ $1,035,799 ​ ​ $ 728,298

DIVIDENDS AND DISTRIBUTIONS (_2

DIVIDENDS AND DISTRIBUTIONS (FY) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
DIVIDENDS AND DISTRIBUTIONS [Abstract]
Summary of Dividends Declared and Paid	The following table summarizes the Company’s dividends declared during the nine months ended September 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 Regular cash dividend ​ ​ 9/30/2021 ​ ​ 10/15/2021 ​ ​ $0.43 ​ ​ $0.43 ​ ​ $— ​ ​ $0.43 Total cash dividend ​ ​ ​ ​ ​ ​ $1.17 ​ ​ $1.17 ​ ​ $— ​ ​ $1.17	The following table summarizes the Company’s dividends declared and paid during the period from July 31, 2020 to December 31, 2020: ​ ​ Record Date ​ ​ Payment Date ​ ​ Common Share distribution amount ​ ​ Taxable Ordinary Income ​ ​ Return of Capital ​ ​ Section 199A Dividends Regular cash dividend ​ ​ 12/23/2020 ​ ​ 12/30/2020 ​ ​ $0.35 ​ ​ $0.35 ​ ​ $— ​ ​ $0.35 Special cash dividend (1) ​ ​ 12/23/2020 ​ ​ 12/30/2020 ​ ​ 0.26 ​ ​ 0.26 ​ ​ — ​ ​ 0.26 Total cash dividend ​ ​ ​ ​ ​ ​ $0.61 ​ ​ $0.61 ​ ​ $— ​ ​ $0.61 (1) Dividend of approximately $0.26

QUARTERLY FINANCIAL DATA (UNA_2

QUARTERLY FINANCIAL DATA (UNAUDITED) (FY) (Tables)	12 Months Ended
	Dec. 31, 2020
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract]
Quarterly Financial Data	The following table summarizes the Company’s quarterly financial results for the period from July 31, 2020 to September 30, 2020 and the quarter ended December 31, 2020: ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ Quarter Ended December 31, 2020 Total revenue ​ ​ $1,594,769 ​ ​ $3,655,339 Total expenses ​ ​ 1,052,319 ​ ​ 1,327,100 Provision for current expected credit losses ​ ​ — ​ ​ (465,397) Realized gains / (losses) on loans at fair value, net ​ ​ — ​ ​ 345,000 Change in unrealized gains / (losses) on loans at fair value, net ​ ​ 1,563,800 ​ ​ (460) Net Income / (loss) ​ ​ 2,106,250 ​ ​ 2,207,382 Basic earnings per common share (in dollars per share) (1) ​ ​ $ 0.39 ​ ​ $ 0.37 Basic weighted average shares of common stock outstanding (in shares) ​ ​ 5,376,411 ​ ​ 5,908,822 (1) The sum of per share amounts for the period from July 31, 2020 to September 30, 2020 and the quarter ended December 31, 2020 may differ from the annual per share amounts due to the required method of computing weighted-average number of common shares outstanding in the respective periods and share offerings that occurred during the year.

LOANS HELD FOR INVESTMENT AT _6

LOANS HELD FOR INVESTMENT AT FAIR VALUE (Q3) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ Fair Value (2) ​ ​ Carrying Value (1) ​ ​ Outstanding Principal (1) ​ ​ Weighted Average Remaining Life (Years) (3) Senior Term Loans ​ ​ $ 76,293,824 ​ ​ $ 73,934,116 ​ ​ $ 76,995,548 ​ ​ 2.5 Total loans held at fair value ​ ​ $ 76,293,824 ​ ​ $ 73,934,116 ​ ​ $ 76,995,548 ​ ​ 2.5 ​ ​ 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 Note 14 to our unaudited consolidated financial statements. (3) Weighted average remaining life is calculated based on the fair value of the loans as of September 30, 2021 and December 31, 2020.	The following tables summarize the Company’s loans held at fair value 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 (3) Weighted average remaining life is calculated based on the fair value of the loans as of 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 nine months ended September 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 ​ ​ — ​ ​ — ​ ​ 796,368 ​ ​ 796,368 New fundings ​ ​ 37,701,104 ​ ​ (1,130,623) ​ ​ — ​ ​ 36,570,481 Loan repayments ​ ​ (12,000,000) ​ ​ — ​ ​ — ​ ​ (12,000,000) Loan amortization payments ​ ​ (1,093,659) ​ ​ — ​ ​ — ​ ​ (1,093,659) Accretion of original issue discount ​ ​ — ​ ​ 1,905,715 ​ ​ — ​ ​ 1,905,715 PIK interest ​ ​ 1,556,868 ​ ​ — ​ ​ — ​ ​ 1,556,868 Total loans held at fair value at September 30, 2021 ​ ​ $ 76,995,548 ​ ​ $ (3,061,432) ​ ​ $ 2,359,708 ​ ​ $ 76,293,824	The following table presents changes in loans held at fair value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Principal ​ ​ Original Issue Discount ​ ​ Fair Value Loans acquired at July 31, 2020 ​ ​ $ 46,080,605 ​ ​ $ (2,974,054) ​ ​ $ 43,106,551 Realized gains / (losses) on loans at fair value, net ​ ​ 345,000 ​ ​ — ​ ​ 345,000 Change in unrealized gains / (losses) on loans at fair value, net ​ ​ — ​ ​ — ​ ​ 1,563,340 New fundings ​ ​ 16,360,000 ​ ​ (1,595,199) ​ ​ 14,764,801 Repayments ​ ​ (5,000,000) ​ ​ — ​ ​ (5,000,000) Sale of loans ​ ​ (7,345,000) ​ ​ — ​ ​ (7,345,000) Accretion of original issue discount ​ ​ — ​ ​ 732,729 ​ ​ 732,729 PIK Interest ​ ​ 390,630 ​ ​ — ​ ​ 390,630 Total loans held at fair value at December 31, 2020 ​ ​ $ 50,831,235 ​ ​ $ (3,836,524) ​ ​ $ 48,558,051
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 September 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 ​ ​ $62,853,367 ​ ​ $60,857,429 ​ ​ $63,391,847 ​ ​ 16.4% (5) ​ ​ 5/8/2024 ​ ​ P/I Private Co. B ​ ​ MI ​ ​ C ​ ​ 10,535,737 ​ ​ 10,171,757 ​ ​ 10,663,701 ​ ​ 17.0% (6) ​ ​ 9/1/2023 ​ ​ P/I Public Co. A ​ ​ NV ​ ​ C ​ ​ 2,904,720 ​ ​ 2,904,930 ​ ​ 2,940,000 ​ ​ 14.0% (7) ​ ​ 1/26/2023 ​ ​ I/O Total loans held at fair value ​ ​ ​ ​ ​ ​ $ 76,293,824 ​ ​ $ 73,934,116 ​ ​ $ 76,995,548 ​ ​ ​ ​ ​ ​ (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 Note 14 to our unaudited consolidated 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 3.4%. (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.	A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of December 31, 2020 is as follows: ​ ​ Location ​ ​ Fair Value (2) ​ ​ Carrying Value (1) ​ ​ Outstanding Principal (1) ​ ​ Interest Rate ​ ​ Maturity Date (3) ​ ​ Payment Terms (4) Private Co. A ​ ​ Multi State ​ ​ $31,510,387 ​ ​ $30,913,524 ​ ​ $33,344,325 ​ ​ 17.0% (5) ​ ​ 5/8/2024 ​ ​ P/I Private Co. B ​ ​ MI ​ ​ 2,461,036 ​ ​ 2,238,402 ​ ​ 2,522,846 ​ ​ 17.0% (6) ​ ​ 9/1/2023 ​ ​ P/I Public Co. A ​ ​ NV ​ ​ 2,870,910 ​ ​ 2,909,656 ​ ​ 2,940,000 ​ ​ 10.5% (7) ​ ​ 6/27/2021 ​ ​ I/O Sub. Of Public Co. C ​ ​ FL ​ ​ 11,715,718 ​ ​ 10,933,129 ​ ​ 12,024,064 ​ ​ 18.0% (8) ​ ​ 2/18/2025 ​ ​ P/I Total loans held at fair value ​ ​ ​ ​ $ 48,558,051 ​ ​ $ 46,994,711 ​ ​ $ 50,831,235 ​ ​ ​ ​ ​ ​ (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) Refer to Footnote 14 (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 PIK interest rate of 4% (6) Base interest rate of 13% and PIK interest rate of 4% (7) Base interest rate of 8% plus LIBOR (LIBOR floor of 2.5%) (8) Loan to Subsidiary of Public Company C is a $15 million aggregate loan commitment with an initial funding of $3 million at a base interest rate of 13.5% and PIK interest rate of 3% and subsequent advances of $9 million at a base interest rate of 19%. The weighted average interest rate is 18.0% at December 31, 2020

LOANS HELD FOR INVESTMENT AT _7

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Q3) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ Outstanding Principal (1) ​ ​ Original Issue Discount ​ ​ Carrying Value (1) ​ ​ Weighted Average Remaining Life (Years) (2) Senior Term Loans ​ ​ $ 164,361,340 ​ ​ $ (11,199,559) ​ ​ $ 153,161,781 ​ ​ 4.0 Total loans held at carrying value ​ ​ $ 164,361,340 ​ ​ $ (11,199,559) ​ ​ $ 153,161,781 ​ ​ 4.0 ​ ​ 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 September 30, 2021 and December 31, 2020.	The following tables summarize the Company’s loans held at carrying value 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 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 nine months ended September 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 ​ ​ 139,222,598 ​ ​ (11,261,001) ​ ​ 127,961,597 Accretion of original issue discount ​ ​ — ​ ​ 2,132,174 ​ ​ 2,132,174 Realized gain on sale of loans ​ ​ 400,000 ​ ​ — ​ ​ 400,000 Sale of loans ​ ​ (10,400,000) ​ ​ — ​ ​ (10,400,000) PIK interest ​ ​ 1,230,979 ​ ​ — ​ ​ 1,230,979 Total loans held at carrying value at September 30, 2021 ​ ​ $ 164,361,340 ​ ​ $ (11,199,559) ​ ​ $ 153,161,781	The following table presents changes in loans held at carrying value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Principal ​ ​ Original Issue Discount ​ ​ Carrying Value Loans at July 31, 2020 ​ ​ $ — ​ ​ $ — ​ ​ $ — New fundings ​ ​ 33,875,985 ​ ​ (2,120,969) ​ ​ 31,755,016 Accretion of original issue discount ​ ​ — ​ ​ 50,237 ​ ​ 50,237 PIK Interest ​ ​ 31,778 ​ ​ — ​ ​ 31,778 Total loans held at carrying value at December 31, 2020 ​ ​ $ 33,907,763 ​ ​ $ (2,070,732) ​ ​ $ 31,837,031
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 September 30, 2021 is as follows: ​ ​ Collateral Location ​ ​ Collateral Type (4) ​ ​ Outstanding Principal (1) ​ ​ Original Issue Discount ​ ​ Carrying Value (1) ​ ​ Interest Rate ​ ​ Maturity Date (2) ​ ​ Payment Terms (3) Private Co. C ​ ​ PA ​ ​ C , D ​ ​ $19,333,872 ​ ​ $ (721,311) ​ ​ $18,612,561 ​ ​ 17.0% (5) ​ ​ 12/1/2025 ​ ​ P/I Sub. of Public Co. D ​ ​ PA ​ ​ C ​ ​ 10,000,000 ​ ​ (149,235) ​ ​ 9,850,765 ​ ​ 12.9% (6) ​ ​ 12/18/2024 ​ ​ I/O Private Co. D ​ ​ OH, AR ​ ​ D ​ ​ 12,169,041 ​ ​ (877,891) ​ ​ 11,291,150 ​ ​ 15.0% (7) ​ ​ 1/1/2026 ​ ​ P/I Private Co. E ​ ​ OH ​ ​ C , D ​ ​ 14,220,552 ​ ​ (2,782,310) ​ ​ 11,438,242 ​ ​ 17.0% (8) ​ ​ 4/1/2026 ​ ​ P/I Private Co. F ​ ​ MO ​ ​ C , D ​ ​ 9,799,658 ​ ​ (1,816,803) ​ ​ 7,982,855 ​ ​ 17.0% (9) ​ ​ 5/1/2026 ​ ​ P/I Public Co. E ​ ​ MI ​ ​ C ​ ​ 5,000,000 ​ ​ (307,143) ​ ​ 4,692,857 ​ ​ 13.0% (10) ​ ​ 4/29/2025 ​ ​ P/I Sub. of Private Co. G ​ ​ NJ ​ ​ C , D ​ ​ 42,945,657 ​ ​ (2,498,443) ​ ​ 40,447,214 ​ ​ 14.3% (11) ​ ​ 5/1/2026 ​ ​ P/I Public Co. F ​ ​ IL, FL, NV, OH, MA, MI, MD,AR, NV, AZ ​ ​ C , D ​ ​ 10,000,000 ​ ​ (160,000) ​ ​ 9,840,000 ​ ​ 9.8% (12) ​ ​ 5/30/2023 ​ ​ I/O Sub. of Private Co. H ​ ​ IL ​ ​ C ​ ​ 5,781,250 ​ ​ (126,790) ​ ​ 5,654,460 ​ ​ 15.0% (13) ​ ​ 5/11/2023 ​ ​ I/O Private Co. K ​ ​ MA ​ ​ C , D ​ ​ 7,000,000 ​ ​ (763,667) ​ ​ 6,236,333 ​ ​ 13.0% (14) ​ ​ 08/03/2026 ​ ​ P/I Private Co. I ​ ​ MD ​ ​ C , D ​ ​ 10,109,310 ​ ​ (225,184) ​ ​ 9,884,126 ​ ​ 15.5% (15) ​ ​ 8/1/2026 ​ ​ P/I Private Co. J ​ ​ MO ​ ​ C ​ ​ 18,002,000 ​ ​ (770,782) ​ ​ 17,231,218 ​ ​ 15.0% (16) ​ ​ 09/01/2025 ​ ​ P/I Total loans held at carrying value ​ ​ ​ ​ ​ ​ $164,361,340 ​ ​ $(11,199,559) ​ ​ $153,161,781 ​ ​ ​ ​ ​ ​ (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 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%. (6) Base interest rate of 12.9%. (7) Base interest rate of 13.0% and PIK interest rate of 2.0%. (8) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%. (9) Base interest rate of 13.0% and PIK interest rate of 4.0%. (10) Base interest rate of 13.0%. (11) Base interest rate of 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%. (12) Base interest rate of 9.8%. (13) Base interest rate of 15.0%. (14) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) (15) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%. (16) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%.	A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of December 31, 2020 is as follows: ​ ​ Location ​ ​ Outstanding Principal (1) ​ ​ Original Issue Discount ​ ​ Carrying Value (1) ​ ​ Interest Rate ​ ​ Maturity Date (2) ​ ​ Payment Terms (3) Private Co. C ​ ​ PA ​ ​ $ 11,907,763 ​ ​ $ (851,148) ​ ​ $ 11,056,615 ​ ​ 17.0% (4) ​ ​ 12/1/2025 ​ ​ P/I Private Co. D ​ ​ Multi State ​ ​ 12,000,000 ​ ​ (1,035,911) ​ ​ 10,964,089 ​ ​ 15.0% (5) ​ ​ 1/1/2026 ​ ​ P/I Sub. of Public Co. D ​ ​ PA ​ ​ 10,000,000 ​ ​ (183,673) ​ ​ 9,816,327 ​ ​ 12.9% (6) ​ ​ 12/18/2024 ​ ​ I/O Total loans held at carry value ​ ​ ​ ​ $ 33,907,763 ​ ​ $ (2,070,732) ​ ​ $ 31,837,031 ​ ​ ​ ​ ​ ​ (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) Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4% (5) Base interest rate of 13% and PIK interest rate of 2% (6) Base interest rate of 12.9%

LOAN RECEIVABLE AT CARRYING V_4

LOAN RECEIVABLE AT CARRYING VALUE (Q3) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
LOAN RECEIVABLE AT CARRYING VALUE [Abstract]
Changes in Loans Receivable	The following table presents changes in loans receivable as of and for the nine months ended September 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 ​ ​ (574,735) ​ ​ — ​ ​ (574,735) Accretion of original issue discount ​ ​ — ​ ​ 927 ​ ​ 927 Total loans receivable at carrying value at September 30, 2021 ​ ​ $ 2,777,441 ​ ​ $ (2,986) ​ ​ $ 2,774,455	The following table presents changes in loans receivable as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Principal ​ ​ Original Issue Discount ​ ​ Carrying Value Loan receivable acquired at July 31, 2020 ​ ​ $3,700,718 ​ ​ $(4,428) ​ ​ $3,696,290 Principal repayment of loans ​ ​ (348,542) ​ ​ — ​ ​ (348,542) Accretion of original issue discount ​ ​ — ​ ​ 515 ​ ​ 515 Total loans receivable at carrying value at December 31, 2020 ​ ​ $ 3,352,176 ​ ​ $ (3,913) ​ ​ $ 3,348,263

CURRENT EXPECTED CREDIT LOSSE_4

CURRENT EXPECTED CREDIT LOSSES (Q3) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 nine months ended September 30, 2021 was as follows: ​ ​ Outstanding (1) ​ ​ Unfunded (2) ​ ​ Total Balance at June 30, 2021 ​ ​ $ 701,143 ​ ​ $ 476,140 ​ ​ $1,177,283 Provision for current expected credit losses ​ ​ 444,486 ​ ​ 216,126 ​ ​ 660,612 Write-offs ​ ​ — ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — ​ ​ — Balance at September 30, 2021 ​ ​ $1,145,629 ​ ​ $ 692,266 ​ ​ $1,837,895 ​ ​ Outstanding (1) ​ ​ Unfunded (2) ​ ​ Total Balance at December 31, 2020 ​ ​ $ 404,860 ​ ​ $ 60,537 ​ ​ $ 465,397 Provision for current expected credit losses ​ ​ 740,769 ​ ​ 631,729 ​ ​ 1,372,498 Write-offs ​ ​ — ​ ​ — ​ ​ — Recoveries ​ ​ — ​ ​ — ​ ​ — Balance at September 30, 2021 ​ ​ $1,145,629 ​ ​ $ 692,266 ​ ​ $ 1,837,895 (1) As of September 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 consolidated balance sheets. (2) As of September 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 consolidated balance sheets.	Current Expected Credit Loss Reserve for Funded Loan Commitments Activity related to the CECL Reserve for outstanding balances on the Company’s loans held at carrying value and loans receivable at carrying value as of and for the period from July 31, 2020 to December 31, 2020 was as follows: Balance at July 31, 2020 (Commencement of Operations) ​ ​ $ — Provision for current expected credit losses ​ ​ 404,860 Write-offs ​ ​ — Recoveries ​ ​ — Balance at December 31, 2020 (1) ​ ​ $ 404,860 (1) As of 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 sheet. Current Expected Credit Loss Reserve for Unfunded Loan Commitments Activity related to the CECL Reserve for unfunded commitments on the Company’s loans held at carrying value as of and for the period from July 31, 2020 to December 31, 2020 was as follows: Balance at July 31, 2020 (Commencement of Operations) ​ ​ $ — Provision for current expected credit losses ​ ​ 60,537 Write-offs ​ ​ — Recoveries ​ ​ — Balance at December 31, 2020 (1) ​ ​ $ 60,537 (1) As of 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 consolidated 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 September 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 ​ ​ 14,532,857 ​ ​ — ​ ​ 14,532,857 3 ​ ​ 88,990,322 ​ ​ 42,528,931 ​ ​ 131,519,253 4 ​ ​ 9,884,126 ​ ​ — ​ ​ 9,884,126 5 ​ ​ — ​ ​ — ​ ​ — Total ​ ​ $113,407,305 ​ ​ $ 42,528,931 ​ ​ $ 155,936,236	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 December 31, 2020, 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: ​ ​ 2020 ​ ​ Total 1 ​ ​ $ — ​ ​ $ — 2 ​ ​ 9,816,327 ​ ​ 9,816,327 3 ​ ​ 22,020,704 ​ ​ 22,020,704 4 ​ ​ 3,348,263 ​ ​ 3,348,263 5 ​ ​ — ​ ​ — Total ​ ​ $ 35,185,294 ​ ​ $ 35,185,294

INTEREST RECEIVABLE (Q3) (Table

INTEREST RECEIVABLE (Q3) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
INTEREST RECEIVABLE [Abstract]
Interest Receivable	The following table summarizes the interest receivable by the Company as of September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ As of December 31, 2020 Interest receivable ​ ​ $1,838,494 ​ ​ $675,795 PIK receivable ​ ​ 522,933 ​ ​ 177,183 Unused fees receivable ​ ​ 73,292 ​ ​ 74,314 Total interest receivable ​ ​ $ 2,434,719 ​ ​ $ 927,292	The following tables summarize the interest receivable by the Company as of December 31, 2020: ​ ​ As of December 31, 2020 Interest receivable ​ ​ $675,795 PIK receivable ​ ​ 177,183 Unused fees ​ ​ 74,314 Total interest receivable ​ ​ $ 927,292

INTEREST RESERVE (Q3) (Tables)

INTEREST RESERVE (Q3) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
INTEREST RESERVE [Abstract]
Changes in Interest Reserve	The following table presents changes in interest reserve as of and for the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020: ​ ​ For the three months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ For the nine months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 Beginning reserves ​ ​ $ 5,547,863 ​ ​ $ — ​ ​ $ 1,325,750 ​ ​ $ — New reserves ​ ​ 4,525,468 ​ ​ 1,400,000 ​ ​ 9,450,468 ​ ​ 1,400,000 Reserves disbursed ​ ​ (1,819,036) ​ ​ — ​ ​ (2,521,923) ​ ​ — Ending reserves ​ ​ $ 8,254,295 ​ ​ $ 1,400,000 ​ ​ $ 8,254,295 ​ ​ $ 1,400,000	The following table presents changes in interest reserve as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ For the period from July 31, 2020 to December 31, 2020 Initial reserves ​ ​ $ — New reserves ​ ​ 1,400,000 Reserves disbursed ​ ​ (74,250) Total Interest reserve ​ ​ $ 1,325,750

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES (Q3) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
Commitments to Fund Various Senior Term Loans, Equipment Loans and Bridge Loans	As of September 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 September 30, 2021 ​ ​ As of December 31, 2020 Total original loan commitments ​ ​ $ 296,946,250 ​ ​ $ 107,292,176 Less: drawn commitments ​ ​ (243,038,584) ​ ​ (87,467,057) Total undrawn commitments ​ ​ $ 53,907,666 ​ ​ $ 19,825,119	As of December 31, 2020, the Company had the following commitments to fund various senior term loans, equipment loans and bridge loans. ​ ​ As of December 31, 2020 Total original loan commitments ​ ​ $ 107,292,176 Less: drawn commitments ​ ​ (87,467,057) Total undrawn commitments ​ ​ $ 19,825,119

STOCKHOLDERS' EQUITY (Q3) (Tabl

STOCKHOLDERS' EQUITY (Q3) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ As of December 31, 2020 Non-vested ​ ​ 183,114 ​ ​ 142,814 Vested ​ ​ 1,449,518 ​ ​ 800,618 Forfeited ​ ​ (28,396) ​ ​ (16,534) Balance ​ ​ 1,604,236 ​ ​ 926,898	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 December 31, 2020: ​ ​ Restricted Stock Options Granted Non-vested ​ ​ 142,814 Vested ​ ​ 800,618 Forfeited ​ ​ (16,534) Balance at December 31, 2020 ​ ​ 926,898
Summary of Restricted Stock Activity	The following table summarizes the (i) non-vested restricted stock granted, (ii) vested restricted stock granted and (iii) forfeited restricted stock granted for the Company’s directors and officers and employees of the Manager as of September 30, 2021 and December 31, 2020: ​ ​ As of September 30, 2021 ​ ​ As of December 31, 2020 Non-vested ​ ​ 56,285 ​ ​ — Vested ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Balance ​ ​ 56,285 ​ ​ —
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 summarize stock option activity during the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020: ​ ​ Three months ended September 30, 2021 ​ ​ Weighted-Average Grant Date Fair Value Per Option Balance as of June 30, 2021 ​ ​ 1,613,098 ​ ​ $1.08 Granted ​ ​ — ​ ​ — Exercised ​ ​ — ​ ​ — Forfeited ​ ​ (8,862) ​ ​ 0.90 Balance as of September 30, 2021 ​ ​ 1,604,236 ​ ​ $ 1.08 ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ Weighted-Average Grant Date Fair Value Per Option Balance as of July 31, 2020 ​ ​ — ​ ​ $ — Granted ​ ​ 806,456 ​ ​ 0.90 Exercised ​ ​ — ​ ​ — Forfeited ​ ​ — ​ ​ — Balance as of September 30, 2020 ​ ​ 806,456 ​ ​ $ 0.90 ​ ​ Nine months ended September 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 ​ ​ (11,862) ​ ​ 1.01 Balance as of September 30, 2021 ​ ​ 1,604,236 ​ ​ $ 1.08

EARNINGS PER SHARE (Q3) (Tables

EARNINGS PER SHARE (Q3) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
EARNINGS PER SHARE [Abstract]
Computations of Basic Weighted Average Earnings per Common Share	The following information sets forth the computations of basic weighted average earnings per common share for the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020: ​ ​ For the three months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ For the nine months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 Net income attributable to common stockholders ​ ​ $ 7,930,680 ​ ​ $2,106,250 ​ ​ $13,959,222 ​ ​ $2,106,250 Divided by: ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average shares of common stock outstanding ​ ​ 16,402,984 ​ ​ 5,376,411 ​ ​ 12,368,977 ​ ​ 5,376,411 Diluted weighted average shares of common stock outstanding ​ ​ 16,776,648 ​ ​ 5,376,411 ​ ​ 12,742,641 ​ ​ 5,376,411 Basic weighted average earnings per common share ​ ​ $ 0.48 ​ ​ $ 0.39 ​ ​ $ 1.13 ​ ​ $ 0.39 Diluted weighted average earnings per common share ​ ​ $ 0.47 ​ ​ $ 0.39 ​ ​ $ 1.10 ​ ​ $ 0.39	The following information sets forth the computations of basic weighted average earnings per common share for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ Period from July 31, 2020 to December 31, 2020 Net income / (loss) attributable to common stockholders ​ ​ $4,313,632 Divided by: ​ ​ Basic weighted average shares of common stock outstanding ​ ​ 5,694,475 Basic weighted average earnings per common share ​ ​ $ 0.76

FAIR VALUE (Q3) (Tables)

FAIR VALUE (Q3) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 September 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 September 30, 2021 ​ ​ Fair Value ​ ​ Primary Valuation Techniques ​ ​ Unobservable Input ​ ​ Input ​ ​ Estimated Range ​ ​ Weighted Average Senior Term Loans ​ ​ $76,293,824 ​ ​ Yield analysis ​ ​ Market Yield ​ ​ 17.62% - 20.68% ​ ​ 17.82% Total Investments ​ ​ $76,293,824 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2020 ​ ​ Fair Value ​ ​ Primary Valuation Techniques ​ ​ Unobservable Input ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​	The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of 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 December 31, 2020 ​ ​ Fair Value ​ ​ Primary Valuation Techniques ​ ​ Unobservable Input ​ ​ 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 September 30, 2021 and December 31, 2020: ​ ​ Fair Value Measurement Using as of September 30, 2021 ​ ​ Total ​ ​ Level 1 ​ ​ Level 2 ​ ​ Level 3 Loans held at fair value ​ ​ $76,293,824 ​ ​ $— ​ ​ $— ​ ​ $76,293,824 Total ​ ​ $76,293,824 ​ ​ $— ​ ​ $— ​ ​ $76,293,824 ​ ​ 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 fair value measurements of loans held at fair value as of December 31, 2020: ​ ​ Fair Value Measurement Using ​ ​ 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 nine months ended September 30, 2021: ​ ​ For the nine months ended September 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 ​ ​ 796,368 Additional funding ​ ​ 37,701,104 Original issue discount and other discounts, net of costs ​ ​ (1,130,623) Loan repayments ​ ​ (12,000,000) Loan amortization payments ​ ​ (1,093,659) Accretion of original issue discount ​ ​ 1,905,715 PIK interest ​ ​ 1,556,868 Total loans using Level 3 inputs at September 30, 2021 ​ ​ $ 76,293,824	The following table presents changes in loans that use Level 3 inputs as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020: ​ ​ For the period from July 31, 2020 to December 31, 2020 Loans acquired at July 31, 2020 ​ ​ $ 43,106,551 Realized gains / (losses) on loans at fair value, net ​ ​ 345,000 Change in unrealized gains / (losses) on loans at fair value, net ​ ​ 1,563,340 Additional funding ​ ​ 16,360,000 Original issue discount and other discounts, net of costs ​ ​ (1,595,199) Repayments ​ ​ (5,000,000) Sale of loans ​ ​ (7,345,000) Accretion of original issue discount ​ ​ 732,729 PIK Interest ​ ​ 390,630 Total loans using Level 3 inputs at December 31, 2020 ​ ​ $ 48,558,051
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 September 30, 2021 ​ ​ Carrying Value ​ ​ Fair Value Financial assets ​ ​ ​ ​ Cash and cash equivalents ​ ​ $ 69,974,391 ​ ​ $ 69,974,391 Loans held for investment at carrying value ​ ​ $153,161,781 ​ ​ $158,771,796 Loan receivable at carrying value ​ ​ $ 2,774,455 ​ ​ $ 2,695,507

RELATED PARTY TRANSACTIONS (Q_2

RELATED PARTY TRANSACTIONS (Q3) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
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 nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020: ​ ​ For the three months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 ​ ​ For the nine months ended September 30, 2021 ​ ​ Period from July 31, 2020 to September 30, 2020 Affiliate Costs ​ ​ ​ ​ ​ ​ ​ ​ Management fees ​ ​ $1,030,718 ​ ​ $226,234 ​ ​ $2,301,924 ​ ​ $226,234 Less Outside Fees earned ​ ​ (256,989) ​ ​ (84,167) ​ ​ (677,439) ​ ​ (84,167) Incentive fees earned ​ ​ 1,769,207 ​ ​ — ​ ​ 3,873,984 ​ ​ — General and administrative expenses reimbursable to Manager ​ ​ 625,711 ​ ​ 165,434 ​ ​ 1,415,217 ​ ​ 165,434 Total ​ ​ $3,168,647 ​ ​ $307,501 ​ ​ $6,913,686 ​ ​ $307,501	The following table summarizes the related party costs incurred by the Company for the period from July 31, 2020 (commencement of operations) to December 31, 2020 and amounts payable to the Company’s Manager as of December 31, 2020. ​ ​ Incurred for the period from July 31, 2020 to December 31, 2020 ​ ​ Payable as of December 31, 2020 Affiliate Payments ​ ​ ​ ​ Management fees ​ ​ $ 623,361 ​ ​ $ 222,127 Less other fees earned and paid to the Manager ​ ​ (259,167) ​ ​ — General and administrative expenses reimbursed to Manager ​ ​ 671,605 ​ ​ 506,171 Total ​ ​ $1,035,799 ​ ​ $ 728,298

DIVIDENDS AND DISTRIBUTIONS (_3

DIVIDENDS AND DISTRIBUTIONS (Q3) (Tables)	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
DIVIDENDS AND DISTRIBUTIONS [Abstract]
Summary of Dividends Declared and Paid	The following table summarizes the Company’s dividends declared during the nine months ended September 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 Regular cash dividend ​ ​ 9/30/2021 ​ ​ 10/15/2021 ​ ​ $0.43 ​ ​ $0.43 ​ ​ $— ​ ​ $0.43 Total cash dividend ​ ​ ​ ​ ​ ​ $1.17 ​ ​ $1.17 ​ ​ $— ​ ​ $1.17	The following table summarizes the Company’s dividends declared and paid during the period from July 31, 2020 to December 31, 2020: ​ ​ Record Date ​ ​ Payment Date ​ ​ Common Share distribution amount ​ ​ Taxable Ordinary Income ​ ​ Return of Capital ​ ​ Section 199A Dividends Regular cash dividend ​ ​ 12/23/2020 ​ ​ 12/30/2020 ​ ​ $0.35 ​ ​ $0.35 ​ ​ $— ​ ​ $0.35 Special cash dividend (1) ​ ​ 12/23/2020 ​ ​ 12/30/2020 ​ ​ 0.26 ​ ​ 0.26 ​ ​ — ​ ​ 0.26 Total cash dividend ​ ​ ​ ​ ​ ​ $0.61 ​ ​ $0.61 ​ ​ $— ​ ​ $0.61 (1) Dividend of approximately $0.26

ORGANIZATION (FY) (Details)

ORGANIZATION (FY) (Details) - Segment	5 Months Ended	9 Months Ended
	Dec. 31, 2020	Sep. 30, 2021
Organization [Abstract]
Number of operating segments	1	1
Minimum [Member]
Organization [Abstract]
Period to complete any process of liquidation, termination and dissolution	3 years
Maximum [Member]
Organization [Abstract]
Period to complete any process of liquidation, termination and dissolution	5 years

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES, Cash, Cash Equivalents and Restricted Cash (FY) (Details)	Dec. 31, 2020USD ($)
Cash, Cash Equivalents and Restricted Cash [Abstract]
Restricted cash	$ 0

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES, Debt Issuance Costs (FY) (Details)	Dec. 31, 2020USD ($)
Debt Issuance Costs [Abstract]
Debt issuance costs	$ 0

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES, Net Interest Margin and Interest Expense (FY) (Details)	5 Months Ended
	Dec. 31, 2020USD ($)
Net Interest Margin and Interest Expense [Abstract]
Interest expense	$ 0

SIGNIFICANT ACCOUNTING POLICI_8

SIGNIFICANT ACCOUNTING POLICIES, Earnings per Share (FY) (Details)	5 Months Ended
	Dec. 31, 2020shares
Earnings per Share [Abstract]
Dilutive instruments (in shares)	0

LOANS HELD FOR INVESTMENT AT _8

LOANS HELD FOR INVESTMENT AT FAIR VALUE (FY) (Details)	5 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)Loans		Sep. 30, 2021USD ($)Loans		Dec. 31, 2020USD ($)Loans		Jul. 30, 2020USD ($)
Loans held for Investment at Fair Value [Abstract]
Number of portfolio loans | Loans	4		3		4
Loans held at fair value, aggregate commitments	$ 59,900,000		$ 75,900,000		$ 59,900,000
Loans held for investment at outstanding principal	50,831,235	[1],[2],[3]	76,995,548	[2],[4]	$ 50,831,235	[1],[2],[3]	$ 46,080,605
Loans held at fair value, funded of outstanding principal	16,400,000		37,700,000
Loans held at fair value, repayment of outstanding principal	$ 12,000,000		$ 13,100,000
Loans held at fair value, floating interest rate	6.00%		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%				2.50%
Variable term	30 days		30 days
[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.
[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]	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.

LOANS HELD FOR INVESTMENT AT _9

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Summary of Loans Held at Fair Value (FY) (Details) - USD ($)		5 Months Ended		9 Months Ended		12 Months Ended
		Dec. 31, 2020		Sep. 30, 2021		Dec. 31, 2020		Jul. 30, 2020
Loans held as investment, Fair Value Amount [Abstract]
Loans held for investment at fair value		$ 48,558,051	[1],[2]	$ 76,293,824	[2]	$ 48,558,051	[1],[2]	$ 43,106,551
Loans held for investment at carrying value	[4]	46,994,711	[3],[5]	73,934,116	[6]	46,994,711	[3],[5]
Loans held for investment at outstanding principal		$ 50,831,235	[3],[4],[5]	$ 76,995,548	[4],[6]	$ 50,831,235	[3],[4],[5]	$ 46,080,605
Loans held at fair value, weighted average remaining life		3 years 3 months 18 days	[7]	2 years 6 months	[8]	3 years 3 months 18 days	[8]
Senior Term Loans [Member]
Loans held as investment, Fair Value Amount [Abstract]
Loans held for investment at fair value	[2]	$ 48,558,051	[1]	$ 76,293,824		$ 48,558,051	[1]
Loans held for investment at carrying value	[4]	46,994,711	[5]	73,934,116		46,994,711	[5]
Loans held for investment at outstanding principal	[4]	$ 50,831,235	[5]	$ 76,995,548		$ 50,831,235	[5]
Loans held at fair value, weighted average remaining life		3 years 3 months 18 days	[7]	2 years 6 months	[8]	3 years 3 months 18 days	[8]
[1]	Refer to Footnote 14
[2]	Refer to Note 14 to our unaudited consolidated financial statements.
[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
[4]	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.
[5]	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
[6]	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.
[7]	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2020
[8]	Weighted average remaining life is calculated based on the fair value of the loans as of September 30, 2021 and December 31, 2020.

LOANS HELD FOR INVESTMENT AT_10

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Changes in Loans Held at Fair Value (FY) (Details) - USD ($)		5 Months Ended		9 Months Ended
		Dec. 31, 2020		Sep. 30, 2021
Loans Receivable, Principal [Roll Forward]
Total loans held at fair value, beginning balance		$ 46,080,605		$ 50,831,235	[1],[2],[3]
Loans held at fair value, principal, realized gains / (losses) on loans at fair value, net		345,000
Loans held at fair value, principal, change in unrealized gains / (losses) on loans at fair value, net		0		0
Loans held at fair value, principal, new fundings		16,360,000		37,701,104
Loans held at fair value, principal, repayments		(5,000,000)		(12,000,000)
Loans held at fair value, principal, sale of loans		(7,345,000)
Loans held at fair value, principal, accretion of original issue discount		0		0
Loans held at fair value, principal, PIK Interest		390,630		1,556,868
Total loans held at fair value, ending balance	[2]	50,831,235	[1],[3]	76,995,548	[4]
Loans Held for Investment, Original Issue Cost [Roll Forward]
Loans held for at fair value, original issue discount, beginning balance		(2,974,054)		(3,836,524)
Loans held at fair value, original issue discount, realized gains / (losses) on loans at Fair value, net		0
Loans held at fair value, original issue discount, change in unrealized gains / (losses) on loans at Fair value, net		0		0
Loans held at fair value, original issue discount, new fundings		(1,595,199)		(1,130,623)
Loans held at fair value, original issue discount, repayments		0		0
Loans held at fair value, original issue discount, sale of loans		0
Loans held at fair value, original issue discount, accretion of original issue discount		732,729		1,905,715
Loans held at fair value, original issue discount, PIK Interest		0		0
Loans held for at fair value, original issue discount, ending balance		(3,836,524)		(3,061,432)
Loans Held for Investment, Fair Value [Roll Forward]
Loans held at fair value, beginning balance		43,106,551		48,558,051	[5],[6]
Loans held at fair value, change in realized gains / (losses) on loans at fair value, net		345,000
Loans held at fair value, change in unrealized gains / (losses) on loans at fair value, net		1,563,340		796,368
Loans held for at fair value, new fundings		14,764,801		36,570,481
Loans held for at fair value, loan repayments		(5,000,000)		(12,000,000)
Loans held at fair value, sale of loans		(7,345,000)
Loans held at fair value, Accretion of original issue discount		732,729		1,905,715
Loans held at fair value, PIK Interest		390,630		1,556,868
Loans held at fair value, ending balance	[6]	$ 48,558,051	[5]	$ 76,293,824
[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.
[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]	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.
[5]	Refer to Footnote 14
[6]	Refer to Note 14 to our unaudited consolidated financial statements.

LOANS HELD FOR INVESTMENT AT_11

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Loans Held at Fair Value Portfolio (FY) (Details) - USD ($)		5 Months Ended			9 Months Ended
		Jun. 08, 2021	Dec. 31, 2020		Sep. 30, 2021		Jul. 30, 2020
Loans Held at Fair Value Portfolio [Abstract]
Loans held for investment at fair value			$ 48,558,051	[1],[2]	$ 76,293,824	[2]	$ 43,106,551
Loans held for investment at carrying value	[4]		46,994,711	[3],[5]	73,934,116	[6]
Outstanding principal			$ 50,831,235	[3],[4],[5]	$ 76,995,548	[4],[6]	$ 46,080,605
Private Co. A [Member] | Multi State [Member]
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate			13.00%		13.00%
PIK interest rate			4.00%		3.40%
Private Co. A [Member] | Multi State [Member] | Cultivation Facilities, Dispensaries [Member]
Loans Held at Fair Value Portfolio [Abstract]
Loans held for investment at fair value			$ 31,510,387	[1]	$ 62,853,367	[2]
Loans held for investment at carrying value			30,913,524	[3]	60,857,429	[6]
Outstanding principal			$ 33,344,325	[3]	$ 63,391,847	[6]
Interest rate			17.00%	[7]	16.40%	[8]
Maturity date	[9]		May 8, 2024		May 8, 2024
Payment terms			P/I	[10]	P/I	[11]
Private Co. B [Member] | MI [Member]
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate			13.00%		13.00%
PIK interest rate			4.00%		4.00%
Private Co. B [Member] | MI [Member] | Cultivation Facilities [Member]
Loans Held at Fair Value Portfolio [Abstract]
Loans held for investment at fair value			$ 2,461,036	[1]	$ 10,535,737	[2]
Loans held for investment at carrying value			2,238,402	[3]	10,171,757	[6]
Outstanding principal			$ 2,522,846	[3]	$ 10,663,701	[6]
Interest rate			17.00%	[7]	17.00%	[12]
Maturity date	[9]		Sep. 1, 2023		Sep. 1, 2023
Payment terms			P/I	[10]	P/I	[11]
Public Co. A [Member] | NV [Member]
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate			8.00%		12.00%
PIK interest rate			2.50%		2.00%
Public Co. A [Member] | NV [Member] | Cultivation Facilities [Member]
Loans Held at Fair Value Portfolio [Abstract]
Loans held for investment at fair value			$ 2,870,910	[1]	$ 2,904,720	[2]
Loans held for investment at carrying value			2,909,656	[3]	2,904,930	[6]
Outstanding principal			$ 2,940,000	[3]	$ 2,940,000	[6]
Interest rate			10.50%	[13]	14.00%	[14]
Maturity date	[9]		Jun. 27, 2021		Jan. 26, 2023
Payment terms			I/O	[10]	I/O	[11]
Sub. Of Public Co. C [Member] | FL [Member]
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate			13.50%
PIK interest rate			3.00%
Aggregate loan commitment			$ 15,000,000
Initial funding			$ 3,000,000
Weighted average interest rate			18.00%
Sub. Of Public Co. C [Member] | FL [Member] | Subsequent Event [Member]
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate		19.00%
Advance amount		$ 9,000,000
Sub. Of Public Co. C [Member] | FL [Member] | Cultivation Facilities [Member]
Loans Held at Fair Value Portfolio [Abstract]
Loans held for investment at fair value	[1]		$ 11,715,718
Loans held for investment at carrying value	[3]		10,933,129
Outstanding principal	[3]		$ 12,024,064
Interest rate	[15]		18.00%
Maturity date	[9]		Feb. 18, 2025
Payment terms	[10]		P/I
[1]	Refer to Footnote 14
[2]	Refer to Note 14 to our unaudited consolidated financial statements.
[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
[4]	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.
[5]	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
[6]	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.
[7]	Base interest rate of 13% and PIK interest rate of 4%
[8]	Base interest rate of 13% and payment-in-kind (“PIK”) interest rate of 3.4%.
[9]	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.
[10]	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.
[11]	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.
[12]	Base interest rate of 13% and PIK interest rate of 4%.
[13]	Base interest rate of 8% plus LIBOR (LIBOR floor of 2.5%)
[14]	Base interest rate of 12% and PIK interest rate of 2%.
[15]	Loan to Subsidiary of Public Company C is a $15 million aggregate loan commitment with an initial funding of $3 million at a base interest rate of 13.5% and PIK interest rate of 3% and subsequent advances of $9 million at a base interest rate of 19%. The weighted average interest rate is 18.0% at December 31, 2020

LOANS HELD FOR INVESTMENT AT_12

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (FY) (Details)	5 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)Loan		Sep. 30, 2021USD ($)Loan		Dec. 31, 2020USD ($)Loan		Jul. 30, 2020USD ($)
Loans Held as Investment, Carrying Amount Disclosure [Abstract]
Number of loans held for investments in portfolio | Loan	3		12		3
Loans held for investments aggregate commitments	$ 44,000,000		$ 217,000,000		$ 44,000,000
Loans held at carrying value, outstanding principal	$ 33,907,763	[1],[2]	$ 164,361,340	[1],[3]	$ 33,907,763	[1],[2]	$ 0
Percentage of loans held at carrying value with floating interest rates	35.00%		68.00%		35.00%
LIBOR period	30 days		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%		1.00%
[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
[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.

LOANS HELD FOR INVESTMENT AT_13

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Summary of Loans Held at Carrying Value (FY) (Details) - USD ($)		5 Months Ended		9 Months Ended		12 Months Ended
		Dec. 31, 2020		Sep. 30, 2021		Dec. 31, 2020		Jul. 30, 2020
Loans held as investment, Carrying Amount [Abstract]
Loans held at carrying value, outstanding principal		$ 33,907,763	[1],[2]	$ 164,361,340	[1],[3]	$ 33,907,763	[1],[2]	$ 0
Loans held at carrying value, original issue discount		(2,070,732)		(11,199,559)		(2,070,732)		0
Loans held at carrying value		$ 31,837,031	[1],[2],[4]	$ 153,161,781	[1],[3]	$ 31,837,031	[1],[2],[4]	$ 0
Loans held at carrying value, weighted average remaining life		4 years 8 months 12 days	[5]	4 years	[6]	4 years 8 months 12 days	[6]
Senior Term Loans [Member]
Loans held as investment, Carrying Amount [Abstract]
Loans held at carrying value, outstanding principal	[1]	$ 33,907,763		$ 164,361,340		$ 33,907,763
Loans held at carrying value, original issue discount		(2,070,732)		(11,199,559)		(2,070,732)
Loans held at carrying value	[1]	$ 31,837,031	[4]	$ 153,161,781		$ 31,837,031	[4]
Loans held at carrying value, weighted average remaining life		4 years 8 months 12 days	[5]	4 years	[6]	4 years 8 months 12 days	[6]
[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
[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]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[5]	Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2020
[6]	Weighted average remaining life is calculated based on the carrying value of the loans as of September 30, 2021 and December 31, 2020.

LOANS HELD FOR INVESTMENT AT_14

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Changes in Loans Held at Carrying Value (FY) (Details) - USD ($)		5 Months Ended		9 Months Ended
		Dec. 31, 2020		Sep. 30, 2021
Principal [Abstract]
Total loans held at carrying value, principal, beginning balance		$ 0		$ 33,907,763	[1],[2]
Total loans held at carrying value, principal, new fundings		33,875,985		139,222,598
Total loans held at carrying value, principal, PIK interest		31,778		1,230,979
Total loans held at carrying value, principal, ending balance	[1]	33,907,763	[2]	164,361,340	[3]
Original Issue Discount [Abstract]
Total loans held at carrying value, original issue discount, beginning balance		0		(2,070,732)
Total loans held at carrying value, original issue discount, new fundings		(2,120,969)		(11,261,001)
Total loans held at carrying value, original Issue discount, accretion of original issue discount		50,237		2,132,174
Total loans held at carrying value, original issue discount, ending balance		(2,070,732)		(11,199,559)
Carrying Value [Abstract]
Total loans held at carrying value, beginning balance		0		31,837,031	[1],[2],[4]
Total loans held at carrying value, new fundings		31,755,016		127,961,597
Total loans held at carrying value, accretion of original issue discount		50,237		2,132,174
Total loans held at carrying value, PIK Interest		31,778		1,230,979
Total loans held at carrying value, ending balance	[1]	$ 31,837,031	[2],[4]	$ 153,161,781	[3]
[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
[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]	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_15

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Loans Held at Carrying Value portfolio (FY) (Details) - USD ($)		5 Months Ended		9 Months Ended
		Dec. 31, 2020		Sep. 30, 2021		Jul. 30, 2020
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal		$ 33,907,763	[1],[2]	$ 164,361,340	[1],[3]	$ 0
Original issue discount		(2,070,732)		(11,199,559)		0
Loans held for investment at carrying value		$ 31,837,031	[1],[2],[4]	$ 153,161,781	[1],[3]	$ 0
Private Co. C [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		12.00%		12.00%
Private Co. C [Member] | LIBOR Floor Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		1.00%		1.00%
Private Co. C [Member] | PIK Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		4.00%		4.00%
Private Co. C [Member] | PA [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[2]	$ 11,907,763
Original issue discount		(851,148)
Loans held for investment at carrying value	[2]	$ 11,056,615
Interest rate	[5]	17.00%
Maturity date	[6]	Dec. 1, 2025
Payment Terms	[7]	P/I
Private Co. D [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		13.00%		13.00%
Private Co. D [Member] | PIK Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		2.00%		2.00%
Private Co. D [Member] | Multi State [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[2]	$ 12,000,000
Original issue discount		(1,035,911)
Loans held for investment at carrying value	[2]	$ 10,964,089
Interest rate	[8]	15.00%
Maturity date	[6]	Jan. 1, 2026
Payment Terms	[7]	P/I
Sub. of Public Co. D [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		12.90%		12.90%
Sub. of Public Co. D [Member] | PA [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[2]	$ 10,000,000
Original issue discount		(183,673)
Loans held for investment at carrying value	[2]	$ 9,816,327
Interest rate	[9]	12.90%
Maturity date	[6]	Dec. 18, 2024
Payment Terms	[7]	I/O
[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
[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]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[5]	Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4%
[6]	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.
[7]	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.
[8]	Base interest rate of 13% and PIK interest rate of 2%
[9]	Base interest rate of 12.9%

LOAN RECEIVABLE AT CARRYING V_5

LOAN RECEIVABLE AT CARRYING VALUE (FY) (Details)	5 Months Ended	9 Months Ended
	Dec. 31, 2020USD ($)Loan	Sep. 30, 2021USD ($)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	3,700,718	3,352,176
Principal repayment of loans at principal	(348,542)	(574,735)
Total loans receivable at principal, end of period	3,352,176	2,777,441
Loans Receivable, Original Issue Discount [Roll Forward]
Total loans receivable at original issue discount, beginning of period	(4,428)	(3,913)
Accretion of original issue discount at original issue discount	515	927
Total loans receivable at original issue discount, end of period	(3,913)	(2,986)
Loans Receivable, Carrying Value [Roll Forward]
Total loans receivable at carrying value, beginning of period	3,696,290	3,348,263
Principal repayment of loans at carrying value	(348,542)	(574,735)
Accretion of original issue discount at carrying value	515	927
Total loans receivable at carrying value, end of period	$ 3,348,263	$ 2,774,455

CURRENT EXPECTED CREDIT LOSSE_5

CURRENT EXPECTED CREDIT LOSSES (FY) (Details) - USD ($)		3 Months Ended		5 Months Ended		9 Months Ended
		Sep. 30, 2021		Dec. 31, 2020		Sep. 30, 2021
Current Expected Credit Loss [Abstract]
Allowance for credit losses		$ 1,145,629		$ 404,860		$ 1,145,629
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments
Beginning balance						404,860
Ending balance		1,145,629		404,860		1,145,629
CECL Reserve [Member]
Current Expected Credit Loss [Abstract]
Allowance for credit losses		$ 1,837,895		$ 465,397		$ 1,837,895
Loans receivable variable spread rate		1.18%		1.32%		1.18%
Loans receivable at carrying value, commitment balance		$ 155,936,236		$ 35,185,294		$ 155,936,236
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments
Beginning balance		1,177,283				465,397
Provision for current expected credit losses		660,612				1,372,498
Write-offs		0				0
Recoveries		0				0
Ending balance		1,837,895		465,397		1,837,895
Funded Loan Commitment [Member] | CECL Reserve [Member]
Current Expected Credit Loss [Abstract]
Allowance for credit losses	[1]	1,145,629		404,860	[2]	1,145,629
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments
Beginning balance		701,143	[1]	0		404,860	[1],[2]
Provision for current expected credit losses		444,486	[1]	404,860		740,769	[1]
Write-offs		0	[1]	0		0	[1]
Recoveries		0	[1]	0		0	[1]
Ending balance	[1]	1,145,629		404,860	[2]	1,145,629
Unfunded Loan Commitment [Member] | CECL Reserve [Member]
Current Expected Credit Loss [Abstract]
Allowance for credit losses	[3]	692,266		60,537	[4]	692,266
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments
Beginning balance		476,140	[3]	0		60,537	[3],[4]
Provision for current expected credit losses		216,126	[3]	60,537		631,729	[3]
Write-offs		0	[3]	0		0	[3]
Recoveries		0	[3]	0		0	[3]
Ending balance	[3]	$ 692,266		$ 60,537	[4]	$ 692,266
[1]	As of September 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 consolidated balance sheets.
[2]	As of 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 sheet.
[3]	As of September 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 consolidated balance sheets.
[4]	As of 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 consolidated balance sheets.

CURRENT EXPECTED CREDIT LOSSES,

CURRENT EXPECTED CREDIT LOSSES, Risk Rating by Year of Origination (FY) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Risk Rating by Year of Origination [Abstract]
2020	$ 113,407,305	$ 35,185,294
Total	155,936,236	35,185,294
Very Low Risk [Member]
Risk Rating by Year of Origination [Abstract]
2020	0	0
Total	0	0
Low Risk [Member]
Risk Rating by Year of Origination [Abstract]
2020	14,532,857	9,816,327
Total	14,532,857	9,816,327
Medium Risk [Member]
Risk Rating by Year of Origination [Abstract]
2020	88,990,322	22,020,704
Total	131,519,253	22,020,704
High Risk/ Potential for Loss [Member]
Risk Rating by Year of Origination [Abstract]
2020	9,884,126	3,348,263
Total	9,884,126	3,348,263
Impaired/Loss Likely [Member]
Risk Rating by Year of Origination [Abstract]
2020	0	0
Total	$ 0	$ 0

INTEREST RECEIVABLE (FY) (Detai

INTEREST RECEIVABLE (FY) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
INTEREST RECEIVABLE [Abstract]
Interest receivable	$ 1,838,494	$ 675,795
PIK receivable	522,933	177,183
Unused fees		74,314
Total interest receivable	$ 2,434,719	$ 927,292

INTEREST RESERVE (FY) (Details)

INTEREST RESERVE (FY) (Details)	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)
INTEREST RESERVE [Abstract]
Number of loans included in loan funded interest reserve | Loan			8	1
Changes in Interest Reserve [Abstract]
Initial reserves				$ 0
New reserves	$ 4,525,468	$ 1,400,000	$ 9,450,468	1,400,000
Reserves disbursed	(1,819,036)	0	(2,521,923)	(74,250)
Total Interest reserve	$ 8,254,295	$ 1,400,000	$ 8,254,295	$ 1,325,750	$ 5,547,863	$ 0

DEBT (FY) (Details)

DEBT (FY) (Details) - USD ($)	May 06, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021	Jul. 31, 2021
Line of Credit Facility [Abstract]
Interest expense			$ 0
Revolving Loan [Member] | Secured Debt [Member]
Line of Credit Facility [Abstract]
Loan commitment	$ 40,000,000		$ 40,000,000		$ 50,000,000
Interest rate	8.00%		8.00%
Maturity date	Jul. 31, 2021		Jul. 31, 2021
Interest expense		$ 0	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES (FY) (Details) - USD ($)	Nov. 04, 2021	Sep. 30, 2021	Feb. 23, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
Total original loan commitments		$ 296,946,250		$ 107,292,176
Less: drawn commitments		(243,038,584)		(87,467,057)
Total undrawn commitments		$ 53,907,666		19,825,119
Non-binding Term Sheets [Abstract]
Executed non-binding term sheets amount				38,500,000
Syndication Amount Included in Non-binding Term Sheets				$ 22,000,000
Subsequent Event [Member]
COMMITMENTS AND CONTINGENCIES [Abstract]
Total original loan commitments	$ 50,000,000
Non-binding Term Sheets [Abstract]
Executed non-binding term sheets amount			$ 49,500,000
Term sheet amount of credit facility syndicated to affiliate of borrower			$ 46,200,000

STOCKHOLDERS' EQUITY, Series A

STOCKHOLDERS' EQUITY, Series A Preferred Stock (FY) (Details)	5 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares	Sep. 30, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 18, 2020Investorshares
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares) | shares	10,000	10,000	10,000
Preferred stock, shares issued (in shares) | shares	125	125	125
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01	$ 0.01
Preferred stock net proceeds | $	$ 101,059
Preferred stock, shares outstanding (in shares) | shares	125	125	125
Series A Preferred Stock [Member]
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares) | shares	10,000	10,000	10,000
Preferred stock, shares issued (in shares) | shares	125	125	125	125
Number of investors | Investor				125
Preferred stock, dividend rate	12.00%	12.00%	12.00%
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.01		$ 0.01
Gross proceeds from issuance of preferred stock | $	$ 125,000
Preferred stock net proceeds | $	$ 101,059
Preferred stock, liquidation preference (in dollars per share) | $ / shares	$ 1,000	$ 1,000	1,000
Preferred stock, redemption price (in dollars per share) | $ / shares	$ 1,000	$ 1,000	$ 1,000
Preferred stock, redemption amount | $	$ 125,000	$ 125,000	$ 125,000
Preferred stock, shares outstanding (in shares) | shares	125	125	125
Preferred stock, redemption premium (in dollars per share) | $ / shares	$ 50	$ 50	$ 50
Series A Preferred Stock [Member] | Private Offerings [Member]
Preferred Stock [Abstract]
Sale of shares, price per share (in dollars per share) | $ / shares	$ 1,000		$ 1,000

STOCKHOLDERS' EQUITY, Common St

STOCKHOLDERS' EQUITY, Common Stock (FY) (Details) - Common Stock [Member]	Jan. 25, 2021	Dec. 31, 2020shares
Common Stock [Abstract]
Stock split	7
Private Offerings [Member]
Common Stock [Abstract]
Shares issues (in shares)		6,179,392
Subsequent Event [Member]
Common Stock [Abstract]
Stock split	0.143

STOCKHOLDERS' EQUITY, Equity In

STOCKHOLDERS' EQUITY, Equity Incentive Plan (FY) (Details) - shares	5 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020	Jun. 30, 2021	Sep. 30, 2020	Jul. 30, 2020
Option activity of directors and officers and employees [Abstract]
Non-vested (in shares)	142,814	183,114	142,814
Vested (in shares)	800,618	1,449,518	800,618
Forfeited (in shares)	(16,534)	(28,396)	(16,534)
Balance (in shares)	926,898	1,604,236	926,898	1,613,098	806,456	0
2020 Plan [Member]
Equity Incentive Plan [Abstract]
Authorized (in shares)	926,898	1,632,632	926,898
Share limit (in shares)	2,100,000		2,100,000
Options granted expiration period			10 years

EARNINGS PER SHARE (FY) (Detail

EARNINGS PER SHARE (FY) (Details) - USD ($)	2 Months Ended		3 Months Ended			5 Months Ended	9 Months Ended
	Sep. 30, 2020		Sep. 30, 2021	Dec. 31, 2020		Dec. 31, 2020	Sep. 30, 2021
Earnings Per Share Reconciliation [Abstract]
Net income / (loss) attributable to common stockholders	$ 2,106,250		$ 7,930,680	$ 2,207,382		$ 4,313,632	$ 13,959,222
Divided by: [Abstract]
Basic weighted average shares of common stock outstanding (in shares)	5,376,411		16,402,984	5,908,822		5,694,475	12,368,977
Basic weighted average earnings per common share (in dollars per share)	$ 0.39	[1]	$ 0.48	$ 0.37	[1]	$ 0.76	$ 1.13
[1]	The sum of per share amounts for the period from July 31, 2020 to September 30, 2020 and the quarter ended December 31, 2020 may differ from the annual per share amounts due to the required method of computing weighted-average number of common shares outstanding in the respective periods and share offerings that occurred during the year.

INCOME TAX (FY) (Details)

INCOME TAX (FY) (Details) - USD ($)	2 Months Ended	3 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Provision for income taxes	$ 0	$ 0	$ 0	$ 0
United stated federal excise tax expense		$ 0	$ 0	$ 0
Exercise tax as a percentage of undistributed ordinary income and net capital gains		4.00%	4.00%	4.00%
Unrecognized tax benefits		$ 0	$ 0	$ 0

FAIR VALUE, Significant Unobser

FAIR VALUE, Significant Unobservable Inputs (FY) (Details) - Level 3 [Member]	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value [Abstract]
Investments	$ 76,293,824	$ 48,558,051
Senior Term Loans [Member]
Fair Value [Abstract]
Investments	$ 76,293,824	$ 48,558,051
Senior Term Loans [Member] | Yield Analysis [Member] | Market Yield [Member] | Maximum [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.2068	0.2075
Senior Term Loans [Member] | Yield Analysis [Member] | Market Yield [Member] | Minimum [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.1762	0.1579
Senior Term Loans [Member] | Yield Analysis [Member] | Market Yield [Member] | Weighted Average [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.1782	0.2020

FAIR VALUE, Fair Value Measurem

FAIR VALUE, Fair Value Measurements of Loans Held at Fair Value (FY) (Details) - USD ($)	Sep. 30, 2021		Dec. 31, 2020		Jul. 30, 2020
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held for investment at fair value	$ 76,293,824	[1]	$ 48,558,051	[1],[2]	$ 43,106,551
Total	76,293,824		48,558,051
Level 1 [Member]
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held for investment at fair value	0		0
Total	0		0
Level 2 [Member]
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held for investment at fair value	0		0
Total	0		0
Level 3 [Member]
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held for investment at fair value	76,293,824		48,558,051		$ 43,106,551
Total	$ 76,293,824		$ 48,558,051
[1]	Refer to Note 14 to our unaudited consolidated financial statements.
[2]	Refer to Footnote 14

FAIR VALUE, Changes in Loans Us

FAIR VALUE, Changes in Loans Using Level 3 Inputs (FY) (Details) - USD ($)		5 Months Ended		9 Months Ended
		Dec. 31, 2020		Sep. 30, 2021
Changes in Loans Using Level 3 Inputs [Abstract]
Loans held at fair value, beginning balance		$ 43,106,551		$ 48,558,051	[1],[2]
Realized gains / (losses) on loans at fair value, net		345,000
Change in unrealized gains / (losses) on loans at fair value, net		1,563,340		796,368
Additional funding		16,360,000		37,701,104
Original issue discount and other discounts, net of costs		(1,595,199)		(1,130,623)
Repayments		(5,000,000)		(12,000,000)
Sale of Loans		(7,345,000)
Accretion of original issue discount		732,729		1,905,715
PIK interest		390,630		1,556,868
Loans held at fair value, ending balance	[2]	48,558,051	[1]	76,293,824
Level 3 [Member]
Changes in Loans Using Level 3 Inputs [Abstract]
Loans held at fair value, beginning balance		43,106,551		48,558,051
Realized gains / (losses) on loans at fair value, net		345,000
Change in unrealized gains / (losses) on loans at fair value, net		1,563,340		796,368
Additional funding		16,360,000		37,701,104
Original issue discount and other discounts, net of costs		(1,595,199)		1,130,623
Repayments		(5,000,000)		(12,000,000)
Sale of Loans		(7,345,000)
Accretion of original issue discount		732,729		1,905,715
PIK interest		390,630		1,556,868
Loans held at fair value, ending balance		$ 48,558,051		$ 76,293,824
[1]	Refer to Footnote 14
[2]	Refer to Note 14 to our unaudited consolidated financial statements.

RELATED PARTY TRANSACTIONS, Man

RELATED PARTY TRANSACTIONS, Management Agreement (FY) (Details) - USD ($)	2 Months Ended	3 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Affiliate Payments [Abstract]
Management fees	$ 226,234	$ 1,030,718	$ 623,361	$ 2,301,924
Less other fees earned and paid to the Manager	(84,167)	(256,989)	(259,167)	(677,439)
General and administrative expenses reimbursed to Manager	165,434	625,711	671,605	1,415,217
Total	$ 307,501	$ 3,168,647	$ 1,035,799	$ 6,913,686
Managers [Member]
Management Agreement [Abstract]
Percentage of base management fees		0.375%	0.4375%	0.375%
Frequency of management fees payment			quarterly	quarterly
Incentive compensation, waived			$ 479,166
Payable to Related Parties [Abstract]
Management fees			222,127
Less other fees earned and paid to the Manager			0
General and administrative expenses reimbursed to Manager			506,171
Total			$ 728,298

RELATED PARTY TRANSACTIONS, Inv

RELATED PARTY TRANSACTIONS, Investments in Loans (FY) (Details) - USD ($)	3 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Investments in Loans [Abstract]
Amount of co-investments held		$ 0
Sale of assigned rights	$ 0	$ 1,600,000	$ 2,300,000

RELATED PARTY TRANSACTIONS, Loa

RELATED PARTY TRANSACTIONS, Loans Acquired From Affiliate (FY) (Details) - USD ($)	2 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Sep. 30, 2021
Loans Acquired from Affiliate [Abstract]
Acquired loans at fair value for issuance of stock	$ 46,802,840	$ 46,802,841	$ 0
Issuance of common stock (in shares)		3,342,500

DIVIDENDS AND DISTRIBUTIONS (_4

DIVIDENDS AND DISTRIBUTIONS (FY) (Details) - $ / shares		3 Months Ended			5 Months Ended	9 Months Ended
		Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Dividends Declared and Paid [Abstract]
Common share distribution amount (in dollars per share)		$ 0.43			$ 0.61	$ 1.17
Taxable ordinary income (in dollars per share)					0.61	1.17
Return of capital (in dollars per share)					0	0
Section 199A dividends (in dollars per share)					$ 0.61	$ 1.17
Regular Cash Dividend [Member]
Dividends Declared and Paid [Abstract]
Record date		Sep. 30, 2021	Jun. 15, 2021	Mar. 15, 2021	Dec. 23, 2020
Payment date		Oct. 15, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 30, 2020
Common share distribution amount (in dollars per share)		$ 0.43	$ 0.38	$ 0.36	$ 0.35
Taxable ordinary income (in dollars per share)		0.43	0.38	0.36	0.35
Return of capital (in dollars per share)		0	0	0	0
Section 199A dividends (in dollars per share)		$ 0.43	$ 0.38	$ 0.36	$ 0.35
Special Cash Dividend [Member]
Dividends Declared and Paid [Abstract]
Record date					Dec. 23, 2020
Payment date					Dec. 30, 2020
Common share distribution amount (in dollars per share)	[1]				$ 0.26
Taxable ordinary income (in dollars per share)	[1]				0.26
Return of capital (in dollars per share)					0
Section 199A dividends (in dollars per share)	[1]				$ 0.26
[1]	Dividend of approximately $0.26

QUARTERLY FINANCIAL DATA (UNA_3

QUARTERLY FINANCIAL DATA (UNAUDITED) (FY) (Details) - USD ($)	2 Months Ended		3 Months Ended			5 Months Ended	9 Months Ended
	Sep. 30, 2020		Sep. 30, 2021	Dec. 31, 2020		Dec. 31, 2020	Sep. 30, 2021
QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract]
Total revenue	$ 1,594,769		$ 10,616,538	$ 3,655,339		$ 5,250,108	$ 24,050,062
Total expenses	1,052,319		3,849,175	1,327,100		2,379,419	9,914,710
Provision for current expected credit losses	0		(660,612)	(465,397)		(465,397)	(1,372,498)
Realized gains / (losses) on loans at fair value, net	0		400,000	345,000		345,000	400,000
Change in unrealized gains / (losses) on loans at fair value, net	1,563,800		1,423,929	(460)		1,563,340	796,368
Net income / (loss)	$ 2,106,250		$ 7,930,680	$ 2,207,382		$ 4,313,632	$ 13,959,222
Basic earnings per common share (in dollars per share)	$ 0.39	[1]	$ 0.48	$ 0.37	[1]	$ 0.76	$ 1.13
Basic weighted average shares of common stock outstanding (in shares)	5,376,411		16,402,984	5,908,822		5,694,475	12,368,977
[1]	The sum of per share amounts for the period from July 31, 2020 to September 30, 2020 and the quarter ended December 31, 2020 may differ from the annual per share amounts due to the required method of computing weighted-average number of common shares outstanding in the respective periods and share offerings that occurred during the year.

SUBSEQUENT EVENTS (FY) (Details

SUBSEQUENT EVENTS (FY) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Subsequent Event [Abstract]
Aggregate amount of common shares		$ 61,794	$ 163,866
Public Co. A [Member] | Real Estate Loan [Member]
Subsequent Event [Abstract]
Maturity date		Jun. 27, 2021
Subsequent Event [Member] | Public Co. A [Member] | Real Estate Loan [Member]
Subsequent Event [Abstract]
Maturity date	Dec. 21, 2021
Interest rate	14.00%
Percentage of monthly interest rate	12.00%
Percentage of interest rate at maturity	2.00%
Exit fee	$ 1,000,000
Percentage of modification fee	3.00%
Aggregate amount of common shares	$ 1,200,000
Subsequent Event [Member] | Public Co. A [Member] | Equipment Loan [Member]
Subsequent Event [Abstract]
Exit fee	$ 500,000
Percentage of modification fee	6.00%
Period for reduction in monthly payments	3 months
Additional fee	$ 500,000
Subsequent Event [Member] | Public Co. A [Member] | Equipment Loan [Member] | Non-Brokered Convertible Debenture [Member]
Subsequent Event [Abstract]
Current amount borrowed under debenture agreement	10,100,000
Subsequent Event [Member] | Public Co. A [Member] | Equipment Loan [Member] | Non-Brokered Convertible Debenture [Member] | Maximum [Member]
Subsequent Event [Abstract]
Debenture agreement maximum borrowing capacity	$ 25,000,000

ORGANIZATION (Q3) (Details)

ORGANIZATION (Q3) (Details) - Segment	5 Months Ended	9 Months Ended
	Dec. 31, 2020	Sep. 30, 2021
ORGANIZATION [Abstract]
Number of operating segments	1	1

LOANS HELD FOR INVESTMENT AT_16

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Summary of Portfolio (Q3) (Details)	5 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)Loans		Sep. 30, 2021USD ($)Loans		Dec. 31, 2020USD ($)Loans		Jul. 30, 2020USD ($)
Loans held for Investment at Fair Value [Abstract]
Number of portfolio loans | Loans	4		3		4
Loans held at fair value, aggregate commitments	$ 59,900,000		$ 75,900,000		$ 59,900,000
Loans held for investment at outstanding principal	50,831,235	[1],[2],[3]	76,995,548	[2],[4]	$ 50,831,235	[1],[2],[3]	$ 46,080,605
Loans held at fair value, funded of outstanding principal	16,400,000		37,700,000
Loans held at fair value, repayments	$ 12,000,000		$ 13,100,000
Loans held at fair value, floating interest rate	6.00%		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%				2.50%
Variable term	30 days		30 days
[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.
[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]	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.

LOANS HELD FOR INVESTMENT AT_17

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Summary of Loans Held at Fair Value (Q3) (Details) - USD ($)		5 Months Ended		9 Months Ended		12 Months Ended
		Dec. 31, 2020		Sep. 30, 2021		Dec. 31, 2020		Jul. 30, 2020
Loans held as investment, Fair Value Amount [Abstract]
Loans held for investment at fair value		$ 48,558,051	[1],[2]	$ 76,293,824	[2]	$ 48,558,051	[1],[2]	$ 43,106,551
Loans held for investment at carrying value	[4]	46,994,711	[3],[5]	73,934,116	[6]	46,994,711	[3],[5]
Loans held for investment at outstanding principal		$ 50,831,235	[3],[4],[5]	$ 76,995,548	[4],[6]	$ 50,831,235	[3],[4],[5]	$ 46,080,605
Loans held at fair value, weighted average remaining life		3 years 3 months 18 days	[7]	2 years 6 months	[8]	3 years 3 months 18 days	[8]
Senior Term Loans [Member]
Loans held as investment, Fair Value Amount [Abstract]
Loans held for investment at fair value	[2]	$ 48,558,051	[1]	$ 76,293,824		$ 48,558,051	[1]
Loans held for investment at carrying value	[4]	46,994,711	[5]	73,934,116		46,994,711	[5]
Loans held for investment at outstanding principal	[4]	$ 50,831,235	[5]	$ 76,995,548		$ 50,831,235	[5]
Loans held at fair value, weighted average remaining life		3 years 3 months 18 days	[7]	2 years 6 months	[8]	3 years 3 months 18 days	[8]
[1]	Refer to Footnote 14
[2]	Refer to Note 14 to our unaudited consolidated financial statements.
[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
[4]	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.
[5]	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
[6]	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.
[7]	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2020
[8]	Weighted average remaining life is calculated based on the fair value of the loans as of September 30, 2021 and December 31, 2020.

LOANS HELD FOR INVESTMENT AT_18

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Changes in Loans Held at Fair Value (Q3) (Details) - USD ($)		5 Months Ended		9 Months Ended
		Dec. 31, 2020		Sep. 30, 2021
Loans Receivable, Principal [Roll Forward]
Total loans held at fair value, beginning balance		$ 46,080,605		$ 50,831,235	[1],[2],[3]
Loans held at fair value, principal, change in unrealized gains / (losses) on loans at fair value, net		0		0
Loans held at fair value, principal, new fundings		16,360,000		37,701,104
Loans held at fair value, principal, loan repayments		(5,000,000)		(12,000,000)
Loans held at fair value, loan amortization payments				(1,093,659)
Loans held at fair value, principal, accretion of original issue discount		0		0
Loans held at fair value, principal, PIK interest		390,630		1,556,868
Total loans held at fair value, ending balance	[2]	50,831,235	[1],[3]	76,995,548	[4]
Loans Held for Investment, Original Issue Cost [Roll Forward]
Loans held for at fair value, original issue discount, beginning balance		(2,974,054)		(3,836,524)
Loans held at fair value, original issue discount, change in unrealized gains / (losses) on loans at Fair value, net		0		0
Loans held at fair value, original issue discount, new fundings		(1,595,199)		(1,130,623)
Loans held at fair value, original issue discount, loan repayments		0		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		732,729		1,905,715
Loans held at fair value, original issue discount, PIK interest		0		0
Loans held for at fair value, original issue discount, ending balance		(3,836,524)		(3,061,432)
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				796,368
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		1,563,340		2,359,708
Loans Held for Investment, Fair Value [Roll Forward]
Loans held at fair value, beginning balance		43,106,551		48,558,051	[5],[6]
Loans held at fair value, change in unrealized gains / (losses) on loans at fair value, net		1,563,340		796,368
Loans held for at fair value, new fundings		14,764,801		36,570,481
Loans held for at fair value, loan repayments		(5,000,000)		(12,000,000)
Loans held for at fair value, loan amortization payments				(1,093,659)
Loans held at fair value, Accretion of original issue discount		732,729		1,905,715
PIK interest		390,630		1,556,868
Loans held at fair value, ending balance	[6]	$ 48,558,051	[5]	$ 76,293,824
[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.
[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]	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.
[5]	Refer to Footnote 14
[6]	Refer to Note 14 to our unaudited consolidated financial statements.

LOANS HELD FOR INVESTMENT AT_19

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Loans Held at Fair Value Portfolio (Q3) (Details) - USD ($)		5 Months Ended		9 Months Ended
		Dec. 31, 2020		Sep. 30, 2021		Jul. 30, 2020
Loans Held at Fair Value Portfolio [Abstract]
Loans held for investment at fair value		$ 48,558,051	[1],[2]	$ 76,293,824	[2]	$ 43,106,551
Loans held for investment at carrying value	[4]	46,994,711	[3],[5]	73,934,116	[6]
Outstanding principal		$ 50,831,235	[3],[4],[5]	$ 76,995,548	[4],[6]	$ 46,080,605
Private Co. A [Member] | Multi State [Member]
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate		13.00%		13.00%
PIK interest rate		4.00%		3.40%
Private Co. A [Member] | Multi State [Member] | Cultivation Facilities, Dispensaries [Member]
Loans Held at Fair Value Portfolio [Abstract]
Loans held for investment at fair value		$ 31,510,387	[1]	$ 62,853,367	[2]
Loans held for investment at carrying value		30,913,524	[3]	60,857,429	[6]
Outstanding principal		$ 33,344,325	[3]	$ 63,391,847	[6]
Interest rate		17.00%	[7]	16.40%	[8]
Maturity date	[9]	May 8, 2024		May 8, 2024
Payment terms		P/I	[10]	P/I	[11]
Private Co. B [Member] | MI [Member]
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate		13.00%		13.00%
PIK interest rate		4.00%		4.00%
Private Co. B [Member] | MI [Member] | Cultivation Facilities [Member]
Loans Held at Fair Value Portfolio [Abstract]
Loans held for investment at fair value		$ 2,461,036	[1]	$ 10,535,737	[2]
Loans held for investment at carrying value		2,238,402	[3]	10,171,757	[6]
Outstanding principal		$ 2,522,846	[3]	$ 10,663,701	[6]
Interest rate		17.00%	[7]	17.00%	[12]
Maturity date	[9]	Sep. 1, 2023		Sep. 1, 2023
Payment terms		P/I	[10]	P/I	[11]
Public Co. A [Member] | NV [Member]
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate		8.00%		12.00%
PIK interest rate		2.50%		2.00%
Public Co. A [Member] | NV [Member] | Cultivation Facilities [Member]
Loans Held at Fair Value Portfolio [Abstract]
Loans held for investment at fair value		$ 2,870,910	[1]	$ 2,904,720	[2]
Loans held for investment at carrying value		2,909,656	[3]	2,904,930	[6]
Outstanding principal		$ 2,940,000	[3]	$ 2,940,000	[6]
Interest rate		10.50%	[13]	14.00%	[14]
Maturity date	[9]	Jun. 27, 2021		Jan. 26, 2023
Payment terms		I/O	[10]	I/O	[11]
[1]	Refer to Footnote 14
[2]	Refer to Note 14 to our unaudited consolidated financial statements.
[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
[4]	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.
[5]	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
[6]	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.
[7]	Base interest rate of 13% and PIK interest rate of 4%
[8]	Base interest rate of 13% and payment-in-kind (“PIK”) interest rate of 3.4%.
[9]	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.
[10]	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.
[11]	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.
[12]	Base interest rate of 13% and PIK interest rate of 4%.
[13]	Base interest rate of 8% plus LIBOR (LIBOR floor of 2.5%)
[14]	Base interest rate of 12% and PIK interest rate of 2%.

LOANS HELD FOR INVESTMENT AT_20

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Summary of Portfolio (Q3) (Details)	5 Months Ended		9 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)Loan		Sep. 30, 2021USD ($)Loan		Dec. 31, 2020USD ($)Loan		Jul. 30, 2020USD ($)
Loans Held as Investment, Carrying Amount Disclosure [Abstract]
Number of loans held for investments in portfolio | Loan	3		12		3
Loans held for investments aggregate commitments	$ 44,000,000		$ 217,000,000		$ 44,000,000
Loans held at carrying value, outstanding principal	$ 33,907,763	[1],[2]	164,361,340	[1],[3]	$ 33,907,763	[1],[2]	$ 0
Loans held at carrying value, outstanding principal fundings			$ 139,200,000
Percentage of loans held at carrying value with floating interest rates	35.00%		68.00%		35.00%
LIBOR period	30 days		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%		1.00%
[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
[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.

LOANS HELD FOR INVESTMENT AT_21

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Summary of Loans Held at Carrying Value (Q3) (Details) - USD ($)		5 Months Ended		9 Months Ended		12 Months Ended
		Dec. 31, 2020		Sep. 30, 2021		Dec. 31, 2020		Jul. 30, 2020
Loans held as investment, Carrying Amount [Abstract]
Loans held at carrying value, outstanding principal		$ 33,907,763	[1],[2]	$ 164,361,340	[1],[3]	$ 33,907,763	[1],[2]	$ 0
Loans held at carrying value, original issue discount		(2,070,732)		(11,199,559)		(2,070,732)		0
Loans held at carrying value		$ 31,837,031	[1],[2],[4]	$ 153,161,781	[1],[3]	$ 31,837,031	[1],[2],[4]	$ 0
Loans held at carrying value, weighted average remaining life		4 years 8 months 12 days	[5]	4 years	[6]	4 years 8 months 12 days	[6]
Senior Term Loans [Member]
Loans held as investment, Carrying Amount [Abstract]
Loans held at carrying value, outstanding principal	[1]	$ 33,907,763		$ 164,361,340		$ 33,907,763
Loans held at carrying value, original issue discount		(2,070,732)		(11,199,559)		(2,070,732)
Loans held at carrying value	[1]	$ 31,837,031	[4]	$ 153,161,781		$ 31,837,031	[4]
Loans held at carrying value, weighted average remaining life		4 years 8 months 12 days	[5]	4 years	[6]	4 years 8 months 12 days	[6]
[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
[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]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[5]	Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2020
[6]	Weighted average remaining life is calculated based on the carrying value of the loans as of September 30, 2021 and December 31, 2020.

LOANS HELD FOR INVESTMENT AT_22

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Changes in Loans Held at Carrying Value (Q3) (Details) - USD ($)		5 Months Ended		9 Months Ended
		Dec. 31, 2020		Sep. 30, 2021
Principal [Abstract]
Total loans held at carrying value, principal, beginning balance		$ 0		$ 33,907,763	[1],[2]
Total loans held at carrying value, principal, new fundings		33,875,985		139,222,598
Total loans held at carrying value, principal, realized gain on sale of loans				400,000
Total loans held at carrying value, principal, sale of loans				(10,400,000)
Total loans held at carrying value, principal, PIK interest		31,778		1,230,979
Total loans held at carrying value, principal, ending balance	[1]	33,907,763	[2]	164,361,340	[3]
Original Issue Discount [Abstract]
Total loans held at carrying value, original issue discount, beginning balance		0		(2,070,732)
Total loans held at carrying value, original issue discount, new fundings		(2,120,969)		(11,261,001)
Total loans held at carrying value, original Issue discount, accretion of original issue discount		50,237		2,132,174
Total loans held at carrying value, original issue discount, ending balance		(2,070,732)		(11,199,559)
Carrying Value [Abstract]
Total loans held at carrying value, beginning balance		0		31,837,031	[1],[2],[4]
Total loans held at carrying value, new fundings		31,755,016		127,961,597
Total loans held at carrying value, accretion of original issue discount		50,237		2,132,174
Total loans held at carrying value, realized gain on sale of loans				400,000
Total loans held at carrying value, sale of loans				(10,400,000)
Total loans held at carrying value, PIK Interest		31,778		1,230,979
Total loans held at carrying value, ending balance	[1]	$ 31,837,031	[2],[4]	$ 153,161,781	[3]
[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
[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]	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_23

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Loans Held at Carrying Value portfolio (Q3) (Details) - USD ($)		5 Months Ended		9 Months Ended
		Dec. 31, 2020		Sep. 30, 2021		Jul. 30, 2020
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal		$ 33,907,763	[1],[2]	$ 164,361,340	[1],[3]	$ 0
Original issue discount		(2,070,732)		(11,199,559)		0
Carrying value		$ 31,837,031	[1],[2],[4]	$ 153,161,781	[1],[3]	$ 0
Private Co. C [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		12.00%		12.00%
Private Co. C [Member] | LIBOR Floor Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		1.00%		1.00%
Private Co. C [Member] | PIK Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		4.00%		4.00%
Private Co. C [Member] | PA [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[2]	$ 11,907,763
Original issue discount		(851,148)
Carrying value	[2]	$ 11,056,615
Interest rate	[5]	17.00%
Maturity date	[6]	Dec. 1, 2025
Payment Terms	[7]	P/I
Private Co. C [Member] | PA [Member] | Cultivation Facilities, Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[3]			$ 19,333,872
Original issue discount				(721,311)
Carrying value	[3]			$ 18,612,561
Interest rate	[8]			17.00%
Maturity date	[6]			Dec. 1, 2025
Payment Terms	[9]			P/I
Sub. of Public Co. D [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		12.90%		12.90%
Sub. of Public Co. D [Member] | PA [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[2]	$ 10,000,000
Original issue discount		(183,673)
Carrying value	[2]	$ 9,816,327
Interest rate	[10]	12.90%
Maturity date	[6]	Dec. 18, 2024
Payment Terms	[7]	I/O
Sub. of Public Co. D [Member] | PA [Member] | Cultivation Facilities [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[3]			$ 10,000,000
Original issue discount				(149,235)
Carrying value	[3]			$ 9,850,765
Interest rate	[11]			12.90%
Maturity date	[6]			Dec. 18, 2024
Payment Terms	[9]			I/O
Private Co. D [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		13.00%		13.00%
Private Co. D [Member] | PIK Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		2.00%		2.00%
Private Co. D [Member] | Multi State [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[2]	$ 12,000,000
Original issue discount		(1,035,911)
Carrying value	[2]	$ 10,964,089
Interest rate	[12]	15.00%
Maturity date	[6]	Jan. 1, 2026
Payment Terms	[7]	P/I
Private Co. D [Member] | Multi State [Member] | Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[3]			$ 12,169,041
Original issue discount				(877,891)
Carrying value	[3]			$ 11,291,150
Interest rate	[13]			15.00%
Maturity date	[6]			Jan. 1, 2026
Payment Terms	[9]			P/I
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	[3]			$ 14,220,552
Original issue discount				(2,782,310)
Carrying value	[3]			$ 11,438,242
Interest rate	[8]			17.00%
Maturity date	[6]			Apr. 1, 2026
Payment Terms	[9]			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	[3]			$ 9,799,658
Original issue discount				(1,816,803)
Carrying value	[3]			$ 7,982,855
Interest rate	[14]			17.00%
Maturity date	[6]			May 1, 2026
Payment Terms	[9]			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	[3]			$ 5,000,000
Original issue discount				(307,143)
Carrying value	[3]			$ 4,692,857
Interest rate	[15]			13.00%
Maturity date	[6]			Apr. 29, 2025
Payment Terms	[9]			P/I
Sub of Private Co. G [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate				11.50%
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				1.80%
Sub of Private Co. G [Member] | NJ [Member] | Cultivation Facilities, Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[3]			$ 42,945,657
Original issue discount				(2,498,443)
Carrying value	[3]			$ 40,447,214
Interest rate	[16]			14.30%
Maturity date	[6]			May 1, 2026
Payment Terms	[9]			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	[3]			$ 10,000,000
Original issue discount				(160,000)
Carrying value	[3]			$ 9,840,000
Interest rate	[17]			9.80%
Maturity date	[6]			May 30, 2023
Payment Terms	[9]			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	[3]			$ 5,781,250
Original issue discount				(126,790)
Carrying value	[3]			$ 5,654,460
Interest rate	[18]			15.00%
Maturity date	[6]			May 11, 2023
Payment Terms	[9]			I/O
Private Co. K [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate				12.00%
Private Co. K [Member] | LIBOR Floor Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate				1.00%
Private Co. K [Member] | MA [Member] | Cultivation Facilities, Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[3]			$ 7,000,000
Original issue discount				(763,667)
Carrying value	[3]			$ 6,236,333
Interest rate	[19]			13.00%
Maturity date	[6]			Aug. 3, 2026
Payment Terms	[9]			P/I
Private Co. I [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate				12.00%
Private Co. I [Member] | LIBOR Floor Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate				1.00%
Private Co. I [Member] | PIK Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate				2.50%
Private Co. I [Member] | MD [Member] | Cultivation Facilities, Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[3]			$ 10,109,310
Original issue discount				(225,184)
Carrying value	[3]			$ 9,884,126
Interest rate	[20]			15.50%
Maturity date	[6]			Aug. 1, 2026
Payment Terms	[9]			P/I
Private Co. J [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate				12.00%
Private Co. J [Member] | LIBOR Floor Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate				1.00%
Private Co. J [Member] | PIK Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate				2.00%
Private Co. J [Member] | MO [Member] | Cultivation Facilities [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[3]			$ 18,002,000
Original issue discount				(770,782)
Carrying value	[3]			$ 17,231,218
Interest rate	[21]			15.00%
Maturity date	[6]			Sep. 1, 2025
Payment Terms	[9]			P/I
[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
[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]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[5]	Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4%
[6]	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.
[7]	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.
[8]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.
[9]	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.
[10]	Base interest rate of 12.9%
[11]	Base interest rate of 12.9%.
[12]	Base interest rate of 13% and PIK interest rate of 2%
[13]	Base interest rate of 13.0% and PIK interest rate of 2.0%.
[14]	Base interest rate of 13.0% and PIK interest rate of 4.0%.
[15]	Base interest rate of 13.0%.
[16]	Base interest rate of 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%.
[17]	Base interest rate of 9.8%.
[18]	Base interest rate of 15.0%.
[19]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%)
[20]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%.
[21]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%.

LOAN RECEIVABLE AT CARRYING V_6

LOAN RECEIVABLE AT CARRYING VALUE (Q3) (Details)	5 Months Ended	9 Months Ended
	Dec. 31, 2020USD ($)Loan	Sep. 30, 2021USD ($)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	3,700,718	3,352,176
Principal repayment of loans at principal	(348,542)	(574,735)
Total loans receivable at principal, end of period	3,352,176	2,777,441
Loans Receivable, Original Issue Discount [Roll Forward]
Total loans receivable at original issue discount, beginning of period	(4,428)	(3,913)
Accretion of original issue discount at original issue discount	515	927
Total loans receivable at original issue discount, end of period	(3,913)	(2,986)
Loans Receivable, Carrying Value [Roll Forward]
Total loans receivable at carrying value, beginning of period	3,696,290	3,348,263
Principal repayment of loans at carrying value	(348,542)	(574,735)
Accretion of original issue discount at carrying value	515	927
Total loans receivable at carrying value, end of period	$ 3,348,263	$ 2,774,455

CURRENT EXPECTED CREDIT LOSSE_6

CURRENT EXPECTED CREDIT LOSSES, CECL Reserve (Q3) (Details) - USD ($)		3 Months Ended		5 Months Ended		9 Months Ended
		Sep. 30, 2021		Dec. 31, 2020		Sep. 30, 2021
Current Expected Credit Loss [Abstract]
Allowance for credit losses		$ 1,145,629		$ 404,860		$ 1,145,629
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]
Beginning balance						404,860
Ending balance		1,145,629		404,860		1,145,629
CECL Reserve [Member]
Current Expected Credit Loss [Abstract]
Allowance for credit losses		$ 1,837,895		$ 465,397		$ 1,837,895
Loans receivable variable spread rate		1.18%		1.32%		1.18%
Loans receivable at carrying value, commitment balance		$ 155,936,236		$ 35,185,294		$ 155,936,236
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]
Beginning balance		1,177,283				465,397
Provision for current expected credit losses		660,612				1,372,498
Write-offs		0				0
Recoveries		0				0
Ending balance		1,837,895		465,397		1,837,895
Funded Loan Commitment [Member] | CECL Reserve [Member]
Current Expected Credit Loss [Abstract]
Allowance for credit losses	[1]	1,145,629		404,860	[2]	1,145,629
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]
Beginning balance		701,143	[1]	0		404,860	[1],[2]
Provision for current expected credit losses		444,486	[1]	404,860		740,769	[1]
Write-offs		0	[1]	0		0	[1]
Recoveries		0	[1]	0		0	[1]
Ending balance	[1]	1,145,629		404,860	[2]	1,145,629
Unfunded Loan Commitment [Member] | CECL Reserve [Member]
Current Expected Credit Loss [Abstract]
Allowance for credit losses	[3]	692,266		60,537	[4]	692,266
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]
Beginning balance		476,140	[3]	0		60,537	[3],[4]
Provision for current expected credit losses		216,126	[3]	60,537		631,729	[3]
Write-offs		0	[3]	0		0	[3]
Recoveries		0	[3]	0		0	[3]
Ending balance	[3]	$ 692,266		$ 60,537	[4]	$ 692,266
[1]	As of September 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 consolidated balance sheets.
[2]	As of 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 sheet.
[3]	As of September 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 consolidated balance sheets.
[4]	As of 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 consolidated balance sheets.

CURRENT EXPECTED CREDIT LOSSE_7

CURRENT EXPECTED CREDIT LOSSES, Risk Rating by Year of Origination (Q3) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Risk Rating by Year of Origination [Abstract]
2021	$ 113,407,305	$ 35,185,294
2022	42,528,931
Total	155,936,236	35,185,294
Very Low Risk [Member]
Risk Rating by Year of Origination [Abstract]
2021	0	0
2022	0
Total	0	0
Low Risk [Member]
Risk Rating by Year of Origination [Abstract]
2021	14,532,857	9,816,327
2022	0
Total	14,532,857	9,816,327
Medium Risk [Member]
Risk Rating by Year of Origination [Abstract]
2021	88,990,322	22,020,704
2022	42,528,931
Total	131,519,253	22,020,704
High Risk/ Potential for Loss [Member]
Risk Rating by Year of Origination [Abstract]
2021	9,884,126	3,348,263
2022	0
Total	9,884,126	3,348,263
Impaired/Loss Likely [Member]
Risk Rating by Year of Origination [Abstract]
2021	0	0
2022	0
Total	$ 0	$ 0

INTEREST RECEIVABLE (Q3) (Detai

INTEREST RECEIVABLE (Q3) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
INTEREST RECEIVABLE [Abstract]
Interest receivable	$ 1,838,494	$ 675,795
PIK receivable	522,933	177,183
Unused fees receivable	73,292	74,314
Total interest receivable	$ 2,434,719	$ 927,292

INTEREST RESERVE (Q3) (Details)

INTEREST RESERVE (Q3) (Details)	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan
INTEREST RESERVE [Abstract]
Number of loans included in loan funded interest reserve | Loan			8	1
Changes in Interest Reserve [Abstract]
Beginning reserves	$ 5,547,863	$ 0	$ 1,325,750
New reserves	4,525,468	1,400,000	9,450,468	$ 1,400,000
Reserves disbursed	(1,819,036)	0	(2,521,923)	(74,250)
Ending reserves	$ 8,254,295	$ 1,400,000	$ 8,254,295	$ 1,325,750

DEBT (Q3) (Details)

DEBT (Q3) (Details)	Nov. 03, 2021USD ($)Intallment	May 07, 2021USD ($)	May 06, 2021USD ($)	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2021USD ($)	Jul. 31, 2021USD ($)
Line of Credit Facility [Abstract]
Interest expense					$ 0
2027 Senior Notes [Member] | Subsequent Event [Member]
Line of Credit Facility [Abstract]
Periodic payment	semi-annually
Debt instrument, aggregate principal	$ 100,000,000
Debt instrument maturity date	Dec. 31, 2027
Debt instrument, stated percentage	5.75%
Net proceeds from offering	$ 97,000,000
Debt instrument, percentage of principal redeemed	100.00%
2027 Senior Notes [Member] | Subsequent Event [Member] | Maximum [Member]
Line of Credit Facility [Abstract]
Debt service coverage ratio	0.015%
2027 Senior Notes [Member] | Subsequent Event [Member] | Minimum [Member]
Line of Credit Facility [Abstract]
Percentage of debt in aggregate principal	60.00%
Secured debt of percentage in aggregate principal	25.00%
Revolving Credit Facility [Member] | Secured Debt [Member]
Line of Credit Facility [Abstract]
Loan commitment			$ 40,000,000		$ 40,000,000		$ 50,000,000
Interest rate			8.00%		8.00%
Maturity date			Jul. 31, 2021		Jul. 31, 2021
Interest expense				$ 0	$ 0	$ 0
First Amendment Revolving Credit Facility [Member] | Secured Debt [Member]
Line of Credit Facility [Abstract]
Loan commitment		$ 50,000,000
Interest rate		6.00%
Maturity date		Dec. 31, 2021
Second Amendment Revolving Credit Facility [Member] | Subsequent Event [Member]
Line of Credit Facility [Abstract]
Unused fee, percentage	0.25%
Second Amendment Revolving Credit Facility [Member] | Secured Debt [Member] | Subsequent Event [Member]
Line of Credit Facility [Abstract]
Loan commitment	$ 75,000,000
Interest rate	4.75%
Maturity date	Sep. 30, 2022
One-time commitment fee percentage	0.25%
Number of installments | Intallment	3
Periodic payment	quarterly
Unused fee, percentage	0.25%
One-time commitment fee	$ 187,500

COMMITMENTS AND CONTINGENCIES_6

COMMITMENTS AND CONTINGENCIES (Q3) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
Total original loan commitments	$ 296,946,250	$ 107,292,176
Less: drawn commitments	(243,038,584)	(87,467,057)
Total undrawn commitments	$ 53,907,666	$ 19,825,119

STOCKHOLDERS' EQUITY, Series _2

STOCKHOLDERS' EQUITY, Series A Preferred Stock (Q3) (Details) - USD ($)	5 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020	Dec. 18, 2020
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)	10,000	10,000	10,000
Preferred stock, shares issued (in shares)	125	125	125
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares)	125	125	125
Series A Preferred Stock [Member]
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)	10,000	10,000	10,000
Preferred stock, shares issued (in shares)	125	125	125	125
Preferred stock, dividend rate	12.00%	12.00%	12.00%
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01
Preferred stock, liquidation preference (in dollars per share)	1,000	$ 1,000	1,000
Preferred stock, redemption price (in dollars per share)	$ 1,000	$ 1,000	$ 1,000
Preferred stock, redemption amount	$ 125,000	$ 125,000	$ 125,000
Preferred stock, shares outstanding (in shares)	125	125	125
Preferred stock, redemption premium (in dollars per share)	$ 50	$ 50	$ 50

STOCKHOLDERS' EQUITY, Common _2

STOCKHOLDERS' EQUITY, Common Stock (Q3) (Details)	Jul. 06, 2021USD ($)$ / sharesshares	Jun. 28, 2021USD ($)$ / sharesshares	Mar. 26, 2021USD ($)$ / sharesshares	Mar. 23, 2021USD ($)$ / sharesshares	Jan. 25, 2021	Sep. 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]
Shares issues (in shares) | shares	269,650
Share price (in dollars per share) | $ / shares	$ 20.50
Gross proceeds from offering	$ 5,527,825		$ 17,812,500
Underwriting commissions	304,030		$ 1,246,875
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

STOCKHOLDERS' EQUITY, Equity _2

STOCKHOLDERS' EQUITY, Equity Incentive Plan (Q3) (Details) - USD ($)	Jul. 06, 2021	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Option activity of directors and officers and employees [Abstract]
Non-vested (in shares)			183,114	142,814	183,114	142,814
Vested (in shares)				800,618	1,449,518	800,618
Forfeited (in shares)				(16,534)	(28,396)	(16,534)
Balance (in shares)		806,456	1,604,236	926,898	1,604,236	926,898
Option activity of directors and officers and employees [Abstract]
Share based compensation		$ 0	$ 51,429		$ 1,662,001
Option Activity [Abstract]
Beginning balance (in shares)		0	1,613,098	0	926,898
Granted (in shares)		806,456	0		689,200
Exercised (in shares)		0	0		0
Forfeited (in shares)		0	(8,862)		(11,862)
Ending balance (in shares)		806,456	1,604,236	926,898	1,604,236	926,898
Weighted-Average Grant Date Fair Value Per Option [Abstract]
Beginning balance (in dollars per share)		$ 0	$ 1.08	$ 0	$ 0.91
Granted (in dollars per share)		0.90	0		1.31
Exercised (in dollars per share)		0	0		0
Forfeited (in dollars per share)		0	0.90		1.01
Ending balance (in dollars per share)		$ 0.90	$ 1.08	$ 0.91	$ 1.08	$ 0.91
Restricted Stock [Member]
Option activity of directors and officers and employees [Abstract]
Non-vested (in shares)			56,285	0	56,285	0
Vested (in shares)					0	0
Forfeited (in shares)					0	0
Balance (in shares)			56,285	0	56,285	0
2020 Plan [Member]
Equity Incentive Plan [Abstract]
Authorized (in shares)			1,632,632	926,898	1,632,632	926,898
Share limit (in shares)				2,100,000		2,100,000
Increase in share limit (in shares)			26,965
Shares issues (in shares)	269,650
Options granted expiration period						10 years
Assumptions [Abstract]
Expected forfeiture rate					0.00%
2020 Plan [Member] | Maximum [Member]
Equity Incentive Plan [Abstract]
Share limit (in shares)			2,401,965		2,401,965
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] | Minimum [Member]
Assumptions [Abstract]
Expected volatility					40.00%
Expected dividend yield					10.00%
Risk-free interest rate					0.50%
2020 Plan [Member] | Restricted Stock [Member]
Equity Incentive Plan [Abstract]
Authorized (in shares)			56,285		56,285

EARNINGS PER SHARE (Q3) (Detail

EARNINGS PER SHARE (Q3) (Details) - USD ($)	2 Months Ended		3 Months Ended			5 Months Ended	9 Months Ended
	Sep. 30, 2020		Sep. 30, 2021	Dec. 31, 2020		Dec. 31, 2020	Sep. 30, 2021
Earnings Per Share Reconciliation [Abstract]
Net income / (loss) attributable to common stockholders	$ 2,106,250		$ 7,930,680	$ 2,207,382		$ 4,313,632	$ 13,959,222
Divided by: [Abstract]
Basic weighted average shares of common stock outstanding (in shares)	5,376,411		16,402,984	5,908,822		5,694,475	12,368,977
Diluted weighted average shares of common stock outstanding (in shares)	5,376,411		16,776,648				12,742,641
Basic weighted average earnings per common share (in dollars per share)	$ 0.39	[1]	$ 0.48	$ 0.37	[1]	$ 0.76	$ 1.13
Diluted weighted average earnings per common share (in dollars per share)	$ 0.39		$ 0.47				$ 1.10
[1]	The sum of per share amounts for the period from July 31, 2020 to September 30, 2020 and the quarter ended December 31, 2020 may differ from the annual per share amounts due to the required method of computing weighted-average number of common shares outstanding in the respective periods and share offerings that occurred during the year.

INCOME TAX (Q3) (Details)

INCOME TAX (Q3) (Details) - USD ($)	2 Months Ended	3 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Provision for income taxes	$ 0	$ 0	$ 0	$ 0
United stated federal excise tax expense		$ 0	$ 0	$ 0
Exercise tax as a percentage of undistributed ordinary income and net capital gains		4.00%	4.00%	4.00%
Unrecognized tax benefits		$ 0	$ 0	$ 0

FAIR VALUE, Significant Unobs_2

FAIR VALUE, Significant Unobservable Inputs (Q3) (Details) - Level 3 [Member]	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value [Abstract]
Total Investments	$ 76,293,824	$ 48,558,051
Senior Term Loans [Member]
Fair Value [Abstract]
Total Investments	$ 76,293,824	$ 48,558,051
Senior Term Loans [Member] | Yield Analysis [Member] | Market Yield [Member] | Maximum [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.2068	0.2075
Senior Term Loans [Member] | Yield Analysis [Member] | Market Yield [Member] | Minimum [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.1762	0.1579
Senior Term Loans [Member] | Yield Analysis [Member] | Market Yield [Member] | Weighted Average [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.1782	0.2020

FAIR VALUE, Fair Value Measur_2

FAIR VALUE, Fair Value Measurements of Loans Held at Fair Value (Q3) (Details) - USD ($)	Sep. 30, 2021		Dec. 31, 2020		Jul. 30, 2020
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held for investment at fair value	$ 76,293,824	[1]	$ 48,558,051	[1],[2]	$ 43,106,551
Total	76,293,824		48,558,051
Level 1 [Member]
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held for investment at fair value	0		0
Total	0		0
Level 2 [Member]
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held for investment at fair value	0		0
Total	0		0
Level 3 [Member]
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held for investment at fair value	76,293,824		48,558,051		$ 43,106,551
Total	$ 76,293,824		$ 48,558,051
[1]	Refer to Note 14 to our unaudited consolidated financial statements.
[2]	Refer to Footnote 14

FAIR VALUE, Changes in Loans _2

FAIR VALUE, Changes in Loans Using Level 3 Inputs (Q3) (Details) - USD ($)		5 Months Ended		9 Months Ended
		Dec. 31, 2020		Sep. 30, 2021		Jul. 30, 2020
Changes in Loans Using Level 3 Inputs [Abstract]
Loans held at fair value, beginning balance		$ 43,106,551		$ 48,558,051	[1],[2]
Change in unrealized gains / (losses) on loans at fair value, net		1,563,340		796,368
Additional funding		16,360,000		37,701,104
Original issue discount and other discounts, net of costs		1,595,199		1,130,623
Repayments		(5,000,000)		(12,000,000)
Loan amortization payments				(1,093,659)
Accretion of original issue discount		732,729		1,905,715
PIK interest		390,630		1,556,868
Loans held at fair value, ending balance	[2]	48,558,051	[1]	76,293,824
Carrying Value [Abstract]
Cash and cash equivalents		9,623,820		69,974,391
Loans held for investment at carrying value		31,837,031	[3],[4],[5]	153,161,781	[4],[6]	$ 0
Loan receivable at carrying value		3,348,263		2,774,455		$ 3,696,290
Fair Value [Abstract]
Cash and cash equivalents, at fair value				69,974,391
Loans held for investment at fair value				158,771,796
Loan receivable at carrying value				2,695,507
Level 3 [Member]
Changes in Loans Using Level 3 Inputs [Abstract]
Loans held at fair value, beginning balance		43,106,551		48,558,051
Change in unrealized gains / (losses) on loans at fair value, net		1,563,340		796,368
Additional funding		16,360,000		37,701,104
Original issue discount and other discounts, net of costs		1,595,199		(1,130,623)
Repayments		(5,000,000)		(12,000,000)
Loan amortization payments				(1,093,659)
Accretion of original issue discount		732,729		1,905,715
PIK interest		390,630		1,556,868
Loans held at fair value, ending balance		$ 48,558,051		$ 76,293,824
[1]	Refer to Footnote 14
[2]	Refer to Note 14 to our unaudited consolidated financial statements.
[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
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.
[5]	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
[6]	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.

RELATED PARTY TRANSACTIONS, M_2

RELATED PARTY TRANSACTIONS, Management Agreement (Q3) (Details) - USD ($)	2 Months Ended	3 Months Ended	5 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Management Agreement [Abstract]
Due to affiliate		$ 9,550,625	$ 0	$ 9,550,625	$ 0
Affiliate Costs [Abstract]
Management fees	$ 226,234	1,030,718	623,361	2,301,924
Less Outside Fees earned	(84,167)	(256,989)	(259,167)	(677,439)
Incentive fees earned	0	1,769,207		3,873,984
General and administrative expenses reimbursable to Manager	165,434	625,711	671,605	1,415,217
Total	$ 307,501	$ 3,168,647	$ 1,035,799	$ 6,913,686
Managers [Member]
Management Agreement [Abstract]
Percentage of base management fees		0.375%	0.4375%	0.375%	0.4375%
Frequency of management fees payment			quarterly	quarterly
Percentage of aggregate amount of any outside fees		50.00%	100.00%	50.00%	100.00%
Amounts payable				$ 3,389,646	$ 728,298

RELATED PARTY TRANSACTIONS, I_2

RELATED PARTY TRANSACTIONS, Investments in Loans (Q3) (Details)	3 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2021USD ($)Loan
Investments in Loans [Abstract]
Number of co-invested loans held | Loan			3
Sale of assigned rights	$ 0	$ 1,600,000	$ 2,300,000
Receivable of assigned right	$ 0

DIVIDENDS AND DISTRIBUTIONS (_5

DIVIDENDS AND DISTRIBUTIONS (Q3) (Details) - $ / shares	3 Months Ended			5 Months Ended	9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Dividends Declared and Paid [Abstract]
Common share distribution amount (in dollars per share)	$ 0.43			$ 0.61	$ 1.17
Taxable ordinary income (in dollars per share)				0.61	1.17
Return of capital (in dollars per share)				0	0
Section 199A dividends (in dollars per share)				$ 0.61	$ 1.17
Regular Cash Dividend [Member]
Dividends Declared and Paid [Abstract]
Record date	Sep. 30, 2021	Jun. 15, 2021	Mar. 15, 2021	Dec. 23, 2020
Payment date	Oct. 15, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 30, 2020
Common share distribution amount (in dollars per share)	$ 0.43	$ 0.38	$ 0.36	$ 0.35
Taxable ordinary income (in dollars per share)	0.43	0.38	0.36	0.35
Return of capital (in dollars per share)	0	0	0	0
Section 199A dividends (in dollars per share)	$ 0.43	$ 0.38	$ 0.36	$ 0.35

SUBSEQUENT EVENTS (Q3) (Details

SUBSEQUENT EVENTS (Q3) (Details)	Nov. 03, 2021USD ($)Intallment	May 07, 2021USD ($)	May 06, 2021USD ($)	Oct. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Sep. 30, 2021USD ($)	Nov. 04, 2021USD ($)Loans	Jul. 31, 2021USD ($)
Subsequent Event [Abstract]
Loan Commitments						$ 107,292,176	$ 296,946,250
Original issue discount					$ 320,000		$ 12,391,624
Revolving Credit Agreement [Member] | Secured Debt [Member]
Subsequent Event [Abstract]
Loan commitment			$ 40,000,000			$ 40,000,000			$ 50,000,000
Interest rate			8.00%			8.00%
Line of credit expiration date			Jul. 31, 2021			Jul. 31, 2021
First Amendment Revolving Credit Facility [Member] | Secured Debt [Member]
Subsequent Event [Abstract]
Loan commitment		$ 50,000,000
Interest rate		6.00%
Line of credit expiration date		Dec. 31, 2021
Subsequent Event [Member]
Subsequent Event [Abstract]
Number of loans closed | Loans								1
Loan Commitments								$ 50,000,000
Loan commitments funded								$ 52,300,000
Subsequent Event [Member] | Public Company E [Member]
Subsequent Event [Abstract]
Net proceeds from sale				$ 5,100,000
Subsequent Event [Member] | Public Company F [Member]
Subsequent Event [Abstract]
Loan Commitments				60,000,000
Subsequent Event [Member] | Senior Term Loan [Member] | Public Company F [Member]
Subsequent Event [Abstract]
Loan Commitments				50,000,000
Subsequent Event [Member] | Senior Secured Credit Facility [Member] | Public Company F [Member]
Subsequent Event [Abstract]
Loan commitments funded				48,800,000
Original issue discount				1,200,000
Subsequent Event [Member] | 2027 Senior Notes [Member]
Subsequent Event [Abstract]
Debt instrument, stated percentage	5.75%
Periodic payment	semi-annually
Net proceeds from offering	$ 97,000,000
Debt instrument, percentage of principal redeemed	100.00%
Subsequent Event [Member] | 2027 Senior Notes [Member] | Maximum [Member]
Subsequent Event [Abstract]
Debt service coverage ratio	0.015%
Subsequent Event [Member] | 2027 Senior Notes [Member] | Minimum [Member]
Subsequent Event [Abstract]
Percentage of debt in aggregate principal	60.00%
Secured debt of percentage in aggregate principal	25.00%
Subsequent Event [Member] | Second Amendment Revolving Credit Facility [Member]
Subsequent Event [Abstract]
Unused fee, percentage	0.25%
Subsequent Event [Member] | Second Amendment Revolving Credit Facility [Member] | Secured Debt [Member]
Subsequent Event [Abstract]
Periodic payment	quarterly
Loan commitment	$ 75,000,000
Interest rate	4.75%
One-time commitment fee percentage	0.25%
Number of Installment | Intallment	3
Unused fee, percentage	0.25%
Line of credit expiration date	Sep. 30, 2022
Subsequent Event [Member] | Second Tranche [Member] | Public Company F [Member]
Subsequent Event [Abstract]
Loan Commitments				10,000,000
Subsequent Event [Member] | Third Tranche [Member] | Senior Secured Credit Facility [Member] | Public Company F [Member]
Subsequent Event [Abstract]
Loan Commitments				$ 120,000,000