AFC Gamma (AFCG) 10-K 10 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Mar. 07, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	001-39995
Entity Registrant Name	AFC GAMMA, INC.
Entity Central Index Key	0001822523
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	85-1807125
Entity Address, Address Line One	525 Okeechobee Blvd., Suite 1770
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	561
Local Phone Number	510-2390
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AFCG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float			$ 248,018,374
Entity Common Stock, Shares Outstanding		19,742,940
Auditor Name	CohnReznick LLP
Auditor Firm ID	596
Auditor Location	Chicago, Illinois

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)		Dec. 31, 2021	Dec. 31, 2020
Assets
Loans held for investment at fair value (cost of $74,913,157 and $46,994,711 at December 31, 2021 and 2020, respectively, net)	[1]	$ 77,096,319	$ 48,558,051
Debt securities available for sale held at fair value (cost of $16,050,000 and $0 at December 31, 2021 and 2020, respectively)		15,881,250	0
Loans held for investment at carrying value, net	[2]	257,163,496	31,837,031
Loan receivable at carrying value, net		2,530,588	3,348,263
Current expected credit loss reserve		(2,431,558)	(404,860)
Loans held for investment at carrying value and loan receivable at carrying value, net of current expected credit loss reserve		257,262,526	34,780,434
Cash and cash equivalents		109,246,048	9,623,820
Interest receivable		4,412,938	927,292
Prepaid expenses and other assets		949,279	72,095
Total assets		464,848,360	93,961,692
Liabilities and Stockholders' Equity:
Interest reserve		4,782,271	1,325,750
Accrued interest		991,840	0
Dividends payable		8,221,406	0
Current expected credit loss reserve		683,177	60,537
Accrued management and incentive fees		2,823,044	222,127
Accrued direct administrative expenses		1,324,457	550,671
Accounts payable and other liabilities		1,528,980	154,895
Senior notes payable, net		96,572,656	0
Line of credit payable to affiliate, net		74,845,355	0
Total liabilities		191,773,186	2,313,980
Commitments and contingencies (Note 10)
Stockholders' Equity
Preferred stock, par value $0.01 per share, 10,000 shares authorized at December 31, 2021 and 2020 and 125 shares issued and outstanding at December 31, 2021 and 2020, respectively		1	1
Common stock, par value $0.01 per share, 25,000,000 and 15,000,000 shares authorized at December 31, 2021 and 2020, respectively, and 16,442,812 and 6,179,392 shares issued and outstanding at December 31, 2021 and 2020, respectively		163,866	61,794
Additional paid-in-capital		274,172,934	91,068,197
Accumulated other comprehensive (loss) income		(168,750)	0
Accumulated (deficit) earnings		(1,092,877)	517,720
Total stockholders' equity		273,075,174	91,647,712
Total liabilities and stockholders' equity		$ 464,848,360	$ 93,961,692
[1]	Refer to Note 14 in these annual consolidated financial statements.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)		Dec. 31, 2021		Dec. 31, 2020
Assets
Loans held for investment at cost	[1]	$ 74,913,157		$ 46,994,711
Debt securities available for sale at cost		$ 16,050,000	[2]	$ 0
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 OID, PIK and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase premium and loan origination costs.

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Revenue
Interest income	$ 5,250,108	$ 38,140,487
Interest expense	0	1,126,846
Net interest income	5,250,108	37,013,641
Expenses
Management and incentive fees, net (less rebate of $1,029,315 and $259,167, respectively)	364,194	8,321,512
General and administrative expenses	785,016	3,212,785
Organizational expenses	616,190	0
Stock-based compensation	0	1,745,872
Professional fees	614,019	1,118,291
Total expenses	2,379,419	14,398,460
Provision for current expected credit losses	(465,397)	(2,649,338)
Realized gains (losses) on loans at fair value, net	345,000	450,000
Change in unrealized gains (losses) on loans at fair value, net	1,563,340	619,821
Net income before income taxes	4,313,632	21,035,664
Income tax expense	0	35,167
Net income	$ 4,313,632	$ 21,000,497
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.76	$ 1.57
Diluted earnings per common share (in dollars per share)	$ 0.76	$ 1.52
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in shares)	5,694,475	13,373,778
Diluted weighted average shares of common stock outstanding (in shares)	5,694,475	13,808,845

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Expenses
Management fee, net rebate	$ 259,167	$ 1,029,315

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME [Abstract]
Net income	$ 4,313,632	$ 21,000,497
Other comprehensive (loss) income:
Unrealized (losses) gains on debt securities available for sale held at fair value	0	(168,750)
Total other comprehensive (loss) income	0	(168,750)
Total comprehensive income	$ 4,313,632	$ 20,831,747

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In-Capital [Member]	Accumulated Other Comprehensive Income (Loss) [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	$ 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 on common shares	0	$ 0	0		(3,795,912)	(3,795,912)
Other comprehensive income (loss)						0
Net income	0	0	0		4,313,632	4,313,632
Balance at Dec. 31, 2020	1	$ 61,794	91,068,197	$ 0	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	181,358,865	0	0	181,460,937
Issuance of common stock, net of offering cost (in shares)		10,207,135
Stock-based compensation	0	$ 0	1,745,872	0	0	1,745,872
Stock-based compensation (in shares)		56,285
Dividends declared on common shares	0	$ 0	0	0	(22,596,094)	(22,596,094)
Dividends declared on preferred shares	0	0	0	0	(15,000)	(15,000)
Other comprehensive income (loss)	0	0	0	(168,750)	0	(168,750)
Net income	0	0	0	0	21,000,497	21,000,497
Balance at Dec. 31, 2021	$ 1	$ 163,866	$ 274,172,934	$ (168,750)	$ (1,092,877)	$ 273,075,174
Balance (in shares) at Dec. 31, 2021		16,442,812

CONSOLIDATED STATEMENTS OF ST_2

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2021$ / shares
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared and paid on common shares (in dollars per share)	$ 1.67
Dividends declared and paid on preferred shares (in dollars per share)	$ 120

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Operating activities:
Net income	$ 4,313,632	$ 21,000,497
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for current expected credit losses	465,397	2,649,338
Realized gain on sale of loans, net	(345,000)	(450,000)
Change in unrealized (gains) losses on loans carried at fair value, net	(1,563,340)	(619,821)
Accretion of deferred loan original issue discount and other discounts	(783,481)	(5,584,311)
Amortization of deferred financing costs - revolving credit facility	0	32,855
Amortization of offering costs - senior notes	0	102,151
Stock-based compensation	0	1,745,872
PIK interest	(422,408)	(4,534,370)
Changes in operating assets and liabilities
Interest reserve	(74,250)	(5,993,947)
Interest receivable	(927,292)	(3,485,646)
Prepaid expenses and other assets	(72,095)	(877,184)
Accrued interest	0	991,840
Accrued management and incentive fees, net	222,127	2,600,917
Accrued direct administrative expenses	550,671	773,786
Accounts payable and other liabilities	154,895	1,186,585
Net cash provided by (used in) operating activities	1,518,856	9,538,562
Cash flows from investing activities:
Issuance of and fundings on loans	(46,769,285)	(272,583,787)
Proceeds from sales of Assigned Rights	1,649,468	2,313,130
Principal repayment of loans	5,348,542	22,412,569
Proceeds from sales of loans	7,345,000	15,450,000
Purchase of available-for-sale debt securities	0	(16,050,000)
Net cash provided by (used in) investing activities	(32,426,275)	(248,458,088)
Cash flows from financing activities:
Proceeds from sale of common stock	44,226,092	185,501,294
Payment of offering costs - equity offering	0	(4,040,357)
Payments of financing costs - senior notes	0	(3,529,495)
Issuance of senior notes	0	100,000,000
Borrowings on the revolving credit facility	0	75,000,000
Dividends paid to common and preferred stockholders	(3,694,853)	(14,389,688)
Net cash provided by (used in) financing activities	40,531,239	338,541,754
Net increase (decrease) in cash and cash equivalents	9,623,820	99,622,228
Cash and cash equivalents, beginning of period	0	9,623,820
Cash and cash equivalents, end of period	9,623,820	109,246,048
Supplemental disclosure of non-cash activity
Loans acquired for issuance of shares of common stock	46,802,841	0
Interest reserve withheld from funding of loans	1,400,000	9,450,468
OID withheld from funding of loans	320,000	15,021,624
Change in other comprehensive income (loss) during the period	0	(168,750)
Dividends declared and not yet paid	0	8,221,406
Supplemental information:
Interest paid during the period	0	0
Income taxes paid during the period	$ 0	$ 35,167

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2021
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 (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.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated 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 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 consolidated balance sheets and consolidated statements 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 commercial real estate (“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 consolidated balance sheets, with changes in fair value recorded through earnings. Refer to Note 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 of 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 consolidated balance sheets. The Company follows Accounting Standards Codification (“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 consolidated balance sheets. Investment in Marketable Securities Investment in marketable securities of $15.9 million and $0.0 million at December 31, 2021 and 2020, respectively, consists of debt securities that are designated as available - - . Marketable debt securities are recorded at fair value and unrealized holding gains or losses are excluded from net income on the consolidated income statement and reported as a component of accumulated other comprehensive income within shareholders’ equity. 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 consolidated balance sheets. 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 Overall (“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 consolidated statements 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 consolidated balance sheets. The CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within the current expected credit loss reserve financial statement line in the Company’s balance sheet. See Note 6 included in these consolidated 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. Amortization of debt issuance costs is included within interest expense in the Company’s consolidated statements of operations. The unamortized balance for both the senior notes and the line of credit are included within Senior Notes Payable and Line of Credit Payable, respectively, in these consolidated financial statements. See Note 9 included in these consolidated financial statements for further consideration. 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. 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. To qualify as a REIT, the Company must meet a number of organizational and operational requirements. Those qualification tests involve the percentage of income that the Company earns from specified sources, the percentage of the Company’s assets that fall within specified categories, the diversity of the ownership of the Company’s shares, and the percentage of the Company’s taxable income that the Company distributes. The Company is required to distribute 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, the Company will be subject to a 4% nondeductible excise tax on any amount by which distributions the Company pays with respect to any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year) are less than the sum of (1) 85% of our ordinary income, (2) 95% of our capital gain net income and (3) 100% of our undistributed income from prior years. The annual expense is calculated in accordance with applicable tax regulations. Excise tax expense is included in the financial statement 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, 2021. B 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 stock options, restricted stock, restricted stock units (“RSUs”) and convertible debt, except when doing so would be anti-dilutive. As of December 31, 2021, there were dilutive instruments relating to stock options and restricted shares. 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 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 year ended December 31, 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 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 does not believe the adoption of this ASU will have a material impact 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 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.

LOANS HELD FOR INVESTMENT AT FA

LOANS HELD FOR INVESTMENT AT FAIR VALUE	12 Months Ended
	Dec. 31, 2021
LOANS HELD FOR INVESTMENT AT FAIR VALUE [Abstract]
LOANS HELD FOR INVESTMENT AT FAIR VALUE	3. LOANS HELD FOR INVESTMENT AT FAIR VALUE As of December 31, 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 $77.6 million and $50.8 million, as of December 31, 2021 and 2020, respectively The following tables summarize the Company’s loans held at fair value as of December 31, 2021 and 2020: As of December 31, 2021 Fair Value (2) Carrying Value (1) Outstanding Principal (1) Weighted Average Remaining Life (Years) (3) Senior Term Loans $ 77,096,319 $ 74,913,157 $ 77,630,742 2.2 Total loans held at fair value $ 77,096,319 $ 74,913,157 $ 77,630,742 2.2 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 OID, PIK and loan origination costs. (2) Refer to Note 14 in these annual consolidated financial statements. (3) Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2021 and December 31, 2020. The following table presents changes in loans held at fair value as of and for the year ended December 31, 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 — — 619,821 619,821 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 — 2,249,563 — 2,249,563 PIK interest 2,192,062 — — 2,192,062 Total loans held at fair value at December 31, 2021 $ 77,630,742 $ (2,717,584 ) $ 2,183,161 $ 77,096,319 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, $ 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 Loan 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 Decembe r 31, $ 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 o f December 31, 2021 i 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 $ 63,523,503 $ 61,629,048 $ 63,918,855 16.4 % (5) 5/8/2024 P/I Public Co. A NV C 2,919,420 2,940,000 2,940,000 14.0 % (6) 1/26/2023 I/O Private Co. B MI C 10,653,396 10,344,109 10,771,887 17.0 % (7) 9/1/2023 P/I Total loans held at fair value $ 77,096,319 $ 74,913,157 $ 77,630,742 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of OID, PIK and loan origination costs. (2) Refer to Note 14 in these annual 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 12% and PIK interest rate of 2%. (7) Base interest rate of 13% and PIK interest rate of 4%. (8) C = Cultivation Facilities, D = Dispensaries.

LOANS HELD FOR INVESTMENT AT CA

LOANS HELD FOR INVESTMENT AT CARRYING VALUE	12 Months Ended
	Dec. 31, 2021
LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]
LOANS HELD FOR INVESTMENT AT CARRYING VALUE	4. LOANS HELD FOR INVESTMENT AT CARRYING VALUE As o f December 31, 2021 and 2020, the Company’s portfolio included twelve and three loans, respectively, held at carrying value. The aggregate originated commitment under these loans was approximately $324.3 million and $44.0 million, respectively, and outstanding principal was approximately $270.8 million and $33.9 million, respectively, as of December 31, 2021 and 2020. For the year ended December 31, 2021, the Company funded approximately $249.6 million of outstanding principal. As of December 31, 2021 and 2020 The following tables summarize the Company’s loans held at carrying value as of December 31, 2021 and 2020: As of December 31, 2021 Outstanding Principal (1) Original Issue Discount Carrying Value (1) Weighted Average Remaining Life (Years) (2) Senior Term Loans $ 270,841,715 $ (13,678,219 ) $ 257,163,496 3.4 Total loans held at carrying value $ 270,841,715 $ (13,678,219 ) $ 257,163,496 3.4 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 OID, PIK and loan origination costs. (2) Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2021 and December 31, 2020. The following table presents changes in loans held at carrying value as of and for the year ended December 31, 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 249,591,644 (14,941,001 ) 234,650,643 Accretion of original issue discount — 3,333,514 3,333,514 Realized gain on sale of loans 450,000 — 450,000 Sale of loans (15,450,000 ) — (15,450,000 ) PIK interest 2,342,308 — 2,342,308 Total loans held at carrying value at December 31, 2021 $ 270,841,715 $ (13,678,219 ) $ 257,163,496 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, $ — $ — $ — 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 Decembe r 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 o f December 31, 2021 is as fo 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 $ 21,676,514 $ (754,767 ) $ 20,921,747 17.0 % (5) 12/1/2025 P/I Sub. of Public Co. D PA C 10,000,000 (137,755 ) 9,862,245 12.9 % (6) 12/18/2024 I/O Private Co. D OH, AR D 12,230,666 (825,217 ) 11,405,449 15.0 % (7) 1/1/2026 P/I Private Co. E OH C ,D 19,871,580 (2,627,738 ) 17,243,842 17.0 % (8) 4/1/2026 P/I Private Co. F MO C ,D 11,545,234 (1,717,705 ) 9,827,529 17.0 % (9) 5/1/2026 P/I Sub of Private Co. G NJ C ,D 46,717,825 (2,362,164 ) 44,355,661 14.3 % (10) 5/1/2026 P/I Public Co. F IL, FL, NV, OH, MA, MI, MD, AR, NV, AZ C ,D 60,000,000 (1,136,000 ) 58,864,000 8.7 % (11) 5/30/2023 I/O Sub of Private Co. H IL C 5,781,250 (106,771 ) 5,674,479 15.0 % (12) 5/11/2023 I/O Private Co. K MA C ,D 7,000,000 (724,167 ) 6,275,833 13.0 % (13) 8/3/2026 P/I Private Co. I MD C ,D 10,425,205 (213,332 ) 10,211,873 15.5 % (14) 8/1/2026 P/I Private Co. J MO C 23,093,441 (721,583 ) 22,371,858 15.0 % (15) 9/1/2025 P/I Sub. of Public Co. H IA, IL, MI, NJ, PA C ,D 42,500,000 (2,351,020 ) 40,148,980 9.8 % (16) 1/1/2026 I/O Total loans held at carrying value $ 270,841,715 $ (13,678,219 ) $ 257,163,496 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK 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 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%. (11) Base interest rate of 8.7%. (12) Base interest rate of 15.0%. (13) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) (14) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%. (15) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%. (16) Base

LOAN RECEIVABLE AT CARRYING VAL

LOAN RECEIVABLE AT CARRYING VALUE	12 Months Ended
	Dec. 31, 2021
LOAN RECEIVABLE AT CARRYING VALUE [Abstract]
LOAN RECEIVABLE AT CARRYING VALUE	5. LOAN RECEIVABLE AT CARRYING VALUE As of December 31, 2021 and 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 $2.5 million and $3.4 million as of December 31, 2021 and 2020, respectively. During the year ended December 31, 2021, the Company received repayments of approximately $0.8 million of outstanding principal. The following table presents changes in loans receivable as of and for the year ended December 31, 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 (818,910 ) — (818,910 ) Accretion of original issue discount — 1,235 1,235 Total loans receivable at carrying value at December 31, 2021 $ 2,533,266 $ (2,678 ) $ 2,530,588

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	12 Months Ended
	Dec. 31, 2021
CURRENT EXPECTED CREDIT LOSSES [Abstract]
CURRENT EXPECTED CREDIT LOSSES	6. CURRENT EXPECTED CREDIT LOSSES The Company estimates its current expected credit losses (“CECL”) on both the outstanding balances and unfunded commitments on loans held for investment and requires consideration of a broader range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform credit loss estimates (the “CECL Reserve”) using a model that considers multiple datapoints and methodologies that may include the likelihood of default and expected loss given default for each individual loan, discounted cash flows (“DCF”), and other inputs which may include the risk rating of the loan, how recently the loan was originated compared to the measurement date, and expected prepayment if applicable. Calculation of the CECL Reserve requires loan specific data, which includes fixed charge coverage ratio, loan-to-value, property type and geographic location. Estimating the CECL Reserve also requires significant judgment with respect to various factors, including (i) the appropriate historical loan loss reference data, (ii) the expected timing of loan repayments, (iii) calibration of the likelihood of default to reflect the risk characteristics of the Company’s loan portfolio and (iv) the Company’s current and future view of the macroeconomic environment. The Company may consider loan-specific qualitative factors on certain loans to estimate its CECL Reserve, which may include (i) whether cash from the borrower’s operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and (iii) the liquidation value of collateral. For loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we may elect to apply a practical expedient in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a specific CECL allowance. In order to estimate the future expected loan losses relevant to the Company’s portfolio, the Company may consider historical market loan loss data provided by a third-party data service. The third party’s loan database includes historical loss data for commercial mortgage-backed securities, or CMBS which the Company believes is a reasonably comparable and available data set to its type of loans. The Company utilized macroeconomic data that reflects a current recession; however, the short and long-term economic implications of the COVID-19 pandemic and its financial impact on the Company are highly uncertain. The CECL Reserve takes into consideration the macroeconomic impact of the COVID-19 pandemic on commercial real estate properties and is not specific to any loan losses or impairments on the Company’s loans held for investment. As of December 31, 2021 and December 31, 2020, the Company’s CECL Reserve for its loans held at carrying value and loans receivable at carrying value is approximately $3.1 million and $0.5 million, respectively, or 120 and 132 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 year end ed December 31, 2021 wa Outstanding (1) Unfunded (2) Total Balance at December 31, 2020 $ 404,860 $ 60,537 $ 465,397 Provision for current expected credit losses 2,026,698 622,640 2,649,338 Write-offs — — — Recoveries — — — Balance at December 31, 2021 $ 2,431,558 $ 683,177 $ 3,114,735 (1) As of December 31, 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, 2021 and December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within current expected credit loss reserve as a liability in the Company’s consolidated balance sheets. 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 for the period from July 31, 2020 (commencement of operations) to December 31, 2020 was as follows: Outstanding (1) Unfunded (2) Total Balance at July 31, 2020 $ — $ — $ — Provision for current expected credit losses 404,860 60,537 465,397 Write-offs — — — Recoveries — — — Balance at December 31, 2020 $ 404,860 $ 60,537 $ 465,397 (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 consolidated balance sheets. (2) 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 — Materially exceeds performance metrics included in original or current credit underwriting and business plan 2 Low Risk — Collateral and business performance exceeds substantially all performance metrics included in original or current credit underwriting and business plan 3 Medium Risk — Collateral and business performance meets, or is on track to meet underwriting expectations; business plan is met or can reasonably be achieved 4 High Risk/ Potential for Loss — Collateral performance falls short of underwriting, material differences from business plans, defaults may exist, or may soon exist absent material improvement. Risk of recovery of interest exists 5 Impaired/Loss Likely — Performance is significantly worse than underwriting with major variances from business plan observed. Loan covenants or financial milestones have been breached; exit from loan or refinancing is uncertain. Full recovery of principal is unlikely The risk ratings are primarily based on historical data as well as taking into account future economic conditions. As of December 31, 2021, the Risk Rating: 2021 2020 Total 1 $ — $ — $ — 2 58,864,000 — 58,864,000 3 145,898,184 44,720,028 190,618,212 4 10,211,872 — 10,211,872 5 — — — Total $ 214,974,056 $ 44,720,028 $ 259,694,084

INTEREST RECEIVABLE

INTEREST RECEIVABLE	12 Months Ended
	Dec. 31, 2021
INTEREST RECEIVABLE [Abstract]
INTEREST RECEIVABLE	7. INTEREST RECEIVABLE The following table summarizes the interest receivable by the Company as o f December 31, 2021 and 2020: As of December 31, 2021 As of December 31, 2020 Interest receivable $ 3,562,566 $ 675,795 PIK receivable 554,357 177,183 Unused fees receivable 296,015 74,314 Total interest receivable $ 4,412,938 $ 927,292

INTEREST RESERVE

INTEREST RESERVE	12 Months Ended
	Dec. 31, 2021
INTEREST RESERVE [Abstract]
INTEREST RESERVE	8. INTEREST RESERVE At December 31, 2021 and December 31, 2020, the Company had seven and one loans, respectively, that included a loan funded interest reserve. For the year ended December 31, 2021, approximately $6.0 million o The following table presents changes in interest reserve as of and for the year ended December 31, 2021 and for the period from July 31, 2020 to December 31, 2020: For the year ended December 31, 2021 Period from July 31, 2020 to December 31, 2020 Beginning reserves $ 1,325,750 $ — New reserves 9,450,468 1,400,000 Reserves disbursed (5,993,947 ) (74,250 ) Ending reserves $ 4,782,271 $ 1,325,750

DEBT

DEBT	12 Months Ended
	Dec. 31, 2021
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) 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 an. As of December 30, 2021, the Company drew on the full amount of the Revolving Credit Facility, resulting in $75.0 million outstanding and $0.0 million available for borrowing and incurred interest expense of $19,792 2027 Senior Notes On November 3, 2021, the Company issued $100 million in aggregate principal amount of senior unsecured notes due in 2027 Prior to February 1, 2027, we may redeem the 2027 Senior Notes in whole or in part at a price equal to the greater of 100% of the principal amount of the 2027 Senior Notes being redeemed or a make-whole premium set forth in the Indenture, plus accrued and unpaid interest thereon to, but excluding, the applicable redemption date. On or after February 1, 2027, we may redeem the 2027 Senior Notes in whole or in part at a price equal to 100% of the principal amount of the 2027 Senior Notes being redeemed, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. The Indenture also requires us to offer to purchase all of the 2027 Senior Notes at a purchase price equal to 101% of the principal amount of the 2027 Senior Notes, plus accrued and unpaid interest if a ‘‘change of control triggering event’’ (as defined in the Indenture) occurs. 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. In addition, the Indenture also provides for customary events of default. If any event of default occurs, any amount then outstanding under the Indenture may immediately become due and payable. These events of default are subject to a number of important exceptions and qualifications set forth in the Indenture. The 2027 Senior Notes are due on May 1, 2027. Scheduled principal payments on the senior unsecured notes as of December 31, 2021 are as follows: Senior Unsecured Notes Year ending December 31, 2022 $ — 2023 — 2024 — 2025 — 2026 — Thereafter 100,000,000 Total principal $ 100,000,000 The following table reflects a summary of interest expense incurred during the year ended December 31, 2021. Note, no interest expense was incurred as of December 31, 2020. As of December 31, 2021 Senior Unsecured Notes Line of Credit Total Borrowings Interest expense $ 942,361 $ 19,792 $ 962,153 Unused fee expense — 29,687 29,687 Amortization of deferred financing costs 102,151 32,855 135,006 Total interest expense $ 1,044,512 $ 82,334 $ 1,126,846

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	10. COMMITMENTS AND CONTINGENCIES As o f December 31, 2021 and 2020, the Compa As of December 31, 2021 As of December 31, 2020 Total original loan commitments $ 419,198,125 $ 107,292,176 Less: drawn commitments (363,659,505 ) (87,467,057 ) Total undrawn commitments $ 55,538,620 $ 19,825,119 The Company from time to time may be a party to litigation in the normal course of business. As o f December 31, 2021, t 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.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2021
STOCKHOLDERS' EQUITY [Abstract]
STOCKHOLDERS' EQUITY	11. STOCKHOLDERS’ EQUITY Series A Preferred Stock As o f December 31, 2021 and December 31, 2020, the Company 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 . Shar 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. On January 10, 2022, the Company completed an underwritten offering of 3,000,000 shares of our common stock, at a price to the public of $20.50 per share. The gross proceeds to the Company from the offering were $61.5 million, before deducting underwriting discounts and commissions, a structuring fee and offering expenses payable by the Company. In connection with the offering, the underwriters were granted an over-allotment option to purchase up to an additional 450,000 shares of the Company’s common stock. On January 14, 2022, the underwriters partially exercised the over-allotment option with respect to 291,832 shares of common stock, which was completed on January 19, 2022. The underwriting commissions of approximately $3.5 million will be reflected as a reduction of additional paid-in capital in the first quarter of fiscal year 2022. The Company incurred approximately $1.0 million of expenses in connection with the offering. After giving effect to the partial exercise of the over-allotment option, the total number of shares sold by the Company in the public offering was 3,291,832 shares and total gross proceeds, before deducting underwriting discounts and commissions, a structuring fee and other offering expenses payable by the Company, were approximately $67.5 million. 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 December 31, 2021. As of December 31, 2021, th 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) n on-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, 2021 and 2020: As of December 31, 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 December 31, 2021 and 2020: As of December 31, 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 $1,745,872 for the year ended December 31, 2021, and no expense was booked during the period from July 31, 2020 to December 31, 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 year ended December 31, 2021 and for the period from July 31, 2020 to December 31, 2020: Year ended December 31, 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 December 31, 2021 1,604,236 $ 1.08 Period ended December 31, 2020 Weighted- Average Grant Date Fair Value Per Option Balance as of July 31, 2020 — $ — Granted 943,432 0.91 Exercised — — Forfeited (16,534 ) 0.90 Balance as of December 31, 2020 926,898 $ 0.91

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2021
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	12. EARNINGS PER SHARE The following information sets fort h the computations of basic weighted average earnings per common share for the year ended December 31, 2021 and for the period from July 31, 2020 to December 31, 2020: Year ended December 31, 2021 Period from July 31, 2020 to December 31, 2020 Net income (loss) attributable to common stockholders $ 21,000,497 $ 4,313,632 Divided by: Basic weighted average shares of common stock outstanding 13,373,778 5,694,475 Diluted weighted average shares of common stock outstanding 13,808,845 5,694,475 Basic weighted average earnings per common share $ 1.57 $ 0.76 Diluted weighted average earnings per common share $ 1.52 $ 0.76

INCOME TAX

INCOME TAX	12 Months Ended
	Dec. 31, 2021
INCOME TAX [Abstract]
INCOME TAX	13. INCOME TAX A TRS is an entity taxed as a corporation that has not elected to be taxed as a REIT, in which a REIT directly or indirectly holds equity, and that has made a joint election with such REIT to be treated as a TRS. A TRS generally may engage in any business, including investing in assets and engaging in activities that could not be held or conducted directly by the Company without jeopardizing its qualification as a REIT. A TRS is subject to applicable United States federal, state and local income tax on its taxable income. In addition, as a REIT, the Company also may be subject to a 100% excise tax on certain transactions between it and its TRS that are not conducted on an arm’s-length basis. The income tax provision is included in the line item income tax expense, including excise tax in the consolidated statements of operations included in this Annual Report on Form 10-K. The income tax provision for the Company was $35,167 for the year ended December 31, 2021 and $0 for the period ended December 31, 2020. The income tax expense for the Company relates to various state and local taxes and activities of the Company’s taxable REIT subsidiary of approximately $10,167 and $25,000, respectively. For the year ended December 31, 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 The Company does not have any unrecognized tax benefits and the Company does not expect that to change in the next 12 months.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2021
FAIR VALUE [Abstract]
FAIR VALUE	14. FAIR VALUE Loans Held for Investment 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 present fair value measurements of loans held at fair value as of December 31, 2021 and 2020: Fair Value Measurement Using as of December 31, 2021 Total Level 1 Level 2 Level 3 Loans held at fair value $ 77,096,319 $ — $ — $ 77,096,319 Total $ 77,096,319 $ — $ — $ 77,096,319 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 year ended December 31, 2021: For the year ended December 31, 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 619,821 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 2,249,563 PIK interest 2,192,062 Total loans using Level 3 inputs at December 31, 2021 $ 77,096,319 The change in unrealized appreciation included in the consolidated statement of operations attributable to loans held at fair value, categorized as Level 3, still held at December 31, 2021 is $1,402,411. The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of December 31, 2021 and 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, 2021 Unobservable Input Fair Value Primary Valuation Techniques Input Estimated Range Weighted Average Senior Term Loans $ 77,096,319 Yield analysis Market Yield 17.71% - 20.96 % 18.22% Total Investments $ 77,096,319 As of December 31, 2020 Unobservable Input Fair Value Primary Valuation Techniques Input Estimated Range Weighted Average Senior Term Loans $ 48,558,051 Yield analysis Market Yield 15.79% - 20.75 % 20.20% Total Investments $ 48,558,051 Changes in market yields may change the fair value of certain of the Company’s loans. Generally, an increase in market yields may result in a decrease in the fair value of certain of the Company’s loans. Due to the inherent uncertainty of determining the fair value of loans that do not have a readily available market value, the fair value of the Company’s loans may fluctuate from period to period. Additionally, the fair value of the Company’s loans may differ significantly from the values that would have been used had a ready market existed for such loans and may differ materially from the values that the Company may ultimately realize. Further, such loans are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a loan in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the loans may cause the gains or losses ultimately realized on these loans to be different than the unrealized gains or losses reflected in the valuations currently assigned. Investment in Marketable Securities As of December 31, 2021, the Company’s portfolio included one investment in debt securities held at fair value. As of December 31, 2020, the Company’s portfolio did not include any debt securities. The following tables summarize the Company’s debt securities held at fair value as of December 31, 2021: As of December 31, 2021 Fair Value Carrying Value (1) Outstanding Principal (1) Weighted Average Remaining Life (Years) (2) Debt securities $ 15,881,250 $ 16,050,000 $ 15,000,000 2.9 Total debt securities held at fair value $ 15,881,250 $ 16,050,000 $ 15,000,000 2.9 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase premium and loan origination costs. (2) Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2021. The following table presents changes in loans held at fair value as of and for the year ended December 31, 2021: Principal Original Issue Discount Unrealized Gains (Losses) Fair Value Total debt securities held at fair value at December 31, 2020 $ — $ — $ — $ — Change in unrealized gains / (losses) on securities at fair value, net — — (168,750 ) (168,750 ) New fundings 15,000,000 1,050,000 — 16,050,000 Loan repayments — — — — Total debt securities held at fair value at December 31, 2021 $ 15,000,000 $ 1,050,000 $ (168,750 ) $ 15,881,250 The following table presents fair value measurements of debt securities held at fair value as of December 31, 2021. Note, the Company did not hold any investments in debt securities as of December 31, 2020. Fair Value Measurement Using as of December 31, 2021 Total Level 1 Level 2 Level 3 Debt securities held at fair value $ 15,881,250 $ — $ 15,881,250 $ — Total $ 15,881,250 $ — $ 15,881,250 $ — 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 consolidated balance sheets: As of December 31, 2021 Carrying Value Fair Value Financial assets Cash and cash equivalents $ 109,246,048 $ 109,246,048 Loans held for investment at carrying value $ 257,163,496 $ 260,930,143 Loan receivable at carrying value $ 2,530,588 $ 2,475,001 Estimates of fair value for cash and cash equivalents are measured using observable, quoted market prices, or Level 1 inputs. The Company’s loans held for investment are measured using unobservable inputs, or Level 3 inputs. The Company’s investment in debt securities are measured using readily available quoted prices for similar assets, or Level 2 inputs.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	15. RELATED PARTY TRANSACTIONS Management Agreement Pursuant to the Management Agreement, the Manager manages the loans and day-to-day operations of the Company, subject at all times to the further terms and conditions set forth in the Management Agreement and such further limitations or parameters as may be imposed from time to time by the Company’s Board. The Manager will receive base management fees (the “Base Management Fee”) that are calculated and payable quarterly in arrears, in an amount equal to 0.375% of the Company’s Equity (as defined below), subject to certain adjustments, less 50% of the aggregate amount of any other fees (“Outside Fees”), including any agency fees relating to our loans, but excluding the Incentive Compensation (as defined below) and any diligence fees paid to and earned by the Manager and paid by third parties in connection with the Manager’s due diligence of potential loans. Prior to the IPO, the quarterly base management fee was equal to 0.4375% of the Company’s Equity, subject to certain adjustments, less 100% of the aggregate amount of any Outside Fees, including any agency fees relating to our loans, but excluding the Incentive Compensation and any diligence fees paid to and earned by the Manager and paid by third parties in connection with the Manager’s due diligence of potential loans. In addition to the Base Management Fee, the Manager is entitled to receive incentive compensation (the “Incentive Compensation” or “Incentive Fees”) under the Management Agreement. Under the Management Agreement, the Company will pay Incentive Fees to the Manager based upon the Company’s achievement of targeted levels of Core Earnings. “Core Earnings” is defined in the Management Agreement as, for a given period means the net income (loss) for such period, computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive in come 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 year ended December 31, 2021 was approximately $6,010,704. For the period from July 31, 2020 to December 31, 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 year ended December 31, 2021 and for the period from July 31, 2020 to December 31, 2020: Year ended December 31, 2021 Period from July 31, 2020 to December 31, 2020 Affiliate Costs Management fees earned $ 3,340,123 $ 623,361 Less outside fees earned (1,029,315 ) (259,167 ) Base management fees, net 2,310,808 364,194 Incentive fees earned 6,010,704 — General and administrative expenses reimbursable to Manager 2,319,074 671,605 Total $ 10,640,586 $ 1,035,799 Amounts payable to the Company’s Manager as of December 31, 2021 and 2020 wer 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 o f December 31, 2021, th In September 2021, we entered into the September Commitment Assignment with our Manager, pursuant to which our Manager assigned to us its commitment to make loans to Private Company A in a principal amount of up to $20.0 million, which was funded in September 2021. The loans were purchased at accreted cost plus accrued PIK interest. We did not pay any fees or premium to our Manager for our acquisition of our Manager’s loan commitments under the Credit Agreement with Private Company A pursuant to the September Commitment Assignment. In September 2021, we entered into a September Loan Assignment with FLH, Private Company A, as borrower, and our Manager, as the agent, pursuant to which we acquired FLH’s interest in the $8.5 million portion of the loan to Private Company A, for a purchase price of approximately $8.5 million (which equaled the outstanding principal amount of the loan plus any accrued and unpaid interest and less any unaccreted original issue discount). In connection with investments in loans, the Company may receive th e option to assign the right (the “Assigned Right”) to acquire warrants and/or equity of the borrower. The Company may sell the Assigned Right, and the sale may be to an affiliate of the Company. For the year ended December 31, 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 ended December 31, 2020, the Company sold approximately $1.6 million of Assigned Rights to an affiliate which are accounted for as additional original issue discount and accreted over the life of the loans. Secured Revolving Credit 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 consolidated financial statements for more information.

DIVIDENDS AND DISTRIBUTIONS

DIVIDENDS AND DISTRIBUTIONS	12 Months Ended
	Dec. 31, 2021
DIVIDENDS AND DISTRIBUTIONS [Abstract]
DIVIDENDS AND DISTRIBUTIONS	16. DIVIDENDS AND DISTRIBUTIONS The following table summarizes the Company’s dividends dec lared during the year end ed December 31, 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 Regular cash dividend 12/31/2021 1/14/2022 0.50 0.50 — 0.50 Total cash dividend $ 1.67 $ 1.67 $ — $ 1.67

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financial statements were available to be issued. There were no material subsequent events, other than those described below, that required disclosure in these financial statements. Subsequent to the end of the fourth quarter, the Company increased commitments to three current borrowers in the amount of approximately $46.9 million and funded approximately $49.4 million of principal amount of new and unfunded commitments. Additionally, the Company sold one investment in debt securities of $15.0 million and was repaid by Private Company E of approximately $20.0 million. On January 10, 2022, the Company completed an underwritten offering of 3,000,000 shares of its common stock, at a price to the public of $20.50 per share. The Company’s gross proceeds from the offering were $61.5 million, before deducting underwriting discounts and commissions, a structuring fee and offering expenses. In connection with the offering, the underwriters were granted an over-allotment option to purchase up to an additional 450,000 shares of our common stock. On January 14, 2022, the underwriters partially exercised the over-allotment option with respect to 291,832 shares of common stock, which was completed on January 19, 2022. The underwriting commissions of approximately $3.5 million will be reflected as a reduction of additional paid-in capital in the first quarter of fiscal year 2022. The Company incurred approximately $1.0 million of expenses in connection with the offering. After giving effect to the partial exercise of the over-allotment option, the total number of shares sold in the public offering was 3,291,832 shares and total gross proceeds, before deducting underwriting discounts and commissions, a structuring fee and other offering expenses, were approximately $67.5 million. On December 30, 2021, the Company drew $75.0 million on our Revolving Credit Facility. All outstanding borrowings were subsequently repaid in full on January 3, 2022. In February 2022, Private Company E repaid its loan in full. The loan had an original maturity date of April 2026 In February 2022, the Company committed an additional $15.3 million under the expansion to the Private Company A Credit Facility, and now hold $77.8 million in total of the expanded credit facility, and an additional $1.0 million of the expansion was syndicated . In February 2022, the Company sold our $15.0 million investment in the Public Company G debt securities for 106% of face value, resulting in a loss of approximately $0.2 million. This investment was classified as available-for-sale as of December 31, 2021. In March 2022, the Company entered into the fourth amendment of the Amended and Restated Credit Agreement with Public Company F to, among other things, increase the total loan commitments by $100 million, with approximately (i) $26.6 million of the new loan commitments allocated to us; (ii) $15.0 million of the new loan commitments allocated to FLH; and (iii) the remaining loan commitments allocated to third-party lenders by the third-party agent. In March 2022, the Company committed an additional $5.0 million under the Private Company B credit facility. Following the expansion, the Company now holds $15.5 million in total principal amount. In March 2022, we declared a regular cash dividend of $0.55 per share of our common stock, relating to the first quarter of 2022, which will be paid on April 15, 2022 to stockholders of record as of March 31, 2022. The estimated aggregate amount of the regular cash dividend payment is approximately $10.9 million.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated 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 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 consolidated balance sheets and consolidated statements 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 commercial real estate (“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 consolidated balance sheets, with changes in fair value recorded through earnings. Refer to Note 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 of 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 consolidated balance sheets. The Company follows Accounting Standards Codification (“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 consolidated balance sheets.
Investment in Marketable Securities	Investment in Marketable Securities Investment in marketable securities of $15.9 million and $0.0 million at December 31, 2021 and 2020, respectively, consists of debt securities that are designated as available - - . Marketable debt securities are recorded at fair value and unrealized holding gains or losses are excluded from net income on the consolidated income statement and reported as a component of accumulated other comprehensive income within shareholders’ equity.
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 consolidated balance sheets. 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 Overall (“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 consolidated statements 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 consolidated balance sheets. The CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within the current expected credit loss reserve financial statement line in the Company’s balance sheet. See Note 6 included in these consolidated 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. Amortization of debt issuance costs is included within interest expense in the Company’s consolidated statements of operations. The unamortized balance for both the senior notes and the line of credit are included within Senior Notes Payable and Line of Credit Payable, respectively, in these consolidated financial statements. See Note 9 included in these consolidated financial statements for further consideration.
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.
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. To qualify as a REIT, the Company must meet a number of organizational and operational requirements. Those qualification tests involve the percentage of income that the Company earns from specified sources, the percentage of the Company’s assets that fall within specified categories, the diversity of the ownership of the Company’s shares, and the percentage of the Company’s taxable income that the Company distributes. The Company is required to distribute 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, the Company will be subject to a 4% nondeductible excise tax on any amount by which distributions the Company pays with respect to any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year) are less than the sum of (1) 85% of our ordinary income, (2) 95% of our capital gain net income and (3) 100% of our undistributed income from prior years. The annual expense is calculated in accordance with applicable tax regulations. Excise tax expense is included in the financial statement 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, 2021. B
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 stock options, restricted stock, restricted stock units (“RSUs”) and convertible debt, except when doing so would be anti-dilutive. As of December 31, 2021, there were dilutive instruments relating to stock options and restricted shares. 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 year ended December 31, 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	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 does not believe the adoption of this ASU will have a material impact 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 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.

LOANS HELD FOR INVESTMENT AT _2

LOANS HELD FOR INVESTMENT AT FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2021
LOANS HELD FOR INVESTMENT AT FAIR VALUE [Abstract]
Loans Held at Fair Value	The following tables summarize the Company’s loans held at fair value as of December 31, 2021 and 2020: As of December 31, 2021 Fair Value (2) Carrying Value (1) Outstanding Principal (1) Weighted Average Remaining Life (Years) (3) Senior Term Loans $ 77,096,319 $ 74,913,157 $ 77,630,742 2.2 Total loans held at fair value $ 77,096,319 $ 74,913,157 $ 77,630,742 2.2 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 OID, PIK and loan origination costs. (2) Refer to Note 14 in these annual consolidated financial statements. (3) Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2021 and December 31, 2020.
Changes in Loans Held at Fair Value	The following table presents changes in loans held at fair value as of and for the year ended December 31, 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 — — 619,821 619,821 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 — 2,249,563 — 2,249,563 PIK interest 2,192,062 — — 2,192,062 Total loans held at fair value at December 31, 2021 $ 77,630,742 $ (2,717,584 ) $ 2,183,161 $ 77,096,319 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, $ 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 Loan 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 Decembe r 31, $ 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 o f December 31, 2021 i 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 $ 63,523,503 $ 61,629,048 $ 63,918,855 16.4 % (5) 5/8/2024 P/I Public Co. A NV C 2,919,420 2,940,000 2,940,000 14.0 % (6) 1/26/2023 I/O Private Co. B MI C 10,653,396 10,344,109 10,771,887 17.0 % (7) 9/1/2023 P/I Total loans held at fair value $ 77,096,319 $ 74,913,157 $ 77,630,742 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of OID, PIK and loan origination costs. (2) Refer to Note 14 in these annual 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 12% and PIK interest rate of 2%. (7) Base interest rate of 13% and PIK interest rate of 4%. (8) C = Cultivation Facilities, D = Dispensaries.

LOANS HELD FOR INVESTMENT AT _3

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Tables)	12 Months Ended
	Dec. 31, 2021
LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]
Loans Held at Carrying Value	The following tables summarize the Company’s loans held at carrying value as of December 31, 2021 and 2020: As of December 31, 2021 Outstanding Principal (1) Original Issue Discount Carrying Value (1) Weighted Average Remaining Life (Years) (2) Senior Term Loans $ 270,841,715 $ (13,678,219 ) $ 257,163,496 3.4 Total loans held at carrying value $ 270,841,715 $ (13,678,219 ) $ 257,163,496 3.4 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 OID, PIK and loan origination costs. (2) Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2021 and December 31, 2020.
Changes in Loans Held at Carrying Value	The following table presents changes in loans held at carrying value as of and for the year ended December 31, 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 249,591,644 (14,941,001 ) 234,650,643 Accretion of original issue discount — 3,333,514 3,333,514 Realized gain on sale of loans 450,000 — 450,000 Sale of loans (15,450,000 ) — (15,450,000 ) PIK interest 2,342,308 — 2,342,308 Total loans held at carrying value at December 31, 2021 $ 270,841,715 $ (13,678,219 ) $ 257,163,496 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, $ — $ — $ — 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 Decembe r 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 o f December 31, 2021 is as fo 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 $ 21,676,514 $ (754,767 ) $ 20,921,747 17.0 % (5) 12/1/2025 P/I Sub. of Public Co. D PA C 10,000,000 (137,755 ) 9,862,245 12.9 % (6) 12/18/2024 I/O Private Co. D OH, AR D 12,230,666 (825,217 ) 11,405,449 15.0 % (7) 1/1/2026 P/I Private Co. E OH C ,D 19,871,580 (2,627,738 ) 17,243,842 17.0 % (8) 4/1/2026 P/I Private Co. F MO C ,D 11,545,234 (1,717,705 ) 9,827,529 17.0 % (9) 5/1/2026 P/I Sub of Private Co. G NJ C ,D 46,717,825 (2,362,164 ) 44,355,661 14.3 % (10) 5/1/2026 P/I Public Co. F IL, FL, NV, OH, MA, MI, MD, AR, NV, AZ C ,D 60,000,000 (1,136,000 ) 58,864,000 8.7 % (11) 5/30/2023 I/O Sub of Private Co. H IL C 5,781,250 (106,771 ) 5,674,479 15.0 % (12) 5/11/2023 I/O Private Co. K MA C ,D 7,000,000 (724,167 ) 6,275,833 13.0 % (13) 8/3/2026 P/I Private Co. I MD C ,D 10,425,205 (213,332 ) 10,211,873 15.5 % (14) 8/1/2026 P/I Private Co. J MO C 23,093,441 (721,583 ) 22,371,858 15.0 % (15) 9/1/2025 P/I Sub. of Public Co. H IA, IL, MI, NJ, PA C ,D 42,500,000 (2,351,020 ) 40,148,980 9.8 % (16) 1/1/2026 I/O Total loans held at carrying value $ 270,841,715 $ (13,678,219 ) $ 257,163,496 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK 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 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%. (11) Base interest rate of 8.7%. (12) Base interest rate of 15.0%. (13) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) (14) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%. (15) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%. (16) Base

LOAN RECEIVABLE AT CARRYING V_2

LOAN RECEIVABLE AT CARRYING VALUE (Tables)	12 Months Ended
	Dec. 31, 2021
LOAN RECEIVABLE AT CARRYING VALUE [Abstract]
Changes in Loans Receivable	The following table presents changes in loans receivable as of and for the year ended December 31, 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 (818,910 ) — (818,910 ) Accretion of original issue discount — 1,235 1,235 Total loans receivable at carrying value at December 31, 2021 $ 2,533,266 $ (2,678 ) $ 2,530,588

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Tables)	12 Months Ended
	Dec. 31, 2021
CURRENT EXPECTED CREDIT LOSSES [Abstract]
Financing Receivable, Allowance for Credit Loss	Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value and loans receivable at carrying value as of and for the year end ed December 31, 2021 wa Outstanding (1) Unfunded (2) Total Balance at December 31, 2020 $ 404,860 $ 60,537 $ 465,397 Provision for current expected credit losses 2,026,698 622,640 2,649,338 Write-offs — — — Recoveries — — — Balance at December 31, 2021 $ 2,431,558 $ 683,177 $ 3,114,735 (1) As of December 31, 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, 2021 and December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within current expected credit loss reserve as a liability in the Company’s consolidated balance sheets. 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 for the period from July 31, 2020 (commencement of operations) to December 31, 2020 was as follows: Outstanding (1) Unfunded (2) Total Balance at July 31, 2020 $ — $ — $ — Provision for current expected credit losses 404,860 60,537 465,397 Write-offs — — — Recoveries — — — Balance at December 31, 2020 $ 404,860 $ 60,537 $ 465,397 (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 consolidated balance sheets. (2) 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	As of December 31, 2021, the Risk Rating: 2021 2020 Total 1 $ — $ — $ — 2 58,864,000 — 58,864,000 3 145,898,184 44,720,028 190,618,212 4 10,211,872 — 10,211,872 5 — — — Total $ 214,974,056 $ 44,720,028 $ 259,694,084

INTEREST RECEIVABLE (Tables)

INTEREST RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2021
INTEREST RECEIVABLE [Abstract]
Interest Receivable	The following table summarizes the interest receivable by the Company as o f December 31, 2021 and 2020: As of December 31, 2021 As of December 31, 2020 Interest receivable $ 3,562,566 $ 675,795 PIK receivable 554,357 177,183 Unused fees receivable 296,015 74,314 Total interest receivable $ 4,412,938 $ 927,292

INTEREST RESERVE (Tables)

INTEREST RESERVE (Tables)	12 Months Ended
	Dec. 31, 2021
INTEREST RESERVE [Abstract]
Changes in Interest Reserve	The following table presents changes in interest reserve as of and for the year ended December 31, 2021 and for the period from July 31, 2020 to December 31, 2020: For the year ended December 31, 2021 Period from July 31, 2020 to December 31, 2020 Beginning reserves $ 1,325,750 $ — New reserves 9,450,468 1,400,000 Reserves disbursed (5,993,947 ) (74,250 ) Ending reserves $ 4,782,271 $ 1,325,750

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
DEBT [Abstract]
Scheduled of Principal Payments on Senior Unsecured Notes	The 2027 Senior Notes are due on May 1, 2027. Scheduled principal payments on the senior unsecured notes as of December 31, 2021 are as follows: Senior Unsecured Notes Year ending December 31, 2022 $ — 2023 — 2024 — 2025 — 2026 — Thereafter 100,000,000 Total principal $ 100,000,000
Summary of Interest Expense Incurred	The following table reflects a summary of interest expense incurred during the year ended December 31, 2021. Note, no interest expense was incurred as of December 31, 2020. As of December 31, 2021 Senior Unsecured Notes Line of Credit Total Borrowings Interest expense $ 942,361 $ 19,792 $ 962,153 Unused fee expense — 29,687 29,687 Amortization of deferred financing costs 102,151 32,855 135,006 Total interest expense $ 1,044,512 $ 82,334 $ 1,126,846

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2021
COMMITMENTS AND CONTINGENCIES [Abstract]
Commitments to Fund Various Senior Term Loans, Investment in Debt securities, Equipment Loans and Bridge Loans	As o f December 31, 2021 and 2020, the Compa As of December 31, 2021 As of December 31, 2020 Total original loan commitments $ 419,198,125 $ 107,292,176 Less: drawn commitments (363,659,505 ) (87,467,057 ) Total undrawn commitments $ 55,538,620 $ 19,825,119

STOCKHOLDERS' EQUITY (Tables)

STOCKHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2021
STOCKHOLDERS' EQUITY [Abstract]
Summary of Options Granted	The following table summarizes the (i) n on-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, 2021 and 2020: As of December 31, 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
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 December 31, 2021 and 2020: As of December 31, 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 year ended December 31, 2021 and for the period from July 31, 2020 to December 31, 2020: Year ended December 31, 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 December 31, 2021 1,604,236 $ 1.08 Period ended December 31, 2020 Weighted- Average Grant Date Fair Value Per Option Balance as of July 31, 2020 — $ — Granted 943,432 0.91 Exercised — — Forfeited (16,534 ) 0.90 Balance as of December 31, 2020 926,898 $ 0.91

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2021
EARNINGS PER SHARE [Abstract]
Computations of Basic Weighted Average Earnings per Common Share	The following information sets fort h the computations of basic weighted average earnings per common share for the year ended December 31, 2021 and for the period from July 31, 2020 to December 31, 2020: Year ended December 31, 2021 Period from July 31, 2020 to December 31, 2020 Net income (loss) attributable to common stockholders $ 21,000,497 $ 4,313,632 Divided by: Basic weighted average shares of common stock outstanding 13,373,778 5,694,475 Diluted weighted average shares of common stock outstanding 13,808,845 5,694,475 Basic weighted average earnings per common share $ 1.57 $ 0.76 Diluted weighted average earnings per common share $ 1.52 $ 0.76

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2021
FAIR VALUE [Abstract]
Fair Value Measurements of Loans Held at Fair Value	The following tables present fair value measurements of loans held at fair value as of December 31, 2021 and 2020: Fair Value Measurement Using as of December 31, 2021 Total Level 1 Level 2 Level 3 Loans held at fair value $ 77,096,319 $ — $ — $ 77,096,319 Total $ 77,096,319 $ — $ — $ 77,096,319 Fair Value Measurement Using as of December 31, 2020 Total Level 1 Level 2 Level 3 Loans held at fair value $ 48,558,051 $ — $ — $ 48,558,051 Total $ 48,558,051 $ — $ — $ 48,558,051
Fair Value Measurements of Changes in Loans using Level 3 inputs	The following table presents changes in loans that use Level 3 inputs as of and for the year ended December 31, 2021: For the year ended December 31, 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 619,821 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 2,249,563 PIK interest 2,192,062 Total loans using Level 3 inputs at December 31, 2021 $ 77,096,319
Significant Unobservable Inputs	The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of December 31, 2021 and 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, 2021 Unobservable Input Fair Value Primary Valuation Techniques Input Estimated Range Weighted Average Senior Term Loans $ 77,096,319 Yield analysis Market Yield 17.71% - 20.96 % 18.22% Total Investments $ 77,096,319 As of December 31, 2020 Unobservable Input Fair Value Primary Valuation Techniques Input Estimated Range Weighted Average Senior Term Loans $ 48,558,051 Yield analysis Market Yield 15.79% - 20.75 % 20.20% Total Investments $ 48,558,051
Debt Securities Held at Fair Value	The following tables summarize the Company’s debt securities held at fair value as of December 31, 2021: As of December 31, 2021 Fair Value Carrying Value (1) Outstanding Principal (1) Weighted Average Remaining Life (Years) (2) Debt securities $ 15,881,250 $ 16,050,000 $ 15,000,000 2.9 Total debt securities held at fair value $ 15,881,250 $ 16,050,000 $ 15,000,000 2.9 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase premium and loan origination costs. (2) Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2021.
Changes in Loans Held at Fair Value	The following table presents changes in loans held at fair value as of and for the year ended December 31, 2021: Principal Original Issue Discount Unrealized Gains (Losses) Fair Value Total debt securities held at fair value at December 31, 2020 $ — $ — $ — $ — Change in unrealized gains / (losses) on securities at fair value, net — — (168,750 ) (168,750 ) New fundings 15,000,000 1,050,000 — 16,050,000 Loan repayments — — — — Total debt securities held at fair value at December 31, 2021 $ 15,000,000 $ 1,050,000 $ (168,750 ) $ 15,881,250
Fair Value Measurements of Debt Securities Held at Fair Value	The following table presents fair value measurements of debt securities held at fair value as of December 31, 2021. Note, the Company did not hold any investments in debt securities as of December 31, 2020. Fair Value Measurement Using as of December 31, 2021 Total Level 1 Level 2 Level 3 Debt securities held at fair value $ 15,881,250 $ — $ 15,881,250 $ — Total $ 15,881,250 $ — $ 15,881,250 $ —
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 consolidated balance sheets: As of December 31, 2021 Carrying Value Fair Value Financial assets Cash and cash equivalents $ 109,246,048 $ 109,246,048 Loans held for investment at carrying value $ 257,163,496 $ 260,930,143 Loan receivable at carrying value $ 2,530,588 $ 2,475,001

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
RELATED PARTY TRANSACTIONS [Abstract]
Summary of Related Party Costs	The following table summarizes the related party costs incurred by the Company for the year ended December 31, 2021 and for the period from July 31, 2020 to December 31, 2020: Year ended December 31, 2021 Period from July 31, 2020 to December 31, 2020 Affiliate Costs Management fees earned $ 3,340,123 $ 623,361 Less outside fees earned (1,029,315 ) (259,167 ) Base management fees, net 2,310,808 364,194 Incentive fees earned 6,010,704 — General and administrative expenses reimbursable to Manager 2,319,074 671,605 Total $ 10,640,586 $ 1,035,799

DIVIDENDS AND DISTRIBUTIONS (Ta

DIVIDENDS AND DISTRIBUTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
DIVIDENDS AND DISTRIBUTIONS [Abstract]
Summary of Dividends Declared and Paid	The following table summarizes the Company’s dividends dec lared during the year end ed December 31, 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 Regular cash dividend 12/31/2021 1/14/2022 0.50 0.50 — 0.50 Total cash dividend $ 1.67 $ 1.67 $ — $ 1.67

ORGANIZATION (Details)

ORGANIZATION (Details)	12 Months Ended
	Dec. 31, 2021Segment
ORGANIZATION [Abstract]
Number of operating segments	1

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES, Cash, Cash Equivalents and Restricted Cash (Details)	Dec. 31, 2021USD ($)
Cash, Cash Equivalents and Restricted Cash [Abstract]
Restricted cash	$ 0

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES, Investment in Marketable Securities (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Investment in Marketable Securities [Abstract]
Investment in marketable securities	$ 15,900,000	$ 0

LOANS HELD FOR INVESTMENT AT _4

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Summary of Portfolio (Details)	5 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)Loans		Dec. 31, 2021USD ($)Loans		Jul. 30, 2020USD ($)
Loans held for Investment at Fair Value [Abstract]
Number of portfolio loans | Loans	4		3
Loans held at fair value, aggregate commitments	$ 59,900,000		$ 75,900,000
Loans held for investment at outstanding principal	$ 50,831,235	[1]	77,630,742	[1]	$ 46,080,605
Loans held at fair value, funded of outstanding principal			37,700,000
Loans held at fair value, repayments			$ 13,100,000
Loans held at fair value, floating interest rate	6.00%		0.00%
LIBOR Floor Rate [Member]
Loans held for Investment at Fair Value [Abstract]
Loans held at fair value, weighted average floor	2.50%
Variable term	30 days
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of OID, PIK and loan origination costs.

LOANS HELD FOR INVESTMENT AT _5

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Summary of Loans Held at Fair Value (Details) - USD ($)		5 Months Ended		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2021		Jul. 30, 2020
Loans held as investment, Fair Value Amount [Abstract]
Loans held for investment at fair value		$ 48,558,051	[1]	$ 77,096,319	[1]	$ 43,106,551
Loans held for investment at carrying value	[2]	46,994,711		74,913,157
Loans held for investment at outstanding principal		$ 50,831,235	[2]	$ 77,630,742	[2]	$ 46,080,605
Loans held at fair value, weighted average remaining life	[3]	3 years 3 months 18 days		2 years 2 months 12 days
Senior Term Loans [Member]
Loans held as investment, Fair Value Amount [Abstract]
Loans held for investment at fair value	[1]	$ 48,558,051		$ 77,096,319
Loans held for investment at carrying value	[2]	46,994,711		74,913,157
Loans held for investment at outstanding principal	[2]	$ 50,831,235		$ 77,630,742
Loans held at fair value, weighted average remaining life	[3]	3 years 3 months 18 days		2 years 2 months 12 days
[1]	Refer to Note 14 in these annual consolidated financial statements.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of OID, PIK and loan origination costs.
[3]	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2021 and December 31, 2020.

LOANS HELD FOR INVESTMENT AT _6

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Changes in Loans Held at Fair Value (Details) - USD ($)		5 Months Ended	12 Months Ended
		Dec. 31, 2020	Dec. 31, 2021
Loans Receivable, Principal [Roll Forward]
Total loans held at fair value, beginning balance		$ 46,080,605	$ 50,831,235	[1]
Loans held at fair value, 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		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, loan amortization payments			(1,093,659)
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	2,192,062
Total loans held at fair value, ending balance	[1]	50,831,235	77,630,742
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, loan amortization payments			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	2,249,563
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)	(2,717,584)
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			619,821
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	2,183,161
Loans Held for Investment, Fair Value [Roll Forward]
Loans held at fair value, beginning balance		43,106,551	48,558,051	[2]
Loans held at fair value, 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	619,821
Loans held for at fair value, new fundings		14,764,801	36,570,481
Loans held at fair value, repayments		(5,000,000)	(12,000,000)
Loans held for at fair value, loan amortization payments			(1,093,659)
Loans held at fair value, sale of loans		(7,345,000)
Loans held at fair value, Accretion of original issue discount		732,729	2,249,563
Loans held at fair value, PIK interest		390,630	2,192,062
Loans held at fair value, ending balance	[2]	$ 48,558,051	$ 77,096,319
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of OID, PIK and loan origination costs.
[2]	Refer to Note 14 in these annual consolidated financial statements.

LOANS HELD FOR INVESTMENT AT _7

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Loans Held at Fair Value Portfolio (Details) - USD ($)		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020		Jul. 30, 2020
Loans Held at Fair Value Portfolio [Abstract]
Loans held at fair value		$ 77,096,319	[1]	$ 48,558,051	[1]	$ 43,106,551
Loans held for investment at carrying value	[2]	74,913,157		46,994,711
Outstanding principal		$ 77,630,742	[2]	$ 50,831,235	[2]	$ 46,080,605
Private Co. A [Member] | Multi State [Member]
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate		13.00%
PIK interest rate		3.40%
Private Co. A [Member] | Multi State [Member] | Cultivation Facilities, Dispensaries [Member]
Loans Held at Fair Value Portfolio [Abstract]
Loans held at fair value	[1]	$ 63,523,503
Loans held for investment at carrying value	[2]	61,629,048
Outstanding principal	[2]	$ 63,918,855
Interest rate	[3]	16.40%
Maturity date	[4]	May 8, 2024
Payment terms	[5]	P/I
Public Co. A [Member] | NV [Member]
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate		12.00%
PIK interest rate		2.00%
Public Co. A [Member] | NV [Member] | Cultivation Facilities [Member]
Loans Held at Fair Value Portfolio [Abstract]
Loans held at fair value	[1]	$ 2,919,420
Loans held for investment at carrying value	[2]	2,940,000
Outstanding principal	[2]	$ 2,940,000
Interest rate	[6]	14.00%
Maturity date	[4]	Jan. 26, 2023
Payment terms	[5]	I/O
Private Co. B [Member] | MI [Member]
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate		13.00%
PIK interest rate		4.00%
Private Co. B [Member] | MI [Member] | Cultivation Facilities [Member]
Loans Held at Fair Value Portfolio [Abstract]
Loans held at fair value	[1]	$ 10,653,396
Loans held for investment at carrying value	[2]	10,344,109
Outstanding principal	[2]	$ 10,771,887
Interest rate	[7]	17.00%
Maturity date	[4]	Sep. 1, 2023
Payment terms	[5]	P/I
[1]	Refer to Note 14 in these annual consolidated financial statements.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of OID, PIK and loan origination costs.
[3]	Base interest rate of 13% and payment-in-kind (“PIK”) interest rate of 3.4%.
[4]	Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[5]	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.
[6]	Base interest rate of 12% and PIK interest rate of 2%.
[7]	Base interest rate of 13% and PIK interest rate of 4%.

LOANS HELD FOR INVESTMENT AT _8

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Summary of Portfolio (Details)	5 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)Loan		Dec. 31, 2021USD ($)Loan		Jul. 30, 2020USD ($)
Loans Held as Investment, Carrying Amount Disclosure [Abstract]
Number of loans held for investments in portfolio | Loan	3		12
Loans held for investments aggregate commitments	$ 44,000,000		$ 324,300,000
Loans held at carrying value, outstanding principal	$ 33,907,763	[1]	270,841,715	[1]	$ 0
Loans held at carrying value, outstanding principal fundings			$ 249,600,000
Percentage of loans held at carrying value with floating interest rates	35.00%		48.00%
LIBOR period			30 days
LIBOR Weighted Average Floor Rate [Member]
Loans Held as Investment, Carrying Amount Disclosure [Abstract]
Loans held at carrying value, interest rate	1.00%		1.00%
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.

LOANS HELD FOR INVESTMENT AT _9

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Summary of Loans Held at Carrying Value (Details) - USD ($)		5 Months Ended		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2021		Jul. 30, 2020
Loans held as investment, Carrying Amount [Abstract]
Loans held at carrying value, outstanding principal		$ 33,907,763	[1]	$ 270,841,715	[1]	$ 0
Loans held at carrying value, original issue discount		(2,070,732)		(13,678,219)		0
Loans held at carrying value		$ 31,837,031	[1]	$ 257,163,496	[1]	$ 0
Loans held at carrying value, weighted average remaining life	[2]	4 years 8 months 12 days		3 years 4 months 24 days
Senior Term Loans [Member]
Loans held as investment, Carrying Amount [Abstract]
Loans held at carrying value, outstanding principal	[1]	$ 33,907,763		$ 270,841,715
Loans held at carrying value, original issue discount		(2,070,732)		(13,678,219)
Loans held at carrying value	[1]	$ 31,837,031		$ 257,163,496
Loans held at carrying value, weighted average remaining life	[2]	4 years 8 months 12 days		3 years 4 months 24 days
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.
[2]	Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2021 and December 31, 2020.

LOANS HELD FOR INVESTMENT AT_10

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Changes in Loans Held at Carrying Value (Details) - USD ($)		5 Months Ended	12 Months Ended
		Dec. 31, 2020	Dec. 31, 2021
Principal [Abstract]
Total loans held at carrying value, principal, beginning balance		$ 0	$ 33,907,763	[1]
Total loans held at carrying value, principal, new fundings		33,875,985	249,591,644
Total loans held at carrying value, principal, realized gain on sale of loans			450,000
Total loans held at carrying value, principal, sale of loans			(15,450,000)
Total loans held at carrying value, principal, PIK interest		31,778	2,342,308
Total loans held at carrying value, principal, ending balance	[1]	33,907,763	270,841,715
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)	(14,941,001)
Total loans held at carrying value, original Issue discount, accretion of original issue discount		50,237	3,333,514
Total loans held at carrying value, original issue discount, ending balance		(2,070,732)	(13,678,219)
Carrying Value [Abstract]
Total loans held at carrying value, beginning balance		0	31,837,031	[1]
Total loans held at carrying value, new fundings		31,755,016	234,650,643
Total loans held at carrying value, accretion of original issue discount		50,237	3,333,514
Total loans held at carrying value, realized gain on sale of loans			450,000
Total loans held at carrying value, sale of loans			(15,450,000)
Total loans held at carrying value, PIK Interest		31,778	2,342,308
Total loans held at carrying value, ending balance	[1]	$ 31,837,031	$ 257,163,496
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.

LOANS HELD FOR INVESTMENT AT_11

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Loans Held at Carrying Value portfolio (Details) - USD ($)		12 Months Ended
		Dec. 31, 2021		Dec. 31, 2020		Jul. 30, 2020
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal		$ 270,841,715	[1]	$ 33,907,763	[1]	$ 0
Original issue discount		(13,678,219)		(2,070,732)		0
Loans held for investment at carrying value, net		$ 257,163,496	[1]	$ 31,837,031	[1]	$ 0
Private Co. C [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		12.00%
Private Co. C [Member] | LIBOR Floor Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		1.00%
Private Co. C [Member] | PIK Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		4.00%
Private Co. C [Member] | PA [Member] | Cultivation Facilities, Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 21,676,514
Original issue discount		(754,767)
Loans held for investment at carrying value, net	[1]	$ 20,921,747
Interest rate	[2]	17.00%
Maturity date	[3]	Dec. 1, 2025
Payment Terms	[4]	P/I
Sub. of Public Co. D [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		12.90%
Sub. of Public Co. D [Member] | PA [Member] | Cultivation Facilities [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 10,000,000
Original issue discount		(137,755)
Loans held for investment at carrying value, net	[1]	$ 9,862,245
Interest rate	[5]	12.90%
Maturity date	[3]	Dec. 18, 2024
Payment Terms	[4]	I/O
Private Co. D [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		13.00%
Private Co. D [Member] | PIK Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		2.00%
Private Co. D [Member] | Multi State [Member] | Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 12,230,666
Original issue discount		(825,217)
Loans held for investment at carrying value, net	[1]	$ 11,405,449
Interest rate	[6]	15.00%
Maturity date	[3]	Jan. 1, 2026
Payment Terms	[4]	P/I
Private Co. E [Member]
Loans held at investment, Carrying Amount [Abstract]
Maturity date		Apr. 1, 2026
Private Co. E [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		12.00%
Private Co. E [Member] | LIBOR Floor Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		1.00%
Private Co. E [Member] | PIK Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		4.00%
Private Co. E [Member] | OH [Member] | Cultivation Facilities, Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 19,871,580
Original issue discount		(2,627,738)
Loans held for investment at carrying value, net	[1]	$ 17,243,842
Interest rate	[2]	17.00%
Maturity date	[3]	Apr. 1, 2026
Payment Terms	[4]	P/I
Private Co. F [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		13.00%
Private Co. F [Member] | PIK Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		4.00%
Private Co. F [Member] | MO [Member] | Cultivation Facilities, Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 11,545,234
Original issue discount		(1,717,705)
Loans held for investment at carrying value, net	[1]	$ 9,827,529
Interest rate	[7]	17.00%
Maturity date	[3]	May 1, 2026
Payment Terms	[4]	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	[1]	$ 46,717,825
Original issue discount		(2,362,164)
Loans held for investment at carrying value, net	[1]	$ 44,355,661
Interest rate	[8]	14.30%
Maturity date	[3]	May 1, 2026
Payment Terms	[4]	P/I
Public Co. F [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		8.70%
Public Co. F [Member] | Multi State [Member] | Cultivation Facilities, Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 60,000,000
Original issue discount		(1,136,000)
Loans held for investment at carrying value, net	[1]	$ 58,864,000
Interest rate	[9]	8.70%
Maturity date	[3]	May 30, 2023
Payment Terms	[4]	I/O
Sub of Private Co. H [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		15.00%
Sub of Private Co. H [Member] | IL [Member] | Cultivation Facilities [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 5,781,250
Original issue discount		(106,771)
Loans held for investment at carrying value, net	[1]	$ 5,674,479
Interest rate	[10]	15.00%
Maturity date	[3]	May 11, 2023
Payment Terms	[4]	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	[1]	$ 7,000,000
Original issue discount		(724,167)
Loans held for investment at carrying value, net	[1]	$ 6,275,833
Interest rate	[11]	13.00%
Maturity date	[3]	Aug. 3, 2026
Payment Terms	[4]	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	[1]	$ 10,425,205
Original issue discount		(213,332)
Loans held for investment at carrying value, net	[1]	$ 10,211,873
Interest rate	[12]	15.50%
Maturity date	[3]	Aug. 1, 2026
Payment Terms	[4]	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	[1]	$ 23,093,441
Original issue discount		(721,583)
Loans held for investment at carrying value, net	[1]	$ 22,371,858
Interest rate	[13]	15.00%
Maturity date	[3]	Sep. 1, 2025
Payment Terms	[4]	P/I
Sub. of Public Co. H [Member] | Base Interest Rate [Member]
Loans held at investment, Carrying Amount [Abstract]
Interest rate		9.80%
Sub. of Public Co. H [Member] | Multi State [Member] | Cultivation Facilities, Dispensaries [Member]
Loans held at investment, Carrying Amount [Abstract]
Outstanding principal	[1]	$ 42,500,000
Original issue discount		(2,351,020)
Loans held for investment at carrying value, net	[1]	$ 40,148,980
Interest rate	[14]	9.80%
Maturity date	[3]	Jan. 1, 2026
Payment Terms	[4]	I/O
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.
[2]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.
[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 12.9%.
[6]	Base interest rate of 13.0% and PIK interest rate of 2.0%.
[7]	Base interest rate of 13.0% and PIK interest rate of 4.0%.
[8]	Base interest rate of 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%.
[9]	Base interest rate of 8.7%.
[10]	Base interest rate of 15.0%.
[11]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%)
[12]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%.
[13]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%.
[14]	Base interest rate of 9.8%.

LOAN RECEIVABLE AT CARRYING V_3

LOAN RECEIVABLE AT CARRYING VALUE (Details)	12 Months Ended
	Dec. 31, 2021USD ($)Loan	Dec. 31, 2020USD ($)Loan
Proceeds from Sale and Collection of Loans Receivable [Abstract]
Number of portfolio loans | Loan	1	1
Loans receivable at carrying value aggregate commitments	$ 4,000,000	$ 4,000,000
Loans Receivable, Principal [Roll Forward]
Total loans receivable at principal, beginning of period	3,352,176
Principal repayment of loans at principal	(818,910)
Total loans receivable at principal, end of period	2,533,266
Loans Receivable, Original Issue Discount [Roll Forward]
Total loans receivable at original issue discount, beginning of period	(3,913)
Accretion of original issue discount at original issue discount	1,235
Total loans receivable at original issue discount, end of period	(2,678)
Loans Receivable, Carrying Value [Roll Forward]
Total loans receivable at carrying value, beginning of period	3,348,263
Principal repayment of loans at carrying value	(818,910)
Accretion of original issue discount at carrying value	1,235
Total loans receivable at carrying value, end of period	$ 2,530,588

CURRENT EXPECTED CREDIT LOSSES,

CURRENT EXPECTED CREDIT LOSSES, CECL Reserve (Details) - USD ($)		5 Months Ended		12 Months Ended
		Dec. 31, 2020		Dec. 31, 2021
Current Expected Credit Loss [Abstract]
Allowance for credit losses		$ 404,860		$ 2,431,558
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]
Beginning balance				404,860
Ending balance		404,860		2,431,558
CECL Reserve [Member]
Current Expected Credit Loss [Abstract]
Allowance for credit losses		$ 465,397		$ 3,114,735
Loans receivable variable spread rate		1.32%		1.20%
Loans receivable at carrying value, commitment balance		$ 35,200,000		$ 259,700,000
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]
Beginning balance		0		465,397
Provision for current expected credit losses		465,397		2,649,338
Write-offs		0		0
Recoveries		0		0
Ending balance		465,397		3,114,735
Funded Loan Commitment [Member] | CECL Reserve [Member]
Current Expected Credit Loss [Abstract]
Allowance for credit losses	[2]	404,860	[1]	2,431,558
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]
Beginning balance	[1]	0		404,860	[2]
Provision for current expected credit losses		404,860	[1]	2,026,698	[2]
Write-offs		0	[1]	0	[2]
Recoveries		0	[1]	0	[2]
Ending balance	[2]	404,860	[1]	2,431,558
Unfunded Loan Commitment [Member] | CECL Reserve [Member]
Current Expected Credit Loss [Abstract]
Allowance for credit losses	[4]	60,537	[3]	683,177
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]
Beginning balance	[3]	0		60,537	[4]
Provision for current expected credit losses		60,537	[3]	622,640	[4]
Write-offs		0	[3]	0	[4]
Recoveries		0	[3]	0	[4]
Ending balance	[4]	$ 60,537	[3]	$ 683,177
[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 consolidated balance sheets.
[2]	As of December 31, 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.
[3]	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.
[4]	As of December 31, 2021 and December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within current expected credit loss reserve as a liability in the Company’s consolidated balance sheets.

CURRENT EXPECTED CREDIT LOSSE_2

CURRENT EXPECTED CREDIT LOSSES, Risk Rating by Year of Origination (Details)	Dec. 31, 2021USD ($)
Risk Rating by Year of Origination [Abstract]
2021	$ 214,974,056
2022	44,720,028
Total	259,694,084
Very Low Risk [Member]
Risk Rating by Year of Origination [Abstract]
2021	0
2022	0
Total	0
Low Risk [Member]
Risk Rating by Year of Origination [Abstract]
2021	58,864,000
2022	0
Total	58,864,000
Medium Risk [Member]
Risk Rating by Year of Origination [Abstract]
2021	145,898,184
2022	44,720,028
Total	190,618,212
High Risk/ Potential for Loss [Member]
Risk Rating by Year of Origination [Abstract]
2021	10,211,872
2022	0
Total	10,211,872
Impaired/Loss Likely [Member]
Risk Rating by Year of Origination [Abstract]
2021	0
2022	0
Total	$ 0

INTEREST RECEIVABLE (Details)

INTEREST RECEIVABLE (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
INTEREST RECEIVABLE [Abstract]
Interest receivable	$ 3,562,566	$ 675,795
PIK receivable	554,357	177,183
Unused fees receivable	296,015	74,314
Total interest receivable	$ 4,412,938	$ 927,292

INTEREST RESERVE (Details)

INTEREST RESERVE (Details)	5 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)Loan	Dec. 31, 2021USD ($)Loan
INTEREST RESERVE [Abstract]
Number of loans included in loan funded interest reserve | Loan	1	7
Changes in Interest Reserve [Abstract]
Beginning reserves	$ 0	$ 1,325,750
New reserves	1,400,000	9,450,468
Reserves disbursed	(74,250)	(5,993,947)
Ending reserves	$ 1,325,750	$ 4,782,271

DEBT, Revolving Credit Facility

DEBT, Revolving Credit Facility (Details)	Jan. 03, 2022USD ($)	Dec. 30, 2021USD ($)	Nov. 03, 2021USD ($)Intallment	May 07, 2021USD ($)	May 06, 2021USD ($)	Dec. 31, 2021USD ($)	Jul. 31, 2021USD ($)
Line of Credit Facility [Abstract]
Interest expense						$ 962,153
Revolving Loan [Member]
Line of Credit Facility [Abstract]
Interest expense						$ 19,792
Revolving Loan [Member] | Secured Debt [Member]
Line of Credit Facility [Abstract]
Loan commitment					$ 40,000,000
Interest rate					8.00%
Maturity date					Jul. 31, 2021
Credit facility, outstanding		$ 75,000,000
Credit facility, available borrowing capacity		0
Interest expense		$ 19,792
Revolving Loan [Member] | Secured Debt [Member] | Subsequent Event [Member]
Line of Credit Facility [Abstract]
Repayment of line of credit	$ 75,000,000
Revolving Loan [Member] | Secured Debt [Member] | Minimum [Member]
Line of Credit Facility [Abstract]
Loan commitment							$ 50,000,000
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] | Secured Debt [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

DEBT, 2027 Senior Notes (Detail

DEBT, 2027 Senior Notes (Details) - 2027 Senior Notes [Member] $ in Millions	Nov. 03, 2021USD ($)
2027 Senior Notes [Abstract]
Debt instrument, aggregate principal	$ 100
Debt instrument maturity date	May 1, 2027
Debt instrument, stated percentage	5.75%
Periodic payment	semi-annually
Net proceeds from offering	$ 97
Debt instrument, percentage of principal redeemed	100.00%
Maximum [Member]
2027 Senior Notes [Abstract]
Debt instrument, percentage of principal redeemed	101.00%
Debt service coverage ratio	0.015%
Minimum [Member]
2027 Senior Notes [Abstract]
Percentage of debt in aggregate principal	60.00%
Secured debt of percentage in aggregate principal	25.00%

DEBT, Scheduled of Principal Pa

DEBT, Scheduled of Principal Payments on Senior Unsecured Notes (Details) - Senior Unsecured Notes [Member]	12 Months Ended
	Dec. 31, 2021USD ($)
Scheduled of Principal Payments [Abstract]
Debt instrument maturity date	May 1, 2027
2022	$ 0
2023	0
2024	0
2025	0
2026	0
Thereafter	100,000,000
Total principal	$ 100,000,000

DEBT, Summary of Interest Expen

DEBT, Summary of Interest Expense Incurred (Details) - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Interest Expense Incurred [Abstract]
Interest expense		$ 962,153
Unused fee expense		29,687
Amortization of deferred financing costs		135,006
Total interest expense	$ 0	1,126,846
Line of Credit [Member]
Interest Expense Incurred [Abstract]
Interest expense		19,792
Unused fee expense		29,687
Amortization of deferred financing costs		32,855
Total interest expense		82,334
Senior Unsecured Notes [Member]
Interest Expense Incurred [Abstract]
Interest expense		942,361
Unused fee expense		0
Amortization of deferred financing costs		102,151
Total interest expense		$ 1,044,512

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
Total original loan commitments	$ 419,198,125	$ 107,292,176
Less: drawn commitments	(363,659,505)	(87,467,057)
Total undrawn commitments	$ 55,538,620	$ 19,825,119

STOCKHOLDERS' EQUITY, Series A

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

STOCKHOLDERS' EQUITY, Common St

STOCKHOLDERS' EQUITY, Common Stock (Details)	Jan. 19, 2022USD ($)shares	Jan. 10, 2022USD ($)$ / sharesshares	Jul. 06, 2021USD ($)$ / sharesshares	Jun. 28, 2021USD ($)$ / sharesshares	Mar. 26, 2021USD ($)$ / sharesshares	Mar. 23, 2021USD ($)$ / sharesshares	Jan. 25, 2021	Mar. 31, 2022USD ($)	Dec. 31, 2021USD ($)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
IPO [Member] | Subsequent Event [Member]
Common Stock [Abstract]
Shares issues (in shares) | shares	3,291,832
Gross proceeds from offering	$ 67,500,000	$ 67,500,000
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
Over-Allotment Option [Member] | Subsequent Event [Member]
Common Stock [Abstract]
Shares issues (in shares) | shares	291,832
Underwriting commissions		3,500,000						$ 3,500,000
Expenses incurred		$ 1,000,000						$ 1,000,000
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
Additional Offering [Member] | Subsequent Event [Member]
Common Stock [Abstract]
Shares issues (in shares) | shares		3,000,000
Share price (in dollars per share) | $ / shares		$ 20.50
Gross proceeds from offering		$ 61,500,000
Common Stock [Member]
Common Stock [Abstract]
Stock split							7
Common Stock [Member] | IPO [Member]
Common Stock [Abstract]
Shares issues (in shares) | shares						6,250,000
Share price (in dollars per share) | $ / shares						$ 19
Common Stock [Member] | Over-Allotment Option [Member]
Common Stock [Abstract]
Shares issues (in shares) | shares					937,500
Share price (in dollars per share) | $ / shares					$ 19
Common Stock [Member] | Over-Allotment Option [Member] | Maximum [Member] | Subsequent Event [Member]
Common Stock [Abstract]
Shares issues (in shares) | shares		450,000

STOCKHOLDERS' EQUITY, Equity In

STOCKHOLDERS' EQUITY, Equity Incentive Plan (Details) - USD ($)	Jul. 06, 2021	Jun. 30, 2021	Dec. 31, 2020	Dec. 31, 2021
Option activity of directors and officers and employees [Abstract]
Non-vested (in shares)			142,814	183,114
Vested (in shares)			800,618	1,449,518
Forfeited (in shares)			(16,534)	(28,396)
Balance (in shares)			926,898	1,604,236
Option activity of directors and officers and employees [Abstract]
Share based compensation			$ 0	$ 1,745,872
Option Activity [Abstract]
Beginning balance (in shares)			0	926,898
Granted (in shares)			943,432	689,200
Exercised (in shares)			0	0
Forfeited (in shares)			(16,534)	(11,862)
Ending balance (in shares)			926,898	1,604,236
Weighted-Average Grant Date Fair Value Per Option [Abstract]
Beginning balance (in dollars per share)			$ 0	$ 0.91
Granted (in dollars per share)			0.91	1.31
Exercised (in dollars per share)			0	0
Forfeited (in dollars per share)			0.90	1.01
Ending balance (in dollars per share)			$ 0.91	$ 1.08
Restricted Stock [Member]
Option activity of directors and officers and employees [Abstract]
Non-vested (in shares)			0	56,285
Vested (in shares)			0	0
Forfeited (in shares)			0	0
Balance (in shares)			0	56,285
2020 Plan [Member]
Equity Incentive Plan [Abstract]
Authorized (in shares)				1,632,632
Increase in share limit (in shares)			301,965
Shares issues (in shares)	2,750,000	269,650
Assumptions [Abstract]
Expected forfeiture rate				0.00%
2020 Plan [Member] | Maximum [Member]
Equity Incentive Plan [Abstract]
Share limit (in shares)				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

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Earnings Per Share Reconciliation [Abstract]
Net income (loss) attributable to common stockholders	$ 4,313,632	$ 21,000,497
Divided by: [Abstract]
Basic weighted average shares of common stock outstanding (in shares)	5,694,475	13,373,778
Diluted weighted average shares of common stock outstanding (in shares)	5,694,475	13,808,845
Basic weighted average earnings per common share (in dollars per share)	$ 0.76	$ 1.57
Diluted weighted average earnings per common share (in dollars per share)	$ 0.76	$ 1.52

INCOME TAX (Details)

INCOME TAX (Details) - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Percentage of excise tax on certain transactions		100.00%
Income tax expense	$ 0	$ 35,167
United states federal excise tax expense		$ 0
Exercise tax as a percentage of undistributed ordinary income and net capital gains		4.00%
Unrecognized tax benefits		$ 0
Various State and Local [Member]
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense		10,167
Local Taxes [Member] | Taxable REIT [Member]
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense		$ 25,000

FAIR VALUE, Fair Value Measurem

FAIR VALUE, Fair Value Measurements of Loans Held at Fair Value (Details) - USD ($)	Dec. 31, 2021		Dec. 31, 2020		Jul. 30, 2020
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held at fair value	$ 77,096,319	[1]	$ 48,558,051	[1]	$ 43,106,551
Total	77,096,319		48,558,051
Level 1 [Member]
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held at fair value	0		0
Total	0		0
Level 2 [Member]
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held at fair value	0		0
Total	0		0
Level 3 [Member]
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Loans held at fair value	77,096,319		48,558,051
Total	$ 77,096,319		$ 48,558,051
[1]	Refer to Note 14 in these annual consolidated financial statements.

FAIR VALUE, Changes in Loans Us

FAIR VALUE, Changes in Loans Using Level 3 Inputs (Details) - USD ($)		5 Months Ended	12 Months Ended
		Dec. 31, 2020	Dec. 31, 2021
Changes in Loans Using Level 3 Inputs [Abstract]
Loans held at fair value, beginning balance		$ 43,106,551	$ 48,558,051	[1]
Change in unrealized gains (losses) on loans at fair value, net		1,563,340	619,821
Additional funding		16,360,000	37,701,104
Original issue discount and other discounts, net of costs		(1,595,199)	(1,130,623)
Loan repayments		(5,000,000)	(12,000,000)
Loan amortization payments			(1,093,659)
Accretion of original issue discount		732,729	2,249,563
PIK interest		390,630	2,192,062
Loans held at fair value, ending balance	[1]	48,558,051	77,096,319
Level 3 [Member]
Changes in Loans Using Level 3 Inputs [Abstract]
Loans held at fair value, beginning balance			48,558,051
Change in unrealized gains (losses) on loans at fair value, net			619,821
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			2,249,563
PIK interest			2,192,062
Loans held at fair value, ending balance		$ 48,558,051	77,096,319
Unrealized gain on loans held at fair value			$ 1,402,411
[1]	Refer to Note 14 in these annual consolidated financial statements.

FAIR VALUE, Significant Unobser

FAIR VALUE, Significant Unobservable Inputs (Details) - Level 3 [Member]	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Fair Value [Abstract]
Total Investments	$ 77,096,319	$ 48,558,051
Senior Term Loans [Member]
Fair Value [Abstract]
Total Investments	$ 77,096,319	$ 48,558,051
Senior Term Loans [Member] | Yield Analysis [Member] | Market Yield [Member] | Maximum [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.2096	0.2075
Senior Term Loans [Member] | Yield Analysis [Member] | Market Yield [Member] | Minimum [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.1771	0.1579
Senior Term Loans [Member] | Yield Analysis [Member] | Market Yield [Member] | Weighted Average [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.1822	0.2020

FAIR VALUE, Debt Securities Hel

FAIR VALUE, Debt Securities Held at Fair Value (Details)		12 Months Ended
		Dec. 31, 2021USD ($)DebtSecurities		Dec. 31, 2020USD ($)DebtSecurities
Debt securities held at fair value [Abstract]
Number of investment in debt securities held at fair value | DebtSecurities		1		0
Total debt securities held at fair value		$ 15,881,250		$ 0
Total debt securities held at fair value, at carrying value		16,050,000	[1]	0
Total debt securities held at fair value, outstanding principal		$ 15,000,000	[1]	$ 0
Total debt securities held at fair value, weighted average remaining life (Years)	[2]	2 years 10 months 24 days
Debt Securities [Member]
Debt securities held at fair value [Abstract]
Total debt securities held at fair value		$ 15,881,250
Total debt securities held at fair value, at carrying value	[1]	16,050,000
Total debt securities held at fair value, outstanding principal	[1]	$ 15,000,000
Total debt securities held at fair value, weighted average remaining life (Years)	[2]	2 years 10 months 24 days
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase premium and loan origination costs.
[2]	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2021.

FAIR VALUE, Changes in Loans He

FAIR VALUE, Changes in Loans Held at Fair Value (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Debt Securities Held at Fair Value, Outstanding Principal [Roll Forward]
Total debt securities held at fair value, beginning balance	$ 0
Change in unrealized gains / (losses) on securities at fair value, net	0
New fundings	15,000,000
Loan repayments	0
Total debt securities held at fair value, ending balance	15,000,000	[1]
Debt Securities Held at Fair Value, Original Issue Discount [Roll Forward]
Debt securities held at fair value, original issue discount, beginning balance	0
Change in unrealized gains (losses) on loans at fair value, net	0
New fundings	1,050,000
Loan repayments	0
Debt securities held at fair value, original issue discount, ending balance	1,050,000
Debt Securities Held at Fair Value, Unrealized Gains (Losses) [Roll Forward]
Debt securities held at fair value, unrealized gains / (losses), beginning balance	0
Change in unrealized gains / (losses) on securities at fair value, net	(168,750)
New fundings	0
Loan repayments	0
Debt securities held at fair value, unrealized gains / (losses), ending balance	(168,750)
Debt Securities Held at Fair Value [Roll Forward]
Debt securities held at fair value, beginning balance	0
Change in unrealized gains / (losses) on securities at fair value, net	(168,750)
New fundings	16,050,000
Loan repayments	0
Debt securities held at fair value, ending balance	$ 15,881,250
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase premium and loan origination costs.

FAIR VALUE, Fair Value Measur_2

FAIR VALUE, Fair Value Measurements of Debt Securities Held at Fair Value (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurements of Debt Securities Held at Fair Value [Abstract]
Debt securities held at fair value	$ 15,881,250
Total debt securities held at fair value	15,881,250	$ 0
Level 1 [Member]
Fair Value Measurements of Debt Securities Held at Fair Value [Abstract]
Debt securities held at fair value	0
Total debt securities held at fair value	0
Level 2 [Member]
Fair Value Measurements of Debt Securities Held at Fair Value [Abstract]
Debt securities held at fair value	15,881,250
Total debt securities held at fair value	15,881,250
Level 3 [Member]
Fair Value Measurements of Debt Securities Held at Fair Value [Abstract]
Debt securities held at fair value	0
Total debt securities held at fair value	$ 0

FAIR VALUE, Book Value and Fair

FAIR VALUE, Book Value and Fair Value of Financial Instruments (Details) - USD ($)	Dec. 31, 2021		Dec. 31, 2020		Jul. 30, 2020
Carrying Value [Abstract]
Cash and cash equivalents	$ 109,246,048		$ 9,623,820
Loans held for investment at carrying value, net	257,163,496	[1]	31,837,031	[1]	$ 0
Loan receivable at carrying value, net	2,530,588		$ 3,348,263
Fair Value [Abstract]
Cash and cash equivalents, at fair value	109,246,048
Loans held for investment at fair value	260,930,143
Loan receivable at carrying value	$ 2,475,001
[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.

RELATED PARTY TRANSACTIONS, Man

RELATED PARTY TRANSACTIONS, Management Agreement (Details) - USD ($)	5 Months Ended	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2021
Affiliate Costs [Abstract]
Management fees earned	$ 623,361	$ 3,340,123
Less outside fees earned	(259,167)	(1,029,315)
Base management fees, net	364,194	2,310,808
Incentive fees earned	0	6,010,704
General and administrative expenses reimbursable to Manager	671,605	2,319,074
Affiliate costs	$ 1,035,799	$ 10,640,586
Managers [Member]
Management Agreement [Abstract]
Percentage of base management fees	0.4375%	0.375%
Frequency of management fees payment	quarterly	quarterly
Percentage of aggregate amount of any outside fees	100.00%	50.00%
Affiliate Costs [Abstract]
Amounts payable	$ 728,298	$ 4,147,501

RELATED PARTY TRANSACTIONS, Inv

RELATED PARTY TRANSACTIONS, Investments in Loans (Details) $ in Millions	5 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)	Sep. 30, 2021USD ($)	Dec. 31, 2021USD ($)Loan
Investments in Loans [Abstract]
Number of co-invested loans held | Loan			4
Sale of assigned rights	$ 1.6		$ 2.3
Public Company A [Member]
Investments in Loans [Abstract]
Principal amount		$ 20
Private Company A [Member] | FLH [Member]
Investments in Loans [Abstract]
Principal amount		8.5
Purchase price		$ 8.5

DIVIDENDS AND DISTRIBUTIONS (De

DIVIDENDS AND DISTRIBUTIONS (Details) - $ / shares	3 Months Ended				5 Months Ended	12 Months Ended
	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2021
Dividends Declared and Paid [Abstract]
Common share distribution amount (in dollars per share)					$ 0.61	$ 1.67
Taxable ordinary income (in dollars per share)						1.67
Return of capital (in dollars per share)						0
Section 199A dividends (in dollars per share)						$ 1.67
Regular Cash Dividend [Member]
Dividends Declared and Paid [Abstract]
Record date	Dec. 31, 2021	Sep. 30, 2021	Jun. 15, 2021	Mar. 15, 2021
Payment date	Jan. 14, 2022	Oct. 15, 2021	Jun. 30, 2021	Mar. 31, 2021
Common share distribution amount (in dollars per share)	$ 0.50	$ 0.43	$ 0.38	$ 0.36
Taxable ordinary income (in dollars per share)	0.50	0.43	0.38	0.36
Return of capital (in dollars per share)	0	0	0	0
Section 199A dividends (in dollars per share)	$ 0.50	$ 0.43	$ 0.38	$ 0.36

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)

Mar. 10, 2022USD ($)InvestmentBorrower

Jan. 19, 2022USD ($)shares

Jan. 10, 2022USD ($)$ / sharesshares

Jan. 03, 2022USD ($)

Dec. 30, 2021USD ($)

Jul. 06, 2021USD ($)$ / sharesshares

Jun. 28, 2021USD ($)$ / sharesshares

Mar. 26, 2021USD ($)$ / sharesshares

Mar. 23, 2021USD ($)$ / sharesshares

Feb. 28, 2022USD ($)

Mar. 31, 2022USD ($)$ / shares

Dec. 31, 2021USD ($)$ / shares

Sep. 30, 2021$ / shares

Jun. 30, 2021$ / shares

Mar. 31, 2021$ / shares

Dec. 31, 2020USD ($)$ / shares

Dec. 31, 2021USD ($)$ / shares

Jul. 30, 2020USD ($)

Subsequent Event [Abstract]

Loan commitments

$ 419,198,125

$ 107,292,176

$ 419,198,125

Proceeds from lines of credit

0

75,000,000

Outstanding principal

$ 270,841,715

[1]

$ 33,907,763

[1]

$ 270,841,715

[1]

$ 0

Dividends declared and paid on common shares (in dollars per share) | $ / shares

$ 0.61

$ 1.67

Payments of Dividends

$ 3,694,853

$ 14,389,688

Regular Cash Dividend [Member]

Subsequent Event [Abstract]

Record date

Dec. 31, 2021

Sep. 30, 2021

Jun. 15, 2021

Mar. 15, 2021

Payment date

Jan. 14, 2022

Oct. 15, 2021

Jun. 30, 2021

Mar. 31, 2021

Dividends declared and paid on common shares (in dollars per share) | $ / shares

$ 0.50

$ 0.43

$ 0.38

$ 0.36

Private Co. E [Member]

Subsequent Event [Abstract]

Maturity date

Apr. 1, 2026

Revolving Credit Agreement [Member]

Subsequent Event [Abstract]

Proceeds from lines of credit

$ 75,000,000

IPO [Member]

Subsequent Event [Abstract]

Gross proceeds from offering

$ 118,750,000

Underwriting commissions

8,312,500

Expenses incurred

$ 3,093,836

Over-Allotment Option [Member]

Subsequent Event [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

Additional Offering [Member]

Subsequent Event [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

Common Stock [Member] | IPO [Member]

Subsequent Event [Abstract]

Shares issues (in shares) | shares

6,250,000

Share price (in dollars per share) | $ / shares

$ 19

Common Stock [Member] | Over-Allotment Option [Member]

Subsequent Event [Abstract]

Shares issues (in shares) | shares

937,500

Share price (in dollars per share) | $ / shares

$ 19

Subsequent Event [Member]

Subsequent Event [Abstract]

Commitments increased to number of borrowers | Borrower

3

Loan commitments

$ 46,900,000

Loan commitments funded

$ 49,400,000

Number of investment in debt securities sold | Investment

1

Investment in debt securities sold value

$ 15,000,000

Subsequent Event [Member] | Regular Cash Dividend [Member]

Subsequent Event [Abstract]

Record date

Mar. 31, 2022

Payment date

Apr. 15, 2022

Dividends declared and paid on common shares (in dollars per share) | $ / shares

$ 0.55

Payments of Dividends

$ 10,900,000

Subsequent Event [Member] | Private Co. E [Member]

Subsequent Event [Abstract]

Proceeds from sale of debt securities

20,000,000

Proceeds from repayment of loan

$ 20,000,000

Prepayment premium

1,300,000

Subsequent Event [Member] | Private Co. A [Member]

Subsequent Event [Abstract]

Additional loan facility

15,300,000

Outstanding principal

77,800,000

Additional expansion syndicated loan facility

1,000,000

Subsequent Event [Member] | Public Co. F [Member]

Subsequent Event [Abstract]

Loan commitments

100,000,000

Subsequent Event [Member] | Public Co. F [Member] | AFC Gamma, Inc. [Member]

Subsequent Event [Abstract]

Loan commitments

26,600,000

Subsequent Event [Member] | Public Co. F [Member] | FLH [Member]

Subsequent Event [Abstract]

Loan commitments

15,000,000

Subsequent Event [Member] | Private Co. B [Member]

Subsequent Event [Abstract]

Additional loan facility

5,000,000

Outstanding principal

$ 15,500,000

Subsequent Event [Member] | Private Co. G [Member]

Subsequent Event [Abstract]

Investment in debt securities sold value

$ 15,000,000

Investment in debt securities sold, percentage

106.00%

Loss on debt securities

$ 200,000

Subsequent Event [Member] | Revolving Credit Agreement [Member]

Subsequent Event [Abstract]

Repayments of lines of credit

$ 75,000,000

Subsequent Event [Member] | IPO [Member]

Subsequent Event [Abstract]

Shares issues (in shares) | shares

3,291,832

Gross proceeds from offering

$ 67,500,000

$ 67,500,000

Subsequent Event [Member] | Over-Allotment Option [Member]

Subsequent Event [Abstract]

Shares issues (in shares) | shares

291,832

Underwriting commissions

3,500,000

3,500,000

Expenses incurred

$ 1,000,000

$ 1,000,000

Subsequent Event [Member] | Additional Offering [Member]

Subsequent Event [Abstract]

Shares issues (in shares) | shares

3,000,000

Share price (in dollars per share) | $ / shares

$ 20.50

Gross proceeds from offering

$ 61,500,000

Subsequent Event [Member] | Common Stock [Member] | Over-Allotment Option [Member] | Maximum [Member]

Subsequent Event [Abstract]

Shares issues (in shares) | shares

450,000

[1]

The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted OID, PIK and loan origination costs.