AFC Gamma (AFCG) 10-K 7 Mar 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 01, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-39995
Entity Registrant Name	AFC GAMMA, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	85-1807125
Entity Address, Address Line One	525 Okeechobee Blvd., Suite 1650
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			$ 239,468,198
Entity Common Stock, Shares Outstanding		20,489,234
Documents Incorporated by Reference	Portions of the registrant’s definitive Proxy Statement for its 2023 Annual Meeting of Shareholders (to be filed with the Securities and Exchange Commission on or before April 30, 2023) are incorporated by reference into Part III of this Form 10-K.
Entity Central Index Key	0001822523
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Audit Information [Abstract]
Auditor Name	CohnReznick LLP
Auditor Firm ID	596
Auditor Location	Baltimore, Maryland

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Assets
Loans held for investment at fair value (cost of $100,635,985 and $74,913,157 at December 31, 2022 and 2021, respectively, net)	$ 99,226,051	$ 77,096,319
Debt securities available for sale held at fair value (cost of $16,050,000 at December 31, 2021)	0	15,881,250
Loans held for investment at carrying value, net	285,177,112	257,163,496
Loan receivable held at carrying value, net	2,220,653	2,530,588
Current expected credit loss reserve	(13,538,077)	(2,431,558)
Loans held for investment at carrying value and loan receivable at carrying value, net of current expected credit loss reserve	273,859,688	257,262,526
Cash and cash equivalents	140,372,841	109,246,048
Interest receivable	5,257,475	4,412,938
Prepaid expenses and other assets	460,844	949,279
Total assets	519,176,899	464,848,360
Liabilities
Interest reserve	3,200,944	4,782,271
Accrued interest	1,036,667	991,840
Due to affiliate	18,146	0
Dividends payable	11,403,840	8,221,406
Current expected credit loss reserve	754,128	683,177
Accrued management and incentive fees	3,891,734	2,823,044
Accrued direct administrative expenses	1,843,652	1,324,457
Accounts payable and other liabilities	836,642	1,528,980
Senior notes payable, net	97,131,777	96,572,656
Line of credit payable, net	60,000,000	74,845,355
Total liabilities	180,117,530	191,773,186
Commitments and contingencies (Note 10)
Shareholders' equity
Preferred stock, par value $0.01 per share, 10,000 shares authorized at December 31, 2022 and 2021 and 125 shares issued and outstanding at December 31, 2022 and 2021, respectively	1	1
Common stock, par value $0.01 per share, 50,000,000 and 25,000,000 shares authorized at December 31, 2022 and 2021, respectively, and 20,364,000 and 16,442,812 shares issued and outstanding at December 31, 2022 and 2021, respectively	203,640	163,866
Additional paid-in-capital	348,817,914	274,172,934
Accumulated other comprehensive income (loss)	0	(168,750)
Accumulated (deficit) earnings	(9,962,186)	(1,092,877)
Total shareholders' equity	339,059,369	273,075,174
Total liabilities and shareholders' equity	$ 519,176,899	$ 464,848,360

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Assets
Loans held for investment at cost	$ 100,635,985	$ 74,913,157
Total debt securities held at fair value, at carrying value		$ 16,050,000
Shareholders' Equity
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000	10,000
Preferred stock, issued (in shares)	125	125
Preferred stock, outstanding (in shares)	125	125
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	50,000,000	25,000,000
Common stock, issued (in shares)	20,364,000	16,442,812
Common stock, outstanding (in shares)	20,364,000	16,442,812

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Revenue
Interest income	$ 81,498,717	$ 38,140,487
Interest expense	(6,814,075)	(1,126,846)
Net interest income	74,684,642	37,013,641
Expenses
Management and incentive fees, net (less rebate of $1,785,916 and $1,029,315, respectively)	15,765,250	8,321,512
General and administrative expenses	4,699,676	3,212,785
Stock-based compensation	1,338,469	1,745,872
Professional fees	1,601,961	1,118,291
Total expenses	23,405,356	14,398,460
Provision for current expected credit losses	(11,177,470)	(2,649,338)
Realized gains (losses) on sales of investments, net	450,000	450,000
Change in unrealized (losses) gains on loans at fair value, net	(3,593,095)	619,821
Net income before income taxes	36,958,721	21,035,664
Income tax expense	1,026,324	35,167
Net income	$ 35,932,397	$ 21,000,497
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 1.80	$ 1.57
Diluted earnings per common share (in dollars per share)	$ 1.79	$ 1.52
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in shares)	19,842,222	13,373,778
Diluted weighted average shares of common stock outstanding (in shares)	19,957,737	13,808,845

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Expenses
Management and incentive fees, net, rebate	$ 1,029,315	$ 1,785,916

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 35,932,397	$ 21,000,497
Other comprehensive income (loss):
Reversal of unrealized loss to recognized loss on debt securities available for sale held at fair value	168,750	0
Unrealized (losses) gains on debt securities available for sale held at fair value	0	(168,750)
Total other comprehensive income (loss)	168,750	(168,750)
Total comprehensive income	$ 36,101,147	$ 20,831,747

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($)	Total	Preferred Stock	Common Stock	Additional Paid-In- Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Earnings (Deficit)
Balance at Dec. 31, 2020	$ 91,647,712	$ 1	$ 61,794	$ 91,068,197	$ 0	$ 517,720
Balance (in shares) at Dec. 31, 2020			6,179,392
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering costs	181,460,937		$ 102,072	181,358,865
Issuance of common stock, net of offering cost (in shares)			10,207,135
Stock-based compensation	1,745,872			1,745,872
Stock-based compensation (in shares)			56,285
Dividends declared on common shares	(22,596,094)					(22,596,094)
Dividends declared on preferred shares	(15,000)					(15,000)
Other comprehensive income (loss)	(168,750)				(168,750)
Net income	21,000,497					21,000,497
Balance at Dec. 31, 2021	273,075,174	1	$ 163,866	274,172,934	(168,750)	(1,092,877)
Balance (in shares) at Dec. 31, 2021			16,442,812
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering costs	73,346,205		$ 39,694	73,306,511
Issuance of common stock, net of offering cost (in shares)			3,913,230
Stock-based compensation	1,338,549		$ 80	1,338,469
Stock-based compensation (in shares)			7,958
Dividends declared on common shares	(44,786,706)					(44,786,706)
Dividends declared on preferred shares	(15,000)					(15,000)
Other comprehensive income (loss)	168,750				168,750
Net income	35,932,397					35,932,397
Balance at Dec. 31, 2022	$ 339,059,369	$ 1	$ 203,640	$ 348,817,914	$ 0	$ (9,962,186)
Balance (in shares) at Dec. 31, 2022			20,364,000

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Statement of Stockholders' Equity [Abstract]
Dividends declared on common shares (in dollars per share)	$ 2.23	$ 1.67
Dividends declared on preferred shares (in dollars per share)	$ 120	$ 120

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating activities:
Net income	$ 35,932,397	$ 21,000,497
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for current expected credit losses	11,177,470	2,649,338
Realized (gains) losses on sale of investments, net	(450,000)	(450,000)
Change in unrealized losses (gains) on loans at fair value, net	3,593,095	(619,821)
Accretion of deferred loan original issue discount and other discounts	(11,763,696)	(5,584,311)
Amortization of deferred financing costs	921,506	135,006
Stock-based compensation	1,338,469	1,745,872
PIK interest	(8,369,127)	(4,534,370)
Changes in operating assets and liabilities
Interest receivable	(844,537)	(3,485,646)
Prepaid expenses and other assets	859,203	(877,184)
Interest reserve	(2,031,327)	(5,993,947)
Accrued interest	44,827	991,840
Accrued management and incentive fees, net	1,068,690	2,600,917
Accrued direct administrative expenses	519,195	773,786
Accounts payable and other liabilities	(674,192)	1,186,585
Net cash provided by (used in) operating activities	31,321,973	9,538,562
Cash flows from investing activities:
Issuance of and fundings on loans	(162,885,750)	(272,583,787)
Proceeds from sales of Assigned Rights	0	2,313,130
Principal repayment of loans	120,042,065	22,412,569
Proceeds from sales of loans	10,600,000	15,450,000
Sale of available-for-sale debt securities	15,900,000	0
Purchase of available-for-sale debt securities	0	(16,050,000)
Net cash provided by (used in) investing activities	(16,343,685)	(248,458,088)
Cash flows from financing activities:
Proceeds from sale of common stock	75,057,650	185,501,294
Payment of offering costs - equity offering	(1,711,365)	(4,040,357)
Payment of financing costs	(578,508)	(3,529,495)
Issuance of senior notes	0	100,000,000
Borrowings on the revolving credit facilities	60,000,000	75,000,000
Dividends paid to common and preferred shareholders	(41,619,272)	(14,389,688)
Repayment on revolving credit facility	(75,000,000)	0
Net cash provided by (used in) financing activities	16,148,505	338,541,754
Net increase (decrease) in cash and cash equivalents	31,126,793	99,622,228
Cash and cash equivalents, beginning of period	109,246,048	9,623,820
Cash and cash equivalents, end of period	140,372,841	109,246,048
Supplemental disclosure of non-cash activity
Interest reserve withheld from funding of loans	450,000	9,450,468
OID withheld from funding of loans	7,764,875	15,021,624
Change in other comprehensive income (loss) during the period	168,750	(168,750)
Dividends declared and not yet paid	11,403,840	8,221,406
Supplemental information:
Interest paid during the period	5,847,743	0
Income taxes paid during the period	952,524	35,167
Line of Credit
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of deferred financing costs	262,386	32,855
Senior Notes
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of deferred financing costs	$ 659,120	$ 102,151

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION AFC Gamma, Inc. (the “Company” or “AFCG”) is an institutional lender to the commercial real estate sector that was founded in July 2020 by a veteran team of investment professionals. The Company primarily originates, structures, underwrites, invests in and manages senior secured commercial real estate loans and other types of loans and debt securities, with a specialization in loans to cannabis industry operators in states that have legalized medical and/or adult use cannabis. 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, a Delaware limited liability company (the Company’s “Manager”), pursuant to the terms of the Amended and Restated Management Agreement, dated January 14, 2021, between the parties (as amended from time to time, the “Management Agreement”). The Company’s wholly-owned subsidiary, AFCG TRS1, LLC, a Delaware limited liability company (“TRS1”), operates as a taxable real estate investment trust subsidiary (a “TRS”). TRS1 began operating in July 2021, and the financial statements of TRS1 have been consolidated within the Company’s consolidated financial statements beginning with the quarter ended September 30, 2021. The Company operates in one operating segment and is primarily focused on financing senior secured loans and other types of loans primarily to (i) senior secured loans to cannabis industry operators in states where medical and/or adult-use cannabis is legal and (ii) secured loans to commercial real estate owners, operators and related businesses. These loans are generally held for investment and are secured, directly or indirectly, by real estate, equipment, the value associated with licenses (where applicable) 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 real estate investment trust (“REIT”) for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2020. The Company generally will not be subject to United States federal income taxes on its REIT taxable income as long as it annually distributes all of its REIT taxable income prior to the deduction for dividends paid to shareholders and complies with various other requirements as a REIT.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, and its wholly-owned subsidiary. The consolidated 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. All intercompany balances and transactions have been eliminated in consolidation. 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, value associated with licenses (where applicable) 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. 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 loans as long-term investments, the Company may occasionally classify some of its loans as held for sale. Loans held for sale are carried at fair value, with changes in fair value recorded through earnings. Loan 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 loans 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 carrying value 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 $0.0 million and $15.9 million at December 31, 2022 and 2021, respectively, consists of debt securities that are designated as available-for-sale. 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 (loss) 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. 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 derive credit loss estimates (the “CECL Reserve”). ASU No. 2016-13 was adopted by the Company on July 31, 2020, commencement of operations. Subsequent period increases and decreases to expected credit losses impact earnings and are recorded within the 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. Stock-Based Compensation The Company accounts for stock-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 related to the Company’s indebtedness are capitalized and amortized over the term of the respective debt instrument utilizing the effective interest method. 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 the senior notes is recorded within senior notes payable in these consolidated financial statements. The unamortized balance for the revolving credit facility is recorded as within prepaid expenses and other assets on 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 is included in taxable income and will increase the dividend paid to shareholders 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. Management places loans on non-accrual status when principal or interest payments are past due 30 days or more or when full recovery of interest and principal is doubtful. 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 are generally recognized on a cash basis and 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. 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 has elected to be taxed as a REIT under the Code, commencing with its taxable year ended December 31, 2020. The Company believes that its proposed method of operation will enable it to qualify as a REIT. However, no assurances can be given that the Company’s beliefs or expectations will be fulfilled, since qualification as a REIT depends on the Company satisfying numerous asset, income and distribution tests which depend, in part, on the Company’s operating results. 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 shareholders 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. The Company’s wholly-owned subsidiary, TRS1, operates as a TRS and began operating in July 2021. 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. 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, 2022. Based on the Company’s evaluation, there is no reserve for any uncertain income tax positions. Accrued interest and penalties, if any, are included within other liabilities in the consolidated balance sheets. Earnings per Share The Company calculates basic earnings (loss) per share by dividing net income (loss) allocable to common shareholders 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, 2022, there were dilutive instruments relating to stock options and restricted shares. See Note 11 included in these consolidated financial statements for the earnings per share calculations. Use of Estimates in the Preparation of Financial Statements The preparation of consolidated 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 and current expected credit losses. 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. 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. They 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 has evaluated the impact of this ASU and has determined that adoption of this ASU did not have a material effect on the Company’s consolidated financial statements.

LOANS HELD FOR INVESTMENT AT FA

LOANS HELD FOR INVESTMENT AT FAIR VALUE	12 Months Ended
	Dec. 31, 2022
LOANS HELD FOR INVESTMENT AT FAIR VALUE [Abstract]
LOANS HELD FOR INVESTMENT AT FAIR VALUE	LOANS HELD FOR INVESTMENT AT FAIR VALUE As of December 31, 2022 and 2021, the Company’s portfolio included three loans held at fair value. The aggregate originated commitment under these loans was approximately $104.3 million and $75.9 million, respectively, and outstanding principal was approximately $102.4 million and $77.6 million, as of December 31, 2022 and 2021, respectively. For the year ended December 31, 2022, the Company gross funded approximately $26.6 million of additional principal and had approximately $6.5 million of principal repayments of loans held at fair value. As of December 31, 2022 and 2021, none of the Company’s loans held at fair value had floating interest rates. The following tables summarize the Company’s loans held at fair value as of December 31, 2022 and 2021: As of December 31, 2022 Fair Value (1) Carrying Value (2) Outstanding Principal (2) Weighted Average Remaining Life (Years) (3) Senior term loans $ 99,226,051 $ 100,635,985 $ 102,376,546 1.2 Total loans held at fair value $ 99,226,051 $ 100,635,985 $ 102,376,546 1.2 As of December 31, 2021 Fair Value (1) Carrying Value (2) Outstanding Principal (2) 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 (1) Refer to Note 14 to the Company's consolidated financial statements. (2) The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs. (3) Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2022 and 2021 . The following table presents changes in loans held at fair value as of and for the year ended December 31, 2022: Principal Original Issue Unrealized Fair Value Total loans held at fair value at December 31, 2021 $ 77,630,742 $ (2,717,584) $ 2,183,161 $ 77,096,319 Change in unrealized (losses) gains on loans at fair value, net — — (3,593,095) (3,593,095) New fundings 26,605,796 (479,275) — 26,126,521 Loan repayments (5,397,191) — — (5,397,191) Loan amortization payments (1,089,776) — — (1,089,776) Accretion of original issue discount — 1,456,298 — 1,456,298 PIK interest 4,626,975 — — 4,626,975 Total loans held at fair value at December 31, 2022 $ 102,376,546 $ (1,740,561) $ (1,409,934) $ 99,226,051 The following table presents changes in loans held at fair value as of and for the year ended December 31, 2021: Principal Original Issue Unrealized 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 As of December 31, 2022, the Company had one loan held at fair value on non-accrual status with an outstanding principal amount of approximately $1.2 million with a related unrealized loss recorded of approximately $(1.2) million. As of December 31, 2021, all loans held at fair value were current and performing. A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of December 31, 2022 is as follows: Collateral Location Collateral Type (1) Fair Value (2) Carrying Value (3) Outstanding Principal (3) Interest Rate Maturity Date (4) Payment Terms (5) Private Co. A AZ, MI, MD, MA, NM C, D $ 83,836,293 $ 84,217,657 $ 85,664,884 15.9 % (6) 5/8/2024 P/I Public Co. A (9) NV C — 1,213,416 1,213,416 15.0 % (7) 9/30/2023 I/O Private Co. B MI C, D 15,389,758 15,204,912 15,498,246 18.7 % (8) 9/1/2023 P/I Total loans held at fair value $ 99,226,051 $ 100,635,985 $ 102,376,546 (1) C = Cultivation Facilities, D = Dispensary/Retail Facilities. (2) Refer to Note 14 in these annual consolidated financial statements. (3) The difference between the carrying value and the outstanding principal amount of the loans consists of OID and loan origination costs. (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 weighted average interest rate of 12.4% and payment-in-kind (“PIK”) weighted average interest rate of 3.5%. (7) Base interest rate of 7.5% and PIK interest rate of 7.5%. (8) Base weighted average interest rate of 14.7% and PIK weighted average interest rate of 4.0%. (9) As of October 1, 2022, this loan was placed on non-accrual status.

LOANS HELD FOR INVESTMENT AT CA

LOANS HELD FOR INVESTMENT AT CARRYING VALUE	12 Months Ended
	Dec. 31, 2022
LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]
LOANS HELD FOR INVESTMENT AT CARRYING VALUE	LOANS HELD FOR INVESTMENT AT CARRYING VALUE As of December 31, 2022 and 2021, the Company’s portfolio included nine and twelve loans, respectively, held at carrying value. The aggregate originated commitment under these loans was approximately $338.9 million and $324.3 million, respectively, and outstanding principal was approximately $296.6 million and $270.8 million, as of December 31, 2022 and 2021, respectively. For the year ended December 31, 2022, the Company funded approximately $173.7 million of additional principal and we had repayments of approximately $151.7 million of principal repayments. As of December 31, 2022 and 2021, approximately 73% and 48%, respectively, of the Company’s loans held at carrying value had floating interest rates. As of December 31, 2022, these floating benchmark rates include one-month LIBOR subject to a weighted average floor of 1.0% and quoted at 4.392%, one-month Secured Overnight Financing Rate (“SOFR”), subject to a weighted average floor of 1.0% and quoted at 4.358% and U.S. prime rate subject to a weighted average floor of 4.9% quoted at 7.500%. The following tables summarize the Company’s loans held at carrying value as of December 31, 2022 and 2021: As of December 31, 2022 Outstanding Principal (1) Original Carrying Value (1) Weighted Average Remaining Life (Years) (2) Senior term loans $ 296,584,529 $ (11,407,417) $ 285,177,112 3.1 Total loans held at carrying value $ 296,584,529 $ (11,407,417) $ 285,177,112 3.1 As of December 31, 2021 Outstanding Principal (1) Original 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 (1) The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID and loan origination costs. (2) Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2022 and 2021. The following table presents changes in loans held at carrying value as of and for the year ended December 31, 2022: Principal Original Carrying Total loans held at carrying value at December 31, 2021 $ 270,841,715 $ (13,678,219) $ 257,163,496 New fundings 173,685,505 (8,035,600) 165,649,905 Accretion of original issue discount — 10,306,402 10,306,402 Loan repayments (138,807,472) — (138,807,472) Sale of loans (10,000,000) — (10,000,000) PIK interest 3,715,966 — 3,715,966 Loan amortization payments (2,851,185) — (2,851,185) Total loans held at carrying value at December 31, 2022 $ 296,584,529 $ (11,407,417) $ 285,177,112 The following table presents changes in loans held at carrying value as of and for the year ended December 31, 2021: Principal Original Carrying 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 A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of December 31, 2022 is as follows: Collateral Collateral Type (1) Outstanding Principal (2) Original Carrying Value (2) Interest Maturity Date (3) Payment Terms (4) Private Co. C PA C, D $ 23,583,502 $ (562,061) $ 23,021,441 20.0 % (5) 12/1/2025 P/I Sub of Private Co. G NJ, PA C, D 72,346,562 (1,817,050) 70,529,512 17.8 % (6) 5/1/2026 P/I Sub of Private Co. H IL C 5,781,250 (26,693) 5,754,557 15.0 % (7) 5/11/2023 I/O Private Co. K MA C, D 10,765,379 (865,760) 9,899,619 16.4 % (8) 5/3/2027 P/I Private Co. I MD C, D 10,930,892 (165,925) 10,764,967 20.9 % (9) 8/1/2026 P/I Private Co. J MO C, D 23,409,452 (524,788) 22,884,664 20.4 % (10) 9/1/2025 P/I Sub. of Public Co. H CT, IA, IL, ME, MI, NJ, PA C, D 75,000,000 (3,326,423) 71,673,577 13.3 % (11) 1/1/2026 I/O Private Co. L MO, OH C, D 50,945,492 (2,142,857) 48,802,635 12.0 % (12) 5/1/2026 P/I Sub. of Public Co. M IL, MI, MA, NJ, OH, PA C, D 23,822,000 (1,975,860) 21,846,140 9.5 % (13) 8/27/2025 I/O Total loans held at carrying value $ 296,584,529 $ (11,407,417) $ 285,177,112 (1) C = Cultivation Facilities, D = Dispensary/Retail Facilities. (2) The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID and loan origination costs. (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 9.0% plus U.S. prime rate (U.S. prime rate floor of 4.0%) and PIK interest rate of 4.0%. (6) Base interest rate of 10.25% plus U.S. prime rate (U.S. prime rate floor of 4.5%). As amended, 75.0% of the monthly cash interest is PIK’d from December 1, 2022 until April 1, 2023. (7) Base interest rate of 15.0%. (8) Base interest rate of 12.0% plus SOFR (SOFR floor of 1.0%). (9) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.5%. As amended, 50.0% of the monthly cash interest is PIK’d from October 1, 2022 until January 1, 2023. (10) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%. (11) Base interest rate of 5.8% plus U.S. prime rate (U.S. prime rate floor of 5.5%). (12) Base interest rate of 12.0%.

LOAN RECEIVABLE HELD AT CARRYIN

LOAN RECEIVABLE HELD AT CARRYING VALUE	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
LOAN RECEIVABLE HELD AT CARRYING VALUE	LOAN RECEIVABLE HELD AT CARRYING VALUE As of December 31, 2022 and 2021, the Company’s portfolio included one loan receivable held at carrying value. The originated commitment under this loan was $4.0 million and outstanding principal was approximately $2.2 million and $2.5 million as of December 31, 2022 and 2021, respectively. During the year ended December 31, 2022, the Company received repayments of approximately $0.3 million of outstanding principal. The following table presents changes in loans receivable as of and for the year ended December 31, 2022: Principal Original Carrying Total loan receivable held at carrying value at December 31, 2021 $ 2,533,266 $ (2,678) $ 2,530,588 Principal repayment of loans (337,114) — (337,114) Accretion of original issue discount — 992 992 PIK interest 26,187 — 26,187 Total loan receivable held at carrying value at December 31, 2022 $ 2,222,339 $ (1,686) $ 2,220,653 The following table presents changes in loans receivable as of and for the year ended December 31, 2021: Principal Original Carrying Total loan receivable held 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 loan receivable held at carrying value at December 31, 2021 $ 2,533,266 $ (2,678) $ 2,530,588 As of December 31, 2022, the Company had one loan receivable held at carrying value on non-accrual status with an outstanding principal amount of approximately $2.2 million with a related current expected credit loss reserve recorded of approximately $1.1 million . As of December 31, 2021, the Company’s loan receivable held at carrying value was current and performing.

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	12 Months Ended
	Dec. 31, 2022
Credit Loss [Abstract]
CURRENT EXPECTED CREDIT LOSSES	CURRENT EXPECTED CREDIT LOSSES The Company estimates its provision for 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 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 may include 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 but not limited to (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 the Company has deemed the borrower/sponsor to be experiencing financial difficulty, the Company 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 (“CMBS”), which the Company believes is a reasonably comparable and available data set to its type of loans. As of December 31, 2022 and 2021, the Company’s CECL Reserve for its loans held at carrying value and loan receivable held at carrying value is approximately $14.3 million and $3.1 million, respectively, or 4.97% and 1.20% respectively, of the Company’s total loans held at carrying value and loan receivable held at carrying value of approximately $287.4 million and $259.7 million, respectively, and is bifurcated between the current expected credit loss reserve (contra-asset) related to outstanding balances on loans held at carrying value and loan receivable held at carrying value of approximately $13.5 million and $2.4 million, respectively, and a liability for unfunded commitments of approximately $0.8 million and $0.7 million, respectively. The liability was based on the unfunded portion of the loan commitment over the full contractual period over which the Company is exposed to credit risk through a current obligation to extend credit. Management considered the likelihood that funding will occur, and if funded, the expected credit loss on the funded portion. Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value and loan receivable held at carrying value as of and for the years ended December 31, 2022 and 2021 was as follows: Outstanding (1) Unfunded (2) Total Balance at December 31, 2021 $ 2,431,558 $ 683,177 $ 3,114,735 Provision for current expected credit losses 11,106,519 70,951 11,177,470 Write-offs — — — Recoveries — — — Balance at December 31, 2022 $ 13,538,077 $ 754,128 $ 14,292,205 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, 2022 and 2021, the CECL Reserve related to outstanding balances on loans held at carrying value and loan receivable held at carrying value are recorded within current expected credit loss reserve in the Company’s consolidated balance sheets. (2) As of December 31, 2022 and 2021, 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. 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, 2022, the carrying value, excluding the CECL Reserve, of the Company’s loans held at carrying value and loan receivable held at carrying value within each risk rating by year of origination is as follows: Risk Rating: 2022 2021 2020 Total 1 $ — $ — $ — $ — 2 — — — — 3 80,548,393 77,428,134 23,021,441 180,997,968 4 — 104,179,144 — 104,179,144 5 — — 2,220,653 2,220,653 Total $ 80,548,393 $ 181,607,278 $ 25,242,094 $ 287,397,765

INTEREST RECEIVABLE

INTEREST RECEIVABLE	12 Months Ended
	Dec. 31, 2022
Interest Receivable and Other Assets [Abstract]
INTEREST RECEIVABLE	INTEREST RECEIVABLE The following table summarizes the interest receivable by the Company as of December 31, 2022 and 2021: As of 2022 2021 Interest receivable $ 3,722,134 $ 3,562,566 PIK receivable 1,409,678 554,357 Unused fees receivable 125,663 296,015 Total interest receivable $ 5,257,475 $ 4,412,938

INTEREST RESERVE

INTEREST RESERVE	12 Months Ended
	Dec. 31, 2022
INTEREST RESERVE [Abstract]
INTEREST RESERVE	INTEREST RESERVE At December 31, 2022 and 2021, the Company had three and seven loans, respectively, that included a loan-funded interest reserve. For the years ended December 31, 2022 and 2021, approximately $14.2 million $6.0 million, respectively, of aggregate interest income was earned and disbursed from the interest reserves. The following table presents changes in interest reserve as of and for the years ended December 31, 2022 and 2021: As of 2022 2021 Beginning reserves $ 4,782,271 $ 1,325,750 New reserves 12,648,888 9,450,468 Reserves disbursed (14,230,215) (5,993,947) Ending reserves $ 3,200,944 $ 4,782,271

DEBT

DEBT	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
DEBT	DEBT Revolving Credit Facility On April 29, 2022, the Company entered into the Loan and Security Agreement (the “Revolving Credit Agreement”) by and among the Company, the other loan parties from time to time party thereto, the lenders party thereto, and the lead arranger, bookrunner and administrative agent party thereto, pursuant to which, the Company obtained a $60.0 million senior secured revolving credit facility (the “Revolving Credit Facility”). The Revolving Credit Facility has a maturity date of April 29, 2025. The Revolving Credit Facility contains aggregate commitments of $60.0 million from two FDIC-insured banking institutions (which may be increased to up to $100.0 million in aggregate, subject to available borrowing base and additional commitments) which may be borrowed, repaid and redrawn, subject to a borrowing base based on eligible loan obligations held by the Company and subject to the satisfaction of other conditions provided under the Revolving Credit Facility. Interest is payable on the Revolving Credit Facility at the greater of (1) the applicable base rate plus 0.50% and (2) 4.50%, as provided in the Revolving Credit Agreement, payable in cash in arrears. The Company incurred a one-time commitment fee expense of approximately $0.5 million, which is included in prepaid expenses and other assets on the Company’s consolidated balance sheets and amortized over the life of the facility. Commencing on the six-month anniversary of the closing date, the Revolving Credit Facility has an unused line fee of 0.25% per annum, to be paid semi-annually in arrears, which is included within interest expense in the Company’s consolidated statements of operations. On December 28, 2022, the Company drew on the full amount of the Revolving Credit Facility, resulting in $60.0 million outstanding and $0.0 million available for borrowing and incurred interest expense of approximately $0.1 million for the year ended December 31, 2022. All outstanding borrowings were subsequently repaid in full on January 3, 2023. The Company amortized approximately $0.1 million of deferred financing costs for the year ended December 31, 2022, respectively. The obligations of the Company under the Revolving Credit Facility are secured by certain assets of the Company comprising of or relating to loan obligations designated for inclusion in the borrowing base. In addition, the Company is subject to various financial and other covenants, including: (1) liquidity of at least $5.0 million, (2) annual debt service coverage of at least 1.5 to 1.0 and (3) secured debt not to exceed 25% of total consolidated assets of the Company and its subsidiaries. Termination of AFC Finance Revolving Credit Facility In July 2020, the Company obtained a secured revolving credit line (the “AFCF Revolving Credit Facility”) from AFC Finance, LLC and Gamma Lending HoldCo LLC, each affiliates of the Company’s management, secured by the assets of the Company. The AFCF Revolving Credit Facility originally had a loan commitment of $40.0 million at an interest rate of 8% per annum, payable in cash in arrears. The maturity date of the AFCF 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 AFCF Revolving Credit Agreement, in accordance with terms of the credit agreement governing the AFCF Revolving Credit Facility (the “AFCF Revolving Credit Agreement”). On May 7, 2021, the Company amended the AFCF Revolving Credit Agreement (the “First Amendment”). The First Amendment (i) increased the loan commitment from $40.0 million to $50.0 million, (ii) decreased the interest rate from 8% per annum to 6% per annum, (iii) removed Gamma Lending Holdco LLC as a lender and (iv) extended the maturity date from July 31, 2021 to the earlier of (A) December 31, 2021 or (B) the date of the closing of any refinancing credit facility. On November 3, 2021, the Company entered into the Second Amendment to the AFCF Revolving Credit Agreement (the “Second Amendment”). Under the Second Amendment, payments to AFC Finance, LLC for interest, commitment fees and unused fees (net applicable taxes) were required to be paid directly or indirectly through AFC Finance, LLC to charitable organizations designated by AFC Finance, LLC. The Second Amendment also (i) increased the loan commitment from $50.0 million to $75.0 million; (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 2027 Senior Notes upon an event of default under the AFCF Revolving Credit Agreement and (v) extended the fixed element of the maturity date from December 31, 2021 to September 30, 2022. Pursuant to the Second Amendment, the Company incurred a one-time commitment fee expense of $187,500 in November 2021, payable in three quarterly installments that began in the first quarter of 2022, which was amortized over the life of the loan. On April 29, 2022, upon the Company’s entry into the Revolving Credit Facility, the Company terminated the AFCF Revolving Credit Agreement. In connection with the termination, the Company paid the remaining amount of the commitment fee outstanding of approximately $0.1 million and accelerated the remaining deferred financing costs of approximately $0.1 million in the second quarter of 2022. There were no other payments, premiums or penalties required to be paid in connection with the termination. As of December 31, 2021, the outstanding loan balance under the AFCF Revolving Credit Facility was $75.0 million. All outstanding borrowings were subsequently repaid in full on January 3, 2022. For the years ended December 31, 2022 and 2021, the Company incurred interest expense of $19,792 and $19,792, respectively, on the AFCF Revolving Credit Facility. 2027 Senior Notes On November 3, 2021, the Company issued $100.0 million in aggregate principal amount of senior unsecured notes due in May 2027 (the “2027 Senior Notes”). The 2027 Senior Notes accrue interest at a rate of 5.75% per annum. Interest on the 2027 Senior Notes is due semi-annually on May 1 and November 1 of each year, beginning on May 1, 2022. The net proceeds from the offering were approximately $97.0 million, after deducting the initial purchasers’ discounts and commissions and estimated offering fees and expenses payable by the Company. The Company intends to use the proceeds from the issuance of the 2027 Senior Notes (i) to fund loans related to unfunded commitments to existing borrowers, (ii) to originate and participate in commercial loans to companies operating in the cannabis industry that are consistent with the Company's investment strategy and (iii) for working capital and other general corporate purposes. The terms of the 2027 Senior Notes are governed by an indenture, dated November 3, 2021, among us, as issuer, and TMI Trust Company, as trustee (the “Indenture”). Under the Indenture, the Company is required to cause all of its existing and future subsidiaries to guarantee the 2027 Senior Notes, other than certain immaterial subsidiaries as set forth in the Indenture. Subsequent to the Company’s investment in the senior secured loan to Private Company I being transferred to TRS1 on April 1, 2022, TRS1 was added as a subsidiary guarantor under the Indenture. As of December 31, 2022, the 2027 Senior Notes are guaranteed by TRS1. Prior to February 1, 2027, the Company 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 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 2027 Senior Notes as of December 31, 2022 are as follows: Senior Year ending December 31, 2023 $ — 2024 — 2025 — 2026 — 2027 100,000,000 Thereafter — Total principal $ 100,000,000 The following table reflects a summary of interest expense incurred during the years ended December 31, 2022 and 2021. Year ended December 31, 2022 2027 Senior Notes Revolving Credit Facility AFCF Revolving Credit Facility Total Borrowings Interest expense $ 5,734,027 $ 53,333 $ 19,792 $ 5,807,152 Unused fee expense — 25,000 60,417 85,417 Amortization of deferred financing costs 659,120 107,741 154,645 921,506 Total interest expense $ 6,393,147 $ 186,074 $ 234,854 $ 6,814,075 Year ended December 31, 2021 Senior Unsecured Notes Revolving Credit Facility AFCF Revolving Credit Facility 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, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES As of December 31, 2022 and 2021, the Company had the following commitments to fund various investments: As of 2022 2021 Total original loan commitments $ 447,101,864 $ 419,198,125 Less: drawn commitments (401,476,418) (363,659,505) Total undrawn commitments $ 45,625,446 $ 55,538,620 The Company from time to time may be a party to litigation in the normal course of business. As of December 31, 2022, the Company is not aware of any legal claims that could materially impact its business, financial condition or results of operations. The Company primarily provides loans to companies operating in the cannabis industry which involves significant risks, including the risk of strict enforcement against the Company’s borrowers on 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 its business with respect to the loans it makes to companies operating in the cannabis industry 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.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS’ EQUITY Series A Preferred Stock As of December 31, 2022 and 2021, the Company has authorized 10,000 preferred shares and issued 125 of the preferred shares designated as 12.0% Series A Cumulative Non-Voting Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”). The Series A Preferred Stock entitles the holders thereof to receive cumulative cash dividends at a rate per annum of 12.0% of the liquidation preference of $1,000 per share plus all accumulated and unpaid dividends thereon. The Company generally may not declare or pay, or set apart for payment, any dividend or other distribution on any shares of the Company’s stock ranking junior to the Series A Preferred Stock as to dividends, including the Company’s common stock, or redeem, repurchase or otherwise make payments on any such shares, unless full, cumulative dividends on all outstanding shares of Series A Preferred Stock have been declared and paid or set apart for payment for all past dividend periods. The holders of the Series A Preferred Stock generally have no voting rights except in limited circumstances, including certain amendments to the Company’s charter and the authorization or issuance of equity securities senior to or on parity with the Series A Preferred Stock. The Series A Preferred Stock is not convertible into shares of any other class or series of our stock. The Series A Preferred Stock is senior to all other classes and series of shares of the Company’s stock as to dividend and redemption rights and rights upon the Company’s liquidation, dissolution and winding up. Upon written notice to each record holder of the Series A Preferred Stock as to the effective date of redemption, the Company may redeem the shares of the outstanding Series A Preferred Stock at the Company’s option, in whole or in part, at any time for cash at a redemption price equal to $1,000 per share, for a total of $125,000 for the 125 shares outstanding, plus all accrued and unpaid dividends thereon up to and including the date fixed for redemption. Shares of the Series A Preferred Stock that are redeemed shall no longer be deemed outstanding shares of the Company and all rights of the holders of such shares will terminate. Common Stock The Board of Directors of the Company (the “Board”) approved a seven-for-one stock split of the Company’s common stock effective on January 25, 2021. All common shares, stock options, and per share information presented in the consolidated financial statements have been adjusted to reflect the stock split on a retroactive basis for all periods presented, including reclassifying an amount equal to the increase in par value of common stock from additional paid-in capital. There was no change in the par value of the Company’s common stock. Upon consummation of the Company’s IPO, any shareholder 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 approximately $118.8 million 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 approximately $17.8 million in additional gross proceeds. The underwriting commissions of approximately $8.3 million and $1.2 million, respectively, are reflected as a reduction of additional paid-in capital on the consolidated statements of shareholders’ equity. The Company incurred approximately $3.1 million 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 $123.9 million. 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 approximately $56.4 million in gross proceeds. The underwriting commissions of approximately $3.1 million are reflected as a reduction of additional paid-in capital on the consolidated statements of shareholders’ equity. The Company incurred approximately $0.7 million 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 $52.6 million. 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 approximately $5.5 million in additional gross proceeds or approximately $5.2 million in net proceeds after underwriting commissions of approximately $0.3 million, which is reflected as a reduction of additional paid-in capital on the consolidated statements of shareholders’ 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 are 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. The net proceeds to the Company totaled approximately $63.0 million . Pursuant to the Articles of Amendment, dated March 10, 2022, the Company increased the number of authorized shares of common stock to 50,000,000 shares at $0.01 par value per share. Shelf Registration Statement On April 5, 2022, the Company filed a shelf registration statement on Form S-3 (File No. 333-264144) (the “Shelf Registration Statement”), which was declared effective on April 18, 2022. Under the Shelf Registration Statement, the Company may, from time to time, issue and sell up to $1.0 billion of the Company’s common stock, preferred stock, debt securities, warrants and rights (including as part of a unit) to purchase shares of the Company’s common stock or preferred stock. At-the-Market Offering Program (“ATM Program”) On April 5, 2022, the Company entered into an Open Market Sales Agreement (the “Sales Agreement”) with Jefferies LLC and JMP Securities LLC, as Sales Agents, under which the Company may, from time to time, offer and sell shares of common stock, having an aggregate offering price of up to $75.0 million. Under the terms of the Sales Agreement, the Company has agreed to pay the Sales Agents a commission of up to 3.0% of the gross proceeds from each sale of common stock sold through the Sales Agents. Sales of common stock, if any, may be made in transactions that are deemed to be “at-the-market” offerings, as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). During the year ended December 31, 2022 , the Company sold an aggregate of 621,398 shares of the Company’s common stock under the Sales Agreement at an average price of $18.30 per share generating net proceeds of approximately $10.4 million . As of December 31, 2022, the shares of common stock sold under the ATM Program are the only offerings that have been initiated under the Shelf Registration Statement. Stock Incentive Plan The Company has established a stock incentive compensation plan (the “2020 Plan”). The 2020 Plan authorizes stock options, stock appreciation rights, restricted stock, stock bonuses, stock units and other forms of awards granted or denominated in the Company’s common stock or units of common stock. The 2020 Plan retains flexibility to offer competitive incentives and to tailor benefits to specific needs and circumstances. Any award may be structured to be paid or settled in cash. The Company has, and currently intends to continue to grant stock options to participants in the 2020 Plan, but it may also grant any other type of award available under the 2020 Plan in the future. Persons eligible to receive awards under the 2020 Plan include officers or employees of the Company or any of its subsidiaries, directors of the Company, employees of the Manager and certain directors and consultants and other service providers to the Company or any of its subsidiaries. During the first quarter of 2022, the Company’s Board approved grants of restricted stock and stock options to the Company’s directors and officers, as well as employees of the Manager. In January 2022, the Company granted an aggregate of 8,296 shares of restricted stock and 742,000 stock options to certain of our officers and other eligible persons. The restricted stock granted in January 2022 under the 2020 Plan vests over a four-year period with approximately 33% vesting on each of the second, third and fourth anniversaries of the vesting commencement date. The stock options granted in January 2022 under the 2020 Plan have a strike price of $20.18 and contain vesting periods that vary from immediately vested to vesting over a four-year period. As of December 31, 2022 , there were 2,344,615 shares of common stock granted under the 2020 Plan, underlying 2,281,272 options and 63,343 shares of restricted stock. As of December 31, 2022, the maximum number of shares of the Company's common stock that may be delivered pursuant to awards under the 2020 Plan (the “Share Limit”) equals 2,793,288 shares, which is an increase of 391,323 shares compared to December 31, 2021. This Share Limit increased during the year under the evergreen provision in the 2020 Plan in connection with the shares issued under the ATM Program during such time. Shares that are subject to or underlie awards that expire or for any reason are cancelled, terminated, forfeited, fail to vest, or for any other reason are not paid or delivered under the 2020 Plan will not be counted against the Share Limit and will again be available for subsequent awards under the 2020 Plan. The following table summarizes the (i) non-vested options granted, (ii) vested options granted (iii) exercised and (iv) forfeited options granted for the Company’s directors and officers and employees of the Manager as of December 31, 2022 and 2021: As of 2022 2021 Non-vested 293,420 183,114 Vested 2,081,212 1,449,518 Exercised (5,511) — Forfeited (88,749) (28,396) Balance 2,280,372 1,604,236 The Company uses the Black-Scholes option pricing model to value stock options in determining the share-based compensation expense. The Company has elected to recognize forfeitures as they occur. Previously recognized compensation expense related to forfeitures are reversed in the period awards are forfeited. 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 the 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 stock-based compensation expense for the Company was approximately $1.3 million and $1.7 million for the years ended December 31, 2022 and 2021, respectively. The following table presents the assumptions used in the option pricing model of options granted under the 2020 Plan: Assumptions Range Expected volatility 40% - 50% Expected dividend yield 10% - 20% Risk-free interest rate 0.5% - 2.0% Expected forfeiture rate 0% The following tables summarize stock option activity during the years ended December 31, 2022 and 2021: Year ended Weighted-average Balance as of December 31, 2021 1,604,236 $ 1.08 Granted 742,000 1.46 Exercised (5,511) 0.90 Forfeited (60,353) 1.15 Balance as of December 31, 2022 2,280,372 $ 1.21 Year ended Weighted-average 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 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, 2022 and 2021: As of 2022 2021 Non-vested 64,581 56,285 Vested — — Forfeited (1,238) — Balance 63,343 56,285 The fair value of the Company’s restricted stock awards is based on the Company’s stock price on the date of grant. The following tables summarize the restricted stock activity during the years ended December 31, 2022 and 2021: Year ended Weighted-average value at award date Balance as of December 31, 2021 56,285 $ 20.43 Granted 8,296 20.18 Vested — — Forfeited (1,238) 20.18 Balance as of December 31, 2022 63,343 $ 20.40 Year ended Weighted-average value at award date Balance as of December 31, 2020 — $ — Granted 56,285 20.43 Vested — — Forfeited — — Balance as of December 31, 2021 56,285 $ 20.43

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following information sets forth the computations of basic weighted average earnings per common share for the years ended December 31, 2022 and 2021: Year ended 2022 2021 Net income attributable to common shareholders $ 35,932,397 $ 21,000,497 Dividends paid on preferred shares (15,000) (15,000) Dividends paid on unvested restricted stock (135,299) (24,203) Net income attributable to common shareholders 35,782,098 20,961,294 Divided by: Basic weighted average shares of common stock outstanding 19,842,222 13,373,778 Weighted average unvested restricted stock and stock options 115,515 435,067 Diluted weighted average shares of common stock outstanding 19,957,737 13,808,845 Basic weighted average earnings per common share $ 1.80 $ 1.57 Diluted weighted average earnings per common share $ 1.79 $ 1.52 Diluted weighted average earnings per common share excludes 1,401,200 stock options due to anti-dilutive effect.

INCOME TAX

INCOME TAX	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAX	INCOME TAXA 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 approximately $1.0 million and $0.0 million for the years ended December 31, 2022 and 2021, respectively. The income tax expense for the years ended December 31, 2022 and 2021 primarily relates to activities of the Company's taxable REIT subsidiary. For the years ended December 31, 2022 and 2021, the Company incurred approximately $73.0 thousand for United States federal excise tax. Excise tax represents a 4% tax on the sum of a portion of the Company’s ordinary income and net capital gains not distributed during the period. If it is determined that an excise tax liability exists for the current period, the Company will accrue excise tax on estimated excess taxable income as such taxable income is earned. The expense is calculated in accordance with applicable tax regulations. The Company does not have any unrecognized tax benefits and the Company does not expect that to change in the next 12 months.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE	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, 2022 and 2021: Fair Value Measurement as of December 31, 2022 Total Level 1 Level 2 Level 3 Loans held at fair value $ 99,226,051 $ — $ — $ 99,226,051 Total $ 99,226,051 $ — $ — $ 99,226,051 Fair Value Measurement 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 The following table presents changes in loans that use Level 3 inputs as of and for the year ended December 31, 2022: Year ended Total loans using Level 3 inputs at December 31, 2021 $ 77,096,319 Change in unrealized (losses) gains on loans at fair value, net (3,593,095) Additional fundings 26,605,796 Original issue discount and other discounts, net of costs (479,275) Loan repayments (5,397,191) Loan amortization payments (1,089,776) Accretion of original issue discount 1,456,298 PIK interest 4,626,975 Total loans using Level 3 inputs at December 31, 2022 $ 99,226,051 The change in unrealized losses included in the consolidated statements of operations attributable to loans held at fair value, categorized as Level 3, held at December 31, 2022 is $(3,593,095). The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of December 31, 2022 and 2021. 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, 2022 Unobservable Input Fair Value Primary Valuation Input Estimated Range Weighted Senior term loans $ 99,226,051 Yield analysis Market yield 19.99% - 31.72% 21.81% Total investments $ 99,226,051 As of December 31, 2021 Unobservable Input Fair Value Primary Valuation Input Estimated Range Weighted Senior term loans $ 77,096,319 Yield analysis Market yield 17.71% - 20.96% 18.22% Total investments $ 77,096,319 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, 2022, the Company’s portfolio did not include any debt securities. As of December 31, 2021, the Company's portfolio included one investment in debt securities held at fair value of approximately $15.9 million. The Company sold the investment in debt securities in March 2022, which was previously designated as available-for-sale as of December 31, 2021. For the year ended December 31, 2021, the realized loss on the sale of debt securities was approximately $0.2 million. The following table presents changes in debt securities held at fair value as of and for the year ended December 31, 2022: Principal Premium Unrealized Fair Value Total debt securities held at fair value at December 31, 2021 $ 15,000,000 $ 1,050,000 $ (168,750) $ 15,881,250 Realized (losses) gains on securities at fair value, net — (150,000) — (150,000) Change in accumulated other comprehensive income (loss) — — 168,750 168,750 Sale of securities (15,000,000) (900,000) — (15,900,000) Total debt securities held at fair value at December 31, 2022 $ — $ — $ — $ — The following table presents fair value measurements of debt securities held at fair value as of December 31, 2022 and 2021. Fair Value Measurement as of December 31, 2022 Total Level 1 Level 2 Level 3 Debt securities held at fair value $ — $ — $ — $ — Total $ — $ — $ — $ — Fair Value Measurement 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, 2022: As of December 31, 2022 Carrying Value Fair Value Financial assets Cash and cash equivalents $ 140,372,841 $ 140,372,841 Loans held for investment at carrying value $ 285,177,112 $ 281,561,475 Loan receivable at carrying value $ 2,220,653 $ 1,200,063 Financial liabilities: Senior unsecured notes, net $ 97,131,777 $ 77,258,333 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. The fair value of the Company’s unsecured senior notes is estimated by discounting expected cash flows using readily available quoted prices for similar debt, or Level 2 inputs.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	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 receives 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 the Company's 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 pays Incentive Fees to the Manager based upon the Company’s achievement of targeted levels of Core Earnings. “Core Earnings” is defined in the Management Agreement as, for a given period means the net income (loss) for such period, computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income and (v) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between the Manager and the Company’s independent directors and approved by a majority of the independent directors. The Incentive Compensation for the years ended December 31, 2022 and 2021 was approximately $12.3 million and $6.0 million, respectively. The Company shall pay all of its costs and expenses and shall reimburse the Manager or its affiliates for expenses of the Manager and its affiliates paid or incurred on behalf of the Company, excepting only those expenses that are specifically the responsibility of the Manager pursuant to the Management Agreement. With respect to certain office expenses incurred by the Manager on behalf of the Company and other funds managed by the Manager or its affiliates, such as rent, the Manager determines each fund’s pro rata portion of such expenses based on the fair value of the fund’s assets under management, excluding cash and cash equivalents, as a percentage of the total assets under management by all such related funds. The following table summarizes the related party costs incurred by the Company for the years ended December 31, 2022 and 2021: Year ended 2022 2021 Affiliate Costs Management fees $ 5,213,535 $ 3,340,123 Less: outside fees earned (1,785,916) (1,029,315) Base management fees 3,427,619 2,310,808 Incentive fees earned 12,337,631 6,010,704 General and administrative expenses reimbursable to Manager 3,976,312 2,319,074 Total $ 19,741,562 $ 10,640,586 Amounts payable to the Company’s Manager as of December 31, 2022 and 2021 were approximately $5.7 million and $4.1 million, respectively. Due to Affiliate Amounts due to an affiliate of the Company as of December 31, 2022 and 2021 were $18,146 and $0, respectively. Investments in Loans From time to time, the Company may co-invest with other investment vehicles managed by the Company’s Manager or its affiliates, including the Manager, and their portfolio companies, including by means of splitting loans, participating in loans or other means of syndicating loans. The Company is not obligated to provide, nor has it provided, any financial support to the other managed investment vehicles. As such, the Company’s risk is limited to the carrying value of its investment in any such loan. As of December 31, 2022, there were four co-invested loans held by the Company and affiliates of the Company. In July 2021, the senior secured loan facility with Private Company I consisting of an aggregate of $15.5 million in loan commitments was syndicated by the Company’s Manager between the Company and A BDC Warehouse, LLC (“ABW”), an entity wholly-owned by the Company’s Chief Executive Officer and Chairman of the Board and President. ABW’s commitment in the loan facility was ultimately transferred to AFC Institutional Fund LLC (“AFCIF”), an entity beneficially owned in part, by the Company’s Chief Executive Officer and Chairman of the Board, its President and its Director and Head of Real Estate, with each such owner also maintains a beneficial ownership of the Company’s Manager. AFCIF holds approximately one-third of the loan’s aggregate principal amount as of December 31, 2022. On April 1, 2022, our investment in the senior secured loan to Private Company I was transferred to TRS1. In September 2021, the Company 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 the Company’s acquisition of the Company’s Manager’s loan commitments under the Credit Agreement with Private Company A pursuant to the September Commitment Assignment. In December 2021, the Company entered into the second amendment to the Private Company A Credit Facility to, among other things, increase the total loan commitments by $20.0 million in an additional tranche, with $2.5 million allocated to Flower Loan Holdco, LLC, an entity wholly-owned by the Company’s Chief Executive Officer and Chairman of the Board and President (“FLH”), and the remaining new commitment allocated to third-party lenders. In February 2022, the Company entered into the third amendment to the Private Company A Credit Facility to, among other things, increase the total loan commitments by $16.3 million in an additional tranche, with approximately $15.3 million allocated to the Company and approximately $1.0 million allocated to a third party lender. In November 2022, the Company entered into a fourth amendment to the Private Company A Credit Facility to, among other things, increase the total loan commitments by $10.0 million in an additional tranche, with approximately $7.1 million allocated to the Company, $1.4 million allocated to FLH and the remaining $1.5 million allocated to third party lenders. Following the expansions, the Company now holds approximately $84.9 million in commitments. In September 2021, the Company entered into the second amended and restated credit agreement with Subsidiary of Private Company G to, among other things, increase the total loan commitments by $53.4 million in three tranches, with approximately $10.0 million allocated to ABW and the remaining $43.4 million allocated to the Company. ABW’s commitment was ultimately transferred to AFCIF. In August 2022, the Company committed an additional $8.1 million under credit agreement with Subsidiary of Private Company G. Following the expansion, the Company now holds $73.5 million in commitments, of which the Company has funded approximately $71.1 million in total principal amount. In December 2021, the Company entered into a credit agreement with Subsidiary of Public Company H, which provides Subsidiary of Public Company H with a $100.0 million senior secured credit facility, of which, we committed $60.0 million, a predecessor-in-interest to AFCIF committed $10.0 million, and third-party lenders committed $30.0 million of the aggregate principal amount. In October 2022, the credit agreement with Subsidiary of Public Company H was amended to, among other things, increase the total loan commitment by $50.0 million, of which $30.0 million of the new loan commitment was allocated pro rata to the Company, $5.0 million was allocated to AFCIF and the remaining $15.0 million was allocated to a third-party lender. In connection with investments in loans, the Company may receive the option to assign the right (the “Assigned Right”) to acquire warrants and/or equity of the borrower. The Company may sell the Assigned Right, and the sale may be to an affiliate of the Company. For the year ended December 31, 2022, the Company neither received nor sold any Assigned Right. During 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. Secured Revolving Credit Facility From Affiliate In April 2022, the Company terminated the AFCF Revolving Credit Facility . Refer to Note 9 to our consolidated financial statements for more information.

DIVIDENDS AND DISTRIBUTIONS

DIVIDENDS AND DISTRIBUTIONS	12 Months Ended
	Dec. 31, 2022
DIVIDENDS AND DISTRIBUTIONS [Abstract]
DIVIDENDS AND DISTRIBUTIONS	DIVIDENDS AND DISTRIBUTIONS The following table summarizes the Company’s dividends declared during the years ended December 31, 2022 and 2021: Record Payment Common Share Taxable Return of Section 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 2021 Total cash dividend $ 1.67 $ 1.67 $ — $ 1.67 Regular cash dividend 3/31/2022 4/15/2022 0.55 0.55 — 0.55 Regular cash dividend 6/30/2022 7/15/2022 0.56 0.56 — 0.56 Regular cash dividend 9/30/2022 10/14/2022 0.56 0.56 — 0.56 Regular cash dividend 12/31/2022 1/13/2023 0.56 0.56 — 0.56 2022 Total cash dividend $ 2.23 $ 2.23 $ — $ 2.23

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the consolidated financial statements were available to be issued. There were no material subsequent events, other than those described below, that required disclosure in these consolidated financial statements. On December 28, 2022, the Company drew $60.0 million on our Revolving Credit Facility. All outstanding borrowings were subsequently repaid in full on January 3, 2023. In January 2023, TRS1 agreed with Private Company I, subject to certain terms and conditions (including payment of full cash interest, rather than partial PIK interest, which was previously agreed to), to defer an upcoming principal payment. In March 2023, TRS1 agreed, subject to certain terms and conditions, to defer an upcoming principal payment and permit a portion of an upcoming cash interest payment to instead be paid in kind. In February 2023, the Company entered into an amendment with Private Company K, which reduced its total loan commitment under the credit facility with Private Company K from approximately $25.2 million to $14.5 million . Among other things, the amendment increased the PIK rate from 0.0% to 2.0%, removed the unused fee going forward on the remaining undrawn commitment, and established a $1.5 million interest reserve. In February 2023, the Company and TRS1 sold $15.0 million of our investment in Subsidiary of Public Company M purchased at a blended weighted-average discount of 90.9% and sold for 91.4% of face value. The sale proceeds approximated the carrying value at the time of sale. In March 2023, the Company entered into a forbearance and modification agreement with Private Company B, pursuant to which we agreed to, subject to additional 4.0% capitalized PIK interest and certain other terms and conditions, forbear from exercising our rights and remedies with respect to specified defaults under the applicable Private Company B loan documents until the earlier of (i) March 31, 2023, (ii) certain refinancing or cash equity contribution events, and (iii) any new event of default thereunder. In connection with such forbearance and modification agreement, the Company also agreed to, subject to certain terms and conditions, waive compliance with certain covenants for one fiscal quarter and defer specified principal payments. In March 2023, we declared a regular cash dividend of $0.56 per share of our common stock, relating to the first quarter of 2023, which will be paid on April 14, 2023 to shareholders of record as of March 31, 2023. The estimated aggregate amount of the regular cash dividend payment is approximately $11.5 million.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
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 accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company, and its wholly-owned subsidiary. The consolidated 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. All intercompany balances and transactions have been eliminated in consolidation.
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, value associated with licenses (where applicable) 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. 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 loans as long-term investments, the Company may occasionally classify some of its loans as held for sale. Loans held for sale are carried at fair value, with changes in fair value recorded through earnings. Loan 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 loans 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 carrying value 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 $0.0 million and $15.9 million at December 31, 2022 and 2021, respectively, consists of debt securities that are designated as available-for-sale. 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 (loss) 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. 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 derive credit loss estimates (the “CECL Reserve”). ASU No. 2016-13 was adopted by the Company on July 31, 2020, commencement of operations. Subsequent period increases and decreases to expected credit losses impact earnings and are recorded within the 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.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-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 related to the Company’s indebtedness are capitalized and amortized over the term of the respective debt instrument utilizing the effective interest method. 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 the senior notes is recorded within senior notes payable in these consolidated financial statements. The unamortized balance for the revolving credit facility is recorded as within prepaid expenses and other assets on 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 is included in taxable income and will increase the dividend paid to shareholders 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. Management places loans on non-accrual status when principal or interest payments are past due 30 days or more or when full recovery of interest and principal is doubtful. 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 are generally recognized on a cash basis and 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. 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 has elected to be taxed as a REIT under the Code, commencing with its taxable year ended December 31, 2020. The Company believes that its proposed method of operation will enable it to qualify as a REIT. However, no assurances can be given that the Company’s beliefs or expectations will be fulfilled, since qualification as a REIT depends on the Company satisfying numerous asset, income and distribution tests which depend, in part, on the Company’s operating results. 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 shareholders 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. The Company’s wholly-owned subsidiary, TRS1, operates as a TRS and began operating in July 2021. 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. 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, 2022. Based on the Company’s evaluation, there is no reserve for any uncertain income tax positions. Accrued interest and penalties, if any, are included within other liabilities in the consolidated balance sheets.
Earnings per Share	Earnings per Share The Company calculates basic earnings (loss) per share by dividing net income (loss) allocable to common shareholders 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, 2022, there were dilutive instruments relating to stock options and restricted shares. See Note 11 included in these consolidated 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 consolidated 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 and current expected credit losses.
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. 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. They 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 has evaluated the impact of this ASU and has determined that adoption of this ASU did not have a material effect on the Company’s consolidated financial statements.

LOANS HELD FOR INVESTMENT AT _2

LOANS HELD FOR INVESTMENT AT FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021: As of December 31, 2022 Fair Value (1) Carrying Value (2) Outstanding Principal (2) Weighted Average Remaining Life (Years) (3) Senior term loans $ 99,226,051 $ 100,635,985 $ 102,376,546 1.2 Total loans held at fair value $ 99,226,051 $ 100,635,985 $ 102,376,546 1.2 As of December 31, 2021 Fair Value (1) Carrying Value (2) Outstanding Principal (2) 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 (1) Refer to Note 14 to the Company's consolidated financial statements. (2) The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs. (3) Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2022 and 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, 2022: Principal Original Issue Unrealized Fair Value Total loans held at fair value at December 31, 2021 $ 77,630,742 $ (2,717,584) $ 2,183,161 $ 77,096,319 Change in unrealized (losses) gains on loans at fair value, net — — (3,593,095) (3,593,095) New fundings 26,605,796 (479,275) — 26,126,521 Loan repayments (5,397,191) — — (5,397,191) Loan amortization payments (1,089,776) — — (1,089,776) Accretion of original issue discount — 1,456,298 — 1,456,298 PIK interest 4,626,975 — — 4,626,975 Total loans held at fair value at December 31, 2022 $ 102,376,546 $ (1,740,561) $ (1,409,934) $ 99,226,051 The following table presents changes in loans held at fair value as of and for the year ended December 31, 2021: Principal Original Issue Unrealized 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
Loans Held at Fair Value Portfolio	A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of December 31, 2022 is as follows: Collateral Location Collateral Type (1) Fair Value (2) Carrying Value (3) Outstanding Principal (3) Interest Rate Maturity Date (4) Payment Terms (5) Private Co. A AZ, MI, MD, MA, NM C, D $ 83,836,293 $ 84,217,657 $ 85,664,884 15.9 % (6) 5/8/2024 P/I Public Co. A (9) NV C — 1,213,416 1,213,416 15.0 % (7) 9/30/2023 I/O Private Co. B MI C, D 15,389,758 15,204,912 15,498,246 18.7 % (8) 9/1/2023 P/I Total loans held at fair value $ 99,226,051 $ 100,635,985 $ 102,376,546 (1) C = Cultivation Facilities, D = Dispensary/Retail Facilities. (2) Refer to Note 14 in these annual consolidated financial statements. (3) The difference between the carrying value and the outstanding principal amount of the loans consists of OID and loan origination costs. (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 weighted average interest rate of 12.4% and payment-in-kind (“PIK”) weighted average interest rate of 3.5%. (7) Base interest rate of 7.5% and PIK interest rate of 7.5%. (8) Base weighted average interest rate of 14.7% and PIK weighted average interest rate of 4.0%. (9) As of October 1, 2022, this loan was placed on non-accrual status.

LOANS HELD FOR INVESTMENT AT _3

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021: As of December 31, 2022 Outstanding Principal (1) Original Carrying Value (1) Weighted Average Remaining Life (Years) (2) Senior term loans $ 296,584,529 $ (11,407,417) $ 285,177,112 3.1 Total loans held at carrying value $ 296,584,529 $ (11,407,417) $ 285,177,112 3.1 As of December 31, 2021 Outstanding Principal (1) Original 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 (1) The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID and loan origination costs. (2) Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2022 and 2021.
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, 2022: Principal Original Carrying Total loans held at carrying value at December 31, 2021 $ 270,841,715 $ (13,678,219) $ 257,163,496 New fundings 173,685,505 (8,035,600) 165,649,905 Accretion of original issue discount — 10,306,402 10,306,402 Loan repayments (138,807,472) — (138,807,472) Sale of loans (10,000,000) — (10,000,000) PIK interest 3,715,966 — 3,715,966 Loan amortization payments (2,851,185) — (2,851,185) Total loans held at carrying value at December 31, 2022 $ 296,584,529 $ (11,407,417) $ 285,177,112 The following table presents changes in loans held at carrying value as of and for the year ended December 31, 2021: Principal Original Carrying 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
Loans Held at Carrying Value Portfolio	A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of December 31, 2022 is as follows: Collateral Collateral Type (1) Outstanding Principal (2) Original Carrying Value (2) Interest Maturity Date (3) Payment Terms (4) Private Co. C PA C, D $ 23,583,502 $ (562,061) $ 23,021,441 20.0 % (5) 12/1/2025 P/I Sub of Private Co. G NJ, PA C, D 72,346,562 (1,817,050) 70,529,512 17.8 % (6) 5/1/2026 P/I Sub of Private Co. H IL C 5,781,250 (26,693) 5,754,557 15.0 % (7) 5/11/2023 I/O Private Co. K MA C, D 10,765,379 (865,760) 9,899,619 16.4 % (8) 5/3/2027 P/I Private Co. I MD C, D 10,930,892 (165,925) 10,764,967 20.9 % (9) 8/1/2026 P/I Private Co. J MO C, D 23,409,452 (524,788) 22,884,664 20.4 % (10) 9/1/2025 P/I Sub. of Public Co. H CT, IA, IL, ME, MI, NJ, PA C, D 75,000,000 (3,326,423) 71,673,577 13.3 % (11) 1/1/2026 I/O Private Co. L MO, OH C, D 50,945,492 (2,142,857) 48,802,635 12.0 % (12) 5/1/2026 P/I Sub. of Public Co. M IL, MI, MA, NJ, OH, PA C, D 23,822,000 (1,975,860) 21,846,140 9.5 % (13) 8/27/2025 I/O Total loans held at carrying value $ 296,584,529 $ (11,407,417) $ 285,177,112 (1) C = Cultivation Facilities, D = Dispensary/Retail Facilities. (2) The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID and loan origination costs. (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 9.0% plus U.S. prime rate (U.S. prime rate floor of 4.0%) and PIK interest rate of 4.0%. (6) Base interest rate of 10.25% plus U.S. prime rate (U.S. prime rate floor of 4.5%). As amended, 75.0% of the monthly cash interest is PIK’d from December 1, 2022 until April 1, 2023. (7) Base interest rate of 15.0%. (8) Base interest rate of 12.0% plus SOFR (SOFR floor of 1.0%). (9) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.5%. As amended, 50.0% of the monthly cash interest is PIK’d from October 1, 2022 until January 1, 2023. (10) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%. (11) Base interest rate of 5.8% plus U.S. prime rate (U.S. prime rate floor of 5.5%). (12) Base interest rate of 12.0%.

LOAN RECEIVABLE HELD AT CARRY_2

LOAN RECEIVABLE HELD AT CARRYING VALUE (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Changes in Loans Receivable	The following table presents changes in loans receivable as of and for the year ended December 31, 2022: Principal Original Carrying Total loan receivable held at carrying value at December 31, 2021 $ 2,533,266 $ (2,678) $ 2,530,588 Principal repayment of loans (337,114) — (337,114) Accretion of original issue discount — 992 992 PIK interest 26,187 — 26,187 Total loan receivable held at carrying value at December 31, 2022 $ 2,222,339 $ (1,686) $ 2,220,653 The following table presents changes in loans receivable as of and for the year ended December 31, 2021: Principal Original Carrying Total loan receivable held 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 loan receivable held 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, 2022
Credit Loss [Abstract]
Activity Related to CECL Reserve	Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value and loan receivable held at carrying value as of and for the years ended December 31, 2022 and 2021 was as follows: Outstanding (1) Unfunded (2) Total Balance at December 31, 2021 $ 2,431,558 $ 683,177 $ 3,114,735 Provision for current expected credit losses 11,106,519 70,951 11,177,470 Write-offs — — — Recoveries — — — Balance at December 31, 2022 $ 13,538,077 $ 754,128 $ 14,292,205 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, 2022 and 2021, the CECL Reserve related to outstanding balances on loans held at carrying value and loan receivable held at carrying value are recorded within current expected credit loss reserve in the Company’s consolidated balance sheets. (2) As of December 31, 2022 and 2021, 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.
Credit Quality Indicators	As of December 31, 2022, the carrying value, excluding the CECL Reserve, of the Company’s loans held at carrying value and loan receivable held at carrying value within each risk rating by year of origination is as follows: Risk Rating: 2022 2021 2020 Total 1 $ — $ — $ — $ — 2 — — — — 3 80,548,393 77,428,134 23,021,441 180,997,968 4 — 104,179,144 — 104,179,144 5 — — 2,220,653 2,220,653 Total $ 80,548,393 $ 181,607,278 $ 25,242,094 $ 287,397,765

INTEREST RECEIVABLE (Tables)

INTEREST RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2022
Interest Receivable and Other Assets [Abstract]
Interest Receivable	The following table summarizes the interest receivable by the Company as of December 31, 2022 and 2021: As of 2022 2021 Interest receivable $ 3,722,134 $ 3,562,566 PIK receivable 1,409,678 554,357 Unused fees receivable 125,663 296,015 Total interest receivable $ 5,257,475 $ 4,412,938

INTEREST RESERVE (Tables)

INTEREST RESERVE (Tables)	12 Months Ended
	Dec. 31, 2022
INTEREST RESERVE [Abstract]
Changes in Interest Reserve	The following table presents changes in interest reserve as of and for the years ended December 31, 2022 and 2021: As of 2022 2021 Beginning reserves $ 4,782,271 $ 1,325,750 New reserves 12,648,888 9,450,468 Reserves disbursed (14,230,215) (5,993,947) Ending reserves $ 3,200,944 $ 4,782,271

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Maturities of Long-term Debt	The 2027 Senior Notes are due on May 1, 2027. Scheduled principal payments on the 2027 Senior Notes as of December 31, 2022 are as follows: Senior Year ending December 31, 2023 $ — 2024 — 2025 — 2026 — 2027 100,000,000 Thereafter — Total principal $ 100,000,000
Summary of Interest Expense Incurred	The following table reflects a summary of interest expense incurred during the years ended December 31, 2022 and 2021. Year ended December 31, 2022 2027 Senior Notes Revolving Credit Facility AFCF Revolving Credit Facility Total Borrowings Interest expense $ 5,734,027 $ 53,333 $ 19,792 $ 5,807,152 Unused fee expense — 25,000 60,417 85,417 Amortization of deferred financing costs 659,120 107,741 154,645 921,506 Total interest expense $ 6,393,147 $ 186,074 $ 234,854 $ 6,814,075 Year ended December 31, 2021 Senior Unsecured Notes Revolving Credit Facility AFCF Revolving Credit Facility 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, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments to Fund Various Senior Term Loans, Investment in Debt securities, Equipment Loans and Bridge Loans	As of December 31, 2022 and 2021, the Company had the following commitments to fund various investments: As of 2022 2021 Total original loan commitments $ 447,101,864 $ 419,198,125 Less: drawn commitments (401,476,418) (363,659,505) Total undrawn commitments $ 45,625,446 $ 55,538,620

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Options Activity	The following table summarizes the (i) non-vested options granted, (ii) vested options granted (iii) exercised and (iv) forfeited options granted for the Company’s directors and officers and employees of the Manager as of December 31, 2022 and 2021: As of 2022 2021 Non-vested 293,420 183,114 Vested 2,081,212 1,449,518 Exercised (5,511) — Forfeited (88,749) (28,396) Balance 2,280,372 1,604,236
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% - 2.0% Expected forfeiture rate 0%
Summary of Stock Option Activity	The following tables summarize stock option activity during the years ended December 31, 2022 and 2021: Year ended Weighted-average Balance as of December 31, 2021 1,604,236 $ 1.08 Granted 742,000 1.46 Exercised (5,511) 0.90 Forfeited (60,353) 1.15 Balance as of December 31, 2022 2,280,372 $ 1.21 Year ended Weighted-average 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
Schedule of Nonvested Share 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, 2022 and 2021: As of 2022 2021 Non-vested 64,581 56,285 Vested — — Forfeited (1,238) — Balance 63,343 56,285 The fair value of the Company’s restricted stock awards is based on the Company’s stock price on the date of grant. The following tables summarize the restricted stock activity during the years ended December 31, 2022 and 2021: Year ended Weighted-average value at award date Balance as of December 31, 2021 56,285 $ 20.43 Granted 8,296 20.18 Vested — — Forfeited (1,238) 20.18 Balance as of December 31, 2022 63,343 $ 20.40 Year ended Weighted-average value at award date Balance as of December 31, 2020 — $ — Granted 56,285 20.43 Vested — — Forfeited — — Balance as of December 31, 2021 56,285 $ 20.43

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following information sets forth the computations of basic weighted average earnings per common share for the years ended December 31, 2022 and 2021: Year ended 2022 2021 Net income attributable to common shareholders $ 35,932,397 $ 21,000,497 Dividends paid on preferred shares (15,000) (15,000) Dividends paid on unvested restricted stock (135,299) (24,203) Net income attributable to common shareholders 35,782,098 20,961,294 Divided by: Basic weighted average shares of common stock outstanding 19,842,222 13,373,778 Weighted average unvested restricted stock and stock options 115,515 435,067 Diluted weighted average shares of common stock outstanding 19,957,737 13,808,845 Basic weighted average earnings per common share $ 1.80 $ 1.57 Diluted weighted average earnings per common share $ 1.79 $ 1.52

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [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, 2022 and 2021: Fair Value Measurement as of December 31, 2022 Total Level 1 Level 2 Level 3 Loans held at fair value $ 99,226,051 $ — $ — $ 99,226,051 Total $ 99,226,051 $ — $ — $ 99,226,051 Fair Value Measurement 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 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, 2022: Year ended Total loans using Level 3 inputs at December 31, 2021 $ 77,096,319 Change in unrealized (losses) gains on loans at fair value, net (3,593,095) Additional fundings 26,605,796 Original issue discount and other discounts, net of costs (479,275) Loan repayments (5,397,191) Loan amortization payments (1,089,776) Accretion of original issue discount 1,456,298 PIK interest 4,626,975 Total loans using Level 3 inputs at December 31, 2022 $ 99,226,051
Fair Value Measurement Inputs and Valuation Techniques	The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of December 31, 2022 and 2021. 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, 2022 Unobservable Input Fair Value Primary Valuation Input Estimated Range Weighted Senior term loans $ 99,226,051 Yield analysis Market yield 19.99% - 31.72% 21.81% Total investments $ 99,226,051 As of December 31, 2021 Unobservable Input Fair Value Primary Valuation Input Estimated Range Weighted Senior term loans $ 77,096,319 Yield analysis Market yield 17.71% - 20.96% 18.22% Total investments $ 77,096,319
Changes in Loans Held at Fair Value	The following table presents changes in debt securities held at fair value as of and for the year ended December 31, 2022: Principal Premium Unrealized Fair Value Total debt securities held at fair value at December 31, 2021 $ 15,000,000 $ 1,050,000 $ (168,750) $ 15,881,250 Realized (losses) gains on securities at fair value, net — (150,000) — (150,000) Change in accumulated other comprehensive income (loss) — — 168,750 168,750 Sale of securities (15,000,000) (900,000) — (15,900,000) Total debt securities held at fair value at December 31, 2022 $ — $ — $ — $ —
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, 2022 and 2021. Fair Value Measurement as of December 31, 2022 Total Level 1 Level 2 Level 3 Debt securities held at fair value $ — $ — $ — $ — Total $ — $ — $ — $ — Fair Value Measurement 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, 2022: As of December 31, 2022 Carrying Value Fair Value Financial assets Cash and cash equivalents $ 140,372,841 $ 140,372,841 Loans held for investment at carrying value $ 285,177,112 $ 281,561,475 Loan receivable at carrying value $ 2,220,653 $ 1,200,063 Financial liabilities: Senior unsecured notes, net $ 97,131,777 $ 77,258,333

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the related party costs incurred by the Company for the years ended December 31, 2022 and 2021: Year ended 2022 2021 Affiliate Costs Management fees $ 5,213,535 $ 3,340,123 Less: outside fees earned (1,785,916) (1,029,315) Base management fees 3,427,619 2,310,808 Incentive fees earned 12,337,631 6,010,704 General and administrative expenses reimbursable to Manager 3,976,312 2,319,074 Total $ 19,741,562 $ 10,640,586

DIVIDENDS AND DISTRIBUTIONS (Ta

DIVIDENDS AND DISTRIBUTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
DIVIDENDS AND DISTRIBUTIONS [Abstract]
Schedule of Dividends Payable	The following table summarizes the Company’s dividends declared during the years ended December 31, 2022 and 2021: Record Payment Common Share Taxable Return of Section 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 2021 Total cash dividend $ 1.67 $ 1.67 $ — $ 1.67 Regular cash dividend 3/31/2022 4/15/2022 0.55 0.55 — 0.55 Regular cash dividend 6/30/2022 7/15/2022 0.56 0.56 — 0.56 Regular cash dividend 9/30/2022 10/14/2022 0.56 0.56 — 0.56 Regular cash dividend 12/31/2022 1/13/2023 0.56 0.56 — 0.56 2022 Total cash dividend $ 2.23 $ 2.23 $ — $ 2.23

ORGANIZATION (Details)

ORGANIZATION (Details)	12 Months Ended
	Dec. 31, 2022 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES, Cash, Cash Equivalents and Restricted Cash (Details)	Dec. 31, 2022 USD ($)
Accounting Policies [Abstract]
Restricted cash	$ 0

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES, Investment in Marketable Securities (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Investment in marketable securities	$ 0	$ 15.9

LOANS HELD FOR INVESTMENT AT _4

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Summary of Portfolio (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)
LOANS HELD FOR INVESTMENT AT FAIR VALUE [Abstract]
Number of portfolio loans | loan	3	3
Loans held at fair value, aggregate commitments	$ 104,300,000	$ 75,900,000
Outstanding principal	102,376,546	$ 77,630,742	$ 50,831,235
Loans held at fair value, funded of outstanding principal	26,600,000
Loans held at fair value, repayments	$ 6,500,000

LOANS HELD FOR INVESTMENT AT _5

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Summary of Loans Held at Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Fair Value	$ 99,226,051	$ 77,096,319	$ 48,558,051
Carrying Value	100,635,985	74,913,157
Outstanding Principal	$ 102,376,546	$ 77,630,742	$ 50,831,235
Weighted Average Remaining Life	1 year 2 months 12 days	2 years 2 months 12 days
Senior term loans
Loans and Leases Receivable Disclosure [Line Items]
Fair Value	$ 99,226,051	$ 77,096,319
Carrying Value	100,635,985	74,913,157
Outstanding Principal	$ 102,376,546	$ 77,630,742
Weighted Average Remaining Life	1 year 2 months 12 days	2 years 2 months 12 days

LOANS HELD FOR INVESTMENT AT _6

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Changes in Loans Held at Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Loans Receivable, Principal [Roll Forward]
Total loans held at fair value, beginning balance	$ 77,630,742	$ 50,831,235
Loans held at fair value, principal, new fundings	26,605,796	37,701,104
Loans held at fair value, principal, repayments	(5,397,191)	(12,000,000)
Loans held at fair value, loan amortization payments	(1,089,776)	(1,093,659)
Loans held at fair value, principal, PIK interest	4,626,975	2,192,062
Total loans held at fair value, ending balance	102,376,546	77,630,742
Original Issue Discount
Loans held for at fair value, original issue discount, beginning balance	(2,717,584)	(3,836,524)
Loans held at fair value, original issue discount, new fundings	(479,275)	(1,130,623)
Loans held at fair value, original issue discount, accretion of original issue discount	1,456,298	2,249,563
Loans held for at fair value, original issue discount, ending balance	(1,740,561)	(2,717,584)
Loans Held for Investment, Unrealized Gains/(Losses) [Roll Forward]
Loans held at fair value, unrealized gains (losses), beginning balance	2,183,161	1,563,340
Loans held at fair value, unrealized gains (losses), change in unrealized gains (losses) on loans at fair value, net	(3,593,095)	619,821
Loans held at fair value, unrealized gains (losses), ending balance	(1,409,934)	2,183,161
Loans Held for Investment, Fair Value [Roll Forward]
Loans held at fair value, beginning balance	77,096,319	48,558,051
Loans held at fair value, change in unrealized gains / (losses) on loans at fair value, net	(3,593,095)	619,821
Loans held at fair value, new fundings	26,126,521	36,570,481
Loans held at fair value, repayments	(5,397,191)	(12,000,000)
Loans held at fair value, loan amortization payments	(1,089,776)	(1,093,659)
Loans held at fair value, Accretion of original issue discount	1,456,298	2,249,563
Loans held at fair value, PIK interest	4,626,975	2,192,062
Loans held at fair value, ending balance	$ 99,226,051	$ 77,096,319

LOANS HELD FOR INVESTMENT AT _7

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Narrative (Details)	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Outstanding principal	$ 102,376,546	$ 77,630,742	$ 50,831,235
Non-accrual status
Loans and Leases Receivable Disclosure [Line Items]
Number of loans | loan	1
Outstanding principal	$ 1,200,000
Unrealized loss	$ (1,200,000)

LOANS HELD FOR INVESTMENT AT _8

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Loans Held at Fair Value Portfolio (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans Held at Fair Value Portfolio [Abstract]
Fair Value	$ 99,226,051	$ 77,096,319	$ 48,558,051
Carrying Value	100,635,985	74,913,157
Outstanding principal	$ 102,376,546	$ 77,630,742	$ 50,831,235
Private Co. A | Multi State
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate	12.40%
PIK interest rate	3.50%
Private Co. A | Cultivation Facilities, Dispensaries | Multi State
Loans Held at Fair Value Portfolio [Abstract]
Fair Value	$ 83,836,293
Carrying Value	84,217,657
Outstanding principal	$ 85,664,884
Interest rate	15.90%
Public Co. A | Nevada
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate	7.50%
PIK interest rate	7.50%
Public Co. A | Cultivation Facilities | Nevada
Loans Held at Fair Value Portfolio [Abstract]
Fair Value	$ 0
Carrying Value	1,213,416
Outstanding principal	$ 1,213,416
Interest rate	15%
Private Co. B | Michigan
Loans Held at Fair Value Portfolio [Abstract]
Base interest rate	14.70%
PIK interest rate	4%
Private Co. B | Cultivation Facilities, Dispensaries | Michigan
Loans Held at Fair Value Portfolio [Abstract]
Fair Value	$ 15,389,758
Carrying Value	15,204,912
Outstanding principal	$ 15,498,246
Interest rate	18.70%

LOANS HELD FOR INVESTMENT AT _9

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Summary of Portfolio (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Number of loans held for investments in portfolio | loan	9	12
Loans held for investments aggregate commitments	$ 338,900,000	$ 324,300,000
Loans held at carrying value, outstanding principal	296,584,529	$ 270,841,715	$ 33,907,763
Loans held at carrying value, outstanding principal fundings	173,700,000
Principal repayments	$ 151,700,000
Percentage of loans held at carrying value with floating interest rates	73%	48%
London Interbank Offered Rate (LIBOR)
Loans and Leases Receivable Disclosure [Line Items]
Loans held at carrying value, interest rate	1%
Secured Overnight Financing Rate (SOFR)
Loans and Leases Receivable Disclosure [Line Items]
Loans held at carrying value, interest rate	1%
Prime Rate
Loans and Leases Receivable Disclosure [Line Items]
Loans held at carrying value, interest rate	4.90%

LOANS HELD FOR INVESTMENT AT_10

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Summary of Loans Held at Carrying Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans held as investment, Carrying Amount [Abstract]
Loans held at carrying value, outstanding principal	$ 296,584,529	$ 270,841,715	$ 33,907,763
Loans held at carrying value, original issue discount	(11,407,417)	(13,678,219)	(2,070,732)
Loans held at carrying value	$ 285,177,112	$ 257,163,496	$ 31,837,031
Loans held at carrying value, weighted average remaining life	3 years 1 month 6 days	3 years 4 months 24 days
Senior term loans
Loans held as investment, Carrying Amount [Abstract]
Loans held at carrying value, outstanding principal	$ 296,584,529	$ 270,841,715
Loans held at carrying value, original issue discount	(11,407,417)	(13,678,219)
Loans held at carrying value	$ 285,177,112	$ 257,163,496
Loans held at carrying value, weighted average remaining life	3 years 1 month 6 days	3 years 4 months 24 days

LOANS HELD FOR INVESTMENT AT_11

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Changes in Loans Held at Carrying Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Principal
Total loans held at carrying value, principal, beginning balance	$ 270,841,715	$ 33,907,763
New fundings	173,685,505	249,591,644
Realized gain on sale of loans		450,000
Loan repayments	(138,807,472)
Sale of loans	(10,000,000)	(15,450,000)
PIK interest	3,715,966	2,342,308
Loan amortization payments	(2,851,185)
Total loans held at carrying value, principal, ending balance	296,584,529	270,841,715
Original Issue Discount
Total loans held at carrying value, original issue discount, beginning balance	(13,678,219)	(2,070,732)
New fundings, original issue discount	(8,035,600)	(14,941,001)
Accretion of original issue discount, original issue discount	10,306,402	3,333,514
Total loans held at carrying value, original issue discount, ending balance	(11,407,417)	(13,678,219)
Carrying Value
Total loans held at carrying value, carrying value, beginning balance	257,163,496	31,837,031
New fundings, carrying value	165,649,905	234,650,643
Accretion of original issue discount, carrying value	10,306,402	3,333,514
Total loans held at carrying value, carrying value, ending balance	$ 285,177,112	$ 257,163,496

LOANS HELD FOR INVESTMENT AT_12

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Loans Held at Carrying Value portfolio (Details) - USD ($)	3 Months Ended	4 Months Ended	12 Months Ended
	Jan. 01, 2023	Apr. 01, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Outstanding principal			$ 296,584,529	$ 270,841,715	$ 33,907,763
Original issue discount			(11,407,417)	(13,678,219)	(2,070,732)
Loans held for investment at carrying value, net			$ 285,177,112	$ 257,163,496	$ 31,837,031
Private Co. C | Base Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			9%
Private Co. C | Prime Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			4%
Private Co. C | PIK Interest Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			4%
Private Co. C | Pennsylvania | Cultivation Facilities, Dispensaries
Loans and Leases Receivable Disclosure [Line Items]
Outstanding principal			$ 23,583,502
Original issue discount			(562,061)
Loans held for investment at carrying value, net			$ 23,021,441
Interest rate			20%
Sub of Private Co. G | Forecast
Loans and Leases Receivable Disclosure [Line Items]
Percent of interest paid in kind		75%
Sub of Private Co. G | Base Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			10.25%
Sub of Private Co. G | Prime Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			4.50%
Sub of Private Co. G | Multi State | Cultivation Facilities, Dispensaries
Loans and Leases Receivable Disclosure [Line Items]
Outstanding principal			$ 72,346,562
Original issue discount			(1,817,050)
Loans held for investment at carrying value, net			$ 70,529,512
Interest rate			17.80%
Sub of Private Co. H | Base Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			15%
Sub of Private Co. H | Illinois | Cultivation Facilities
Loans and Leases Receivable Disclosure [Line Items]
Outstanding principal			$ 5,781,250
Original issue discount			(26,693)
Loans held for investment at carrying value, net			$ 5,754,557
Interest rate			15%
Private Co. K | Base Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			12%
Private Co. K | Secured Overnight Financing Rate (SOFR)
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			1%
Private Co. K | Massachusetts | Cultivation Facilities, Dispensaries
Loans and Leases Receivable Disclosure [Line Items]
Outstanding principal			$ 10,765,379
Original issue discount			(865,760)
Loans held for investment at carrying value, net			$ 9,899,619
Interest rate			16.40%
Private Co. I | Forecast
Loans and Leases Receivable Disclosure [Line Items]
Percent of interest paid in kind	50%
Private Co. I | Base Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			12%
Private Co. I | London Interbank Offered Rate (LIBOR)
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			1%
Private Co. I | PIK Interest Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			4.50%
Private Co. I | Maryland | Cultivation Facilities, Dispensaries
Loans and Leases Receivable Disclosure [Line Items]
Outstanding principal			$ 10,930,892
Original issue discount			(165,925)
Loans held for investment at carrying value, net			$ 10,764,967
Interest rate			20.90%
Private Co. J | Base Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			12%
Private Co. J | London Interbank Offered Rate (LIBOR)
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			1%
Private Co. J | PIK Interest Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			4%
Private Co. J | Missouri | Cultivation Facilities, Dispensaries
Loans and Leases Receivable Disclosure [Line Items]
Outstanding principal			$ 23,409,452
Original issue discount			(524,788)
Loans held for investment at carrying value, net			$ 22,884,664
Interest rate			20.40%
Sub. of Public Co. H | Base Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			5.80%
Sub. of Public Co. H | Prime Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			5.50%
Sub. of Public Co. H | Multi State | Cultivation Facilities, Dispensaries
Loans and Leases Receivable Disclosure [Line Items]
Outstanding principal			$ 75,000,000
Original issue discount			(3,326,423)
Loans held for investment at carrying value, net			$ 71,673,577
Interest rate			13.30%
Private Co. L | Base Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			12%
Private Co. L | Multi State | Cultivation Facilities, Dispensaries
Loans and Leases Receivable Disclosure [Line Items]
Outstanding principal			$ 50,945,492
Original issue discount			(2,142,857)
Loans held for investment at carrying value, net			$ 48,802,635
Interest rate			12%
Sub. of Public Co. M | Base Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate			9.50%
Sub. of Public Co. M | Multi State | Cultivation Facilities, Dispensaries
Loans and Leases Receivable Disclosure [Line Items]
Outstanding principal			$ 23,822,000
Original issue discount			(1,975,860)
Loans held for investment at carrying value, net			$ 21,846,140
Interest rate			9.50%

LOAN RECEIVABLE HELD AT CARRY_3

LOAN RECEIVABLE HELD AT CARRYING VALUE, Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan	Dec. 31, 2020 USD ($)
Receivables [Abstract]
Number of portfolio loans | loan	1	1
Loans receivable at carrying value aggregate commitments	$ 4,000,000	$ 4,000,000
Outstanding principal	2,222,339	2,533,266	$ 3,352,176
Principal repayments	337,114	818,910
Financing Receivable, Allowance for Credit Loss [Line Items]
Outstanding principal	2,222,339	2,533,266	$ 3,352,176
Current expected credit loss reserve	13,538,077	$ 2,431,558
Non-accrual status
Receivables [Abstract]
Outstanding principal	$ 2,200,000
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of loans | loan	1
Outstanding principal	$ 2,200,000
Current expected credit loss reserve	$ 1,100,000

LOAN RECEIVABLE HELD AT CARRY_4

LOAN RECEIVABLE HELD AT CARRYING VALUE, Changes in Loans Receivable (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Principal
Total loans receivable at principal, beginning of period	$ 2,533,266	$ 3,352,176
Principal repayment of loans	(337,114)	(818,910)
PIK interest	26,187
Total loans receivable at principal, end of period	2,222,339	2,533,266
Original Issue Discount
Total loans receivable at original issue discount, beginning of period	(2,678)	(3,913)
Accretion of original issue discount	992	1,235
Total loans receivable at original issue discount, end of period	(1,686)	(2,678)
Carrying Value
Total loans receivable at carrying value, beginning of period	2,530,588	3,348,263
Principal repayment of loans	(337,114)	(818,910)
Accretion of original issue discount	992	1,235
PIK interest	26,187
Total loans receivable at carrying value, end of period	$ 2,220,653	$ 2,530,588

CURRENT EXPECTED CREDIT LOSSES,

CURRENT EXPECTED CREDIT LOSSES, Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
CECL reserve	$ 13,538,077	$ 2,431,558
CECL Reserve
Loans and Leases Receivable Disclosure [Line Items]
CECL reserve	$ 14,292,205	$ 3,114,735	$ 465,397
CECL reserve, percentage of total loans	4.97%	1.20%
Loans receivable at carrying value, commitment balance	$ 287,400,000	$ 259,700,000
CECL Reserve | Funded Loan Commitment
Loans and Leases Receivable Disclosure [Line Items]
CECL reserve	13,538,077	2,431,558	404,860
CECL Reserve | Unfunded Loan Commitment
Loans and Leases Receivable Disclosure [Line Items]
CECL reserve	$ 754,128	$ 683,177	$ 60,537

CURRENT EXPECTED CREDIT LOSSE_2

CURRENT EXPECTED CREDIT LOSSES, CECL Reserve (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]
Beginning balance	$ 2,431,558
Provision for current expected credit losses	11,177,470	$ 2,649,338
Ending balance	13,538,077	2,431,558
CECL Reserve
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]
Beginning balance	3,114,735	465,397
Provision for current expected credit losses	11,177,470	2,649,338
Write-offs	0	0
Recoveries	0	0
Ending balance	14,292,205	3,114,735
Funded Loan Commitment | CECL Reserve
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]
Beginning balance	2,431,558	404,860
Provision for current expected credit losses	11,106,519	2,026,698
Write-offs	0	0
Recoveries	0	0
Ending balance	13,538,077	2,431,558
Unfunded Loan Commitment | CECL Reserve
Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]
Beginning balance	683,177	60,537
Provision for current expected credit losses	70,951	622,640
Write-offs	0	0
Recoveries	0	0
Ending balance	$ 754,128	$ 683,177

CURRENT EXPECTED CREDIT LOSSE_3

CURRENT EXPECTED CREDIT LOSSES, Risk Rating by Year of Origination (Details)	Dec. 31, 2022 USD ($)
Risk Rating by Year of Origination [Abstract]
Year one	$ 80,548,393
Year two	181,607,278
Year three	25,242,094
Total	287,397,765
1
Risk Rating by Year of Origination [Abstract]
Year one	0
Year two	0
Year three	0
Total	0
2
Risk Rating by Year of Origination [Abstract]
Year one	0
Year two	0
Year three	0
Total	0
3
Risk Rating by Year of Origination [Abstract]
Year one	80,548,393
Year two	77,428,134
Year three	23,021,441
Total	180,997,968
4
Risk Rating by Year of Origination [Abstract]
Year one	0
Year two	104,179,144
Year three	0
Total	104,179,144
5
Risk Rating by Year of Origination [Abstract]
Year one	0
Year two	0
Year three	2,220,653
Total	$ 2,220,653

INTEREST RECEIVABLE (Details)

INTEREST RECEIVABLE (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Interest Receivable and Other Assets [Abstract]
Interest receivable	$ 3,722,134	$ 3,562,566
PIK receivable	1,409,678	554,357
Unused fees receivable	125,663	296,015
Total interest receivable	$ 5,257,475	$ 4,412,938

INTEREST RESERVE, Narrative (De

INTEREST RESERVE, Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) loan	Dec. 31, 2021 USD ($) loan
INTEREST RESERVE [Abstract]
Number of loans included in loan funded interest reserve | loan	3	7
Reserves disbursed | $	$ 14,230,215	$ 5,993,947

INTEREST RESERVE, Changes (Deta

INTEREST RESERVE, Changes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in Interest Reserve [Abstract]
Beginning reserves	$ 4,782,271	$ 1,325,750
New reserves	12,648,888	9,450,468
Reserves disbursed	(14,230,215)	(5,993,947)
Ending reserves	$ 3,200,944	$ 4,782,271

DEBT, Revolving Credit Facility

DEBT, Revolving Credit Facility (Details)						3 Months Ended	12 Months Ended
	Dec. 28, 2022 USD ($)	Apr. 29, 2022 USD ($)	Nov. 03, 2021 USD ($) installment	May 07, 2021 USD ($)	May 06, 2021	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 30, 2021 USD ($)	Jul. 31, 2020 USD ($)
Line of Credit Facility [Abstract]
Draw on revolving credit facility							$ 60,000,000	$ 75,000,000
Interest expense							5,807,152	962,153
Amortization of deferred financing costs							921,506	135,006
Unused fee expense							85,417	29,687
Outstanding							60,000,000	74,845,355
Line of Credit
Line of Credit Facility [Abstract]
Amortization of deferred financing costs							262,386	32,855
Revolving Credit Agreement
Line of Credit Facility [Abstract]
Draw on revolving credit facility	$ 60,000,000
Revolving Credit Agreement | Secured Debt
Line of Credit Facility [Abstract]
Maximum borrowing capacity										$ 40,000,000
Interest expense							19,792	19,792
Amortization of deferred financing costs							154,645	32,855
Interest rate					8%
Unused fee expense							60,417	29,687
Outstanding									$ 75,000,000
Revolving Credit Agreement | Line of Credit
Line of Credit Facility [Abstract]
Maximum borrowing capacity		$ 60,000,000
Increase limit		$ 100,000,000
Debt instrument, stated percentage		4.50%
Prepaid commitment fee		$ 500,000
Commitment fee percentage		0.25%
Draw on revolving credit facility	60,000,000
Available capacity	$ 0
Interest expense							53,333	0
Amortization of deferred financing costs							107,741	0
Minimum liquidity		$ 5,000,000
Annual debt service coverage ratio		1.5
Maximum secured debt to total assets percentage		25%
Unused fee expense							$ 25,000	$ 0
Revolving Credit Agreement | Line of Credit | Base Rate
Line of Credit Facility [Abstract]
Spread on variable interest rate		0.50%
First Amendment Revolving Credit Facility | Secured Debt
Line of Credit Facility [Abstract]
Maximum borrowing capacity				$ 50,000,000
Interest rate				6%
Second Amendment Revolving Credit Facility | Secured Debt
Line of Credit Facility [Abstract]
Maximum borrowing capacity			$ 75,000,000
Commitment fee percentage			0.25%
Interest rate			4.75%
One-time commitment fee percentage			0.25%
One-time commitment fee			$ 187,500
Number of installments | installment			3
Unused fee expense						$ 100,000
Write off of deferred financing costs						$ 100,000

DEBT, 2027 Senior Notes (Detail

DEBT, 2027 Senior Notes (Details) - USD ($) $ in Millions		12 Months Ended
	Nov. 03, 2021	Dec. 31, 2022
2027 Senior Notes [Abstract]
Debt service coverage ratio		1.50%
Senior Notes
2027 Senior Notes [Abstract]
Debt instrument, aggregate principal	$ 100
Debt instrument, stated percentage	5.75%
Net proceeds	$ 97
Redemption price	100%
Redemption price, change of control event	101%
Percentage of debt in aggregate principal	60%
Secured debt of percentage in aggregate principal	25%

DEBT, Scheduled of Principal Pa

DEBT, Scheduled of Principal Payments on Senior Unsecured Notes (Details) - Senior Notes	Dec. 31, 2022 USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2023	$ 0
2024	0
2025	0
2026	0
2027	100,000,000
Thereafter	0
Total principal	$ 100,000,000

DEBT, Summary of Interest Expen

DEBT, Summary of Interest Expense Incurred (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Interest Expense Incurred [Abstract]
Interest expense	$ 5,807,152	$ 962,153
Unused fee expense	85,417	29,687
Amortization of deferred financing costs	921,506	135,006
Total interest expense	6,814,075	1,126,846
Senior Notes
Interest Expense Incurred [Abstract]
Interest expense	5,734,027	942,361
Unused fee expense	0	0
Amortization of deferred financing costs	659,120	102,151
Total interest expense	6,393,147	1,044,512
Line of Credit
Interest Expense Incurred [Abstract]
Amortization of deferred financing costs	262,386	32,855
Line of Credit | Revolving Credit Agreement
Interest Expense Incurred [Abstract]
Interest expense	53,333	0
Unused fee expense	25,000	0
Amortization of deferred financing costs	107,741	0
Total interest expense	186,074	0
Secured Debt | Revolving Credit Agreement
Interest Expense Incurred [Abstract]
Interest expense	19,792	19,792
Unused fee expense	60,417	29,687
Amortization of deferred financing costs	154,645	32,855
Total interest expense	$ 234,854	$ 82,334

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Total original loan commitments	$ 447,101,864	$ 419,198,125
Less: drawn commitments	(401,476,418)	(363,659,505)
Total undrawn commitments	$ 45,625,446	$ 55,538,620

SHAREHOLDERS' EQUITY, Series A

SHAREHOLDERS' EQUITY, Series A Preferred Stock (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock, authorized (in shares)	10,000	10,000
Preferred stock, issued (in shares)	125	125
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, outstanding (in shares)	125	125
Series A Preferred Stock
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract]
Preferred stock, authorized (in shares)	10,000	10,000
Preferred stock, issued (in shares)	125	125
Preferred stock, dividend rate	12%	12%
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, outstanding (in shares)	125	125

SHAREHOLDERS' EQUITY, Common St

SHAREHOLDERS' EQUITY, Common Stock (Details) $ / shares in Units, $ in Millions	Jan. 19, 2022 shares	Jan. 10, 2022 USD ($) $ / shares shares	Jul. 06, 2021 USD ($) $ / shares shares	Jun. 28, 2021 USD ($) $ / shares shares	Mar. 26, 2021 USD ($) $ / shares shares	Mar. 26, 2021 USD ($) $ / shares	Mar. 23, 2021 USD ($) $ / shares shares	Jan. 25, 2021 shares	Dec. 31, 2022 $ / shares shares	Mar. 10, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares
Common Stocks, Including Additional Paid in Capital, Net of Discount [Abstract]
Net proceeds						$ 123.9
Common stock, authorized (in shares) | shares									50,000,000	50,000,000	25,000,000
Common stock, par value (in dollars per share) | $ / shares									$ 0.01	$ 0.01	$ 0.01
IPO
Common Stocks, Including Additional Paid in Capital, Net of Discount [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
Issuance of common stock, net of offering cost (in shares) | shares	3,291,832
Gross proceeds from offering		$ 67.5					$ 118.8
Underwriting commissions							8.3
Expenses incurred							$ 3.1
Net proceeds		63
Over-Allotment Option
Common Stocks, Including Additional Paid in Capital, Net of Discount [Abstract]
Issuance of common stock, net of offering cost (in shares) | shares	291,832		269,650
Share price (in dollars per share) | $ / shares			$ 20.50
Gross proceeds from offering			$ 5.5		$ 17.8
Underwriting commissions		3.5	0.3		$ 1.2
Expenses incurred		$ 1
Net proceeds			$ 5.2
Additional Offering
Common Stocks, Including Additional Paid in Capital, Net of Discount [Abstract]
Issuance of common stock, net of offering cost (in shares) | shares		3,000,000		2,750,000
Share price (in dollars per share) | $ / shares		$ 20.50		$ 20.50
Gross proceeds from offering		$ 61.5		$ 56.4
Underwriting commissions				3.1
Expenses incurred				0.7
Net proceeds				$ 52.6
Common Stock
Common Stocks, Including Additional Paid in Capital, Net of Discount [Abstract]
Stock split ratio								7
Common Stock | IPO
Common Stocks, Including Additional Paid in Capital, Net of Discount [Abstract]
Issuance of common stock, net of offering cost (in shares) | shares							6,250,000
Share price (in dollars per share) | $ / shares							$ 19
Common Stock | Over-Allotment Option
Common Stocks, Including Additional Paid in Capital, Net of Discount [Abstract]
Issuance of common stock, net of offering cost (in shares) | shares		450,000			937,500
Share price (in dollars per share) | $ / shares					$ 19	$ 19

SHAREHOLDERS' EQUITY, Shelf Reg

SHAREHOLDERS' EQUITY, Shelf Registration Statement (Details) $ in Billions	Apr. 18, 2022 USD ($)
Equity [Abstract]
Shelf Registration, maximum amount	$ 1

SHAREHOLDERS' EQUITY, At-the-Ma

SHAREHOLDERS' EQUITY, At-the-Market Offering Program (Details) - Open Market Sale - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Apr. 05, 2022	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Maximum offering proceeds	$ 75
Commission percentage, up to	3%
Number of shares sold (in shares)		621,398
Price per share (in dollars per share)		$ 18.30
Net proceeds		$ 10.4

SHAREHOLDERS' EQUITY, Stock Inc

SHAREHOLDERS' EQUITY, Stock Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Payment Arrangement, Disclosure [Abstract]
Options granted (in shares)		742,000	689,200
Strike price (in dollars per share)	$ 20.18	$ 1.46	$ 1.31
Outstanding options (in shares)		2,280,372	1,604,236	926,898
Option activity of directors and officers and employees [Abstract]
Non-vested (in shares)			293,420	183,114
Vested (in shares)		2,081,212	1,449,518
Forfeited (in shares)		(88,749)	(28,396)
Balance (in shares)		2,280,372	1,604,236	926,898
Share based compensation		$ 1.3	$ 1.7
Option Activity [Abstract]
Beginning balance (in shares)	1,604,236	1,604,236	926,898
Granted (in shares)		742,000	689,200
Exercised (in shares)		(5,511)	0
Forfeited (in shares)		(60,353)	(11,862)
Ending balance (in shares)		2,280,372	1,604,236
Weighted-Average Grant Date Fair Value Per Option [Abstract]
Beginning balance (in dollars per share)	$ 1.08	$ 1.08	$ 0.91
Granted (in dollars per share)	$ 20.18	1.46	1.31
Exercised (in dollars per share)		0.90	0
Forfeited (in dollars per share)		1.15	1.01
Ending balance (in dollars per share)		$ 1.21	$ 1.08
Restricted Stock
Share-based Payment Arrangement, Disclosure [Abstract]
Awards granted (in shares)		8,296	56,285
Outstanding awards (in shares)		64,581	56,285
Non-vested restricted stock granted, vested restricted stock granted, and forfeited restricted stock granted [Abstract]
Non-vested (in shares)		64,581	56,285
Vested (in shares)		0	0
Forfeited (in shares)		(1,238)	0
Balance (in shares)		63,343	56,285	0
Number of shares [Abstract]
Balance (in shares)	56,285	56,285	0
Granted (in shares)		8,296	56,285
Vested (in shares)		0	0
Forfeited (in shares)		(1,238)	0
Balance (in shares)		63,343	56,285
Weighted-average value at award date
Balance (in dollars per share)	$ 20.43	$ 20.43	$ 0
Granted (in dollars per share)		20.18	20.43
Vested (in dollars per share)		0	0
Forfeited (in dollars per share)		20.18	0
Balance (in dollars per share)		$ 20.40	$ 20.43
Option
Share-based Payment Arrangement, Disclosure [Abstract]
Vesting period	4 years
2020 Plan
Share-based Payment Arrangement, Disclosure [Abstract]
Options granted (in shares)	742,000
Number of shares authorized (in shares)		2,344,615
Outstanding options (in shares)		2,281,272
Share limit (in shares)		2,793,288
Increase in share limit (in shares)		391,323
Option activity of directors and officers and employees [Abstract]
Balance (in shares)		2,281,272
Assumptions [Abstract]
Expected forfeiture rate		0%
Option Activity [Abstract]
Granted (in shares)	742,000
Ending balance (in shares)		2,281,272
2020 Plan | Minimum
Assumptions [Abstract]
Expected volatility		40%
Expected dividend yield		10%
Risk-free interest rate		0.50%
2020 Plan | Maximum
Assumptions [Abstract]
Expected volatility		50%
Expected dividend yield		20%
Risk-free interest rate		2%
2020 Plan | Restricted Stock
Share-based Payment Arrangement, Disclosure [Abstract]
Awards granted (in shares)	8,296
Vesting period	4 years
Vesting percentage	33%
Outstanding awards (in shares)		63,343
Non-vested restricted stock granted, vested restricted stock granted, and forfeited restricted stock granted [Abstract]
Non-vested (in shares)		63,343
Number of shares [Abstract]
Granted (in shares)	8,296

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Earnings Per Share Reconciliation [Abstract]
Net income (loss) attributable to common stockholders	$ 35,932,397	$ 21,000,497
Dividends paid on preferred shares	(15,000)	(15,000)
Dividends paid on unvested restricted stock	(135,299)	(24,203)
Net income attributable to common shareholders	$ 35,782,098	$ 20,961,294
Divided by:
Basic weighted average shares of common stock outstanding (in shares)	19,842,222	13,373,778
Weighted average unvested restricted stock and stock options (in shares)	115,515	435,067
Diluted weighted average shares of common stock outstanding (in shares)	19,957,737	13,808,845
Basic weighted average earnings per common share (in dollars per share)	$ 1.80	$ 1.57
Diluted weighted average earnings per common share (in dollars per share)	$ 1.79	$ 1.52
Antidilutive securities (in shares)	1,401,200

INCOME TAX (Details)

INCOME TAX (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income tax expense	$ 1,026,324	$ 35,167
Excise tax	$ 73,000	$ 73,000
Exercise tax as a percentage of undistributed ordinary income and net capital gains	4%
Unrecognized tax benefits	$ 0

FAIR VALUE, Fair Value Measurem

FAIR VALUE, Fair Value Measurements of Loans Held at Fair Value (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Fair Value	$ 99,226,051	$ 77,096,319	$ 48,558,051
Total	99,226,051	77,096,319
Level 1
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Fair Value	0	0
Total	0	0
Level 2
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Fair Value	0	0
Total	0	0
Level 3
Fair Value Measurements of Loans Held at Fair Value [Abstract]
Fair Value	99,226,051	77,096,319
Total	$ 99,226,051	$ 77,096,319

FAIR VALUE, Changes in Loans Us

FAIR VALUE, Changes in Loans Using Level 3 Inputs (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes in Loans Using Level 3 Inputs [Abstract]
Loans held at fair value, beginning balance	$ 77,096,319	$ 48,558,051
Change in unrealized gains (losses) on loans at fair value, net	(3,593,095)	619,821
Additional funding	26,605,796	37,701,104
Original issue discount and other discounts, net of costs	(479,275)	(1,130,623)
Loan repayments	(5,397,191)	(12,000,000)
Loan amortization payments	(1,089,776)	(1,093,659)
Accretion of original issue discount	1,456,298	2,249,563
PIK interest	4,626,975	2,192,062
Loans held at fair value, ending balance	99,226,051	77,096,319
Level 3
Changes in Loans Using Level 3 Inputs [Abstract]
Loans held at fair value, beginning balance	77,096,319
Change in unrealized gains (losses) on loans at fair value, net	(3,593,095)
Additional funding	26,605,796
Original issue discount and other discounts, net of costs	(479,275)
Loan repayments	(5,397,191)
Loan amortization payments	(1,089,776)
Accretion of original issue discount	1,456,298
PIK interest	4,626,975
Loans held at fair value, ending balance	$ 99,226,051	$ 77,096,319

FAIR VALUE, Significant Unobser

FAIR VALUE, Significant Unobservable Inputs (Details) - Level 3	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 99,226,051	$ 77,096,319
Senior term loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 99,226,051	$ 77,096,319
Yield analysis | Market yield | Minimum | Senior term loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.1999	0.1771
Yield analysis | Market yield | Maximum | Senior term loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.3172	0.2096
Yield analysis | Market yield | Weighted Average | Senior term loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Measurement input	0.2181	0.1822

FAIR VALUE, Fair Value Measur_2

FAIR VALUE, Fair Value Measurement of Loans Held at Fair Value (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Principal
Total debt securities held at fair value, beginning balance	$ 15,000,000
Realized (losses) gains on securities at fair value, net	0
Change in accumulated other comprehensive income	0
Sale of securities	(15,000,000)
Total debt securities held at fair value, ending balance	0	$ 15,000,000
Premium
Total debt securities held at fair value, premium, beginning balance	1,050,000
Realized gains (losses) on securities at fair value, net, premium	(150,000)
Change in accumulated other comprehensive income, premium	0
Sale of securities, premium	(900,000)
Total debt securities held at fair value, premium, ending balance	0	1,050,000
Unrealized Gains (Losses)
Total debt securities held at fair value, unrealized gains (losses), beginning balance	(168,750)
Realized gains (losses) on securities at fair value, net, unrealized gains (losses)	0
Change in accumulated other comprehensive income, unrealized gains (losses)	168,750
Sale of securities, unrealized gains (losses)	0
Total debt securities held at fair value, unrealized gains (losses), ending balance	0	(168,750)
Fair Value
Total debt securities held at fair value, fair value, beginning balance	15,881,250
Realized gains (losses) on securities at fair value, net, fair value	(150,000)
Realized loss on sale of debt securities	168,750	200,000
Sale of securities, fair value	(15,900,000)
Total debt securities held at fair value, fair value, ending balance	$ 0	$ 15,881,250

FAIR VALUE, Fair Value Measur_3

FAIR VALUE, Fair Value Measurements of Debt Securities Held at Fair Value (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurements of Debt Securities Held at Fair Value [Abstract]
Debt securities held at fair value	$ 0	$ 15,881,250
Total	0	15,881,250
Level 1
Fair Value Measurements of Debt Securities Held at Fair Value [Abstract]
Debt securities held at fair value	0	0
Total	0	0
Level 2
Fair Value Measurements of Debt Securities Held at Fair Value [Abstract]
Debt securities held at fair value	0	15,881,250
Total	0	15,881,250
Level 3
Fair Value Measurements of Debt Securities Held at Fair Value [Abstract]
Debt securities held at fair value	0	0
Total	$ 0	$ 0

FAIR VALUE, Book Value and Fair

FAIR VALUE, Book Value and Fair Value of the Financial Instruments (Details)	Dec. 31, 2022 USD ($)
Carrying Value
Financial assets:
Cash and cash equivalents	$ 140,372,841
Loans held for investment at carrying value	285,177,112
Loan receivable at carrying value	2,220,653
Financial liabilities:
Senior unsecured notes, net	97,131,777
Fair Value
Financial assets:
Cash and cash equivalents	140,372,841
Loans held for investment at carrying value	281,561,475
Loan receivable at carrying value	1,200,063
Financial liabilities:
Senior unsecured notes, net	$ 77,258,333

RELATED PARTY TRANSACTIONS, Man

RELATED PARTY TRANSACTIONS, Management Agreement (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Affiliate Costs [Abstract]
Management fees earned	$ 5,213,535	$ 3,340,123
Less outside fees earned	(1,785,916)	(1,029,315)
Base management fees, net	3,427,619	2,310,808
Incentive fees earned	12,337,631	6,010,704
General and administrative expenses reimbursable to Manager	3,976,312	2,319,074
Affiliate costs	$ 19,741,562	$ 10,640,586
Managers
Management Agreement [Abstract]
Percentage of base management fees	0.375%	0.4375%
Percentage of aggregate amount of any outside fees	50%	100%
Affiliate Costs [Abstract]
Amounts payable	$ 5,700,000	$ 4,100,000

RELATED PARTY TRANSACTIONS, Due

RELATED PARTY TRANSACTIONS, Due to Affiliate (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Related Party Transaction [Line Items]
Amounts due to affiliate	$ 18,146	$ 0
Affiliated Entity
Related Party Transaction [Line Items]
Amounts due to affiliate	$ 18,146	$ 0

RELATED PARTY TRANSACTIONS, Inv

RELATED PARTY TRANSACTIONS, Investments in Loans (Details)	1 Months Ended						12 Months Ended		16 Months Ended
	Nov. 30, 2022 USD ($)	Oct. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2022 loan	Dec. 31, 2021 USD ($)	Dec. 31, 2022 USD ($)	Jul. 31, 2021 USD ($)
Loans and Leases Receivable Disclosure [Line Items]
Number of co-invested loans held | loan							4
Sale of assigned rights								$ 2,300,000
Affiliated Entity | Private Co. I
Loans and Leases Receivable Disclosure [Line Items]
Aggregate commitment										$ 15,500,000
Affiliated Entity | Private Co. I | AFCIF
Loans and Leases Receivable Disclosure [Line Items]
Percentage held							33.33%		33.33%
Affiliated Entity | Private Co. A
Loans and Leases Receivable Disclosure [Line Items]
Aggregate commitment	$ 84,900,000					$ 20,000,000
Increase in aggregate commitment	7,100,000			$ 15,300,000	$ 20,000,000
Affiliated Entity | Private Co. A | Flower Loan Holdco LLC
Loans and Leases Receivable Disclosure [Line Items]
Increase in aggregate commitment	1,400,000				2,500,000
Affiliated Entity | Private Co. A | The Company and third party lender
Loans and Leases Receivable Disclosure [Line Items]
Increase in aggregate commitment				16,300,000
Affiliated Entity | Private Co. A | Third Party Lender
Loans and Leases Receivable Disclosure [Line Items]
Increase in aggregate commitment	1,500,000			$ 1,000,000
Affiliated Entity | Private Co. A | The Company, Flower and Third Party Lender
Loans and Leases Receivable Disclosure [Line Items]
Increase in aggregate commitment	$ 10,000,000
Affiliated Entity | Sub of Private Co. G
Loans and Leases Receivable Disclosure [Line Items]
Aggregate commitment			$ 73,500,000
Increase in aggregate commitment			$ 8,100,000			43,400,000
Amount funded									$ 71,100,000
Affiliated Entity | Sub of Private Co. G | The Company and A BDC Warehouse, LLC
Loans and Leases Receivable Disclosure [Line Items]
Increase in aggregate commitment						53,400,000
Affiliated Entity | Sub of Private Co. G | A BDC Warehouse, LLC
Loans and Leases Receivable Disclosure [Line Items]
Increase in aggregate commitment						$ 10,000,000
Affiliated Entity | Sub. of Public Co. H
Loans and Leases Receivable Disclosure [Line Items]
Aggregate commitment					60,000,000			60,000,000
Increase in aggregate commitment		$ 30,000,000
Affiliated Entity | Sub. of Public Co. H | Third Party Lender
Loans and Leases Receivable Disclosure [Line Items]
Aggregate commitment					30,000,000			30,000,000
Increase in aggregate commitment		15,000,000
Affiliated Entity | Sub. of Public Co. H | The Company, Predecessor in Interest To AFC Institutional Fund LLC and Third Party Lenders
Loans and Leases Receivable Disclosure [Line Items]
Aggregate commitment					100,000,000			100,000,000
Increase in aggregate commitment		50,000,000
Affiliated Entity | Sub. of Public Co. H | Predecessor in interest to AFCIF
Loans and Leases Receivable Disclosure [Line Items]
Aggregate commitment					$ 10,000,000			$ 10,000,000
Increase in aggregate commitment		$ 5,000,000

DIVIDENDS AND DISTRIBUTIONS (De

DIVIDENDS AND DISTRIBUTIONS (Details) - $ / shares	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Dividends Declared and Paid [Abstract]
Common share distribution amount (in dollars per share)									$ 2.23	$ 1.67
Taxable ordinary income (in dollars per share)									2.23	1.67
Return of capital (in dollars per share)									0	0
Section 199A dividends (in dollars per share)									$ 2.23	$ 1.67
Regular cash dividend
Dividends Declared and Paid [Abstract]
Common share distribution amount (in dollars per share)	$ 0.56	$ 0.56	$ 0.56	$ 0.55	$ 0.50	$ 0.43	$ 0.38	$ 0.36
Taxable ordinary income (in dollars per share)	0.56	0.56	0.56	0.55	0.50	0.43	0.38	0.36
Return of capital (in dollars per share)	0	0	0	0	0	0	0	0
Section 199A dividends (in dollars per share)	$ 0.56	$ 0.56	$ 0.56	$ 0.55	$ 0.50	$ 0.43	$ 0.38	$ 0.36

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)				1 Months Ended	12 Months Ended
	Mar. 07, 2023	Jan. 03, 2023	Dec. 28, 2022	Feb. 28, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2023
Subsequent Event [Line Items]
Borrowings on the revolving credit facilities					$ 60,000,000	$ 75,000,000
Repayment on the line of credit					$ 75,000,000	$ 0
Revolving Credit Agreement
Subsequent Event [Line Items]
Borrowings on the revolving credit facilities			$ 60,000,000
Subsequent Event
Subsequent Event [Line Items]
Common stock dividend (in dollars per share)	$ 0.56
Common stock dividends	$ 11,500,000
Subsequent Event | Private Co. K
Subsequent Event [Line Items]
Aggregate commitment				$ 14,500,000			$ 25,200,000
PIK interest rate				2%			0%
Interest reserve				$ 1,500,000
Subsequent Event | Sub. of Public Co. M
Subsequent Event [Line Items]
Sale of loans				$ 15,000,000
Purchase blended weighted-average discount				90.90%
Sale percentage of fair value				91.40%
Subsequent Event | Private Co. B
Subsequent Event [Line Items]
Additional capitalized PIK interest	4%
Subsequent Event | Revolving Credit Agreement
Subsequent Event [Line Items]
Repayment on the line of credit		$ 60,000,000