AFC Gamma (AFCG) 10-Q 10 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 10, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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 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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		20,456,538
Entity Central Index Key	0001822523
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Assets
Loans held for investment at fair value (cost of $102,811,826 and $100,635,985 at March 31, 2023 and December 31, 2022, respectively, net)	$ 99,924,201	$ 99,226,051
Loans held for investment at carrying value, net	275,211,195	285,177,112
Loan receivable held at carrying value, net	2,220,653	2,220,653
Current expected credit loss reserve	(14,408,793)	(13,538,077)
Loans held for investment at carrying value and loan receivable held at carrying value, net of current expected credit loss reserve	263,023,055	273,859,688
Cash and cash equivalents	80,605,744	140,372,841
Interest receivable	3,860,493	5,257,475
Prepaid expenses and other assets	420,155	460,844
Total assets	447,833,648	519,176,899
Liabilities
Interest reserve	1,690,334	3,200,944
Accrued interest	2,217,083	1,036,667
Due to affiliate	20,031	18,146
Dividends payable	11,473,971	11,403,840
Current expected credit loss reserve	585,838	754,128
Accrued management and incentive fees	3,704,219	3,891,734
Accrued direct administrative expenses	1,086,027	1,843,652
Accounts payable and other liabilities	1,611,267	836,642
Senior notes payable, net	87,565,548	97,131,777
Line of credit payable, net	0	60,000,000
Total liabilities	109,954,318	180,117,530
Commitments and contingencies (Note 10)
Shareholders’ equity
Preferred stock, par value $0.01 per share, 10,000 shares authorized at March 31, 2023 and December 31, 2022 and 125 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	1	1
Common stock, par value $0.01 per share, 50,000,000 shares authorized at March 31, 2023 and December 31, 2022 and 20,489,234 and 20,364,000 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	204,892	203,640
Additional paid-in capital	349,085,320	348,817,914
Accumulated (deficit) earnings	(11,410,883)	(9,962,186)
Total shareholders’ equity	337,879,330	339,059,369
Total liabilities and shareholders’ equity	$ 447,833,648	$ 519,176,899
Common stock, authorized (in shares)	50,000,000	50,000,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Assets
Loans held for investment at cost	$ 102,811,826	$ 100,635,985
Shareholders' Equity
Preferred stock, par value (in usd 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 usd per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	50,000,000	50,000,000
Common stock, issued (in shares)	20,489,234	20,364,000
Common stock, outstanding (in shares)	20,489,234	20,364,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Interest income	$ 18,500,486	$ 18,635,853
Interest expense	(1,668,160)	(1,700,115)
Net interest income	16,832,326	16,935,738
Expenses
Management and incentive fees, net (less rebate of $478,645 and $387,493, respectively)	3,704,219	3,847,213
General and administrative expenses	2,006,135	1,144,444
Stock-based compensation	280,578	990,023
Professional fees	420,898	399,368
Total expenses	6,411,830	6,381,048
Provision for current expected credit losses	(702,426)	(905,129)
Realized (losses) gains on sales of investments, net	(26,384)	450,000
Gain (loss) on extinguishment of debt	1,986,381	0
Change in unrealized (losses) gains on loans at fair value, net	(1,477,691)	80,843
Net income before income taxes	10,200,376	10,180,404
Income tax expense	175,102	18,284
Net income	$ 10,025,274	$ 10,162,120
Earnings per common share:
Basic earnings per common share (in dollars per share)	$ 0.49	$ 0.53
Diluted earnings per common share (in dollars per share)	$ 0.49	$ 0.52
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in shares)	20,303,797	19,319,993
Diluted weighted average shares of common stock outstanding (in shares)	20,489,163	19,591,472

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Expenses
Management and incentive fees, rebate	$ 478,645	$ 387,493

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 10,025,274	$ 10,162,120
Other comprehensive income (loss):
Reversal of unrealized loss to recognized loss on debt securities available for sale held at fair value	0	168,750
Total other comprehensive income (loss)	0	168,750
Total comprehensive income	$ 10,025,274	$ 10,330,870

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, 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 (in shares)			3,291,832
Issuance of common stock, net of offering costs	62,972,943		$ 32,918	62,940,025
Stock-based compensation (in shares)			8,296
Stock-based compensation	990,023			990,023
Dividends declared on common shares	(10,858,617)					(10,858,617)
Other comprehensive income (loss)	168,750				168,750
Net income	10,162,120					10,162,120
Balance at Mar. 31, 2022	336,510,393	1	$ 196,784	338,102,982	0	(1,789,374)
Balance (in shares) at Mar. 31, 2022			19,742,940
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		20,364,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)			125,234
Stock-based compensation	$ 268,658		$ 1,252	267,406
Dividends declared on common shares	(11,473,971)					(11,473,971)
Other comprehensive income (loss)	0
Net income	10,025,274					10,025,274
Balance at Mar. 31, 2023	$ 337,879,330	$ 1	$ 204,892	$ 349,085,320	$ 0	$ (11,410,883)
Balance (in shares) at Mar. 31, 2023	20,489,234		20,489,234

CONSOLIDATED STATEMENTS OF SH_2

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared on common shares (in dollars per share)	$ 0.56	$ 0.55

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net income	$ 10,025,274	$ 10,162,120
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Provision for current expected credit losses	702,426	905,129
Realized losses (gains) on sale of investments, net	26,384	(450,000)
(Gain) loss on extinguishment of debt	(1,986,381)	0
Change in unrealized losses (gains) on loans at fair value, net	1,477,691	(80,843)
Accretion of deferred loan original issue discount and other discounts	(1,236,946)	(3,965,878)
Amortization of deferred financing and offering costs	196,910	212,961
Stock-based compensation	268,658	990,023
Payment-in-kind interest	(4,503,746)	(1,618,761)
Changes in operating assets and liabilities
Interest receivable	1,409,750	177,673
Prepaid expenses and other assets	1,431	373,765
Interest reserve	(3,010,610)	(4,175,108)
Accrued interest	1,180,416	1,417,883
Accrued management and incentive fees, net	(187,515)	1,024,169
Accrued direct administrative expenses	(757,625)	(417,740)
Accounts payable and other liabilities	776,510	109,954
Net cash provided by (used in) operating activities	4,382,627	4,665,347
Cash flows from investing activities:
Issuance of and fundings on loans	(1,523,332)	(50,463,213)
Proceeds from sales of loans	13,693,481	0
Principal repayment of loans	2,821,467	20,415,460
Net cash provided by (used in) investing activities	14,991,616	(30,047,753)
Cash flows from financing activities:
Proceeds from sale of common stock	0	63,939,722
Payment of offering costs - equity offering	0	(966,779)
Dividends paid to common shareholders	(11,403,840)	(8,221,406)
Repayment of senior notes	(7,737,500)	0
Repayment on revolving credit facility	(60,000,000)	(75,000,000)
Net cash provided by (used in) financing activities	(79,141,340)	(20,248,463)
Net (decrease) increase in cash and cash equivalents	(59,767,097)	(45,630,869)
Cash and cash equivalents, beginning of period	140,372,841	109,246,048
Cash and cash equivalents, end of period	80,605,744	63,615,179
Supplemental disclosure of non-cash activity:
Interest reserve withheld from funding of loans	1,500,000	0
OID withheld from funding of loans	0	1,067,675
Receivable in connection with sale of loan	0	10,600,000
Receivable in connection with sale of securities	0	15,900,000
Change in other comprehensive income (loss) during the period	0	168,750
Dividends declared and not yet paid	11,473,971	10,858,617
Supplemental information:
Interest paid during the period	290,834	69,271
Income taxes paid during the period	0	0
Line of Credit
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of deferred financing and offering costs	39,258	50,982
2027 Senior Notes
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Amortization of deferred financing and offering costs	$ 157,652	$ 161,979

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2023
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”). 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	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and results of operations included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC. Refer to Note 2 to the Company’s Annual Report on Form 10-K for a description of the Company’s significant accounting policies. The Company has included disclosures below regarding basis of presentation and other accounting policies that (i) are required to be disclosed quarterly, (ii) have material changes or (iii) the Company views as critical as of the date of this report. Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and in conformity with the rules and regulations of the SEC applicable to interim financial information and include the accounts of the Company, and its wholly-owned subsidiary. The unaudited interim 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. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2023. 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 (“CECL”). Recent Accounting Pronouncements None.

LOANS HELD FOR INVESTMENT AT FA

LOANS HELD FOR INVESTMENT AT FAIR VALUE	3 Months Ended
	Mar. 31, 2023
LOANS HELD FOR INVESTMENT AT FAIR VALUE [Abstract]
LOANS HELD FOR INVESTMENT AT FAIR VALUE	LOANS HELD FOR INVESTMENT AT FAIR VALUE As of March 31, 2023 and December 31, 2022, the Company’s portfolio included three loans held at fair value. The aggregate originated commitment under these loans was approximately $104.3 million and $104.3 million, respectively, and outstanding principal was approximately $104.2 million and $102.4 million as of March 31, 2023 and December 31, 2022, respectively. For the three months ended March 31, 2023, the Company gross funded approximately $0.8 million of additional principal and had no principal repayments of loans held at fair value. As of March 31, 2023 and December 31, 2022, 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 March 31, 2023 and December 31, 2022: As of March 31, 2023 Fair Value (1) Carrying Value (2) Outstanding Principal (2) Weighted Average Remaining Life (Years) (3) Senior term loans $ 99,924,201 $ 102,811,826 $ 104,172,301 1.0 Total loans held at fair value $ 99,924,201 $ 102,811,826 $ 104,172,301 1.0 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 (1) Refer to Note 14 to the Company's unaudited interim 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 March 31, 2023 and December 31, 2022. The following table presents changes in loans held at fair value as of and for the three months ended March 31, 2023: Principal Original Issue Unrealized Gains (Losses) Fair Value Total loans held at fair value at December 31, 2022 $ 102,376,546 $ (1,740,561) $ (1,409,934) $ 99,226,051 Change in unrealized (losses) gains on loans at fair value, net — — (1,477,691) (1,477,691) New fundings 802,884 — — 802,884 Accretion of original issue discount — 380,086 — 380,086 PIK interest 992,871 — — 992,871 Total loans held at fair value at March 31, 2023 $ 104,172,301 $ (1,360,475) $ (2,887,625) $ 99,924,201 As of March 31, 2023, the Company ha d one l oan 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. A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of March 31, 2023 is as follows: Collateral Location Collateral Type (1) Fair Value (2) Carrying Value (3) Outstanding Principal (3) Interest Maturity Date (4) Payment Terms (5) Private Co. A AZ, MI, MD, MA, NM C, D $ 83,552,001 $ 85,244,168 $ 86,421,309 16.1 % (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 16,372,200 16,354,242 16,537,576 18.7 % (8) 9/1/2023 P/I Total loans held at fair value $ 99,924,201 $ 102,811,826 $ 104,172,301 (1) C = Cultivation Facilities, D = Dispensary/Retail Facilities. (2) Refer to Note 14 to the Company’s unaudited interim 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 12.6% 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 interest rate of 4.0%. As amended, an additional 4.0% PIK interest rate is applicable from January 15, 2023 to April 30, 2023.

LOANS HELD FOR INVESTMENT AT CA

LOANS HELD FOR INVESTMENT AT CARRYING VALUE	3 Months Ended
	Mar. 31, 2023
LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]
LOANS HELD FOR INVESTMENT AT CARRYING VALUE	LOANS HELD FOR INVESTMENT AT CARRYING VALUE As of March 31, 2023 and December 31, 2022, the Company’s portfolio included nine loans held at carrying value. The aggregate originated commitment under these loans was approximately $313.1 million and $338.9 million, respectively, and outstanding principal was approximately $284.5 million and $296.6 million, respectively, as of March 31, 2023 and December 31, 2022. During the three months ended March 31, 2023, the Company funded approximately $2.2 million of additional principal and sold $15.0 million of the Company’s investment in Subsidiary of Public Company M. As of March 31, 2023 and December 31, 2022, approximately 77% and 73%, respectively, of the Company’s loans held at carrying value had floating interest rates. As of March 31, 2023, t hese floating benchmark rates included one-month LIBOR subject to a weighted average floor of 1.0% and quoted at 4.9%, one-month Secured Overnight Financing Rate (“SOFR”) subject to a weighted average floor of 1.0% and quoted at 4.8% and U.S. prime rate subject to a weighted average floor of 4.9% and quoted at 8.0%. The following tables summarize the Company’s loans held at carrying value as of March 31, 2023 and December 31, 2022: As of March 31, 2023 Outstanding Principal (1) Original Carrying Value (1) Weighted Average Remaining Life (Years) (2) Senior term loans $ 284,494,385 $ (9,283,190) $ 275,211,195 2.9 Total loans held at carrying value $ 284,494,385 $ (9,283,190) $ 275,211,195 2.9 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 (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 March 31, 2023 and December 31, 2022. The following table presents changes in loans held at carrying value as of and for the three months ended March 31, 2023: Principal Original Issue Carrying Value Total loans held at carrying value at December 31, 2022 $ 296,584,529 $ (11,407,417) $ 285,177,112 New fundings 2,220,448 — 2,220,448 Accretion of original issue discount — 856,860 856,860 Loan repayments (998,142) — (998,142) Sale of loans (15,000,000) 1,267,367 (13,732,633) PIK interest 3,510,875 — 3,510,875 Loan amortization payments (1,823,325) — (1,823,325) Total loans held at carrying value at March 31, 2023 $ 284,494,385 $ (9,283,190) $ 275,211,195 A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of March 31, 2023 is as follows: Collateral Location Collateral Type (1) Outstanding Principal (2) Original Carrying Value (2) Interest Maturity Date (3) Payment Terms (4) Private Co. C PA C, D $ 21,966,639 $ (513,885) $ 21,452,754 18.8 % (5) 12/01/2025 P/I Sub. of Private Co. G NJ, PA C, D 75,131,829 (1,680,770) 73,451,059 18.3 % (6) 05/01/2026 P/I Sub. of Private Co. H IL C 5,781,250 (6,673) 5,774,577 15.0 % (7) 05/11/2023 I/O Private Co. K MA C, D 13,000,255 (815,813) 12,184,442 18.8 % (8) 05/03/2027 P/I Private Co. I MD C, D 11,195,707 (154,074) 11,041,633 21.4 % (9) 08/01/2026 P/I Private Co. J MO C, D 22,651,213 (475,589) 22,175,624 20.9 % (10) 09/01/2025 P/I Sub. of Public Co. H CT, IA, IL, ME, MI, NJ, PA C, D 75,000,000 (3,049,221) 71,950,779 13.8 % (11) 01/01/2026 I/O Private Co. L MO, OH C, D 50,945,492 (1,982,143) 48,963,349 12.0 % (12) 05/01/2026 P/I Sub. of Public Co. M IL, MI, MA, NJ, OH, PA C, D 8,822,000 (605,022) 8,216,978 9.5 % (13) 08/27/2025 I/O Total loans held at carrying value $ 284,494,385 $ (9,283,190) $ 275,211,195 (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 2.0%. (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 paid in kind from December 1, 2022 to May 1, 2023. (7) Base interest rate of 15.0%. (8) Base interest rate of 12.0% plus SOFR (SOFR floor of 1.0%) and PIK interest rate of 2.0%. (9) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.5%. As amended, between 50.0% and 60.0% of the monthly cash interest is paid in kind from October 1, 2022 to April 1, 2023. (10) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%. Effective April 1, 2023, Private Company J transitioned from LIBOR to SOFR. (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%. (13) Base interest rate of 9.5%.

LOAN RECEIVABLE HELD AT CARRYIN

LOAN RECEIVABLE HELD AT CARRYING VALUE	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
LOAN RECEIVABLE HELD AT CARRYING VALUE	LOAN RECEIVABLE HELD AT CARRYING VALUEAs of March 31, 2023 and December 31, 2022, 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 $2.2 million as of March 31, 2023 and December 31, 2022, respectively. During the three months ended March 31, 2023, the Company had no principal repayments. The following table presents changes in loans receivable as of and for the three months ended March 31, 2023: Principal Original Issue Carrying Total loan receivable held at carrying value at December 31, 2022 $ 2,222,339 $ (1,686) $ 2,220,653 Accretion of original issue discount — — — Total loan receivable held at carrying value at March 31, 2023 $ 2,222,339 $ (1,686) $ 2,220,653 As of March 31, 2023 , 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 .

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES	3 Months Ended
	Mar. 31, 2023
Credit Loss [Abstract]
CURRENT EXPECTED CREDIT LOSSES	CURRENT EXPECTED CREDIT LOSSES The Company estimates its current expected credit losses (“CECL”) on both the outstanding balances and unfunded commitments on loans held for investment and requires consideration of a broader range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform 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 March 31, 2023 and December 31, 2022, the Company’s CECL Reserve for its loans held at carrying value and loan receivable held at carrying value is approximately $15.0 million and $14.3 million, respectively, or 5.40% and 4.97%, respectively, of the Company’s total loans held at carrying value and loan receivable held at carrying value of approximately $277.4 million and $287.4 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 $14.4 million and $13.5 million, respectively, and a liability for unfunded commitments of approximately $0.6 million and $0.8 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 three months ended March 31, 2023 was as follows: Outstanding (1) Unfunded (2) Total Balance at December 31, 2022 $ 13,538,077 $ 754,128 $ 14,292,205 Provision for current expected credit losses 870,716 (168,290) 702,426 Write-offs — — — Recoveries — — — Balance at March 31, 2023 $ 14,408,793 $ 585,838 $ 14,994,631 (1) As of March 31, 2023 and December 31, 2022, the CECL Reserve related to outstanding balances on loans held at carrying value and loan receivable held at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets. (2) As of March 31, 2023 and December 31, 2022, 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 March 31, 2023, 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 69,364,769 77,725,356 21,452,755 168,542,880 4 — 106,668,315 — 106,668,315 5 — — 2,220,653 2,220,653 Total $ 69,364,769 $ 184,393,671 $ 23,673,408 $ 277,431,848

INTEREST RECEIVABLE

INTEREST RECEIVABLE	3 Months Ended
	Mar. 31, 2023
Interest Receivable and Other Assets [Abstract]
INTEREST RECEIVABLE	INTEREST RECEIVABLE The following table summarizes the interest receivable by the Company as of March 31, 2023 and December 31, 2022: As of As of Interest receivable $ 2,317,982 $ 3,722,134 PIK receivable 1,501,100 1,409,678 Unused fees receivable 41,411 125,663 Total interest receivable $ 3,860,493 $ 5,257,475

INTEREST RESERVE

INTEREST RESERVE	3 Months Ended
	Mar. 31, 2023
INTEREST RESERVE [Abstract]
INTEREST RESERVE	INTEREST RESERVE At March 31, 2023 and December 31, 2022, the Company had one and three loans, respectively, that included a loan-funded interest reserve. For the three months ended March 31, 2023 and 2022, approximately $3.2 million and $4.2 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 three months ended March 31, 2023 and 2022: Three months ended 2023 2022 Beginning reserves $ 3,200,944 $ 4,782,271 New reserves 1,716,985 — Reserves disbursed (3,227,595) (4,175,108) Ending reserves $ 1,690,334 $ 607,163

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
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. During the year ended December 31, 2022, t he 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 unaudited interim 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 unaudited interim consolidated statements of operations. As of March 31, 2023 and December 31, 2022, the outstanding loan balance under the Revolving Credit Facility was $0.0 million and $60.0 million, respectively. All borrowings that were previously outstanding as of December 31, 2022 were repaid in full on January 3, 2023. 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 approximately $0.2 million 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. 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, which began 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 used 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 March 31, 2023, 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. During the three months ended March 2023, the Company repurchased $10.0 million in principal amount of the Company’s 2027 Senior Notes at 77.4% of par value, plus accrued interest. This resulted in a gain on extinguishment of debt of approximately $2.0 million, recorded within the unaudited interim consolidated statements of operations. Following this transaction, as of March 31, 2023, the Company had $90.0 million in principal amount of the 2027 Senior Notes outstanding. The 2027 Senior Notes are due on May 1, 2027. Scheduled principal payments on the 2027 Senior Notes as of March 31, 2023 are as follows: 2027 Senior Notes Year 2023 (remaining) $ — 2024 — 2025 — 2026 — 2027 90,000,000 Thereafter — Total principal $ 90,000,000 The following table reflects a summary of interest expense incurred during the three months ended March 31, 2023 and 2022. Three months ended 2027 Senior Notes Revolving Credit Facility AFCF Revolving Credit Facility Total Borrowings Interest expense $ 1,408,750 $ 26,667 $ — $ 1,435,417 Unused fee expense — 35,833 — 35,833 Amortization of deferred financing costs 157,652 39,258 — 196,910 Total interest expense $ 1,566,402 $ 101,758 $ — $ 1,668,160 Three months ended 2027 Senior Notes Revolving Credit Facility AFCF Revolving Credit Facility Total Borrowings Interest expense $ 1,421,529 $ — $ 19,792 $ 1,441,321 Unused fee expense — — 45,833 45,833 Amortization of deferred financing costs 161,979 — 50,982 212,961 Total interest expense $ 1,583,508 $ — $ 116,607 $ 1,700,115

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES As of March 31, 2023 and December 31, 2022, the Company had the following commitments to fund various investments: As of As of Total original loan commitments $ 421,357,243 $ 447,101,864 Less: drawn commitments (389,499,749) (401,476,418) Total undrawn commitments $ 31,857,494 $ 45,625,446 The Company from time to time may be a party to litigation in the normal course of business. As of March 31, 2023, the Company is not aware of any legal claims that could materially impact its business, financial condition or results of operations. On March 17, 2023, the Company appointed Brandon Hetzel to serve as its Chief Financial Officer and Treasurer in place of Brett Kaufman, effective as of such date, with Mr. Kaufman’s employment with AFC Management, LLC, the Company’s external manager (the “Manager”), terminated, effective as of April 17, 2023 (the “Separation Date”). In connection with his termination, Mr. Kaufman will receive (i) twelve twelve one March 31, 2023, the Company recorded approximately $0.7 million in severance expense, recorded within general and administrative expenses within the unaudited interim consolidated statements 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	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
SHAREHOLDERS' EQUITY	SHAREHOLDERS’ EQUITY Series A Preferred Stock As of March 31, 2023 and December 31, 2022, 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 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 were 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 three months ended March 31, 2023, the Company did not sell any shares of the Company’s common stock under the Sales Agreement. As of March 31, 2023 , 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 of Directors 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. During the first quarter of 2023, the Company’s Board of Directors approved grants of restricted stock to the Company’s directors and officers, as well as certain employees of the Manager. In January 2023, the Company granted an aggregate of 125,234 shares of restricted stock to certain of our officers and other eligible persons. The restricted stock granted in January 2023 under the 2020 Plan contain vesting periods that vary from immediately vested to vesting over a three-year period, with approximately 33% vesting on each of the first, second and third anniversaries of the vesting commencement date. As of March 31, 2023, there were 2,469,849 shares of common stock granted under the 2020 Plan, underlying 2,281,272 options and 188,577 shares of restricted stock. As of March 31, 2023, 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 consistent with the Share Limit at December 31, 2022. 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 March 31, 2023 and December 31, 2022: As of As of Non-vested 232,489 293,420 Vested 2,142,143 2,081,212 Exercised (5,511) (5,511) Forfeited (88,749) (88,749) Balance 2,280,372 2,280,372 The Company uses the Black-Scholes option pricing model to value stock options in determining the stock-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 $0.3 million and $1.0 million for the three months ended March 31, 2023 and 2022, 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 three months ended March 31, 2023 and 2022: Three months ended Weighted-average Balance as of December 31, 2022 2,280,372 $ 1.21 Granted — — Exercised — — Forfeited — — Balance as of March 31, 2023 2,280,372 $ 1.21 Three months ended Weighted-average Balance as of December 31, 2021 1,604,236 $ 1.08 Granted 742,000 1.46 Exercised — — Forfeited (25,130) 0.98 Balance as of March 31, 2022 2,321,106 $ 1.21 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 March 31, 2023 and December 31, 2022: As of As of Non-vested 189,815 64,581 Vested (3,211) — Forfeited (1,238) (1,238) Balance 185,366 63,343 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 three months ended March 31, 2023 and 2022: Three months ended Weighted-average value at award date Balance as of December 31, 2022 63,343 $ 20.40 Granted 125,234 15.57 Vested (3,211) 15.57 Forfeited — — Balance as of March 31, 2023 185,366 $ 17.19 Three months ended Weighted-average value at award date Balance as of December 31, 2021 56,285 $ 20.43 Granted 8,296 20.18 Vested — — Forfeited — — Balance as of March 31, 2022 64,581 $ 20.40

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The following information sets forth the computations of basic and diluted weighted average earnings per common share for the three months ended March 31, 2023 and 2022: Three months ended 2023 2022 Net income attributable to common shareholders $ 10,025,274 $ 10,162,120 Dividends paid on unvested restricted stock (35,472) (28,143) Net income attributable to common shareholders 9,989,802 10,133,977 Divided by: Basic weighted average shares of common stock outstanding 20,303,797 19,319,993 Weighted average unvested restricted stock and stock options 185,366 271,479 Diluted weighted average shares of common stock outstanding 20,489,163 19,591,472 Basic weighted average earnings per common share $ 0.49 $ 0.53 Diluted weighted average earnings per common share $ 0.49 $ 0.52 Diluted weighted average earnings per common share excludes 2,280,372 and 742,000 stock options due to anti-dilutive effect for the three months ended March 31, 2023 and 2022, respectively .

INCOME TAX

INCOME TAX	3 Months Ended
	Mar. 31, 2023
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 these unaudited interim consolidated financial statements. The income tax provision for the Company was approximately $175.1 thousand and $18.3 thousand for the three months ended March 31, 2023 and 2022, respectively. The income tax expense for the three months ended March 31, 2023 and 2022 primarily relates to activities of the Company’s taxable REIT subsidiary. For the three months ended March 31, 2023 and 2022, the Company incurred no expense for United States federal excise tax. Excise tax represents a 4% tax on the sum of a portion of the Company’s ordinary income and net capital gains not distributed during the period. If it is determined that an excise tax liability exists for the current period, the Company will accrue excise tax on estimated excess taxable income as such taxable income is earned. The expense is calculated in accordance with applicable tax regulations. The Company does not have any unrecognized tax benefits and the Company does not expect that to change in the next 12 months.

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: Fair Value Measurement as of March 31, 2023 Total Level 1 Level 2 Level 3 Loans held at fair value $ 99,924,201 $ — $ — $ 99,924,201 Total $ 99,924,201 $ — $ — $ 99,924,201 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 The following table presents changes in loans that use Level 3 inputs as of and for the three months ended March 31, 2023: Three months ended Total loans using Level 3 inputs at December 31, 2022 $ 99,226,051 Change in unrealized (losses) gains on loans at fair value, net (1,477,691) Additional fundings 802,884 Accretion of original issue discount 380,086 PIK interest 992,871 Total loans using Level 3 inputs at March 31, 2023 $ 99,924,201 The change in unrealized losses included in the unaudited interim consolidated statements of operations attributable to loans held at fair value, categorized as Level 3, held as of March 31, 2023 is $(1,477,691). The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of March 31, 2023 and December 31, 2022. 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 March 31, 2023 Unobservable Input Fair Value Primary Valuation Techniques Input Estimated Range Weighted Average Senior term loans $ 99,924,201 Yield analysis Market yield 22.97% - 37.76% 25.39% Total investments $ 99,924,201 As of December 31, 2022 Unobservable Input Fair Value Primary Valuation Techniques Input Estimated Range Weighted Average Senior term loans $ 99,226,051 Yield analysis Market yield 19.99% - 31.72% 21.81% Total investments $ 99,226,051 Changes in market yields may change the fair value of certain of the Company’s loans. Generally, an increase in market yields may result in a decrease in the fair value of certain of the Company’s loans. Due to the inherent uncertainty of determining the fair value of loans that do not have a readily available market value, the fair value of the Company’s loans may fluctuate from period to period. Additionally, the fair value of the Company’s loans may differ significantly from the values that would have been used had a ready market existed for such loans and may differ materially from the values that the Company may ultimately realize. Further, such loans are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a loan in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it. In addition, changes in the market environment and other events that may occur over the life of the loans may cause the gains or losses ultimately realized on these loans to be different than the unrealized gains or losses reflected in the valuations currently assigned. Investment in Marketable Securities As of March 31, 2023 and December 31, 2022 , the Company’s portfolio did not include any debt securities. The Company sold the investment in debt securities in March of 2022, which was previously designated as available-for-sale as of December 31, 2021. For the three months ended March 31, 2022, the realized loss on the sale of debt securities was approximately $0.2 million. 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 unaudited interim consolidated balance sheet as of March 31, 2023 : As of March 31, 2023 Carrying Value Fair Value Financial assets: Cash and cash equivalents $ 80,605,744 $ 80,605,744 Loans held for investment at carrying value $ 275,211,195 $ 268,178,899 Loan receivable held at carrying value $ 2,220,653 $ 1,200,063 Financial liabilities: Senior notes payable, net $ 87,565,548 $ 69,466,810 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 fair value of the Company’s 2027 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	3 Months Ended
	Mar. 31, 2023
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 in the Management Agreement), 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. 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 three months ended March 31, 2023 and 2022 was approximately $2.8 million and $3.0 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 three months ended March 31, 2023 and 2022: Three months ended 2023 2022 Affiliate Costs Management fees $ 1,347,685 $ 1,255,867 Less: outside fees earned (478,645) (387,493) Base management fees 869,040 868,374 Incentive fees earned 2,835,179 2,978,839 General and administrative expenses reimbursable to Manager 1,086,027 906,717 Total $ 4,790,246 $ 4,753,930 Amounts payable to the Company’s Manager as of March 31, 2023 and December 31, 2022 were approximately $4.8 million and $5.7 million, respectively. Due to Affiliate Amounts due to an affiliate of the Company as of March 31, 2023 and December 31, 2022 were approximately $20.0 thousand and $18.1 thousand, 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 March 31, 2023, 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 (i) Chief Executive Officer and Chairman of the Board, (ii) President and (iii) Head of Real Estate and a Director, while 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 March 31, 2023. On April 1, 2022, the Company’s 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 March 2023, the credit facility with Private Company A was amended to, among other things and subject to certain terms and conditions, (i) increase the interest rate of certain tranches such that the facility has a uniform interest rate of 13.0% across certain tranches; (ii) reprioritize the allocation of principal and interest payments to first be applied to a specific tranche under the facility; and (iii) establish the requirement for a blocked account to hold the cash proceeds from the sale of certain assets and distribute such proceeds to the lenders. 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. Secured Revolving Credit Facility From Affiliate In April 2022, the Company terminated the AFCF Revolving Credit Facility. Refer to Note 9 to the Company’s unaudited interim consolidated financial statements for more information.

DIVIDENDS AND DISTRIBUTIONS

DIVIDENDS AND DISTRIBUTIONS	3 Months Ended
	Mar. 31, 2023
DIVIDENDS AND DISTRIBUTIONS [Abstract]
DIVIDENDS AND DISTRIBUTIONS	DIVIDENDS AND DISTRIBUTIONS The following table summarizes the Company’s dividends declared during the three months ended March 31, 2023 and 2022: Record Date Payment Common Share Taxable Return of Section Regular cash dividend 3/31/2022 4/15/2022 $ 0.55 $ 0.55 $ — $ 0.55 Regular cash dividend 3/31/2023 4/14/2023 $ 0.56 $ 0.56 $ — $ 0.56

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the financial statements were available to be issued. There were no material subsequent events, other than those described below, that required disclosure in these unaudited interim consolidated financial statements. In April 2023, the credit facility with Subsidiary of Private Company G was amended to, among other things and subject to certain other terms and conditions, (i) amend certain cash equity capital contribution requirements, (ii) add additional real property to the collateral, (iii) extend the draw period, (iv) permit 75% of accrued cash interest due and owing to instead be paid in kind until and including the payment due May 1, 2023, subject to a monthly fee, and (v) modify the excess cash flow sweep. Due to challenges raising equity capital in this current market environment, Subsidiary of Private Company G intends to sell certain collateral assets to pay down outstanding principal and non-core, non-collateral assets to generate additional capital for its operations. If the borrower is unable to return to full cash payment of interest in connection with the payment due June 1, 2023, it would have an adverse impact on the Company’s Distributable Earnings for the near-term future and reduce the Company’s ability to pay dividends during such period. In April 2023, the credit agreement with Subsidiary of Public Company H was amended to, among other things, (i) reduce the total loan commitment by $10.0 million ratably amongst the lenders, including the Company, of which $6.0 million of the reduced commitment was allocated to the Company and $9.0 million of additional principal was funded by the Company and (ii) strengthen the real estate coverage covenants. Following the amendment, the Company now holds $84.0 million in commitments, which is fully funded. Private Company I failed to pay its full principal and interest payments due May 1, 2023, and AFC Agent LLC (“AFC Agent”) has delivered a notice of an event of default based on this payment default and certain other defaults under the credit agreement. The lenders have not opted to accelerate the obligations under the credit agreement at this time, however they have required that the borrower commence a process to sell certain assets to repay its obligations under the credit facility. In May 2023, AFC Agent received $5.1 million in total loan principal repayments from Private Company A, relating to the sale of certain non-core assets, of which approximately $3.6 million was allocated to the Company.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared on the accrual basis of accounting in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and in conformity with the rules and regulations of the SEC applicable to interim financial information and include the accounts of the Company, and its wholly-owned subsidiary. The unaudited interim 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. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2023.
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 (“CECL”).
Recent Accounting Pronouncements	Recent Accounting Pronouncements None.

LOANS HELD FOR INVESTMENT AT _2

LOANS HELD FOR INVESTMENT AT FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: As of March 31, 2023 Fair Value (1) Carrying Value (2) Outstanding Principal (2) Weighted Average Remaining Life (Years) (3) Senior term loans $ 99,924,201 $ 102,811,826 $ 104,172,301 1.0 Total loans held at fair value $ 99,924,201 $ 102,811,826 $ 104,172,301 1.0 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 (1) Refer to Note 14 to the Company's unaudited interim 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 March 31, 2023 and December 31, 2022.
Changes in Loans Held at Fair Value	The following table presents changes in loans held at fair value as of and for the three months ended March 31, 2023: Principal Original Issue Unrealized Gains (Losses) Fair Value Total loans held at fair value at December 31, 2022 $ 102,376,546 $ (1,740,561) $ (1,409,934) $ 99,226,051 Change in unrealized (losses) gains on loans at fair value, net — — (1,477,691) (1,477,691) New fundings 802,884 — — 802,884 Accretion of original issue discount — 380,086 — 380,086 PIK interest 992,871 — — 992,871 Total loans held at fair value at March 31, 2023 $ 104,172,301 $ (1,360,475) $ (2,887,625) $ 99,924,201
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 March 31, 2023 is as follows: Collateral Location Collateral Type (1) Fair Value (2) Carrying Value (3) Outstanding Principal (3) Interest Maturity Date (4) Payment Terms (5) Private Co. A AZ, MI, MD, MA, NM C, D $ 83,552,001 $ 85,244,168 $ 86,421,309 16.1 % (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 16,372,200 16,354,242 16,537,576 18.7 % (8) 9/1/2023 P/I Total loans held at fair value $ 99,924,201 $ 102,811,826 $ 104,172,301 (1) C = Cultivation Facilities, D = Dispensary/Retail Facilities. (2) Refer to Note 14 to the Company’s unaudited interim 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 12.6% 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 interest rate of 4.0%. As amended, an additional 4.0% PIK interest rate is applicable from January 15, 2023 to April 30, 2023.

LOANS HELD FOR INVESTMENT AT _3

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 and December 31, 2022: As of March 31, 2023 Outstanding Principal (1) Original Carrying Value (1) Weighted Average Remaining Life (Years) (2) Senior term loans $ 284,494,385 $ (9,283,190) $ 275,211,195 2.9 Total loans held at carrying value $ 284,494,385 $ (9,283,190) $ 275,211,195 2.9 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 (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 March 31, 2023 and December 31, 2022.
Changes in Loans Held at Carrying Value	The following table presents changes in loans held at carrying value as of and for the three months ended March 31, 2023: Principal Original Issue Carrying Value Total loans held at carrying value at December 31, 2022 $ 296,584,529 $ (11,407,417) $ 285,177,112 New fundings 2,220,448 — 2,220,448 Accretion of original issue discount — 856,860 856,860 Loan repayments (998,142) — (998,142) Sale of loans (15,000,000) 1,267,367 (13,732,633) PIK interest 3,510,875 — 3,510,875 Loan amortization payments (1,823,325) — (1,823,325) Total loans held at carrying value at March 31, 2023 $ 284,494,385 $ (9,283,190) $ 275,211,195
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 March 31, 2023 is as follows: Collateral Location Collateral Type (1) Outstanding Principal (2) Original Carrying Value (2) Interest Maturity Date (3) Payment Terms (4) Private Co. C PA C, D $ 21,966,639 $ (513,885) $ 21,452,754 18.8 % (5) 12/01/2025 P/I Sub. of Private Co. G NJ, PA C, D 75,131,829 (1,680,770) 73,451,059 18.3 % (6) 05/01/2026 P/I Sub. of Private Co. H IL C 5,781,250 (6,673) 5,774,577 15.0 % (7) 05/11/2023 I/O Private Co. K MA C, D 13,000,255 (815,813) 12,184,442 18.8 % (8) 05/03/2027 P/I Private Co. I MD C, D 11,195,707 (154,074) 11,041,633 21.4 % (9) 08/01/2026 P/I Private Co. J MO C, D 22,651,213 (475,589) 22,175,624 20.9 % (10) 09/01/2025 P/I Sub. of Public Co. H CT, IA, IL, ME, MI, NJ, PA C, D 75,000,000 (3,049,221) 71,950,779 13.8 % (11) 01/01/2026 I/O Private Co. L MO, OH C, D 50,945,492 (1,982,143) 48,963,349 12.0 % (12) 05/01/2026 P/I Sub. of Public Co. M IL, MI, MA, NJ, OH, PA C, D 8,822,000 (605,022) 8,216,978 9.5 % (13) 08/27/2025 I/O Total loans held at carrying value $ 284,494,385 $ (9,283,190) $ 275,211,195 (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 2.0%. (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 paid in kind from December 1, 2022 to May 1, 2023. (7) Base interest rate of 15.0%. (8) Base interest rate of 12.0% plus SOFR (SOFR floor of 1.0%) and PIK interest rate of 2.0%. (9) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.5%. As amended, between 50.0% and 60.0% of the monthly cash interest is paid in kind from October 1, 2022 to April 1, 2023. (10) Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%. Effective April 1, 2023, Private Company J transitioned from LIBOR to SOFR. (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%. (13) Base interest rate of 9.5%.

LOAN RECEIVABLE HELD AT CARRY_2

LOAN RECEIVABLE HELD AT CARRYING VALUE (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Changes in Loans Receivable	The following table presents changes in loans receivable as of and for the three months ended March 31, 2023: Principal Original Issue Carrying Total loan receivable held at carrying value at December 31, 2022 $ 2,222,339 $ (1,686) $ 2,220,653 Accretion of original issue discount — — — Total loan receivable held at carrying value at March 31, 2023 $ 2,222,339 $ (1,686) $ 2,220,653

CURRENT EXPECTED CREDIT LOSSES

CURRENT EXPECTED CREDIT LOSSES (Tables)	3 Months Ended
	Mar. 31, 2023
Credit Loss [Abstract]
Financing Receivable, Allowance for Credit Loss	Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value and loan receivable held at carrying value as of and for the three months ended March 31, 2023 was as follows: Outstanding (1) Unfunded (2) Total Balance at December 31, 2022 $ 13,538,077 $ 754,128 $ 14,292,205 Provision for current expected credit losses 870,716 (168,290) 702,426 Write-offs — — — Recoveries — — — Balance at March 31, 2023 $ 14,408,793 $ 585,838 $ 14,994,631 (1) As of March 31, 2023 and December 31, 2022, the CECL Reserve related to outstanding balances on loans held at carrying value and loan receivable held at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets. (2) As of March 31, 2023 and December 31, 2022, 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.
Financing Receivable Credit Quality Indicators	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 March 31, 2023, 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 69,364,769 77,725,356 21,452,755 168,542,880 4 — 106,668,315 — 106,668,315 5 — — 2,220,653 2,220,653 Total $ 69,364,769 $ 184,393,671 $ 23,673,408 $ 277,431,848

INTEREST RECEIVABLE (Tables)

INTEREST RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2023
Interest Receivable and Other Assets [Abstract]
Interest Receivable	The following table summarizes the interest receivable by the Company as of March 31, 2023 and December 31, 2022: As of As of Interest receivable $ 2,317,982 $ 3,722,134 PIK receivable 1,501,100 1,409,678 Unused fees receivable 41,411 125,663 Total interest receivable $ 3,860,493 $ 5,257,475

INTEREST RESERVE (Tables)

INTEREST RESERVE (Tables)	3 Months Ended
	Mar. 31, 2023
INTEREST RESERVE [Abstract]
Changes in Interest Reserve	The following table presents changes in interest reserve as of and for the three months ended March 31, 2023 and 2022: Three months ended 2023 2022 Beginning reserves $ 3,200,944 $ 4,782,271 New reserves 1,716,985 — Reserves disbursed (3,227,595) (4,175,108) Ending reserves $ 1,690,334 $ 607,163

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Maturities of Long-Term Debt	Scheduled principal payments on the 2027 Senior Notes as of March 31, 2023 are as follows: 2027 Senior Notes Year 2023 (remaining) $ — 2024 — 2025 — 2026 — 2027 90,000,000 Thereafter — Total principal $ 90,000,000
Summary Of Interest Expense	The following table reflects a summary of interest expense incurred during the three months ended March 31, 2023 and 2022. Three months ended 2027 Senior Notes Revolving Credit Facility AFCF Revolving Credit Facility Total Borrowings Interest expense $ 1,408,750 $ 26,667 $ — $ 1,435,417 Unused fee expense — 35,833 — 35,833 Amortization of deferred financing costs 157,652 39,258 — 196,910 Total interest expense $ 1,566,402 $ 101,758 $ — $ 1,668,160 Three months ended 2027 Senior Notes Revolving Credit Facility AFCF Revolving Credit Facility Total Borrowings Interest expense $ 1,421,529 $ — $ 19,792 $ 1,441,321 Unused fee expense — — 45,833 45,833 Amortization of deferred financing costs 161,979 — 50,982 212,961 Total interest expense $ 1,583,508 $ — $ 116,607 $ 1,700,115

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments to Fund Various Senior Term Loans, Equipment Loans and Bridge Loans	As of March 31, 2023 and December 31, 2022, the Company had the following commitments to fund various investments: As of As of Total original loan commitments $ 421,357,243 $ 447,101,864 Less: drawn commitments (389,499,749) (401,476,418) Total undrawn commitments $ 31,857,494 $ 45,625,446

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Share-based Payment Arrangement, Option, 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 March 31, 2023 and December 31, 2022: As of As of Non-vested 232,489 293,420 Vested 2,142,143 2,081,212 Exercised (5,511) (5,511) Forfeited (88,749) (88,749) Balance 2,280,372 2,280,372
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 three months ended March 31, 2023 and 2022: Three months ended Weighted-average Balance as of December 31, 2022 2,280,372 $ 1.21 Granted — — Exercised — — Forfeited — — Balance as of March 31, 2023 2,280,372 $ 1.21 Three months ended Weighted-average Balance as of December 31, 2021 1,604,236 $ 1.08 Granted 742,000 1.46 Exercised — — Forfeited (25,130) 0.98 Balance as of March 31, 2022 2,321,106 $ 1.21
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 March 31, 2023 and December 31, 2022: As of As of Non-vested 189,815 64,581 Vested (3,211) — Forfeited (1,238) (1,238) Balance 185,366 63,343
Restricted Stock Awards Activity	The following tables summarize the restricted stock activity during the three months ended March 31, 2023 and 2022: Three months ended Weighted-average value at award date Balance as of December 31, 2022 63,343 $ 20.40 Granted 125,234 15.57 Vested (3,211) 15.57 Forfeited — — Balance as of March 31, 2023 185,366 $ 17.19 Three months ended Weighted-average value at award date Balance as of December 31, 2021 56,285 $ 20.43 Granted 8,296 20.18 Vested — — Forfeited — — Balance as of March 31, 2022 64,581 $ 20.40

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following information sets forth the computations of basic and diluted weighted average earnings per common share for the three months ended March 31, 2023 and 2022: Three months ended 2023 2022 Net income attributable to common shareholders $ 10,025,274 $ 10,162,120 Dividends paid on unvested restricted stock (35,472) (28,143) Net income attributable to common shareholders 9,989,802 10,133,977 Divided by: Basic weighted average shares of common stock outstanding 20,303,797 19,319,993 Weighted average unvested restricted stock and stock options 185,366 271,479 Diluted weighted average shares of common stock outstanding 20,489,163 19,591,472 Basic weighted average earnings per common share $ 0.49 $ 0.53 Diluted weighted average earnings per common share $ 0.49 $ 0.52

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring and Nonrecurring Basis	The following tables present fair value measurements of loans held at fair value as of March 31, 2023 and December 31, 2022: Fair Value Measurement as of March 31, 2023 Total Level 1 Level 2 Level 3 Loans held at fair value $ 99,924,201 $ — $ — $ 99,924,201 Total $ 99,924,201 $ — $ — $ 99,924,201 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 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 three months ended March 31, 2023: Three months ended Total loans using Level 3 inputs at December 31, 2022 $ 99,226,051 Change in unrealized (losses) gains on loans at fair value, net (1,477,691) Additional fundings 802,884 Accretion of original issue discount 380,086 PIK interest 992,871 Total loans using Level 3 inputs at March 31, 2023 $ 99,924,201
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 March 31, 2023 and December 31, 2022. 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 March 31, 2023 Unobservable Input Fair Value Primary Valuation Techniques Input Estimated Range Weighted Average Senior term loans $ 99,924,201 Yield analysis Market yield 22.97% - 37.76% 25.39% Total investments $ 99,924,201 As of December 31, 2022 Unobservable Input Fair Value Primary Valuation Techniques Input Estimated Range Weighted Average Senior term loans $ 99,226,051 Yield analysis Market yield 19.99% - 31.72% 21.81% Total investments $ 99,226,051
Book Value and Fair Value of the Financial Instruments	The following table details the book value and fair value of the Company’s financial instruments not recognized at fair value in the unaudited interim consolidated balance sheet as of March 31, 2023 : As of March 31, 2023 Carrying Value Fair Value Financial assets: Cash and cash equivalents $ 80,605,744 $ 80,605,744 Loans held for investment at carrying value $ 275,211,195 $ 268,178,899 Loan receivable held at carrying value $ 2,220,653 $ 1,200,063 Financial liabilities: Senior notes payable, net $ 87,565,548 $ 69,466,810

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	The following table summarizes the related party costs incurred by the Company for the three months ended March 31, 2023 and 2022: Three months ended 2023 2022 Affiliate Costs Management fees $ 1,347,685 $ 1,255,867 Less: outside fees earned (478,645) (387,493) Base management fees 869,040 868,374 Incentive fees earned 2,835,179 2,978,839 General and administrative expenses reimbursable to Manager 1,086,027 906,717 Total $ 4,790,246 $ 4,753,930

DIVIDENDS AND DISTRIBUTIONS (Ta

DIVIDENDS AND DISTRIBUTIONS (Tables)	3 Months Ended
	Mar. 31, 2023
DIVIDENDS AND DISTRIBUTIONS [Abstract]
Schedule of Dividends Payable	The following table summarizes the Company’s dividends declared during the three months ended March 31, 2023 and 2022: Record Date Payment Common Share Taxable Return of Section Regular cash dividend 3/31/2022 4/15/2022 $ 0.55 $ 0.55 $ — $ 0.55 Regular cash dividend 3/31/2023 4/14/2023 $ 0.56 $ 0.56 $ — $ 0.56

ORGANIZATION (Details)

ORGANIZATION (Details)	3 Months Ended
	Mar. 31, 2023 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

LOANS HELD FOR INVESTMENT AT _4

LOANS HELD FOR INVESTMENT AT FAIR VALUE - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
LOANS HELD FOR INVESTMENT AT FAIR VALUE [Abstract]
Number of loans held for investment | loan	3	3
Loans held at fair value, aggregate commitments	$ 104,300,000	$ 104,300,000
Outstanding principal	104,172,301	102,376,546
Loans held at fair value, funded of outstanding principal	800,000
Repayments of principal	0
Loans and Leases Receivable Disclosure [Line Items]
Outstanding principal	104,172,301	$ 102,376,546
Nonperforming Financial Instruments
LOANS HELD FOR INVESTMENT AT FAIR VALUE [Abstract]
Outstanding principal	$ 1,200,000
Loans and Leases Receivable Disclosure [Line Items]
Number of loans held at fair value | loan	1
Outstanding principal	$ 1,200,000
Unrealized loss	$ (1,200,000)

LOANS HELD FOR INVESTMENT AT _5

LOANS HELD FOR INVESTMENT AT FAIR VALUE - Loans Held at Fair Value (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Loans and Leases Receivable Disclosure [Line Items]
Fair Value	$ 99,924,201	$ 99,226,051
Carrying Value	102,811,826	100,635,985
Outstanding principal	$ 104,172,301	$ 102,376,546
Weighted Average Remaining Life (Years)	1 year	1 year 2 months 12 days
Senior term loans
Loans and Leases Receivable Disclosure [Line Items]
Fair Value	$ 99,924,201	$ 99,226,051
Carrying Value	102,811,826	100,635,985
Outstanding principal	$ 104,172,301	$ 102,376,546
Weighted Average Remaining Life (Years)	1 year	1 year 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)	3 Months Ended
	Mar. 31, 2023 USD ($)
Principal
Total loans held at fair value, principal, beginning balance	$ 102,376,546
New fundings	802,884
PIK interest	992,871
Total loans held at fair value, principal, ending balance	104,172,301
Original Issue Discount
Loans held for at fair value, original issue discount, beginning balance	(1,740,561)
Accretion of original issue discount, original issue discount	380,086
Loans held for at fair value, original issue discount, ending balance	(1,360,475)
Unrealized Gains (Losses)
Loans held at fair value, unrealized gains (losses), beginning balance	(1,409,934)
Change in unrealized gains (losses) on loans at fair value, net, unrealized gains (losses)	(1,477,691)
Loans held at fair value, unrealized gains (losses), ending balance	(2,887,625)
Fair Value
Total loans held at fair value, fair value, beginning balance	99,226,051
Change in unrealized gains (losses) on loans at fair value, net, fair value	(1,477,691)
New fundings, fair value	802,884
Accretion of original issue discount, fair value	380,086
PIK interest, fair value	992,871
Total loans held at fair value, fair value, ending balance	$ 99,924,201

LOANS HELD FOR INVESTMENT AT _7

LOANS HELD FOR INVESTMENT AT FAIR VALUE - Loans Held at Fair Value Portfolio (Details) - USD ($)	3 Months Ended	4 Months Ended
	Mar. 31, 2023	Apr. 30, 2023	Dec. 31, 2022
Loans and Leases Receivable Disclosure [Line Items]
Fair Value	$ 99,924,201		$ 99,226,051
Carrying Value	102,811,826		100,635,985
Outstanding principal	$ 104,172,301		$ 102,376,546
Private Co. A | Multi State
Loans and Leases Receivable Disclosure [Line Items]
Base interest rate	12.60%
PIK interest rate	3.50%
Private Co. A | Multi State | C, D
Loans and Leases Receivable Disclosure [Line Items]
Fair Value	$ 83,552,001
Carrying Value	85,244,168
Outstanding principal	$ 86,421,309
Interest Rate	16.10%
Public Company A [Member] | NV
Loans and Leases Receivable Disclosure [Line Items]
Base interest rate	14.70%
PIK interest rate	4%
Public Company A [Member] | NV | Subsequent Event
Loans and Leases Receivable Disclosure [Line Items]
Additional PIK interest rate		4%
Public Company A [Member] | NV | C
Loans and Leases Receivable Disclosure [Line Items]
Fair Value	$ 0
Carrying Value	1,213,416
Outstanding principal	$ 1,213,416
Interest Rate	15%
Private Co. B | MI
Loans and Leases Receivable Disclosure [Line Items]
Base interest rate	7.50%
PIK interest rate	7.50%
Private Co. B | MI | C, D
Loans and Leases Receivable Disclosure [Line Items]
Fair Value	$ 16,372,200
Carrying Value	16,354,242
Outstanding principal	$ 16,537,576
Interest Rate	18.70%

LOANS HELD FOR INVESTMENT AT _8

LOANS HELD FOR INVESTMENT AT CARRYING VALUE - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]
Number of loans held for investments in portfolio (in loans) | loan	9	9
Loans held for investments aggregate commitments	$ 313,100,000	$ 338,900,000
Loans held at carrying value, outstanding principal	284,494,385	$ 296,584,529
Loans held at carrying value, outstanding principal fundings	2,200,000
Sale of loans	$ 15,000,000
Percentage of loans held at carrying value with floating interest rates	77%	73%
London Interbank Offered Rate (LIBOR)
Loans and Leases Receivable Disclosure [Line Items]
Interest rate floor	1%
Secured Overnight Financing Rate (SOFR)
Loans and Leases Receivable Disclosure [Line Items]
Interest rate floor	1%
Prime Rate
Loans and Leases Receivable Disclosure [Line Items]
Interest rate floor	4.90%

LOANS HELD FOR INVESTMENT AT _9

LOANS HELD FOR INVESTMENT AT CARRYING VALUE - Loans Held at Carrying Value (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Loans and Leases Receivable Disclosure [Line Items]
Outstanding Principal	$ 284,494,385	$ 296,584,529
Original Issue Discount	(9,283,190)	(11,407,417)
Carrying Value	$ 275,211,195	$ 285,177,112
Weighted Average Remaining Life (Years)	2 years 10 months 24 days	3 years 1 month 6 days
Senior term loans
Loans and Leases Receivable Disclosure [Line Items]
Outstanding Principal	$ 284,494,385	$ 296,584,529
Original Issue Discount	(9,283,190)	(11,407,417)
Carrying Value	$ 275,211,195	$ 285,177,112
Weighted Average Remaining Life (Years)	2 years 10 months 24 days	3 years 1 month 6 days

LOANS HELD FOR INVESTMENT AT_10

LOANS HELD FOR INVESTMENT AT CARRYING VALUE - Changes in Loans Held at Carrying Value (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Principal
Total loans held at carrying value, principal, beginning balance	$ 296,584,529
New fundings	2,220,448
Loan repayments	(998,142)
Sale of loans	(15,000,000)
PIK interest	3,510,875
Loan amortization payments	(1,823,325)
Total loans held at carrying value, principal, ending balance	284,494,385
Original Issue Discount
Total loans held at carrying value, original issue discount, beginning balance	(11,407,417)
Accretion of original issue discount, original issue discount	856,860
Sale of loans, original issue discount	1,267,367
Total loans held at carrying value, original issue discount, ending balance	(9,283,190)
Carrying Value
Total loans held at carrying value, carrying value, beginning balance	285,177,112
New fundings, carrying value	2,220,448
Accretion of original issue discount, carrying value	856,860
Loan repayments, carrying value	(998,142)
Sale of loans, carrying value	(13,732,633)
PIK Interest, carrying value	3,510,875
Loan amortization payments, carrying value	(1,823,325)
Total loans held at carrying value, carrying value, ending balance	$ 275,211,195

LOANS HELD FOR INVESTMENT AT_11

LOANS HELD FOR INVESTMENT AT CARRYING VALUE - Loans Held at Carrying Value portfolio (Details) - USD ($)	3 Months Ended	5 Months Ended	6 Months Ended
	Mar. 31, 2023	Apr. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 284,494,385		$ 284,494,385	$ 296,584,529
Original Issue Discount	(9,283,190)		(9,283,190)	(11,407,417)
Carrying Value	$ 275,211,195		275,211,195	$ 285,177,112
Private Co. C | Base Rate
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	9%
Private Co. C | London Interbank Offered Rate (LIBOR)
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4%
Private Co. C | PIK Interest Rate
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	2%
Private Co. C | PA | C, D
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 21,966,639		21,966,639
Original Issue Discount	(513,885)		(513,885)
Carrying Value	$ 21,452,754		21,452,754
Interest Rate	18.80%
Sub. of Private Co. G | Subsequent Event
Loans held at investment, Carrying Amount [Abstract]
Percentage of interest paid in kind		75%
Sub. of Private Co. G | Base Rate
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	10.25%
Sub. of Private Co. G | London Interbank Offered Rate (LIBOR)
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4.50%
Sub. of Private Co. G | Multi State | C, D
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 75,131,829		75,131,829
Original Issue Discount	(1,680,770)		(1,680,770)
Carrying Value	$ 73,451,059		73,451,059
Interest Rate	18.30%
Sub. of Private Co. H | Base Rate
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	15%
Sub. of Private Co. H | IL | C
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 5,781,250		5,781,250
Original Issue Discount	(6,673)		(6,673)
Carrying Value	$ 5,774,577		5,774,577
Interest Rate	15%
Private Co. K | Base Rate
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	12%
Private Co. K | London Interbank Offered Rate (LIBOR)
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	1%
Private Co. K | PIK Interest Rate
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	2%
Private Co. K | MA | C, D
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 13,000,255		13,000,255
Original Issue Discount	(815,813)		(815,813)
Carrying Value	$ 12,184,442		$ 12,184,442
Interest Rate	18.80%
Private Co. I | Minimum
Loans held at investment, Carrying Amount [Abstract]
Percentage of interest paid in kind			50%
Private Co. I | Maximum
Loans held at investment, Carrying Amount [Abstract]
Percentage of interest paid in kind			60%
Private Co. I | Base Rate
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	12%
Private Co. I | London Interbank Offered Rate (LIBOR)
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	1%
Private Co. I | PIK Interest Rate
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4.50%
Private Co. I | MD | C, D
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 11,195,707		$ 11,195,707
Original Issue Discount	(154,074)		(154,074)
Carrying Value	$ 11,041,633		11,041,633
Interest Rate	21.40%
Private Co. J | Base Rate
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	12%
Private Co. J | London Interbank Offered Rate (LIBOR)
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	1%
Private Co. J | PIK Interest Rate
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	4%
Private Co. J | MO | C, D
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 22,651,213		22,651,213
Original Issue Discount	(475,589)		(475,589)
Carrying Value	$ 22,175,624		22,175,624
Interest Rate	20.90%
Sub. of Public Co. H | Base Rate
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	5.80%
Sub. of Public Co. H | Prime Rate
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	5.50%
Sub. of Public Co. H | Multi State | C, D
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 75,000,000		75,000,000
Original Issue Discount	(3,049,221)		(3,049,221)
Carrying Value	$ 71,950,779		71,950,779
Interest Rate	13.80%
Private Co. L | Base Rate
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	12%
Private Co. L | Multi State | C, D
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 50,945,492		50,945,492
Original Issue Discount	(1,982,143)		(1,982,143)
Carrying Value	$ 48,963,349		48,963,349
Interest Rate	12%
Sub. of Public Co. M | Base Rate
Loans held at investment, Carrying Amount [Abstract]
Interest Rate	9.50%
Sub. of Public Co. M | Multi State | C, D
Loans held at investment, Carrying Amount [Abstract]
Outstanding Principal	$ 8,822,000		8,822,000
Original Issue Discount	(605,022)		(605,022)
Carrying Value	$ 8,216,978		$ 8,216,978
Interest Rate	9.50%

LOAN RECEIVABLE HELD AT CARRY_3

LOAN RECEIVABLE HELD AT CARRYING VALUE - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($) loan
Proceeds from Sale and Collection of Loans Receivable [Abstract]
Number of portfolio loans | loan	1	1
Loans receivable at carrying value aggregate commitments	$ 4,000,000	$ 4,000,000
Loans receivable at principal	2,222,339	2,222,339
Proceeds from repayments of outstanding principal	0
Financing Receivable, Allowance for Credit Loss [Line Items]
Loans receivable at principal	2,222,339	2,222,339
Current expected credit loss reserve	14,408,793	$ 13,538,077
Nonperforming Financial Instruments
Proceeds from Sale and Collection of Loans Receivable [Abstract]
Loans receivable at principal	$ 2,200,000
Financing Receivable, Allowance for Credit Loss [Line Items]
Number of loans | loan	1
Loans receivable at 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 ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Principal
Total loans receivable at carrying value, principal, beginning balance	$ 2,222,339	$ 2,222,339
Total loans receivable at carrying value, principal, ending balance	2,222,339	$ 2,222,339
Original Issue Discount
Total loans receivable at carrying value, original issue discount, beginning balance	(1,686)
Accretion of original issue discount, original issue discount	0
Total loans receivable at carrying value, original issue discount, ending balance	(1,686)
Carrying Value
Total loans receivable at carrying value, carrying value, beginning balance	2,220,653
Accretion of original issue discount, carrying value	0
Total loans receivable at carrying value, carrying value, ending balance	$ 2,220,653

CURRENT EXPECTED CREDIT LOSSE_2

CURRENT EXPECTED CREDIT LOSSES - Narrative (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	$ 14,408,793	$ 13,538,077
CECL Reserve
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	$ 14,994,631	$ 14,292,205
Basis points of total loans and loans receivable at carrying value	5.40%	4.97%
Loans receivable at carrying value, commitment balance	$ 277,400,000	$ 287,400,000
CECL Reserve | Outstanding
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	14,408,793	13,538,077
CECL Reserve | Unfunded
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	$ 585,838	$ 754,128

CURRENT EXPECTED CREDIT LOSSE_3

CURRENT EXPECTED CREDIT LOSSES - Financing Receivable, Allowance for Credit Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	$ 13,538,077
Provision for current expected credit losses	702,426	$ 905,129
Ending balance	14,408,793
CECL Reserve
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	14,292,205
Provision for current expected credit losses	702,426
Write-offs	0
Recoveries	0
Ending balance	14,994,631
Outstanding | CECL Reserve
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	13,538,077
Provision for current expected credit losses	870,716
Write-offs	0
Recoveries	0
Ending balance	14,408,793
Unfunded | CECL Reserve
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Beginning balance	754,128
Provision for current expected credit losses	(168,290)
Write-offs	0
Recoveries	0
Ending balance	$ 585,838

CURRENT EXPECTED CREDIT LOSSE_4

CURRENT EXPECTED CREDIT LOSSES - Financing Receivable Credit Quality Indicators (Details)	Mar. 31, 2023 USD ($)
Financing Receivable, Credit Quality Indicator [Line Items]
2022	$ 69,364,769
2021	184,393,671
2020	23,673,408
Total	277,431,848
1
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0
2021	0
2020	0
Total	0
2
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0
2021	0
2020	0
Total	0
3
Financing Receivable, Credit Quality Indicator [Line Items]
2022	69,364,769
2021	77,725,356
2020	21,452,755
Total	168,542,880
4
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0
2021	106,668,315
2020	0
Total	106,668,315
5
Financing Receivable, Credit Quality Indicator [Line Items]
2022	0
2021	0
2020	2,220,653
Total	$ 2,220,653

INTEREST RECEIVABLE (Details)

INTEREST RECEIVABLE (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Interest Receivable and Other Assets [Abstract]
Interest receivable	$ 2,317,982	$ 3,722,134
PIK receivable	1,501,100	1,409,678
Unused fees receivable	41,411	125,663
Total interest receivable	$ 3,860,493	$ 5,257,475

INTEREST RESERVE - Narrative (D

INTEREST RESERVE - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) loan	Mar. 31, 2022 USD ($)	Dec. 31, 2022 loan
INTEREST RESERVE [Abstract]
Number of loans included in loan funded interest reserve (in loans) | loan	1		3
Interest reserve disbursed | $	$ 3,227,595	$ 4,175,108

INTEREST RESERVE - Changes in I

INTEREST RESERVE - Changes in Interest Reserve (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
INTEREST RESERVE [Abstract]
Beginning reserves	$ 3,200,944	$ 4,782,271
New reserves	1,716,985	0
Reserves disbursed	(3,227,595)	(4,175,108)
Ending reserves	$ 1,690,334	$ 607,163

DEBT - Narrative (Details)

DEBT - Narrative (Details)				1 Months Ended	3 Months Ended			12 Months Ended
	Apr. 29, 2022 USD ($)	Nov. 03, 2021 USD ($) installment	May 07, 2021 USD ($)	Jul. 31, 2020 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Line of Credit Facility [Line Items]
Increase limit	$ 100,000,000
Unused fee expense					$ 35,833		$ 45,833
Line of credit payable, net					0			$ 60,000,000
Amortization of deferred financing costs					196,910		212,961
Gain on extinguishment of debt					1,986,381		0
2027 Senior Notes
Line of Credit Facility [Line Items]
Unused fee expense					0		0
Amortization of deferred financing costs					157,652		161,979
Total principal					$ 90,000,000
2027 Senior Notes | 2027 Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, stated percentage		5.75%
Debt instrument, aggregate principal		$ 100,000,000
Net proceeds from offering		$ 97,000,000
Redemption price percentage		100%			77.40%
Redemption price percentage, change of control triggering event		101%
Debt service coverage ratio		150%
Percentage of debt in aggregate principal		60%
Secured debt of percentage in aggregate principal		25%
Repurchased principal amount					$ 10,000,000
Gain on extinguishment of debt					2,000,000
Total principal					90,000,000
Line of Credit
Line of Credit Facility [Line Items]
Amortization of deferred financing costs					39,258		50,982
Revolving Credit Facility
Line of Credit Facility [Line Items]
Unused fee expense					0		45,833
Amortization of deferred financing costs					0		$ 50,982
Revolving Credit Facility | Secured Debt
Line of Credit Facility [Line Items]
Revolving credit loan commitment				$ 40,000,000
Revolving credit interest rate				8%
Revolving Credit Facility | Line of Credit
Line of Credit Facility [Line Items]
Revolving credit loan commitment	$ 60,000,000
Debt instrument, stated percentage	4.50%
Unused fee expense								500,000
Unused line fee percentage	0.25%
Line of credit payable, net					$ 0			$ 60,000,000
Minimum liquidity covenant	$ 5,000,000
Minimum annual debt service coverage covenant	1.5
Maximum secured debt to total assets percentage covenant	25%
Revolving Credit Facility | Line of Credit | Base Rate
Line of Credit Facility [Line Items]
Basis spread on variable interest rate	0.50%
First Amendment Revolving Credit Facility | Secured Debt
Line of Credit Facility [Line Items]
Revolving credit loan commitment			$ 50,000,000
Revolving credit interest rate			6%
Second Amendment Revolving Credit Facility | Secured Debt
Line of Credit Facility [Line Items]
Revolving credit loan commitment		$ 75,000,000
Unused fee expense						$ 100,000
Unused line fee percentage		0.25%
Revolving credit interest rate		4.75%
One-time commitment fee percentage		0.25%
Number of installments (in installments) | installment		3
One-time commitment fee		$ 200,000
Acceleration of remaining deferred financing costs						$ 100,000

DEBT - Schedule of Maturities o

DEBT - Schedule of Maturities of Long-Term Debt (Details) - 2027 Senior Notes	Mar. 31, 2023 USD ($)
Line of Credit Facility [Line Items]
2023 (remaining)	$ 0
2024	0
2025	0
2026	0
2027	90,000,000
Thereafter	0
Total principal	$ 90,000,000

DEBT - Summary Of Interest Expe

DEBT - Summary Of Interest Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Line of Credit Facility [Line Items]
Interest expense	$ 1,435,417	$ 1,441,321
Unused fee expense	35,833	45,833
Amortization of deferred financing and offering costs	196,910	212,961
Total interest expense	1,668,160	1,700,115
Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest expense	26,667	0
Unused fee expense	35,833	0
Amortization of deferred financing and offering costs	39,258	0
Total interest expense	101,758	0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest expense	0	19,792
Unused fee expense	0	45,833
Amortization of deferred financing and offering costs	0	50,982
Total interest expense	0	116,607
2027 Senior Notes
Line of Credit Facility [Line Items]
Interest expense	1,408,750	1,421,529
Unused fee expense	0	0
Amortization of deferred financing and offering costs	157,652	161,979
Total interest expense	$ 1,566,402	$ 1,583,508

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Commitments to Fund Investments (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Total original loan commitments	$ 421,357,243	$ 447,101,864
Less: drawn commitments	(389,499,749)	(401,476,418)
Total undrawn commitments	$ 31,857,494	$ 45,625,446

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Millions		3 Months Ended
	Mar. 17, 2023 tranche	Mar. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Termination, period to receive base salary	12 months
Termination, percentage of COBRA premiums paid	100%
Termination, period of COBRA premiums paid	12 months
Termination, accelerated vesting of equity awards, number of tranches | tranche	1
Termination, extension of exercise period for outstanding options		1 year
Termination benefits | $		$ 0.7

SHAREHOLDERS' EQUITY - Narrativ

SHAREHOLDERS' EQUITY - Narrative (Details) - USD ($)				1 Months Ended		3 Months Ended		12 Months Ended
	Apr. 05, 2022	Jan. 19, 2022	Jan. 10, 2022	Jan. 31, 2023	Jan. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Mar. 10, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Preferred stock, authorized (in shares)						10,000		10,000
Preferred stock, issued (in shares)						125		125
Preferred stock, par value (in usd per share)						$ 0.01		$ 0.01
Preferred stock, outstanding (in shares)						125		125
Shares sold in offering (in shares)		3,291,832	3,000,000
Offering price per share (in dollars per share)			$ 20.50
Proceeds from stock offering		$ 63,000,000	$ 61,500,000
Payments of stock issuance costs		$ 67,500,000
Common stock, authorized (in shares)						50,000,000		50,000,000	50,000,000
Common stock, par value (in usd per share)						$ 0.01		$ 0.01	$ 0.01
Granted (in shares)						0	742,000
Granted (in dollars per share)						$ 0	$ 1.46
Options outstanding (in shares)						2,280,372	2,321,106	2,280,372		1,604,236
Stock-based compensation						$ 280,578	$ 990,023
Restricted Stock
Class of Stock [Line Items]
Restricted stock, granted (in shares)						125,234	8,296
Awards outstanding (in shares)						189,815		64,581
2020 Plan
Class of Stock [Line Items]
Granted (in shares)					742,000
Granted (in dollars per share)					$ 20.18
Shares of common stock outstanding (in shares)						2,469,849
Options outstanding (in shares)						2,281,272
Share limit (in shares)						2,793,288
2020 Plan | Restricted Stock
Class of Stock [Line Items]
Restricted stock, granted (in shares)				125,234	8,296
Vesting period				3 years	4 years
Vesting percentage				33%	33%
Awards outstanding (in shares)						188,577
2020 Plan | Stock options
Class of Stock [Line Items]
Vesting period					4 years
Over-Allotment Option
Class of Stock [Line Items]
Shares sold in offering (in shares)		291,832	450,000
Underwriting commissions		$ 3,500,000
Payments of stock issuance costs		$ 1,000,000
Shelf Registration
Class of Stock [Line Items]
Aggregate offering price	$ 1,000,000,000
Open Market Sale
Class of Stock [Line Items]
Aggregate offering price	$ 75,000,000
Commission percentage	3%
Series A Preferred Stock
Class of Stock [Line Items]
Preferred stock, authorized (in shares)						10,000		10,000
Preferred stock, issued (in shares)						125		125
Preferred stock, dividend rate						12%		12%
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 - Share-ba

SHAREHOLDERS' EQUITY - Share-based Payment Arrangement, Option, Activity (Details) - shares	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Equity [Abstract]
Non-vested (in shares)	232,489	293,420
Vested (in shares)	2,142,143	2,081,212
Exercised (in shares)	(5,511)	(5,511)
Forfeited (in shares)	(88,749)	(88,749)
Balance	2,280,372	2,280,372	2,321,106	1,604,236

SHAREHOLDERS' EQUITY - Assumpti

SHAREHOLDERS' EQUITY - Assumption used in the Option Pricing Model of Options Granted (Details) - 2020 Plan - Stock options	3 Months Ended
	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected forfeiture rate	0%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	40%
Expected dividend yield	10%
Risk-free interest rate	0.50%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility	50%
Expected dividend yield	20%
Risk-free interest rate	2%

SHAREHOLDERS' EQUITY - Summary

SHAREHOLDERS' EQUITY - Summary of Stock Option Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Option Activity [Roll Forward]
Beginning balance (in shares)	2,280,372	1,604,236
Granted (in shares)	0	742,000
Exercised (in shares)	0	0
Forfeited (in shares)	0	(25,130)
Ending balance (in shares)	2,280,372	2,321,106
Weighted-average grant date fair value per option
Beginning balance (in dollars per share)	$ 1.21	$ 1.08
Granted - exercise price (in dollars per share)	0	1.46
Exercised (in dollars per share)	0	0
Forfeited (in dollars per share)	0	0.98
Ending balance (in dollars per share)	$ 1.21	$ 1.21

SHAREHOLDERS' EQUITY - Schedule

SHAREHOLDERS' EQUITY - Schedule of Nonvested Share Activity (Details) - Restricted Stock - shares	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested (in shares)	189,815	64,581
Vested (in shares)	(3,211)	0
Forfeited (in shares)	(1,238)	(1,238)
Balance (in shares)	185,366	63,343	64,581	56,285

SHAREHOLDERS' EQUITY - Share-_2

SHAREHOLDERS' EQUITY - Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unity, Activity (Details) - Restricted Stock - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)	63,343	56,285
Granted (in shares)	125,234	8,296
Vested (in shares)	(3,211)	0
Forfeited (in shares)	0	0
Ending balance (in shares)	185,366	64,581
Weighted-average value at award date
Balance (in dollars per share)	$ 20.40	$ 20.43
Granted (in dollars per share)	15.57	20.18
Vested (in dollars per share)	15.57	0
Forfeited (in dollars per share)	0	0
Balance (in dollars per share)	$ 17.19	$ 20.40

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share Reconciliation [Abstract]
Net income attributable to common shareholders	$ 10,025,274	$ 10,162,120
Dividends paid on unvested restricted stock	(35,472)	(28,143)
Net income attributable to common shareholders, basic	9,989,802	10,133,977
Net income attributable to common shareholders, diluted	$ 9,989,802	$ 10,133,977
Divided by:
Basic weighted average shares of common stock outstanding (in shares)	20,303,797	19,319,993
Weighted average unvested restricted stock and stock options (in shares)	185,366	271,479
Diluted weighted average shares of common stock outstanding (in shares)	20,489,163	19,591,472
Basic weighted average earnings per common share (in dollars per share)	$ 0.49	$ 0.53
Diluted weighted average earnings per common share (in dollars per share)	$ 0.49	$ 0.52
Antidilutive stock options (in shares)	2,280,372	742,000

INCOME TAX (Details)

INCOME TAX (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Income tax expense	$ 175,102	$ 18,284
Exercise tax as a percentage of undistributed ordinary income and net capital gains	4%
Unrecognized tax benefits	$ 0

FAIR VALUE - Fair Value, Assets

FAIR VALUE - Fair Value, Assets measured on Recurring and Nonrecurring Basis (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held at fair value	$ 99,924,201	$ 99,226,051
Total	99,924,201	99,226,051
Level 1
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held at fair value	0	0
Total	0	0
Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held at fair value	0	0
Total	0	0
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held at fair value	99,924,201	99,226,051
Total	$ 99,924,201	$ 99,226,051

FAIR VALUE - Fair Value Measure

FAIR VALUE - Fair Value Measurements of Changes in Loans using Level 3 inputs (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Changes in Loans Using Level 3 Inputs [Abstract]
Total loans held at fair value, fair value, beginning balance	$ 99,226,051
Change in unrealized (losses) gains on loans at fair value, net	(1,477,691)
Additional fundings	802,884
Accretion of original issue discount	380,086
PIK interest	992,871
Total loans held at fair value, fair value, ending balance	99,924,201
Level 3
Changes in Loans Using Level 3 Inputs [Abstract]
Total loans held at fair value, fair value, beginning balance	99,226,051
Change in unrealized (losses) gains on loans at fair value, net	(1,477,691)
Additional fundings	802,884
Accretion of original issue discount	380,086
PIK interest	992,871
Total loans held at fair value, fair value, ending balance	$ 99,924,201

FAIR VALUE - Narrative (Details

FAIR VALUE - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Change in unrealized (losses) gains on loans at fair value, net	$ (1,477,691)
Realized loss on sale of debt securities		$ 200,000
Level 3
Defined Benefit Plan Disclosure [Line Items]
Change in unrealized (losses) gains on loans at fair value, net	$ (1,477,691)

FAIR VALUE - Fair Value measu_2

FAIR VALUE - Fair Value measurement Inputs and Valuation Techniques (Details) - Level 3	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value [Abstract]
Loans held for investment, fair value	$ 99,924,201	$ 99,226,051
Senior term loans
Fair Value [Abstract]
Loans held for investment, fair value	$ 99,924,201	$ 99,226,051
Senior term loans | Yield Analysis | Market Yield | Minimum
Estimated Range and Weighted Average [Abstract]
Market yield percentage	0.2297	0.1999
Senior term loans | Yield Analysis | Market Yield | Maximum
Estimated Range and Weighted Average [Abstract]
Market yield percentage	0.3776	0.3172
Senior term loans | Yield Analysis | Market Yield | Weighted Average
Estimated Range and Weighted Average [Abstract]
Market yield percentage	0.2539	0.2181

FAIR VALUE - Book Value and Fai

FAIR VALUE - Book Value and Fair Value of the Financial Instruments (Details)	Mar. 31, 2023 USD ($)
Carrying Value
Financial assets:
Cash and cash equivalents	$ 80,605,744
Loans held for investment at carrying value	275,211,195
Loan receivable held at carrying value	2,220,653
Financial liabilities:
Senior notes payable, net	87,565,548
Fair Value
Financial assets:
Cash and cash equivalents	80,605,744
Loans held for investment at carrying value	268,178,899
Loan receivable held at carrying value	1,200,063
Financial liabilities:
Senior notes payable, net	$ 69,466,810

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details)	1 Months Ended							3 Months Ended		19 Months Ended
	Mar. 31, 2023 USD ($)	Nov. 30, 2022 USD ($)	Oct. 31, 2022 USD ($)	Aug. 31, 2022 USD ($)	Feb. 28, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Mar. 31, 2023 USD ($) loan	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Incentive fees earned								$ 2,835,179	$ 2,978,839
Due to affiliate	$ 20,031							$ 20,031		$ 20,031	$ 18,146
Number of co-invested loans held | loan								4
Managers
Related Party Transaction [Line Items]
Percentage of base management fees	0.375%							0.375%		0.375%
Percentage of aggregate amount of any outside fees	50%							50%		50%
Due to affiliate	$ 4,800,000							$ 4,800,000		$ 4,800,000	5,700,000
Affiliated Entity
Related Party Transaction [Line Items]
Due to affiliate	$ 20,000							$ 20,000		$ 20,000	$ 18,100
Affiliated Entity | Private Co. I
Related Party Transaction [Line Items]
Loan commitments												$ 15,500,000
Affiliated Entity | Private Co. I | AFC Institutional Fund, LLC
Related Party Transaction [Line Items]
Percentage of loan held	33.33%							33.33%		33.33%
Affiliated Entity | Private Co. A
Related Party Transaction [Line Items]
Loan commitments	$ 84,900,000						$ 20,000,000	$ 84,900,000		$ 84,900,000
Increase in loan commitments		$ 7,100,000			$ 15,300,000	$ 20,000,000
Interest rate	13%
Affiliated Entity | Private Co. A | Flower Loan Holdco LLC
Related Party Transaction [Line Items]
Increase in loan commitments		1,400,000				2,500,000
Affiliated Entity | Private Co. A | The Company and third party lender
Related Party Transaction [Line Items]
Increase in loan commitments					16,300,000
Affiliated Entity | Private Co. A | Third party lender
Related Party Transaction [Line Items]
Increase in loan commitments		1,500,000			$ 1,000,000
Affiliated Entity | Private Co. A | The Company, Flower Loan Holdco LLC and third party lenders
Related Party Transaction [Line Items]
Increase in loan commitments		$ 10,000,000
Affiliated Entity | Sub. of Private Co. G
Related Party Transaction [Line Items]
Loan commitments	$ 73,500,000							$ 73,500,000		73,500,000
Increase in loan commitments				$ 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
Related Party Transaction [Line Items]
Increase in loan commitments							53,400,000
Affiliated Entity | Sub. of Private Co. G | A BDC Warehouse, LLC
Related Party Transaction [Line Items]
Increase in loan commitments							$ 10,000,000
Affiliated Entity | Sub. of Public Co. H
Related Party Transaction [Line Items]
Loan commitments						60,000,000
Increase in loan commitments			$ 30,000,000
Affiliated Entity | Sub. of Public Co. H | Third party lender
Related Party Transaction [Line Items]
Loan commitments						30,000,000
Increase in loan commitments			15,000,000
Affiliated Entity | Sub. of Public Co. H | The Company, Predecessor in Interest to AFC Institutional Fund LLC and third party lenders
Related Party Transaction [Line Items]
Loan commitments						100,000,000
Increase in loan commitments			50,000,000
Affiliated Entity | Sub. of Public Co. H | Predecessor in Interest To AFC Institutional Fund LLC
Related Party Transaction [Line Items]
Loan commitments						$ 10,000,000
Increase in loan commitments			$ 5,000,000

RELATED PARTY TRANSACTIONS - Sc

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Related Party Transactions [Abstract]
Management fees	$ 1,347,685	$ 1,255,867
Less: outside fees earned	(478,645)	(387,493)
Base management fees	869,040	868,374
Incentive fees earned	2,835,179	2,978,839
General and administrative expenses reimbursable to Manager	1,086,027	906,717
Total	$ 4,790,246	$ 4,753,930

DIVIDENDS AND DISTRIBUTIONS (De

DIVIDENDS AND DISTRIBUTIONS (Details) - Regular Cash Dividend - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Dividends Payable [Line Items]
Common Share Distribution Amount (in dollars per share)	$ 0.56	$ 0.55
Taxable Ordinary Income (in dollars per share)	0.56	0.55
Return of Capital (in dollars per share)	0	0
Section 199A Dividends (in dollars per share)	$ 0.56	$ 0.55

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)		1 Months Ended	3 Months Ended		5 Months Ended
	May 10, 2023	Apr. 30, 2023	Mar. 31, 2023	Mar. 31, 2022	Apr. 30, 2023
Subsequent Event [Line Items]
Additional principal funded			$ 1,523,332	$ 50,463,213
Principal repayment of loans			$ 2,821,467	$ 20,415,460
Subsequent Event | Sub. of Private Co. G
Subsequent Event [Line Items]
Percentage of interest paid in kind					75%
Subsequent Event | Sub. of Public Co. H
Subsequent Event [Line Items]
Decrease in loan commitment		$ 6,000,000
Additional principal funded		9,000,000
Commitments		84,000,000			$ 84,000,000
Subsequent Event | Sub. of Public Co. H | Lenders including the Company
Subsequent Event [Line Items]
Decrease in loan commitment		$ 10,000,000
Subsequent Event | Private Co. A
Subsequent Event [Line Items]
Principal repayment of loans	$ 3,600,000
Subsequent Event | Private Co. A | Lenders including the Company
Subsequent Event [Line Items]
Principal repayment of loans	$ 5,100,000