Chicago Atlantic Real Estate Finance (REFI) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Aug. 05, 2022
Document Information Line Items
Entity Registrant Name	CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.
Trading Symbol	REFI
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		17,657,913
Amendment Flag	false
Entity Central Index Key	0001867949
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-41123
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-3125132
Entity Address, Address Line One	420 North Wabash Avenue
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60611
City Area Code	(312)
Local Phone Number	809-7002
Title of 12(b) Security	Common Stock, $0.01 par value per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Assets
Loans held for investment	$ 330,201,986	$ 196,984,566
Current expected credit loss reserve	(1,203,424)	(134,542)
Loans held for investment, net	328,998,562	196,850,024
Cash	6,623,096	80,248,526
Interest receivable	975,572	197,735
Other receivables and assets, net	956,438	874,170
Total Assets	337,553,668	278,170,455
Liabilities
Interest reserve	6,370,024	6,636,553
Dividend payable	8,405,865	4,537,924
Related party payable	739,950	1,800,000
Payable for investment purchased	6,629,075
Revolving line of credit	45,000,000
Management and incentive fees payable	1,247,561	905,123
Accounts payable and other liabilities	533,682	212,887
Total Liabilities	68,926,157	14,092,487
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, par value $0.01 per share, 100,000,000 shares authorized at June 30, 2022 and December 31, 2021, respectively, and 17,752,290 and 17,453,553 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	176,579	173,551
Additional paid-in-capital	268,803,970	264,081,977
Accumulated earnings (deficit)	(353,038)	(177,560)
Total stockholders’ equity	268,627,511	264,077,968
Total liabilities and stockholders’ equity	$ 337,553,668	$ 278,170,455

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	17,752,290	17,453,553
Common stock, shares outstanding	17,752,290	17,453,553

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Revenue
Interest income	$ 11,850,028	$ 1,154,489	$ 1,154,489	$ 21,683,081
Interest expense	(449,556)	(16,712)	(16,712)	(521,824)
Net interest income	11,400,472	1,137,777	1,137,777	21,161,257
Expenses
Management and incentive fees, net	1,247,561			1,919,066
General and administrative expense	777,212			1,333,353
Provision for current expected credit losses	1,045,665			1,097,008
Organizational expense		69,226	69,226
Professional fees	743,670			1,300,574
Stock based compensation	122,525			243,465
Total expenses	3,936,633	69,226	69,226	5,893,466
Net Income before income taxes	7,463,839	1,068,551	1,068,551	15,267,791
Income tax expense
Net Income	$ 7,463,839	$ 1,068,551	$ 1,068,551	$ 15,267,791
Earnings per common share:
Basic earnings per common share (in dollars per share) (in Dollars per share)	$ 0.42	$ 0.45	$ 0.44	$ 0.87
Diluted earnings per common share (in dollars per share) (in Dollars per share)	$ 0.42	$ 0.45	$ 0.44	$ 0.86
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in shares) (in Shares)	17,657,913	2,355,559	2,407,329	17,649,548
Diluted weighted average shares of common stock outstanding (in shares) (in Shares)	17,752,413	2,355,559	2,407,329	17,745,234

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In- Capital	Accumulated Earnings
Balance at Mar. 29, 2021
Balance (in Shares) at Mar. 29, 2021
Issuance of common stock in connection with sale of unregistered equity securities	100,000	$ 64	99,936
Issuance of common stock in connection with sale of unregistered equity securities (in Shares)		6,427
Balance at Mar. 31, 2021	100,000	$ 64	99,936
Balance (in Shares) at Mar. 31, 2021		6,427
Issuance of common stock in connection with sale of unregistered equity securities	56,299,744	$ 36,184	56,263,560
Issuance of common stock in connection with sale of unregistered equity securities (in Shares)		3,618,401
Dividends declared on common shares	(1,068,551)			(1,068,551)
Net income	1,068,551			1,068,551
Balance at Jun. 30, 2021	56,399,744	$ 36,248	56,363,496
Balance (in Shares) at Jun. 30, 2021		3,624,828
Balance at Dec. 31, 2021	264,077,968	$ 173,551	264,081,977	(177,560)
Balance (in Shares) at Dec. 31, 2021		17,453,553
Issuance of common stock in connection with sale of unregistered equity securities
Issuance of common stock in connection with initial public offering and concurrent private placement, net of offering costs, underwriting discounts and commissions	4,481,556	$ 3,028	4,478,528
Issuance of common stock in connection with initial public offering and concurrent private placement, net of offering costs, underwriting discounts and commissions (in Shares)		302,800
Stock-based compensation	121,915		120,940	975
Stock-based compensation (in Shares)		(3,750)
Dividends declared on common shares	(7,100,875)			(7,100,875)
Net income	7,803,952			7,803,952
Balance at Mar. 31, 2022	269,384,516	$ 176,579	268,681,445	526,492
Balance (in Shares) at Mar. 31, 2022		17,752,603
Stock-based compensation	122,732		122,525	207
Stock-based compensation (in Shares)		(313)
Dividends declared on common shares	(8,343,576)			(8,343,576)
Net income	7,463,839			7,463,839
Balance at Jun. 30, 2022	$ 268,627,511	$ 176,579	$ 268,803,970	$ (353,038)
Balance (in Shares) at Jun. 30, 2022		17,752,290

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022
Operating activities
Net income	$ 1,068,551	$ 15,267,791
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of deferred loan origination fees and other discounts	(64,061)	(1,362,776)
Payment-in-kind interest	(51,767)	(2,400,627)
Provision for current expected credit losses		1,097,008
Amortization of deferred debt issuance costs	16,712	241,095
Stock based compensation		243,465
Changes in operating assets and liabilities:
Interest receivable	(84,384)	(777,837)
Other receivables and assets, net	(118)	(146,102)
Interest reserve	613,663	(6,162,392)
Related party payable		739,950
Management fee payable		342,438
Accounts payable and other liabilities	(43,501)	292,669
Net cash provided by operating activities	1,455,095	7,374,682
Cash flows from investing activities
Issuance of and fundings of loans	(32,017,500)	(125,383,782)
Principal repayment of loans	46,667	6,654,703
Net cash used in investing activities	(31,970,833)	(118,729,079)
Cash flows from financing activities
Proceeds from sale of common stock	31,359,323	4,505,664
Proceeds from borrowings on revolving line of credit		45,000,000
Dividends paid		(11,575,495)
Payment of debt issuance costs		(177,261)
Payment of deferred offering costs		(23,941)
Net cash provided by financing activities	31,359,323	37,728,967
Change in cash	843,585	(73,625,430)
Cash, beginning of period	100,000	80,248,526
Cash, end of period	943,585	6,623,096
Supplemental disclosure of non-cash financing and investing activity
Loans acquired for issuance of shares of common stock	24,940,421
Interest reserve withheld from funding of loan	820,388	5,895,863
OID withheld from funding of loans	682,500	1,835,592
Dividends declared and not yet paid	1,068,551	8,380,271
Supplemental information:
Interest paid during the period		102,500
Income taxes paid during the period

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	1. ORGANIZATION AND DESCRIPTION OF BUSINESS Chicago Atlantic Real Estate Finance, Inc., and its wholly owned subsidiary, Chicago Atlantic Lincoln, LLC (“CAL”) (collectively the “Company”, “we”, or “our”), is a commercial mortgage real estate investment trust (“REIT”) incorporated in the state of Maryland on March 30, 2021. The Company has elected to be taxed as a REIT for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2021. The Company generally will not be subject to United States federal income taxes on its REIT taxable income if it annually distributes to stockholders all of its REIT taxable income prior to the deduction for dividends paid and complies with various other requirements as a REIT. The Company operates as one operating segment and its primary investment objective is to provide attractive, risk-adjusted returns for stockholders over time, primarily through consistent current income (dividends and distributions) and secondarily, through capital appreciation. The Company intends to achieve this objective by originating, structuring and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. The Company’s loan portfolio is primarily comprised of senior loans to state-licensed operators in the cannabis industry, secured by real estate, equipment, receivables, licenses and/or other assets of the borrowers to the extent permitted by applicable laws and regulations governing such borrowers. The Company is externally managed by Chicago Atlantic REIT Manager, LLC (the “Manager”), a Delaware limited liability company, pursuant to the terms of the management agreement dated May 1, 2021, as amended, which has a three-year initial term set to expire on April 30, 2024 (the “Management Agreement”), by and among the Company and the Manager. After the initial term, the management agreement is automatically renewed for one-year periods unless the Company or the Manager elects not to renew in accordance with the terms of the Management Agreement. The Manager conducts substantially all of the Company’s operations and provides asset management services for its real estate investments. For its services, the Manager is entitled to management fees and incentive compensation, both defined in, and in accordance with the terms of, the Management Agreement (Note 7). All of the Company’s investment decisions are made by the investment committee of the Manager, subject to oversight by the Company’s board of directors (the “Board”). The Manager is wholly-owned by Chicago Atlantic Group, LLC (the “Sponsor”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements and related notes of the Company have been prepared on the accrual basis of accounting and in conformity with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements may not contain all disclosures required by generally accepted accounting principles. Reference should be made to Note 2 of the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2021. In the opinion of the Company, all normal recurring adjustments have been made that are necessary to present fairly the results of operations and financial position as of and for the periods presented. Operating results for the three and six-month periods ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of the 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 provision for current expected credit losses. Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Interest expense was previously presented as an operating expense and has been reclassified as a reduction to revenue on the consolidated statements of income. General and administrative expense reimbursements due to the Manager, which were previously included in the line item, and management and incentive fees payable, have been reclassified into related party payable in the consolidated balance sheets. In addition, other receivables amounts have been reclassified to other receivables and assets, net in the consolidated balance sheets. These reclassifications do not result in any changes to previously reported total assets and net income. Investment Payable Investment transactions are reported on a trade-date basis. Unsettled trades as of the balance sheet date are included in payable for investments purchased. Recent Accounting Pronouncements As of June 30, 2022, there are no recent accounting pronouncements that have been issued that are expected to have a significant impact on the Company’s consolidated financial statements.

Loans Held For Investment, Net

Loans Held For Investment, Net	6 Months Ended
	Jun. 30, 2022
Loans Held For Investment Net [Abstract]
LOANS HELD FOR INVESTMENT, NET	2.0x Total Fixed-rate $ 5,000,000 $ - $ 20,080,825 $ 16,911,659 $ - $ 90,768,826 $ 132,761,310 Floating-rate 15,631,997 96,761,189 - 20,054,141 24,358,539 40,634,810 197,440,676 $ 20,631,997 $ 96,761,189 $ 20,080,825 $ 36,965,800 $ 24,358,539 $ 131,403,636 $ 330,201,986 As of December 31, 2021 Real Estate Collateral Coverage < 1.0 1.0 - 1.25 1.25 - 1.5 1.50 - 1.75 1.75 - 2.0 > 2.0 Total Fixed-rate $ 7,017,793 $ - $ 35,836,099 $ 3,086,298 $ - $ 45,373,778 $ 91,313,968 Floating-rate 8,925,068 18,022,518 - 30,029,953 32,377,087 16,315,972 105,670,598 $ 15,942,861 $ 18,022,518 $ 35,836,099 $ 33,116,251 $ 32,377,087 $ 61,689,750 $ 196,984,566 CECL Reserve The Company records an allowance for current expected credit losses for its loans held for investment. The allowances are deducted from the gross carrying amount of the assets to present the net carrying value of the amounts expected to be collected on such assets. The Company estimates its CECL Reserve using among other inputs, third-party valuations, and a third-party probability-weighted model that considers the likelihood of default and expected loss given default for each individual loan based on the risk profile for approximately three years after which we immediately revert to use of historical loss data. In the future, we may use other acceptable methods, such as a discounted cash flow method, WARM method, or other methods permitted under the standard. ASC 326 requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the macroeconomic environment. The Company considers multiple datapoints and methodologies that may include likelihood of default and expected loss given default for each individual loans, valuations derived from discount cash flows (“DCF”), and other inputs including the risk rating of the loan, how recently the loan was originated compared to the measurement date, and expected prepayment, if applicable. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, and off-balance sheet credit exposures such as unfunded loan commitments. The Company evaluates its loans on a collective (pool) basis by aggregating on the basis of similar risk characteristics as explained above. We make the judgment that loans to cannabis-related borrowers that are fully collateralized by real estate exhibit similar risk characteristics and are evaluated as a pool. Further, loans that have no real estate collateral, but are secured by other forms of collateral, including equity pledges of the borrower, and otherwise have similar characteristics as those collateralized by real estate are evaluated as a pool. All other loans are analyzed individually, either because they operate in a different industry, may have a different risk profile, or maturities that extend beyond the forecast horizon for which we are able to derive reasonable and supportable forecasts. Estimating the CECL Reserve also requires significant judgment with respect to various factors, including (i) the appropriate historical loan loss reference data, (ii) the expected timing of loan repayments, (iii) calibration of the likelihood of default to reflect the risk characteristics of the Company’s loan portfolio and (iv) the Company’s current and future view of the macroeconomic environment. From time to time, the Company may consider loan-specific qualitative factors on certain loans to estimate its CECL Reserve, which may include (i) whether cash from the borrower’s operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and (iii) the liquidation value of collateral. For loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we may elect to apply a practical expedient, in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a CECL Reserve. To estimate the historic loan losses relevant to the Company’s portfolio, the Company evaluates its historical loan performance, which includes zero realized loan losses since the inception of its operations. Additionally, the Company analyzed its repayment history, noting it has limited “true” operating history, since the incorporation date of March 30, 2021. However, the Company’s Sponsor has had operations for the past two fiscal years and has made investments in similar loans that have similar characteristics including interest rate, collateral coverage, guarantees, and prepayment/make whole provisions, which fall into the pools identified above. Given the similarity of the structuring of the credit agreements for the loans in the Company’s portfolio to the loans originated by its Sponsor, management considered it appropriate to consider the past repayment history of loans originated by the Sponsor in determining the extent to which a CECL Reserve shall be recorded. In addition, the Company reviews each loan on a quarterly basis and evaluates the borrower’s ability to pay the monthly interest and principal, if required, as well as the loan-to-value (LTV) ratio. When evaluating qualitative factors that may indicate the need for a CECL Reserve, we forecast losses considering a variety of factors. In considering the potential current expected credit loss, the Manager primarily considers significant inputs to the Company’s forecasting methods, which include (i) key loan-specific inputs such as the value of the real estate collateral, liens on equity (including the equity in the entity that holds the state-issued license to cultivate, process, distribute, or retail cannabis), presence of personal or corporate guarantees, among other credit enhancements, LTV ratio, rate type (fixed or floating) and IRR, loan-term, geographic location, and expected timing and amount of future loan fundings, (ii) performance against the underwritten business plan and the Company’s internal loan risk rating and (iii) a macro-economic forecast. Estimating the enterprise value of our borrowers in order to calculate LTV ratios is often a significant estimate. We utilize a third-party valuation appraiser to assist management with our valuation process. primarily using comparable transactions to estimate enterprise value of our portfolio companies and supplement such analysis with a multiple-based approach to enterprise value to revenue multiples of publicly-traded comparable companies obtained from S&P CapitalIQ as of June 30, 2022, to which we apply a private company discount based on our current borrower profile. These estimates may change in future periods based on available future macro-economic data and might result in a material change in the Company’s future estimates of expected credit losses for its loan portfolio. Regarding real estate collateral, the Company generally cannot take the position of mortgagee-in-possession as long as the property is used by a cannabis operator, but we can request that the court appoint a receiver to manage and operate the subject real property until the foreclosure proceedings are completed. Additionally, while we cannot foreclose under state Uniform Commercial Code (“UCC”) and take title or sell equity in a licensed cannabis business, a potential purchaser of a delinquent or defaulted loan could. In order to estimate the future expected loan losses relevant to the Company’s portfolio, the Company utilizes historical market loan loss data obtained from a third-party database for commercial real estate loans, which the Company believes is a reasonably comparable and available data set to use as an input for its type of loans. The Company believes this dataset to be representative for future credit losses whilst considering that the cannabis industry is maturing, and consumer adoption, demand for production, and retail capacity are increasing akin to commercial real estate over time. For periods beyond the reasonable and supportable forecast period, the Company reverts back to historical loss data. All of the above assumptions, although made with the most available information at the time of the estimate, are subjective and actual activity may not follow the estimated schedule. These assumptions impact the future balances that the loss rate will be applied to and as such impact the Company’s CECL Reserve. As the Company acquires new loans and the Manager monitors loan and borrower performance, these estimates will be revised each period. Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value and loans receivable at carrying value as of and for the six months ended June 30, 2022 is presented in the table below. The Company had no CECL Reserve as of and for the period March 30, 2021 (inception) to June 30, 2021. Outstanding (1) Unfunded (2) Total Balance at December 31, 2021 $ 134,542 $ 13,407 $ 147,949 Provision for current expected credit losses 1,068,882 28,126 1,097,008 Write-off charged - - - Recoveries - - - Balance at June 30, 2022 $ 1,203,424 $ 41,533 $ 1,244,957 (1) As of June 30, 2022, the CECL Reserve related to outstanding balances on loans at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets. (2) As of June 30, 2022, the CECL Reserve related to unfunded commitments on loans at carrying value is recorded within accounts payable and other liabilities in the Company’s consolidated balance sheets. Outstanding Unfunded Balance at December 31, 2021 $ 134,542 $ 13,407 Provision for current expected credit losses 48,296 3,047 Balance at March 31, 2022 182,838 16,454 Provision for current expected credit losses 1,020,586 25,079 Balance at June 30, 2022 $ 1,203,424 $ 41,533 The Company has made an accounting policy election to exclude accrued interest receivable, ($975,572 as of June 30, 2022) included in Interest Receivable on its consolidated balance sheet, from the amortized cost basis of the related loans held for investment in determining the CECL Reserve, as any uncollectible accrued interest receivable is written off in a timely manner. To date, the Company has had zero write-offs related to uncollectible interest receivable, but will discontinue accruing interest on loans if deemed to be uncollectible, with any previously accrued uncollected interest on the loan charged to interest income in the same period. As of June 30, 2022 there were no loans with principal or interest greater than 30 days past due." id="sjs-B4">3. LOANS HELD FOR INVESTMENT, NET As of June 30, 2022 and December 31, 2021, the Company’s portfolio was comprised of 22 and 21 loans, respectively, held on the consolidated balance sheet at amortized cost. The Company’s aggregate loan commitments and outstanding principal were approximately $357.1 million and $334.3 million as of June 30, 2022, and $235.1 million and $200.6 million as of December 31, 2021. For the six months ended June 30, 2022, the Company funded approximately $137.9 million in new loan principal. As of June 30, 2022 and December 31, 2021, approximately 59.8% and 53.2%, respectively, of its portfolio was comprised of floating rate loans that pay interest at the prime rate plus an applicable margin, and were subject to prime rate floors. The outstanding principal of these loans was approximately $200.0 million and $106.7 million as of June 30, 2022 and December 31, 2021, respectively. The remaining 40.2% and 46.8% of the portfolio as of June 30, 2022 and December 31, 2021, respectively, was comprised of fixed rate loans that had outstanding principal of approximately $134.3 million and $93.9 million. As of June 30, 2022 and December 31, 2021, the Company did not have any loans held for investment with floating interest rates tied to the London Inter-bank Offered Rate (“LIBOR”) or other benchmark rate. The following tables summarize the Company’s loans held for investment as of June 30, 2022 and December 31, 2021: As of June 30, 2022 Outstanding Principal Original Issue Discount Carrying Value Weighted Average Remaining Life (Years) Senior Term Loans $ 334,322,292 $ (4,120,306 ) $ 330,201,986 2.3 Current expected credit loss reserve - - (1,203,424 ) Total loans held at carrying value, net $ 334,322,292 $ (4,120,306 ) $ 328,998,562 As of December 31, 2021 Outstanding Principal Original Issue Discount Carrying Value Weighted Average Remaining Life (Years) Senior Term Loans $ 200,632,056 $ (3,647,490 ) $ 196,984,566 2.2 Current expected credit loss reserve - - (134,542 ) Total loans held at carrying value, net $ 200,632,056 $ (3,647,490 ) $ 196,850,024 The following tables presents changes in loans held at carrying value as of and for the six months ended June 30, 2022 and the period from March 30, 2021 (inception) to June 30, 2021. Principal Original Issue Current Expected Credit Loss Reserve Carrying Value Balance at December 31, 2021 $ 200,632,056 $ (3,647,490 ) $ (134,542 ) $ 196,850,024 Loans contributed - - - - New fundings 137,944,312 (1,835,592 ) - 136,108,720 Principal repayment of loans (6,654,703 ) - - (6,654,703 ) Accretion of original issue discount - 1,362,776 - 1,362,776 Sale of loans - - - - PIK Interest 2,400,627 - - 2,400,627 Current expected credit loss reserve - - (1,068,882 ) (1,068,882 ) Balance at June 30, 2022 $ 334,322,292 $ (4,120,306 ) $ (1,203,424 ) $ 328,998,562 Principal Original Issue Current Expected Credit Loss Reserve Carrying Value Balance at March 30, 2021 (inception) $ - $ - $ - $ - Loans contributed 25,185,837 (245,416 ) - 24,940,421 New fundings 32,700,000 (682,500 ) - 32,017,500 Principal repayment of loans (46,667 ) - - (46,667 ) Accretion of original issue discount - 64,061 - 64,061 Sale of loans - - - - PIK Interest 51,767 - - 51,767 Balance at June 30, 2021 $ 57,890,937 $ (863,855 ) $ - $ 57,027,082 A more detailed listing of the Company’s loans held at carrying value based on information available as of June 30, 2022, is as follows: Loan Location Outstanding Original Issue Carrying Contractual Maturity Payment Initial 1 Various 30,000,000 (403,455 ) 29,596,545 10.07% (6) 05/30/2023 I/O 07/ 02/2020 2 Pennsylvania 6,957,500 (262,946 ) 6,694,554 P + 11.00% (5) 01/31/2025 P&I 11/ 19/2020 3 Michigan 36,343,859 (202,484 ) 36,141,375 P + 6.65% (5) 12/31/2024 P&I 03/ 05/2021 4 Various 20,539,287 (514,431 ) 20,024,856 P + 10.375% (5) 03/ 31/2024 P&I 03/ 25/2021 5 Arizona 11,229,539 - 11,229,539 19.85% (7) 04/ 28/2023 P&I 04/ 19/2021 6 Massachusetts 1,500,000 - 1,500,000 P + 12.25% (5) 04/ 28/2023 P&I 04/ 19/2021 7 Pennsylvania 13,129,000 - 13,129,000 P + 10.75% (5) (8) 05/ 31/2025 P&I 05/ 28/2021 8 Michigan 4,500,000 (6,565 ) 4,493,435 P + 9.00% (5) 02/ 20/2024 P&I 08/ 20/2021 9 Various 23,020,760 (265,189 ) 22,755,571 13% Cash, 2.5% PIK 08/ 30/2024 P&I 08/ 24/2021 10 West Virginia 9,648,063 (137,521 ) 9,510,542 P + 9.25% (5) 09/ 01/2024 P&I 09/ 01/2021 11 Pennsylvania 15,379,246 - 15,379,246 P + 10.75% (5) 06/ 30/2024 P&I 09/ 03/2021 12 Michigan 352,808 - 352,808 11.00% 09/ 30/2024 P&I 09/ 20/2021 13 Maryland 32,314,053 (804,949 ) 31,509,104 P + 8.75% (5) 09/ 30/2024 I/O 09/ 30/2021 14 Various 20,000,000 (235,478 ) 19,764,522 13.00% 10/ 31/2024 P&I 11/ 08/2021 15 Michigan 10,600,000 (56,401 ) 10,543,599 P + 7.00% (5) 11/ 22/2022 I/O 11/ 22/2021 16 Various 5,000,000 - 5,000,000 15% Cash, 2.5% PIK 12/ 27/2026 P&I 12/ 27/2021 17 Michigan 3,692,478 (67,438 ) 3,625,040 10.50% Cash, 1% to 5% PIK (9) 12/ 29/2023 I/O 12/ 29/2021 18 Various 7,500,000 (62,557 ) 7,437,443 P + 9.25% (5) 12/ 31/2024 I/O 12/ 30/2021 19 Florida 15,000,000 (325,660 ) 14,674,340 11.00% 01/ 31/2025 P&I 01/ 18/2022 20 Ohio 30,369,303 (521,320 ) 29,847,983 P + 8.25% (5) 02/ 28/2025 P&I 02/ 03/2022 21 Florida 20,172,651 (91,826 ) 20,080,825 11.00% Cash, 3% PIK 08/ 29/2025 P&I 03/ 11/2022 22 Missouri 17,073,745 (162,086 ) 16,911,659 11.00% Cash, 3% PIK 05/ 30/2025 P&I 05/ 09/2022 Current expected credit loss reserve - - (1,203,424 ) Total loans held at carry value $ 334,322,292 $ (4,120,306 ) $ 328,998,562 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs (2) Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications. (3) P/I = principal and interest. I/O = interest only. P/I loans may include interest only periods for a portion of the loan term. (4) P = prime rate and depicts floating rate loans that pay interest at the prime rate plus a specific percentage; "PIK" = paid in kind interest. (5) This Loan is subject to prime rate floor. (6) The aggregate loan commitment to Loan #1 includes a $4.005 million initial advance which has an interest rate of 15.25%, a second advance of $15.995 million which has an interest rate of 9.75%, and a third advance of $10.0 million which has an interest rate of 8.5%. The statistics presented reflect the weighted average of the terms under all three advances for the total aggregate loan commitment. (7) The aggregate loan commitment to Loan #5 includes a $9.3 million initial advance which has a base interest rate of 15.25% and PIK interest rate of 2%, and a second advance of $2.0 million which has an interest rate of 39%. The statistics presented reflect the weighted average of the terms under both advances for the total aggregate loan commitment. (8) Subject to adjustment not below 2% if borrower receives at least two consecutive quarters of positive cash flow after the closing date. (9) PIK is variable with an initial rate of five percent (5.00%) per annum, until borrower’s delivery of audited financial statements for the fiscal year ended December 31, 2021, at which time the PIK interest rate shall be adjusted to a rate of 1% to 5% contingent on the financial results of the borrower. As of June 30, 2022, all loans are current, and none have been placed on non-accrual status. The aggregate fair value of the Company’s loan portfolio was $329,977,829 and $197,901,779, with gross unrecognized holding losses of $224,155 and unrecognized holding gains of $917,213 as of June 30, 2022 and December 31, 2021, respectively. The fair values, which are classified as Level 3 in the fair value hierarchy, are estimated using discounted cash flow models based on current market inputs for similar types of arrangements. The primary sensitivity in these models is based on the selection of appropriate discount rates. Fluctuations in these assumptions could result in different estimates of fair value. Credit Quality Indicators The Company assesses the risk factors of each loan, and assigns a risk rating based on a variety of factors, including, without limitation, payment history, real estate collateral coverage, property type, geographic and local market dynamics, financial performance, loan to enterprise value and fixed charge coverage ratios, loan structure and exit strategy, and project sponsorship. This review is performed quarterly. Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows: Rating Definition 1 Very low risk 2 Low risk 3 Moderate/average risk 4 High risk/potential for loss: a loan that has a risk of realizing a principal loss 5 Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss or an impairment has been recorded The risk ratings are primarily based on historical data and current conditions specific to each portfolio company, as well as consideration of future economic conditions and each borrower’s estimated ability to meet debt service requirements. The declines in risk ratings shown in the following table from December 31, 2021 to June 30, 2022, are not due to any borrower specific credit issues relating to the borrowers, but rather, is primarily due to the Company’s quarterly re-evaluation of overall current macroeconomic conditions affecting its borrowers. This decline in risk ratings did not have a significant effect on the level of the current expected credit loss reserve because the loans continue to perform as agreed and the fair value of the underlying collateral exceeds the amount outstanding. As of June 30, 2022 and December 31, 2021, the carrying value, excluding the current expected credit loss reserve (the “CECL Reserve”), of the Company’s loans within each risk rating category by year of origination is as follows: As of June 30, 2022 1 As of December 31, 2021 Risk Rating 2022 2021 2020 2019 Total 2021 2020 2019 Total 1 - 34,546,303 29,596,545 - 64,142,848 135,076,307 32,242,114 590,384 167,908,805 2 87,808,199 82,382,609 6,694,554 - 176,885,362 29,075,761 - - 29,075,761 3 29,847,983 54,325,793 - - 84,173,776 - - - - 4 - 5,000,000 - - 5,000,000 - - - - 5 - - - - - - - - - Total 117,656,182 176,254,705 36,291,099 - 330,201,986 164,152,068 32,242,114 590,384 196,984,566 (1) Amounts are presented by loan origination year with subsequent advances shown in the original year of origination. Real estate collateral coverage is also a significant credit quality indicator, and real estate collateral coverage, excluding the CECL Reserve, was as follows as of June 30, 2022 and December 31, 2021: As of June 30, 2022 Real Estate Collateral Coverage < 1.0x 1.0x - 1.25x 1.25x - 1.5x 1.50x - 1.75x 1.75x - 2.0x > 2.0x Total Fixed-rate $ 5,000,000 $ - $ 20,080,825 $ 16,911,659 $ - $ 90,768,826 $ 132,761,310 Floating-rate 15,631,997 96,761,189 - 20,054,141 24,358,539 40,634,810 197,440,676 $ 20,631,997 $ 96,761,189 $ 20,080,825 $ 36,965,800 $ 24,358,539 $ 131,403,636 $ 330,201,986 As of December 31, 2021 Real Estate Collateral Coverage < 1.0 1.0 - 1.25 1.25 - 1.5 1.50 - 1.75 1.75 - 2.0 > 2.0 Total Fixed-rate $ 7,017,793 $ - $ 35,836,099 $ 3,086,298 $ - $ 45,373,778 $ 91,313,968 Floating-rate 8,925,068 18,022,518 - 30,029,953 32,377,087 16,315,972 105,670,598 $ 15,942,861 $ 18,022,518 $ 35,836,099 $ 33,116,251 $ 32,377,087 $ 61,689,750 $ 196,984,566 CECL Reserve The Company records an allowance for current expected credit losses for its loans held for investment. The allowances are deducted from the gross carrying amount of the assets to present the net carrying value of the amounts expected to be collected on such assets. The Company estimates its CECL Reserve using among other inputs, third-party valuations, and a third-party probability-weighted model that considers the likelihood of default and expected loss given default for each individual loan based on the risk profile for approximately three years after which we immediately revert to use of historical loss data. In the future, we may use other acceptable methods, such as a discounted cash flow method, WARM method, or other methods permitted under the standard. ASC 326 requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the macroeconomic environment. The Company considers multiple datapoints and methodologies that may include likelihood of default and expected loss given default for each individual loans, valuations derived from discount cash flows (“DCF”), and other inputs including the risk rating of the loan, how recently the loan was originated compared to the measurement date, and expected prepayment, if applicable. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, and off-balance sheet credit exposures such as unfunded loan commitments. The Company evaluates its loans on a collective (pool) basis by aggregating on the basis of similar risk characteristics as explained above. We make the judgment that loans to cannabis-related borrowers that are fully collateralized by real estate exhibit similar risk characteristics and are evaluated as a pool. Further, loans that have no real estate collateral, but are secured by other forms of collateral, including equity pledges of the borrower, and otherwise have similar characteristics as those collateralized by real estate are evaluated as a pool. All other loans are analyzed individually, either because they operate in a different industry, may have a different risk profile, or maturities that extend beyond the forecast horizon for which we are able to derive reasonable and supportable forecasts. Estimating the CECL Reserve also requires significant judgment with respect to various factors, including (i) the appropriate historical loan loss reference data, (ii) the expected timing of loan repayments, (iii) calibration of the likelihood of default to reflect the risk characteristics of the Company’s loan portfolio and (iv) the Company’s current and future view of the macroeconomic environment. From time to time, the Company may consider loan-specific qualitative factors on certain loans to estimate its CECL Reserve, which may include (i) whether cash from the borrower’s operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and (iii) the liquidation value of collateral. For loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we may elect to apply a practical expedient, in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a CECL Reserve. To estimate the historic loan losses relevant to the Company’s portfolio, the Company evaluates its historical loan performance, which includes zero realized loan losses since the inception of its operations. Additionally, the Company analyzed its repayment history, noting it has limited “true” operating history, since the incorporation date of March 30, 2021. However, the Company’s Sponsor has had operations for the past two fiscal years and has made investments in similar loans that have similar characteristics including interest rate, collateral coverage, guarantees, and prepayment/make whole provisions, which fall into the pools identified above. Given the similarity of the structuring of the credit agreements for the loans in the Company’s portfolio to the loans originated by its Sponsor, management considered it appropriate to consider the past repayment history of loans originated by the Sponsor in determining the extent to which a CECL Reserve shall be recorded. In addition, the Company reviews each loan on a quarterly basis and evaluates the borrower’s ability to pay the monthly interest and principal, if required, as well as the loan-to-value (LTV) ratio. When evaluating qualitative factors that may indicate the need for a CECL Reserve, we forecast losses considering a variety of factors. In considering the potential current expected credit loss, the Manager primarily considers significant inputs to the Company’s forecasting methods, which include (i) key loan-specific inputs such as the value of the real estate collateral, liens on equity (including the equity in the entity that holds the state-issued license to cultivate, process, distribute, or retail cannabis), presence of personal or corporate guarantees, among other credit enhancements, LTV ratio, rate type (fixed or floating) and IRR, loan-term, geographic location, and expected timing and amount of future loan fundings, (ii) performance against the underwritten business plan and the Company’s internal loan risk rating and (iii) a macro-economic forecast. Estimating the enterprise value of our borrowers in order to calculate LTV ratios is often a significant estimate. We utilize a third-party valuation appraiser to assist management with our valuation process. primarily using comparable transactions to estimate enterprise value of our portfolio companies and supplement such analysis with a multiple-based approach to enterprise value to revenue multiples of publicly-traded comparable companies obtained from S&P CapitalIQ as of June 30, 2022, to which we apply a private company discount based on our current borrower profile. These estimates may change in future periods based on available future macro-economic data and might result in a material change in the Company’s future estimates of expected credit losses for its loan portfolio. Regarding real estate collateral, the Company generally cannot take the position of mortgagee-in-possession as long as the property is used by a cannabis operator, but we can request that the court appoint a receiver to manage and operate the subject real property until the foreclosure proceedings are completed. Additionally, while we cannot foreclose under state Uniform Commercial Code (“UCC”) and take title or sell equity in a licensed cannabis business, a potential purchaser of a delinquent or defaulted loan could. In order to estimate the future expected loan losses relevant to the Company’s portfolio, the Company utilizes historical market loan loss data obtained from a third-party database for commercial real estate loans, which the Company believes is a reasonably comparable and available data set to use as an input for its type of loans. The Company believes this dataset to be representative for future credit losses whilst considering that the cannabis industry is maturing, and consumer adoption, demand for production, and retail capacity are increasing akin to commercial real estate over time. For periods beyond the reasonable and supportable forecast period, the Company reverts back to historical loss data. All of the above assumptions, although made with the most available information at the time of the estimate, are subjective and actual activity may not follow the estimated schedule. These assumptions impact the future balances that the loss rate will be applied to and as such impact the Company’s CECL Reserve. As the Company acquires new loans and the Manager monitors loan and borrower performance, these estimates will be revised each period. Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value and loans receivable at carrying value as of and for the six months ended June 30, 2022 is presented in the table below. The Company had no CECL Reserve as of and for the period March 30, 2021 (inception) to June 30, 2021. Outstanding (1) Unfunded (2) Total Balance at December 31, 2021 $ 134,542 $ 13,407 $ 147,949 Provision for current expected credit losses 1,068,882 28,126 1,097,008 Write-off charged - - - Recoveries - - - Balance at June 30, 2022 $ 1,203,424 $ 41,533 $ 1,244,957 (1) As of June 30, 2022, the CECL Reserve related to outstanding balances on loans at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets. (2) As of June 30, 2022, the CECL Reserve related to unfunded commitments on loans at carrying value is recorded within accounts payable and other liabilities in the Company’s consolidated balance sheets. Outstanding Unfunded Balance at December 31, 2021 $ 134,542 $ 13,407 Provision for current expected credit losses 48,296 3,047 Balance at March 31, 2022 182,838 16,454 Provision for current expected credit losses 1,020,586 25,079 Balance at June 30, 2022 $ 1,203,424 $ 41,533 The Company has made an accounting policy election to exclude accrued interest receivable, ($975,572 as of June 30, 2022) included in Interest Receivable on its consolidated balance sheet, from the amortized cost basis of the related loans held for investment in determining the CECL Reserve, as any uncollectible accrued interest receivable is written off in a timely manner. To date, the Company has had zero write-offs related to uncollectible interest receivable, but will discontinue accruing interest on loans if deemed to be uncollectible, with any previously accrued uncollected interest on the loan charged to interest income in the same period. As of June 30, 2022 there were no loans with principal or interest greater than 30 days past due.

Interest Receivable

Interest Receivable	6 Months Ended
	Jun. 30, 2022
Interest Receivable [Abstract]
INTEREST RECEIVABLE	4. INTEREST RECEIVABLE The following table summarizes the interest receivable by the Company as of June 30, 2022 and December 31, 2021: As of As of Interest receivable $ 821,239 $ 193,790 PIK interest receivable 63,889 - Unused fees receivable $ 90,444 $ 3,945 Total interest receivable $ 975,572 $ 197,735

Interest Reserve

Interest Reserve	6 Months Ended
	Jun. 30, 2022
Interest Reserve [Abstract]
INTEREST RESERVE	5. INTEREST RESERVE At June 30, 2022, the Company had five loans that included a loan funded interest reserve. The following table presents changes in interest reserves as of June 30, 2022 and December 31, 2021, respectively: As of June 30, As of December 31, Initial reserves $ 6,636,553 $ - New reserves $ 5,895,863 $ 9,223,802 Reserves disbursed $ (6,162,392 ) $ (2,587,249 ) Total interest reserve $ 6,370,024 $ 6,636,553

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
DEBT	6. DEBT In May 2021, in connection with the Company’s acquisition of our financing subsidiary, CAL, we were assigned a secured revolving credit facility (the “Revolving Loan”). The Revolving Loan has an aggregate borrowing base of up to $10,000,000 and bears interest, payable in cash in arrears, at a per annum rate equal to the greater of (x) Prime Rate plus 1.00% and (y) 4.75%. The Company incurred debt issuance costs of $100,000 related to the origination of the Revolving Loan, which were capitalized and are subsequently being amortized through maturity. The maturity date of the Revolving Loan is the earlier of (i) February 12, 2023 and (ii) the date on which the Revolving Loan is terminated pursuant to terms in the Revolving Loan Agreement. On December 16, 2021, the Company amended the Revolving Loan Agreement (the “First Amendment”). The First Amendment increased the loan commitment from $10,000,000 to $45,000,000 and decreased the interest rate, from the greater of the (1) Prime Rate plus 1.00% and (2) 4.75% to the greater of (1) the Prime Rate plus the applicable margin and (2) 3.25%. The applicable margin depends on the ratio of debt to equity of CAL and increases from 0% at a ratio of 0.25 to 1 to 1.25% at a ratio of 1.5 to 1. The First Amendment also extended the maturity date from February 12, 2023 to the earlier of (i) December 16, 2023 and (ii) the date on which the Revolving Loan is terminated pursuant to the terms in the Revolving Loan agreement. The Company incurred debt issuance costs of $859,500 related to the First Amendment, which were capitalized and are subsequently being amortized through maturity. On May 12, 2022, the Company amended the Revolving Loan Agreement a second time (the “Second Amendment”). The Second Amendment increased the loan commitment from $45,000,000 to $65,000,000. No other material terms of the Revolving Loan were modified as a result of the execution of the Second Amendment. The Company incurred debt issuance costs of $177,260 related to the Second Amendment, which were capitalized and are subsequently being amortized through maturity. As of June 30, 2022 and December 31, 2021, unamortized debt issuance costs related to the Revolving Loan and the First and Second Amendments of $804,188 and $868,022, respectively, are recorded in other receivables and assets, net on the consolidated balance sheets. The Revolving Loan incurs unused fees at a rate of 0.25% per annum beginning July 1, 2022 pursuant to the Second Amendment. Additionally, for the period from January 1, 2022 to June 30, 2022, the Company borrowed $45.0 million against the Revolving Loan and incurred $276,562 in interest expense for the period then ended. The Second Amendment provides for certain affirmative covenants, including requiring us to deliver financial information and any notices of default, and conducting business in the normal course. Additionally, the Company must comply with certain financial covenants including: (1) maximum capital expenditures of $150,000, (2) maintaining a debt service coverage ratio greater than 1.35 to 1, and (3) maintaining a leverage ratio less than 1.50 to 1. As of June 30, 2022, we were in compliance with all financial covenants with respect to the Revolving Loan. The following table reflects a summary of interest expense incurred during the three and six months ended June 30, 2022. There was no interest expense incurred during the period March 30, 2021 (inception) to June 30, 2021. For three For six Interest expense $ 276,562 $ 276,562 Unused Fee – Line of Credit 4,167 4,167 Amortization of debt issue costs 168,827 241,095 Total interest expense $ 449,556 $ 521,824

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	7. 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 is entitled to receive base management fees (the “Base Management Fee”) that are calculated and payable quarterly in arrears, in an amount equal to 0.375% of the Company’s Equity, determined as of the last day of each such quarter; reduced by an amount equal to 50% of the pro rata amount of origination fees earned and paid to the Manager during the applicable quarter for loans that were originated on the Company’s behalf by the Manager or affiliates of the Manager (“Outside Fees”). For the six months ended June 30, 2022, the Base Management Fee payable was reduced by Outside Fees in the amount of $1,082,251. In addition to the Base Management Fee, the Manager is entitled to receive incentive compensation (the “Incentive Compensation” or “Incentive Fees”) under the Management Agreement. Under the Management Agreement, the Company will pay Incentive Fees to the Manager based upon the Company’s achievement of targeted levels of Core Earnings. “Core Earnings” is defined in the Management Agreement as, for a given period means the net income (loss) for such period, computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income and (v) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between the Manager and the Independent Directors and approved by a majority of the Independent Directors. Incentive compensation for the six months ended June 30, 2022 was $980,906. 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. We reimburse our Manager or its affiliates, as applicable, for the Company’s fair and equitable allocable share of the compensation, including annual base salary, bonus, any related withholding taxes and employee benefits, paid to (i) subject to review by the Compensation Committee of the Board, the Manager’s personnel serving as an officer of the Company, based on the percentage of his or her time spent devoted to the Company’s affairs and (ii) other corporate finance, tax, accounting, internal audit, legal, risk management, operations, compliance and other non-investment personnel of the Manager and its affiliates who spend all or a portion of their time managing the Company’s affairs, with the allocable share of the compensation of such personnel described in this clause (ii) being as reasonably determined by the Manager to appropriately reflect the amount of time spent devoted by such personnel to our affairs. The following table summarizes the related party costs incurred by the Company and amounts payable to the Manager for the periods ended June 30, 2022 and December 31, 2021. Three months Three months Six months Period from Affiliate Payments Management fees earned $ 1,013,298 $ - $ 2,020,411 $ - Less: Outside Fees earned (364,500 ) - (1,082,251 ) - Base management fees, net 648,798 - 938,160 - Incentive fees 598,763 - 980,906 - Management and incentive fees earned 1,247,561 - 1,919,066 - General and administrative expenses reimbursable to Manager 686,981 - 1,151,471 - Total $ 1,934,542 $ - $ 3,070,537 $ - General administrative expenses reimbursable to the Manager are included in the related party payable line item of the consolidated balance sheets as of June 30, 2022 and December 31, 2021. Amounts payable to the Manager as of June 30, 2022 and December 31, 2021 were approximately $2.0 million and $2.7 million, respectively, which included bonuses accrued for the year which are not reimbursed to the Manager until paid. Investments in Loans From time to time, the Company may co-invest with other investment vehicles managed by its affiliates, in accordance with the Manager’s co-investment allocation policies. The Company is not obligated to provide, nor has it provided, any financial support to the other managed investment vehicles. As such, the Company’s risk is limited to the carrying value of its investment in any such loan. As of and for the six months ended June 30, 2022, 14 of the Company’s loans were co-invested by affiliates of the Company.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES Off-Balance Sheet Arrangements Off-balance sheet commitments may consist of unfunded commitments on delayed draw term loans. The Company does not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured investment vehicles, special purpose entities or variable interest entities, established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes. Further, the Company has not guaranteed any obligations of unconsolidated entities or entered into any commitment to provide additional funding to any such entities. As of June 30, 2022 and December 31, 2021, the Company had the following commitments to fund various existing loans. As of As of Total original loan commitments $ 357,117,706 $ 235,063,593 Less: drawn commitments (331,954,897 ) (200,359,026 ) Total undrawn commitments $ 25,162,809 $ 34,704,567 Refer to “Note 3 - Loans Held for Investment, Net” for further information regarding the CECL Reserve attributed to unfunded commitments. Other Contingencies The Company from time to time may be a party to litigation in the normal course of business. As of June 30, 2022, the Company is not aware of any legal claims that could materially impact its business, financial condition or results of operations. The Company’s ability to grow or maintain its business depends, in part, on state laws pertaining to the cannabis industry. New laws that are averse to the Company’s portfolio companies may be enacted, and current favorable state or national laws or enforcement guidelines relating to cultivation, production and distribution of cannabis may be modified or eliminated in the future, which would impede the Company’s ability to grow and could materially adversely affect its 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 may result in the Company realizing a loss on the transaction.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
STOCKHOLDERS’ EQUITY	9. STOCKHOLDERS’ EQUITY Common Stock On January 5, 2022, the underwriters in the Company’s initial public offering (the “IPO”) partially exercised their over-allotment option to purchase 302,800 shares of the Company’s common stock at a price of $16.00 per share, raising $4,844,800 in additional gross proceeds or $4,505,664 in net proceeds after underwriting commissions of $339,136, which is reflected as a reduction of additional paid-in capital on the consolidated statements of stockholders’ equity. During the period from March 30, 2021 (inception) to December 31, 2021, the Company issued 10,636,363 shares of its common stock pursuant to transactions that were exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended. On December 10, 2021, the Company completed its IPO of 6,250,000 shares of its common stock at a price of $16.00 per share, raising $100,000,000 in gross proceeds. The underwriting commission of $7,000,000 is reflected as a reduction of additional paid-in capital on the consolidated statements of stockholders’ equity. The Company incurred approximately $1,265,877 of expenses in connection with the IPO, which is reflected as a reduction in additional paid-in capital. The net proceeds to the Company totaled approximately $91,734,123. Concurrent with the closing of the IPO, the Company sold 468,750 shares of its common stock at the public offering price of $16.00 per share in a private placement to John Mazarakis, the Company’s Executive Chairman, Anthony Cappell, the Company’s Chief Executive Officer, and Dr. Andreas Bodmeier, the Company’s Co-President. Gross proceeds received were $7,500,000, and no underwriting discounts or commissions were paid in respect of these shares. On October 21, 2021, the Board approved a 6,427-for-one stock split of the Company’s common stock. All common shares and per share information presented in the consolidated financial statements have been adjusted to reflect the stock split on a retroactive basis for all periods presented, including reclassifying an amount equal to the increase in par value of common stock from additional paid-in capital. There was no change in the par value of the Company’s common stock. Equity Incentive Plan The Company has established an equity incentive compensation plan (the “2021 Plan”). The Board authorized the adoption of the 2021 Plan and the Compensation Committee of the Board approved restricted stock award grants 98,440 shares of common stock during the quarter ended December 31, 2021. The Compensation Committee appointed by the Board administers the 2021 Plan. The 2021 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. The 2021 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 restricted stock awards to participants in the 2021 Plan, but it may also grant any other type of award available under the 2021 Plan in the future. Persons eligible to receive awards under the 2021 Plan include the Company’s officers and employees of the Manager and its affiliates or officers and employees of the Company’s subsidiaries, if any, the members of the Board, and certain consultants and other service providers. As of June 30, 2022 and December 31, 2021, the maximum number of shares of the Company common stock that may be delivered pursuant to awards under the 2021 Plan (the “Share Limit”) equals 8.50% of the issued and outstanding shares of the Company’s common stock on a fully-diluted basis following the completion of the IPO. Shares that are subject to or underlie awards that expire or for any reason are cancelled or terminated, are forfeited, fail to vest, or for any other reason are not paid or delivered under the 2021 Plan will not be counted against the Share Limit and will again be available for subsequent awards under the 2021 Plan. There were 4,063 shares forfeited during the six months ended June 30, 2022. Shares that are exchanged by a participant or withheld by us as full or partial payment in connection with any award granted under the 2021 Plan, as well as any shares exchanged by a participant or withheld by the Company to satisfy tax withholding obligations related to any award granted under the 2021 Plan, will not be counted against the Share Limit and will again be available for subsequent awards under the 2021 Plan. To the extent that an award is settled in cash or a form other than shares, the shares that would have been delivered had there been no such cash or other settlement will not be counted against the Share Limit and will again be available for subsequent awards under the 2021 Plan. The following table summarizes the restricted stock activity for the Company’s directors and officers and employees of the Manager as of June 30, 2022 and December 31, 2021. As of As of Non-vested 98,440 98,440 Forfeited (4,063 ) - Balance 94,377 98,440 Restricted stock grant expense is based on the Company’s stock price at the time of the grant and amortized over the vesting period. Forfeitures are recognized as they occur. The share-based compensation expense for the Company was approximately $243,465 for the six months ended June 30, 2022.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	10. EARNINGS PER SHARE The following information sets forth the computations of basic earnings per common share for the six months ended June 30, 2022 and for the period from March 30, 2021 (inception) to June 30, 2021: For the three For the three For the six Period from June 30, June 30, June 30, June 30, Net income attributable to common stockholders $ 7,463,839 $ 1,068,551 $ 15,267,791 $ 1,068,551 Divided by: Basic weighted average shares of common stock outstanding 17,657,913 $ 2,407,329 17,649,548 2,355,559 Diluted weighted average shares of common stock outstanding 17,752,413 $ 2,407,329 17,745,234 2,355,559 Basic earnings per common share $ 0.42 $ 0.44 $ 0.87 $ 0.45 Diluted earnings per common share $ 0.42 $ 0.44 $ 0.86 $ 0.45

Income Tax

Income Tax	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAX	11. INCOME TAX The income tax provision for the Company was $0 for the six months ended June 30, 2022. For the three and six months ended June 30, 2022, the Company incurred no expense for United Stated federal excise tax. If it is determined that the Company’s estimated current year taxable income will be in excess of estimated dividend distributions (including capital gain dividend) for the current year from such income, the Company will accrue excise tax on estimated excess taxable income as such taxable income is earned. The annual expense is calculated in accordance with applicable tax regulations. As of June 30, 2022 and December 31, 2021, the Company does not have any unrecognized tax benefits and does not expect that to change in the next 12 months.

Dividends and Distributions

Dividends and Distributions	6 Months Ended
	Jun. 30, 2022
Dividends And Distributions [Abstract]
DIVIDENDS AND DISTRIBUTIONS	12. DIVIDENDS AND DISTRIBUTIONS The following table summarizes the Company’s dividends declared during the six months ended June 30, 2022. There were no dividends declared for the six months ended June 30, 2021. Record Date Payment Date Common Share Distribution Amount Taxable Ordinary Income Return of Capital Section 199A Dividends Regular cash dividend 3/31/2022 4/14/2022 $ 0.40 $ 0.40 $ - $ 0.40 Regular cash dividend 6/30/2022 7/15/2022 $ 0.47 $ 0.47 $ - $ 0.47 Total cash dividend $ 0.87 $ 0.87 $ - $ 0.87

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS On July 8, 2022, the Company sold a senior secured loan to an affiliate under common control. The selling price of approximately $6.7 million was determined using Level 3 inputs and was approved by the audit committee of the Board. The fair value approximated the carrying value of the loan plus accrued and unpaid interest through July 8, 2022. On August 4, 2022, we assigned $10.0 million of unfunded commitment of a senior secured loan to an affiliate.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and related notes of the Company have been prepared on the accrual basis of accounting and in conformity with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these financial statements may not contain all disclosures required by generally accepted accounting principles. Reference should be made to Note 2 of the Company’s Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2021. In the opinion of the Company, all normal recurring adjustments have been made that are necessary to present fairly the results of operations and financial position as of and for the periods presented. Operating results for the three and six-month periods ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
Use of Estimates in the Preparation of Consolidated Financial Statements	Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of the 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 provision for current expected credit losses.
Reclassifications	Reclassifications Certain prior period amounts have been reclassified to conform to the current period presentation. Interest expense was previously presented as an operating expense and has been reclassified as a reduction to revenue on the consolidated statements of income. General and administrative expense reimbursements due to the Manager, which were previously included in the line item, and management and incentive fees payable, have been reclassified into related party payable in the consolidated balance sheets. In addition, other receivables amounts have been reclassified to other receivables and assets, net in the consolidated balance sheets. These reclassifications do not result in any changes to previously reported total assets and net income.
Investment Payable	Investment Payable Investment transactions are reported on a trade-date basis. Unsettled trades as of the balance sheet date are included in payable for investments purchased.
Recent Accounting Pronouncements	Recent Accounting Pronouncements As of June 30, 2022, there are no recent accounting pronouncements that have been issued that are expected to have a significant impact on the Company’s consolidated financial statements.

Loans Held For Investment, Net

Loans Held For Investment, Net (Tables)	6 Months Ended
	Jun. 30, 2022
Loans Held For Investment Net [Abstract]
Schedule of loans held for investment	As of June 30, 2022 Outstanding Principal Original Issue Discount Carrying Value Weighted Average Remaining Life (Years) Senior Term Loans $ 334,322,292 $ (4,120,306 ) $ 330,201,986 2.3 Current expected credit loss reserve - - (1,203,424 ) Total loans held at carrying value, net $ 334,322,292 $ (4,120,306 ) $ 328,998,562 As of December 31, 2021 Outstanding Principal Original Issue Discount Carrying Value Weighted Average Remaining Life (Years) Senior Term Loans $ 200,632,056 $ (3,647,490 ) $ 196,984,566 2.2 Current expected credit loss reserve - - (134,542 ) Total loans held at carrying value, net $ 200,632,056 $ (3,647,490 ) $ 196,850,024
Schedule of changes in loans held at carrying value	Principal Original Issue Current Expected Credit Loss Reserve Carrying Value Balance at December 31, 2021 $ 200,632,056 $ (3,647,490 ) $ (134,542 ) $ 196,850,024 Loans contributed - - - - New fundings 137,944,312 (1,835,592 ) - 136,108,720 Principal repayment of loans (6,654,703 ) - - (6,654,703 ) Accretion of original issue discount - 1,362,776 - 1,362,776 Sale of loans - - - - PIK Interest 2,400,627 - - 2,400,627 Current expected credit loss reserve - - (1,068,882 ) (1,068,882 ) Balance at June 30, 2022 $ 334,322,292 $ (4,120,306 ) $ (1,203,424 ) $ 328,998,562 Principal Original Issue Current Expected Credit Loss Reserve Carrying Value Balance at March 30, 2021 (inception) $ - $ - $ - $ - Loans contributed 25,185,837 (245,416 ) - 24,940,421 New fundings 32,700,000 (682,500 ) - 32,017,500 Principal repayment of loans (46,667 ) - - (46,667 ) Accretion of original issue discount - 64,061 - 64,061 Sale of loans - - - - PIK Interest 51,767 - - 51,767 Balance at June 30, 2021 $ 57,890,937 $ (863,855 ) $ - $ 57,027,082
Schedule of loans held at carrying value portfolio based on information	Loan Location Outstanding Original Issue Carrying Contractual Maturity Payment Initial 1 Various 30,000,000 (403,455 ) 29,596,545 10.07% (6) 05/30/2023 I/O 07/ 02/2020 2 Pennsylvania 6,957,500 (262,946 ) 6,694,554 P + 11.00% (5) 01/31/2025 P&I 11/ 19/2020 3 Michigan 36,343,859 (202,484 ) 36,141,375 P + 6.65% (5) 12/31/2024 P&I 03/ 05/2021 4 Various 20,539,287 (514,431 ) 20,024,856 P + 10.375% (5) 03/ 31/2024 P&I 03/ 25/2021 5 Arizona 11,229,539 - 11,229,539 19.85% (7) 04/ 28/2023 P&I 04/ 19/2021 6 Massachusetts 1,500,000 - 1,500,000 P + 12.25% (5) 04/ 28/2023 P&I 04/ 19/2021 7 Pennsylvania 13,129,000 - 13,129,000 P + 10.75% (5) (8) 05/ 31/2025 P&I 05/ 28/2021 8 Michigan 4,500,000 (6,565 ) 4,493,435 P + 9.00% (5) 02/ 20/2024 P&I 08/ 20/2021 9 Various 23,020,760 (265,189 ) 22,755,571 13% Cash, 2.5% PIK 08/ 30/2024 P&I 08/ 24/2021 10 West Virginia 9,648,063 (137,521 ) 9,510,542 P + 9.25% (5) 09/ 01/2024 P&I 09/ 01/2021 11 Pennsylvania 15,379,246 - 15,379,246 P + 10.75% (5) 06/ 30/2024 P&I 09/ 03/2021 12 Michigan 352,808 - 352,808 11.00% 09/ 30/2024 P&I 09/ 20/2021 13 Maryland 32,314,053 (804,949 ) 31,509,104 P + 8.75% (5) 09/ 30/2024 I/O 09/ 30/2021 14 Various 20,000,000 (235,478 ) 19,764,522 13.00% 10/ 31/2024 P&I 11/ 08/2021 15 Michigan 10,600,000 (56,401 ) 10,543,599 P + 7.00% (5) 11/ 22/2022 I/O 11/ 22/2021 16 Various 5,000,000 - 5,000,000 15% Cash, 2.5% PIK 12/ 27/2026 P&I 12/ 27/2021 17 Michigan 3,692,478 (67,438 ) 3,625,040 10.50% Cash, 1% to 5% PIK (9) 12/ 29/2023 I/O 12/ 29/2021 18 Various 7,500,000 (62,557 ) 7,437,443 P + 9.25% (5) 12/ 31/2024 I/O 12/ 30/2021 19 Florida 15,000,000 (325,660 ) 14,674,340 11.00% 01/ 31/2025 P&I 01/ 18/2022 20 Ohio 30,369,303 (521,320 ) 29,847,983 P + 8.25% (5) 02/ 28/2025 P&I 02/ 03/2022 21 Florida 20,172,651 (91,826 ) 20,080,825 11.00% Cash, 3% PIK 08/ 29/2025 P&I 03/ 11/2022 22 Missouri 17,073,745 (162,086 ) 16,911,659 11.00% Cash, 3% PIK 05/ 30/2025 P&I 05/ 09/2022 Current expected credit loss reserve - - (1,203,424 ) Total loans held at carry value $ 334,322,292 $ (4,120,306 ) $ 328,998,562
Schedule of risk rating	Rating Definition 1 Very low risk 2 Low risk 3 Moderate/average risk 4 High risk/potential for loss: a loan that has a risk of realizing a principal loss 5 Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss or an impairment has been recorded
Schedule of carrying value of loans held for investment	As of June 30, 2022 1 As of December 31, 2021 Risk Rating 2022 2021 2020 2019 Total 2021 2020 2019 Total 1 - 34,546,303 29,596,545 - 64,142,848 135,076,307 32,242,114 590,384 167,908,805 2 87,808,199 82,382,609 6,694,554 - 176,885,362 29,075,761 - - 29,075,761 3 29,847,983 54,325,793 - - 84,173,776 - - - - 4 - 5,000,000 - - 5,000,000 - - - - 5 - - - - - - - - - Total 117,656,182 176,254,705 36,291,099 - 330,201,986 164,152,068 32,242,114 590,384 196,984,566 (1) Amounts are presented by loan origination year with subsequent advances shown in the original year of origination.
Schedule of real estate collateral coverage	As of June 30, 2022 Real Estate Collateral Coverage < 1.0x 1.0x - 1.25x 1.25x - 1.5x 1.50x - 1.75x 1.75x - 2.0x > 2.0x Total Fixed-rate $ 5,000,000 $ - $ 20,080,825 $ 16,911,659 $ - $ 90,768,826 $ 132,761,310 Floating-rate 15,631,997 96,761,189 - 20,054,141 24,358,539 40,634,810 197,440,676 $ 20,631,997 $ 96,761,189 $ 20,080,825 $ 36,965,800 $ 24,358,539 $ 131,403,636 $ 330,201,986 As of December 31, 2021 Real Estate Collateral Coverage < 1.0 1.0 - 1.25 1.25 - 1.5 1.50 - 1.75 1.75 - 2.0 > 2.0 Total Fixed-rate $ 7,017,793 $ - $ 35,836,099 $ 3,086,298 $ - $ 45,373,778 $ 91,313,968 Floating-rate 8,925,068 18,022,518 - 30,029,953 32,377,087 16,315,972 105,670,598 $ 15,942,861 $ 18,022,518 $ 35,836,099 $ 33,116,251 $ 32,377,087 $ 61,689,750 $ 196,984,566
Schedule of Activity related to the CECL Reserve for outstanding balances	Outstanding (1) Unfunded (2) Total Balance at December 31, 2021 $ 134,542 $ 13,407 $ 147,949 Provision for current expected credit losses 1,068,882 28,126 1,097,008 Write-off charged - - - Recoveries - - - Balance at June 30, 2022 $ 1,203,424 $ 41,533 $ 1,244,957
Schedule of Provision for current expected credit losses	Outstanding Unfunded Balance at December 31, 2021 $ 134,542 $ 13,407 Provision for current expected credit losses 48,296 3,047 Balance at March 31, 2022 182,838 16,454 Provision for current expected credit losses 1,020,586 25,079 Balance at June 30, 2022 $ 1,203,424 $ 41,533

Interest Receivable (Tables)

Interest Receivable (Tables)	6 Months Ended
	Jun. 30, 2022
Interest Receivable [Abstract]
Schedule of summarizes the interest receivable	As of As of Interest receivable $ 821,239 $ 193,790 PIK interest receivable 63,889 - Unused fees receivable $ 90,444 $ 3,945 Total interest receivable $ 975,572 $ 197,735

Interest Reserve (Tables)

Interest Reserve (Tables)	6 Months Ended
	Jun. 30, 2022
Equity Method Investments and Joint Ventures [Abstract]
Schedule of changes in interest reserves	As of June 30, As of December 31, Initial reserves $ 6,636,553 $ - New reserves $ 5,895,863 $ 9,223,802 Reserves disbursed $ (6,162,392 ) $ (2,587,249 ) Total interest reserve $ 6,370,024 $ 6,636,553

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of interest expense incurred during the three and six months	For three For six Interest expense $ 276,562 $ 276,562 Unused Fee – Line of Credit 4,167 4,167 Amortization of debt issue costs 168,827 241,095 Total interest expense $ 449,556 $ 521,824

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2022
Related Party Transactions [Abstract]
Schedule of related party costs and amounts payable to the manager	Three months Three months Six months Period from Affiliate Payments Management fees earned $ 1,013,298 $ - $ 2,020,411 $ - Less: Outside Fees earned (364,500 ) - (1,082,251 ) - Base management fees, net 648,798 - 938,160 - Incentive fees 598,763 - 980,906 - Management and incentive fees earned 1,247,561 - 1,919,066 - General and administrative expenses reimbursable to Manager 686,981 - 1,151,471 - Total $ 1,934,542 $ - $ 3,070,537 $ -

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of commitments to fund various existing loans	As of As of Total original loan commitments $ 357,117,706 $ 235,063,593 Less: drawn commitments (331,954,897 ) (200,359,026 ) Total undrawn commitments $ 25,162,809 $ 34,704,567

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2022
Stockholders' Equity Note [Abstract]
Schedule of restricted stock activity	As of As of Non-vested 98,440 98,440 Forfeited (4,063 ) - Balance 94,377 98,440

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of basic earnings per common share	For the three For the three For the six Period from June 30, June 30, June 30, June 30, Net income attributable to common stockholders $ 7,463,839 $ 1,068,551 $ 15,267,791 $ 1,068,551 Divided by: Basic weighted average shares of common stock outstanding 17,657,913 $ 2,407,329 17,649,548 2,355,559 Diluted weighted average shares of common stock outstanding 17,752,413 $ 2,407,329 17,745,234 2,355,559 Basic earnings per common share $ 0.42 $ 0.44 $ 0.87 $ 0.45 Diluted earnings per common share $ 0.42 $ 0.44 $ 0.86 $ 0.45

Dividends and Distributions (Ta

Dividends and Distributions (Tables)	6 Months Ended
	Jun. 30, 2022
Dividends And Distributions [Abstract]
Schedule of dividends declared	Record Date Payment Date Common Share Distribution Amount Taxable Ordinary Income Return of Capital Section 199A Dividends Regular cash dividend 3/31/2022 4/14/2022 $ 0.40 $ 0.40 $ - $ 0.40 Regular cash dividend 6/30/2022 7/15/2022 $ 0.47 $ 0.47 $ - $ 0.47 Total cash dividend $ 0.87 $ 0.87 $ - $ 0.87

Loans Held For Investment, Ne_2

Loans Held For Investment, Net (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Loans Held For Investment, Net (Details) [Line Items]
Aggregate loan commitments	$ 357,100,000
Outstanding principal	334,300,000	$ 200,600,000
New loan principal	$ 137,900,000
Portfolio percentage	59.80%	53.20%
Loan carrying value	$ 134,300,000	$ 93,900,000
RemainingPortfolioPercentage	40.20%	46.80%
Interest rate	39%
Aggregate fair value	$ 329,977,829	$ 197,901,779
Gross proceeds	224,155	917,213
Interest eceivable	975,572
London Inter-bank [Member]
Loans Held For Investment, Net (Details) [Line Items]
Loan carrying value	$ 200,000,000	106,700,000
PIK Intial rate [Member]
Loans Held For Investment, Net (Details) [Line Items]
Interest rate	5%
PIK Equal Rate [Member]
Loans Held For Investment, Net (Details) [Line Items]
Interest rate	5%
Twenty-one [Member]
Loans Held For Investment, Net (Details) [Line Items]
Aggregate loan commitments		$ 235,100,000
Debt [Member] | First Advance [Member]
Loans Held For Investment, Net (Details) [Line Items]
Aggregate loan	$ 4,005,000
Interest rate	15.25%
Debt [Member] | Second Advance [Member]
Loans Held For Investment, Net (Details) [Line Items]
Aggregate loan	$ 15,995,000
Interest rate	9.75%
Debt [Member] | Third Advance [Member]
Loans Held For Investment, Net (Details) [Line Items]
Aggregate loan	$ 10,000,000
Interest rate	8.50%
Base Three [Member] | Loans [Member]
Loans Held For Investment, Net (Details) [Line Items]
Aggregate loan	$ 9,300,000
Interest rate	15.25%
PIK Interest Rate [Member]
Loans Held For Investment, Net (Details) [Line Items]
Interest rate	2%
Second Commitment [Member]
Loans Held For Investment, Net (Details) [Line Items]
Aggregate loan	$ 2,000,000
Two Consecutive [Member]
Loans Held For Investment, Net (Details) [Line Items]
Borrower percentage	2%
Base Ten [Member]
Loans Held For Investment, Net (Details) [Line Items]
Interest rate	1%

Loans Held For Investment, Ne_3

Loans Held For Investment, Net (Details) - Schedule of loans held for investment - USD ($)	6 Months Ended	9 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Loans Held For Investment, Net (Details) - Schedule of loans held for investment [Line Items]
Total loans held at carrying value, Outstanding Principal	$ 334,322,292	$ 200,632,056
Total loans held at carrying value, Original Issue Discount	(4,120,306)	(3,647,490)
Total loans held at carrying value, Carrying Value	328,998,562	196,850,024
Senior Term Loans [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held for investment [Line Items]
Total loans held at carrying value, Outstanding Principal	334,322,292	200,632,056
Total loans held at carrying value, Original Issue Discount	(4,120,306)	(3,647,490)
Total loans held at carrying value, Carrying Value	$ 330,201,986	$ 196,984,566
Total loans held at carrying value, Weighted Average Remaining Life (Years)	2 years 3 months 18 days	2 years 2 months 12 days
Allowance for credit losses [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held for investment [Line Items]
Total loans held at carrying value, Outstanding Principal
Total loans held at carrying value, Original Issue Discount
Total loans held at carrying value, Carrying Value	$ (1,203,424)	$ (134,542)

Loans Held For Investment, Ne_4

Loans Held For Investment, Net (Details) - Schedule of changes in loans held at carrying value - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2022
Principal [Member]
Debt Instrument [Line Items]
Principal Loans, Beginning		$ 200,632,056
Principal Loans contributed	25,185,837
Principal New fundings	32,700,000	137,944,312
Principal repayment of loans	(46,667)	(6,654,703)
Principal Accretion of original issue discount
Principal Sale of loans
Principal PIK Interest	51,767	2,400,627
Principal Current expected credit loss reserve
Principal, Ending	57,890,937	334,322,292
Original Issue Discount [Member]
Debt Instrument [Line Items]
Original Issue Discount, Beginning		(3,647,490)
Original Issue Discount contributed	(245,416)
Original Issue Discount New fundings	(682,500)	(1,835,592)
Original Issue Discount Principal repayment of loans
Original Issue Discount Accretion of original issue discount	64,061	1,362,776
Original Issue Discount Sale of loans
Original Issue Discount PIK Interest
Original Issue Discount Current expected credit loss reserve
Original Issue Discount, Ending	(863,855)	(4,120,306)
Current Expected Credit Loss Reserve [Member]
Debt Instrument [Line Items]
Current Expected Credit Loss Reserve, Beginning		(134,542)
Current Expected Credit Loss Reserve Loans contributed
Current Expected Credit Loss Reserve New fundings
Current Expected Credit Loss Reserve Principal repayment of loans
Current Expected Credit Loss Reserve Accretion of original issue discount
Current Expected Credit Loss Reserve Sale of loans
Current Expected Credit Loss Reserve PIK Interest
Current Expected Credit Loss Reserve Current expected credit loss reserve		(1,068,882)
Current Expected Credit Loss Reserve, Ending		(1,203,424)
Carrying Value [Member]
Debt Instrument [Line Items]
Carrying Value, Beginning		196,850,024
Carrying Value Loans contributed	24,940,421
Carrying Value New fundings	32,017,500	136,108,720
Carrying Value Principal repayment of loans	(46,667)	(6,654,703)
Carrying Value Accretion of original issue discount	64,061	1,362,776
Carrying Value Sale of loans
Carrying Value PIK Interest	51,767	2,400,627
Carrying Value Current expected credit loss reserve		(1,068,882)
Carrying Value, Ending	$ 57,027,082	$ 328,998,562

Loans Held For Investment, Ne_5

Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information	6 Months Ended
	Jun. 30, 2022 USD ($)
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Outstanding Principal	$ 334,322,292	[1]
Original Issue Premium/(Discount)	(4,120,306)
Carrying Value	$ 328,998,562	[1]
Various Five [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Various
Outstanding Principal	$ 30,000,000	[1]
Original Issue Premium/(Discount)	(403,455)
Carrying Value	$ 29,596,545	[1]
Contractual Interest Rate	10.07%(6)	[2],[3]
Maturity Date	05/30/2023	[4]
Payment Terms	I/O	[5]
Initial Funding Date	07/02/2020	[1]
Pennsylvania [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Pennsylvania
Outstanding Principal	$ 6,957,500	[1]
Original Issue Premium/(Discount)	(262,946)
Carrying Value	$ 6,694,554	[1]
Contractual Interest Rate	P + 11.00%(5)	[2],[6]
Maturity Date	01/31/2025	[4]
Payment Terms	P&I	[5]
Initial Funding Date	11/19/2020	[1]
Michigan One [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Michigan
Outstanding Principal	$ 36,343,859	[1]
Original Issue Premium/(Discount)	(202,484)
Carrying Value	$ 36,141,375	[1]
Contractual Interest Rate	P + 6.65%(5) Cash, 3.25% PIK	[2],[6]
Maturity Date	12/31/2024	[4]
Payment Terms	P&I	[5]
Initial Funding Date	03/05/2021	[1]
Various [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Various
Outstanding Principal	$ 20,539,287	[1]
Original Issue Premium/(Discount)	(514,431)
Carrying Value	$ 20,024,856	[1]
Contractual Interest Rate	P + 10.375%(5) Cash, 2.75% PIK	[2],[6]
Maturity Date	03/31/2024	[4]
Payment Terms	P&I	[5]
Initial Funding Date	03/25/2021	[1]
Arizona [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Arizona
Outstanding Principal	$ 11,229,539	[1]
Original Issue Premium/(Discount)
Carrying Value	$ 11,229,539	[1]
Contractual Interest Rate	19.85%(7)	[2],[7]
Maturity Date	04/28/2023	[4]
Payment Terms	P&I	[5]
Initial Funding Date	04/19/2021	[1]
Massachusetts [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Massachusetts
Outstanding Principal	$ 1,500,000	[1]
Original Issue Premium/(Discount)
Carrying Value	$ 1,500,000	[1]
Contractual Interest Rate	P + 12.25%(5)	[2],[6]
Maturity Date	04/28/2023	[4]
Payment Terms	P&I	[5]
Initial Funding Date	04/19/2021	[1]
Pennsylvania One [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Pennsylvania
Outstanding Principal	$ 13,129,000	[1]
Original Issue Premium/(Discount)
Carrying Value	$ 13,129,000	[1]
Contractual Interest Rate	P + 10.75%(5) Cash, 4% PIK(8)	[2],[6],[8]
Maturity Date	05/31/2025	[4]
Payment Terms	P&I	[5]
Initial Funding Date	05/28/2021	[1]
Michigan Two [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Michigan
Outstanding Principal	$ 4,500,000	[1]
Original Issue Premium/(Discount)	(6,565)
Carrying Value	$ 4,493,435	[1]
Contractual Interest Rate	P + 9.00%(5)	[2],[6]
Maturity Date	02/20/2024	[4]
Payment Terms	P&I	[5]
Initial Funding Date	08/20/2021	[1]
Various One [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Various
Outstanding Principal	$ 23,020,760	[1]
Original Issue Premium/(Discount)	(265,189)
Carrying Value	$ 22,755,571	[1]
Contractual Interest Rate	13% Cash, 2.5% PIK	[2]
Maturity Date	08/30/2024	[4]
Payment Terms	P&I	[5]
Initial Funding Date	08/24/2021	[1]
West Virginia [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	West Virginia
Outstanding Principal	$ 9,648,063	[1]
Original Issue Premium/(Discount)	(137,521)
Carrying Value	$ 9,510,542	[1]
Contractual Interest Rate	P + 9.25%(5) Cash, 2% PIK	[2],[6]
Maturity Date	09/01/2024	[4]
Payment Terms	P&I	[5]
Initial Funding Date	09/01/2021	[1]
Pennsylvania Two [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Pennsylvania
Outstanding Principal	$ 15,379,246	[1]
Original Issue Premium/(Discount)
Carrying Value	$ 15,379,246	[1]
Contractual Interest Rate	P + 10.75%(5) Cash, 3% PIK	[2],[6]
Maturity Date	06/30/2024	[4]
Payment Terms	P&I	[5]
Initial Funding Date	09/03/2021	[1]
Michigan [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Michigan
Outstanding Principal	$ 352,808	[1]
Carrying Value	$ 352,808	[1]
Contractual Interest Rate	11.00%	[2]
Maturity Date	09/30/2024	[4]
Payment Terms	P&I	[5]
Initial Funding Date	09/20/2021	[1]
Maryland [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Maryland
Outstanding Principal	$ 32,314,053	[1]
Original Issue Premium/(Discount)	(804,949)
Carrying Value	$ 31,509,104	[1]
Contractual Interest Rate	P + 8.75%(5) Cash, 2% PIK	[2],[6]
Maturity Date	09/30/2024	[4]
Payment Terms	I/O	[5]
Initial Funding Date	09/30/2021	[1]
Various Two [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Various
Outstanding Principal	$ 20,000,000	[1]
Original Issue Premium/(Discount)	(235,478)
Carrying Value	$ 19,764,522	[1]
Contractual Interest Rate	13.00%	[2]
Maturity Date	10/31/2024	[4]
Payment Terms	P&I	[5]
Initial Funding Date	11/08/2021	[1]
Michigan Four [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Michigan
Outstanding Principal	$ 10,600,000	[1]
Original Issue Premium/(Discount)	(56,401)
Carrying Value	$ 10,543,599	[1]
Contractual Interest Rate	P + 7.00%(5)	[2],[6]
Maturity Date	11/22/2022	[4]
Payment Terms	I/O	[5]
Initial Funding Date	11/22/2021	[1]
Various Four [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Various
Outstanding Principal	$ 5,000,000	[1]
Original Issue Premium/(Discount)
Carrying Value	$ 5,000,000	[1]
Contractual Interest Rate	15% Cash, 2.5% PIK	[2]
Maturity Date	12/27/2026	[4]
Payment Terms	P&I	[5]
Initial Funding Date	12/27/2021	[1]
Michigan Five [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Michigan
Outstanding Principal	$ 3,692,478	[1]
Original Issue Premium/(Discount)	(67,438)
Carrying Value	$ 3,625,040	[1]
Contractual Interest Rate	10.50% Cash, 1% to 5% PIK(9)	[2],[9]
Maturity Date	12/29/2023	[4]
Payment Terms	I/O	[5]
Initial Funding Date	12/29/2021	[1]
Various Three [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Various
Outstanding Principal	$ 7,500,000	[1]
Original Issue Premium/(Discount)	(62,557)
Carrying Value	$ 7,437,443	[1]
Contractual Interest Rate	P + 9.25%(5)	[2],[6]
Maturity Date	12/31/2024	[4]
Payment Terms	I/O	[5]
Initial Funding Date	12/30/2021	[1]
Florida One [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Florida
Outstanding Principal	$ 15,000,000	[1]
Original Issue Premium/(Discount)	(325,660)
Carrying Value	$ 14,674,340	[1]
Contractual Interest Rate	11.00%	[2]
Maturity Date	01/31/2025	[4]
Payment Terms	P&I	[5]
Initial Funding Date	01/18/2022	[1]
Ohio [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Ohio
Outstanding Principal	$ 30,369,303	[1]
Original Issue Premium/(Discount)	(521,320)
Carrying Value	$ 29,847,983	[1]
Contractual Interest Rate	P + 8.25%(5) Cash, 3% PIK	[2],[6]
Maturity Date	02/28/2025	[4]
Payment Terms	P&I	[5]
Initial Funding Date	02/03/2022	[1]
Florida [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Florida
Outstanding Principal	$ 20,172,651	[1]
Original Issue Premium/(Discount)	(91,826)
Carrying Value	$ 20,080,825	[1]
Contractual Interest Rate	11.00% Cash, 3% PIK	[2]
Maturity Date	08/29/2025	[4]
Payment Terms	P&I	[5]
Initial Funding Date	03/11/2022	[1]
Missouri [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Location	Missouri
Outstanding Principal	$ 17,073,745	[1]
Original Issue Premium/(Discount)	(162,086)
Carrying Value	$ 16,911,659	[1]
Contractual Interest Rate	11.00% Cash, 3% PIK	[2]
Maturity Date	05/30/2025	[4]
Payment Terms	P&I	[5]
Initial Funding Date	05/09/2022	[1]
Current expected credit loss reserve [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value portfolio based on information [Line Items]
Outstanding Principal		[1]
Original Issue Premium/(Discount)
Carrying Value	$ (1,203,424)	[1]
[1]The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs[2]P = prime rate and depicts floating rate loans that pay interest at the prime rate plus a specific percentage; "PIK" = paid in kind interest.[3]The aggregate loan commitment to Loan #1 includes a $4.005 million initial advance which has an interest rate of 15.25%, a second advance of $15.995 million which has an interest rate of 9.75%, and a third advance of $10.0 million which has an interest rate of 8.5%. The statistics presented reflect the weighted average of the terms under all three advances for the total aggregate loan commitment.[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]P/I = principal and interest. I/O = interest only. P/I loans may include interest only periods for a portion of the loan term.[6]This Loan is subject to prime rate floor.[7]The aggregate loan commitment to Loan #5 includes a $9.3 million initial advance which has a base interest rate of 15.25% and PIK interest rate of 2%, and a second advance of $2.0 million which has an interest rate of 39%. The statistics presented reflect the weighted average of the terms under both advances for the total aggregate loan commitment.[8]Subject to adjustment not below 2% if borrower receives at least two consecutive quarters of positive cash flow after the closing date.[9]PIK is variable with an initial rate of five percent (5.00%) per annum, until borrower’s delivery of audited financial statements for the fiscal year ended December 31, 2021, at which time the PIK interest rate shall be adjusted to a rate of 1% to 5% contingent on the financial results of the borrower.

Loans Held For Investment, Ne_6

Loans Held For Investment, Net (Details) - Schedule of risk rating	6 Months Ended
	Jun. 30, 2022
Risk Rating One [Member]
Loans Held For Investment, Net (Details) - Schedule of risk rating [Line Items]
Risk rating	Very low risk
Risk Rating Two [Member]
Loans Held For Investment, Net (Details) - Schedule of risk rating [Line Items]
Risk rating	Low risk
Risk Rating Three [Member]
Loans Held For Investment, Net (Details) - Schedule of risk rating [Line Items]
Risk rating	Moderate/average risk
Risk Rating Four [Member]
Loans Held For Investment, Net (Details) - Schedule of risk rating [Line Items]
Risk rating	High risk/potential for loss: a loan that has a risk of realizing a principal loss
Risk Rating Five [Member]
Loans Held For Investment, Net (Details) - Schedule of risk rating [Line Items]
Risk rating	Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss or an impairment has been recorded

Loans Held For Investment, Ne_7

Loans Held For Investment, Net (Details) - Schedule of carrying value of loans held for investment - USD ($)		Jun. 30, 2022	Dec. 31, 2021
Schedule of Investments [Line Items]
Risk Rating 1		$ 64,142,848	$ 167,908,805
Risk Rating 2		176,885,362	29,075,761
Risk Rating 3		84,173,776
Risk Rating 4		5,000,000
Risk Rating 5
Total		330,201,986	196,984,566
2022 [Member]
Schedule of Investments [Line Items]
Risk Rating 1	[1]
Risk Rating 2	[1]	87,808,199
Risk Rating 3	[1]	29,847,983
Risk Rating 4	[1]
Risk Rating 5	[1]
Total	[1]	117,656,182
2021 [Member]
Schedule of Investments [Line Items]
Risk Rating 1		34,546,303	135,076,307
Risk Rating 2		82,382,609	29,075,761
Risk Rating 3		54,325,793
Risk Rating 4		5,000,000
Risk Rating 5
Total		176,254,705	164,152,068
2020 [Member]
Schedule of Investments [Line Items]
Risk Rating 1		29,596,545	32,242,114
Risk Rating 2		6,694,554
Risk Rating 3
Risk Rating 4
Risk Rating 5
Total		36,291,099	32,242,114
2019 [Member]
Schedule of Investments [Line Items]
Risk Rating 1			590,384
Risk Rating 2
Risk Rating 3
Risk Rating 4
Risk Rating 5
Total			$ 590,384
[1]Amounts are presented by loan origination year with subsequent advances shown in the original year of origination.

Loans Held For Investment, Ne_8

Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
1.0x [Member]
Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage [Line Items]
Fixed-rate	$ 5,000,000	$ 7,017,793
Floating-rate	15,631,997	8,925,068
Net real estate collateral coverage	20,631,997	15,942,861
1.0 - 1.25 [member]
Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage [Line Items]
Fixed-rate
Floating-rate	96,761,189	18,022,518
Net real estate collateral coverage	96,761,189	18,022,518
1.25x - 1.5x [Member]
Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage [Line Items]
Fixed-rate	20,080,825	35,836,099
Floating-rate
Net real estate collateral coverage	20,080,825	35,836,099
1.50x - 1.75x [Member]
Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage [Line Items]
Fixed-rate	16,911,659	3,086,298
Floating-rate	20,054,141	30,029,953
Net real estate collateral coverage	36,965,800	33,116,251
1.75x - 2.0x [Member]
Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage [Line Items]
Fixed-rate
Floating-rate	24,358,539	32,377,087
Net real estate collateral coverage	24,358,539	32,377,087
> 2.0x [Member]
Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage [Line Items]
Fixed-rate	90,768,826	45,373,778
Floating-rate	40,634,810	16,315,972
Net real estate collateral coverage	131,403,636	61,689,750
Total [Member]
Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage [Line Items]
Fixed-rate	132,761,310	91,313,968
Floating-rate	197,440,676	105,670,598
Net real estate collateral coverage	$ 330,201,986	$ 196,984,566

Loans Held For Investment, Ne_9

Loans Held For Investment, Net (Details) - Schedule of activity related to the CECL Reserve for outstanding balances	6 Months Ended
	Jun. 30, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance	$ 147,949
Balance	1,244,957
Provision for current expected credit losses	1,097,008
Write-off charged
Recoveries
Outstanding [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance	134,542	[1]
Balance	1,203,424	[1]
Provision for current expected credit losses	1,068,882	[1]
Write-off charged		[1]
Recoveries		[1]
Unfunded [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Balance	13,407	[2]
Balance	41,533	[2]
Provision for current expected credit losses	28,126	[2]
Write-off charged		[2]
Recoveries		[2]
[1]As of June 30, 2022, the CECL Reserve related to outstanding balances on loans at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.[2]As of June 30, 2022, the CECL Reserve related to unfunded commitments on loans at carrying value is recorded within accounts payable and other liabilities in the Company’s consolidated balance sheets.

Loans Held For Investment, N_10

Loans Held For Investment, Net (Details) - Schedule of Provision for current expected credit losses - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2022
Outstanding [Member]
Loans Held For Investment, Net (Details) - Schedule of Provision for current expected credit losses [Line Items]
Balance	$ 182,838	$ 134,542	$ 134,542
Provision for current expected credit losses	1,020,586	48,296
Balance	1,203,424	182,838	1,203,424
Unfunded [Member]
Loans Held For Investment, Net (Details) - Schedule of Provision for current expected credit losses [Line Items]
Balance	16,454	13,407	13,407
Provision for current expected credit losses	25,079	3,047
Balance	$ 41,533	$ 16,454	$ 41,533

Interest Receivable (Details) -

Interest Receivable (Details) - Schedule of summarizes the interest receivable - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Schedule of summarizes the interest receivable [Abstract]
Interest receivable	$ 821,239	$ 193,790
PIK interest receivable	63,889
Unused fees receivable	90,444	3,945
Total interest receivable	$ 975,572	$ 197,735

Interest Reserve (Details) - Sc

Interest Reserve (Details) - Schedule of changes in interest reserves - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Schedule of changes in interest reserves [Abstract]
Initial reserves	$ 6,636,553
New reserves	5,895,863	9,223,802
Reserves disbursed	(6,162,392)	(2,587,249)
Total interest reserve	$ 6,370,024	$ 6,636,553

Debt (Details)

Debt (Details) - USD ($)				1 Months Ended	3 Months Ended	6 Months Ended
	Dec. 16, 2021	May 31, 2021	May 12, 2021	Dec. 16, 2021	Jun. 30, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt (Details) [Line Items]
Aggregate borrowing		$ 10,000,000
Prime rate plus					39%	39%
Incurred debt issuance costs	$ 859,500	$ 100,000	$ 177,260
Debt to equity, description				(1) Prime Rate plus 1.00% and (2) 4.75% to the greater of (1) the Prime Rate plus the applicable margin and (2) 3.25%. The applicable margin depends on the ratio of debt to equity of CAL and increases from 0% at a ratio of 0.25 to 1 to 1.25% at a ratio of 1.5 to 1. The First Amendment also extended the maturity date from February 12, 2023 to the earlier of (i) December 16, 2023 and (ii) the date on which the Revolving Loan is terminated pursuant to the terms in the Revolving Loan agreement.
Unamortized debt issuance costs					$ 804,188	$ 804,188	$ 868,022
Interest expense					449,556	$ 521,824
Debt description						(1) maximum capital expenditures of $150,000, (2) maintaining a debt service coverage ratio greater than 1.35 to 1, and (3) maintaining a leverage ratio less than 1.50 to 1. As of June 30, 2022, we were in compliance with all financial covenants with respect to the Revolving Loan.
Minimum [Member]
Debt (Details) [Line Items]
Prime rate plus		1%
Loan commitment			45,000,000	$ 10,000,000
Maximum [Member]
Debt (Details) [Line Items]
Prime rate plus		4.75%
Loan commitment			$ 65,000,000	$ 45,000,000
Revolving Loan [Member]
Debt (Details) [Line Items]
Interest expense						$ 276,562
Revolving Loan [Member]
Debt (Details) [Line Items]
Unused fees rate						0.25%
Borrowed					$ 45,000,000	$ 45,000,000

Debt (Details) - Schedule of in

Debt (Details) - Schedule of interest expense incurred during the three and six months - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Schedule of interest expense incurred during the three and six months [Abstract]
Interest expense	$ 276,562	$ 276,562
Unused Fee – Line of Credit	4,167	4,167
Amortization of debt issue costs	168,827	241,095
Total interest expense	$ 449,556	$ 521,824

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Management fees, percentage	0.375%
Origination fees, percentage	50%
Outside fees	$ 1,082,251
Incentive compensation	980,906
Accounts payable	$ 2,000,000	$ 2,700,000

Related Party Transactions (D_2

Related Party Transactions (Details) - Schedule of related party costs and amounts payable to the manager - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Schedule of related party costs and amounts payable to the manager [Abstract]
Management fees earned	$ 1,013,298			$ 2,020,411
Less: Outside Fees earned	(364,500)			(1,082,251)
Base management fees, net	648,798			938,160
Incentive fees	598,763			980,906
Management and incentive fees earned	1,247,561			1,919,066
General and administrative expenses reimbursable to Manager	686,981			1,151,471
Total	$ 1,934,542			$ 3,070,537

Commitments and Contingencies_2

Commitments and Contingencies (Details) - Schedule of commitments to fund various existing loans - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Schedule of commitments to fund various existing loans [Abstract]
Total original loan commitments	$ 357,117,706	$ 235,063,593
Less: drawn commitments	(331,954,897)	(200,359,026)
Total undrawn commitments	$ 25,162,809	$ 34,704,567

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)			1 Months Ended	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	Jan. 05, 2022	Dec. 10, 2021	Oct. 21, 2021	Dec. 31, 2021	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2021
Stockholders' Equity Note [Abstract]
Underwriters shares purchase (in Shares)	302,800
Common stock price par value (in Dollars per share)	$ 16
Additional gross proceeds	$ 4,844,800
Additional net proceeds	4,505,664
Underwriting commissions	$ 339,136
Shares issued (in Shares)						10,636,363
Common stock shares issued (in Shares)		6,250,000
Common stock per share (in Dollars per share)		$ 16
Gross proceeds		$ 100,000,000
Underwriting commission		7,000,000
Additional paid-in capital		1,265,877
Net proceeds		$ 91,734,123
Sold shares of common stock (in Shares)		468,750
Offering price, per share (in Dollars per share)		$ 16
Gross proceeds		$ 7,500,000
Stock split (in Shares)			6
Restricted common stock shares (in Shares)				98,440
Issued and outstanding shares percentage							8.50%
Shares forfeited (in Shares)					4,063
Share-based compensation expense					$ 243,465

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Schedule of restricted stock activity - shares	6 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Schedule of restricted stock activity [Abstract]
Non-vested	98,440	98,440
Forfeited	(4,063)
Balance	94,377	98,440

Earnings Per Share (Details) -

Earnings Per Share (Details) - Schedule of basic earnings per common share - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2021	Jun. 30, 2022
Schedule of basic earnings per common share [Abstract]
Net income attributable to common stockholders	$ 7,463,839	$ 1,068,551	$ 1,068,551	$ 15,267,791
Divided by:
Basic weighted average shares of common stock outstanding	17,657,913	2,355,559	2,407,329	17,649,548
Diluted weighted average shares of common stock outstanding	17,752,413	2,355,559	2,407,329	17,745,234
Basic earnings per common share	$ 0.42	$ 0.45	$ 0.44	$ 0.87
Diluted earnings per common share	$ 0.42	$ 0.45	$ 0.44	$ 0.86

Income Tax (Details)

Income Tax (Details)	6 Months Ended
	Jun. 30, 2022 USD ($)
Income Tax Disclosure [Abstract]
Income tax provision	$ 0

Dividends and Distributions (De

Dividends and Distributions (Details) - Schedule of dividends declared	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares
Regular cash dividend [Member]
Dividends and Distributions (Details) - Schedule of dividends declared [Line Items]
Record Date	Mar. 31, 2022
Payment Date	Apr. 14, 2022
Common Share Distribution Amount	$ 0.4
Taxable Ordinary Income	$ 0.4
Return of Capital (in Dollars) | $
Section 199A Dividends	$ 0.4
Regular cash dividend Two [Member]
Dividends and Distributions (Details) - Schedule of dividends declared [Line Items]
Record Date	Jun. 30, 2022
Payment Date	Jul. 15, 2022
Common Share Distribution Amount	$ 0.47
Taxable Ordinary Income	$ 0.47
Return of Capital (in Dollars) | $
Section 199A Dividends	$ 0.47
Total cash dividend [Member]
Dividends and Distributions (Details) - Schedule of dividends declared [Line Items]
Common Share Distribution Amount	0.87
Taxable Ordinary Income	$ 0.87
Return of Capital (in Dollars) | $
Section 199A Dividends	$ 0.87

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ in Millions	Jul. 08, 2022	Aug. 04, 2022
Subsequent Events (Details) [Line Items]
Loan principal new portfolio	$ 6.7
Unfunded commitment		$ 10