Chicago Atlantic Real Estate Finance (REFI) 10-Q 9 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
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		18,175,393
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, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Small Business	true
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	1680 Michigan Avenue
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Miami Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33139
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, 2023	Dec. 31, 2022
Assets
Loans held for investment	$ 314,536,900	$ 339,273,538
Current expected credit loss reserve	(5,121,577)	(3,940,939)
Loans held for investment at carrying value, net	309,415,323	335,332,599
Cash and cash equivalents	18,020,688	5,715,827
Debt securities, at fair value	877,610
Interest receivable	994,812	1,204,412
Other receivables and assets, net	1,010,720	1,018,212
Related party receivables	237,885
Total Assets	330,557,038	343,271,050
Liabilities
Revolving loan	43,000,000	58,000,000
Dividend payable	8,708,161	13,618,591
Management and incentive fees payable	1,799,667	3,295,600
Related party payables	1,601,773	1,397,515
Accounts payable and other liabilities	1,415,612	1,058,128
Interest reserve	341,951	1,868,193
Total Liabilities	56,867,164	79,238,027
Commitments and contingencies (Note 8)
Stockholders’ equity
Common stock, par value $0.01 per share, 100,000,000 shares authorized and 18,175,393 and 17,766,936 shares issued and outstanding, respectively	181,754	176,859
Additional paid-in-capital	276,405,754	268,995,848
Accumulated earnings (deficit)	(2,897,634)	(5,139,684)
Total stockholders’ equity	273,689,874	264,033,023
Total liabilities and stockholders’ equity	$ 330,557,038	$ 343,271,050

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	18,175,393	17,766,936
Common stock, shares outstanding	18,175,393	17,766,936

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Interest income	$ 14,659,222	$ 11,850,028	$ 31,186,526	$ 21,683,081
Interest expense	(994,926)	(449,556)	(2,613,222)	(521,824)
Net interest income	13,664,296	11,400,472	28,573,304	21,161,257
Expenses
Management and incentive fees, net	1,799,667	1,247,561	3,937,672	1,919,066
Organizational expense	1,280,401	777,212	2,555,226	1,333,353
Professional fees	537,894	743,670	1,107,269	1,300,574
Stock based compensation	263,844	122,525	402,179	243,465
Provision for current expected credit losses	1,139,112	1,045,665	1,235,231	1,097,008
Total expenses	5,020,918	3,936,633	9,237,577	5,893,466
Net Income before income taxes	8,643,378	7,463,839	19,335,727	15,267,791
Income tax expense
Net Income	$ 8,643,378	$ 7,463,839	$ 19,335,727	$ 15,267,791
Earnings per common share:
Basic earnings per common share (in Dollars per share)	$ 0.48	$ 0.42	$ 1.07	$ 0.87
Diluted earnings per common share (in Dollars per share)	$ 0.47	$ 0.42	$ 1.07	$ 0.86
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in Shares)	18,094,288	17,657,913	17,989,684	17,649,548
Diluted weighted average shares of common stock outstanding (in Shares)	18,273,512	17,752,413	18,117,919	17,745,234

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In-Capital	Accumulated Earnings
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, net of offering costs	4,481,556	$ 3,028	4,478,528
Issuance of common stock, net of offering costs (in Shares)		302,800
Stock-based compensation	244,647		243,465	1,182
Stock-based compensation (in Shares)		(4,063)
Dividends declared on common shares	(15,444,451)			(15,444,451)
Net income	15,267,791			15,267,791
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
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
Balance at Dec. 31, 2022	264,033,023	$ 176,859	268,995,848	(5,139,684)
Balance (in Shares) at Dec. 31, 2022		17,766,936
Issuance of common stock, net of offering costs	1,222,352	$ 799	1,221,553
Issuance of common stock, net of offering costs (in Shares)		79,862
Issuance of common stock in connection with private placement, net of offering costs, underwriting discounts and commissions	5,794,847	$ 3,958	5,790,889
Issuance of common stock in connection with private placement, net of offering costs, underwriting discounts and commissions (in Shares)		395,779
Stock-based compensation	402,179	$ 138	397,464	4,577
Stock-based compensation (in Shares)		(67,184)
Dividends declared on common shares	(17,098,254)			(17,098,254)
Net income	19,335,727			19,335,727
Balance at Jun. 30, 2023	273,689,874	$ 181,754	276,405,754	(2,897,634)
Balance (in Shares) at Jun. 30, 2023		18,175,393
Balance at Mar. 31, 2023	272,123,328	$ 180,887	274,925,072	(2,982,631)
Balance (in Shares) at Mar. 31, 2023		18,162,298
Issuance of common stock, net of offering costs	1,222,352	$ 799	1,221,553
Issuance of common stock, net of offering costs (in Shares)		79,862
Stock-based compensation	263,844	$ 68	259,129	4,647
Stock-based compensation (in Shares)		(66,767)
Dividends declared on common shares	(8,563,028)			(8,563,028)
Net income	8,643,378			8,643,378
Balance at Jun. 30, 2023	$ 273,689,874	$ 181,754	$ 276,405,754	$ (2,897,634)
Balance (in Shares) at Jun. 30, 2023		18,175,393

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared on common per shares	$ (0.47)	$ (0.47)	$ (0.47)	$ (0.87)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net income	$ 19,335,727	$ 15,267,791
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of deferred loan origination fees and other discounts	(1,433,293)	(1,362,776)
Paid-in-kind interest	(4,345,434)	(2,400,627)
Provision for current expected credit losses	1,235,231	1,097,008
Amortization of deferred debt issuance costs	259,102	241,095
Stock based compensation	402,179	243,465
Changes in operating assets and liabilities:
Interest receivable	209,600	(777,837)
Other receivables and assets, net	(119,819)	(146,102)
Interest reserve	(1,526,242)	(6,162,392)
Related party payables	204,258	739,950
Related party receivables	(237,885)
Purchase of debt securities, at fair value	(877,610)
Management and incentive fees payable	(1,495,933)	342,438
Accounts payable and accrued expenses	302,891	292,669
Net cash provided by operating activities	11,912,772	7,374,682
Cash flows from investing activities
Issuance of and fundings of loans	(34,791,660)	(125,383,782)
Proceeds from sales of loans	13,399,712
Principal repayment of loans	51,907,313	6,654,703
Net cash provided by/(used) in investing activities	30,515,365	(118,729,079)
Cash flows from financing activities
Proceeds from sale of common stock	7,222,363	4,505,664
Proceeds from borrowings on revolving loan	34,000,000	45,000,000
Repayment of borrowings on revolving loan	(49,000,000)
Dividends paid to common shareholders	(22,004,274)	(11,575,495)
Payment of debt issuance costs	(56,791)	(177,261)
Payment of offering costs	(284,574)	(23,941)
Net cash (used in)/provided by financing activities	(30,123,276)	37,728,967
Net increase (decrease) in cash and cash equivalents	12,304,861	(73,625,430)
Cash and cash equivalents, beginning of period	5,715,827	80,248,526
Cash and cash equivalents, end of period	18,020,688	6,623,096
Supplemental disclosure of non-cash financing and investing activity
Interest reserve withheld from funding of loan		5,895,863
OID withheld from funding of loans held for investment	1,118,340	1,835,592
Dividends declared and not yet paid	8,708,161	8,380,271
Transfer of loan held for investment to loan held for sale	13,399,712
Supplemental information:
Interest paid during the period	$ 2,442,866	$ 102,500

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2023
Organization and Description of Business [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	1. ORGANIZATION AND DESCRIPTION OF BUSINESS Chicago Atlantic Real Estate Finance, Inc., and its wholly owned consolidated 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 at least 90% 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 in October 2021, 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, LP. (the “Sponsor”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
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. Our consolidated financial statements present the financial position, results of operations, and cash flows of Chicago Atlantic Real Estate Finance, Inc., and its wholly owned consolidated subsidiary, Chicago Atlantic Lincoln, LLC. All intercompany accounts and transactions have been eliminated in consolidation. 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, 2022. In the opinion of the Company, all normal recurring adjustments have been made that are necessary to the fair statement of 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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. Cash and Cash Equivalents The Company’s cash held with financial institutions may at times exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limits. The Company and the Manager seek to manage this credit risk relating to cash by monitoring the financial stability of the financial institutions and their ability to continue in business for the foreseeable future. Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions. Cash and short-term investments with an original maturity of three months or less when acquired are considered cash and cash equivalents for the purpose of the consolidated balance sheets and consolidated statements of cash flows. 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. Investments in Marketable Securities Investments in marketable securities consist of debt securities that are classified as trading securities. Marketable trading securities are recorded at fair value on the consolidated balance sheets and unrealized gains and losses shall be included within unrealized gain(loss) on trading securities on the consolidated statements of income. Loans Held-for-Sale Once the Company decides to sell a loan(s), they may be transferred from held for investment to held-for-sale and carried at the lower of cost or fair value. On the date a loan is transferred into the held-for-sale category, any previously recorded allowance for credit losses is reversed in earnings and the loan is recorded at its amortized cost. If the amortized cost exceeds the loan’s fair value at the date of transfer, a valuation allowance is recorded equal to the difference between amortized cost basis and fair value. There were no loans classified as held-for-sale as of June 30, 2023 and December 31, 2022. Revenue Recognition Interest income on debt securities designated as trading securities is recognized on an accrual basis and is reported as interest receivable until collected. Interest income is accrued based on the outstanding face amount and the contractual terms of the securities. Original issue discount (“OID”), market discounts or premiums, if any, are recorded as an adjustment to the amortized cost and accreted or amortized as an adjustment to interest income using a method that approximates the effective interest method. Income Taxes The Company is a Maryland corporation and has elected to be taxed as a REIT under the Code, commencing with the taxable year ended December 31, 2021. The Company believes that it qualifies as a REIT and that its method of operations will enable it to continue to qualify as a REIT. However, no assurances can be given that the Company’s beliefs or expectations will be fulfilled, since qualification as a REIT depends on the Company satisfying numerous asset, income and distribution tests which depends, in part, on the Company’s operating results. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that the Company distributes annually to its stockholders at least 90% of the Company’s REIT taxable income prior to the deduction for dividends paid. To the extent that the Company distributes less than 100% of its REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), the Company will pay tax at regular corporate rates on that undistributed portion. Furthermore, if the Company distributes less than the sum of 1) 85% of its ordinary income for the calendar year, 2) 95% of its capital gain net income for the calendar year, and 3) any undistributed shortfall from its prior calendar year (the “Required Distribution”) to its stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then it is required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if the Company elects to retain any of its net capital gain for any tax year, it must notify its stockholders and pay tax at regular corporate rates on the retained net capital gain. The stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain and receive an income tax credit for such amount. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax. If it is determined that the Company’s estimated current year taxable income will be in excess of estimated dividend distributions (including capital gain dividend) for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. The annual expense is calculated in accordance with applicable tax regulations. FASB ASC Topic 740, Income Taxes Recent Accounting Pronouncements In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings (“TDR”) and Vintage Disclosures. The amendments in this ASU eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, for public business entities, the amendments in this ASU require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The ASU’s amendments are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years and early adoption is permitted. The Company’s adoption of ASU 2022-02 on January 1, 2023 did not have a material impact on the Company’s consolidated financial statements.

Loans Held For Investment, Net

Loans Held For Investment, Net	6 Months Ended
	Jun. 30, 2023
Loans Held For Investment, Net [Abstract]
LOANS HELD FOR INVESTMENT, NET	3. LOANS HELD FOR INVESTMENT, NET As of June 30, 2023 and December 31, 2022, the Company’s portfolio was comprised of loans to 25 and 22 borrowers, respectively, that the Company has the ability and intent to hold for the foreseeable future or until maturity. The portfolio of loans are held on the consolidated balance sheets at amortized cost. The Company’s aggregate loan commitments and outstanding principal were approximately $329.2 million and $318.0 million, respectively, as of June 30, 2023, and $351.4 million and $343.0 million as of December 31, 2022. During the three and six months ended June 30, 2023, the Company funded approximately $1.9 million and $35.9 million in new loan principal. As of June 30, 2023 and December 31, 2022, approximately 87.9% and 83.1%, respectively, of the Company’s portfolio was comprised of floating rate loans that pay interest at the Prime Rate plus an applicable margin, and were subject to Prime Rate ceilings and floors as discussed in the tables below. The carrying value of these loans was approximately $276.2 million and $281.6 million as of June 30, 2023 and December 31, 2022, respectively. The remaining 12.1% and 16.9% of the portfolio was comprised of fixed rate loans that had a carrying value of approximately $38.3 million and $57.7 million as of June 30, 2023 and December 31, 2022, respectively. The following tables summarize the Company’s loans held for investment as of June 30, 2023 and December 31, 2022: As of June 30, 2023 Outstanding Original Issue Carrying Value (1) Weighted Senior Term Loans $ 317,977,743 $ (3,440,843 ) $ 314,536,900 1.8 Current expected credit loss reserve - - (5,121,577 ) Total loans held at carrying value, net $ 317,977,743 $ (3,440,843 ) $ 309,415,323 As of December 31, 2022 Outstanding Original Issue Carrying Weighted Senior Term Loans $ 343,029,334 $ (3,755,796 ) $ 339,273,538 2.2 Current expected credit loss reserve - - (3,940,939 ) Total loans held at carrying value, net $ 343,029,334 $ (3,755,796 ) $ 335,332,599 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount, deferred loan fees and other upfront fees. Outstanding principal balance includes capitalized PIK interest, if applicable. (2) Weighted average remaining life is calculated based on the carrying value of the loans as of June 30, 2023 and December 31, 2022, respectively. The following tables present changes in loans held at carrying value as of and for the six months ended June 30, 2023 and 2022. Principal (1) Original Current Carrying Balance at December 31, 2022 $ 343,029,334 $ (3,755,796 ) $ (3,940,939 ) $ 335,332,599 New fundings 35,910,000 (1,118,340 ) - 34,791,660 Principal repayment of loans (51,907,313 ) - - (51,907,313 ) Accretion of original issue discount - 1,433,293 - 1,433,293 Sale of loan (2) (13,399,712 ) - - (13,399,712 ) PIK Interest 4,345,434 - - 4,345,434 Current expected credit loss reserve - - (1,180,638 ) (1,180,638 ) Balance at June 30, 2023 $ 317,977,743 $ (3,440,843 ) $ (5,121,577 ) $ 309,415,323 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount, deferred loan fees and other upfront fees. Outstanding principal balance includes capitalized PIK interest, if applicable. (2) One loan was reclassified as held for sale from loans held for investment as the decision was made to sell the loan during the six months ended June 30, 2023 to a syndicate of co-lenders which includes a third party and two affiliates under common control with our Manager. The sale was executed on March 31, 2023 (Note 7). Principal (1) Original Current Carrying Balance at December 31, 2021 $ 200,632,056 $ (3,647,490 ) $ (134,542 ) $ 196,850,024 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 PIK Interest 2,400,627 - - 2,400,627 Provision for credit losses - - (1,068,882 ) (1,068,882 ) Balance at June 30, 2022 $ 334,322,292 $ (4,120,306 ) $ (1,203,424 ) $ 328,998,562 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount, deferred loan fees and other upfront fees. Outstanding principal balance includes capitalized PIK interest, if applicable. A more detailed listing of the Company’s loans held at carrying value based on information available as of June 30, 2023, is as follows: Initial Original Percent of Our Loan Location(s) Funding Maturity Total Principal Issue Discount Carrying Loan Future Interest Rate (4) Periodic YTM 1 Various 10/27/2022 10/30/2026 $ 30,000,000 $ 30,000,000 $ (748,770 ) $ 29,251,230 9.3 % - P+6.50% Cash, 0% PIK (10) I/O 17.0 % 2 Michigan 3/5/2021 12/31/2024 35,891,667 38,001,475 (121,831 ) 37,879,644 12.0 % - P+6.65% Cash, 4.25% PIK (7)(15) P&I 18.0 % 3(17) Various 3/25/2021 11/29/2024 20,105,628 20,392,227 (438,589 ) 19,953,638 6.3 % - P+10.375% Cash, 2.75% PIK (7) P&I 23.2 % 4(16) Arizona 4/19/2021 12/31/2023 14,120,000 13,970,276 - 13,970,276 4.4 % - P+11.75% Cash (9) I/O 17.5 % 5 Massachusetts 4/19/2021 4/30/2025 3,500,000 3,296,000 - 3,296,000 1.0 % 204,000 P+12.25% Cash (7) P&I 22.4 % 6 Michigan 8/20/2021 2/20/2024 6,000,000 4,264,421 (2,464 ) 4,261,957 1.4 % 1,500,000 P+9.00% Cash (7) P&I 20.7 % 7 Illinois, Arizona 8/24/2021 6/30/2025 25,000,000 20,807,799 (171,792 ) 20,636,007 6.6 % - P+6.00% Cash, 2% PIK (11) P&I 18.5 % 8 West Virginia 9/1/2021 9/1/2024 9,500,000 11,030,188 (74,371 ) 10,955,817 3.5 % - P+9.25% Cash, 2% PIK (7) P&I 26.0 % 9(19) Pennsylvania 9/3/2021 6/30/2024 15,000,000 16,155,903 - 16,155,903 5.1 % - P+10.75% Cash, 3% PIK (7) P&I 19.2 % 10 Michigan 9/20/2021 9/30/2024 470,411 196,005 - 196,005 0.1 % - 11% Cash P&I 21.4 % 11 Maryland 9/30/2021 9/30/2024 32,000,000 32,975,433 (447,955 ) 32,527,478 10.3 % - P+8.75% Cash, 2% PIK (7) I/O 21.8 % 12 Various 11/8/2021 10/31/2024 13,574,667 12,628,000 (90,634 ) 12,537,366 4.0 % - P+9.25% Cash (12) P&I 19.5 % 13 Michigan 11/22/2021 11/1/2024 13,100,000 13,111,841 (91,308 ) 13,020,533 4.1 % - P+6.00% Cash, 1.5% PIK (11) I/O 18.7 % 14 Various 12/27/2021 12/27/2026 5,000,000 5,125,000 - 5,125,000 1.6 % - P+12.25% Cash, 2.5% PIK (8) P&I 23.5 % 15 Michigan 12/29/2021 12/29/2023 6,000,000 3,884,077 (22,438 ) 3,861,639 1.2 % 2,400,000 P+17.5% Cash, 5% PIK (9) I/O 27.0 % 16 Florida 12/30/2021 12/31/2024 13,000,000 6,825,000 (37,603 ) 6,787,397 2.2 % 5,500,000 P+9.25% Cash (7) I/O 22.7 % 17 Florida 1/18/2022 1/31/2025 15,000,000 15,000,000 (200,009 ) 14,799,991 4.7 % - P+4.75% Cash (10) P&I 14.2 % 18 Ohio 2/3/2022 2/28/2025 11,662,050 12,837,973 (132,125 ) 12,705,848 4.0 % - P+1.75% Cash, 3% PIK (11) P&I 19.8 % 19 Florida 3/11/2022 8/29/2025 20,000,000 20,794,861 (62,431 ) 20,732,430 6.6 % - 11% Cash, 3% PIK P&I 15.5 % 20 Missouri 5/9/2022 5/30/2025 17,000,000 17,513,744 (106,535 ) 17,407,209 5.5 % - 11% Cash, 3% PIK P&I 14.7 % 21 Illinois 7/1/2022 6/30/2026 9,000,000 5,153,793 (67,999 ) 5,085,794 1.6 % 4,000,000 P+8.50% Cash, 3% PIK P&I 26.6 % 22 Maryland 1/24/2023 1/24/2026 11,250,000 11,093,727 (578,307 ) 10,515,420 3.3 % - P+5.75% Cash, 1.4% PIK (10) P&I 20.1 % 23 Arizona 3/27/2023 3/31/2026 2,000,000 1,980,000 (45,682 ) 1,934,318 0.6 % - P+7.50% Cash, 0% PIK (13) P&I 18.6 % 24 Oregon 3/31/2023 9/27/2026 1,000,000 940,000 - 940,000 0.3 % - P+10.50% Cash, 0% PIK (9) P&I 21.5 % 25(18) New York - - - - - - 0.0 % - 15% Cash P&I 16.3 % Current expected credit loss reserve - - - (5,121,577 ) Total loans held at carrying value 329,174,423 317,977,743 (3,440,843 ) 309,415,323 100.0 % 13,604,000 Wtd Average 19.2 % (1) All loans originated prior to April 1, 2021 were purchased from affiliated entities at fair value plus accrued interest on or subsequent to April 1, 2021. (2) Certain loans are subject to contractual extension options and may be subject to performance based on 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 a contractual prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications. (3) Total Commitment excludes future amounts to be advanced at sole discretion of the lender and reflects receipt of scheduled amortization payments as of June 30, 2023. (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; subtotal represents weighted average interest rate. (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) Estimated YTM includes a variety of fees and features that affect the total yield, which may include, but is not limited to, OID, exit fees, prepayment fees, unused fees and contingent features. OID is recognized as a discount to the funded loan principal and is accreted to income over the term of the loan. The estimated YTM calculations require management to make estimates and assumptions, including, but not limited to, the timing and amounts of loan draws on delayed draw loans, the timing and collectability of exit fees, the probability and timing of prepayments and the probability of contingent features occurring. For example, certain credit agreements contain provisions pursuant to which certain PIK interest rates and fees earned by us under such credit agreements will decrease upon the satisfaction of certain specified criteria which we believe may improve the risk profile of the applicable borrower. To be conservative, we have not assumed any prepayment penalties or early payoffs in our estimated YTM calculation. Estimated YTM is based on current management estimates and assumptions, which may change. Actual results could differ from those estimates and assumptions. (7) This Loan is subject to a prime rate floor of 3.25% (8) This Loan is subject to a prime rate floor of 4.75% (9) This Loan is subject to a prime rate floor of 5.50% (10) This Loan is subject to a prime rate floor of 6.25% (11) This Loan is subject to a prime rate floor of 7.00% (12) This Loan is subject to a prime rate floor of 7.50% (13) This Loan is subject to a prime rate floor of 8.00% (14) This Loan is subject to a prime rate floor of 8.25% (15) This Loan is subject to a prime rate cap of 5.85% (16) The aggregate loan commitment to the borrower of Loan #4 includes a $10.9 million initial commitment advanced in April 2021, and a second loan commitment of $2.0 million which was advanced in December 2021.The weighted average yield presented reflects the weighted average of the terms under both advances for the total aggregate loan commitment. (17) The aggregate loan commitment to Loan #3 includes a $15.9 million initial commitment which has a base interest rate of 13.625%, 2.75% PIK and a second commitment of $4.2 million which has an interest rate of 15.00%, 2.00% PIK. The statistics presented reflect the weighted average of the terms under all advances for the total aggregate loan commitment. (18) The Company has an aggregate commitment of $50.0 million to the borrower of Loan #25. The funding of such commitment is subject to certain conditions precedent being met for which the Company, as lender, may exercise its sole discretion in determining if and when such proceeds are advanced. Accordingly, this commitment is not included in total contractual commitments as of June 30, 2023. During the period from July 1, 2023 through August 9, 2023, the Company advanced $18.7 million of the Loan #25 commitment (Note 13). (19) As of May 1, 2023, Loan #9 has been placed on non-accrual status. Our loans are held for investment and are substantially secured by real estate, equipment, licenses and other assets of the borrowers to the extent permitted by the applicable laws and the regulations governing such borrowers. The aggregate fair value of the Company’s loan portfolio was $309,852,814 and $329,237,824, with gross unrecognized holding (losses)/gains of $(4,684,085) and $10,035,714 as of June 30, 2023 and December 31, 2022, 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. As of June 30, 2023, the Company calculated the estimated fair value of the loans held for investment using unobservable inputs such as discount rates ranging from 11.36% to 24.79% with a weighted average discount rate of 16.31%. The following table summarizes the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of June 30, 2023. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values. As of June 30, 2023 Primary Unobservable Input Fair Value Valuation Techniques Input Estimated Range Weighted Average Senior term loans $ 309,852,814 Yield analysis Market yield 11.36% - 24.79% 16.31 % Total Investments $ 309,852,814 As of June 30, 2023, there were zero loans with principal or interest greater than 90 days past due. The following table presents aging analyses of past due loans by amortized cost, excluding the CECL reserve, as of June 30, 2023. There were no past due loans as of December 31, 2022. As of June 30, 2023 Current 31–60 61–90 90+ Days Non- (2) Total Total Loans held for investment $ 298,380,997 $ 16,155,903 $ - $ - $ - $ 16,155,903 $ 314,536,900 Total $ 298,380,997 $ 16,155,903 $ - $ - $ - $ 16,155,903 $ 314,536,900 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, 2022 to June 30, 2023 considered borrower specific credit history and performance and reflect a quarterly re-evaluation of overall current macroeconomic conditions affecting the Company’s borrowers. As interest rates have increased due to rising rates from the Federal Reserve Board, it has impacted borrowers’ ability to service their debt obligations on a global scale. This decline in risk ratings had an effect on the level of the current expected credit loss reserve though, other than the one loan placed on non-accrual status, the loans continued to perform as expected. For approximately 74% of the portfolio, the fair value of the underlying real estate collateral exceeded the amounts outstanding under the loans as of June 30, 2023. The remaining approximately 26% of the portfolio, while not fully collateralized by real estate, may be partially collateralized by real estate and was secured by other forms of collateral including equipment, receivables, licenses and/or other assets of the borrowers to the extent permitted by applicable laws and regulations governing such borrowers. The amounts above exclude any apportionment of real estate collateral permissible under the applicable income and asset tests for REIT eligibility. As of June 30, 2023 and December 31, 2022, 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, 2023(1)(2) As of December 31, 2022(1) Risk Rating 2023 2022 2021 2020 2019 Total 2022 2021 2020 2019 Total 1 $ 10,515,420 $ 30,113,057 $ 196,005 $ - $ - $ 40,824,482 $ - $ 274,406 $ - $ - $ 274,406 2 2,874,319 102,663,294 66,147,544 - - 171,385,157 94,467,449 88,444,868 29,140,546 - 212,052,863 3 - 5,085,794 55,859,471 - - 60,945,265 30,415,113 83,131,444 - - 113,546,557 4 - - 41,081,996 - - 41,081,996 - 13,399,712 - - 13,399,712 5 - - - - - - - - - - - Total $ 13,389,739 $ 137,862,145 $ 163,285,016 $ - $ - $ 314,536,900 $ 124,882,562 $ 185,250,430 $ 29,140,546 $ - $ 339,273,538 (1) Amounts are presented by loan origination year with subsequent advances shown in the original year of origination. (2) Loan #9 placed on non-accrual status is included in risk rating category “4”. 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, 2023 and December 31, 2022: As of June 30, 2023 Real Estate Collateral Coverage (1) < 1.0x 1.0x–1.25x 1.25x–1.5x 1.50x–1.75x 1.75x–2.0x > 2.0x Total Fixed-rate $ - $ - $ 20,732,430 $ 17,407,209 $ - $ 196,005 $ 38,335,644 Floating-rate 82,072,899 36,109,541 61,372,826 13,970,277 22,570,325 60,105,388 276,201,256 $ 82,072,899 $ 36,109,541 $ 82,105,256 $ 31,377,486 $ 22,570,325 $ 60,301,393 $ 314,536,900 As of December 31, 2022 Real Estate Collateral Coverage (1) < 1.0x 1.0x–1.25x 1.25x–1.5x 1.50x–1.75x 1.75x–2.0x > 2.0x Total Fixed-rate $ - $ - $ 20,406,737 $ 17,203,138 $ - $ 20,089,663 $ 57,699,538 Floating-rate 63,963,105 78,211,454 13,399,712 9,980,730 12,849,490 103,169,509 281,574,000 $ 63,963,105 $ 78,211,454 $ 33,806,449 $ 27,183,868 $ 12,849,490 $ 123,259,172 $ 339,273,538 (1) Real estate collateral coverage is calculated based upon most recent third-party appraised values. The Company generally obtains new appraisal of all material real estate collateral at least once annually. 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. 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 loan, 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 and its affiliates have had operations for the past three fiscal years and have 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 and its affiliates 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, the Company forecasts 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. The Manager utilizes a third-party valuation appraiser to assist with the Company’s valuation process primarily using comparable transactions to estimate enterprise value of its 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 Capital IQ as of June 30, 2023, to which the Manager may apply a private company discount based on the Company’s 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 it can request that the court appoint a receiver to manage and operate the subject real property until the foreclosure proceedings are completed. Additionally, while the Company 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, 2023 and 2022 is presented in the table below. Outstanding (1) Unfunded (2) Total Balance at December 31, 2022 $ 3,940,939 $ 94,415 $ 4,035,354 Provision for current expected credit losses 1,180,638 54,593 1,235,231 Balance at June 30, 2023 $ 5,121,577 $ 149,008 $ 5,270,585 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 Balance at June 30, 2022 $ 1,203,424 $ 41,533 $ 1,244,957 (1) As of June 30, 2023 and December 31, 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, 2023 and December 31, 2022, the CECL Reserve related to unfunded commitments on loans at carrying value is recorded within accounts payable and other accrued liabilities in the Company’s consolidated balance sheets. The Company has made an accounting policy election to exclude accrued interest receivable, ($994,812 and $1,204,412 as of June 30, 2023 and December 31, 2022, respectively) 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 accrual of 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.

Interest Receivable

Interest Receivable	6 Months Ended
	Jun. 30, 2023
Interest Receivable [Abstract]
INTEREST RECEIVABLE	4. INTEREST RECEIVABLE The following table summarizes the interest receivable by the Company as of June 30, 2023 and December 31, 2022: As of As of Interest receivable $ 944,007 $ 1,203,330 Unused fees receivable 50,805 1,082 Total interest receivable $ 994,812 $ 1,204,412 The following table presents aging analyses of past due loans by class as of June 30, 2023 and December 31, 2022, respectively: As of June 30, 2023 Current (1) 31–60 61–90 90+ Days Non- (2) Total Total Interest receivable $ 863,267 $ 131,545 $ - $ - $ - $ 131,545 $ 994,812 Total $ 863,267 $ 131,545 $ - $ - $ - $ 131,545 $ 994,812 As of December 31, 2022 Current (1) 31–60 61–90 90+ Days Non- Total Total Interest receivable $ 1,203,088 $ 1,324 $ - $ - $ - $ 1,324 $ 1,204,412 Total $ 1,203,088 $ 1,324 $ - $ - $ - $ 1,324 $ 1,204,412 (1) Loans 1-30 days past due are included in the current loans. Amounts are presented on a gross and net basis, including the effects of any interest reserves for non-accrual loans. (2) On May 1, 2023, Loan #9 was placed on non-accrual status with an outstanding principal amount of approximately $16.2 million. For the period from May 1, 2023, through June 30, 2023, the Company ceased the accrual and recognition of all interest. As of June 30, 2023, the borrower of Loan #9 is 60 days past due, however there is $0 of accrued interest receivable relating to Loan #9.

Interest Reserve

Interest Reserve	6 Months Ended
	Jun. 30, 2023
Interest Reserve [Abstract]
INTEREST RESERVE	5. INTEREST RESERVE As of June 30, 2023 and December 31, 2022, the Company had two loans and three loans, respectively, that included a prepaid interest reserve. The following table presents changes in interest reserves as of June 30, 2023 and December 31, 2022, respectively: As of As of Beginning reserves $ 1,868,193 $ 6,636,553 New reserves 446,212 9,049,834 Reserves disbursed (1,972,454 ) (13,818,194 ) Ending reserve $ 341,951 $ 1,868,193

Debt

Debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT	6. DEBT In May 2021, in connection with the Company’s acquisition of its wholly-owned financing subsidiary, CAL, the Company was assigned a secured revolving credit facility (the “Revolving Loan”). The Revolving Loan had an original aggregate borrowing base of up to $10,000,000 and bore 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 was 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, CAL entered into an amended and restated Revolving Loan agreement (the “First Amendment and Restatement”). The First Amendment and Restatement 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 is derived from a floating rate grid based upon 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 and Restatement 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 of the Revolving Loan agreement. The Company has the option to extend the initial term for an additional one-year term, provided no events of default exist and the Company provides the required notice of the extension pursuant to the First Amendment and Restatement. The Company incurred debt issuance costs of $859,500 related to the First Amendment and Restatement, which were capitalized and are subsequently being amortized through maturity. On May 12, 2022, CAL entered into a second amended and restated Revolving Loan agreement (the “Second Amendment and Restatement”). The Second Amendment and Restatement 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 and Restatement. The Company incurred debt issuance costs of $177,261 related to the Second Amendment and Restatement, which were capitalized and are subsequently amortized through maturity. The Revolving Loan incurs unused fees at a rate of 0.25% per annum which began on July 1, 2022 pursuant to the Second Amendment and Restatement. On November 7, 2022, CAL entered into a third amended and restated Revolving Loan agreement (the “Third Amendment and Restatement”). The Third Amendment and Restatement increased the loan commitment from $65,000,000 to $92,500,000. No other material terms of the Revolving Loan were modified as a result of the execution of the Third Amendment and Restatement. The Company incurred debt issuance costs of $323,779 related to the Third Amendment and Restatement, which were capitalized and are subsequently being amortized through maturity. On February 27, 2023, CAL entered into an amendment to the Third Amendment and Restatement (the “Amendment”). The Amendment extended the contractual maturity date of the Revolving Loan until December 16, 2024 and the Company retained its option to extend the initial term for an additional one-year period, provided no events of default exist and the Company provides 365 days’ notice of the extension pursuant to the Amendment. No other material terms of the Revolving Loan were modified as a result of the execution of the Amendment. The Company incurred debt issuance costs of $2,988 related to the Amendment, which were capitalized and are subsequently amortized through maturity. On June 30, 2023, CAL entered into a Fourth Amended and Restated Loan and Security Agreement (the “Fourth Amendment and Restatement”). The Fourth Amendment and Restatement increased the loan commitment from $92.5 million to $100.0 million. No other material terms of the Revolving Loan were modified as a result of the execution of the Fourth Amendment. The Company incurred debt issuance costs of $109,291 related to the Amendment, which were capitalized and are subsequently amortized through maturity. The Revolving Loan 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, 2023, the Company is in compliance with all financial covenants with respect to the Revolving Loan. As of June 30, 2023 and December 31, 2022, unamortized debt issuance costs related to the Revolving Loan, including all amendments and amendments and restatements thereto, as applicable, of $662,938 and $805,596, respectively, are recorded in other receivables and assets, net on the consolidated balance sheets. As of and for the six months ended June 30, 2023, the Company had net repayments of $15.0 million against the Revolving Loan. As of June 30, 2023, the Company had $57.0 million available under the Revolving Loan. Additionally, as of June 30, 2023, $279,229,247 of loans held for investment, at amortized cost, are pledged as collateral against the Revolving Loan. The fair value of the Revolving Loan, which is classified as Level 2 in the fair value hierarchy, approximates the carrying value as it bears a market rate of interest that is reset frequently. The following table reflects a summary of interest expense incurred during the three and six months ended June 30, 2023 and 2022. Three months Three months Six months Six months June 30, June 30, June 30, June 30, Interest expense $ 871,428 $ 276,562 $ 2,312,420 $ 276,562 Unused fee expense 31,701 4,167 41,701 4,167 Amortization of deferred financing costs 91,797 168,827 259,101 241,095 Total interest expense $ 994,926 $ 449,556 $ 2,613,222 $ 521,824

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	7. RELATED PARTY TRANSACTIONS Management Agreement Pursuant to the Management Agreement, the Manager will manage the loans and day-to-day operations of the Company, subject at all times to the further terms and conditions set forth in the Management Agreement and such further limitations or parameters as may be imposed from time to time by the Company’s Board. The Manager 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 three and six months ended June 30, 2023, the Base Management Fee payable was reduced by Outside Fees in the amount of $125,000 and $130,000, respectively. For the three and six months ended June 30, 2022, the Base Management Fee payable was reduced by Outside Fees in the amount of $364,500 and $1,082,251, respectively. 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, 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 members of the Compensation Committee of the Board, each of whom are Independent Directors, and approved by a majority of the members of the Compensation Committee. Incentive compensation for the three and six months ended June 30, 2023 was $874,854 and $1,986,060, respectively. Incentive compensation for the three and six months ended June 30, 2022 was $598,763 and $980,906, respectively. The Company shall pay all of its costs and expenses and shall reimburse the Manager or its affiliates for expenses of the Manager and its affiliates paid or incurred on behalf of the Company, excepting only those expenses that are specifically the responsibility of the Manager pursuant to the Management Agreement. 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 fees and expenses incurred by the Company and amounts payable to the Manager for the three and six months ended June 30, 2023 and 2022. For the three months ended For the six months ended 2023 2022 2023 2022 Affiliate Payments Management fees earned $ 1,049,813 $ 1,013,298 $ 2,081,612 $ 2,020,411 Less: Outside Fees earned (125,000 ) (364,500 ) (130,000 ) (1,082,251 ) Base management fees, net 924,813 648,798 1,951,612 938,160 Incentive fees 874,854 598,763 1,986,060 980,906 Total management and incentive fees earned 1,799,667 1,247,561 3,937,672 1,919,066 General and administrative expenses reimbursable to Manager 1,212,210 686,981 2,388,586 1,151,471 Total $ 3,011,877 $ 1,934,542 $ 6,326,258 $ 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, 2023 and December 31, 2022. Total amounts payable to the Manager as of June 30, 2023 and December 31, 2022 were approximately $3.4 million and $4.7 million, respectively, which included bonuses accrued of $0.5 million which are not reimbursed to the Manager until paid. Co-Investment 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 June 30, 2023 and December 31, 2022, 18 and 15 of the Company’s loans were co-invested by affiliates of the Company, respectively. In connection with investments in loans, the Company may receive the option to assign the right (the “Assigned Right”) to acquire warrants and/or equity of the borrower. The Company may sell the Assigned Right, and the sale may be to an affiliate of the Company. The proceeds from the sale of Assigned Rights are accounted for as additional original issue discount and accreted over the life of the related loans. During the six months ended June 30, 2023, the Company sold an Assigned Right amounting to $237,885. There were no sales of Assigned Rights for the six months ended June 30, 2022. During the six months ended June 30, 2023, the Company sold a senior secured loan to a syndicate of co-lenders, including a third party and two affiliates under common control with our Manager. The total selling price of approximately $14.2 million was approved by the audit committee of the Board. The fair value approximated the carrying value of the loan of $13.4 million plus accrued unpaid interest of $0.8 million through the sale date, March 31, 2023. In addition, the Company purchased a senior secured loan from an affiliate under common control with our Manager. The purchase price of approximately $19.3 million was approved by the audit committee of the Board. The fair value approximated the carrying value of the loan of $19.0 million, plus accrued and unpaid interest through the purchase date, January 24, 2023, of $0.3 million.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
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, 2023 and December 31, 2022, the Company had the following unfunded commitments on existing loans. As of As of Total original loan commitments $ 329,174,423 $ 351,367,706 Less: drawn commitments (315,570,423 ) (336,323,706 ) Total undrawn commitments $ 13,604,000 $ 15,044,000 Refer to “Note 3 – Loans Held for Investment, Net” for further information regarding the CECL Reserve attributed to unfunded commitments. Total original loan commitments excludes the impact of principal payments received since origination of the loan. As disclosed in Note 3, the Company has an aggregate commitment of $50.0 million to the borrower of Loan #25. The funding of such commitment is subject to certain conditions precedent being met for which the Company, as lender, may exercise its sole discretion in determining if and when such proceeds are advanced. Accordingly, this commitment is not included in total contractual commitments as of June 30, 2023. The following table summarizes our material commitments as of June 30, 2023: Commitments due by period 2023 2024 2025 2026 2027 Thereafter Total Undrawn commitment $ 2,400,000 $ 7,000,000 $ 204,000 $ 4,000,000 $ - $ - $ 13,604,000 Revolving loan - 43,000,000 - - - - 43,000,000 Total $ 2,400,000 $ 50,000,000 $ 204,000 $ 4,000,000 $ - $ - $ 56,604,000 Other Contingencies The Company from time to time may be a party to litigation in the normal course of business. As of June 30, 2023, 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 adverse 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 and 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, provide consent to allow the borrower to sell the real estate to a third party, institute a foreclosure proceeding to have the real estate sold or evict the tenant, have the cannabis operations removed from the property and take title to the underlying real estate, each of which may result in the Company realizing a loss on the transaction.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity [Abstract]
STOCKHOLDERS’ EQUITY	9. STOCKHOLDERS’ EQUITY Common Stock On January 5, 2022, the underwriters of 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. On February 15, 2023, the Company completed a registered direct offering of 395,779 shares of common stock at a price of $15.16 per share, raising net proceeds of approximately $6.0 million. The Company sold shares of common stock directly, without the use of underwriters or placement agents, to institutional investors registered pursuant to its effective shelf registration statement. 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 of 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, 2023 and December 31, 2022, the maximum number of shares of the Company’s 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. On December 31, 2022, restricted stock award grants of 24,880 shares of common stock were granted to members of the Board. Pursuant to each respective award agreement, the restricted stock awards (“RSA’s”) vest annually in equal installments over a three-year period beginning on the first anniversary of the date of the grant. Upon vesting, the vested restricted stock awards are exchanged for an equal number of the Company’s common stock. On June 1, 2023, restricted stock award grants of 321,500 shares of common stock were granted to employees of our Manager. Pursuant to the respective award agreements, the RSA’s vest annually in equal installments over a three-year period beginning on the first anniversary of the date of the grant. Upon vesting, the vested restricted stock awards are exchanged for an equal number of the Company’s common stock. There were 1,147 and 4,063 shares forfeited during the six months ended June 30, 2023 and 2022, respectively. As individual awards and options become fully vested, stock-based compensation expense is adjusted to recognize actual forfeitures. Shares that are exchanged by a participant or withheld by the Company as full or partial payment in connection with any award granted under the 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. Based on the closing market price of our common stock on June 30, 2023, the aggregate intrinsic value of our restricted stock awards was as follows: As of June 30, Outstanding Vested Aggregate intrinsic value $ 5,871,186 $ 633,861 The following table summarizes the restricted stock activity for the Company’s directors and officers and employees of the Manager during the six months ended June 30, 2023 and 2022. Six months Grant Balance at December 31, 2022 80,984 $ 15.71 Granted 321,500 $ 14.75 Vested (13,800 ) $ 16.00 Forfeited (1,147 ) $ 16.00 Balance at June 30, 2023 387,537 $ 14.90 Six months Grant Balance at December 31, 2021 98,440 $ 16.00 Vested - $ 16.00 Forfeited (4,063 ) $ 16.00 Unvested Balance at June 30, 2022 94,377 $ 16.00 Restricted stock compensation expense is based on the Company’s stock price at the date of the grant and is amortized over the vesting period. Forfeitures are recognized as they occur. The share-based compensation expense for the Company was $402,179 and $243,465 for the six months ended June 30, 2023 and 2022, respectively. The unamortized share-based compensation expense for the Company was approximately $5,577,827 and $1,078,216 for the six months ended June 30, 2023 and 2022, respectively, which the Company expects to recognize over the remaining weighted-average term of 2.7 years. At-the-Market Offering Program (“ATM” Program”) On June 20, 2023, the Company entered into an At-the-Market Sales Agreement (the “Sales Agreement”) with BTIG, LLC, Compass Point Research & Trading, LLC and Oppenheimer & Co. Inc. (each a “Sales Agent” and together the “Sales Agents”) under which the Company may, from time to time, offer and sell shares of common stock, having an aggregate offering price of up to $75.0 million. Under the terms of the Sales Agreement, the Company has agreed to pay the Sales Agents a commission of up to 3.0% of the gross proceeds from each sale of common stock sold through the Sales Agents. Sales of common stock, if any, may be made in transactions that are deemed to be “at-the-market” offerings, as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). During the quarter ended June 30, 2023, the Company sold an aggregate of 79,862 shares of the Company’s common stock under the Sales Agreement at an average price of $15.78 per share, generating net proceeds of approximately $1.2 million. As of June 30, 2023, the shares of common stock sold pursuant to the registered direct offering in February 2023 and under the ATM Program are the only offerings that have been initiated under the Shelf Registration Statement.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
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 three and six months ended June 30, 2023 and 2022, respectively: For the three For the six 2023 2022 2023 2022 Net income attributable to common stockholders $ 8,643,378 $ 7,463,839 $ 19,335,727 $ 15,267,791 Divided by: Basic weighted average shares of common stock outstanding 18,094,288 17,657,913 17,989,684 17,649,548 Diluted weighted average shares of common stock outstanding 18,273,512 17,752,413 18,117,919 17,745,234 Basic earnings per common share $ 0.48 $ 0.42 $ 1.07 $ 0.87 Diluted earnings per common share $ 0.47 $ 0.42 $ 1.07 $ 0.86 There were no anti-dilutive shares excluded from the computations of earnings per common share for the three and six months ended June 30, 2023 and 2022.

Income Tax

Income Tax	6 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
INCOME TAX	11. INCOME TAX To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute annually to our stockholders at least 90% of our REIT taxable income prior to the deduction for dividends paid. To the extent that we distribute less than 100% of our REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), we will pay tax at regular corporate rates on that undistributed portion. Furthermore, if we distribute less than the sum of 1) 85% of our ordinary income for the calendar year, 2) 95% of our capital gain net income for the calendar year, and 3) any undistributed shortfall from our prior calendar year (the “Required Distribution”) to our stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then we are required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if we elect to retain any of our net capital gain for any tax year, we must notify our stockholders and pay tax at regular corporate rates on the retained net capital gain. Our stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax. If it is determined that our estimated current year taxable income will be in excess of estimated dividend distributions (including capital gain dividend) for the current year from such income, we 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. Excise tax expense, if any, is included in the line item, income tax expense. For the six months ended June 30, 2023 and the year ended December 31, 2022, we did not incur excise tax expense. The income tax provision for the Company was $0 for the six months ended June 30, 2023 and the year ended December 31, 2022, respectively. As of June 30, 2023 and December 31, 2022, the Company does not have any unrecognized tax benefits.

Dividends and Distributions

Dividends and Distributions	6 Months Ended
	Jun. 30, 2023
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, 2023 and 2022. Record Payment Common Taxable Return of Section Regular cash dividend 3/31/2023 4/14/2023 $ 0.47 $ 0.47 $ - $ 0.47 Regular cash dividend 6/30/2023 7/14/2023 $ 0.47 0.47 - 0.47 Total cash dividend $ 0.94 $ 0.94 $ - $ 0.94 Record Payment Common Taxable Return of Section 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, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS Investment Activity Through August 9, 2023, the Company funded approximately $18.7 million of the $50.0 million commitment to the borrower of Loan #25. Revolving Loan During the period from July 1, 2023, through August 9, 2023, the Company borrowed $15.0 million on the Revolving Loan. As of August 9, 2023, outstanding borrowings and remaining availability on the Revolving Loan were $58.0 million and $42.0 million, respectively. Payment of Dividend On July 14, 2023, the Company paid its regular quarterly dividend of $0.47 per common share relating to the second quarter of 2023 to stockholders of record as of the close of business on June 30, 2023. The total amount of the cash dividend payment was approximately $8.5 million.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2023
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. Our consolidated financial statements present the financial position, results of operations, and cash flows of Chicago Atlantic Real Estate Finance, Inc., and its wholly owned consolidated subsidiary, Chicago Atlantic Lincoln, LLC. All intercompany accounts and transactions have been eliminated in consolidation. 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, 2022. In the opinion of the Company, all normal recurring adjustments have been made that are necessary to the fair statement of 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, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.
Cash, Cash Equivalents and Restricted Cash	Cash and Cash Equivalents The Company’s cash held with financial institutions may at times exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limits. The Company and the Manager seek to manage this credit risk relating to cash by monitoring the financial stability of the financial institutions and their ability to continue in business for the foreseeable future. Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions. Cash and short-term investments with an original maturity of three months or less when acquired are considered cash and cash equivalents for the purpose of the consolidated balance sheets and consolidated statements of cash flows.
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.
Investments in Marketable Securities	Investments in Marketable Securities Investments in marketable securities consist of debt securities that are classified as trading securities. Marketable trading securities are recorded at fair value on the consolidated balance sheets and unrealized gains and losses shall be included within unrealized gain(loss) on trading securities on the consolidated statements of income.
Loans Held-for-Sale	Loans Held-for-Sale Once the Company decides to sell a loan(s), they may be transferred from held for investment to held-for-sale and carried at the lower of cost or fair value. On the date a loan is transferred into the held-for-sale category, any previously recorded allowance for credit losses is reversed in earnings and the loan is recorded at its amortized cost. If the amortized cost exceeds the loan’s fair value at the date of transfer, a valuation allowance is recorded equal to the difference between amortized cost basis and fair value. There were no loans classified as held-for-sale as of June 30, 2023 and December 31, 2022.
Revenue Recognition	Revenue Recognition Interest income on debt securities designated as trading securities is recognized on an accrual basis and is reported as interest receivable until collected. Interest income is accrued based on the outstanding face amount and the contractual terms of the securities. Original issue discount (“OID”), market discounts or premiums, if any, are recorded as an adjustment to the amortized cost and accreted or amortized as an adjustment to interest income using a method that approximates the effective interest method.
Income Taxes	Income Taxes The Company is a Maryland corporation and has elected to be taxed as a REIT under the Code, commencing with the taxable year ended December 31, 2021. The Company believes that it qualifies as a REIT and that its method of operations will enable it to continue to qualify as a REIT. However, no assurances can be given that the Company’s beliefs or expectations will be fulfilled, since qualification as a REIT depends on the Company satisfying numerous asset, income and distribution tests which depends, in part, on the Company’s operating results. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that the Company distributes annually to its stockholders at least 90% of the Company’s REIT taxable income prior to the deduction for dividends paid. To the extent that the Company distributes less than 100% of its REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), the Company will pay tax at regular corporate rates on that undistributed portion. Furthermore, if the Company distributes less than the sum of 1) 85% of its ordinary income for the calendar year, 2) 95% of its capital gain net income for the calendar year, and 3) any undistributed shortfall from its prior calendar year (the “Required Distribution”) to its stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then it is required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if the Company elects to retain any of its net capital gain for any tax year, it must notify its stockholders and pay tax at regular corporate rates on the retained net capital gain. The stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain and receive an income tax credit for such amount. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax. If it is determined that the Company’s estimated current year taxable income will be in excess of estimated dividend distributions (including capital gain dividend) for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. The annual expense is calculated in accordance with applicable tax regulations. FASB ASC Topic 740, Income Taxes
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings (“TDR”) and Vintage Disclosures. The amendments in this ASU eliminate the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Additionally, for public business entities, the amendments in this ASU require that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost. The ASU’s amendments are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years and early adoption is permitted. The Company’s adoption of ASU 2022-02 on January 1, 2023 did not have a material impact on the Company’s consolidated financial statements.

Loans Held For Investment, Net

Loans Held For Investment, Net (Tables)	6 Months Ended
	Jun. 30, 2023
Loans Held For Investment, Net [Abstract]
Schedule of loans held for investment	As of June 30, 2023 Outstanding Original Issue Carrying Value (1) Weighted Senior Term Loans $ 317,977,743 $ (3,440,843 ) $ 314,536,900 1.8 Current expected credit loss reserve - - (5,121,577 ) Total loans held at carrying value, net $ 317,977,743 $ (3,440,843 ) $ 309,415,323 As of December 31, 2022 Outstanding Original Issue Carrying Weighted Senior Term Loans $ 343,029,334 $ (3,755,796 ) $ 339,273,538 2.2 Current expected credit loss reserve - - (3,940,939 ) Total loans held at carrying value, net $ 343,029,334 $ (3,755,796 ) $ 335,332,599 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount, deferred loan fees and other upfront fees. Outstanding principal balance includes capitalized PIK interest, if applicable. (2) Weighted average remaining life is calculated based on the carrying value of the loans as of June 30, 2023 and December 31, 2022, respectively.
Schedule of changes in loans held at carrying value	Principal (1) Original Current Carrying Balance at December 31, 2022 $ 343,029,334 $ (3,755,796 ) $ (3,940,939 ) $ 335,332,599 New fundings 35,910,000 (1,118,340 ) - 34,791,660 Principal repayment of loans (51,907,313 ) - - (51,907,313 ) Accretion of original issue discount - 1,433,293 - 1,433,293 Sale of loan (2) (13,399,712 ) - - (13,399,712 ) PIK Interest 4,345,434 - - 4,345,434 Current expected credit loss reserve - - (1,180,638 ) (1,180,638 ) Balance at June 30, 2023 $ 317,977,743 $ (3,440,843 ) $ (5,121,577 ) $ 309,415,323 (1) The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount, deferred loan fees and other upfront fees. Outstanding principal balance includes capitalized PIK interest, if applicable. (2) One loan was reclassified as held for sale from loans held for investment as the decision was made to sell the loan during the six months ended June 30, 2023 to a syndicate of co-lenders which includes a third party and two affiliates under common control with our Manager. The sale was executed on March 31, 2023 (Note 7). Principal (1) Original Current Carrying Balance at December 31, 2021 $ 200,632,056 $ (3,647,490 ) $ (134,542 ) $ 196,850,024 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 PIK Interest 2,400,627 - - 2,400,627 Provision for credit losses - - (1,068,882 ) (1,068,882 ) Balance at June 30, 2022 $ 334,322,292 $ (4,120,306 ) $ (1,203,424 ) $ 328,998,562
Schedule of loans held at carrying value based on information	Initial Original Percent of Our Loan Location(s) Funding Maturity Total Principal Issue Discount Carrying Loan Future Interest Rate (4) Periodic YTM 1 Various 10/27/2022 10/30/2026 $ 30,000,000 $ 30,000,000 $ (748,770 ) $ 29,251,230 9.3 % - P+6.50% Cash, 0% PIK (10) I/O 17.0 % 2 Michigan 3/5/2021 12/31/2024 35,891,667 38,001,475 (121,831 ) 37,879,644 12.0 % - P+6.65% Cash, 4.25% PIK (7)(15) P&I 18.0 % 3(17) Various 3/25/2021 11/29/2024 20,105,628 20,392,227 (438,589 ) 19,953,638 6.3 % - P+10.375% Cash, 2.75% PIK (7) P&I 23.2 % 4(16) Arizona 4/19/2021 12/31/2023 14,120,000 13,970,276 - 13,970,276 4.4 % - P+11.75% Cash (9) I/O 17.5 % 5 Massachusetts 4/19/2021 4/30/2025 3,500,000 3,296,000 - 3,296,000 1.0 % 204,000 P+12.25% Cash (7) P&I 22.4 % 6 Michigan 8/20/2021 2/20/2024 6,000,000 4,264,421 (2,464 ) 4,261,957 1.4 % 1,500,000 P+9.00% Cash (7) P&I 20.7 % 7 Illinois, Arizona 8/24/2021 6/30/2025 25,000,000 20,807,799 (171,792 ) 20,636,007 6.6 % - P+6.00% Cash, 2% PIK (11) P&I 18.5 % 8 West Virginia 9/1/2021 9/1/2024 9,500,000 11,030,188 (74,371 ) 10,955,817 3.5 % - P+9.25% Cash, 2% PIK (7) P&I 26.0 % 9(19) Pennsylvania 9/3/2021 6/30/2024 15,000,000 16,155,903 - 16,155,903 5.1 % - P+10.75% Cash, 3% PIK (7) P&I 19.2 % 10 Michigan 9/20/2021 9/30/2024 470,411 196,005 - 196,005 0.1 % - 11% Cash P&I 21.4 % 11 Maryland 9/30/2021 9/30/2024 32,000,000 32,975,433 (447,955 ) 32,527,478 10.3 % - P+8.75% Cash, 2% PIK (7) I/O 21.8 % 12 Various 11/8/2021 10/31/2024 13,574,667 12,628,000 (90,634 ) 12,537,366 4.0 % - P+9.25% Cash (12) P&I 19.5 % 13 Michigan 11/22/2021 11/1/2024 13,100,000 13,111,841 (91,308 ) 13,020,533 4.1 % - P+6.00% Cash, 1.5% PIK (11) I/O 18.7 % 14 Various 12/27/2021 12/27/2026 5,000,000 5,125,000 - 5,125,000 1.6 % - P+12.25% Cash, 2.5% PIK (8) P&I 23.5 % 15 Michigan 12/29/2021 12/29/2023 6,000,000 3,884,077 (22,438 ) 3,861,639 1.2 % 2,400,000 P+17.5% Cash, 5% PIK (9) I/O 27.0 % 16 Florida 12/30/2021 12/31/2024 13,000,000 6,825,000 (37,603 ) 6,787,397 2.2 % 5,500,000 P+9.25% Cash (7) I/O 22.7 % 17 Florida 1/18/2022 1/31/2025 15,000,000 15,000,000 (200,009 ) 14,799,991 4.7 % - P+4.75% Cash (10) P&I 14.2 % 18 Ohio 2/3/2022 2/28/2025 11,662,050 12,837,973 (132,125 ) 12,705,848 4.0 % - P+1.75% Cash, 3% PIK (11) P&I 19.8 % 19 Florida 3/11/2022 8/29/2025 20,000,000 20,794,861 (62,431 ) 20,732,430 6.6 % - 11% Cash, 3% PIK P&I 15.5 % 20 Missouri 5/9/2022 5/30/2025 17,000,000 17,513,744 (106,535 ) 17,407,209 5.5 % - 11% Cash, 3% PIK P&I 14.7 % 21 Illinois 7/1/2022 6/30/2026 9,000,000 5,153,793 (67,999 ) 5,085,794 1.6 % 4,000,000 P+8.50% Cash, 3% PIK P&I 26.6 % 22 Maryland 1/24/2023 1/24/2026 11,250,000 11,093,727 (578,307 ) 10,515,420 3.3 % - P+5.75% Cash, 1.4% PIK (10) P&I 20.1 % 23 Arizona 3/27/2023 3/31/2026 2,000,000 1,980,000 (45,682 ) 1,934,318 0.6 % - P+7.50% Cash, 0% PIK (13) P&I 18.6 % 24 Oregon 3/31/2023 9/27/2026 1,000,000 940,000 - 940,000 0.3 % - P+10.50% Cash, 0% PIK (9) P&I 21.5 % 25(18) New York - - - - - - 0.0 % - 15% Cash P&I 16.3 % Current expected credit loss reserve - - - (5,121,577 ) Total loans held at carrying value 329,174,423 317,977,743 (3,440,843 ) 309,415,323 100.0 % 13,604,000 Wtd Average 19.2 % (1) All loans originated prior to April 1, 2021 were purchased from affiliated entities at fair value plus accrued interest on or subsequent to April 1, 2021. (2) Certain loans are subject to contractual extension options and may be subject to performance based on 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 a contractual prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications. (3) Total Commitment excludes future amounts to be advanced at sole discretion of the lender and reflects receipt of scheduled amortization payments as of June 30, 2023. (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; subtotal represents weighted average interest rate. (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) Estimated YTM includes a variety of fees and features that affect the total yield, which may include, but is not limited to, OID, exit fees, prepayment fees, unused fees and contingent features. OID is recognized as a discount to the funded loan principal and is accreted to income over the term of the loan. The estimated YTM calculations require management to make estimates and assumptions, including, but not limited to, the timing and amounts of loan draws on delayed draw loans, the timing and collectability of exit fees, the probability and timing of prepayments and the probability of contingent features occurring. For example, certain credit agreements contain provisions pursuant to which certain PIK interest rates and fees earned by us under such credit agreements will decrease upon the satisfaction of certain specified criteria which we believe may improve the risk profile of the applicable borrower. To be conservative, we have not assumed any prepayment penalties or early payoffs in our estimated YTM calculation. Estimated YTM is based on current management estimates and assumptions, which may change. Actual results could differ from those estimates and assumptions. (7) This Loan is subject to a prime rate floor of 3.25% (8) This Loan is subject to a prime rate floor of 4.75% (9) This Loan is subject to a prime rate floor of 5.50% (10) This Loan is subject to a prime rate floor of 6.25% (11) This Loan is subject to a prime rate floor of 7.00% (12) This Loan is subject to a prime rate floor of 7.50% (13) This Loan is subject to a prime rate floor of 8.00% (14) This Loan is subject to a prime rate floor of 8.25% (15) This Loan is subject to a prime rate cap of 5.85% (16) The aggregate loan commitment to the borrower of Loan #4 includes a $10.9 million initial commitment advanced in April 2021, and a second loan commitment of $2.0 million which was advanced in December 2021.The weighted average yield presented reflects the weighted average of the terms under both advances for the total aggregate loan commitment. (17) The aggregate loan commitment to Loan #3 includes a $15.9 million initial commitment which has a base interest rate of 13.625%, 2.75% PIK and a second commitment of $4.2 million which has an interest rate of 15.00%, 2.00% PIK. The statistics presented reflect the weighted average of the terms under all advances for the total aggregate loan commitment. (18) The Company has an aggregate commitment of $50.0 million to the borrower of Loan #25. The funding of such commitment is subject to certain conditions precedent being met for which the Company, as lender, may exercise its sole discretion in determining if and when such proceeds are advanced. Accordingly, this commitment is not included in total contractual commitments as of June 30, 2023. During the period from July 1, 2023 through August 9, 2023, the Company advanced $18.7 million of the Loan #25 commitment (Note 13). (19) As of May 1, 2023, Loan #9 has been placed on non-accrual status.
Schedule of significant unobservable inputs	As of June 30, 2023 Primary Unobservable Input Fair Value Valuation Techniques Input Estimated Range Weighted Average Senior term loans $ 309,852,814 Yield analysis Market yield 11.36% - 24.79% 16.31 % Total Investments $ 309,852,814
Schedule of presents aging analyses of past due loans by amortized cost	As of June 30, 2023 Current 31–60 61–90 90+ Days Non- (2) Total Total Loans held for investment $ 298,380,997 $ 16,155,903 $ - $ - $ - $ 16,155,903 $ 314,536,900 Total $ 298,380,997 $ 16,155,903 $ - $ - $ - $ 16,155,903 $ 314,536,900
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, 2023(1)(2) As of December 31, 2022(1) Risk Rating 2023 2022 2021 2020 2019 Total 2022 2021 2020 2019 Total 1 $ 10,515,420 $ 30,113,057 $ 196,005 $ - $ - $ 40,824,482 $ - $ 274,406 $ - $ - $ 274,406 2 2,874,319 102,663,294 66,147,544 - - 171,385,157 94,467,449 88,444,868 29,140,546 - 212,052,863 3 - 5,085,794 55,859,471 - - 60,945,265 30,415,113 83,131,444 - - 113,546,557 4 - - 41,081,996 - - 41,081,996 - 13,399,712 - - 13,399,712 5 - - - - - - - - - - - Total $ 13,389,739 $ 137,862,145 $ 163,285,016 $ - $ - $ 314,536,900 $ 124,882,562 $ 185,250,430 $ 29,140,546 $ - $ 339,273,538 (1) Amounts are presented by loan origination year with subsequent advances shown in the original year of origination. (2) Loan #9 placed on non-accrual status is included in risk rating category “4”.
Schedule of real estate collateral coverage	As of June 30, 2023 Real Estate Collateral Coverage (1) < 1.0x 1.0x–1.25x 1.25x–1.5x 1.50x–1.75x 1.75x–2.0x > 2.0x Total Fixed-rate $ - $ - $ 20,732,430 $ 17,407,209 $ - $ 196,005 $ 38,335,644 Floating-rate 82,072,899 36,109,541 61,372,826 13,970,277 22,570,325 60,105,388 276,201,256 $ 82,072,899 $ 36,109,541 $ 82,105,256 $ 31,377,486 $ 22,570,325 $ 60,301,393 $ 314,536,900 As of December 31, 2022 Real Estate Collateral Coverage (1) < 1.0x 1.0x–1.25x 1.25x–1.5x 1.50x–1.75x 1.75x–2.0x > 2.0x Total Fixed-rate $ - $ - $ 20,406,737 $ 17,203,138 $ - $ 20,089,663 $ 57,699,538 Floating-rate 63,963,105 78,211,454 13,399,712 9,980,730 12,849,490 103,169,509 281,574,000 $ 63,963,105 $ 78,211,454 $ 33,806,449 $ 27,183,868 $ 12,849,490 $ 123,259,172 $ 339,273,538 (1) Real estate collateral coverage is calculated based upon most recent third-party appraised values. The Company generally obtains new appraisal of all material real estate collateral at least once annually.
Schedule of activity related to the CECL Reserve for outstanding balances	Outstanding (1) Unfunded (2) Total Balance at December 31, 2022 $ 3,940,939 $ 94,415 $ 4,035,354 Provision for current expected credit losses 1,180,638 54,593 1,235,231 Balance at June 30, 2023 $ 5,121,577 $ 149,008 $ 5,270,585 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 Balance at June 30, 2022 $ 1,203,424 $ 41,533 $ 1,244,957 (1) As of June 30, 2023 and December 31, 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, 2023 and December 31, 2022, the CECL Reserve related to unfunded commitments on loans at carrying value is recorded within accounts payable and other accrued liabilities in the Company’s consolidated balance sheets.

Interest Receivable (Tables)

Interest Receivable (Tables)	6 Months Ended
	Jun. 30, 2023
Interest Receivable [Abstract]
Schedule of summarizes the interest receivable	As of As of Interest receivable $ 944,007 $ 1,203,330 Unused fees receivable 50,805 1,082 Total interest receivable $ 994,812 $ 1,204,412
Schedule of including non-accrual loans	As of June 30, 2023 Current (1) 31–60 61–90 90+ Days Non- (2) Total Total Interest receivable $ 863,267 $ 131,545 $ - $ - $ - $ 131,545 $ 994,812 Total $ 863,267 $ 131,545 $ - $ - $ - $ 131,545 $ 994,812 As of December 31, 2022 Current (1) 31–60 61–90 90+ Days Non- Total Total Interest receivable $ 1,203,088 $ 1,324 $ - $ - $ - $ 1,324 $ 1,204,412 Total $ 1,203,088 $ 1,324 $ - $ - $ - $ 1,324 $ 1,204,412 (1) Loans 1-30 days past due are included in the current loans. Amounts are presented on a gross and net basis, including the effects of any interest reserves for non-accrual loans. (2) On May 1, 2023, Loan #9 was placed on non-accrual status with an outstanding principal amount of approximately $16.2 million. For the period from May 1, 2023, through June 30, 2023, the Company ceased the accrual and recognition of all interest. As of June 30, 2023, the borrower of Loan #9 is 60 days past due, however there is $0 of accrued interest receivable relating to Loan #9.

Interest Reserve (Tables)

Interest Reserve (Tables)	6 Months Ended
	Jun. 30, 2023
Interest Reserve [Abstract]
Schedule of changes in interest reserves	The following table presents changes in interest reserves as of June 30, 2023 and December 31, 2022, respectively: As of As of Beginning reserves $ 1,868,193 $ 6,636,553 New reserves 446,212 9,049,834 Reserves disbursed (1,972,454 ) (13,818,194 ) Ending reserve $ 341,951 $ 1,868,193

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of summary of interest expense incurred during period	Three months Three months Six months Six months June 30, June 30, June 30, June 30, Interest expense $ 871,428 $ 276,562 $ 2,312,420 $ 276,562 Unused fee expense 31,701 4,167 41,701 4,167 Amortization of deferred financing costs 91,797 168,827 259,101 241,095 Total interest expense $ 994,926 $ 449,556 $ 2,613,222 $ 521,824

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of summarizes the related party fees and expenses	The following table summarizes the related party fees and expenses incurred by the Company and amounts payable to the Manager for the three and six months ended June 30, 2023 and 2022. For the three months ended For the six months ended 2023 2022 2023 2022 Affiliate Payments Management fees earned $ 1,049,813 $ 1,013,298 $ 2,081,612 $ 2,020,411 Less: Outside Fees earned (125,000 ) (364,500 ) (130,000 ) (1,082,251 ) Base management fees, net 924,813 648,798 1,951,612 938,160 Incentive fees 874,854 598,763 1,986,060 980,906 Total management and incentive fees earned 1,799,667 1,247,561 3,937,672 1,919,066 General and administrative expenses reimbursable to Manager 1,212,210 686,981 2,388,586 1,151,471 Total $ 3,011,877 $ 1,934,542 $ 6,326,258 $ 3,070,537

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of unfunded commitments on existing loans	As of As of Total original loan commitments $ 329,174,423 $ 351,367,706 Less: drawn commitments (315,570,423 ) (336,323,706 ) Total undrawn commitments $ 13,604,000 $ 15,044,000
Schedule of material commitments	Commitments due by period 2023 2024 2025 2026 2027 Thereafter Total Undrawn commitment $ 2,400,000 $ 7,000,000 $ 204,000 $ 4,000,000 $ - $ - $ 13,604,000 Revolving loan - 43,000,000 - - - - 43,000,000 Total $ 2,400,000 $ 50,000,000 $ 204,000 $ 4,000,000 $ - $ - $ 56,604,000

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity [Abstract]
Schedule of restricted stock awards	Based on the closing market price of our common stock on June 30, 2023, the aggregate intrinsic value of our restricted stock awards was as follows: As of June 30, Outstanding Vested Aggregate intrinsic value $ 5,871,186 $ 633,861
Schedule of restricted stock activity	The following table summarizes the restricted stock activity for the Company’s directors and officers and employees of the Manager during the six months ended June 30, 2023 and 2022. Six months Grant Balance at December 31, 2022 80,984 $ 15.71 Granted 321,500 $ 14.75 Vested (13,800 ) $ 16.00 Forfeited (1,147 ) $ 16.00 Balance at June 30, 2023 387,537 $ 14.90 Six months Grant Balance at December 31, 2021 98,440 $ 16.00 Vested - $ 16.00 Forfeited (4,063 ) $ 16.00 Unvested Balance at June 30, 2022 94,377 $ 16.00

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of basic earnings per common share	The following information sets forth the computations of basic earnings per common share for the three and six months ended June 30, 2023 and 2022, respectively: For the three For the six 2023 2022 2023 2022 Net income attributable to common stockholders $ 8,643,378 $ 7,463,839 $ 19,335,727 $ 15,267,791 Divided by: Basic weighted average shares of common stock outstanding 18,094,288 17,657,913 17,989,684 17,649,548 Diluted weighted average shares of common stock outstanding 18,273,512 17,752,413 18,117,919 17,745,234 Basic earnings per common share $ 0.48 $ 0.42 $ 1.07 $ 0.87 Diluted earnings per common share $ 0.47 $ 0.42 $ 1.07 $ 0.86

Dividends and Distributions (Ta

Dividends and Distributions (Tables)	6 Months Ended
	Jun. 30, 2023
Dividends and Distributions [Abstract]
Schedule of dividends declared	The following table summarizes the Company’s dividends declared during the six months ended June 30, 2023 and 2022. Record Payment Common Taxable Return of Section Regular cash dividend 3/31/2023 4/14/2023 $ 0.47 $ 0.47 $ - $ 0.47 Regular cash dividend 6/30/2023 7/14/2023 $ 0.47 0.47 - 0.47 Total cash dividend $ 0.94 $ 0.94 $ - $ 0.94 Record Payment Common Taxable Return of Section 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

Organization and Description _2

Organization and Description of Business (Details)	6 Months Ended
	Jun. 30, 2023
Organization and Description of Business [Abstract]
Least percentage of taxable income	90%

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Least percentage	90%
Taxable income percentage	100%
Ordinary income percentage	85%
Capital gain net income percentage	95%
Excise tax equal percentage	4%
Net capital gains percentage	90%
Excise tax percentage	4%

Loans Held For Investment, Ne_2

Loans Held For Investment, Net (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended	12 Months Ended
	Aug. 09, 2023	Jun. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Dec. 31, 2021	Apr. 30, 2021
Loans Held For Investment, Net (Details) [Line Items]
Portfolio comprised loans			$ 25	$ 22
Outstanding principal		$ 329,200,000	329,200,000	318,000,000
Aggregate loan commitments		351,400,000	351,400,000	$ 343,000,000
Principal loan amount		$ 1,900,000	$ 35,900,000
Floating rate loans percentage		87.90%	87.90%	83.10%
Loan carrying value		$ 276,200,000	$ 276,200,000	$ 281,600,000
Portfolio percentage		12.10%	12.10%	16.90%
Fixed rate loans		$ 38,300,000	$ 38,300,000	$ 57,700,000
Prime rate floor			3.25%
Prime rate floor two			4.75%
Prime rate floor three			5.50%
Prime rate floor four			6.25%
Prime rate floor five			7%
Prime rate floor six			7.50%
Prime rate floor seven			8%
Prime rate floor eight			8.25%
Prime rate floor nine			5.85%
Interest rate		2%	2%
Aggregate commitment			$ 50,000,000
Loan advance	$ 18,700,000
Aggregate fair value		$ 309,852,814	309,852,814	329,237,824
Unrecognized holding gain		$ 4,684,085	$ 4,684,085	10,035,714
Weighted average discount percentage		16.31%	16.31%
Accrued interest receivable		$ 994,812	$ 994,812	$ 1,204,412
Minimum [Member]
Loans Held For Investment, Net (Details) [Line Items]
Floating rate loans percentage		26%	26%
Discount rates percentage			11.36%
Maximum [Member]
Loans Held For Investment, Net (Details) [Line Items]
Floating rate loans percentage		74%	74%
Discount rates percentage			24.79%
PIK Initial Rate [Member]
Loans Held For Investment, Net (Details) [Line Items]
Aggregate loan		$ 15,900,000	$ 15,900,000
Base Three [Member] | Loans [Member]
Loans Held For Investment, Net (Details) [Line Items]
Aggregate loan						$ 10,900,000
Second Commitment [Member]
Loans Held For Investment, Net (Details) [Line Items]
Second loan commitment					$ 2,000,000
Base Ten [Member] | One Commitment [Member]
Loans Held For Investment, Net (Details) [Line Items]
Interest rate		13.625%	13.625%
PIK [Member]
Loans Held For Investment, Net (Details) [Line Items]
Interest rate		2.75%	2.75%
PIK Equal Rate [Member]
Loans Held For Investment, Net (Details) [Line Items]
Aggregate loan		$ 4,200,000	$ 4,200,000
Interest rate		15%	15%

Loans Held For Investment, Ne_3

Loans Held For Investment, Net (Details) - Schedule of loans held for investment - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022
Loans Held For Investment, Net (Details) - Schedule of loans held for investment [Line Items]
Total loans held at carrying value, Outstanding Principal	[1]	$ 317,977,743	$ 343,029,334
Total loans held at carrying value, Original Issue Discount		(3,440,843)	(3,755,796)
Total loans held at carrying value, Carrying Value	[1]	309,415,323	335,332,599
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	[1]	317,977,743	343,029,334
Total loans held at carrying value, Original Issue Discount		(3,440,843)	(3,755,796)
Total loans held at carrying value, Carrying Value	[1]	$ 314,536,900	$ 339,273,538
Total loans held at carrying value, Weighted Average Remaining Life (Years)	[2]	1 year 9 months 18 days	2 years 2 months 12 days
Current Expected Credit Loss Reserve [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held for investment [Line Items]
Total loans held at carrying value, Outstanding Principal	[1]
Total loans held at carrying value, Original Issue Discount
Total loans held at carrying value, Carrying Value	[1]	$ (5,121,577)	$ (3,940,939)
[1] The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount, deferred loan fees and other upfront fees. Outstanding principal balance includes capitalized PIK interest, if applicable. Weighted average remaining life is calculated based on the carrying value of the loans as of June 30, 2023 and December 31, 2022, respectively.

Loans Held For Investment, Ne_4

Loans Held For Investment, Net (Details) - Schedule of changes in loans held at carrying value	6 Months Ended
	Jun. 30, 2023 USD ($)		Jun. 30, 2022 USD ($)
Principal [Member]
Debt Instrument [Line Items]
Principal, Beginning	$ 343,029,334	[1]	$ 200,632,056	[1]
Principal New fundings	35,910,000	[1]	137,944,312	[1]
Principal repayment of loans	(51,907,313)	[1]	(6,654,703)	[1]
Principal Accretion of original issue discount		[1]		[1]
Principal Sale of loan	(13,399,712)	[1],[2]
Principal PIK Interest	4,345,434	[1]	2,400,627	[1]
Principal Provision for credit losses				[1]
Principal Current expected credit loss reserve		[1]
Principal, Ending	317,977,743	[1]	334,322,292	[1]
Original Issue Discount [Member]
Debt Instrument [Line Items]
Original Issue Discount, Beginning	(3,755,796)		(3,647,490)
Original Issue Discount New fundings	(1,118,340)		(1,835,592)
Original Issue Discount Principal repayment of loans
Original Issue Discount Accretion of original issue discount	1,433,293		1,362,776
Original Issue Discount Sale of loan		[2]
Original Issue Discount PIK Interest
Original Issue Discount Provision for credit losses
Original Issue Discount Current expected credit loss reserve
Original Issue Discount, Ending	(3,440,843)		(4,120,306)
Current Expected Credit Loss Reserve [Member]
Debt Instrument [Line Items]
Current Expected Credit Loss Reserve, Beginning	(3,940,939)		(134,542)
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 loan		[2]
Current Expected Credit Loss Reserve PIK Interest
Current Expected Credit Loss Reserve Provision for credit losses			(1,068,882)
Current Expected Credit Loss Reserve Current expected credit loss reserve	(1,180,638)
Current Expected Credit Loss Reserve, Ending	(5,121,577)		(1,203,424)
Carrying Value [Member]
Debt Instrument [Line Items]
Carrying Value, Beginning	335,332,599	[1]	196,850,024	[1]
Carrying Value New fundings	34,791,660	[1]	136,108,720	[1]
Carrying Value Principal repayment of loans	(51,907,313)	[1]	(6,654,703)	[1]
Carrying Value Accretion of original issue discount	1,433,293	[1]	1,362,776	[1]
Carrying Value Sale of loan	(13,399,712)	[1],[2]
Carrying Value PIK Interest	4,345,434	[1]	2,400,627	[1]
Carrying Value Provision for credit losses			(1,068,882)	[1]
Carrying Value Current expected credit loss reserve	(1,180,638)	[1]
Carrying Value, Ending	$ 309,415,323	[1]	$ 328,998,562	[1]
[1] The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount, deferred loan fees and other upfront fees. Outstanding principal balance includes capitalized PIK interest, if applicable. One loan was reclassified as held for sale from loans held for investment as the decision was made to sell the loan during the six months ended June 30, 2023 to a syndicate of co-lenders which includes a third party and two affiliates under common control with our Manager. The sale was executed on March 31, 2023 (Note 7).

Loans Held For Investment, Ne_5

Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information - USD ($)		6 Months Ended
		Jun. 30, 2023		Dec. 31, 2022
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Total Commitment		$ 329,174,423	[1]	$ 351,367,706
Principal Balance		317,977,743
Original Issue Premium/ (Discount)		(3,440,843)
Carrying Value		$ 309,415,323
Percent of Our Loan Portfolio		100%
Future Fundings		$ 13,604,000
Periodic Payment	[2]	Wtd Average
YTM IRR	[3]	19.20%
Various [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Various
Initial Funding Date	[4]	10/27/2022
Maturity Date	[5]	10/30/2026
Total Commitment	[1]	$ 30,000,000
Principal Balance		30,000,000
Original Issue Premium/ (Discount)		(748,770)
Carrying Value		$ 29,251,230
Percent of Our Loan Portfolio		9.30%
Future Fundings
Interest Rate	[6],[7]	P+6.50% Cash, 0% PIK (10)
Periodic Payment	[2]	I/O
YTM IRR	[3]	17%
Michigan [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Michigan
Initial Funding Date	[4]	3/5/2021
Maturity Date	[5]	12/31/2024
Total Commitment	[1]	$ 35,891,667
Principal Balance		38,001,475
Original Issue Premium/ (Discount)		(121,831)
Carrying Value		$ 37,879,644
Percent of Our Loan Portfolio		12%
Future Fundings
Interest Rate	[7],[8],[9]	P+6.65% Cash, 4.25% PIK (7)(15)
Periodic Payment	[2]	P&I
YTM IRR	[3]	18%
Various One [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)	[10]	Various
Initial Funding Date	[4],[10]	3/25/2021
Maturity Date	[5],[10]	11/29/2024
Total Commitment	[1],[10]	$ 20,105,628
Principal Balance	[10]	20,392,227
Original Issue Premium/ (Discount)	[10]	(438,589)
Carrying Value	[10]	$ 19,953,638
Percent of Our Loan Portfolio	[10]	6.30%
Future Fundings	[10]
Interest Rate	[7],[9],[10]	P+10.375% Cash, 2.75% PIK (7)
Periodic Payment	[2],[10]	P&I
YTM IRR	[3],[10]	23.20%
Arizona [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)	[11]	Arizona
Initial Funding Date	[4],[11]	4/19/2021
Maturity Date	[5],[11]	12/31/2023
Total Commitment	[1],[11]	$ 14,120,000
Principal Balance	[11]	13,970,276
Original Issue Premium/ (Discount)	[11]
Carrying Value	[11]	$ 13,970,276
Percent of Our Loan Portfolio	[11]	4.40%
Future Fundings	[11]
Interest Rate	[7],[11],[12]	P+11.75% Cash (9)
Periodic Payment	[2],[11]	I/O
YTM IRR	[3],[11]	17.50%
Massachusetts [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Massachusetts
Initial Funding Date	[4]	4/19/2021
Maturity Date	[5]	4/30/2025
Total Commitment	[1]	$ 3,500,000
Principal Balance		3,296,000
Original Issue Premium/ (Discount)
Carrying Value		$ 3,296,000
Percent of Our Loan Portfolio		1%
Future Fundings		$ 204,000
Interest Rate	[7],[9]	P+12.25% Cash (7)
Periodic Payment	[2]	P&I
YTM IRR	[3]	22.40%
Michigan One [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Michigan
Initial Funding Date	[4]	8/20/2021
Maturity Date	[5]	2/20/2024
Total Commitment	[1]	$ 6,000,000
Principal Balance		4,264,421
Original Issue Premium/ (Discount)		(2,464)
Carrying Value		$ 4,261,957
Percent of Our Loan Portfolio		1.40%
Future Fundings		$ 1,500,000
Interest Rate	[7],[9]	P+9.00% Cash (7)
Periodic Payment	[2]	P&I
YTM IRR	[3]	20.70%
Various Two [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Illinois, Arizona
Initial Funding Date	[4]	8/24/2021
Maturity Date	[5]	6/30/2025
Total Commitment	[1]	$ 25,000,000
Principal Balance		20,807,799
Original Issue Premium/ (Discount)		(171,792)
Carrying Value		$ 20,636,007
Percent of Our Loan Portfolio		6.60%
Future Fundings
Interest Rate	[7],[13]	P+6.00% Cash, 2% PIK (11)
Periodic Payment	[2]	P&I
YTM IRR	[3]	18.50%
West Virginia [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		West Virginia
Initial Funding Date	[4]	9/1/2021
Maturity Date	[5]	9/1/2024
Total Commitment	[1]	$ 9,500,000
Principal Balance		11,030,188
Original Issue Premium/ (Discount)		(74,371)
Carrying Value		$ 10,955,817
Percent of Our Loan Portfolio		3.50%
Future Fundings
Interest Rate	[7],[9]	P+9.25% Cash, 2% PIK (7)
Periodic Payment	[2]	P&I
YTM IRR	[3]	26%
Pennsylvania [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)	[14]	Pennsylvania
Initial Funding Date	[4],[14]	9/3/2021
Maturity Date	[5],[14]	6/30/2024
Total Commitment	[1],[14]	$ 15,000,000
Principal Balance	[14]	16,155,903
Original Issue Premium/ (Discount)	[14]
Carrying Value	[14]	$ 16,155,903
Percent of Our Loan Portfolio	[14]	5.10%
Future Fundings	[14]
Interest Rate	[7],[9],[14]	P+10.75% Cash, 3% PIK (7)
Periodic Payment	[2],[14]	P&I
YTM IRR	[3],[14]	19.20%
Michigan Two [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Michigan
Initial Funding Date	[4]	9/20/2021
Maturity Date	[5]	9/30/2024
Total Commitment	[1]	$ 470,411
Principal Balance		196,005
Original Issue Premium/ (Discount)
Carrying Value		$ 196,005
Percent of Our Loan Portfolio		0.10%
Future Fundings
Interest Rate	[7]	11% Cash
Periodic Payment	[2]	P&I
YTM IRR	[3]	21.40%
Maryland [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Maryland
Initial Funding Date	[4]	9/30/2021
Maturity Date	[5]	9/30/2024
Total Commitment	[1]	$ 32,000,000
Principal Balance		32,975,433
Original Issue Premium/ (Discount)		(447,955)
Carrying Value		$ 32,527,478
Percent of Our Loan Portfolio		10.30%
Future Fundings
Interest Rate	[7],[9]	P+8.75% Cash, 2% PIK (7)
Periodic Payment	[2]	I/O
YTM IRR	[3]	21.80%
Various Two [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Various
Initial Funding Date	[4]	11/8/2021
Maturity Date	[5]	10/31/2024
Total Commitment	[1]	$ 13,574,667
Principal Balance		12,628,000
Original Issue Premium/ (Discount)		(90,634)
Carrying Value		$ 12,537,366
Percent of Our Loan Portfolio		4%
Future Fundings
Interest Rate	[7],[15]	P+9.25% Cash (12)
Periodic Payment	[2]	P&I
YTM IRR	[3]	19.50%
Michigan Three [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Michigan
Initial Funding Date	[4]	11/22/2021
Maturity Date	[5]	11/1/2024
Total Commitment	[1]	$ 13,100,000
Principal Balance		13,111,841
Original Issue Premium/ (Discount)		(91,308)
Carrying Value		$ 13,020,533
Percent of Our Loan Portfolio		4.10%
Future Fundings
Interest Rate	[7],[13]	P+6.00% Cash, 1.5% PIK (11)
Periodic Payment	[2]	I/O
YTM IRR	[3]	18.70%
Various Three[Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Various
Initial Funding Date	[4]	12/27/2021
Maturity Date	[5]	12/27/2026
Total Commitment	[1]	$ 5,000,000
Principal Balance		5,125,000
Original Issue Premium/ (Discount)
Carrying Value		$ 5,125,000
Percent of Our Loan Portfolio		1.60%
Future Fundings
Interest Rate	[7],[16]	P+12.25% Cash, 2.5% PIK (8)
Periodic Payment	[2]	P&I
YTM IRR	[3]	23.50%
Michigan Four [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Michigan
Initial Funding Date	[4]	12/29/2021
Maturity Date	[5]	12/29/2023
Total Commitment	[1]	$ 6,000,000
Principal Balance		3,884,077
Original Issue Premium/ (Discount)		(22,438)
Carrying Value		$ 3,861,639
Percent of Our Loan Portfolio		1.20%
Future Fundings		$ 2,400,000
Interest Rate	[7],[12]	P+17.5% Cash, 5% PIK (9)
Periodic Payment	[2]	I/O
YTM IRR	[3]	27%
Florida [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Florida
Initial Funding Date	[4]	12/30/2021
Maturity Date	[5]	12/31/2024
Total Commitment	[1]	$ 13,000,000
Principal Balance		6,825,000
Original Issue Premium/ (Discount)		(37,603)
Carrying Value		$ 6,787,397
Percent of Our Loan Portfolio		2.20%
Future Fundings		$ 5,500,000
Interest Rate	[7],[9]	P+9.25% Cash (7)
Periodic Payment	[2]	I/O
YTM IRR	[3]	22.70%
Florida One [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Florida
Initial Funding Date	[4]	1/18/2022
Maturity Date	[5]	1/31/2025
Total Commitment	[1]	$ 15,000,000
Principal Balance		15,000,000
Original Issue Premium/ (Discount)		(200,009)
Carrying Value		$ 14,799,991
Percent of Our Loan Portfolio		4.70%
Future Fundings
Interest Rate	[6],[7]	P+4.75% Cash (10)
Periodic Payment	[2]	P&I
YTM IRR	[3]	14.20%
Ohio [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Ohio
Initial Funding Date	[4]	2/3/2022
Maturity Date	[5]	2/28/2025
Total Commitment	[1]	$ 11,662,050
Principal Balance		12,837,973
Original Issue Premium/ (Discount)		(132,125)
Carrying Value		$ 12,705,848
Percent of Our Loan Portfolio		4%
Future Fundings
Interest Rate	[7],[13]	P+1.75% Cash, 3% PIK (11)
Periodic Payment	[2]	P&I
YTM IRR	[3]	19.80%
Florida Two [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Florida
Initial Funding Date	[4]	3/11/2022
Maturity Date	[5]	8/29/2025
Total Commitment	[1]	$ 20,000,000
Principal Balance		20,794,861
Original Issue Premium/ (Discount)		(62,431)
Carrying Value		$ 20,732,430
Percent of Our Loan Portfolio		6.60%
Future Fundings
Interest Rate	[7]	11% Cash, 3% PIK
Periodic Payment	[2]	P&I
YTM IRR	[3]	15.50%
Missouri [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Missouri
Initial Funding Date	[4]	5/9/2022
Maturity Date	[5]	5/30/2025
Total Commitment	[1]	$ 17,000,000
Principal Balance		17,513,744
Original Issue Premium/ (Discount)		(106,535)
Carrying Value		$ 17,407,209
Percent of Our Loan Portfolio		5.50%
Future Fundings
Interest Rate	[7]	11% Cash, 3% PIK
Periodic Payment	[2]	P&I
YTM IRR	[3]	14.70%
Illinois [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Illinois
Initial Funding Date	[4]	7/1/2022
Maturity Date	[5]	6/30/2026
Total Commitment	[1]	$ 9,000,000
Principal Balance		5,153,793
Original Issue Premium/ (Discount)		(67,999)
Carrying Value		$ 5,085,794
Percent of Our Loan Portfolio		1.60%
Future Fundings		$ 4,000,000
Interest Rate	[7]	P+8.50% Cash, 3% PIK
Periodic Payment	[2]	P&I
YTM IRR	[3]	26.60%
Maryland One [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Maryland
Initial Funding Date	[4]	1/24/2023
Maturity Date	[5]	1/24/2026
Total Commitment	[1]	$ 11,250,000
Principal Balance		11,093,727
Original Issue Premium/ (Discount)		(578,307)
Carrying Value		$ 10,515,420
Percent of Our Loan Portfolio		3.30%
Future Fundings
Interest Rate	[6],[7]	P+5.75% Cash, 1.4% PIK (10)
Periodic Payment	[2]	P&I
YTM IRR	[3]	20.10%
Arizona One [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Arizona
Initial Funding Date	[4]	3/27/2023
Maturity Date	[5]	3/31/2026
Total Commitment	[1]	$ 2,000,000
Principal Balance		1,980,000
Original Issue Premium/ (Discount)		(45,682)
Carrying Value		$ 1,934,318
Percent of Our Loan Portfolio		0.60%
Future Fundings
Interest Rate	[7],[17]	P+7.50% Cash, 0% PIK (13)
Periodic Payment	[2]	P&I
YTM IRR	[3]	18.60%
Oregon [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)		Oregon
Initial Funding Date	[4]	3/31/2023
Maturity Date	[5]	9/27/2026
Total Commitment	[1]	$ 1,000,000
Principal Balance		940,000
Original Issue Premium/ (Discount)
Carrying Value		$ 940,000
Percent of Our Loan Portfolio		0.30%
Future Fundings	[18]
Interest Rate	[7],[12]	P+10.50% Cash, 0% PIK (9)
Periodic Payment	[2]	P&I
YTM IRR	[3]	21.50%
New york [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Location(s)	[19]	New York
Initial Funding Date	[4],[19]
Maturity Date	[5],[19]
Total Commitment	[1],[19]
Principal Balance	[19]
Original Issue Premium/ (Discount)	[19]
Carrying Value	[19]
Percent of Our Loan Portfolio	[19]	0%
Future Fundings	[19]
Interest Rate	[7],[19]	15% Cash
Periodic Payment	[2],[19]	P&I
YTM IRR	[3],[19]	16.30%
Current expected credit loss reserve [Member]
Loans Held For Investment, Net (Details) - Schedule of loans held at carrying value based on information [Line Items]
Total Commitment	[1]
Principal Balance
Original Issue Premium/ (Discount)
Carrying Value		$ (5,121,577)
[1] Total Commitment excludes future amounts to be advanced at sole discretion of the lender and reflects receipt of scheduled amortization payments as of June 30, 2023. P&I = principal and interest. I/O = interest only. P&I loans may include interest only periods for a portion of the loan term. Estimated YTM includes a variety of fees and features that affect the total yield, which may include, but is not limited to, OID, exit fees, prepayment fees, unused fees and contingent features. OID is recognized as a discount to the funded loan principal and is accreted to income over the term of the loan. The estimated YTM calculations require management to make estimates and assumptions, including, but not limited to, the timing and amounts of loan draws on delayed draw loans, the timing and collectability of exit fees, the probability and timing of prepayments and the probability of contingent features occurring. For example, certain credit agreements contain provisions pursuant to which certain PIK interest rates and fees earned by us under such credit agreements will decrease upon the satisfaction of certain specified criteria which we believe may improve the risk profile of the applicable borrower. To be conservative, we have not assumed any prepayment penalties or early payoffs in our estimated YTM calculation. Estimated YTM is based on current management estimates and assumptions, which may change. Actual results could differ from those estimates and assumptions. All loans originated prior to April 1, 2021 were purchased from affiliated entities at fair value plus accrued interest on or subsequent to April 1, 2021. Certain loans are subject to contractual extension options and may be subject to performance based on 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 a contractual prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications. This Loan is subject to a prime rate floor of 6.25% “P” = prime rate and depicts floating rate loans that pay interest at the prime rate plus a specific percentage; “PIK” = paid-in-kind interest; subtotal represents weighted average interest rate. This Loan is subject to a prime rate cap of 5.85% This Loan is subject to a prime rate floor of 3.25% The aggregate loan commitment to Loan #3 includes a $15.9 million initial commitment which has a base interest rate of 13.625%, 2.75% PIK and a second commitment of $4.2 million which has an interest rate of 15.00%, 2.00% PIK. The statistics presented reflect the weighted average of the terms under all advances for the total aggregate loan commitment. The aggregate loan commitment to the borrower of Loan #4 includes a $10.9 million initial commitment advanced in April 2021, and a second loan commitment of $2.0 million which was advanced in December 2021.The weighted average yield presented reflects the weighted average of the terms under both advances for the total aggregate loan commitment. This Loan is subject to a prime rate floor of 5.50% This Loan is subject to a prime rate floor of 7.00% As of May 1, 2023, Loan #9 has been placed on non-accrual status. This Loan is subject to a prime rate floor of 7.50% This Loan is subject to a prime rate floor of 4.75% This Loan is subject to a prime rate floor of 8.00% This Loan is subject to a prime rate floor of 8.25%

Loans Held For Investment, Ne_6

Loans Held For Investment, Net (Details) - Schedule of significant unobservable inputs	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value (in Dollars)	$ 309,852,814
Primary Valuation Techniques	Yield analysis
Input	Market yield
Unobservable Input Weighted Average	16.31%
Total Investments (in Dollars)	$ 309,852,814
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input Estimated Range	11.36%
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable Input Estimated Range	24.79%

Loans Held For Investment, Ne_7

Loans Held For Investment, Net (Details) - Schedule of presents aging analyses of past due loans by amortized cost	6 Months Ended
	Jun. 30, 2023 USD ($)
Financing Receivable, Past Due [Line Items]
Loans held for investment	$ 314,536,900
Total	314,536,900
Current Loans [Member]
Financing Receivable, Past Due [Line Items]
Loans held for investment	298,380,997
Total	298,380,997
31–60 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Loans held for investment	16,155,903
Total	16,155,903
61–90 Days Past Due [Member]
Financing Receivable, Past Due [Line Items]
Loans held for investment
Total
90+ Days Past Due (and accruing) [Member]
Financing Receivable, Past Due [Line Items]
Loans held for investment
Total
Non-Accrual [Member]
Financing Receivable, Past Due [Line Items]
Loans held for investment
Total
Past Due [Member]
Financing Receivable, Past Due [Line Items]
Loans held for investment	16,155,903
Total	$ 16,155,903

Loans Held For Investment, Ne_8

Loans Held For Investment, Net (Details) - Schedule of risk rating	6 Months Ended
	Jun. 30, 2023
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_9

Loans Held For Investment, Net (Details) - Schedule of carrying value of loans held for investment - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Schedule of Investments [Line Items]
Risk Rating 1	$ 10,515,420		$ 30,113,057	$ 274,406	$ 196,005
Risk Rating 2	2,874,319	94,467,449	102,663,294	88,444,868	66,147,544	29,140,546
Risk Rating 3		30,415,113	5,085,794	83,131,444	55,859,471
Risk Rating 4				13,399,712	41,081,996
Risk Rating 5
Total	13,389,739	124,882,562	$ 137,862,145	$ 185,250,430	$ 163,285,016	$ 29,140,546
Total [Member]
Schedule of Investments [Line Items]
Risk Rating 1	40,824,482	274,406
Risk Rating 2	171,385,157	212,052,863
Risk Rating 3	60,945,265	113,546,557
Risk Rating 4	41,081,996	13,399,712
Risk Rating 5
Total	$ 314,536,900	$ 339,273,538

Loans Held For Investment, N_10

Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2023	Dec. 31, 2022
1.0x [Member]
Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage [Line Items]
Fixed-rate	[1]
Floating-rate	[1]	82,072,899	63,963,105
Net real estate collateral coverage	[1]	82,072,899	63,963,105
1.0 - 1.25 [member]
Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage [Line Items]
Fixed-rate	[1]
Floating-rate	[1]	36,109,541	78,211,454
Net real estate collateral coverage	[1]	36,109,541	78,211,454
1.25x - 1.5x [Member]
Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage [Line Items]
Fixed-rate	[1]	20,732,430	20,406,737
Floating-rate	[1]	61,372,826	13,399,712
Net real estate collateral coverage	[1]	82,105,256	33,806,449
1.50x - 1.75x [Member]
Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage [Line Items]
Fixed-rate	[1]	17,407,209	17,203,138
Floating-rate	[1]	13,970,277	9,980,730
Net real estate collateral coverage	[1]	31,377,486	27,183,868
1.75x - 2.0x [Member]
Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage [Line Items]
Fixed-rate	[1]
Floating-rate	[1]	22,570,325	12,849,490
Net real estate collateral coverage	[1]	22,570,325	12,849,490
> 2.0x [Member]
Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage [Line Items]
Fixed-rate	[1]	196,005	20,089,663
Floating-rate	[1]	60,105,388	103,169,509
Net real estate collateral coverage	[1]	60,301,393	123,259,172
Total [Member]
Loans Held For Investment, Net (Details) - Schedule of real estate collateral coverage [Line Items]
Fixed-rate	[1]	38,335,644	57,699,538
Floating-rate	[1]	276,201,256	281,574,000
Net real estate collateral coverage	[1]	$ 314,536,900	$ 339,273,538
[1]Real estate collateral coverage is calculated based upon most recent third-party appraised values.

Loans Held For Investment, N_11

Loans Held For Investment, Net (Details) - Schedule of activity related to the CECL Reserve for outstanding balances - USD ($)		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Loans Held For Investment, Net (Details) - Schedule of activity related to the CECL Reserve for outstanding balances [Line Items]
Balance		$ 4,035,354	$ 147,949
Balance		5,270,585	1,244,957
Provision for current expected credit losses		1,235,231	1,097,008
Outstanding [Member]
Loans Held For Investment, Net (Details) - Schedule of activity related to the CECL Reserve for outstanding balances [Line Items]
Balance	[1]	3,940,939	134,542
Balance	[1]	5,121,577	1,203,424
Provision for current expected credit losses	[1]	1,180,638	1,068,882
Unfunded [Member]
Loans Held For Investment, Net (Details) - Schedule of activity related to the CECL Reserve for outstanding balances [Line Items]
Balance	[2]	94,415	13,407
Balance	[2]	149,008	41,533
Provision for current expected credit losses	[2]	$ 54,593	$ 28,126
[1] As of June 30, 2023 and December 31, 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. As of June 30, 2023 and December 31, 2022, the CECL Reserve related to unfunded commitments on loans at carrying value is recorded within accounts payable and other accrued liabilities in the Company’s consolidated balance sheets.

Interest Receivable (Details)

Interest Receivable (Details) - USD ($)	Jun. 30, 2023	May 01, 2023
Receivables with Imputed Interest [Abstract]
Outstanding principal amount		$ 16,200,000
Accrued interest	$ 0

Interest Receivable (Details) -

Interest Receivable (Details) - Schedule of summarizes the interest receivable - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Schedule of summarizes the interest receivable [Abstract]
Interest receivable	$ 944,007	$ 1,203,330
Unused fees receivable	50,805	1,082
Total interest receivable	$ 994,812	$ 1,204,412

Interest Receivable (Details)_2

Interest Receivable (Details) - Schedule of including non-accrual loans - USD ($)		Jun. 30, 2023		Dec. 31, 2022
Interest Receivable (Details) - Schedule of including non-accrual loans [Line Items]
Interest receivable		$ 994,812		$ 1,204,412
Total		994,812		1,204,412
Current Loans [Member]
Interest Receivable (Details) - Schedule of including non-accrual loans [Line Items]
Interest receivable	[1]	863,267		1,203,088
Total	[1]	863,267		1,203,088
31 - 60 Days Past Due [Member]
Interest Receivable (Details) - Schedule of including non-accrual loans [Line Items]
Interest receivable		131,545		1,324
Total		131,545		1,324
90+ Days Past Due (and accruing) [Member]
Interest Receivable (Details) - Schedule of including non-accrual loans [Line Items]
Interest receivable
Total
Non-Accrual [Member]
Interest Receivable (Details) - Schedule of including non-accrual loans [Line Items]
Interest receivable			[2]
Total			[2]
Total Past Due [Member]
Interest Receivable (Details) - Schedule of including non-accrual loans [Line Items]
Interest receivable		131,545		1,324
Total		$ 131,545		1,324
61 - 90 Days Past Due [Member]
Interest Receivable (Details) - Schedule of including non-accrual loans [Line Items]
Interest receivable
Total
[1] Loans 1-30 days past due are included in the current loans. Amounts are presented on a gross and net basis, including the effects of any interest reserves for non-accrual loans. On May 1, 2023, Loan #9 was placed on non-accrual status with an outstanding principal amount of approximately $16.2 million. For the period from May 1, 2023, through June 30, 2023, the Company ceased the accrual and recognition of all interest. As of June 30, 2023, the borrower of Loan #9 is 60 days past due, however there is $0 of accrued interest receivable relating to Loan #9.

Interest Reserve (Details) - Sc

Interest Reserve (Details) - Schedule of changes in interest reserves - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule of changes in interest reserves [Abstract]
Beginning reserves	$ 1,868,193	$ 6,636,553
New reserves	446,212	9,049,834
Reserves disbursed	(1,972,454)	(13,818,194)
Ending reserve	$ 341,951	$ 1,868,193

Debt (Details)

Debt (Details) - USD ($)							6 Months Ended
	Jun. 30, 2023	Nov. 07, 2022	Jul. 01, 2022	May 12, 2022	Dec. 16, 2021	May 31, 2021	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Debt (Details) [Line Items]
Borrowing amount						$ 10,000,000
Incurred debt issuance costs		$ 323,779		$ 177,261	$ 859,500	$ 100,000	$ 109,291
Debt to equity, description					CAL entered into an amended and restated Revolving Loan agreement (the “First Amendment and Restatement”). The First Amendment and Restatement 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 is derived from a floating rate grid based upon 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 and Restatement 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 of the Revolving Loan agreement.
Debt issuance costs	$ 2,988						$ 2,988
Debt, description							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, 2023, the Company is in compliance with all financial covenants with respect to the Revolving Loan.
Unamortized debt issuance costs	662,938						$ 662,938		$ 805,596
Repayment of loan							49,000,000
Loans held for investment							279,229,247
Minimum [Member]
Debt (Details) [Line Items]
Prime rate plus percentage						1%
Loan commitment		65,000,000		45,000,000
Loan commitment	92,500,000						92,500,000
Maximum [Member]
Debt (Details) [Line Items]
Prime rate plus percentage						4.75%
Loan commitment		$ 92,500,000		$ 65,000,000
Loan commitment	100,000,000						100,000,000
Revolving Loan [Member]
Debt (Details) [Line Items]
Unused fees rate			0.25%
Revolving Credit Facility [Member]
Debt (Details) [Line Items]
Repayment of loan							$ 15,000,000
Outstanding amount of loan	$ 57,000,000

Debt (Details) - Schedule of su

Debt (Details) - Schedule of summary of interest expense incurred during period - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of summary of interest expense incurred during period [Abstract]
Interest expense	$ 871,428	$ 276,562	$ 2,312,420	$ 276,562
Unused fee expense	31,701	4,167	41,701	4,167
Amortization of deferred financing costs	91,797	168,827	259,101	241,095
Total interest expense	$ 994,926	$ 449,556	$ 2,613,222	$ 521,824

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 24, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Related Party Transactions [Abstract]
Management fees, percentage				0.375%
Origination fees, percentage				50%
Management fees payable		$ 125,000	$ 364,500	$ 130,000	$ 1,082,251
Incentive fee		874,854	$ 598,763	1,986,060	$ 980,906
Accounts payable				3,400,000		$ 4,700,000
Accrued amount		500,000		500,000
Right amounting		237,885		237,885
Selling price				14,200,000
Carrying value	$ 19,000,000	$ 13,400,000		13,400,000
Unpaid interest	$ 300,000			800,000
Purchase and selling price				$ 19,300,000

Related Party Transactions (D_2

Related Party Transactions (Details) - Schedule of summarizes the related party fees and expenses - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of summarizes the related party fees and expenses [Abstract]
Management fees earned	$ 1,049,813	$ 1,013,298	$ 2,081,612	$ 2,020,411
Less: Outside Fees earned	(125,000)	(364,500)	(130,000)	(1,082,251)
Base management fees, net	924,813	648,798	1,951,612	938,160
Incentive fees	874,854	598,763	1,986,060	980,906
Total management and incentive fees earned	1,799,667	1,247,561	3,937,672	1,919,066
General and administrative expenses reimbursable to Manager	1,212,210	686,981	2,388,586	1,151,471
Total	$ 3,011,877	$ 1,934,542	$ 6,326,258	$ 3,070,537

Commitments and Contingencies_2

Commitments and Contingencies (Details)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitment	$50.0

Commitments and Contingencies_3

Commitments and Contingencies (Details) - Schedule of unfunded commitments on existing loans - USD ($)	Jun. 30, 2023		Dec. 31, 2022
Commitments and Contingencies (Details) - Schedule of unfunded commitments on existing loans [Line Items]
Total original loan commitments	$ 329,174,423	[1]	$ 351,367,706
Less: drawn commitments	(315,570,423)		(336,323,706)
Total undrawn commitments	$ 13,604,000		$ 15,044,000
[1] Total Commitment excludes future amounts to be advanced at sole discretion of the lender and reflects receipt of scheduled amortization payments as of June 30, 2023.

Commitments and Contingencies_4

Commitments and Contingencies (Details) - Schedule of material commitments	Jun. 30, 2023 USD ($)
Commitments and Contingencies (Details) - Schedule of material commitments [Line Items]
Total	$ 2,400,000
2023	50,000,000
2024	204,000
2025	4,000,000
2026
2027
Thereafter	56,604,000
Undrawn commitments [Member]
Commitments and Contingencies (Details) - Schedule of material commitments [Line Items]
Total	2,400,000
2023	7,000,000
2024	204,000
2025	4,000,000
2026
2027
Thereafter	13,604,000
Revolving loan [Member]
Commitments and Contingencies (Details) - Schedule of material commitments [Line Items]
Total
2023	43,000,000
2024
2025
2026
2027
Thereafter	$ 43,000,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($)			1 Months Ended	6 Months Ended		12 Months Ended
	Jun. 20, 2023	Jan. 05, 2022	Feb. 15, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Jun. 01, 2023
Stockholders' Equity (Details) [Line Items]
Underwriters shares purchase (in Shares)		302,800
Common stock price par value (in Dollars per share)		$ 16	$ 15.16
Additional gross proceeds		$ 4,844,800	$ 6,000,000
Additional net proceeds		4,505,664
Underwriting commissions		$ 339,136
Direct offering share (in Shares)			395,779
Restricted common stock shares (in Shares)							98,440
Issued and outstanding shares percentage				8.50%		8.50%
Granted to members (in Shares)						24,880		321,500
Shares forfeited (in Shares)				1,147	4,063
Share-based compensation expense				$ 402,179	$ 243,465
Expenses				$ 5,577,827,000,000	$ 1,078,216,000,000
Weighted-average term				2 years 8 months 12 days	2 years 8 months 12 days
Offering cost	$ 75,000,000
Gross proceeds percentage	3%
Average price (in Dollars per share)				$ 0.01		$ 0.01
Sales [Member]
Stockholders' Equity (Details) [Line Items]
Shares Sold (in Shares)				79,862
Average price (in Dollars per share)				$ 15.78
Net proceeds				$ 1,200,000

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Schedule of restricted stock awards	6 Months Ended
	Jun. 30, 2023 USD ($)
Schedule of restricted stock awards [Abstract]
Aggregate intrinsic value, Outstanding	$ 5,871,186
Aggregate intrinsic value, Vested	$ 633,861

Stockholders' Equity (Details_2

Stockholders' Equity (Details) - Schedule of restricted stock activity - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Schedule of Restricted Stock Activity [Abstract]
Restricted stock activity, Beginning	80,984	98,440
Grant Date Fair Value per Share, Beginning	$ 15.71	$ 16
Restricted stock activity, Granted	321,500
Grant Date Fair Value per Share,, Granted	$ 14.75
Restricted stock activity, Vested	(13,800)
Grant Date Fair Value per Share, Vested	$ 16	$ 16
Restricted stock activity, Forfeited	(1,147)	(4,063)
Grant Date Fair Value per Share, Forfeited	$ 16	$ 16
Restricted stock activity, Ending	387,537	94,377
Grant Date Fair Value per Share, Ending	$ 14.9	$ 16

Earnings Per Share (Details) -

Earnings Per Share (Details) - Schedule of basic earnings per common share - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income attributable to common stockholders	$ 8,643,378	$ 7,463,839	$ 19,335,727	$ 15,267,791
Divided by:
Basic weighted average shares of common stock outstanding	18,094,288	17,657,913	17,989,684	17,649,548
Diluted weighted average shares of common stock outstanding	18,273,512	17,752,413	18,117,919	17,745,234
Basic earnings per common share	$ 0.48	$ 0.42	$ 1.07	$ 0.87
Diluted earnings per common share	$ 0.47	$ 0.42	$ 1.07	$ 0.86

Income Tax (Details)

Income Tax (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Stockholders at least percentage	90%
REIT taxable income percentage	100%
Ordinary income percentage	85%
Capital gain net income percentage	95%
Non-deductible excise tax equal percentage	4%
Net capital gains percentage	90%
Nondeductible percentage	4%
Income tax provision (in Dollars)	$ 0	$ 0

Dividends and Distributions (De

Dividends and Distributions (Details) - Schedule of dividends declared - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Regular cash dividend [Member]
Dividends and Distributions (Details) - Schedule of dividends declared [Line Items]
Record Date	Mar. 31, 2023	Mar. 31, 2022
Payment Date	Apr. 14, 2023	Apr. 14, 2022
Common Share Distribution Amount	$ 0.47	$ 0.4
Taxable Ordinary Income	$ 0.47	0.4
Return of Capital (in Dollars)
Section 199A Dividends	$ 0.47	$ 0.4
Regular cash dividend One [Member]
Dividends and Distributions (Details) - Schedule of dividends declared [Line Items]
Record Date	Jun. 30, 2023	Jun. 30, 2022
Payment Date	Jul. 14, 2023	Jul. 15, 2022
Common Share Distribution Amount	$ 0.47	$ 0.47
Taxable Ordinary Income	0.47	0.47
Section 199A Dividends	0.47	0.47
Total cash dividend [Member]
Dividends and Distributions (Details) - Schedule of dividends declared [Line Items]
Common Share Distribution Amount	0.94	0.87
Taxable Ordinary Income	0.94	$ 0.87
Return of Capital (in Dollars)
Section 199A Dividends	$ 0.94	$ 0.87

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	6 Months Ended
	Aug. 09, 2023	Aug. 09, 2023	Jun. 30, 2023	Jul. 14, 2023
Subsequent Events (Details) [Line Items]
Fund amount			$ 18.7
Commitment to borrower of loan			50
Dividend price per share (in Dollars per share)				$ 0.47
Cash dividend payment			$ 8.5
Subsequent Event [Member]
Subsequent Events (Details) [Line Items]
Borrowed revolving loan		$ 15
Outstanding borrowings	$ 58
Revolving loan	$ 42