v3.25.2
LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Tables)
 6 Months Ended
Jun. 30, 2025
LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]  
Schedule of Loans Held at Carrying Value
The following tables summarize the Company’s loans held at carrying value as of June 30, 2025 and December 31, 2024:
As of June 30, 2025
Outstanding
Principal(1)
Original
Issue
Discount
Carrying
Value(1)
Weighted
Average
Remaining Life
(Years)(2)
Senior term loans$308,405,751 $(7,459,543)$300,946,208 1.6
Total loans held at carrying value$308,405,751 $(7,459,543)$300,946,208 1.6
 As of December 31, 2024
 
Outstanding
Principal(1)
Original
Issue
Discount
Carrying
Value(1)
Weighted
Average
Remaining Life
(Years)(2)
    
Senior term loans$301,755,791 $(8,493,417)$293,262,374 1.9
Total loans held at carrying value$301,755,791 $(8,493,417)$293,262,374 1.9
(1)The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID and loan origination costs.
(2)Weighted average remaining life is calculated based on the carrying value of the loans as of June 30, 2025 and December 31, 2024.
Schedule of Changes in Loans Held at Carrying Value
The following table presents changes in loans held at carrying value as of and for the six months ended June 30, 2025:
Principal Original Issue
Discount 		Carrying Value
Total loans held at carrying value at December 31, 2024$301,755,791 $(8,493,417)$293,262,374 
New fundings29,978,647 (795,000)29,183,647 
Accretion of original issue discount— 1,828,874 1,828,874 
Loan repayments(13,608,683)— (13,608,683)
PIK interest266,550 — 266,550 
Loan amortization payments(9,986,554)— (9,986,554)
Total loans held at carrying value at June 30, 2025$308,405,751 $(7,459,543)$300,946,208 
Schedule of Loans Held at Carrying Value Portfolio
A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of June 30, 2025 is as follows:
Collateral Location
Collateral
Type (1)
Outstanding
Principal (2)
Original
Issue
Discount
Carrying
Value (2)
Interest
Rate
Maturity
Date (3)
Payment
Terms (4)
Sub. of Private Co. GNJ, PAC, D$78,880,165 $(1,444,847)$77,435,318 12.5 %
(5)
5/1/2026I/O
Private Co. K MAC, D12,195,762 (682,619)11,513,143 18.3 %
(6)
5/3/2027P/I
Private Co. J MOC, D23,359,234 (32,799)23,326,435 18.3 %
(7)
9/1/2025P/I
Private Co. LOHC, D30,443,356 (343,736)30,099,620 13.0 %
(8)
5/1/2026P/I
Private Co. MAZD26,599,497 (1,729,171)24,870,326 9.0 %
(9)
7/31/2026P/I
Private Co. N - Real EstateFLC, D19,327,505 (536,500)18,791,005 12.5 %
(10)
4/1/2028P/I
Private Co. N - Non-Real EstateFLC, D17,200,000 (473,000)16,727,000 12.5 %
(11)
4/1/2028P/I
Private Co. OAZ, MD, MO, NJ, NV, NY, OH, OR, CanadaC5,014,073 (218,750)4,795,323 13.5 %
(12)
6/1/2028P/I
Private Co. PMIC, D15,609,914 (311,172)15,298,742 13.0 %
(13)
7/1/2027P/I
Private Co. QGAC, D6,072,508 (348,333)5,724,175 13.8 %
(14)
9/1/2028P/I
Private Co. RMDC, D36,427,033 (620,542)35,806,491 12.0 %
(15)
11/1/2027P/I
Sub. of Public Co. SFL, IL, MA, NY, OH, PAC, D10,000,000 — 10,000,000 9.5 %
(16)
8/12/2026I/O
Private Co. UGA, OHC, D15,000,000 (324,324)14,675,676 14.0 %
(17)
3/1/2028P/I
Sub of Private Co. VMO, OH, UTC, D12,276,704 (393,750)11,882,954 14.0 %
(18)
4/1/2029P/I
Total loans held at carrying value$308,405,751 $(7,459,543)$300,946,208 
(1)For cannabis operators, C = Cultivation Facilities, D = Dispensary/Retail Facilities.
(2)The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID and loan origination costs.
(3)Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
(4)I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.
(5)Base interest rate of 12.5%. Effective December 1, 2023, the Company placed the borrower on nonaccrual status.
(6)Base interest rate of 12.0% plus SOFR (SOFR floor of 1.0%) and PIK interest rate of 2.0%. Effective December 1, 2023, the Company placed the borrower on nonaccrual status.
(7)Base interest rate of 12.0% plus SOFR (SOFR floor of 1.0%) and PIK interest rate of 2.0%.
(8)Base interest rate of 8.0% plus SOFR (SOFR floor of 5.0%).
(9)Base interest rate of 9.0%.
(10)Base interest rate of 8.0% plus SOFR (SOFR floor of 4.5%).
(11)Base interest rate of 8.0% plus SOFR (SOFR floor of 4.5%).
(12)Base interest rate of 8.5% plus SOFR (SOFR floor of 5.0%).
(13)Base interest rate of 13.0%. Effective June 1, 2025, the Company placed the borrower on nonaccrual status.
(14)Base interest rate of 8.75% plus SOFR (SOFR floor of 5.0%).
(15)Base interest rate of 7.5% plus SOFR (SOFR floor of 4.5%).
(16)Base interest rate of 9.5%.
(17)Base interest rate of 14.0%.
(18)Base interest rate of 12.5% and PIK interest rate of 1.5%.