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LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Tables)
 12 Months Ended
Dec. 31, 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 December 31, 2025 and 2024:
As of December 31, 2025
Outstanding
Principal(1)
Original
Issue
Discount
Carrying
Value(1)
Weighted
Average
Remaining Life
(Years)(2)
Senior term loans$259,626,556 $(6,001,437)$253,625,119 1.4
Total loans held at carrying value$259,626,556 $(6,001,437)$253,625,119 1.4
 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 December 31, 2025 and 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 year ended December 31, 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 fundings41,730,583 (1,270,000)40,460,583 
Accretion of original issue discount— 3,450,808 3,450,808 
Loan repayments(60,585,298)— (60,585,298)
Loan write-off(5,574,704)311,172 (5,263,532)
PIK interest464,809 — 464,809 
Loan amortization payments(18,164,625)— (18,164,625)
Total loans held at carrying value at December 31, 2025$259,626,556 $(6,001,437)$253,625,119 
The following table presents changes in loans held at carrying value as of and for the year ended December 31, 2024:
PrincipalOriginal Issue
Discount		Carrying Value
Total loans held at carrying value at December 31, 2023$314,376,929 $(13,111,531)$301,265,398 
New fundings128,796,860 (3,474,893)125,321,967 
Accretion of original issue discount— 7,841,345 7,841,345 
Loan repayments(46,126,637)— (46,126,637)
Sale of loans(90,000,000)251,662 (89,748,338)
PIK interest2,006,992 — 2,006,992 
Loan amortization payments(7,298,353)— (7,298,353)
Total loans held at carrying value at December 31, 2024$301,755,791 $(8,493,417)$293,262,374 
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 December 31, 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$78,768,556 $(1,444,847)$77,323,709 12.5 %
(5)
5/1/2026I/O
Private Co. K MAC, D12,195,762 (682,619)11,513,143 17.7 %
(6)
5/3/2027P/I
Private Co. LOHC, D25,146,957 (117,433)25,029,524 13.0 %
(7)
5/1/2026P/I
Private Co. MAZD23,599,497 (931,092)22,668,405 9.0 %
(8)
7/31/2026P/I
Private Co. N - Real EstateFLC, D19,327,505 (438,955)18,888,550 12.5 %
(9)
4/1/2028P/I
Private Co. N - Non-Real EstateFLC, D17,200,000 (387,000)16,813,000 12.5 %
(10)
4/1/2028P/I
Private Co. OAZ, MD, MO, NJ, NV, NY, OH, OR, CanadaC5,358,890 (247,159)5,111,731 13.5 %
(11)
6/1/2028P/I
Private Co. QGAC, D7,479,626 (293,333)7,186,293 13.8 %
(12)
9/1/2028P/I
Private Co. RMDC, D33,179,518 (487,568)32,691,950 12.0 %
(13)
11/1/2027P/I
Private Co. UGA, OHC, D15,000,000 (263,514)14,736,486 14.0 %
(14)
3/1/2028P/I
Sub of Private Co. VMO, OH, UTC, D12,370,245 (341,250)12,028,995 14.0 %
(15)
4/1/2029P/I
Sub. of Public Co. SFL, IL, MA, NY, OH, PAC, D10,000,000 (366,667)9,633,333 12.5 %
(16)
8/13/2030I/O
Total loans held at carrying value$259,626,556 $(6,001,437)$253,625,119 
(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 8.0% plus SOFR (SOFR floor of 5.0%).
(8)Base interest rate of 9.0%.
(9)Base interest rate of 8.0% plus SOFR (SOFR floor of 4.5%).
(10)Base interest rate of 8.0% plus SOFR (SOFR floor of 4.5%).
(11)Base interest rate of 8.5% plus SOFR (SOFR floor of 5.0%).
(12)Base interest rate of 8.75% plus SOFR (SOFR floor of 5.0%).
(13)Base interest rate of 7.5% plus SOFR (SOFR floor of 4.5%).
(14)Base interest rate of 14.0%.
(15)Base interest rate of 12.5% and PIK interest rate of 1.5%.
(16)Base interest rate of 12.5%.