Notes Payable

6 Months Ended

Jun. 30, 2025

Debt Disclosure [Abstract]

Notes Payable

5.NOTES PAYABLE

The Company's outstanding debt obligations as of June 30, 2025 were as follows:

	Aggregate Principal Committed						Outstanding Principal						Unused Portion						Carrying Value						Fair Value(1)
	Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total
Promissory Notes	$	751	$	751	$	1,502	$	751	$	751	$	1,502	$	-	$	-	$	-	$	751	$	751	$	1,502	$	751	$	751	$	1,502
ACMP Holdings, LLC Facility		23,862		76,138		100,000		15,854		49,145		64,999		8,008		26,993		35,001		15,854		49,145		64,999		15,854		49,145		64,999
REIT Funding Cumulative Preferred Shares		30		95		125		30		95		125		-		-		-		30		95		125		30		95		125
Total	$	24,643	$	76,984	$	101,627	$	16,635	$	49,991	$	66,626	$	8,008	$	26,993	$	35,001	$	16,635	$	49,991	$	66,626	$	16,635	$	49,991	$	66,626

(1)The fair value of these debt obligations would be categorized as Level 3 under ASC 820 as of June 30, 2025. The valuation is based on a yield analysis and discount rate commensurate with the market yields for similar types of debt.

The Company's outstanding debt obligations as of December 31, 2024 were as follows:

	Aggregate Principal Committed						Outstanding Principal						Unused Portion						Carrying Value						Fair Value(1)
	Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total		Series I		Series II		Total
Promissory Notes	$	751	$	751	$	1,502	$	751	$	751	$	1,502	$	-	$	-	$	-	$	751	$	751	$	1,502	$	751	$	751	$	1,502

(1)The carrying amount outstanding under these debt obligations approximate their fair value as of December 31, 2024.

Promissory Notes

The promissory notes described above (the "Promissory Notes") are reported at amortized cost and are reflected within notes payable on the Company’s Consolidated Statements of Assets and Liabilities. The Promissory Notes pay interest on the principal

balances at a rate of 12.4% per annum, payable semi-annually in arrears. However, the Company intends to repay the Promissory Notes prior to the legal maturity and is currently amortizing upfront costs associated with the Promissory Notes over a period of three years. Amortized amounts are included within general and administration expenses on the Company’s Consolidated Statements of Operations.

The below table reflects the maturity and fair value of our Promissory Notes as of June 30, 2025.

	Fair Value
Legal Maturity	Series I		Series II		Total
6/28/2054	$	536	$	536	$	1,072
11/1/2054	$	215	$	215	$	430
	$	751	$	751	$	1,502

The below table reflects the maturity and fair value of our Promissory Notes as of December 31, 2024.

	Fair Value
Legal Maturity	Series I		Series II		Total
6/28/2054	$	536	$	536	$	1,072
11/1/2054	$	215	$	215	$	430
	$	751	$	751	$	1,502

ACMP Holdings, LLC Facility

The ACMP Holdings, LLC Facility is an uncommitted revolving credit facility which is reported at amortized cost and reflected within notes payable on the Company's Consolidated Statements of Assets and Liabilities. This facility pays interest on the principal balance at SOFR + 300 bps payable on a monthly basis. The legal maturity date of this facility is February 21, 2026.

REIT Funding Cumulative Preferred Shares

On January 27, 2025 a wholly owned subsidiary of the Company issued cumulative preferred shares which are reported at amortized cost and reflected within notes payable on the Company's Consolidated Statement of Assets and Liabilities. Interest is payable at 12.0% per annum, payable semi-annually in arrears.