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COMMON STOCK | 12 Months Ended
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Dec. 31, 2024
COMMON STOCK [Abstract] |
COMMON STOCK | NOTE 7 — COMMON STOCK As of December 31, 2024, 100,000,000 shares of $0.01 par value common stock were authorized. Loan Portfolio Acquisition On October 1, 2024, the Company completed its previously announced acquisition of a portfolio of loans (the “Loan Portfolio”) from Chicago Atlantic Loan Portfolio, LLC (“CALP”) in exchange for newly issued shares of the Company’s common stock (the “Loan Portfolio Acquisition”), pursuant to the Purchase Agreement, dated as of February 18, 2024, between the Company and CALP (the “Loan Portfolio Acquisition Agreement”). In accordance with the terms of the Loan Portfolio Acquisition Agreement, at the effective time of the Loan Portfolio Acquisition, the Company issued 16,605,372 shares of its common stock to CALP in exchange for the Loan Portfolio, which was determined by the Company to have a fair value of $219,621,125 as of September 28, 2024. Upon the closing of the Loan Portfolio Acquisition, there were 22,820,367 shares of the Company’s common stock outstanding. Distributions The following table summarizes distributions declared and paid by the Company during the years ended December 31, 2024 and December 31, 2023:
Declaration Date |  | Type |  | Record Date |  | Payment Date |  | Per Share Amount |  |  | Dividends Paid |
August 10, 2023 |  | Quarterly |  | September 15, 2023 |  | September 29, 2023 |  | $ | 0.23 |  |  | $ | 1,429,375 |
August 10, 2023 |  | Special |  | September 15, 2023 |  | September 29, 2023 |  | $ | 0.40 |  |  | $ | 2,485,869 |
November 9, 2023 |  | Quarterly |  | December 20, 2023 |  | December 29, 2023 |  | $ | 0.25 |  |  | $ | 1,553,676 |
November 9, 2023 |  | Special |  | December 20, 2023 |  | December 29, 2023 |  | $ | 0.45 |  |  | $ | 2,796,617 |
March 8, 2024 |  | Quarterly |  | March 20, 2024 |  | March 28, 2024 |  | $ | 0.25 |  |  | $ | 1,553,736 |
May 9, 2024 |  | Quarterly |  | June 20, 2024 |  | June 28, 2024 |  | $ | 0.25 |  |  | $ | 1,553,738 |
August 8, 2024 |  | Quarterly |  | September 19, 2024 |  | September 27, 2024 |  | $ | 0.25 |  |  | $ | 1,553,741 |
December 9, 2024 |  | Quarterly |  | December 19, 2024 |  | December 27, 2024 |  | $ | 0.34 |  |  | $ | 7,758,925 |
Dividend Reinvestment Plan The Company’s dividend reinvestment plan (“DRIP”) provides for the reinvestment of distributions in the form of common stock on behalf of its stockholders, unless a stockholder has elected to receive distributions in cash. As a result, if the Company declares a cash distribution, its stockholders who have not “opted out” of the DRIP by the opt out date will have their cash distribution automatically reinvested into additional shares of the Company’s common stock. The share requirements of the DRIP may be satisfied through the issuance of common shares or through open market purchases of common shares by the DRIP plan administrator. The Company’s DRIP is administered by its transfer agent on behalf of the Company’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in the Company’s DRIP but may provide a similar dividend reinvestment plan for their clients. During the years ended December 31, 2024 and December 31, 2023, the Company issued the following shares of common stock under the DRIP:
Declaration Date |  | Type |  | Record Date |  | Payment Date |  | Shares |
March 8, 2024 |  | Quarterly |  | March 20, 2024 |  | March 28, 2024 |  |  | 8 |
May 9, 2024 |  | Quarterly |  | June 20, 2024 |  | June 28, 2024 |  |  | 15 |
August 8, 2024 |  | Quarterly |  | September 19, 2024 |  | September 27, 2024 |  |  | 31 |
December 9, 2024 |  | Quarterly |  | December 19, 2024 |  | December 27, 2024 |  |  | 19 |
Declaration Date |  | Type |  | Record Date |  | Payment Date |  | Shares |
August 10, 2023 |  | Quarterly |  | September 15, 2023 |  | September 29, 2023 |  |  | 12 |
August 10, 2023 |  | Special |  | September 15, 2023 |  | September 29, 2023 |  |  | 21 |
November 9, 2023 |  | Quarterly |  | December 20, 2023 |  | December 29, 2023 |  |  | 84 |
November 9, 2023 |  | Special |  | December 20, 2023 |  | December 29, 2023 |  |  | 152 |

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