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INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
INVESTMENTS [Abstract] |
Portfolio Investments | The following tables summarize the composition of the Company’s portfolio investments by investment type as of December 31, 2024 and December 31, 2023.
|  | As of December 31, 2024 |  |  |  |
Investment Type |  | Principal Balance |  |  | Percentage at Principal Balance |  |  | Amortized Cost(1) |  |  | Percentage at Amortized Cost |  |  | Fair Value |  |  | Percentage at Fair Value |
First Lien Senior Secured Loans |  | $ | 242,269,725 |  |  |  | 87.3 | % |  | $ | 239,036,463 |  |  |  | 87.1 | % |  | $ | 239,860,206 |  |  |  | 87.1 | %
Senior Secured Notes |  |  | 35,147,669 |  |  |  | 12.7 |  |  |  | 34,567,422 |  |  |  | 12.6 |  |  |  | 34,656,192 |  |  |  | 12.6 |
Preferred Stock |  |  | - |  |  |  | - |  |  |  | 500,000 |  |  |  | 0.2 |  |  |  | 500,000 |  |  |  | 0.2 |
Warrants |  |  | - |  |  |  | - |  |  |  | 242,826 |  |  |  | 0.1 |  |  |  | 225,000 |  |  |  | 0.1 |
Total |  | $ | 277,417,394 |  |  |  | 100.0 | % |  | $ | 274,346,711 |  |  |  | 100.0 | % |  | $ | 275,241,398 |  |  |  | 100.0 | %
(1) | The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.
| As of December 31, 2023 |
Investment Type | Principal Balance |  | Percentage at Principal Balance |  | Amortized Cost(1) |  | Percentage at Amortized Cost |  | Fair Value |  | Percentage at Fair Value |
First Lien Senior Secured Loans |  |  | 46,322,064 |  |  |  | 84.0 | % |  | $ | 45,372,626 |  |  |  | 84.9 | % |  | $ | 46,006,000 |  |  |  | 85.0 | %
Senior Secured Notes |  |  | 8,750,000 |  |  |  | 16.0 |  |  |  | 8,098,691 |  |  |  | 15.1 | % |  |  | 8,114,000 |  |  |  | 15.0 |
Total |  |  | 55,072,064 |  |  |  | 100.0 | % |  | $ | 53,471,317 |  |  |  | 100.0 | % |  | $ | 54,120,000 |  |  |  | 100.0 | %
(1) | The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.
The following tables summarize the composition of the Company’s debt portfolio based on rate characteristics as of December 31, 2024 and December 31, 2023.
|  | As of December 31, 2024
Rate Type |  | Principal Balance |  |  | Amortized Cost(1) |  |  | Fair Value |  | Time to Maturity
Fixed-rate loans |  | $ | 56,819,862 |  |  | $ | 55,954,923 |  |  | $ | 56,158,027 |  | 2.6 years
Floating-rate loans (SOFR) |  |  | 15,543,708 |  |  |  | 15,134,388 |  |  |  | 15,209,230 |  | 1.4 years
Floating-rate loans (Prime) |  |  | 205,053,824 |  |  |  | 202,514,574 |  |  |  | 203,149,141 |  | 1.6 years
Total Debt Investments |  | $ | 277,417,394 |  |  | $ | 273,603,885 |  |  | $ | 274,516,398 |  |
(1) | The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.
|  | As of December 31, 2023
Rate Type |  | Principal Balance |  |  | Amortized Cost(1) |  |  | Fair Value |  | Time to Maturity
Fixed-rate loans |  | $ | 8,750,000 |  |  | $ | 8,098,691 |  |  | $ | 8,114,000 |  | 2.2 years
Floating-rate loans (Prime) |  |  | 46,322,064 |  |  |  | 45,372,626 |  |  |  | 46,006,000 |  | 2.6 years
Total Debt Investments |  | $ | 55,072,064 |  |  | $ | 53,471,317 |  |  | $ | 54,120,000 |  |
(1) | The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.
The Company’s portfolio investments are primarily in companies conducting business in or supporting the cannabis industries. The Company uses NAICS for classifying the industry groupings of its portfolio companies, excluding any portfolio company operating in the cannabis industry. The following tables summarize the composition of the Company’s portfolio investments by industry as of December 31, 2024 and December 31, 2023.
|  | As of December 31, 2024 |
Industry |  | Amortized Cost(1) |  |  | Percentage at Amortized Cost |  |  | Fair Value |  |  | Percentage at Fair Value |
Cannabis |  | $ | 210,144,841 |  |  |  | 76.6 | % |  | $ | 211,007,307 |  |  |  | 76.7 | %
Finance and Insurance |  |  | 30,866,942 |  |  |  | 11.3 |  |  |  | 30,907,369 |  |  |  | 11.2 |
Information |  |  | 14,873,810 |  |  |  | 5.4 |  |  |  | 14,754,624 |  |  |  | 5.4 |
Public Administration |  |  | 10,273,444 |  |  |  | 3.7 |  |  |  | 10,322,928 |  |  |  | 3.8 |
Retail Trade |  |  | 3,285,390 |  |  |  | 1.2 |  |  |  | 3,275,125 |  |  |  | 1.2 |
Health Care and Social Assistance |  |  | 2,753,852 |  |  |  | 1.0 |  |  |  | 2,796,946 |  |  |  | 1.0 |
Real Estate and Rental and Leasing |  |  | 2,148,432 |  |  |  | 0.8 |  |  |  | 2,177,099 |  |  |  | 0.7 |
Total |  | $ | 274,346,711 |  |  |  | 100.0 | % |  | $ | 275,241,398 |  |  |  | 100.0 | %
(1) | The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.
| As of December 31, 2023 |
Industry | Amortized Cost(1) |  | Percentage at Amortized Cost |  | Fair Value |  | Percentage at Fair Value |
Cannabis |  | $ | 53,471,317 |  |  |  | 100.0 | % |  | $ | 54,120,000 |  |  |  | 100.0 | %
Total |  | $ | 53,471,317 |  |  |  | 100.0 | % |  | $ | 54,120,000 |  |  |  | 100.0 | %
(1) | The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.
The following tables summarize the composition of the Company’s portfolio investments by geographic region as of December 31, 2024 and December 31, 2023.
|  | As of December 31, 2024 |
Geographic Region |  | Amortized Cost(1) |  |  | Percentage at Amortized Cost |  |  | Fair Value |  |  | Percentage at Fair Value |
United States: |  |  |  |  |  |  |  |  |  |  |  |
Midwest |  | $ | 88,999,405 |  |  |  | 32.4 | % |  | $ | 89,624,122 |  |  |  | 32.6 | %
West |  |  | 86,686,279 |  |  |  | 31.6 | % |  |  | 86,660,218 |  |  |  | 31.5 | %
Northeast |  |  | 52,963,212 |  |  |  | 19.3 | % |  |  | 53,223,047 |  |  |  | 19.3 | %
Southwest |  |  | 21,980,052 |  |  |  | 8.0 | % |  |  | 22,000,000 |  |  |  | 8.0 | %
Southeast |  |  | 20,703,496 |  |  |  | 7.6 | % |  |  | 20,749,887 |  |  |  | 7.5 | %
International: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canada |  |  | 3,014,267 |  |  |  | 1.1 | % |  |  | 2,984,124 |  |  |  | 1.1 | %
Total |  | $ | 274,346,711 |  |  |  | 100.0 | % |  | $ | 275,241,398 |  |  |  | 100.0 | %
(1) | The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.
| As of December 31, 2023 |
Geographic Region | Amortized Cost(1) |  | Percentage at Amortized Cost |  | Fair Value |  | Percentage at Fair Value |
United States: |  |  |  |  |  |  |  |
West |  |  | 24,910,798 |  |  |  | 46.5 | % |  |  | 25,069,000 |  |  |  | 46.4 | %
Midwest |  |  | 24,571,197 |  |  |  | 46.0 | % |  |  | 24,911,000 |  |  |  | 46.0 | %
Northeast |  |  | 3,989,322 |  |  |  | 7.5 | % |  |  | 4,140,000 |  |  |  | 7.6 | %
Total |  | $ | 53,471,317 |  |  |  | 100.0 | % |  | $ | 54,120,000 |  |  |  | 100.0 | %
(1) | The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.

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