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COMMON STOCK
 12 Months Ended
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