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INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2024

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.