0001140361-25-011094 | 10-K | XBRL Viewer

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2024	Mar. 28, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Document Transition Report	false
Entity File Number	001-40564
Entity Registrant Name	CHICAGO ATLANTIC BDC, INC.
Entity Central Index Key	0001843162
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-2872887
Entity Address, Address Line One	600 Madison Avenue
Entity Address, Address Line Two	Suite 1800
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	905-4923
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	LIEN
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 53,422,819
Entity Common Stock, Shares Outstanding		22,820,386
Auditor Firm ID	243
Auditor Name	BDO USA, P.C.
Auditor Location	New York

FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 4 — FAIR VALUE OF FINANCIAL INSTRUMENTS

ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. The Company accounts for its investments at fair value. As of December 31, 2024 and December 31, 2023, the Company’s portfolio investments consisted primarily of investments in secured loans and secured notes. The fair value amounts have been measured as of the reporting date and have not been reevaluated or updated for purposes of these financial statements subsequent to that date. As such, the fair values of these financial instruments subsequent to the reporting date may be different than amounts reported.

The fair value determination of each portfolio investment categorized as Level 3 required one or more unobservable inputs.

The use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement of the Company’s debt investments may vary and may include debt investments’ yield (i.e. discount rate) and volatility assumptions. The significant unobservable inputs used in the fair value measurement of the Company’s equity and warrant investments may vary and may include EBITDA multiples, revenue multiples and asset multiples.

The Company’s investments measured at fair value by investment type on a recurring basis as of December 31, 2024 and December 31, 2023 were as follows:

	Fair Value Measurements at December 31, 2024 Using
Assets	Quoted prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
First Lien Senior Secured Loans	$	-	$	-	$	239,860,206	$	239,860,206
Senior Secured Notes		-		-		34,656,192		34,656,192
Preferred Stock		-		-		500,000		500,000
Warrants		-		-		225,000		225,000
Total	$	-	$	-	$	275,241,398	$	275,241,398

	Fair Value Measurements at December 31, 2023 Using
Assets	Quoted prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
First Lien Senior Secured Loans	$	-	$	-	$	46,006,000	$	46,006,000
Senior Secured Notes		-		-		8,114,000		8,114,000
Total	$	-	$	-	$	54,120,000	$	54,120,000

The following tables provide a summary of the significant unobservable inputs used to fair value the Level 3 portfolio investments as of December 31, 2024 and December 31, 2023. The methodology for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Significant Accounting Policies”. Discount rate ranges are shown as spread over PRIME, SOFR and/or Treasuries, as applicable, for senior secured first lien term loans, as of December 31, 2024 and December 31, 2023.

Investment Type	Fair Value as of 12/31/2024		Valuation Techniques/Methodologies	Unobservable Input	Range			Weighted Average ⁽¹⁾
First Lien Senior Secured Loans	$	239,860,206	Discounted Cash Flow	Discount Rate		9.1% - 28.6	%		13.4	%
Senior Secured Notes		34,656,192	Discounted Cash Flow	Discount Rate		7.4% - 17.2	%		11.5	%
Preferred stock		500,000	Market Approach	Current Value		2.50	x		2.50	x
Warrants		225,000	Option Pricing Model	Volatility Factor		47.2	%		47.2	%
Total	$	275,241,398

(1)	The weighted average is calculated based on the fair value of each investment.

Investment Type	Fair Value as of 12/31/2023		Valuation Techniques/Methodologies	Unobservable Input	Range			Weighted Average ⁽¹⁾
First Lien Senior Secured Loans	$	46,006,000	Discounted Cash Flow	Discount Rate		10.4% - 14.0	%		12.20	%
Senior Secured Notes		8,114,000	Discounted Cash Flow	Discount Rate		7.4% - 13.7	%		10.50	%
Total	$	54,120,000

(1)	The weighted average is calculated based on the fair value of each investment.

Significant increases (decreases) in discount rate in isolation would result in a significantly lower (higher) fair value assessment. Significant increases (decreases) in volatility in isolation would result in a significantly lower (higher) fair value assessment.

The following tables provide a summary of changes in the fair value of the Company’s Level 3 portfolio investments for the years ended December 31, 2024 and December 31, 2023:

	First Lien Senior Secured Debt			Senior Secured Notes			Preferred Stock		Warrants			Total
Balance as of December 31, 2023	$	46,006,000		$	8,114,000		$	-	$	-		$	54,120,000
Purchase of investments		209,436,202			30,336,610			500,000		242,826			240,515,638
Net (accretion of discounts) and amortization of premiums		836,005			265,290			-		-			1,101,295
PIK interest capitalized		679,962			63,813			-		-			743,775
Proceeds from sales of investments and principal repayments		(17,288,331	)		(4,122,500	)		-		-			(21,410,831	)
Net realized gain (loss) on investments		-			(74,483	)		-		-			(74,483	)
Net change in unrealized appreciation (depreciation) on investments		190,368			73,462			-		(17,826	)		246,004
Balance as of December 31, 2024	$	239,860,206		$	34,656,192		$	500,000	$	225,000		$	275,241,398

Net change in unrealized appreciation/depreciation on Level 3 investments still held as of December 31, 2024	$	190,368		$	73,462		$	-	$	(17,826	)	$	246,004

	First Lien Senior Secured Debt			Senior Secured Notes			Total
Balance as of December 31, 2022	$	40,660,633		$	9,593,917		$	50,254,550
Purchase of investments		8,442,000			-			8,442,000
Net (accretion of discounts) and amortization of premiums		557,079			253,475			810,554
PIK interest capitalized		115,725			-			115,725
Proceeds from sales of investments and principal repayments		(4,614,093	)		(1,600,000	)		(6,214,093	)
Net realized gain (loss) on investments		-			(210,767	)		(210,767	)
Net change in unrealized appreciation (depreciation) on investments		844,656			77,375			922,031
Balance as of December 31, 2023	$	46,006,000		$	8,114,000		$	54,120,000

Net change in unrealized appreciation/depreciation on Level 3 investments still held as of December 31, 2023	$	844,656		$	77,375		$	922,031

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

LOAN PORTFOLIO ACQUISITION	12 Months Ended
LOAN PORTFOLIO ACQUISITION	Dec. 31, 2024
LOAN PORTFOLIO ACQUISITION [Abstract]
LOAN PORTFOLIO ACQUISITION	NOTE 13 — LOAN PORTFOLIO ACQUISITION On October 1, 2024, the Company completed its previously announced acquisition from Chicago Atlantic Loan Portfolio, LLC (“CALP”) of a portfolio of loans (the “Loan Portfolio”) 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. The Loan Portfolio Acquisition has been accounted for as an asset acquisition by the Company, with the Loan Portfolio accounted for at fair value both at the acquisition date and prospectively. The transaction costs incurred by the Company for the asset acquisition were expensed as incurred, because the acquired assets consist of a loan portfolio that is accounted for prospectively at fair value. In addition to transaction costs, there were deferred offering costs associated with the issuance of equity securities which were capitalized and charged to capital upon the issuance of shares of the Company’s common stock concurrently with the completion of the Loan Portfolio Acquisition.

SIGNIFICANT ACCOUNTING POLICIES, Deferred Financing Costs (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Deferred Financing Costs [Abstract]
Deferred financing costs payable	$ 47,881	$ 0

FINANCIAL HIGHLIGHTS

12 Months Ended

Dec. 31, 2024

FINANCIAL HIGHLIGHTS [Abstract]

FINANCIAL HIGHLIGHTS

NOTE 11 — FINANCIAL HIGHLIGHTS

The Company was formed on January 25, 2021 and the effective date of our registration statement was February 3, 2022. Prior to February 3, 2022, the Company had no operations, except for matters relating to our formation and organization as a BDC. The following presents financial highlights for the years ended December 31, 2024 and December 31, 2023, the period from April 1, 2022 through December 31, 2022 and the period from February 3, 2022 to March 31, 2022:

	For the years ended December 31,						For the period from April 1, 2022 through December 31, 2022*			For the period from February 3, 2022 through March 31, 2022
	2024			2023
Per share data:
Net asset value at beginning of period	$	13.77		$	13.91		$	13.61		$	14.00
Net investment income (loss) ⁽¹⁾		0.91			1.07			0.35			(0.07	)
Net realized and unrealized gains/(losses) on investments ⁽¹⁾		0.02			0.11			(0.05	)		-
Net increase/(decrease) in net assets resulting from operations ⁽¹⁾		0.93			1.18			0.30			(0.07	)
Offering costs ⁽²⁾		(0.07	)		-			-			(0.27	)
Permanent tax adjustments		-			-			-			(0.05	)
Effect of shares issued		(0.34	)		-			-			-
Distributions from net investment income (loss) ⁽³⁾		(1.09	)		(1.32	)		-			-
Net asset value at end of period	$	13.20		$	13.77		$	13.91		$	13.61
Net assets at end of period	$	301,162,578		$	85,552,618		$	86,475,729		$	84,552,090
Shares outstanding at end of period		22,820,386			6,214,941			6,214,672			6,214,672
Weighted average net assets	$	138,475,878		$	88,187,537		$	84,885,270		$	83,301,328

Per share market value at end of period	$	12.19		$	8.44		$	9.80		$	13.30
Total return based on market value ⁽⁴⁾		59.20	%		(13.88	%)		(26.32	%)		(5.00	%)
Total return based on net asset value⁽⁴⁾		5.66	%		13.65	%		2.20	%		(2.79	%)

Ratio/Supplemental data:
Ratio of expenses to average net assets⁽⁵⁾		8.82	%		6.01	%		2.17	%		0.22	%
Ratio of net investment income (loss) to average net assets⁽⁵⁾		6.83	%		7.52	%		2.59	%		(0.20	%)
Portfolio turnover⁽⁵⁾		21.70	%		10.94	%		N/A			N/A

^*On November 8, 2022, our Board approved a change in our fiscal year end from March 31 to December 31.

⁽¹⁾The per share data was derived by using the weighted average shares outstanding during the periods presented.

⁽²⁾The Adviser has absorbed the cost of the sales load (i.e, underwriting discounts and commissions) incurred by the Company in connection with the initial public offering of its common stock.

⁽³⁾The amount shown may not correspond for the period as it includes the effect of the timing of the distribution and the issuance of common stock.

⁽⁴⁾ Total return based on market value is based on the change in market price per share between the beginning and ending market prices per share in each period and assumes that common stock dividends are reinvested in accordance with our common stock dividend reinvestment plan. Total return based on net asset value is based upon the change in net asset value per share between the beginning and ending net asset values per share in each period and assumes that dividends are reinvested in accordance with our common stock dividend reinvestment plan. For periods less than a year, total return is not annualized.

⁽⁵⁾ Ratio is not annualized.

SIGNIFICANT ACCOUNTING POLICIES, Offering Costs (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Offering Costs [Abstract]
Deferred offering costs		$ 49,998	$ 0
Offering costs charged to capital	$ 0	1,214,375	0
Offering costs payable		$ 989,645	$ 0

FINANCIAL HIGHLIGHTS (Tables)

12 Months Ended

Dec. 31, 2024

FINANCIAL HIGHLIGHTS [Abstract]

Financial Highlights

The following presents financial highlights for the years ended December 31, 2024 and December 31, 2023, the period from April 1, 2022 through December 31, 2022 and the period from February 3, 2022 to March 31, 2022:

	For the years ended December 31,						For the period from April 1, 2022 through December 31, 2022*			For the period from February 3, 2022 through March 31, 2022
	2024			2023
Per share data:
Net asset value at beginning of period	$	13.77		$	13.91		$	13.61		$	14.00
Net investment income (loss) ⁽¹⁾		0.91			1.07			0.35			(0.07	)
Net realized and unrealized gains/(losses) on investments ⁽¹⁾		0.02			0.11			(0.05	)		-
Net increase/(decrease) in net assets resulting from operations ⁽¹⁾		0.93			1.18			0.30			(0.07	)
Offering costs ⁽²⁾		(0.07	)		-			-			(0.27	)
Permanent tax adjustments		-			-			-			(0.05	)
Effect of shares issued		(0.34	)		-			-			-
Distributions from net investment income (loss) ⁽³⁾		(1.09	)		(1.32	)		-			-
Net asset value at end of period	$	13.20		$	13.77		$	13.91		$	13.61
Net assets at end of period	$	301,162,578		$	85,552,618		$	86,475,729		$	84,552,090
Shares outstanding at end of period		22,820,386			6,214,941			6,214,672			6,214,672
Weighted average net assets	$	138,475,878		$	88,187,537		$	84,885,270		$	83,301,328

Per share market value at end of period	$	12.19		$	8.44		$	9.80		$	13.30
Total return based on market value ⁽⁴⁾		59.20	%		(13.88	%)		(26.32	%)		(5.00	%)
Total return based on net asset value⁽⁴⁾		5.66	%		13.65	%		2.20	%		(2.79	%)

Ratio/Supplemental data:
Ratio of expenses to average net assets⁽⁵⁾		8.82	%		6.01	%		2.17	%		0.22	%
Ratio of net investment income (loss) to average net assets⁽⁵⁾		6.83	%		7.52	%		2.59	%		(0.20	%)
Portfolio turnover⁽⁵⁾		21.70	%		10.94	%		N/A			N/A

^*On November 8, 2022, our Board approved a change in our fiscal year end from March 31 to December 31.

⁽¹⁾The per share data was derived by using the weighted average shares outstanding during the periods presented.

⁽²⁾The Adviser has absorbed the cost of the sales load (i.e, underwriting discounts and commissions) incurred by the Company in connection with the initial public offering of its common stock.

⁽³⁾The amount shown may not correspond for the period as it includes the effect of the timing of the distribution and the issuance of common stock.

⁽⁵⁾ Ratio is not annualized.

SIGNIFICANT ACCOUNTING POLICIES, Revenue Recognition (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Revenue Recognition [Abstract]
Loan investments in portfolio placed on non-accrual status	$ 0	$ 0

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Investments Measured at Fair Value by Investment Type on Recurring Basis

The Company’s investments measured at fair value by investment type on a recurring basis as of December 31, 2024 and December 31, 2023 were as follows:

	Fair Value Measurements at December 31, 2024 Using
Assets	Quoted prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
First Lien Senior Secured Loans	$	-	$	-	$	239,860,206	$	239,860,206
Senior Secured Notes		-		-		34,656,192		34,656,192
Preferred Stock		-		-		500,000		500,000
Warrants		-		-		225,000		225,000
Total	$	-	$	-	$	275,241,398	$	275,241,398

	Fair Value Measurements at December 31, 2023 Using
Assets	Quoted prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Unobservable Inputs (Level 3)		Total
First Lien Senior Secured Loans	$	-	$	-	$	46,006,000	$	46,006,000
Senior Secured Notes		-		-		8,114,000		8,114,000
Total	$	-	$	-	$	54,120,000	$	54,120,000

Significant Unobservable Inputs used in Fair Value Measurement Level 3 Portfolio Investments

Investment Type	Fair Value as of 12/31/2024		Valuation Techniques/Methodologies	Unobservable Input	Range			Weighted Average ⁽¹⁾
First Lien Senior Secured Loans	$	239,860,206	Discounted Cash Flow	Discount Rate		9.1% - 28.6	%		13.4	%
Senior Secured Notes		34,656,192	Discounted Cash Flow	Discount Rate		7.4% - 17.2	%		11.5	%
Preferred stock		500,000	Market Approach	Current Value		2.50	x		2.50	x
Warrants		225,000	Option Pricing Model	Volatility Factor		47.2	%		47.2	%
Total	$	275,241,398

(1)	The weighted average is calculated based on the fair value of each investment.

Investment Type	Fair Value as of 12/31/2023		Valuation Techniques/Methodologies	Unobservable Input	Range			Weighted Average ⁽¹⁾
First Lien Senior Secured Loans	$	46,006,000	Discounted Cash Flow	Discount Rate		10.4% - 14.0	%		12.20	%
Senior Secured Notes		8,114,000	Discounted Cash Flow	Discount Rate		7.4% - 13.7	%		10.50	%
Total	$	54,120,000

(1)	The weighted average is calculated based on the fair value of each investment.

Changes in Fair Value of Level 3 Portfolio Investments

The following tables provide a summary of changes in the fair value of the Company’s Level 3 portfolio investments for the years ended December 31, 2024 and December 31, 2023:

	First Lien Senior Secured Debt			Senior Secured Notes			Preferred Stock		Warrants			Total
Balance as of December 31, 2023	$	46,006,000		$	8,114,000		$	-	$	-		$	54,120,000
Purchase of investments		209,436,202			30,336,610			500,000		242,826			240,515,638
Net (accretion of discounts) and amortization of premiums		836,005			265,290			-		-			1,101,295
PIK interest capitalized		679,962			63,813			-		-			743,775
Proceeds from sales of investments and principal repayments		(17,288,331	)		(4,122,500	)		-		-			(21,410,831	)
Net realized gain (loss) on investments		-			(74,483	)		-		-			(74,483	)
Net change in unrealized appreciation (depreciation) on investments		190,368			73,462			-		(17,826	)		246,004
Balance as of December 31, 2024	$	239,860,206		$	34,656,192		$	500,000	$	225,000		$	275,241,398

Net change in unrealized appreciation/depreciation on Level 3 investments still held as of December 31, 2024	$	190,368		$	73,462		$	-	$	(17,826	)	$	246,004

	First Lien Senior Secured Debt			Senior Secured Notes			Total
Balance as of December 31, 2022	$	40,660,633		$	9,593,917		$	50,254,550
Purchase of investments		8,442,000			-			8,442,000
Net (accretion of discounts) and amortization of premiums		557,079			253,475			810,554
PIK interest capitalized		115,725			-			115,725
Proceeds from sales of investments and principal repayments		(4,614,093	)		(1,600,000	)		(6,214,093	)
Net realized gain (loss) on investments		-			(210,767	)		(210,767	)
Net change in unrealized appreciation (depreciation) on investments		844,656			77,375			922,031
Balance as of December 31, 2023	$	46,006,000		$	8,114,000		$	54,120,000

Net change in unrealized appreciation/depreciation on Level 3 investments still held as of December 31, 2023	$	844,656		$	77,375		$	922,031

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

SIGNIFICANT ACCOUNTING POLICIES, Cash and Cash Equivalents (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 23,932,406	$ 32,611,635

RELATED PARTY TRANSACTIONS, Other Related Party Transactions (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Other Related Party Transactions [Abstract]
Common stock purchased	$ 0	$ 218,406,750	$ 0
Distributions paid	0	12,419,330	8,263,217
IPO [Member]
Other Related Party Transactions [Abstract]
Common stock purchased		$ 4,500,000
Percentage of voting stock held		80.00%
Cost of sales incurred		$ 1,230,000
Investment Advisory Agreement [Member]
Other Related Party Transactions [Abstract]
Payment of related party expenses	$ 2,086	0	$ 0
Common stock purchased		$ 16,600,000
Investment Advisory Agreement [Member] \| Minimum [Member]
Other Related Party Transactions [Abstract]
Term for distribution of common stock		6 months

INCOME TAXES (Details) - USD ($)	9 Months Ended	12 Months Ended
INCOME TAXES (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Net Operating Loss Forfeiture for Income [Abstract]
Increase (decrease) in additional paid in capital		$ (10,676)		$ 121,099
Increase (decrease) in distributable earnings (accumulated loss)		10,676		(121,099)
Tax Character of Distributions Paid [Abstract]
Ordinary income	$ 10,866,404		$ 9,819,273
Long-term capital gain	0		0
Return of capital	0		0
Total Distributions	10,866,404		9,819,273
Components of Distributable Earnings [Abstract]
Undistributed ordinary income			1,782,017		$ 3,418,714
Net unrealized appreciation (depreciation) on investments	894,687	894,687	1,248,303	648,683	713,009
Capital loss carry forwards			(210,767)		0
Other temporary differences					(399,948)
Other temporary differences			(3,393,536)
Deferred tax assets					3,731,775
Deferred tax liabilities			(573,983)
Aggregate Gross Unrealized Appreciation and Depreciation from Investments for Federal Income Tax Purposes [Abstract]
Tax cost of investments and cash equivalents	298,279,117	298,279,117		86,082,952
Unrealized appreciation	1,285,099	1,285,099		784,052
Unrealized depreciation	(390,412)	(390,412)		(135,369)
Net unrealized appreciation (depreciation) from investments and cash equivalents	$ 894,687	$ 894,687	$ 1,248,303	$ 648,683	$ 713,009

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2024

COMMITMENTS AND CONTINGENCIES [Abstract]

Schedule of Unfunded Commitments

As of December 31, 2024 and December 31, 2023, the Company had the following unfunded commitments on existing loans:

	As of December 31,
	2024		2023
Unfunded delayed draw loan commitments	$	1,250,000	$	-
Total undrawn commitments	$	1,250,000	$	-

Insider Trading Policies and Procedures	3 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Statements of Assets and Liabilities (Parenthetical) - USD ($)

Dec. 31, 2024

Dec. 31, 2023

ASSETS

Amortized cost

^[1]

$ 274,346,711

$ 53,471,317

NET ASSETS

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

100,000,000

Common stock, shares issued (in shares)

22,820,386

6,214,941

Common stock, shares outstanding (in shares)

22,820,386

6,214,941

Investment, Unaffiliated Issuer [Member]

ASSETS

Amortized cost

$ 274,346,711

$ 53,471,317

[1]	The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.

- Definition

Cost of the investment.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477439/946-210-55-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 3
-Subparagraph (SX 210.6-03(d))
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 8)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
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-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 11)(a)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 5)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-19

+ Details

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2024

COMMITMENTS AND CONTINGENCIES [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 6 — COMMITMENTS AND CONTINGENCIES

Off-Balance Sheet Arrangements

The Company’s commitments and contingencies include unfunded commitments to extend credit, typically in the form of delayed draw term loans to the Company’s portfolio companies. A portion of these unfunded contractual commitments are generally dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, the Company’s credit agreements with its portfolio companies generally contain customary lending provisions that allow the Company relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook of the company. Since a portion of these commitments may expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, the Company’s disclosure of unfunded contractual commitments includes only those commitments that are available at the request of the portfolio company and are unencumbered by milestones or additional lending provisions. As of December 31, 2024 and December 31, 2023, the Company had the following unfunded commitments on existing loans:

	As of December 31,
	2024		2023
Unfunded delayed draw loan commitments	$	1,250,000	$	-
Total undrawn commitments	$	1,250,000	$	-

The Company did not have any other off-balance sheet commitments or liabilities as of December 31, 2024 or December 31, 2023. The Company will fund its unfunded commitments, if any, from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents) and maintains adequate liquidity to fund its unfunded commitments through these sources.

Legal Proceedings

The Company may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on the Company in connection with the activities of its portfolio companies. As of December 31, 2024, there were no material legal matters or material litigation pending of which the Company is aware.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2024

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of Presentation

The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company is an investment company following the accounting and reporting requirements set forth in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 946, Financial Services—Investment Companies and Articles 6 and 12 of Regulation S-X. The financial statements reflect all adjustments and reclassification that, in the opinion of management, are necessary for the fair presentation of results of operations and financial condition as of and for the periods presented.

Reclassifications

Certain reclassifications have been made in the presentation of prior year financial statements and accompanying notes to conform to the presentation as of and for the year ended December 31, 2024.

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions affecting reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income, expenses, and gains and losses during the reported period. These estimates are based on the information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions and conditions.

Cash and Cash Equivalents

Cash and cash equivalents consists of funds deposited with financial institutions and short-term (maturity of 90 days or less) liquid investments and money market funds. Funds held in money market funds are considered Level 1 in the fair value hierarchy in accordance with ASC 820. Cash held in demand deposit accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit. The Company has not incurred any losses on these accounts, and the credit risk exposure is mitigated by the financial strength of the banking institution where the accounts are held. As of December 31, 2024 and December 31, 2023, cash and cash equivalents consisted of $23.9 million and $32.6 million, respectively, all of which is held in the State Street Institutional U.S. Government Money Market Fund.

Investment Transactions

Investment transactions are recorded on trade date. Realized gains or losses are recognized as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments written off during the period, net of recoveries. Current-period changes in the fair value of investments are reflected as a component of the net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The net change in unrealized appreciation (depreciation) primarily reflects the change in fair value of investments as of the last business day of the reporting period, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Investments traded but not yet settled, if any, are reported in payable for investments purchased and receivable for investments sold on the Statements of Assets and Liabilities.

Investment Valuation

The Company’s investments are recorded at their estimated fair value on the Statements of Assets and Liabilities.

Investments for which market quotations are readily available will typically be valued at the bid price of those market quotations. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Adviser, as the Company’s valuation designee (the “Valuation Designee”), based on inputs that may include valuations, or ranges of valuations, provided by independent third-party valuation firm(s) engaged by the Adviser. Generally, the valuation approach used for debt investments is the income approach. The approach derives a value based on either determining the present value of a projected level of cash flow, including a terminal value, or by the capitalization of a normalized measure of future cash flow. The discounted cash flow (“DCF”) method, one of the methodologies under the income approach, involves estimating future cash flows under various scenarios and discounting them to the measurement date. The discount rate represents a return required by a market participant in order to make an investment in the subject company.

Alternatively, the market approach or asset approach may be used. The market approach is a way of determining a value indication by using one or more methods that compare the portfolio company to similar businesses. Value indicators are applied to relevant financial information of the entity being valued to estimate its fair value. There are two methodologies to consider under the market approach: the guideline public company method (“GPC”) and the controlling transaction method (“CTM”). The GPC method is based on the premise that the pricing multiples of comparable publicly traded companies can be used as a tool to value privately held companies. The publicly traded companies’ ratios and business enterprise value provide guidance in the valuation process. Considerations of factors such as size, growth, profitability and return on investment are also analyzed and compared to the subject business. The CTM is based on the same premise as the GPC. Guideline transactions include change-of-control transactions involving public or private businesses for companies engaged in similar lines of business or with similar economic characteristics. The valuation considers the price at which the merger or acquisition took place to other factors in order to create a pricing multiple that can be used to determine an estimate of value for the subject company.

The asset approach provides an indication of the portfolio company’s value by developing a valuation-based balance sheet. This approach requires adjusting the historical assets and liabilities listed on the U.S. GAAP-based balance sheet to estimated fair values. The excess of assets over liabilities represents the tangible value of the business enterprise. The asset approach does not consider the relevant earnings capacity of a going concern business.

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the Valuation Designee to perform the fair value determinations for the Company, subject to the oversight of the Board and certain Board reporting and other requirements.

As part of the valuation process, the Adviser takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation.

The Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following:

•

With respect to investments for which market quotations are readily available, those investments will typically be valued at the bid price of those market quotations;

•

With respect to investments for which market quotations are not readily available, the valuation process begins with the Adviser’s valuation committee establishing a preliminary valuation of each investment, which may be based on valuations, or ranges of valuations, provided by independent valuation firm(s);

•

Preliminary valuations are documented and discussed by the Adviser’s valuation committee and, where appropriate, the independent valuation firm(s); and

•

The Adviser determines the fair value of each investment.

We conduct this valuation process on a quarterly basis.

We apply FASB ASC Topic 820 - Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we consider the principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

•

Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date;

•

Level 2 – Valuations based on quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or for which all significant inputs are observable, either directly or indirectly; and

•

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected previously.

Equity Securities and Warrants

The Company may be issued warrants by portfolio companies as yield enhancements in connection with a related debt investment. These warrants are recorded as assets at estimated fair value on the grant date. The Company determines the cost basis of the warrants or other equity securities received based upon their respective fair values on the date of receipt in proportion to the total fair value of the debt and warrants or other equity securities received. Depending on the facts and circumstances, the Company generally utilizes a combination of one or several forms of the market approach and contingent claim analyses (a form of option analysis) to estimate the fair value of the securities as of the measurement date and determines the cost basis using a relative fair value methodology. As part of its application of the market approach, the Company estimates the enterprise value of a portfolio company utilizing customary pricing multiples, based on the development stage of the underlying issuers, or other appropriate valuation methods, such as considering recent transactions in the equity securities of the portfolio company or third-party valuations that are assessed to be indicative of fair value of the respective portfolio company. If appropriate, based on the facts and circumstances, the Company performs an allocation of the enterprise value to the equity securities utilizing a contingent claim analysis and/or other waterfall calculation by which it allocates the enterprise value across the portfolio company’s warrants and other equity securities in order of their preference relative to one another.

Earnings per share

Basic earnings per share is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted-average number of common shares outstanding for the period. Other potentially dilutive common shares, and the related impact to earnings are considered when calculating earnings per share on a diluted basis using the treasury stock method.

Revenue Recognition

Interest Income

Interest income is recorded on an accrual basis and includes accretion and amortization of discounts or premiums, respectively. Discounts and premiums to par value on securities purchased are accreted and amortized, respectively, into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments includes the original cost adjusted for the accretion and amortization of discounts and premiums, respectively. Upon prepayment of a loan or debt security, any prepayment premiums and unamortized discounts or premiums are recorded as interest income.

Certain investments may have contractual PIK interest or dividends. PIK interest or dividends represents accrued interest or dividends that is added to the principal amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity.

Dividend Income

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies.

Fee Income

All transaction fees earned in connection with our investments are recognized as fee income and are generally non-recurring. Such fees typically include fees for services, including administrative, structuring (including with respect to amendments) and advisory services, provided to portfolio companies. We recognize income from fees for providing such structuring and advisory services when the services are rendered or the transactions are completed, and payment is received (generally immediately).

Non-Accrual Policy

When a debt security becomes 90 days or more past due, or if management otherwise does not expect that principal, interest, and other obligations due will be collected in full, the Company will generally place the debt security on non-accrual status and cease recognizing interest income on that debt security until all principal and interest due has been paid or the Company believes the borrower has demonstrated the ability to repay its current and future contractual obligations. Any interest receivable is reversed from income in the period that a loan is placed on non-accrual. However, the Company may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection. If PIK interest or dividends are not expected to be realized by the Company, the investment generating PIK interest or dividends will be placed on non-accrual status. When an investment with PIK is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income, respectively. As of December 31, 2024 and December 31, 2023, there were no investments placed on non-accrual status.

Unearned Revenue

The Company utilizes interest reserves on certain loans which are applied to future interest payments. Such reserves are established at the time of loan origination. The interest reserve is recorded as a liability as it represents unearned interest revenue. The interest reserve is relieved when the interest on the loan is earned, and interest income is recorded in the period when the interest is earned in accordance with the credit agreement. The interest payment is deducted from the interest reserve deposit balance on the date when the interest payment is due.

The decision to establish an interest reserve is made during the underwriting process and considers the creditworthiness and expertise of the borrower, and the debt coverage provided by the pledged collateral. It is the Company’s policy to recognize income for this interest component as long as the subject loan is performing as originally projected and if there has been no deterioration in the financial condition of the borrower. The Company’s standard accounting policies for interest income recognition are applied to all loans, including those with interest reserves. As of December 31, 2024 and December 31, 2023, the Company recorded $37,752 and $0, respectively, of prepaid interest reserves, which are presented as unearned interest income on the Statements of Assets and Liabilities.

Income Taxes

The Company adopted an initial tax year end of December 31, 2021 and was taxed as a corporation for U.S. federal income tax purposes for the tax period ended December 31, 2021. The Company adopted the tax year end of March 31 and elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code for the tax period January 1, 2022 through March 31, 2022 and in subsequent years. The Company intends to maintain such election in the current and future taxable years. To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its stockholders for each taxable year at least 90% of its investment company taxable income. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion (subject to the requirement to distribute 90% of its investment company taxable income as described above), may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. For the years ended December 31, 2024 and December 31, 2023, and for the period from April 1, 2022 through December 31, 2022, the Company accrued excise taxes of $120,024, $10,655, and $80,566, respectively. As of December 31, 2024 and December 31, 2023, $88,709 and $10,655, respectively, of accrued excise taxes remained payable.

The Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority in accordance with ASC Topic 740, Income Taxes (“ASC 740”). Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense.

Based on the analysis of the Company’s tax position, the Company has no uncertain tax positions that met the recognition or measurement criteria as of December 31, 2024 and December 31, 2023. The Company does not anticipate any significant increase or decrease in unrecognized tax benefits for the next twelve months. The Company identifies its major tax jurisdiction as the United States. As of December 31, 2024, the tax years that remain subject to examination by the Internal Revenue Service are from 2022 (commencement of operations) forward.

Distributions

Distributions to common stockholders are recorded on the record date. The amount of taxable income to be paid out as a distribution is determined by our Board on a quarterly basis and is generally based upon the future taxable income estimated by management. Capital gains, if any, are distributed at least annually, although the Company may decide to retain all or some of those capital gains for investment and pay U.S. federal income tax at corporate rates on those retained amounts. If the Company chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to stockholders. Our distributions may exceed our earnings, and therefore, portions of the distributions that we make may be a return of the money originally invested and represent a return of capital distribution to shareholders for tax purposes.

Offering Costs

These costs consist primarily of legal fees and other costs incurred in connection with issuances of the Company’s common stock, including the preparation of the Company’s registration statement, registration fees, transfer agent expenses, and other expenses relating to the offering. Offering costs are capitalized as deferred offering costs and, if any, are included in prepaid expenses and other assets on the Statements of Assets and Liabilities. As of December 31, 2024 and December 31, 2023, deferred offering costs were $49,998 and $0, respectively.

The deferred offering costs were charged to capital upon the issuance of shares subsequent to the completion of the Loan Portfolio Acquisition. For the year ended December 31, 2024, $1,214,375 of offering costs were charged to capital. For the year ended December 31, 2023, and for the period from April 1, 2022 through December 31, 2022, there were no offering costs charged to capital. As of December 31, 2024 and December 31, 2023, there were $989,645 and $0, respectively, of offering costs payable by the Company.

Transaction Expenses Related to the Loan Portfolio Acquisition

Transaction expenses related to the Loan Portfolio Acquisition

Cumulative transaction expenses related to the Loan Portfolio Acquisition through December 31, 2024 and December 31, 2023 were $6,053,043 and $711,264, respectively, and consisted primarily of legal fees and valuation fees. See “Note 13 – Loan Portfolio Acquisition” for further information regarding the Loan Portfolio Acquisition.

For the years ended December 31, 2024 and December 31, 2023, and for the period from April 1, 2022 through December 31, 2022, the Company incurred transaction expenses related to the Loan Portfolio Acquisition of $5,341,779, $711,264 and $0, respectively. As of December 31, 2024 and December 31, 2023, $2,945,125 and $711,264, respectively, of transaction expenses related to the Loan Portfolio Acquisition remained payable, and are included in transaction fees payable on the Statements of Assets and Liabilities.

Deferred Financing Costs

Deferred financing costs consist of origination expenses incurred in connection with the closing, or anticipated closing, of a credit facility, and may include legal, accounting, and other related expenses. These costs are deferred and amortized as interest expense using the straight-line method over the term of the applicable credit facility. Deferred financing costs, if any, are included in prepaid expenses and other assets on the Statements of Assets and Liabilities. As of December 31, 2024 and December 31, 2023, deferred financing costs were $47,881 and $0, respectively.

New Accounting Standards

On January 1, 2024, the Company adopted FASB ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This guidance requires public entities to disclose significant expense categories and amounts for each reportable segment, along with information regarding the composition of “other segment items.” Additionally, the guidance requires the disclosure of the title and position of the entity’s Chief Operating Decision Maker (“CODM”), an explanation of how the CODM utilizes reported profit or loss measures to assess segment performance, and certain segment-related disclosures on an interim basis, which were previously required only annually. The Company adopted ASU 2023-07 effective December 31, 2024 and concluded that the application of this guidance did not have any material impact on its consolidated financial statements. Refer to Note 12 for more information on the effects of the adoption of ASU 2023-07.

In December 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”),” which improves the transparency of income tax disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024 and is to be adopted on a prospective basis with the option to apply retrospectively. We are currently evaluating the impact this ASU will have on our financial position and disclosures, but we do not believe that the Company will be materially impacted by the adoption of ASU 2023-09.

RELATED PARTY TRANSACTIONS, Investment Advisory Agreement and Expense Limitation Agreements (Details)		9 Months Ended	12 Months Ended
	Oct. 01, 2024	Dec. 31, 2022 USD ($)	Dec. 31, 2024 USD ($) qtr	Dec. 31, 2023 USD ($)
Investment Advisory Agreement [Abstract]
Management fees incurred		$ 336,432	$ 1,504,239	$ 1,013,764
Management fees payable			758,362	257,121
Income-based incentive fees		0	2,327,448	1,511,253
Income-based incentive fee payable			1,998,945	1,511,253
Capital gains incentive fees		$ 0	34,304	87,583
Capital gains incentive fees payable			$ 121,887	$ 87,583
Investment Advisory Agreement [Member]
Investment Advisory Agreement [Abstract]
Percentage of management fee payable			1.75%
Number of recent quarters \| qtr			2
Duration of incentive fee payable			quarterly
Percentage payable of Pre-Incentive Fee Net Investment Income			20.00%
Percentage payable of Pre-Incentive Fee Net Investment Income subject to a preferred return, or "hurdle" per quarter			1.75%
Percentage of Pre-Incentive Fee Net Investment Income subject to a preferred return, or "hurdle" per annum			7.00%
Percentage payable of realized capital gains on a cumulative basis			20.00%
Expense Limitation Agreement [Member]
Expense Limitation Agreement [Abstract]
Operating expenses at an annualized rate	2.15%

Statements of Cash Flows - USD ($)	9 Months Ended	12 Months Ended
Statements of Cash Flows - USD ($)	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ 1,923,639	$ 9,622,538	$ 7,340,108
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss from investments	0	74,483	210,767
Net change in unrealized (appreciation) depreciation from investments	273,348	(246,004)	(922,031)
Net (accretion of discounts) and amortization of premiums	(165,398)	(1,101,295)	(810,554)
Purchase of investments	(50,362,500)	(29,943,975)	(8,442,000)
PIK interest capitalized	0	(743,775)	(115,725)
Proceeds from sales of investments and principal repayments	0	21,410,831	6,214,093
(Increase) Decrease in operating assets:
Interest receivable	(1,549,867)	(1,827,250)	(196,279)
Receivable for investment sold	0	(4,122,500)	0
Due from affiliates	0	(2,361,019)	0
Prepaid expenses and other assets	224,189	(133,953)	(56,953)
Increase (Decrease) in operating liabilities:
Income-based incentive fees payable	0	487,692	1,511,253
Management fee payable	170,965	501,241	86,156
Capital gains incentive fees payable	0	34,304	87,583
Professional fees payable	54,810	26,856	221,639
Transaction fees payable related to the Loan Portfolio Acquisition	0	2,233,861	711,264
Other payables	8,305	32,397	(19,841)
Due to affiliates	(48)	905,129	(37)
Excise tax payable	80,566	78,054	(69,911)
Deferred income payable	0	37,752	0
Offering cost payable	(264,581)	0	0
Organizational costs payable	(34,168)	0	0
Net cash (used in) provided by operating activities	(49,640,740)	(5,034,633)	5,749,532
Cash flows from financing activities
Proceeds from issuance of common stock	0	9,049,462	0
Offering costs paid	0	(274,728)	0
Distributions paid	0	(12,419,330)	(8,263,217)
Net cash (used in) provided by financing activities	0	(3,644,596)	(8,263,217)
Net (decrease) increase in cash and cash equivalents	(49,640,740)	(8,679,229)	(2,513,685)
Cash and cash equivalents, beginning of period	84,766,060	32,611,635	35,125,320
Cash and cash equivalents, end of period	35,125,320	23,932,406	32,611,635
Supplemental disclosure of non-cash financing and investing activity
Loans acquired for issuances of shares of common stock	0	210,571,663	0
Reinvestment of dividend distributions	0	812	2,318
Accrual for deferred financing costs (Note 2)	0	47,881	0
Accrual for deferred offering costs (Note 2)	0	49,998	0
Excise tax paid	$ 0	$ 41,969	$ 80,566

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

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 235
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
-Subparagraph (SX 210.3-04)
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

SIGNIFICANT ACCOUNTING POLICIES, Unearned Revenue (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Unearned Revenue [Abstract]
Unearned interest income	$ 37,752	$ 0

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2024

The following table summarizes the related parties fees and expenses incurred by the Company for the years ended December 31, 2024 and December 31, 2023 and for the period from April 1, 2022 through December 31, 2022.

	For the years ended December 31,				For the period from April 1, 2022 through December 31, 2022*
	2024		2023
Affiliate Payments
Income-based incentive fees	$	2,327,448	$	1,511,253	$	-
Management fee		1,504,239		1,013,764		336,432
Capital gains incentive fees		34,304		87,583		-
Total management and incentive fees earned	$	3,865,991	$	2,612,600	$	336,432
General and administrative expenses reimbursable to the Adviser		700,000		-		-
Total	$	4,565,991	$	2,612,600	$	336,432

*	On November 8, 2022, our Board approved a change in our fiscal year end from March 31 to December 31.

LOAN PORTFOLIO ACQUISITION (Details) - USD ($)	Sep. 28, 2024	Dec. 31, 2024	Oct. 01, 2024	Dec. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Loan Portfolio Acquisition [Abstract]
Common stock outstanding (in shares)		22,820,386		6,214,941	6,214,672	6,214,672
Loan Portfolio Acquisition [Member]
Loan Portfolio Acquisition [Abstract]
Number of shares issued in exchange of loan portfolio (in shares)	16,605,372
Fair value of loan portfolio	$ 219,621,125
Common stock outstanding (in shares)			22,820,367

RELATED PARTY TRANSACTIONS, Due from Affiliate and Co-Investments (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Due from Affiliate [Abstract]
Due from affiliate	$ 2,361,019	$ 0
Interest receivable	3,582,610	1,755,360
Co- Investments [Abstract]
Co-Investments, carrying value	272,816,695	0
Related Party [Member] \| Due from Affiliate [Member]
Due from Affiliate [Abstract]
Due from affiliate	2,361,019	$ 0
Interest receivable	1,559,758
Paydown receivable	$ 801,261

FAIR VALUE OF FINANCIAL INSTRUMENTS, Investments Measured at Fair Value (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Assets [Abstract]
Fair value	$ 275,241,398	$ 54,120,000
First Lien Senior Secured Loans [Member]
Assets [Abstract]
Fair value	239,860,206	46,006,000
Senior Secured Notes [Member]
Assets [Abstract]
Fair value	34,656,192	8,114,000
Preferred Stock [Member]
Assets [Abstract]
Fair value	500,000
Warrants [Member]
Assets [Abstract]
Fair value	225,000
Recurring [Member]
Assets [Abstract]
Fair value	275,241,398	54,120,000
Recurring [Member] \| First Lien Senior Secured Loans [Member]
Assets [Abstract]
Fair value	239,860,206	46,006,000
Recurring [Member] \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	34,656,192	8,114,000
Recurring [Member] \| Preferred Stock [Member]
Assets [Abstract]
Fair value	500,000
Recurring [Member] \| Warrants [Member]
Assets [Abstract]
Fair value	225,000
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) Member
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) Member \| First Lien Senior Secured Loans [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) Member \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) Member \| Preferred Stock [Member]
Assets [Abstract]
Fair value	0
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) Member \| Warrants [Member]
Assets [Abstract]
Fair value	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| First Lien Senior Secured Loans [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Preferred Stock [Member]
Assets [Abstract]
Fair value	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Warrants [Member]
Assets [Abstract]
Fair value	0
Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Fair value	275,241,398	54,120,000
Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member] \| First Lien Senior Secured Loans [Member]
Assets [Abstract]
Fair value	239,860,206	46,006,000
Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member] \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	34,656,192	$ 8,114,000
Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member] \| Preferred Stock [Member]
Assets [Abstract]
Fair value	500,000
Recurring [Member] \| Significant Other Unobservable Inputs (Level 3) [Member] \| Warrants [Member]
Assets [Abstract]
Fair value	$ 225,000

FAIR VALUE OF FINANCIAL INSTRUMENTS, Summary of Changes in Fair Value of Level 3 Portfolio Investments (Details) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in Fair Value of Level 3 Portfolio Investments [Abstract]
Balance, beginning of period	$ 54,120,000	$ 50,254,550
Purchase of investments	240,515,638	8,442,000
Net (accretion of discounts) and amortization of premiums	1,101,295	810,554
PIK interest capitalized	743,775	115,725
Proceeds from sales of investments and principal repayments	(21,410,831)	(6,214,093)
Net realized gain (loss) on investments	(74,483)	(210,767)
Net change in unrealized appreciation (depreciation) on investments	246,004	922,031
Balance, end of period	275,241,398	54,120,000
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of December 31	$ 246,004	$ 922,031
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net change in unrealized appreciation (depreciation) from investments	Net change in unrealized appreciation (depreciation) from investments
First Lien Senior Secured Debt [Member]
Changes in Fair Value of Level 3 Portfolio Investments [Abstract]
Balance, beginning of period	$ 46,006,000	$ 40,660,633
Purchase of investments	209,436,202	8,442,000
Net (accretion of discounts) and amortization of premiums	836,005	557,079
PIK interest capitalized	679,962	115,725
Proceeds from sales of investments and principal repayments	(17,288,331)	(4,614,093)
Net realized gain (loss) on investments	0	0
Net change in unrealized appreciation (depreciation) on investments	190,368	844,656
Balance, end of period	239,860,206	46,006,000
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of December 31	190,368	844,656
Senior Secured Notes [Member]
Changes in Fair Value of Level 3 Portfolio Investments [Abstract]
Balance, beginning of period	8,114,000	9,593,917
Purchase of investments	30,336,610	0
Net (accretion of discounts) and amortization of premiums	265,290	253,475
PIK interest capitalized	63,813	0
Proceeds from sales of investments and principal repayments	(4,122,500)	(1,600,000)
Net realized gain (loss) on investments	(74,483)	(210,767)
Net change in unrealized appreciation (depreciation) on investments	73,462	77,375
Balance, end of period	34,656,192	8,114,000
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of December 31	73,462	77,375
Preferred Stock [Member]
Changes in Fair Value of Level 3 Portfolio Investments [Abstract]
Balance, beginning of period	0
Purchase of investments	500,000
Net (accretion of discounts) and amortization of premiums	0
PIK interest capitalized	0
Proceeds from sales of investments and principal repayments	0
Net realized gain (loss) on investments	0
Net change in unrealized appreciation (depreciation) on investments	0
Balance, end of period	500,000	0
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of December 31	0
Warrants [Member]
Changes in Fair Value of Level 3 Portfolio Investments [Abstract]
Balance, beginning of period	0
Purchase of investments	242,826
Net (accretion of discounts) and amortization of premiums	0
PIK interest capitalized	0
Proceeds from sales of investments and principal repayments	0
Net realized gain (loss) on investments	0
Net change in unrealized appreciation (depreciation) on investments	(17,826)
Balance, end of period	225,000	$ 0
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of December 31	$ (17,826)

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

INVESTMENTS (Tables)

12 Months Ended

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.

COMMON STOCK, Dividend Reinvestment Plan (Details) - shares	3 Months Ended						12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2024
Q1-2024 Quarterly Dividend [Member]
Dividend Reinvestment Plan [Abstract]
Declaration date							Mar. 08, 2024
Type							Quarterly
Record date							Mar. 20, 2024
Payment date							Mar. 28, 2024
Shares (in shares)				8
Q2-2024 Quarterly Dividend [Member]
Dividend Reinvestment Plan [Abstract]
Declaration date							May 09, 2024
Type							Quarterly
Record date							Jun. 20, 2024
Payment date							Jun. 28, 2024
Shares (in shares)			15
Q3-2024 Quarterly Dividend [Member]
Dividend Reinvestment Plan [Abstract]
Declaration date							Aug. 08, 2024
Type							Quarterly
Record date							Sep. 19, 2024
Payment date							Sep. 27, 2024
Shares (in shares)		31
Q4-2024 Quarterly Dividend [Member]
Dividend Reinvestment Plan [Abstract]
Declaration date							Dec. 09, 2024
Type							Quarterly
Record date							Dec. 19, 2024
Payment date							Dec. 27, 2024
Shares (in shares)	19
Q3-2023 Quarterly Dividend [Member]
Dividend Reinvestment Plan [Abstract]
Declaration date							Aug. 10, 2023
Type							Quarterly
Record date							Sep. 15, 2023
Payment date							Sep. 29, 2023
Shares (in shares)						12
Q3-2023 Special Dividend [Member]
Dividend Reinvestment Plan [Abstract]
Declaration date							Aug. 10, 2023
Type							Special
Record date							Sep. 15, 2023
Payment date							Sep. 29, 2023
Shares (in shares)						21
Q4-2023 Quarterly Dividend [Member]
Dividend Reinvestment Plan [Abstract]
Declaration date							Nov. 09, 2023
Type							Quarterly
Record date							Dec. 20, 2023
Payment date							Dec. 29, 2023
Shares (in shares)					84
Q4-2023 Special Dividend [Member]
Dividend Reinvestment Plan [Abstract]
Declaration date							Nov. 09, 2023
Type							Special
Record date							Dec. 20, 2023
Payment date							Dec. 29, 2023
Shares (in shares)					152

INVESTMENTS (Details)

12 Months Ended

Dec. 31, 2024

USD ($)

PortfolioCompany

Dec. 31, 2023

USD ($)

Principal Balance [Abstract]

Amount

$ 277,417,394

$ 55,072,064

Percentage

100.00%

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 274,346,711

$ 53,471,317

Percentage

100.00%

Fair Value [Abstract]

Amount

$ 275,241,398

$ 54,120,000

Percentage

100.00%

Time to Maturity [Abstract]

Number of portfolio | PortfolioCompany

Fair values of portfolio percentage

45.10%

85.00%

Fair values of largest portfolio percentage

18.90%

38.70%

Fixed-Rate Loans [Member]

Principal Balance [Abstract]

Amount

$ 56,819,862

$ 8,750,000

Amortized Cost [Abstract]

Amortized cost

^[1]

55,954,923

8,098,691

Fair Value [Abstract]

Amount

$ 56,158,027

$ 8,114,000

Time to Maturity [Abstract]

Maturity

2 years 7 months 6 days

2 years 2 months 12 days

Floating-Rate Loans (SOFR) [Member]

Principal Balance [Abstract]

Amount

$ 15,543,708

Amortized Cost [Abstract]

Amortized cost

^[1]

15,134,388

Fair Value [Abstract]

Amount

$ 15,209,230

Time to Maturity [Abstract]

Maturity

1 year 4 months 24 days

Floating-Rate loans (Prime) [Member]

Principal Balance [Abstract]

Amount

$ 205,053,824

$ 46,322,064

Amortized Cost [Abstract]

Amortized cost

^[1]

202,514,574

45,372,626

Fair Value [Abstract]

Amount

$ 203,149,141

$ 46,006,000

Time to Maturity [Abstract]

Maturity

1 year 7 months 6 days

2 years 7 months 6 days

First Lien Senior Secured Loans [Member]

Principal Balance [Abstract]

Amount

$ 242,269,725

$ 46,322,064

Percentage

87.30%

84.00%

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 239,036,463

$ 45,372,626

Percentage

87.10%

84.90%

Fair Value [Abstract]

Amount

$ 239,860,206

$ 46,006,000

Percentage

87.10%

85.00%

Senior Secured Notes [Member]

Principal Balance [Abstract]

Amount

$ 35,147,669

$ 8,750,000

Percentage

12.70%

16.00%

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 34,567,422

$ 8,098,691

Percentage

12.60%

15.10%

Fair Value [Abstract]

Amount

$ 34,656,192

$ 8,114,000

Percentage

12.60%

15.00%

Preferred Stock [Member]

Principal Balance [Abstract]

Amount

$ 0

Percentage

0.00%

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 500,000

Percentage

0.20%

Fair Value [Abstract]

Amount

$ 500,000

Percentage

0.20%

Warrants [Member]

Principal Balance [Abstract]

Amount

$ 0

Percentage

0.00%

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 242,826

Percentage

0.10%

Fair Value [Abstract]

Amount

$ 225,000

Percentage

0.10%

Debt Investment [Member]

Principal Balance [Abstract]

Amount

$ 277,417,394

$ 55,072,064

Amortized Cost [Abstract]

Amortized cost

^[1]

273,603,885

53,471,317

Fair Value [Abstract]

Amount

274,516,398

54,120,000

Midwest [Member]

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 88,999,405

$ 24,571,197

Percentage

32.40%

46.00%

Fair Value [Abstract]

Amount

$ 89,624,122

$ 24,911,000

Percentage

32.60%

46.00%

West [Member]

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 86,686,279

$ 24,910,798

Percentage

31.60%

46.50%

Fair Value [Abstract]

Amount

$ 86,660,218

$ 25,069,000

Percentage

31.50%

46.40%

Northeast [Member]

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 52,963,212

$ 3,989,322

Percentage

19.30%

7.50%

Fair Value [Abstract]

Amount

$ 53,223,047

$ 4,140,000

Percentage

19.30%

7.60%

Southwest [Member]

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 21,980,052

Percentage

8.00%

Fair Value [Abstract]

Amount

$ 22,000,000

Percentage

8.00%

Southeast [Member]

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 20,703,496

Percentage

7.60%

Fair Value [Abstract]

Amount

$ 20,749,887

Percentage

7.50%

Canada [Member]

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 3,014,267

Percentage

1.10%

Fair Value [Abstract]

Amount

$ 2,984,124

Percentage

1.10%

Cannabis [Member]

Principal Balance [Abstract]

Percentage

76.60%

100.00%

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 210,144,841

$ 53,471,317

Fair Value [Abstract]

Amount

$ 211,007,307

$ 54,120,000

Percentage

76.70%

100.00%

Finance and Insurance [Member]

Principal Balance [Abstract]

Percentage

11.30%

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 30,866,942

Fair Value [Abstract]

Amount

$ 30,907,369

Percentage

11.20%

Information [Member]

Principal Balance [Abstract]

Percentage

5.40%

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 14,873,810

Fair Value [Abstract]

Amount

$ 14,754,624

Percentage

5.40%

Public Administration [Member]

Principal Balance [Abstract]

Percentage

3.70%

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 10,273,444

Fair Value [Abstract]

Amount

$ 10,322,928

Percentage

3.80%

Retail Trade [Member]

Principal Balance [Abstract]

Percentage

1.20%

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 3,285,390

Fair Value [Abstract]

Amount

$ 3,275,125

Percentage

1.20%

Health Care and Social Assistance [Member]

Principal Balance [Abstract]

Percentage

1.00%

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 2,753,852

Fair Value [Abstract]

Amount

$ 2,796,946

Percentage

1.00%

Real Estate and Rental and Leasing [Member]

Principal Balance [Abstract]

Percentage

0.80%

Amortized Cost [Abstract]

Amortized cost

^[1]

$ 2,148,432

Fair Value [Abstract]

Amount

$ 2,177,099

Percentage

0.70%

[1]	The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.

COMMON STOCK, Loan Portfolio Acquisition and Distributions (Details) - USD ($)		3 Months Ended						9 Months Ended	12 Months Ended
	Sep. 28, 2024	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Oct. 01, 2024	Mar. 31, 2022
COMMON STOCK [Abstract]
Common stock shares authorized (in shares)		100,000,000				100,000,000			100,000,000	100,000,000
Common stock par value (in dollars per share)		$ 0.01				$ 0.01			$ 0.01	$ 0.01
Loan Portfolio Acquisition [Abstract]
Common stock outstanding (in shares)		22,820,386				6,214,941		6,214,672	22,820,386	6,214,941		6,214,672
Distributions [Abstract]
Cash dividends paid								$ 0	$ 12,419,330	$ 8,263,217
Loan Portfolio Acquisition Agreement [Member]
Loan Portfolio Acquisition [Abstract]
Number of shares issued in exchange of loan portfolio (in shares)	16,605,372
Fair value of common stock	$ 219,621,125
Common stock outstanding (in shares)											22,820,367
Q3-2023 Quarterly Dividend [Member]
Distributions [Abstract]
Declaration date									Aug. 10, 2023
Type									Quarterly
Record date									Sep. 15, 2023
Payment date									Sep. 29, 2023
Per share amount (in dollars per share)							$ 0.23
Cash dividends paid							$ 1,429,375
Q3-2023 Special Dividend [Member]
Distributions [Abstract]
Declaration date									Aug. 10, 2023
Type									Special
Record date									Sep. 15, 2023
Payment date									Sep. 29, 2023
Per share amount (in dollars per share)							$ 0.4
Cash dividends paid							$ 2,485,869
Q4-2023 Quarterly Dividend [Member]
Distributions [Abstract]
Declaration date									Nov. 09, 2023
Type									Quarterly
Record date									Dec. 20, 2023
Payment date									Dec. 29, 2023
Per share amount (in dollars per share)						$ 0.25
Cash dividends paid						$ 1,553,676
Q4-2023 Special Dividend [Member]
Distributions [Abstract]
Declaration date									Nov. 09, 2023
Type									Special
Record date									Dec. 20, 2023
Payment date									Dec. 29, 2023
Per share amount (in dollars per share)						$ 0.45
Cash dividends paid						$ 2,796,617
Q1-2024 Quarterly Dividend [Member]
Distributions [Abstract]
Declaration date									Mar. 08, 2024
Type									Quarterly
Record date									Mar. 20, 2024
Payment date									Mar. 28, 2024
Per share amount (in dollars per share)					$ 0.25
Cash dividends paid					$ 1,553,736
Q2-2024 Quarterly Dividend [Member]
Distributions [Abstract]
Declaration date									May 09, 2024
Type									Quarterly
Record date									Jun. 20, 2024
Payment date									Jun. 28, 2024
Per share amount (in dollars per share)				$ 0.25
Cash dividends paid				$ 1,553,738
Q3-2024 Quarterly Dividend [Member]
Distributions [Abstract]
Declaration date									Aug. 08, 2024
Type									Quarterly
Record date									Sep. 19, 2024
Payment date									Sep. 27, 2024
Per share amount (in dollars per share)			$ 0.25
Cash dividends paid			$ 1,553,741
Q4-2024 Quarterly Dividend [Member]
Distributions [Abstract]
Declaration date									Dec. 09, 2024
Type									Quarterly
Record date									Dec. 19, 2024
Payment date									Dec. 27, 2024
Per share amount (in dollars per share)		$ 0.34
Cash dividends paid		$ 7,758,925

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2024

RELATED PARTY TRANSACTIONS

NOTE 5 — RELATED PARTY TRANSACTIONS

Investment Advisory Agreement

Pursuant to the investment advisory agreement between the Company and the Adviser (the “Investment Advisory Agreement”), fees payable to the Adviser are equal to (a) a base management fee of 1.75% of the average value of the Company’s gross assets at the end of the two most recent quarters (i.e., total assets held before deduction of any liabilities), which includes investments acquired with the use of leverage and excludes cash and cash equivalents and (b) an incentive fee based on the Company’s performance.

The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20% of the Company’s “Pre-Incentive Fee Net Investment Income” for the quarter, subject to a preferred return, or “hurdle,” of 1.75% per quarter (7% annualized), and a “catch-up” feature. The second part is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement) and equals 20% of the Company’s realized capital gains on a cumulative basis from inception through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fee (the “Incentive Fee on Capital Gains”). While the Investment Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains in the calculation of the Incentive Fee on Capital Gains, as required by U.S. GAAP, we accrue the Incentive Fee on Capital Gains on unrealized capital appreciation exceeding unrealized depreciation. This accrual reflects the Incentive Fee on Capital Gains that would be payable to the Adviser if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an Incentive Fee on Capital Gains with respect to unrealized capital appreciation unless and until such gains are actually realized.

The management fee is payable quarterly in arrears. For the years ended December 31, 2024 and December 31, 2023, and for the period from April 1, 2022 through December 31, 2022, the Company incurred $1,504,239, $1,013,764 and $336,432, respectively, of management fees. As of December 31, 2024 and December 31, 2023, $758,362 and $257,121, respectively, remained payable on the Statements of Assets and Liabilities. For the years ended December 31, 2024 and December 31, 2023, and for the period from April 1, 2022 through December 31, 2022, the Company incurred $2,327,448, $1,511,253 and $0, respectively, of income based incentive fees. As of December 31, 2024 and December 31, 2023, $1,998,945 and $1,511,253, respectively, remained payable on the Statements of Assets and Liabilities. For the years ended December 31, 2024 and December 31, 2023, and for the period from April 1, 2022 through December 31, 2022, the Company incurred $34,304, $87,583 and $0, respectively, of capital gains incentive fees. As of December 31, 2024 and December 31, 2023, $121,887 and $87,583, respectively, remained payable on the Statements of Assets and Liabilities.

Expense Limitation Agreement

On October 1, 2024, in connection with the New Investment Advisory Agreement, the Company and the Adviser entered into an expense limitation agreement (the “Expense Limitation Agreement”) pursuant to which the Adviser has agreed to cap the Company’s operating expenses (excluding base management fees, incentive fees, expenses related to the Loan Portfolio Acquisition, and litigation and indemnification expenses) at an annualized rate of 2.15% of the Company’s net assets through the period ending September 30, 2025.

On February 14, 2025, the Board approved a clarification, as proposed by the Company and the Adviser, of the Expense Limitation Agreement, that any interest expense, fees, and other costs associated with raising debt and/or equity capital for the Company are not subject to, and do not count towards, the expense cap of 2.15% per annum under the Expense Limitation Agreement.

Administration Agreement

Pursuant to the administration agreement between the Company and the Adviser (the “Administration Agreement”), the Company is to reimburse the Adviser for the costs and expenses incurred by the Adviser in performing its obligations, including but not limited to maintaining and keeping all books and records and providing personnel and facilities. This includes costs and expenses incurred by the Adviser in connection with the delegation of its obligations to SS&C, the sub-administrator. The Company is generally not responsible for the compensation of the Adviser’s employees or any overhead expenses. However, we may reimburse the Adviser for an allocable portion of the compensation paid by the Adviser to our CCO and CFO and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs).

License Agreement

The Company has also entered into a license agreement with the Adviser pursuant to which the Adviser has agreed to grant the Company a nonexclusive, royalty-free license to use the name “Chicago Atlantic.” Under this agreement, the Company will have a right to use the “Chicago Atlantic” name, for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “Chicago Atlantic” name.

Related Party Fees & Expenses

	For the years ended December 31,				For the period from April 1, 2022 through December 31, 2022*
	2024		2023
Affiliate Payments
Income-based incentive fees	$	2,327,448	$	1,511,253	$	-
Management fee		1,504,239		1,013,764		336,432
Capital gains incentive fees		34,304		87,583		-
Total management and incentive fees earned	$	3,865,991	$	2,612,600	$	336,432
General and administrative expenses reimbursable to the Adviser		700,000		-		-
Total	$	4,565,991	$	2,612,600	$	336,432

*	On November 8, 2022, our Board approved a change in our fiscal year end from March 31 to December 31.

General administrative expenses reimbursable to the Adviser are included in due to affiliates on the accompanying Statements of Assets and Liabilities as of December 31, 2024 and December 31, 2023. Total amounts payable to the Adviser and its affiliates as of December 31, 2024 are $905,129, of which $820,797 and $84,332, represent general and administrative expenses reimbursable to the Adviser and amounts due to Chicago Atlantic Admin, LLC, respectively. There were no amounts payable as of December 31, 2023.

For the years ended December 31, 2024 and December 31, 2023, and for the period from April 1, 2022 through December 31, 2022, the Company reimbursed the Adviser $102,828, $6,192 and $12,145, respectively, for expenses paid on the Company’s behalf.

Affiliated Loan Administrative and Collateral Agent

Chicago Atlantic Admin, LLC (the “Loan Administrator”), serves as a loan administrator and collateral agent for certain loans within the Company’s investment portfolio. Among other customary responsibilities as described in each respective loan document, the Loan Administrator is responsible for: (a) the collection of interest, loan fees, and principal payments from portfolio companies, and (b) the subsequent disbursement of the allocable portion of such collections to the lender(s), including the Company. The Loan Administrator is a wholly-owned subsidiary of Chicago Atlantic Group, LP.

Interest and principal payments from our portfolio companies which were received by the Loan Administrator prior to December 31, 2024, but which were not remitted to the Company until after December 31, 2024, are included in due from affiliates on the Statement of Assets and Liabilities. As of December 31, 2024, the due from affiliates balance of $2,361,019 consists of $1,559,758 and $801,261 in interest and principal payments receivable, respectively. The amounts due from affiliate as of December 31, 2024 were collected in January 2025.

There were no amounts due from affiliates as of December 31, 2023.

Co-Investments

From time to time, the Company may co-invest with other investment vehicles managed by its affiliates, in accordance with the Company’s co-investment exemptive order and the Adviser’s co-investment allocation policies. The Company is not obligated to provide, nor has it provided, any financial support to the other managed investment vehicles. As such, the Company’s risk is limited to the carrying value of its investment in any such co-investment. As of December 31, 2024 and December 31, 2023, $272,816,695 and $0, respectively, of the Company’s investments were co-investments with affiliates of the Company.

Other Related Party Transactions

For the years ended December 31, 2024 and December 31, 2023, and for the period from April 1, 2022 through December 31, 2022, the Company paid $0, $0 and $2,086, respectively, for expenses on the Adviser’s behalf.

The Adviser was the seed investor of the Company and provided initial funding to the Company by purchasing approximately 4.5 million shares of the Company’s common stock in the Company’s initial public offering. The Adviser provided this “seed capital” to the Company for the purpose of facilitating the launch and initial operation of the Company, as opposed to for long term investment purposes. In addition, CALP purchased approximately 16.6 million shares of the Company’s common stock in connection with the Loan Portfolio Acquisition with the intention of distributing such shares of the Company’s common stock to CALP’s members within six months of the Loan Portfolio Acquisition. The Adviser and CALP do not expect to hold the Company’s common stock indefinitely, and may sell the Company’s common stock, or distribute the Company’s common stock to their members (who may, in turn, sell the Company’s common stock subject to certain holding period requirements), at a future point in time. In order for the Adviser’s or CALP’s sales of the shares of the Company not to be deemed to have been made “on the basis of” material nonpublic information, such sales may be made pursuant to a pre-approved trading plan that complies with Rule 10b5-1 under the Exchange Act and that may obligate the Adviser or CALP to make recurring sales of the Company’s common stock on a periodic basis. Sales of substantial amounts of the Company’s common stock, including by the Adviser, CALP, their members or other large stockholders, or the availability of such common stock for sale, could adversely affect the prevailing market prices for the Company’s common stock. If this occurs and continues for a sustained period of time, it could impair the Company’s ability to raise additional capital through the sale of securities, should the Company desire to do so.

As of December 31, 2024, the Adviser and CALP collectively hold approximately 80% of the Company’s voting stock and have the ability to exercise substantial control over all corporate actions requiring stockholder approval, including the election and removal of directors, certain amendments of the Company’s charter, the Company’s ability to issue its common stock at a price below NAV per share, and the approval of any merger or other extraordinary corporate action.

The Adviser absorbed $1.23 million, representing the cost of the sales load (i.e., underwriting discounts and commissions) incurred by the Company in connection with the initial public offering of its common stock. The Company will not incur any additional expenses in connection with this transaction.

During the years ended December 31, 2024 and December 31, 2023, the Adviser and certain related parties received dividend distributions from the Company relating to their shares held. Refer to “Note 7 – Common Stock” for further details on the Company’s dividend reinvestment plan and the distributions declared. The Company did not make any distributions during the period from April 1, 2022 through December 31, 2022.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

FINANCIAL HIGHLIGHTS (Details) - USD ($)
$ / shares in Units, $ in Thousands

2 Months Ended

9 Months Ended

12 Months Ended

Mar. 31, 2022

Dec. 31, 2022

Dec. 31, 2024

Dec. 31, 2023

Per share data [Roll Forward]

Net asset value at beginning of period (in dollars per share)

$ 14

$ 13.61

$ 13.77

$ 13.91

Net investment income (loss) (in dollars per share)

^[1]

(0.07)

0.35

0.91

1.07

Net realized and unrealized gains/(losses) on investments (in dollars per share)

^[1]

(0.05)

0.02

0.11

Net increase/(decrease) in net assets resulting from operations (in dollars per share)

^[1]

(0.07)

0.3

0.93

1.18

Offering costs (in dollars per share)

^[2]

(0.27)

(0.07)

Permanent tax adjustments (in dollars per share)

(0.05)

Effect of shares issued (in dollars per share)

(0.34)

Distributions from net investment income (loss) (in dollars per share)

^[3]

(1.09)

(1.32)

Net asset value at end of period (in dollars per share)

$ 13.61

$ 13.91

$ 13.2

$ 13.77

Net assets at end of period

$ 84,552,090

$ 86,475,729

$ 301,162,578

$ 85,552,618

Shares outstanding at end of period (in shares)

6,214,672

22,820,386

6,214,941

Weighted average net assets

$ 83,301,328

$ 84,885,270

$ 138,475,878

$ 88,187,537

Per share market value at end of period (in dollars per share)

$ 13.3

$ 9.8

$ 12.19

$ 8.44

Total return based on market value

^[4]

(5.00%)

(26.32%)

59.20%

(13.88%)

Total return based on net asset value

^[4]

(2.79%)

2.20%

5.66%

13.65%

Ratio/Supplemental data [Abstract]

Ratio of expenses to average net assets

^[5]

0.22%

2.17%

8.82%

6.01%

Ratio of net investment income (loss) to average net assets(5)

^[5]

(0.20%)

2.59%

6.83%

7.52%

Portfolio turnover

^[5]

21.70%

10.94%

[1]	The per share data was derived by using the weighted average shares outstanding during the periods presented.
[2]	The Adviser has absorbed the cost of the sales load (i.e, underwriting discounts and commissions) incurred by the Company in connection with the initial public offering of its common stock.
[3]	The amount shown may not correspond for the period as it includes the effect of the timing of the distribution and the issuance of common stock.
[4]	Total return based on market value is based on the change in market price per share between the beginning and ending market prices per share in each period and assumes that common stock dividends are reinvested in accordance with our common stock dividend reinvestment plan. Total return based on net asset value is based upon the change in net asset value per share between the beginning and ending net asset values per share in each period and assumes that dividends are reinvested in accordance with our common stock dividend reinvestment plan. For periods less than a year, total return is not annualized.
[5]	Ratio is not annualized.

Statements of Changes in Net Assets - USD ($)	9 Months Ended	12 Months Ended
Statements of Changes in Net Assets - USD ($)	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Common Stock [Member]
Investment Company, Net Assets [Roll Forward]
Beginning balance	$ 62,147	$ 62,149	$ 62,147
Beginning balance (in shares)	6,214,672	6,214,941	6,214,672
Net increase (decrease) in net assets resulting from operations
Net investment income (loss)	$ 0	$ 0	$ 0
Net realized gain (loss) from investments	0	0	0
Net change in unrealized appreciation (depreciation) from investments	0	0	0
Distributions to stockholders from:
Investment income-net	0	0	0
Capital transactions
Issuance of common stock	$ 0	$ 166,054	$ 0
Issuance of common stock (in shares)	0	16,605,372	0
Reinvestment of stockholder distributions	$ 0	$ 1	$ 2
Reinvestment of stockholder distributions (in shares)	0	73	269
Total net increase (decrease) in net assets from capital transactions	$ 0	$ 166,055	$ 2
Total net increase (decrease) in net assets from capital transactions (in shares)	0	16,605,445	269
Total increase (decrease) in net assets	$ 62,147	$ 166,055	$ 2
Total increase (decrease) in net assets (in shares)	6,214,672	16,605,445	269
Effect of permanent adjustments	$ 0	$ 0	$ 0
Ending balance	$ 62,147	$ 228,204	$ 62,149
Ending balance (in shares)	6,214,672	22,820,386	6,214,941
Additional Paid-in Capital [Member]
Investment Company, Net Assets [Roll Forward]
Beginning balance	$ 84,917,788	$ 85,041,203	$ 84,917,788
Net increase (decrease) in net assets resulting from operations
Net investment income (loss)	0	0	0
Net realized gain (loss) from investments	0	0	0
Net change in unrealized appreciation (depreciation) from investments	0	0	0
Total net increase (decrease) in net assets resulting from operations	0	0	0
Distributions to stockholders from:
Investment income-net	0	0	0
Capital transactions
Issuance of common stock	0	218,240,696	0
Reinvestment of stockholder distributions	0	811	2,316
Total net increase (decrease) in net assets from capital transactions	0	218,241,507	2,316
Total increase (decrease) in net assets	84,917,788	218,241,507	2,316
Effect of permanent adjustments	0	(10,676)	121,099
Ending balance	84,917,788	303,272,034	85,041,203
Distributable Earnings/(Accumulated Loss) [Member]
Investment Company, Net Assets [Roll Forward]
Beginning balance	(427,845)	449,266	1,495,794
Net increase (decrease) in net assets resulting from operations
Net investment income (loss)	2,196,987	9,451,017	6,628,844
Net realized gain (loss) from investments	0	(74,483)	(210,767)
Net change in unrealized appreciation (depreciation) from investments	(273,348)	246,004	922,031
Total net increase (decrease) in net assets resulting from operations	1,923,639	9,622,538	7,340,108
Distributions to stockholders from:
Investment income-net	0	(12,420,140)	(8,265,537)
Capital transactions
Issuance of common stock	0	0	0
Reinvestment of stockholder distributions	0	0	0
Total net increase (decrease) in net assets from capital transactions	0	0	0
Total increase (decrease) in net assets	1,923,639	(2,797,602)	(925,429)
Effect of permanent adjustments	0	10,676	(121,099)
Ending balance	1,495,794	(2,337,660)	449,266
Beginning balance	84,552,090	85,552,618	86,475,729
Net investment income (loss)	2,196,987	9,451,017	6,628,844
Net realized gain (loss) from investments	0	(74,483)	(210,767)
Net change in unrealized appreciation (depreciation) from investments	(273,348)	246,004	922,031
Total net increase (decrease) in net assets resulting from operations	1,923,639	9,622,538	7,340,108
Investment income-net	0	(12,420,140)	(8,265,537)
Issuance of common stock	0	218,406,750	0
Reinvestment of stockholder distributions	0	812	2,318
Total net increase (decrease) in net assets from capital transactions	0	218,407,562	2,318
Total increase (decrease) in net assets	1,923,639	215,609,960	(923,111)
Effect of permanent adjustments	0	0	0
Ending balance	$ 86,475,729	$ 301,162,578	$ 85,552,618

COMMITMENTS AND CONTINGENCIES, Schedule of Unfunded Commitments (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Unfunded Commitments [Abstract]
Unfunded delayed draw loan commitments	$ 1,250,000	$ 0
Total undrawn commitments	$ 1,250,000	$ 0

SIGNIFICANT ACCOUNTING POLICIES, Transaction Expenses Related to Loan Portfolio Acquisition (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Transaction Expenses [Abstract]
Transaction expenses	$ 0	$ 5,341,779	$ 711,264
Transaction fees payable related to the Loan Portfolio Acquisition		2,945,125	711,264
Loan Portfolio Acquisition Agreement [Member]
Transaction Expenses [Abstract]
Transaction expenses related to legal costs		6,053,043	711,264
Transaction expenses	$ 0	5,341,779	711,264
Transaction fees payable related to the Loan Portfolio Acquisition		$ 2,945,125	$ 711,264

EARNINGS PER SHARE (Details) - USD ($)	9 Months Ended	12 Months Ended
EARNINGS PER SHARE (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Net Increase (Decrease) in Net Assets Per Share [Abstract]
Net increase (decrease) in net assets resulting from operations	$ 1,923,639	$ 9,622,538	$ 7,340,108
Weighted Average Shares Outstanding - Basic (in shares)	6,214,672	10,343,621	6,214,682
Weighted Average Shares Outstanding - Diluted (in shares)	6,214,672	10,343,621	6,214,682
Net increase (decrease) in net assets resulting from operations - basic (in dollars per share)	$ 0.31	$ 0.93	$ 1.18
Net increase (decrease) in net assets resulting from operations - diluted (in dollars per share)	$ 0.31	$ 0.93	$ 1.18

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

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-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-7

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-7

+ Details

- Definition

Amount after tax of income (loss) from continuing operations attributable to the parent.

+ References

+ Details

SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Percentage of taxable income and gain planned to be distributed by company		90.00%
Minimum percentage of ordinary income		98.00%
Minimum percentage of capital gains		98.20%
Federal excise tax rate based on distribution requirements		4.00%
Accrued exercise taxes	$ 80,566	$ 120,024	$ 10,655
Accrued exercise taxes payable		88,709	10,655
Uncertain tax positions		$ 0	$ 0
Minimum [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Percentage of taxable income and gain planned to be distributed by company		90.00%

Statements of Assets and Liabilities - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Investments at fair value:
Cash and cash equivalents	$ 23,932,406	$ 32,611,635
Receivable for investments sold	4,122,500	0
Interest receivable	3,582,610	1,755,360
Due from affiliates	$ 2,361,019	$ 0
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Prepaid expenses and other assets	$ 321,108	$ 89,276
Total assets	309,561,041	88,576,271
LIABILITIES
Transaction fees payable related to the Loan Portfolio Acquisition	2,945,125	711,264
Income-based incentive fees payable	1,998,945	1,511,253
Offering costs payable	989,645	0
Management fee payable	758,362	257,121
Professional fees payable	458,809	431,953
Capital gains incentive fees payable	121,887	87,583
Excise tax payable	88,709	10,655
Deferred financing costs payable	47,881	0
Unearned interest income	37,752	0
Distributions payable	0	2
Total liabilities	8,398,463	3,023,653
Commitments and contingencies (Note 6)
NET ASSETS
Common stock, $0.01 par value, 100,000,000 shares authorized, 22,820,386 and 6,214,941 shares issued and outstanding, respectively	228,204	62,149
Additional paid-in-capital	303,272,034	85,041,203
Distributable earnings (accumulated loss)	(2,337,660)	449,266
Total net assets	$ 301,162,578	$ 85,552,618
NET ASSET VALUE PER SHARE (in dollars per share)	$ 13.2	$ 13.77
Related Party [Member]
LIABILITIES
Other payables	$ 905,129	$ 0
Nonrelated Party [Member]
LIABILITIES
Other payables	46,219	13,822
Investment, Unaffiliated Issuer [Member]
Investments at fair value:
Non-control/non-affiliate investments at fair value (amortized cost of $274,346,711 and $53,471,317, respectively)	$ 275,241,398	$ 54,120,000

Statements of Operations - USD ($)	9 Months Ended	12 Months Ended
Statements of Operations - USD ($)	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
EXPENSES
Transaction expenses related to the Loan Portfolio Acquisition	$ 0	$ 5,341,779	$ 711,264
Income-based incentive fees	0	2,327,448	1,511,253
Management fee	336,432	1,504,239	1,013,764
General and administrative expenses	0	700,000	0
Professional fees	206,259	527,358	435,090
Audit expense	210,284	497,200	499,698
Administrator fees	171,494	449,974	335,253
Other expenses	350,358	430,254	355,672
Legal expenses	484,412	282,156	343,824
Excise tax expense	80,566	120,024	10,655
Capital gains incentive fees	0	34,304	87,583
Total expenses	1,839,805	12,214,736	5,304,056
NET INVESTMENT INCOME (LOSS)	2,196,987	9,451,017	6,628,844
NET REALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments	0	(74,483)	(210,767)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS
Net change in unrealized appreciation (depreciation) from investments	(273,348)	246,004	922,031
Net realized and unrealized gains (losses)	(273,348)	171,521	711,264
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ 1,923,639	$ 9,622,538	$ 7,340,108
NET INVESTMENT INCOME (LOSS) PER SHARE - BASIC (in dollars per share)	$ 0.35	$ 0.91	$ 1.07
NET INVESTMENT INCOME (LOSS) PER SHARE - DILUTED (in dollars per share)	0.35	0.91	1.07
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC (in dollars per share)	0.31	0.93	1.18
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED (in dollars per share)	$ 0.31	$ 0.93	$ 1.18
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (in shares)	6,214,672	10,343,621	6,214,682
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (in shares)	6,214,672	10,343,621	6,214,682
Investment, Unaffiliated Issuer [Member]
Non-control/non-affiliate investment income
Interest income	$ 3,626,792	$ 19,905,843	$ 11,736,649
Fee income	410,000	1,759,910	196,251
Total investment income	4,036,792	21,665,753	11,932,900
NET REALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments	0	(74,483)	(210,767)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS
Net change in unrealized appreciation (depreciation) from investments	$ (273,348)	$ 246,004	$ 922,031

FAIR VALUE OF FINANCIAL INSTRUMENTS, Significant Unobservable Inputs used in Fair Value Measurement Level 3 Portfolio Investments (Details)

Dec. 31, 2024

USD ($)

Dec. 31, 2023

USD ($)

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Fair value

$ 275,241,398

$ 54,120,000

First Lien Senior Secured Loans [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Fair value

$ 239,860,206

$ 46,006,000

First Lien Senior Secured Loans [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Minimum [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

0.091

0.104

First Lien Senior Secured Loans [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Maximum [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

0.286

0.14

First Lien Senior Secured Loans [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Weighted Average [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

^[1]

0.134

0.122

Senior Secured Notes [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Fair value

$ 34,656,192

$ 8,114,000

Senior Secured Notes [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Minimum [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

0.074

Senior Secured Notes [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Maximum [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

0.172

0.137

Senior Secured Notes [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Weighted Average [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

^[1]

0.115

0.105

Preferred Stock [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Fair value

$ 500,000

Preferred Stock [Member] | Market Approach [Member] | Current Value [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

2.5

Preferred Stock [Member] | Market Approach [Member] | Current Value [Member] | Weighted Average [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

^[1]

2.5

Warrants [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Fair value

$ 225,000

Warrants [Member] | Option Pricing Model [Member] | Volatility Factor [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

0.472

Warrants [Member] | Option Pricing Model [Member] | Volatility Factor [Member] | Weighted Average [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

^[1]

0.472

[1]	The weighted average is calculated based on the fair value of each investment.

ORGANIZATION (Details) - USD ($)	Oct. 01, 2024	Sep. 28, 2024	Mar. 01, 2022	Feb. 25, 2022	Feb. 08, 2022	Dec. 31, 2024	Dec. 31, 2023
Debt Instruments [Abstract]
Common stock, par value (in dollars per share)						$ 0.01	$ 0.01
Loan Portfolio Acquisition [Member]
Debt Instruments [Abstract]
Number of shares issued in exchange of loan portfolio (in shares)		16,605,372
Fair value of common stock		$ 219,621,125
Expense Limitation Agreement [Member]
Debt Instruments [Abstract]
Operating expenses at an annualized rate	2.15%
Minimum [Member]
Debt Instruments [Abstract]
Debt investments term period						3 years
Maximum [Member]
Debt Instruments [Abstract]
Debt investments term period						6 years
IPO [Member]
Debt Instruments [Abstract]
Number of shares issued (in shares)					6,071,429
Common stock, par value (in dollars per share)					$ 0.01
Share price (in dollars per share)					$ 14
Shares issued, net					$ 83,300,000
Over-Allotment Option [Member]
Debt Instruments [Abstract]
Number of shares issued (in shares)				142,857
Additional gross proceeds			$ 2,000,000

INVESTMENTS

12 Months Ended

Dec. 31, 2024

INVESTMENTS [Abstract]

INVESTMENTS

NOTE 3 — INVESTMENTS

The Company’s investments in portfolio companies are primarily in the form of debt investments, but may include equity warrants received in connection with debt investments, direct equity investments and derivative 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.

	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 geographic composition is determined by the location of the principal place of business of each portfolio company. Geographic regions are defined as: West, for the states of WA, OR, ID, MT, WY, CO, AK, HI, UT, NV and CA; Midwest, for the states ND, SD, NE, KS, MO, IA, MN, WI, MI, IL, IN and OH; Northeast, for the states PA, NJ, NY, CT, RI, MA, VT, NH and ME; Southeast, for the states of AR, LA, MS, TN, KY, AL, FL, GA, SC, NC, VA, DE, WV and MD; and Southwest, for the states of AZ, NM, TX and OK.

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.

Certain Risk Factors

In the ordinary course of business, the Company manages a variety of risks including market risk, concentration risk, credit risk, liquidity risk, interest rate risk, prepayment risk, risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets generally. These events can also impair the technology and other operational systems upon which the Company’s service providers rely and could otherwise disrupt the Company’s service providers’ ability to fulfill their obligations to the Company. The Company identifies, measures and monitors risk through various control mechanisms, including trading limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.

Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, including as a result of changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities. In particular, the Company may invest in issuers that are experiencing or have experienced financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy proceedings), which involves significant risks. The Company manages its exposure to market risk through the use of risk management strategies and various analytical monitoring techniques.

Concentration risk is the risk that the Company’s focus on investments in cannabis companies may subject the Company to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting cannabis companies than funds investing in a broader range of industries or sectors. At times, the performance of investments in cannabis companies will lag the performance of other industries or sectors or the broader market as a whole. Investing in portfolio companies involved in the cannabis industry subjects us to the following risks:

•	The cannabis industry is extremely speculative and raises a host of legality issues, making it subject to inherent risk;

•

The manufacture, distribution, sale, or possession of cannabis that is not in compliance with the U.S. Controlled Substances Act is illegal under U.S. federal law. Strict enforcement of U.S. federal laws regarding cannabis would likely result in our portfolio companies’ inability to execute a business plan in the cannabis industry, and could result in the loss of all or part of any of our loans;

•	The current Presidential Administration’s or specifically the U.S. Department of Justice’s change in policies or enforcement with respect to U.S. federal cannabis laws could negatively impact our portfolio companies’ ability to pursue their prospective business operations and/or generate revenues;

•	U.S. federal courts may refuse to recognize the enforceability of contracts pertaining to any business operations that are deemed illegal under U.S. federal law, including cannabis companies operating legally under state law;

•

Consumer complaints and negative publicity regarding cannabis-related products and services could lead to political pressure on states to implement new laws and regulations that are adverse to the cannabis industry, to not modify existing, restrictive laws and regulations, or to reverse current favorable laws and regulations relating to cannabis;

•	Assets collateralizing loans to cannabis businesses may be forfeited to the U.S. federal government in connection with government enforcement actions under U.S. federal law;

•	U.S. Food and Drug Administration regulation of cannabis and the possible registration of facilities where cannabis is grown could negatively affect the cannabis industry, which could directly affect our financial condition and the financial condition of our portfolio companies;

•

Due to our proposed strategy of investing in portfolio companies engaged in the regulated cannabis industry, our portfolio companies may have a difficult time obtaining the various insurance policies that are needed to operate such businesses, which may expose us and our portfolio companies to additional risks and financial liabilities;

•

The cannabis industry may face significant opposition from other industries that perceive cannabis products and services as competitive with their own, including but not limited to the pharmaceutical industry, adult beverage industry and tobacco industry, all of which have powerful lobbying and financial resources;

•

Many national and regional banks have been resistant to doing business with cannabis companies because of the uncertainties presented by federal law and, as a result, we or our portfolio companies may have difficulty borrowing from or otherwise accessing the service of banks, which may inhibit our ability to open bank accounts or otherwise utilize traditional banking services;

•	Due to our proposed strategy of investing in portfolio companies engaged in the regulated cannabis industry, we or our portfolio companies may have a difficult time obtaining financing in connection with our investment strategy; and

•

Laws and regulations affecting the regulated cannabis industry are varied, broad in scope and subject to evolving interpretations, and may restrict the use of the properties our portfolio companies acquire or require certain additional regulatory approvals, which could materially adversely affect our investments in such portfolio companies.

As of December 31, 2024 and December 31, 2023, we had three portfolio companies that represented 45.1% and 85.0%, respectively, of the fair values of our portfolio. As of December 31, 2024 and December 31, 2023, our largest portfolio company represented 18.9% and 38.7%, respectively, of the total fair values of our investments in portfolio companies.

Any of the foregoing could have an adverse impact on our and our portfolio companies’ businesses, financial condition and results of operations.

Credit risk is the risk that a decline in the credit quality of an investment could cause the Company to lose money. The Company could lose money if the issuer or guarantor of a portfolio security fails to make timely payment or otherwise honor its obligations. Fixed income securities rated below investment grade (high-yield bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Below investment grade securities involve greater risk of price declines than investment grade securities due to actual or perceived changes in an issuer’s creditworthiness. In addition, issuers of below investment grade securities may be more susceptible than other issuers to economic downturns. Such securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the security.

The Company’s investments may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Interest rate risk refers to the change in earnings that may result from changes in the level of interest rates. To the extent that the Company borrows money to make investments, including under any credit facility, net investment income (loss) will be affected by the difference between the rate at which the Company borrows funds and the rate at which the Company invests these funds. In periods of rising interest rates, the Company’s cost of borrowing funds would increase, which may reduce net investment income (loss). As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on net investment income (loss).

Prepayment risk is the risk that a loan in the Company’s portfolio will prepay due to the existence of favorable financing market conditions that allow the portfolio company the ability to replace existing financing with less expensive capital. As market conditions change, prepayment may be possible for each portfolio company. In some cases, the prepayment of a loan may reduce the Company’s achievable yield if the capital returned cannot be invested in transactions with equal or greater expected yields, which could have a material adverse effect on our business, financial condition and results of operations.

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2024

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Reclassifications

Certain reclassifications have been made in the presentation of prior year financial statements and accompanying notes to conform to the presentation as of and for the year ended December 31, 2024.

Use of Estimates

Cash and Cash Equivalents

Investment Transactions

Investments traded but not yet settled, if any, are reported in payable for investments purchased and receivable for investments sold on the Statements of Assets and Liabilities.

Investment Valuation

The Company’s investments are recorded at their estimated fair value on the Statements of Assets and Liabilities.

The Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following:

•

With respect to investments for which market quotations are readily available, those investments will typically be valued at the bid price of those market quotations;

•

Preliminary valuations are documented and discussed by the Adviser’s valuation committee and, where appropriate, the independent valuation firm(s); and

•

The Adviser determines the fair value of each investment.

We conduct this valuation process on a quarterly basis.

•

Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date;

•

Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Equity Securities and Warrants

Earnings per share

Revenue Recognition

Interest Income

Dividend Income

Fee Income

Non-Accrual Policy

Unearned Revenue

Income Taxes

Distributions

Offering Costs

Transaction expenses related to the Loan Portfolio Acquisition

Deferred Financing Costs

New Accounting Standards

INCOME TAXES

12 Months Ended

Dec. 31, 2024

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 10 — INCOME TAXES

The Company adopted a tax year end of March 31 and elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes under Subchapter M of the Code. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. As a RIC, the Company generally will not pay corporate-level income tax if it distributes to stockholders at least 90% of its investment company taxable income (“ICTI”) (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of the current year distribution into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. The amount to be paid out as a distribution is determined by the Board each quarter and is based upon the annual earnings estimated by the management of the Company. To the extent the Company’s earnings fall below the amount of dividend distributions declared, however, a portion of the total amount of the Company’s distributions for the tax year may be deemed a return of capital for tax purposes to the Company’s stockholders.

The amounts and sources of distributions reported are only estimates and are not being provided for U.S. federal income tax reporting purposes. The timing and character of distributions for U.S. federal income tax purposes will be determined in accordance with the U.S. federal tax rules which may differ from GAAP. The final determination of the source of all distributions in 2024 will be made after the tax year-end and the amounts represented may be materially different from the amounts disclosed in the final Form 1099-DIV notice. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Company’s investment performance and may be subject to change based on tax regulations.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income (loss) and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary in nature. Permanent differences are reclassified among the capital accounts in the financial statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized in different periods for book and tax purposes.

The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740, Income Taxes as of December 31, 2024 and December 31, 2023.

In the normal course of business, the Company is subject to examination by federal and certain state and local tax regulators.

For tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. RICs are permitted to carry forward capital losses for an indefinite period, and such losses will retain their character as either short-term or long-term capital losses. As of March 31, 2024, the Company’s most recent tax year end, the Company had $210,767 of capital loss carryforwards, all of which is short-term.

The Company’s taxable income for each period is an estimate and will not be finally determined until the Company files its tax return for each year. Therefore, the final taxable income earned in each year and carried forward for distribution in the following year may be different than this estimate.

During the years ended December 31, 2024 and December 31, 2023, the Company reclassified for book purposes amounts arising from permanent book to tax differences primarily related to net operating loss forfeiture and non-deductible excise tax paid for income tax purposes.

	December 31, 2024			December 31, 2023
Increase (decrease) in additional paid in capital	$	(10,676	)	$	121,099
Increase (decrease) in distributable earnings (accumulated loss)		10,676			(121,099	)

For income tax purposes, distributions paid to shareholders are reported as ordinary income, return of capital, long-term capital gains, or a combination thereof. The tax character of distributions paid for the period from April 1, 2024 through December 31, 2024, and the tax year from April 1, 2023 through March 31, 2024, were as follows:

	For the period from April 1, 2024 through December 31, 2024		For the tax year from April 1, 2023 through March 31, 2024
Ordinary income	$	10,866,404	$	9,819,273
Long-term capital gain		-		-
Return of capital		-		-
Total Distributions	$	10,866,404	$	9,819,273

As of March 31, 2024 and March 31, 2023, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Company’s Statements of Assets and Liabilities by temporary book or tax differences primarily arising from the tax treatment of organizational costs, the tax treatment of transaction expenses related to the Loan Portfolio Acquisition, and the tax treatment of uncrystallized capital gain incentive fees.

	March 31, 2024			March 31, 2023
Undistributed ordinary income	$	1,782,017		$	3,418,714
Net unrealized appreciation (depreciation) on investments		1,248,303			713,009
Capital loss carry forwards		(210,767	)		-
Other temporary differences		(3,393,536	)		(399,948	)
Total	$	(573,983	)	$	3,731,775

The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation from investments and cash equivalents for federal income tax purposes for the fiscal years ended December 31, 2024 and December 31, 2023.

	December 31, 2024			December 31, 2023
Tax cost of investments and cash equivalents	$	298,279,117		$	86,082,952
Unrealized appreciation		1,285,099			784,052
Unrealized depreciation		(390,412	)		(135,369	)
Net unrealized appreciation (depreciation) from investments and cash equivalents	$	894,687		$	648,683

There were no differences between book-basis and tax-basis unrealized appreciation (depreciation) from investments.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

SEGMENT REPORTING	12 Months Ended
SEGMENT REPORTING	Dec. 31, 2024
SEGMENT REPORTING [Abstract]
SEGMENT REPORTING	NOTE 12 — SEGMENT REPORTING In November 2023, the FASB issued ASU 2023-07, Segment Reporting (“ASC 280”): Improvements to Reportable Segment Disclosures. ASC 280 establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about geographical areas, business segments and major customers in financial statements for details of the Company’s business segments. The Company uses the management approach to determine reportable operating segments. The Company operates through a single operating and reporting segment with an investment objective of maximizing risk-adjusted returns on equity for its shareholders. The management approach considers the internal organization and reporting used by the Company’s Chief Executive Officer, Chief Financial Officer, and Co-Chief Investment Officers, which comprise the chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The CODM assesses the performance of, and makes operating decisions for, the Company primarily based on the Company’s net asset value, net investment income, and net increase (decrease) in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes net increase (decrease) in net assets resulting from operations as a key determinant of the amount of dividends to be distributed to the Company’s stockholders. As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as “total assets” and the significant segment expenses are listed on the accompanying Statements of Operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Schedule of Investments (Parenthetical) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Investment, Identifier [Axis]: Aeriz Holdings Corp Delayed Draw Term Loan All in Rate 15.50% Spread Rate 6.00% PIK 2.00% Floor Rate 7.00% Due 6/30/2025

Investments [Abstract]

Percentage of net assets

^[1],[2],[3]

3.28%

Investment, Identifier [Axis]: Archos Capital Group, LLC Delayed Draw Term Loan All in Rate 13.25% Spread Rate 5.75% PIK 0.00% Floor Rate 8.50% Due 2/28/2025

Investments [Abstract]

Percentage of net assets

^[2],[3],[4]

0.49%

Investment, Identifier [Axis]: Ascend Wellness Senior Secured Note All in Rate 12.75% Spread Rate 12.75% PIK 0.00% Floor Rate 0.00% Due 7/16/2029

Investments [Abstract]

Percentage of net assets

^[1],[2],[3]

1.10%

Investment, Identifier [Axis]: Aura Home, Inc Term Loan All in Rate 12.03% Spread Rate 7.50% PIK 0.00% Floor Rate 4.00% Due 9/22/2025

Investments [Abstract]

Percentage of net assets

^[1],[2],[3]

1.09%

Investment, Identifier [Axis]: Canadian Corporate Debt

Investments [Abstract]

Percentage of net assets

^[2],[3]

0.99%

Investment, Identifier [Axis]: Cannabis First Lien Senior Secured U.S. Debt

Investments [Abstract]

Percentage of net assets

^[2],[3]

67.56%

53.77%

Investment, Identifier [Axis]: Cannabis Senior Secured U.S. Notes

Investments [Abstract]

Percentage of net assets

^[2],[3]

2.51%

9.49%

Investment, Identifier [Axis]: Cash Equivalents

Investments [Abstract]

Percentage of net assets

7.95%

38.12%

Investment, Identifier [Axis]: Curaleaf Holdings, Inc. Senior Secured Note All in Rate 8.00% Spread Rate 8.00% PIK 0.00% Floor Rate 0.00% Due 12/15/2026

Investments [Abstract]

Percentage of net assets

^[1],[2],[3]

1.41%

^[5]

4.84%

^[6]

Investment, Identifier [Axis]: Debt Investment

Investments [Abstract]

Percentage of net assets

^[2],[3]

91.16%

63.26%

Investment, Identifier [Axis]: Deep Roots Harvest, Inc. Delayed Draw Term Loan All in Rate 14.00% Spread Rate 6.50% PIK 0.00% Floor Rate 8.00% Due 8/15/2027

Investments [Abstract]

Percentage of net assets

^[2],[3],[7]

1.65%

Investment, Identifier [Axis]: Dreamfields Brands, Inc. (d/b/a Jeeter) Delayed Draw Term Loan All in Rate 16.25% Spread Rate 8.75% PIK 0.00% Floor Rate 7.50% Due 5/3/2026

Investments [Abstract]

Percentage of net assets

^[2],[3],[7]

10.54%

Investment, Identifier [Axis]: Dreamfields Brands, Inc. Delayed Draw Term Loan All in Rate 17.25% Spread Rate 8.75% PIK 0.00% Floor Rate 7.50% Due 5/3/2026

Investments [Abstract]

Percentage of net assets

^[2],[3],[7]

5.05%

Investment, Identifier [Axis]: Elevation Cannabis, LLC Delayed Draw Term Loan All in Rate 15.25% Spread Rate 7.75% PIK 0.00% Floor Rate 8.50% Due 12/31/2026

Investments [Abstract]

Percentage of net assets

^[2],[3],[4]

4.70%

Investment, Identifier [Axis]: Equity

Investments [Abstract]

Percentage of net assets

0.24%

Investment, Identifier [Axis]: Finance and Insurance First Lien Senior Secured U.S. Debt

Investments [Abstract]

Percentage of net assets

^[2],[3]

1.26%

Investment, Identifier [Axis]: Finance and Insurance Senior Secured U.S. Notes

Investments [Abstract]

Percentage of net assets

^[2],[3]

9.00%

Investment, Identifier [Axis]: First Lien Senior Secured Canadian Debt

Investments [Abstract]

Percentage of net assets

^[2],[3]

0.99%

Investment, Identifier [Axis]: First Lien Senior Secured U.S. Debt

Investments [Abstract]

Percentage of net assets

^[2],[3]

78.65%

53.77%

Investment, Identifier [Axis]: Flowery - Bill's Nursery, Inc. Delayed Draw Term Loan All in Rate 16.00% Spread Rate 11.00% PIK 5.00% Floor Rate 0.00% Due 12/31/2025

Investments [Abstract]

Percentage of net assets

^[2],[3],[8]

4.11%

Investment, Identifier [Axis]: HA-MD, LLC Term Loan All in Rate 15.00% Spread Rate 15.00% PIK 0.00% Floor Rate 0.00% Due 6/6/2026

Investments [Abstract]

Percentage of net assets

^[2],[3],[8]

1.09%

Investment, Identifier [Axis]: Harford Gold Group, LLC Term Loan All in Rate 14.75% Spread Rate 9.85% PIK 0.00% Floor Rate 1.50% Due 1/6/2027

Investments [Abstract]

Percentage of net assets

^[2],[3],[7]

0.48%

Investment, Identifier [Axis]: Hartford Gold Group, LLC Term Loan All in Rate 14.40% Spread Rate 9.85% PIK 0.00% Floor Rate 1.50% Due 12/17/2025

Investments [Abstract]

Percentage of net assets

^[2],[3],[7]

0.05%

Investment, Identifier [Axis]: Health Care and Social Assistance First Lien Senior Secured U.S. Debt

Investments [Abstract]

Percentage of net assets

^[2],[3]

0.93%

Investment, Identifier [Axis]: Information First Lien Senior Secured Canadian Debt

Investments [Abstract]

Percentage of net assets

^[2],[3]

0.99%

Investment, Identifier [Axis]: Information First Lien Senior Secured U.S. Debt First Lien Senior Secured U.S. Debt

Investments [Abstract]

Percentage of net assets

^[2],[3]

3.91%

Investment, Identifier [Axis]: Investments And Cash Equivalents

Investments [Abstract]

Percentage of net assets

99.35%

101.38%

Investment, Identifier [Axis]: Kaleafa, Inc. Term Loan All in Rate 16.00% Spread Rate 8.50% PIK 0.00% Floor Rate 8.50% Due 12/3/2027

Investments [Abstract]

Percentage of net assets

^[2],[3],[7]

0.95%

Investment, Identifier [Axis]: Minden Holdings, LLC Term Loan All in Rate 14.40% Spread Rate 7.25% PIK 0.00% Floor Rate 0.00% Due 5/31/2026

Investments [Abstract]

Percentage of net assets

^[2],[3],[4]

0.73%

Investment, Identifier [Axis]: Non Qualifying Assets

Investments [Abstract]

Investment variable rate of 1 month period

30 days

Investment term of variable rate of 3 months period

90 days

Investment term of variable rate of 6 months period

180 days

Percentage of investment variable rate of 1 month period

4.53%

5.34%

Percentage of investment variable rate of 3 months period

4.69%

5.36%

Percentage of investment variable rate, 6 months period

5.03%

5.35%

Prime rate

7.50%

8.50%

Aggregate fair value of securities

$ 59,263,833

$ 25,077

Percentage of net assets

19.14%

29.30%

Annualized period of yield

7 days

Investment, Identifier [Axis]: Nova Farms, LLC Term Loan All in Rate 14.00% Spread Rate 6.50% PIK 0.00% Floor Rate 8.50% Due 3/28/2027

Investments [Abstract]

Percentage of net assets

^[1],[2],[3]

4.92%

Investment, Identifier [Axis]: Oasis - AZ GOAT AZ LLC Term Loan All in Rate 15.00% Spread Rate 7.50% PIK 0.00% Floor Rate 8.00% Due 3/31/2026

Investments [Abstract]

Percentage of net assets

^[2],[3],[7]

1.68%

Investment, Identifier [Axis]: PharmaCann, Inc Senior Secured Note All in Rate 12.00% Spread Rate 0.00% PIK 0.00% Floor Rate 0.00% Due 6/0/2025

Investments [Abstract]

Percentage of net assets

^[2],[3],[4]

4.65%

Investment, Identifier [Axis]: Proper Holdings, LLC Delayed Draw Term Loan All in Rate 13.00% Spread Rate 11.00% PIK 2.00% Floor Rate 0.00% Due 5/30/2025

Investments [Abstract]

Percentage of net assets

^[2],[3],[4]

1.46%

Investment, Identifier [Axis]: Protect Animals With Satellites LLC (Halo Collar) Incremental Term Loan All in Rate 12.25% Spread Rate 1.75% PIK 3.00% Floor Rate 8.50% Due 11/1/2026

Investments [Abstract]

Percentage of net assets

^[1],[2],[3]

0.62%

Investment, Identifier [Axis]: Protect Animals With Satellites LLC (Halo Collar) Term Loan All in Rate 12.25% Spread Rate 1.75% PIK 3.00% Floor Rate 8.50% Due 11/1/2026

Investments [Abstract]

Percentage of net assets

^[1],[2],[3]

1.13%

Investment, Identifier [Axis]: Public Administration First Lien Senior Secured U.S. Debt

Investments [Abstract]

Percentage of net assets

^[2],[3]

3.43%

Investment, Identifier [Axis]: RTCP, LLC Senior Secured Note All in Rate 15.00% Spread Rate 15.00% PIK 0.00% Floor Rate 0.00% Due 10/2/2028

Investments [Abstract]

Percentage of net assets

^[2],[3],[9]

7.31%

Investment, Identifier [Axis]: Real Estate and Rental and Leasing First Lien Senior Secured U.S. Debt

Investments [Abstract]

Percentage of net assets

^[2],[3]

0.48%

Investment, Identifier [Axis]: Remedy - Maryland Wellness, LLC Delayed Draw Term Loan All in Rate 18.50% Spread Rate 7.50% PIK 3.50% Floor Rate 5.00% Due 8/4/2025

Investments [Abstract]

Percentage of net assets

^[1],[2],[3]

1.04%

Investment, Identifier [Axis]: Retail Trade First Lien Senior Secured U.S. Debt

Investments [Abstract]

Percentage of net assets

^[2],[3]

1.09%

Investment, Identifier [Axis]: STIIIZY, Inc (f/k/a) Shryne Group, Inc Term Loan All in Rate 17.00% Spread Rate 8.50% PIK 1.00% Floor Rate 4.00% Due 5/26/2026

Investments [Abstract]

Percentage of net assets

^[2],[3],[7]

24.25%

Investment, Identifier [Axis]: STIIIZY, Inc (f/k/a) Shryne Group, Inc Term Loan All in Rate 17.00% Spread Rate 8.50% PIK 1.00% Floor Rate 4.00% Due 5/26/2027

Investments [Abstract]

Percentage of net assets

^[2],[3],[7]

13.41%

Investment, Identifier [Axis]: Senior Secured U.S. Notes

Investments [Abstract]

Percentage of net assets

^[2],[3]

11.51%

9.49%

Investment, Identifier [Axis]: Simspace Corporation Term Loan All in Rate 17.50% Spread Rate 10.00% PIK 0.00% Floor Rate 8.25% Due 11/1/2025

Investments [Abstract]

Percentage of net assets

^[1],[2],[3]

2.16%

Investment, Identifier [Axis]: State Street Institutional U.S. Government Money Market Fund

Investments [Abstract]

Percentage of net assets

^[10]

7.95%

^[11]

38.12%

^[12]

Investment, Identifier [Axis]: Subsero Holdings - Illinois, Inc Delayed Draw Term Loan All in Rate 16.50% Spread Rate 7.00% PIK 2.00% Floor Rate 7.00% Due 7/29/2026

Investments [Abstract]

Percentage of net assets

^[2],[3],[4]

0.96%

Investment, Identifier [Axis]: Sunny Days Enterprises, LLC Delayed Draw Term Loan All in Rate 20.25% Spread Rate 4.75% PIK 8.00% Floor Rate 3.25% Due 3/31/2025

Investments [Abstract]

Percentage of net assets

^[1],[2],[3]

0.93%

Investment, Identifier [Axis]: Total Canadian Warrants

Investments [Abstract]

Percentage of net assets

0.00%

Investment, Identifier [Axis]: Total Information

Investments [Abstract]

Percentage of net assets

0.00%

Investment, Identifier [Axis]: Total Investments

Investments [Abstract]

Percentage of net assets

91.40%

Investment, Identifier [Axis]: Total U .S. Warrants Real Estate and Rental and Leasing

Investments [Abstract]

Percentage of net assets

0.07%

Investment, Identifier [Axis]: Total U.S. Preferred Stock

Investments [Abstract]

Percentage of net assets

0.17%

Investment, Identifier [Axis]: Total U.S. Preferred Stock Real Estate and Rental and Leasing

Investments [Abstract]

Percentage of net assets

0.17%

Investment, Identifier [Axis]: Total U.S. Warrants

Investments [Abstract]

Percentage of net assets

0.07%

Investment, Identifier [Axis]: Tulip.io Inc. Term Loan All in Rate 14.50% Spread Rate 4.00% PIK 3.00% Floor Rate 8.00% Due 11/4/2028

Investments [Abstract]

Percentage of net assets

^{[2],[3],[5],[13]}

0.99%

Investment, Identifier [Axis]: Tulip.io Inc. Warrants

Investments [Abstract]

Percentage of net assets

^{[5],[13],[14]}

0.00%

Investment, Identifier [Axis]: U.S. Corporate Debt

Investments [Abstract]

Percentage of net assets

^[2],[3]

90.17%

63.26%

Investment, Identifier [Axis]: Verano Holdings Corp. Term Loan All in Rate 14.00% Spread Rate 6.50% PIK 0.00% Floor Rate 6.25% Due 10/30/2026

Investments [Abstract]

Percentage of net assets

^{[2],[3],[4],[5]}

17.28%

Investment, Identifier [Axis]: Verano Holdings Corp. Term Loan All in Rate 15.00% Spread Rate 6.50% PIK 0.00% Floor Rate 6.25% Due 10/30/2026

Investments [Abstract]

Percentage of net assets

^{[2],[3],[4],[6]}

24.47%

Investment, Identifier [Axis]: West Creek Financial Holdings, Inc. dba Koalafi Series A Senior Note All in Rate 18.80% Spread Rate 13.80% PIK 5.00% Floor Rate 0.00% Due 11/29/2027

Investments [Abstract]

Percentage of net assets

^[2],[3],[8]

1.69%

Investment, Identifier [Axis]: Workbox Holdings Inc. A-1 Preferred

Investments [Abstract]

Percentage of net assets

^[4],[14]

0.17%

Investment, Identifier [Axis]: Workbox Holdings Inc. A-3 Warrants

Investments [Abstract]

Percentage of net assets

^[4],[14]

0.03%

Investment, Identifier [Axis]: Workbox Holdings Inc. A-4 Warrants

Investments [Abstract]

Percentage of net assets

^[4],[14]

0.04%

Investment, Identifier [Axis]: Workbox Holdings Inc. Term Loan All in Rate 12.00% Spread Rate 6.00% PIK 6.00% Floor Rate 0.00% Due 5/31/2029

Investments [Abstract]

Percentage of net assets

^[2],[3],[4]

0.48%

Investment, Identifier [Axis]: Youth Opportunity Investments, LLC Term Loan All in Rate 12.28% Spread Rate 7.75% PIK 0.00% Floor Rate 4.00% Due 9/18/2026

Investments [Abstract]

Percentage of net assets

^[2],[3],[4]

3.43%

[1]	Portfolio company located in the Northeast.
[2]	The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies, excluding any portfolio company operating in the cannabis industry.
[3]	Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 Fair Value Hierarchy.
[4]	Portfolio company located in the Midwest.
[5]	The investment is a “non-qualifying asset.” Under the Investment Company Act of 1940, as amended (the “1940 Act”), a business development company (“BDC”) may not acquire any “non-qualifying asset” (i.e., an asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets”), unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. As of December 31, 2024 the aggregate fair value of non-qualifying assets is $59,263,833 or 19.14% of the Company’s total assets.
[6]	The investment is a “non-qualifying asset.” Under the Investment Company Act of 1940, as amended (the “1940 Act”), a business development company (“BDC”) may not acquire any “non-qualifying asset” (i.e., an asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets”), unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. As of December 31, 2023 the aggregate fair value of non-qualifying assets is $25,077 or 29.3% of the Company’s total assets
[7]	Portfolio company located in the West.
[8]	Portfolio company located in the Southeast.
[9]	Portfolio company located in the Southwest.
[10]	Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities.
[11]	The rate shown is the annualized seven-day yield as of December 31, 2024.
[12]	The rate shown is the annualized seven-day yield as of December 31, 2023.
[13]	The respective portfolio company’s headquarters’ is located outside of the United States.
[14]	Indicates a non-income producing investment. As of December 31, 2024, no debt investments are deemed as non-income producing.

Schedule of Investments - USD ($)

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Investments [Abstract]

Par

$ 277,417,394

$ 55,072,064

Amortized cost

^[1]

274,346,711

53,471,317

Fair value

$ 275,241,398

$ 54,120,000

Investment, Identifier [Axis]: Aeriz Holdings Corp Delayed Draw Term Loan All in Rate 15.50% Spread Rate 6.00% PIK 2.00% Floor Rate 7.00% Due 6/30/2025

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[2],[3],[4]

lien:AerizHoldingsCorpMember

Investment, Type [Extensible Enumeration]

^[2],[3],[4]

us-gaap:DelayedDrawTermLoanMember

All-in rate

^[2],[3],[4]

15.50%

Bench-mark

^{[2],[3],[4],[5]}

Spread

^[2],[3],[4]

6.00%

PIK

^[2],[3],[4]

2.00%

Floor

^[2],[3],[4]

7.00%

Initial acquisition date

^[2],[3],[4]

Oct. 01, 2024

Maturity

^[2],[3],[4]

Jun. 30, 2025

Par

^{[2],[3],[4],[6]}

$ 10,075,000

Amortized cost

^{[1],[2],[3],[4]}

9,927,000

Fair value

^{[2],[3],[4],[7]}

$ 9,873,000

Percentage of net assets

^[2],[3],[4]

3.28%

Investment, Identifier [Axis]: Archos Capital Group, LLC Delayed Draw Term Loan All in Rate 13.25% Spread Rate 5.75% PIK 0.00% Floor Rate 8.50% Due 2/28/2025

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[8]

lien:ArchosCapitalGroupLLCMember

Investment, Type [Extensible Enumeration]

^[3],[4],[8]

us-gaap:DelayedDrawTermLoanMember

All-in rate

^[3],[4],[8]

13.25%

Bench-mark

^{[3],[4],[5],[8]}

Spread

^[3],[4],[8]

5.75%

PIK

^[3],[4],[8]

0.00%

Floor

^[3],[4],[8]

8.50%

Initial acquisition date

^[3],[4],[8]

Oct. 01, 2024

Maturity

^[3],[4],[8]

Feb. 28, 2025

Par

^{[3],[4],[6],[8]}

$ 1,462,000

Amortized cost

^{[1],[3],[4],[8]}

1,462,000

Fair value

^{[3],[4],[7],[8]}

$ 1,462,000

Percentage of net assets

^[3],[4],[8]

0.49%

Investment, Identifier [Axis]: Ascend Wellness Senior Secured Note All in Rate 12.75% Spread Rate 12.75% PIK 0.00% Floor Rate 0.00% Due 7/16/2029

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[2],[3],[4]

lien:AscendWellnessHoldingsIncMember

Investment, Type [Extensible Enumeration]

^[2],[3],[4]

lien:SeniorSecuredNoteMember

All-in rate

^[2],[3],[4]

12.75%

Bench-mark

^{[2],[3],[4],[5]}

Spread

^[2],[3],[4]

12.75%

PIK

^[2],[3],[4]

0.00%

Floor

^[2],[3],[4]

0.00%

Initial acquisition date

^[2],[3],[4]

Jul. 16, 2024

Maturity

^[2],[3],[4]

Jul. 16, 2029

Par

^{[2],[3],[4],[6]}

$ 3,500,000

Amortized cost

^{[1],[2],[3],[4]}

3,331,000

Fair value

^{[2],[3],[4],[7]}

$ 3,308,000

Percentage of net assets

^[2],[3],[4]

1.10%

Investment, Identifier [Axis]: Aura Home, Inc Term Loan All in Rate 12.03% Spread Rate 7.50% PIK 0.00% Floor Rate 4.00% Due 9/22/2025

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[2],[3],[4]

lien:AuraHomeIncMember

Investment, Type [Extensible Enumeration]

^[2],[3],[4]

lien:TermLoanMember

All-in rate

^[2],[3],[4]

12.03%

Bench-mark

^{[2],[3],[4],[5]}

Spread

^[2],[3],[4]

7.50%

PIK

^[2],[3],[4]

0.00%

Floor

^[2],[3],[4]

4.00%

Initial acquisition date

^[2],[3],[4]

Oct. 01, 2024

Maturity

^[2],[3],[4]

Sep. 22, 2025

Par

^{[2],[3],[4],[6]}

$ 3,325,000

Amortized cost

^{[1],[2],[3],[4]}

3,285,000

Fair value

^{[2],[3],[4],[7]}

$ 3,275,000

Percentage of net assets

^[2],[3],[4]

1.09%

Investment, Identifier [Axis]: Canadian Corporate Debt

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4]

lien:CanadianCorporateDebtMember

Amortized cost

^[1],[3],[4]

$ 3,014,000

Fair value

^[3],[4],[7]

$ 2,984,000

Percentage of net assets

^[3],[4]

0.99%

Investment, Identifier [Axis]: Cannabis First Lien Senior Secured U.S. Debt

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4]

lien:CannabisFirstLienSeniorSecuredUSDebtMember

Amortized cost

^[1],[3],[4]

$ 202,673,000

$ 45,373,000

Fair value

^[3],[4],[7]

$ 203,447,000

$ 46,006,000

Percentage of net assets

^[3],[4]

67.56%

53.77%

Investment, Identifier [Axis]: Cannabis Senior Secured U.S. Notes

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4]

lien:CannabisSeniorSecuredUSNotesMember

Amortized cost

^[1],[3],[4]

$ 7,473,000

$ 8,098,000

Fair value

^[3],[4],[7]

$ 7,561,000

$ 8,114,000

Percentage of net assets

^[3],[4]

2.51%

9.49%

Investment, Identifier [Axis]: Cash Equivalents

Investments [Abstract]

Amortized cost

$ 23,932,000

$ 32,612,000

Fair value

$ 23,932,000

$ 32,612,000

Percentage of net assets

7.95%

38.12%

Investment, Identifier [Axis]: Curaleaf Holdings, Inc. Senior Secured Note All in Rate 8.00% Spread Rate 8.00% PIK 0.00% Floor Rate 0.00% Due 12/15/2026

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[2],[3],[4]

lien:CuraleafHoldingsIncMember

^[9]

lien:CuraleafHoldingsIncMember

^[10]

Investment, Type [Extensible Enumeration]

^[2],[3],[4]

lien:SeniorSecuredNoteMember

^[9]

lien:SeniorSecuredNoteMember

^[10]

All-in rate

^[2],[3],[4]

8.00%

^[9]

8.00%

^[10]

Bench-mark

^[2],[3],[4]

^[5],[9]

^[10],[11]

Spread

^[2],[3],[4]

8.00%

^[9]

8.00%

^[10]

PIK

^[2],[3],[4]

0.00%

^[9]

0.00%

^[10]

Floor

^[2],[3],[4]

0.00%

^[9]

0.00%

^[10]

Initial acquisition date

^[2],[3],[4]

Oct. 11, 2022

^[9]

Oct. 11, 2022

^[10]

Maturity

^[2],[3],[4]

Dec. 15, 2026

^[9]

Dec. 15, 2026

^[10]

Par

^{[2],[3],[4],[6]}

$ 4,500,000

^[9]

$ 4,500,000

^[10]

Amortized cost

^{[1],[2],[3],[4]}

4,142,000

^[9]

3,989,000

^[10]

Fair value

^{[2],[3],[4],[7]}

$ 4,253,000

^[9]

$ 4,140,000

^[10]

Percentage of net assets

^[2],[3],[4]

1.41%

^[9]

4.84%

^[10]

Investment, Identifier [Axis]: Debt Investment

Investments [Abstract]

Amortized cost

^[1],[3],[4]

$ 273,604,000

$ 53,471,000

Fair value

^[3],[4],[7]

$ 274,516,000

$ 54,120,000

Percentage of net assets

^[3],[4]

91.16%

63.26%

Investment, Identifier [Axis]: Deep Roots Harvest, Inc. Delayed Draw Term Loan All in Rate 14.00% Spread Rate 6.50% PIK 0.00% Floor Rate 8.00% Due 8/15/2027

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[12]

lien:DeepRootsHarvestIncMember

Investment, Type [Extensible Enumeration]

^[3],[4],[12]

us-gaap:DelayedDrawTermLoanMember

All-in rate

^[3],[4],[12]

14.00%

Bench-mark

^{[3],[4],[5],[12]}

Spread

^[3],[4],[12]

6.50%

PIK

^[3],[4],[12]

0.00%

Floor

^[3],[4],[12]

8.00%

Initial acquisition date

^[3],[4],[12]

Oct. 23, 2024

Maturity

^[3],[4],[12]

Aug. 15, 2027

Par

^{[3],[4],[6],[12]}

$ 5,000,000

Amortized cost

^{[1],[3],[4],[12]}

5,000,000

Fair value

^{[3],[4],[7],[12]}

$ 4,975,000

Percentage of net assets

^[3],[4],[12]

1.65%

Investment, Identifier [Axis]: Dreamfields Brands, Inc. (d/b/a Jeeter) Delayed Draw Term Loan All in Rate 16.25% Spread Rate 8.75% PIK 0.00% Floor Rate 7.50% Due 5/3/2026

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[12]

lien:DreamfieldsBrandsIncDBAJeeterMember

Investment, Type [Extensible Enumeration]

^[3],[4],[12]

us-gaap:DelayedDrawTermLoanMember

All-in rate

^[3],[4],[12]

16.25%

Bench-mark

^{[3],[4],[5],[12]}

Spread

^[3],[4],[12]

8.75%

PIK

^[3],[4],[12]

0.00%

Floor

^[3],[4],[12]

7.50%

Initial acquisition date

^[3],[4],[12]

May 03, 2023

Maturity

^[3],[4],[12]

May 03, 2026

Par

^{[3],[4],[6],[12]}

$ 31,745,000

Amortized cost

^{[1],[3],[4],[12]}

31,659,000

Fair value

^{[3],[4],[7],[12]}

$ 31,745,000

Percentage of net assets

^[3],[4],[12]

10.54%

Investment, Identifier [Axis]: Dreamfields Brands, Inc. Delayed Draw Term Loan All in Rate 17.25% Spread Rate 8.75% PIK 0.00% Floor Rate 7.50% Due 5/3/2026

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[12]

lien:DreamfieldsBrandsIncDBAJeeterMember

Investment, Type [Extensible Enumeration]

^[3],[4],[12]

us-gaap:DelayedDrawTermLoanMember

All-in rate

^[3],[4],[12]

17.25%

Bench-mark

^{[3],[4],[11],[12]}

Spread

^[3],[4],[12]

8.75%

PIK

^[3],[4],[12]

0.00%

Floor

^[3],[4],[12]

7.50%

Initial acquisition date

^[3],[4],[12]

May 03, 2023

Maturity

^[3],[4],[12]

May 03, 2026

Par

^{[3],[4],[6],[12]}

$ 4,320,000

Amortized cost

^{[1],[3],[4],[12]}

4,229,000

Fair value

^{[3],[4],[7],[12]}

$ 4,320,000

Percentage of net assets

^[3],[4],[12]

5.05%

Investment, Identifier [Axis]: Elevation Cannabis, LLC Delayed Draw Term Loan All in Rate 15.25% Spread Rate 7.75% PIK 0.00% Floor Rate 8.50% Due 12/31/2026

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[8]

lien:ElevationCannabisLLCMember

Investment, Type [Extensible Enumeration]

^[3],[4],[8]

us-gaap:DelayedDrawTermLoanMember

All-in rate

^[3],[4],[8]

15.25%

Bench-mark

^{[3],[4],[5],[8]}

Spread

^[3],[4],[8]

7.75%

PIK

^[3],[4],[8]

0.00%

Floor

^[3],[4],[8]

8.50%

Initial acquisition date

^[3],[4],[8]

Oct. 01, 2024

Maturity

^[3],[4],[8]

Dec. 31, 2026

Par

^{[3],[4],[6],[8]}

$ 14,300,000

Amortized cost

^{[1],[3],[4],[8]}

13,893,000

Fair value

^{[3],[4],[7],[8]}

$ 14,157,000

Percentage of net assets

^[3],[4],[8]

4.70%

Investment, Identifier [Axis]: Equity

Investments [Abstract]

Amortized cost

^[1]

$ 743,000

Fair value

$ 725,000

Percentage of net assets

0.24%

Investment, Identifier [Axis]: Finance and Insurance First Lien Senior Secured U.S. Debt

Investments [Abstract]

Amortized cost

^[1],[3],[4]

$ 3,772,000

Fair value

^[3],[4],[7]

$ 3,811,000

Percentage of net assets

^[3],[4]

1.26%

Investment, Identifier [Axis]: Finance and Insurance Senior Secured U.S. Notes

Investments [Abstract]

Amortized cost

^[1],[3],[4]

$ 27,095,000

Fair value

^[3],[4],[7]

$ 27,096,000

Percentage of net assets

^[3],[4]

9.00%

Investment, Identifier [Axis]: First Lien Senior Secured Canadian Debt

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4]

lien:FirstLienSeniorSecuredCanadianDebtMember

Amortized cost

^[1],[3],[4]

$ 3,014,000

Fair value

^[3],[4],[7]

$ 2,984,000

Percentage of net assets

^[3],[4]

0.99%

Investment, Identifier [Axis]: First Lien Senior Secured U.S. Debt

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4]

lien:FirstLienSeniorSecuredUSDebtMember

Amortized cost

^[1],[3],[4]

$ 236,023,000

$ 45,373,000

Fair value

^[3],[4],[7]

$ 236,876,000

$ 46,006,000

Percentage of net assets

^[3],[4]

78.65%

53.77%

Investment, Identifier [Axis]: Flowery - Bill's Nursery, Inc. Delayed Draw Term Loan All in Rate 16.00% Spread Rate 11.00% PIK 5.00% Floor Rate 0.00% Due 12/31/2025

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[13]

lien:FloweryBillSNurseryIncMember

Investment, Type [Extensible Enumeration]

^[3],[4],[13]

us-gaap:DelayedDrawTermLoanMember

All-in rate

^[3],[4],[13]

16.00%

Bench-mark

^{[3],[4],[5],[13]}

Spread

^[3],[4],[13]

11.00%

PIK

^[3],[4],[13]

5.00%

Floor

^[3],[4],[13]

0.00%

Initial acquisition date

^[3],[4],[13]

Oct. 01, 2024

Maturity

^[3],[4],[13]

Dec. 31, 2025

Par

^{[3],[4],[6],[13]}

$ 12,364,000

Amortized cost

^{[1],[3],[4],[13]}

12,303,000

Fair value

^{[3],[4],[7],[13]}

$ 12,364,000

Percentage of net assets

^[3],[4],[13]

4.11%

Investment, Identifier [Axis]: HA-MD, LLC Term Loan All in Rate 15.00% Spread Rate 15.00% PIK 0.00% Floor Rate 0.00% Due 6/6/2026

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[13]

lien:HAMDLLCMember

Investment, Type [Extensible Enumeration]

^[3],[4],[13]

lien:TermLoanMember

All-in rate

^[3],[4],[13]

15.00%

Bench-mark

^{[3],[4],[5],[13]}

Spread

^[3],[4],[13]

15.00%

PIK

^[3],[4],[13]

0.00%

Floor

^[3],[4],[13]

0.00%

Initial acquisition date

^[3],[4],[13]

Oct. 01, 2024

Maturity

^[3],[4],[13]

Jun. 06, 2026

Par

^{[3],[4],[6],[13]}

$ 3,290,000

Amortized cost

^{[1],[3],[4],[13]}

3,286,000

Fair value

^{[3],[4],[7],[13]}

$ 3,290,000

Percentage of net assets

^[3],[4],[13]

1.09%

Investment, Identifier [Axis]: Harford Gold Group, LLC Term Loan All in Rate 14.75% Spread Rate 9.85% PIK 0.00% Floor Rate 1.50% Due 1/6/2027

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[12]

lien:HartfordGoldGroupLLCMember

Investment, Type [Extensible Enumeration]

^[3],[4],[12]

lien:TermLoanMember

All-in rate

^[3],[4],[12]

14.75%

Bench-mark

^{[3],[4],[5],[12]}

Spread

^[3],[4],[12]

9.85%

PIK

^[3],[4],[12]

0.00%

Floor

^[3],[4],[12]

1.50%

Initial acquisition date

^[3],[4],[12]

Oct. 01, 2024

Maturity

^[3],[4],[12]

Jan. 06, 2027

Par

^{[3],[4],[6],[12]}

$ 1,682,000

Amortized cost

^{[1],[3],[4],[12]}

1,431,000

Fair value

^{[3],[4],[7],[12]}

$ 1,455,000

Percentage of net assets

^[3],[4],[12]

0.48%

Investment, Identifier [Axis]: Hartford Gold Group, LLC Term Loan All in Rate 14.40% Spread Rate 9.85% PIK 0.00% Floor Rate 1.50% Due 12/17/2025

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[12]

lien:HartfordGoldGroupLLCMember

Investment, Type [Extensible Enumeration]

^[3],[4],[12]

lien:TermLoanMember

All-in rate

^[3],[4],[12]

14.40%

Bench-mark

^{[3],[4],[5],[12]}

Spread

^[3],[4],[12]

9.85%

PIK

^[3],[4],[12]

0.00%

Floor

^[3],[4],[12]

1.50%

Initial acquisition date

^[3],[4],[12]

Oct. 01, 2024

Maturity

^[3],[4],[12]

Dec. 17, 2025

Par

^{[3],[4],[6],[12]}

$ 162,000

Amortized cost

^{[1],[3],[4],[12]}

144,000

Fair value

^{[3],[4],[7],[12]}

$ 156,000

Percentage of net assets

^[3],[4],[12]

0.05%

Investment, Identifier [Axis]: Health Care and Social Assistance First Lien Senior Secured U.S. Debt

Investments [Abstract]

Amortized cost

^[1],[3],[4]

$ 2,754,000

Fair value

^[3],[4],[7]

$ 2,797,000

Percentage of net assets

^[3],[4]

0.93%

Investment, Identifier [Axis]: Information First Lien Senior Secured Canadian Debt

Investments [Abstract]

Amortized cost

^[1],[3],[4]

$ 3,014,000

Fair value

^[3],[4],[7]

$ 2,984,000

Percentage of net assets

^[3],[4]

0.99%

Investment, Identifier [Axis]: Information First Lien Senior Secured U.S. Debt First Lien Senior Secured U.S. Debt

Investments [Abstract]

Amortized cost

^[1],[3],[4]

$ 11,860,000

Fair value

^[3],[4],[7]

$ 11,771,000

Percentage of net assets

^[3],[4]

3.91%

Investment, Identifier [Axis]: Investments And Cash Equivalents

Investments [Abstract]

Amortized cost

$ 298,279,000

$ 86,083,000

Fair value

$ 299,174,000

$ 86,732,000

Percentage of net assets

99.35%

101.38%

Investment, Identifier [Axis]: Kaleafa, Inc. Term Loan All in Rate 16.00% Spread Rate 8.50% PIK 0.00% Floor Rate 8.50% Due 12/3/2027

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[12]

lien:KaleafaIncMember

Investment, Type [Extensible Enumeration]

^[3],[4],[12]

lien:TermLoanMember

All-in rate

^[3],[4],[12]

16.00%

Bench-mark

^{[3],[4],[5],[12]}

Spread

^[3],[4],[12]

8.50%

PIK

^[3],[4],[12]

0.00%

Floor

^[3],[4],[12]

8.50%

Initial acquisition date

^[3],[4],[12]

Oct. 04, 2024

Maturity

^[3],[4],[12]

Dec. 03, 2027

Par

^{[3],[4],[6],[12]}

$ 2,875,000

Amortized cost

^{[1],[3],[4],[12]}

2,875,000

Fair value

^{[3],[4],[7],[12]}

$ 2,875,000

Percentage of net assets

^[3],[4],[12]

0.95%

Investment, Identifier [Axis]: Minden Holdings, LLC Term Loan All in Rate 14.40% Spread Rate 7.25% PIK 0.00% Floor Rate 0.00% Due 5/31/2026

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[8]

lien:MindenHoldingsLLCMember

Investment, Type [Extensible Enumeration]

^[3],[4],[8]

lien:TermLoanMember

All-in rate

^[3],[4],[8]

14.40%

Bench-mark

^{[3],[4],[5],[8]}

Spread

^[3],[4],[8]

7.25%

PIK

^[3],[4],[8]

0.00%

Floor

^[3],[4],[8]

0.00%

Initial acquisition date

^[3],[4],[8]

Oct. 01, 2024

Maturity

^[3],[4],[8]

May 31, 2026

Par

^{[3],[4],[6],[8]}

$ 2,200,000

Amortized cost

^{[1],[3],[4],[8]}

2,197,000

Fair value

^{[3],[4],[7],[8]}

$ 2,200,000

Percentage of net assets

^[3],[4],[8]

0.73%

Investment, Identifier [Axis]: Non Qualifying Assets

Investments [Abstract]

Percentage of net assets

19.14%

29.30%

Investment, Identifier [Axis]: Nova Farms, LLC Term Loan All in Rate 14.00% Spread Rate 6.50% PIK 0.00% Floor Rate 8.50% Due 3/28/2027

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[2],[3],[4]

lien:NovaFarmsLLCMember

Investment, Type [Extensible Enumeration]

^[2],[3],[4]

lien:TermLoanMember

All-in rate

^[2],[3],[4]

14.00%

Bench-mark

^{[2],[3],[4],[5]}

Spread

^[2],[3],[4]

6.50%

PIK

^[2],[3],[4]

0.00%

Floor

^[2],[3],[4]

8.50%

Initial acquisition date

^[2],[3],[4]

Oct. 01, 2024

Maturity

^[2],[3],[4]

Mar. 28, 2027

Par

^{[2],[3],[4],[6]}

$ 15,679,000

Amortized cost

^{[1],[2],[3],[4]}

14,579,000

Fair value

^{[2],[3],[4],[7]}

$ 14,817,000

Percentage of net assets

^[2],[3],[4]

4.92%

Investment, Identifier [Axis]: Oasis - AZ GOAT AZ LLC Term Loan All in Rate 15.00% Spread Rate 7.50% PIK 0.00% Floor Rate 8.00% Due 3/31/2026

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[12]

lien:OasisAZGOATAZLLCMember

Investment, Type [Extensible Enumeration]

^[3],[4],[12]

lien:TermLoanMember

All-in rate

^[3],[4],[12]

15.00%

Bench-mark

^{[3],[4],[5],[12]}

Spread

^[3],[4],[12]

7.50%

PIK

^[3],[4],[12]

0.00%

Floor

^[3],[4],[12]

8.00%

Initial acquisition date

^[3],[4],[12]

Oct. 01, 2024

Maturity

^[3],[4],[12]

Mar. 31, 2026

Par

^{[3],[4],[6],[12]}

$ 5,146,000

Amortized cost

^{[1],[3],[4],[12]}

5,073,000

Fair value

^{[3],[4],[7],[12]}

$ 5,069,000

Percentage of net assets

^[3],[4],[12]

1.68%

Investment, Identifier [Axis]: PharmaCann, Inc Senior Secured Note All in Rate 12.00% Spread Rate 0.00% PIK 0.00% Floor Rate 0.00% Due 6/0/2025

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[8]

lien:PharmaCannIncMember

Investment, Type [Extensible Enumeration]

^[3],[4],[8]

lien:SeniorSecuredNoteMember

All-in rate

^[3],[4],[8]

12.00%

Bench-mark

^{[3],[4],[8],[11]}

Spread

^[3],[4],[8]

12.00%

PIK

^[3],[4],[8]

0.00%

Floor

^[3],[4],[8]

0.00%

Initial acquisition date

^[3],[4],[8]

Jun. 30, 2022

Maturity

^[3],[4],[8]

Jun. 30, 2025

Par

^{[3],[4],[6],[8]}

$ 4,250,000

Amortized cost

^{[1],[3],[4],[8]}

4,109,000

Fair value

^{[3],[4],[7],[8]}

$ 3,974,000

Percentage of net assets

^[3],[4],[8]

4.65%

Investment, Identifier [Axis]: Proper Holdings, LLC Delayed Draw Term Loan All in Rate 13.00% Spread Rate 11.00% PIK 2.00% Floor Rate 0.00% Due 5/30/2025

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[8]

lien:ProperHoldingsLLCMember

Investment, Type [Extensible Enumeration]

^[3],[4],[8]

us-gaap:DelayedDrawTermLoanMember

All-in rate

^[3],[4],[8]

13.00%

Bench-mark

^{[3],[4],[5],[8]}

Spread

^[3],[4],[8]

11.00%

PIK

^[3],[4],[8]

2.00%

Floor

^[3],[4],[8]

0.00%

Initial acquisition date

^[3],[4],[8]

Oct. 01, 2024

Maturity

^[3],[4],[8]

Nov. 28, 2025

Par

^{[3],[4],[6],[8]}

$ 4,396,000

Amortized cost

^{[1],[3],[4],[8]}

4,393,000

Fair value

^{[3],[4],[7],[8]}

$ 4,396,000

Percentage of net assets

^[3],[4],[8]

1.46%

Investment, Identifier [Axis]: Protect Animals With Satellites LLC (Halo Collar) Incremental Term Loan All in Rate 12.25% Spread Rate 1.75% PIK 3.00% Floor Rate 8.50% Due 11/1/2026

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[2],[3],[4]

lien:ProtectAnimalsWithSatellitesLLCHaloCollarMember

Investment, Type [Extensible Enumeration]

^[2],[3],[4]

lien:IncrementalTermLoanMember

All-in rate

^[2],[3],[4]

12.25%

Bench-mark

^{[2],[3],[4],[5]}

Spread

^[2],[3],[4]

1.75%

PIK

^[2],[3],[4]

3.00%

Floor

^[2],[3],[4]

8.50%

Initial acquisition date

^[2],[3],[4]

Oct. 01, 2024

Maturity

^[2],[3],[4]

Nov. 01, 2026

Par

^{[2],[3],[4],[6]}

$ 2,004,000

Amortized cost

^{[1],[2],[3],[4]}

1,870,000

Fair value

^{[2],[3],[4],[7]}

$ 1,864,000

Percentage of net assets

^[2],[3],[4]

0.62%

Investment, Identifier [Axis]: Protect Animals With Satellites LLC (Halo Collar) Term Loan All in Rate 12.25% Spread Rate 1.75% PIK 3.00% Floor Rate 8.50% Due 11/1/2026

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[2],[3],[4]

lien:ProtectAnimalsWithSatellitesLLCHaloCollarMember

Investment, Type [Extensible Enumeration]

^[2],[3],[4]

lien:TermLoanMember

All-in rate

^[2],[3],[4]

12.25%

Bench-mark

^{[2],[3],[4],[5]}

Spread

^[2],[3],[4]

1.75%

PIK

^[2],[3],[4]

3.00%

Floor

^[2],[3],[4]

8.50%

Initial acquisition date

^[2],[3],[4]

Oct. 01, 2024

Maturity

^[2],[3],[4]

Nov. 01, 2026

Par

^{[2],[3],[4],[6]}

$ 3,663,000

Amortized cost

^{[1],[2],[3],[4]}

3,417,000

Fair value

^{[2],[3],[4],[7]}

$ 3,407,000

Percentage of net assets

^[2],[3],[4]

1.13%

Investment, Identifier [Axis]: Public Administration First Lien Senior Secured U.S. Debt

Investments [Abstract]

Amortized cost

^[1],[3],[4]

$ 10,273,000

Fair value

^[3],[4],[7]

$ 10,323,000

Percentage of net assets

^[3],[4]

3.43%

Investment, Identifier [Axis]: RTCP, LLC Senior Secured Note All in Rate 15.00% Spread Rate 15.00% PIK 0.00% Floor Rate 0.00% Due 10/2/2028

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[14]

lien:RTCPLLCMember

Investment, Type [Extensible Enumeration]

^[3],[4],[14]

lien:SeniorSecuredNoteMember

All-in rate

^[3],[4],[14]

15.00%

Bench-mark

^{[3],[4],[5],[14]}

Spread

^[3],[4],[14]

15.00%

PIK

^[3],[4],[14]

0.00%

Floor

^[3],[4],[14]

0.00%

Initial acquisition date

^[3],[4],[14]

Oct. 01, 2024

Maturity

^[3],[4],[14]

Oct. 02, 2028

Par

^{[3],[4],[6],[14]}

$ 22,000,000

Amortized cost

^{[1],[3],[4],[14]}

21,980,000

Fair value

^{[3],[4],[7],[14]}

$ 22,000,000

Percentage of net assets

^[3],[4],[14]

7.31%

Investment, Identifier [Axis]: Real Estate and Rental and Leasing First Lien Senior Secured U.S. Debt

Investments [Abstract]

Amortized cost

^[1],[3],[4]

$ 1,406,000

Fair value

^[3],[4],[7]

$ 1,452,000

Percentage of net assets

^[3],[4]

0.48%

Investment, Identifier [Axis]: Remedy - Maryland Wellness, LLC Delayed Draw Term Loan All in Rate 18.50% Spread Rate 7.50% PIK 3.50% Floor Rate 5.00% Due 8/4/2025

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[2],[3],[4]

lien:RemedyMarylandWellnessLLCMember

Investment, Type [Extensible Enumeration]

^[2],[3],[4]

us-gaap:DelayedDrawTermLoanMember

All-in rate

^[2],[3],[4]

18.50%

Bench-mark

^{[2],[3],[4],[5]}

Spread

^[2],[3],[4]

7.50%

PIK

^[2],[3],[4]

3.50%

Floor

^[2],[3],[4]

5.00%

Initial acquisition date

^[2],[3],[4]

Oct. 01, 2024

Maturity

^[2],[3],[4]

Aug. 04, 2025

Par

^{[2],[3],[4],[6]}

$ 3,146,000

Amortized cost

^{[1],[2],[3],[4]}

3,086,000

Fair value

^{[2],[3],[4],[7]}

$ 3,130,000

Percentage of net assets

^[2],[3],[4]

1.04%

Investment, Identifier [Axis]: Retail Trade First Lien Senior Secured U.S. Debt

Investments [Abstract]

Amortized cost

^[1],[3],[4]

$ 3,285,000

Fair value

^[3],[4],[7]

$ 3,275,000

Percentage of net assets

^[3],[4]

1.09%

Investment, Identifier [Axis]: STIIIZY, Inc (f/k/a) Shryne Group, Inc Term Loan All in Rate 17.00% Spread Rate 8.50% PIK 1.00% Floor Rate 4.00% Due 5/26/2026

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[12]

lien:STIIIZYIncFKAShryneGroupIncMember

Investment, Type [Extensible Enumeration]

^[3],[4],[12]

lien:TermLoanMember

All-in rate

^[3],[4],[12]

17.00%

Bench-mark

^{[3],[4],[11],[12]}

Spread

^[3],[4],[12]

8.50%

PIK

^[3],[4],[12]

1.00%

Floor

^[3],[4],[12]

4.00%

Initial acquisition date

^[3],[4],[12]

May 26, 2022

Maturity

^[3],[4],[12]

May 26, 2026

Par

^{[3],[4],[6],[12]}

$ 21,065,000

Amortized cost

^{[1],[3],[4],[12]}

20,682,000

Fair value

^{[3],[4],[7],[12]}

$ 20,749,000

Percentage of net assets

^[3],[4],[12]

24.25%

Investment, Identifier [Axis]: STIIIZY, Inc (f/k/a) Shryne Group, Inc Term Loan All in Rate 17.00% Spread Rate 8.50% PIK 1.00% Floor Rate 4.00% Due 5/26/2027

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[12]

lien:STIIIZYIncFKAShryneGroupIncMember

Investment, Type [Extensible Enumeration]

^[3],[4],[12]

lien:TermLoanMember

All-in rate

^[3],[4],[12]

17.00%

Bench-mark

^{[3],[4],[5],[12]}

Spread

^[3],[4],[12]

8.50%

PIK

^[3],[4],[12]

1.00%

Floor

^[3],[4],[12]

4.00%

Initial acquisition date

^[3],[4],[12]

May 26, 2022

Maturity

^[3],[4],[12]

May 26, 2027

Par

^{[3],[4],[6],[12]}

$ 40,793,000

Amortized cost

^{[1],[3],[4],[12]}

40,504,000

Fair value

^{[3],[4],[7],[12]}

$ 40,385,000

Percentage of net assets

^[3],[4],[12]

13.41%

Investment, Identifier [Axis]: Senior Secured U.S. Notes

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4]

lien:SeniorSecuredUSNotesMember

Amortized cost

^[1],[3],[4]

$ 34,568,000

$ 8,098,000

Fair value

^[3],[4],[7]

$ 34,657,000

$ 8,114,000

Percentage of net assets

^[3],[4]

11.51%

9.49%

Investment, Identifier [Axis]: Simspace Corporation Term Loan All in Rate 17.50% Spread Rate 10.00% PIK 0.00% Floor Rate 8.25% Due 11/1/2025

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[2],[3],[4]

lien:SimspaceCorporationMember

Investment, Type [Extensible Enumeration]

^[2],[3],[4]

lien:TermLoanMember

All-in rate

^[2],[3],[4]

17.50%

Bench-mark

^{[2],[3],[4],[5]}

Spread

^[2],[3],[4]

10.00%

PIK

^[2],[3],[4]

0.00%

Floor

^[2],[3],[4]

8.50%

Initial acquisition date

^[2],[3],[4]

Oct. 01, 2024

Maturity

^[2],[3],[4]

Nov. 01, 2025

Par

^{[2],[3],[4],[6]}

$ 6,500,000

Amortized cost

^{[1],[2],[3],[4]}

6,573,000

Fair value

^{[2],[3],[4],[7]}

$ 6,500,000

Percentage of net assets

^[2],[3],[4]

2.16%

Investment, Identifier [Axis]: State Street Institutional U.S. Government Money Market Fund

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

State Street Institutional U.S. Government Money Market Fund [Member]

^[15],[16]

Percentage of yield

^[15]

4.43%

^[17]

5.32%

^[16]

Amortized cost

^[15]

$ 23,932,000

^[17]

$ 32,612,000

^[16]

Fair value

^[15]

$ 23,932,000

^[17]

$ 32,612,000

^[16]

Percentage of net assets

^[15]

7.95%

^[17]

38.12%

^[16]

Investment, Identifier [Axis]: Subsero Holdings - Illinois, Inc Delayed Draw Term Loan All in Rate 16.50% Spread Rate 7.00% PIK 2.00% Floor Rate 7.00% Due 7/29/2026

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[8]

lien:SubseroHoldingsIllinoisIncMember

Investment, Type [Extensible Enumeration]

^[3],[4],[8]

us-gaap:DelayedDrawTermLoanMember

All-in rate

^[3],[4],[8]

16.50%

Bench-mark

^{[3],[4],[5],[8]}

Spread

^[3],[4],[8]

7.00%

PIK

^[3],[4],[8]

2.00%

Floor

^[3],[4],[8]

7.00%

Initial acquisition date

^[3],[4],[8]

Oct. 01, 2024

Maturity

^[3],[4],[8]

Jul. 29, 2026

Par

^{[3],[4],[6],[8]}

$ 2,941,000

Amortized cost

^{[1],[3],[4],[8]}

2,873,000

Fair value

^{[3],[4],[7],[8]}

$ 2,882,000

Percentage of net assets

^[3],[4],[8]

0.96%

Investment, Identifier [Axis]: Sunny Days Enterprises, LLC Delayed Draw Term Loan All in Rate 20.25% Spread Rate 4.75% PIK 8.00% Floor Rate 3.25% Due 3/31/2025

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[2],[3],[4]

lien:SunnyDaysEnterprisesLLCMember

Investment, Type [Extensible Enumeration]

^[2],[3],[4]

us-gaap:DelayedDrawTermLoanMember

All-in rate

^[2],[3],[4]

20.25%

Bench-mark

^{[2],[3],[4],[5]}

Spread

^[2],[3],[4]

4.75%

PIK

^[2],[3],[4]

8.00%

Floor

^[2],[3],[4]

3.25%

Initial acquisition date

^[2],[3],[4]

Oct. 01, 2024

Maturity

^[2],[3],[4]

Mar. 31, 2025

Par

^{[2],[3],[4],[6]}

$ 2,742,000

Amortized cost

^{[1],[2],[3],[4]}

2,754,000

Fair value

^{[2],[3],[4],[7]}

$ 2,797,000

Percentage of net assets

^[2],[3],[4]

0.93%

Investment, Identifier [Axis]: Total Canadian Warrants

Investments [Abstract]

Amortized cost

^[1]

$ 0

Fair value

$ 0

Percentage of net assets

0.00%

Investment, Identifier [Axis]: Total Information

Investments [Abstract]

Amortized cost

^[1]

$ 0

Fair value

$ 0

Percentage of net assets

0.00%

Investment, Identifier [Axis]: Total Investments

Investments [Abstract]

Amortized cost

^[1]

$ 274,347,000

Fair value

$ 275,241,000

Percentage of net assets

91.40%

Investment, Identifier [Axis]: Total U .S. Warrants Real Estate and Rental and Leasing

Investments [Abstract]

Amortized cost

^[1]

$ 243,000

Fair value

$ 225,000

Percentage of net assets

0.07%

Investment, Identifier [Axis]: Total U.S. Preferred Stock

Investments [Abstract]

Amortized cost

^[1]

$ 500,000

Fair value

$ 500,000

Percentage of net assets

0.17%

Investment, Identifier [Axis]: Total U.S. Preferred Stock Real Estate and Rental and Leasing

Investments [Abstract]

Amortized cost

^[1]

$ 500,000

Fair value

$ 500,000

Percentage of net assets

0.17%

Investment, Identifier [Axis]: Total U.S. Warrants

Investments [Abstract]

Amortized cost

^[1]

$ 243,000

Fair value

$ 225,000

Percentage of net assets

0.07%

Investment, Identifier [Axis]: Tulip.io Inc. Term Loan All in Rate 14.50% Spread Rate 4.00% PIK 3.00% Floor Rate 8.00% Due 11/4/2028

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^{[3],[4],[9],[18]}

lien:TulipIOIncMember

Investment, Type [Extensible Enumeration]

^{[3],[4],[9],[18]}

lien:TermLoanMember

All-in rate

^{[3],[4],[9],[18]}

14.50%

Bench-mark

^{[3],[4],[5],[9],[18]}

Spread

^{[3],[4],[9],[18]}

4.00%

PIK

^{[3],[4],[9],[18]}

3.00%

Floor

^{[3],[4],[9],[18]}

8.00%

Initial acquisition date

^{[3],[4],[9],[18]}

Nov. 04, 2024

Maturity

^{[3],[4],[9],[18]}

Nov. 04, 2028

Par

^{[3],[4],[6],[9],[18]}

$ 3,014,000

Amortized cost

^{[1],[3],[4],[9],[18]}

3,014,000

Fair value

^{[3],[4],[7],[9],[18]}

$ 2,984,000

Percentage of net assets

^{[3],[4],[9],[18]}

0.99%

Investment, Identifier [Axis]: Tulip.io Inc. Warrants

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^{[9],[18],[19]}

lien:TulipIOIncMember

Investment, Type [Extensible Enumeration]

^{[9],[18],[19]}

Warrant [Member]

Initial acquisition date

^{[9],[18],[19]}

Nov. 04, 2024

Investment owned shares (in shares)

^{[9],[18],[19]}

64,776

Amortized cost

^{[1],[9],[18],[19]}

$ 0

Fair value

^{[9],[18],[19]}

$ 0

Percentage of net assets

^{[9],[18],[19]}

0.00%

Investment, Identifier [Axis]: U.S. Corporate Debt

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4]

lien:USCorporateDebtMember

Amortized cost

^[1],[3],[4]

$ 270,590,000

$ 53,471,000

Fair value

^[3],[4],[7]

$ 271,532,000

$ 54,120,000

Percentage of net assets

^[3],[4]

90.17%

63.26%

Investment, Identifier [Axis]: Verano Holdings Corp. Term Loan All in Rate 14.00% Spread Rate 6.50% PIK 0.00% Floor Rate 6.25% Due 10/30/2026

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^{[3],[4],[8],[9]}

lien:VeranoHoldingsCorpMember

Investment, Type [Extensible Enumeration]

^{[3],[4],[8],[9]}

lien:TermLoanMember

All-in rate

^{[3],[4],[8],[9]}

14.00%

Bench-mark

^{[3],[4],[5],[8],[9]}

Spread

^{[3],[4],[8],[9]}

6.50%

PIK

^{[3],[4],[8],[9]}

0.00%

Floor

^{[3],[4],[8],[9]}

6.25%

Initial acquisition date

^{[3],[4],[8],[9]}

Oct. 27, 2022

Maturity

^{[3],[4],[8],[9]}

Oct. 30, 2026

Par

^{[3],[4],[6],[8],[9]}

$ 51,768,000

Amortized cost

^{[1],[3],[4],[8],[9]}

51,760,000

Fair value

^{[3],[4],[7],[8],[9]}

$ 52,027,000

Percentage of net assets

^{[3],[4],[8],[9]}

17.28%

Investment, Identifier [Axis]: Verano Holdings Corp. Term Loan All in Rate 15.00% Spread Rate 6.50% PIK 0.00% Floor Rate 6.25% Due 10/30/2026

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^{[3],[4],[8],[10]}

lien:VeranoHoldingsCorpMember

Investment, Type [Extensible Enumeration]

^{[3],[4],[8],[10]}

lien:TermLoanMember

All-in rate

^{[3],[4],[8],[10]}

15.00%

Bench-mark

^{[3],[4],[8],[10],[11]}

Spread

^{[3],[4],[8],[10]}

6.50%

PIK

^{[3],[4],[8],[10]}

0.00%

Floor

^{[3],[4],[8],[10]}

6.25%

Initial acquisition date

^{[3],[4],[8],[10]}

Oct. 27, 2022

Maturity

^{[3],[4],[8],[10]}

Oct. 30, 2026

Par

^{[3],[4],[6],[8],[10]}

$ 20,937,000

Amortized cost

^{[1],[3],[4],[8],[10]}

20,462,000

Fair value

^{[3],[4],[7],[8],[10]}

$ 20,937,000

Percentage of net assets

^{[3],[4],[8],[10]}

24.47%

Investment, Identifier [Axis]: West Creek Financial Holdings, Inc. dba Koalafi Series A Senior Note All in Rate 18.80% Spread Rate 13.80% PIK 5.00% Floor Rate 0.00% Due 11/29/2027

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[13]

lien:WestCreekFinancialHoldingsIncDBAKoalafiMember

Investment, Type [Extensible Enumeration]

^[3],[4],[13]

lien:SeriesASeniorNoteMember

All-in rate

^[3],[4],[13]

18.80%

Bench-mark

^{[3],[4],[5],[13]}

Spread

^[3],[4],[13]

13.80%

PIK

^[3],[4],[13]

5.00%

Floor

^[3],[4],[13]

0.00%

Initial acquisition date

^[3],[4],[13]

Oct. 01, 2024

Maturity

^[3],[4],[13]

Nov. 29, 2027

Par

^{[3],[4],[6],[13]}

$ 5,148,000

Amortized cost

^{[1],[3],[4],[13]}

5,115,000

Fair value

^{[3],[4],[7],[13]}

$ 5,096,000

Percentage of net assets

^[3],[4],[13]

1.69%

Investment, Identifier [Axis]: Workbox Holdings Inc. A-1 Preferred

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[8],[19]

lien:WorkboxHoldingsIncMember

Investment, Type [Extensible Enumeration]

^[8],[19]

lien:PreferredStockA1Member

Initial acquisition date

^[8],[19]

May 20, 2024

Investment owned shares (in shares)

^[8],[19]

500,000

Amortized cost

^[1],[8],[19]

$ 500,000

Fair value

^[8],[19]

$ 500,000

Percentage of net assets

^[8],[19]

0.17%

Investment, Identifier [Axis]: Workbox Holdings Inc. A-3 Warrants

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[8],[19]

lien:WorkboxHoldingsIncMember

Investment, Type [Extensible Enumeration]

^[8],[19]

lien:WarrantsA3Member

Initial acquisition date

^[8],[19]

May 20, 2024

Investment owned shares (in shares)

^[8],[19]

71,000

Amortized cost

^[1],[8],[19]

$ 97,000

Fair value

^[8],[19]

$ 91,000

Percentage of net assets

^[8],[19]

0.03%

Investment, Identifier [Axis]: Workbox Holdings Inc. A-4 Warrants

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[8],[19]

lien:WorkboxHoldingsIncMember

Investment, Type [Extensible Enumeration]

^[8],[19]

lien:WarrantsA4Member

Initial acquisition date

^[8],[19]

May 20, 2024

Investment owned shares (in shares)

^[8],[19]

105,000

Amortized cost

^[1],[8],[19]

$ 146,000

Fair value

^[8],[19]

$ 134,000

Percentage of net assets

^[8],[19]

0.04%

Investment, Identifier [Axis]: Workbox Holdings Inc. Term Loan All in Rate 12.00% Spread Rate 6.00% PIK 6.00% Floor Rate 0.00% Due 5/31/2029

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[8]

lien:WorkboxHoldingsIncMember

Investment, Type [Extensible Enumeration]

^[3],[4],[8]

lien:TermLoanMember

All-in rate

^[3],[4],[8]

12.00%

Bench-mark

^{[3],[4],[5],[8]}

Spread

^[3],[4],[8]

6.00%

PIK

^[3],[4],[8]

6.00%

Floor

^[3],[4],[8]

0.00%

Initial acquisition date

^[3],[4],[8]

May 20, 2024

Maturity

^[3],[4],[8]

May 31, 2029

Par

^{[3],[4],[6],[8]}

$ 1,622,000

Amortized cost

^{[1],[3],[4],[8]}

1,406,000

Fair value

^{[3],[4],[7],[8]}

$ 1,452,000

Percentage of net assets

^[3],[4],[8]

0.48%

Investment, Identifier [Axis]: Youth Opportunity Investments, LLC Term Loan All in Rate 12.28% Spread Rate 7.75% PIK 0.00% Floor Rate 4.00% Due 9/18/2026

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[3],[4],[8]

lien:YouthOpportunityInvestmentsLLCMember

Investment, Type [Extensible Enumeration]

^[3],[4],[8]

lien:TermLoanMember

All-in rate

^[3],[4],[8]

12.28%

Bench-mark

^{[3],[4],[5],[8]}

Spread

^[3],[4],[8]

7.75%

PIK

^[3],[4],[8]

0.00%

Floor

^[3],[4],[8]

4.00%

Initial acquisition date

^[3],[4],[8]

Oct. 01, 2024

Maturity

^[3],[4],[8]

Sep. 18, 2026

Par

^{[3],[4],[6],[8]}

$ 10,375,000

Amortized cost

^{[1],[3],[4],[8]}

10,273,000

Fair value

^{[3],[4],[7],[8]}

$ 10,323,000

Percentage of net assets

^[3],[4],[8]

3.43%

[1]	The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends.
[2]	Portfolio company located in the Northeast.
[3]	The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies, excluding any portfolio company operating in the cannabis industry.
[4]	Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 Fair Value Hierarchy.
[5]	Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to a benchmark interest rate floor. The benchmark rate is determined via the Credit or Loan Service Agreement, such as the Secured Overnight Financing Rate (“S”) or the U.S. Prime Rate (“P”). The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. S loans are typically indexed to 30-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) as defined in the Loan Service Agreements. As of December 31, 2024, rates for 1M S, 3M S and 6M S are 4.53%, 4.69%, and 5.03%, respectively. As of December 31, 2024, the P was 7.50%.
[6]	Par is net of repayments, if any, as per the terms of the debt instrument’s contract.
[7]	All investments were valued at fair value. See Note 4 — Fair Value of Financial Instruments in the accompanying notes to the financial statements.
[8]	Portfolio company located in the Midwest.
[9]	The investment is a “non-qualifying asset.” Under the Investment Company Act of 1940, as amended (the “1940 Act”), a business development company (“BDC”) may not acquire any “non-qualifying asset” (i.e., an asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets”), unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. As of December 31, 2024 the aggregate fair value of non-qualifying assets is $59,263,833 or 19.14% of the Company’s total assets.
[10]	The investment is a “non-qualifying asset.” Under the Investment Company Act of 1940, as amended (the “1940 Act”), a business development company (“BDC”) may not acquire any “non-qualifying asset” (i.e., an asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets”), unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. As of December 31, 2023 the aggregate fair value of non-qualifying assets is $25,077 or 29.3% of the Company’s total assets
[11]	Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to an benchmark interest rate floor. The benchmark rate is determined via the Credit or Loan Service Agreement, such as the Secured Overnight Financing Rate (“S”) or the U.S. Prime Rate (“P”). The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. S loans are typically indexed to 30-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) as defined in the Loan Service Agreements. As of December 31, 2023, rates for 1M S, 3M S and 6M S are 5.34%, 5.36%, and 5.35%, respectively. As of December 31, 2023, the P was 8.50%
[12]	Portfolio company located in the West.
[13]	Portfolio company located in the Southeast.
[14]	Portfolio company located in the Southwest.
[15]	Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities.
[16]	The rate shown is the annualized seven-day yield as of December 31, 2023.
[17]	The rate shown is the annualized seven-day yield as of December 31, 2024.
[18]	The respective portfolio company’s headquarters’ is located outside of the United States.
[19]	Indicates a non-income producing investment. As of December 31, 2024, no debt investments are deemed as non-income producing.

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES [Abstract]

Net Operating Loss Forfeiture for Income

	December 31, 2024			December 31, 2023
Increase (decrease) in additional paid in capital	$	(10,676	)	$	121,099
Increase (decrease) in distributable earnings (accumulated loss)		10,676			(121,099	)

Components of Distributable Earning

	For the period from April 1, 2024 through December 31, 2024		For the tax year from April 1, 2023 through March 31, 2024
Ordinary income	$	10,866,404	$	9,819,273
Long-term capital gain		-		-
Return of capital		-		-
Total Distributions	$	10,866,404	$	9,819,273

	March 31, 2024			March 31, 2023
Undistributed ordinary income	$	1,782,017		$	3,418,714
Net unrealized appreciation (depreciation) on investments		1,248,303			713,009
Capital loss carry forwards		(210,767	)		-
Other temporary differences		(3,393,536	)		(399,948	)
Total	$	(573,983	)	$	3,731,775

Investments and Cash Equivalents for Federal Income tax

	December 31, 2024			December 31, 2023
Tax cost of investments and cash equivalents	$	298,279,117		$	86,082,952
Unrealized appreciation		1,285,099			784,052
Unrealized depreciation		(390,412	)		(135,369	)
Net unrealized appreciation (depreciation) from investments and cash equivalents	$	894,687		$	648,683

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2024

EARNINGS PER SHARE [Abstract]

Computation of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets Per Share from Operations

The following table sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets per share resulting from operations for the years ended December 31, 2024 and December 31, 2023, and for the period from April 1, 2022 through December 31, 2022:

	Year Ended December 31, 2024		Year Ended December 31, 2023		For the period from April 1, 2022 through December 31, 2022*
Net increase (decrease) in net assets resulting from operations	$	9,622,538	$	7,340,108	$	1,923,639
Weighted Average Shares Outstanding - basic and diluted		10,343,621		6,214,682		6,214,672
Net increase (decrease) in net assets resulting from operations - basic and diluted	$	0.93	$	1.18	$	0.31

*	On November 8, 2022, our Board approved a change in our fiscal year end from March 31 to December 31.

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2024

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 9 — EARNINGS PER SHARE

	Year Ended December 31, 2024		Year Ended December 31, 2023		For the period from April 1, 2022 through December 31, 2022*
Net increase (decrease) in net assets resulting from operations	$	9,622,538	$	7,340,108	$	1,923,639
Weighted Average Shares Outstanding - basic and diluted		10,343,621		6,214,682		6,214,672
Net increase (decrease) in net assets resulting from operations - basic and diluted	$	0.93	$	1.18	$	0.31

*	On November 8, 2022, our Board approved a change in our fiscal year end from March 31 to December 31.

SUBSEQUENT EVENTS (Details)	Mar. 24, 2025 $ / shares	Feb. 11, 2025 USD ($) Custody	Oct. 01, 2024	Mar. 25, 2025 USD ($)
Expense Limitation Agreement [Member]
Custody Agreements [Abstract]
Operating expenses at an annualized rate			2.15%
Subsequent Event [Member]
Credit Agreement [Abstract]
Outstanding borrowings				$ 0
Available borrowings				$ 100,000,000
Subsequent Event [Member] \| O 2025-Q1 Dividends [Member]
Distributions [Abstract]
Cash dividend (in dollars per share) \| $ / shares	$ 0.34
Dividend payable date	Apr. 11, 2025
Dividend record date	Mar. 28, 2025
Subsequent Event [Member] \| Revolving Credit Facility [Member]
Credit Agreement [Abstract]
Maximum borrowing capacity		$ 100,000,000
Additional borrowings capacity		$ 5,000,000
Term of variable rate		1 month
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]		Secured Overnight Financing Rate (SOFR) [Member]
Basis spread on variable rate		3.00%
Commitment fee percentage		0.50%
Subsequent Event [Member] \| Letter of Credit [Member]
Credit Agreement [Abstract]
Maximum borrowing capacity		$ 5,000,000
Subsequent Event [Member] \| Expense Limitation Agreement [Member]
Custody Agreements [Abstract]
Operating expenses at an annualized rate		2.15%
Subsequent Event [Member] \| WATC Custody Agreement [Member]
Custody Agreements [Abstract]
Period of prior written notice for termination of agreements		60 days
Number of substantively identical custody agreements \| Custody		2

SEGMENT REPORTING (Details)	12 Months Ended
SEGMENT REPORTING (Details)	Dec. 31, 2024 Segment
SEGMENT REPORTING [Abstract]
Number of operating segments	1
Number of reporting segments	1

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2024
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 14 — SUBSEQUENT EVENTS The Company’s management evaluated subsequent events through the date on which the financial statements were issued. Other than the item listed below, there have been no subsequent events that occurred during such period that have required adjustment or disclosure in the financial statements. Credit Agreement On February 11, 2025, the Company entered into a senior secured revolving credit agreement (the “Credit Agreement”) among the Company, as borrower, Western Alliance Trust Company, N.A. (“WATC”), as administrative agent, Western Alliance Bank, as an issuing bank and as the initial lender, and the other lenders party thereto from time to time. Under the Credit Agreement, the lenders have agreed to extend credit to the Company on a revolving basis in an initial aggregate amount of up to $100,000,000 with an option for the Company to request additional commitments, in a minimum amount of $5,000,000, at one or more times from existing and/or new lenders at their election. The Credit Agreement also provides for the issuance of letters of credit in an aggregate face amount of up to $5,000,000. Availability under the Credit Agreement (the “Revolving Period”) will terminate on February 11, 2027, and the Credit Agreement has a scheduled maturity date of March 31, 2028. Borrowings under the Credit Agreement bear interest at the annual rate of one-month term Secured Overnight Financing Rate plus 3.00%. The Company will pay a commitment fee of 0.50% per annum on the average daily unused portion of commitments under the Credit Agreement during the Revolving Period. The Company also will be required to pay letter of credit participation fees and a fronting fee on the average daily amount of the lenders’ exposure with respect to any letters of credit issued at the request of the Company under the Credit Agreement. As of March 25, 2025, the Company has $0 and $100,000,000 outstanding and available, respectively, under the Credit Agreement. In connection with the Company entering into the Credit Agreement, the Board approved a clarification, as proposed by the Company and the Adviser, of the Expense Limitation Agreement, that the interest expense, fees, and other costs associated with the Credit Agreement, and any future interest expense, fees, and other costs associated with raising debt and/or equity capital for the Company are not subject to, and do not count towards, the expense cap of 2.15% per annum under the Expense Limitation Agreement. Custody Agreements Additionally, on February 11, 2025, WATC and the Company entered into a custody agreement (the “WATC Custody Agreement”), pursuant to which WATC was appointed to serve as the Company’s custodian to hold securities, loans, cash, and other assets on behalf of the Company. Either party may terminate the WATC Custody Agreement at any time upon sixty (60) days’ prior written notice. In addition, Western Alliance Bank (“WAB”) and the Company entered into two substantively identical custody agreements (the “WAB Custody Agreements” and together with the WATC Custody Agreement, the “Custody Agreements”), pursuant to which WAB was appointed to hold and act as the Company’s custodian with respect to all Deposit Accounts (as defined in the WAB Custody Agreements) for funds of the Company placed through the ICS Deposit Placement Agreement (included with the WAB Custody Agreements). Distributions On March 13, 2025, the Board approved a cash dividend of $0.34 per common share. The dividend is payable on April 11, 2025 to stockholders of record on March 28, 2025.

RELATED PARTY TRANSACTIONS, License Agreement (Details) - USD ($)	9 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2024	Dec. 31, 2023
Affiliate Payments [Abstract]
Income-based incentive fees	$ 0	$ 2,327,448	$ 1,511,253
Management fee	336,432	1,504,239	1,013,764
Capital gains incentive fees	0	34,304	87,583
General and administrative expenses reimbursable to the Adviser	0	700,000	0
Related Party [Member]
Affiliate Payments [Abstract]
Due to affiliate		905,129	0
Related Party [Member] \| Investment Advisory Agreement [Member]
Affiliate Payments [Abstract]
Income-based incentive fees	0	2,327,448	1,511,253
Management fee	336,432	1,504,239	1,013,764
Capital gains incentive fees	0	34,304	87,583
Total management and incentive fees earned	336,432	3,865,991	2,612,600
General and administrative expenses reimbursable to the Adviser	0	700,000	0
Total	336,432	4,565,991	2,612,600
Due to affiliate		905,129	0
Expenses reimbursed to affiliate	$ 12,145	102,828	$ 6,192
Related Party [Member] \| Investment Advisory Agreement [Member] \| Adviser [Member]
Affiliate Payments [Abstract]
Due to affiliate		820,797
Related Party [Member] \| Investment Advisory Agreement [Member] \| Chicago Atlantic Admin, LLC [Member]
Affiliate Payments [Abstract]
Due to affiliate		$ 84,332

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2024
ORGANIZATION [Abstract]
ORGANIZATION	NOTE 1 — ORGANIZATION Chicago Atlantic BDC, Inc. (formerly, Silver Spike Investment Corp.) (an emerging growth company) (the “Company”, “we” or “our”) was formed on January 25, 2021 as a Maryland corporation structured as an externally managed, closed-end, non-diversified management investment company. The Company has elected to be treated as a business development company (“BDC”), under the Investment Company Act of 1940, as amended (“1940 Act”). In addition, for U.S. federal income tax purposes the Company adopted an initial tax year end of December 31, 2021, and was taxed as a corporation for the tax period ended December 31, 2021. The Company adopted the tax year end of March 31 and elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) for the tax period January 1, 2022 through March 31, 2022, and has maintained (and intends to continue to maintain) such election in subsequent taxable years. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. On February 8, 2022, the Company completed its initial public offering (“IPO”) of 6,071,429 shares of its common stock, par value $0.01, at a price of $14.00 per share. The Company commenced operations on February 8, 2022, receiving approximately $83.3 million in total net proceeds from the offering, after deducting estimated offering expenses. On February 25, 2022, the underwriters of the IPO exercised their option to purchase an additional 142,857 shares of common stock from the Company. The partial exercise of the over-allotment option closed on March 1, 2022, resulting in additional gross proceeds to the Company of approximately $2 million, before deducting offering expenses payable by the Company. On February 4, 2022, the Company’s common stock began trading on the Nasdaq Global Market. Since October 2, 2024, the Company’s common stock trades on the Nasdaq Global Market under the symbol “LIEN.” The Company is managed by Chicago Atlantic BDC Advisers, LLC (formerly, Silver Spike Capital, LLC) (the “Adviser”), a registered investment adviser under the Investment Advisers Act of 1940 with the Securities and Exchange Commission (“SEC”). The Adviser has engaged SS&C Technologies, Inc. and ALPS Fund Services, Inc. (“SS&C”), as sub-administrator, to perform administrative services necessary for the Company to operate. The Company is a specialty finance company focused on investing in companies in highly complex and highly regulated industries typically underserved by other capital providers, including investing across the cannabis ecosystem through investments in the form of direct loans to privately held cannabis companies. Although the Company focuses on investments in the cannabis industry, the Company may also invest in growth and technology companies, esoteric and asset-based lending opportunities, and liquidity solutions opportunities. The Company’s investment objective is to maximize risk-adjusted returns on equity for its shareholders. The Company seeks to capitalize on, among other things, what it believes to be nascent cannabis industry growth, and drive return on equity by generating current income from its debt investments and capital appreciation from its equity and equity-related investments. The Company intends to achieve its investment objective by investing primarily in secured debt, unsecured debt, equity warrants and direct equity investments in privately held businesses. The Company intends that its debt investments will often be secured by either a first or second priority lien on the assets of the portfolio company, can include either fixed or floating rate terms and will generally have a term of between three and six years from the original investment date. On February 20, 2024, the Company announced that the Board of Directors of the Company (the “Board”) unanimously approved an expansion of the Company’s investment strategy to permit investments in companies outside of the cannabis and health and wellness sectors that otherwise meet the Company’s investment criteria. The investment strategy change became effective on April 22, 2024. On October 1, 2024, the Company completed its previously announced acquisition from Chicago Atlantic Loan Portfolio, LLC (“CALP”) of a portfolio of loans (the “Loan Portfolio”) 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. See “Note 12 – Loan Portfolio Acquisition” for further information regarding the Loan Portfolio Acquisition. On October 1, 2024, the Adviser and Chicago Atlantic BDC Holdings, LLC (together with its affiliates, “Chicago Atlantic”), the investment adviser of CALP, consummated a previously announced transaction pursuant to which a joint venture between Chicago Atlantic and the Adviser has been created to combine and jointly operate the Adviser’s, and a portion of Chicago Atlantic’s, investment management businesses (the “Joint Venture”). As the Joint Venture caused the automatic termination of the prior investment advisory agreement between the Company and the Adviser (the “Prior Investment Advisory Agreement”), a new investment advisory agreement between the Company and the Adviser (the “New Investment Advisory Agreement”), which was approved by the Board, upon the recommendation of its special committee, and the Company’s stockholders, took effect upon the closing of the Joint Venture. The New Investment Advisory Agreement has the same base management and incentive fee as, and otherwise does not materially differ from, the Prior Investment Advisory Agreement. On October 1, 2024, in connection with the New Investment Advisory Agreement, the Company entered into a new license agreement (the “New License Agreement”) with the Adviser pursuant to which the Adviser has agreed to grant the Company a nonexclusive, royalty-free license to use the name “Chicago Atlantic.” Under the New License Agreement, the Company will have a right to use the “Chicago Atlantic” name, for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company will have no legal right to the “Chicago Atlantic” name. The New License Agreement does not materially differ from the prior license agreement between the Company and the Adviser, other than with respect to the licensed name. On October 1, 2024, in connection with the New Investment Advisory Agreement, the Company and the Adviser entered into an expense limitation agreement (the “Expense Limitation Agreement”) pursuant to which the Adviser has agreed to cap the Company’s operating expenses (excluding base management fees, incentive fees, expenses related to the Loan Portfolio Acquisition, and litigation and indemnification expenses) at an annualized rate of 2.15% of the Company’s net assets through September 30, 2025. On February 14, 2025, the Board approved a clarification, as proposed by the Company and the Adviser, of the Expense Limitation Agreement, that any interest expense, fees, and other costs associated with raising debt and/or equity capital for the Company are not subject to, and do not count towards, the expense cap of 2.15% per annum under the Expense Limitation Agreement. In connection with the Loan Portfolio Acquisition and the Joint Venture, the Board and the officers of the Company changed as follows: (i) Frederick C. Herbst (Independent Director), John Mazarakis (Partner at Chicago Atlantic), and Jason Papastavrou (Independent Director) joined the Board, to serve until the 2025, 2026, and 2027 annual meetings of stockholders, respectively, and until their respective successors are duly elected and qualified; (ii) Andreas Bodmeier (Partner at Chicago Atlantic) replaced Mr. Gordon as Chief Executive Officer of the Company; (iii) Mr. Gordon became Executive Chairman of the Board and Co-Chief Investment Officer of the Company; (iv) Umesh Mahajan became Co-Chief Investment Officer of the Company in addition to remaining Chief Financial Officer and Secretary of the Company; and (v) Dino Colonna (Partner at the Adviser) became the President of the Company. Each officer of the Company will serve until his successor has been duly elected and qualified, or until the earlier of his resignation or removal. In addition, in connection with the Loan Portfolio Acquisition and the Joint Venture, the Company has been renamed “Chicago Atlantic BDC, Inc.,” and its ticker symbol has been changed to “LIEN,” and the Adviser has been renamed “Chicago Atlantic BDC Advisers, LLC.” The changes to the Company’s name and ticker symbol became effective in the market at the open of business on October 2, 2024.

INDEMNIFICATION	12 Months Ended
INDEMNIFICATION	Dec. 31, 2024
INDEMNIFICATION [Abstract]
INDEMNIFICATION	NOTE 8 — INDEMNIFICATION Under the Company’s organizational documents, the Company’s officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. In addition, in the normal course of business the Company enters into contracts that contain a variety of representations which provide general indemnifications. The Company’s maximum exposure under these agreements cannot be known; however, the Company expects any risk of loss to be remote. In the normal course of business, the Company enters into contracts that provide a variety of representations and warranties, and general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

COMMON STOCK (Tables)

12 Months Ended

Dec. 31, 2024

COMMON STOCK [Abstract]

Summary of Distributions Declared and Paid

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

Schedule of Dividend Reinvestment Plan

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