0001628280-26-031692 | 10-Q | XBRL Viewer | Advanced Flower Capital INC

SUBSEQUENT EVENTS (Details) - USD ($)	1 Months Ended	3 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Apr. 30, 2026	Mar. 31, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Loans held at fair value, funded of outstanding principal		$ 80,600,000
Loans held at carrying value, outstanding principal			$ 259,626,556
Subsequent Event
Subsequent Event [Line Items]
Loans held at fair value, funded of outstanding principal	$ 9,700,000
Kristoff Buyer, LLC
Subsequent Event [Line Items]
Purchased amount		$ 2,500,000
Kristoff Buyer, LLC \| Subsequent Event
Subsequent Event [Line Items]
Purchased amount	50,000,000.0
Loans held at carrying value, outstanding principal	$ 80,000,000.0
Discount rate (in percent)	2.00%
Kristoff Buyer, LLC \| Subsequent Event \| SOFR
Subsequent Event [Line Items]
Interest (in percent)	5.75%
Kristoff Buyer, LLC \| Subsequent Event \| Base Rate
Subsequent Event [Line Items]
Interest (in percent)	2.50%
Kristoff Parent, LLC \| Subsequent Event
Subsequent Event [Line Items]
Purchased amount	$ 2,500,000
Loans held at carrying value, outstanding principal	$ 25,000,000.0
Discount rate (in percent)	2.25%
Kristoff Parent, LLC \| Subsequent Event \| Cash Interest Rate
Subsequent Event [Line Items]
Interest (in percent)	10.00%
Kristoff Parent, LLC \| Subsequent Event \| PIK Interest Rate
Subsequent Event [Line Items]
Interest (in percent)	3.00%
Borrower option interest rate (in percent)	15.00%

RELATED PARTY TRANSACTIONS - Narrative (Details)	3 Months Ended
RELATED PARTY TRANSACTIONS - Narrative (Details)	Mar. 31, 2026 USD ($) loan	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Related Party Transaction [Line Items]
Incentive fee on net investment income	$ 1,023,725
Related Party
Related Party Transaction [Line Items]
Base management fees (in percent)	0.375%
Aggregate amount of any outside fees (in percent)	50.00%
Base management fee, annual rate (in percent)	1.00%
Leverage break point, threshold (in percent)	200.00%
Incentive fee, quarterly hurdle rate (in percent)	1.50%
Incentive fee, annual hurdle rate (in percent)	6.00%
Incentive fee based on pre-incentive fee	$ 0
Incentive fee catch up (in percent)	100.00%
Catch up upper limit (less than) (in percent)	1.8182%
Catch up upper limit, annual (less than) (in percent)	7.2728%
Incentive fee net investment income (in percent)	17.50%
Catch up lower limit (in percent)	1.8182%
Incentive fee on net investment income	$ 1,023,725	$ 0
Incentive fee on capital gains rate (in percent)	17.50%
Incentive fees on capital gains	$ 0
Amounts payable	$ 2,500,000		$ 1,100,000
Line of credit payable to affiliate
Related Party Transaction [Line Items]
Number of co-invested loans held \| loan	2

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (unaudited)	3 Months Ended
	Mar. 31, 2026 USD ($)
Increase in net assets resulting from operations:
Net investment income	$ 4,826,131
Net change in unrealized appreciation on investments	6,601,216
Net increase in net assets resulting from operations	11,427,347
Distributions to shareholders:
Distributions declared ($0.05 per share)	(1,176,442)
Net decrease in net assets resulting from distributions	(1,176,442)
Total increase in net assets	10,250,905
Beginning balance	175,567,987
Ending balance	$ 185,818,892

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2025 USD ($)
Expenses:
Management and incentive fees, rebate	$ 128,580

NET ASSETS - Schedule of Dividends Declared (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity [Abstract]
Per common share distribution amount (in dollars per share)	$ 0.05	$ 0.23
Total Distribution Amount	$ 1,176,442	$ 5,197,082

CURRENT EXPECTED CREDIT LOSSES (Details)	Dec. 31, 2025 USD ($)
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	$ 46,059,838
Basis points of total loans and loans receivable at carrying value (in percent)	18.19%
Loans receivable at carrying value, commitment balance	$ 253,600,000
Funded and Unfunded Loan Commitments
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	46,100,000
Outstanding
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	46,100,000
Unfunded
Financing Receivable, Past Due [Line Items]
Current expected credit loss reserve	$ 100,000

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

RELATED PARTY TRANSACTIONS - Schedule of Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
Incentive fee on net investment income	$ 1,023,725
General and administrative expenses reimbursable to Adviser/Manager	860,496	$ 734,957
Professional fees reimbursable to Adviser/Manager	463,911	371,936
Total	2,468,917	1,384,724
Related Party
Related Party Transaction [Line Items]
Management fees before rebate	973,235	944,770
Less: outside fees earned	(233,988)	(128,580)
Management fees	739,247	816,190
Incentive fee on net investment income	1,023,725	0
General and administrative expenses reimbursable to Adviser/Manager	685,922	562,496
Professional fees reimbursable to Adviser/Manager	$ 20,023	$ 6,038

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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+ Details

CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($)

Mar. 31, 2026

Dec. 31, 2025

Schedule of Investments [Line Items]

Variable rate (in percent)

3.70%

Outstanding Principal

$ 356,561,382

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

$ 317,417,240

^{[5],[6],[7],[8]}

Amortized Cost

345,918,978

^[1],[2],[4]

307,369,372

^[5],[6],[8]

Fair Value

$ 279,237,624

^[1],[2],[9]

$ 233,569,575

^[5],[6],[10]

% of Net Assets

150.20%

^[1],[2]

133.00%

^[5],[6]

Investment, Identifier [Axis]: Cannabis

Schedule of Investments [Line Items]

Outstanding Principal

^[3],[4]

$ 276,803,382

Amortized Cost

^[4]

267,801,988

Fair Value

^[9]

$ 201,120,634

% of Net Assets

108.20%

Investment, Identifier [Axis]: Cannabis | Bloom Hold Co.

Schedule of Investments [Line Items]

Variable rate (in percent)

^[11]

8.00%

Interest Rate

^[11]

13.00%

Maturity Date

^[12]

May 01, 2026

Outstanding Principal

^[7],[8]

$ 25,146,957

Amortized Cost

^[8]

25,029,524

Fair Value

^[10]

$ 25,029,524

Investment, Identifier [Axis]: Cannabis | Cresco Labs, LLC

Schedule of Investments [Line Items]

Interest Rate

12.50%

^[13]

12.50%

^[11]

Maturity Date

Aug. 13, 2030

^[14]

Aug. 13, 2030

^[12]

Outstanding Principal

$ 10,000,000

^[3],[4]

$ 10,000,000

^[7],[8]

Amortized Cost

9,653,333

^[4]

9,633,333

^[8]

Fair Value

$ 10,000,000

^[9]

$ 9,633,333

^[10]

Investment, Identifier [Axis]: Cannabis | DMA Holdings (MA), LLC

Schedule of Investments [Line Items]

Cash interest rate (in percent)

12.00%

^[13],[15]

12.00%

^[11],[16]

Interest paid-in kind (in percent)

2.00%

^[13],[15]

2.00%

^[11],[16]

Interest Rate

17.70%

^[13],[15]

17.70%

^[11],[16]

Maturity Date

May 03, 2027

^[14],[15]

May 03, 2027

^[12],[16]

Outstanding Principal

$ 12,195,762

^[3],[4],[15]

$ 12,195,762

^[7],[8],[16]

Amortized Cost

11,513,143

^[4],[15]

11,513,143

^[8],[16]

Fair Value

$ 5,103,926

^[9],[15]

$ 5,451,148

^[10],[16]

Investment, Identifier [Axis]: Cannabis | Devi Holdings Inc.

Schedule of Investments [Line Items]

Cash interest rate (in percent)

13.00%

^{[13],[17],[18]}

13.00%

^{[11],[19],[20]}

Interest paid-in kind (in percent)

2.50%

^{[13],[17],[18]}

2.50%

^{[11],[19],[20]}

Interest Rate

15.50%

^{[13],[17],[18]}

15.50%

^{[11],[19],[20]}

Maturity Date

May 08, 2024

^{[14],[17],[18]}

May 08, 2024

^{[12],[19],[20]}

Outstanding Principal

$ 40,556,807

^{[3],[4],[17],[18]}

$ 46,790,684

^{[7],[8],[19],[20]}

Amortized Cost

37,689,376

^{[4],[17],[18]}

43,923,253

^{[8],[19],[20]}

Fair Value

$ 17,763,882

^{[9],[17],[18]}

$ 16,259,763

^{[10],[19],[20]}

Investment, Identifier [Axis]: Cannabis | Gron Holdings, Inc.

Schedule of Investments [Line Items]

Variable rate (in percent)

^[11]

8.50%

Interest Rate

^[11]

13.50%

Maturity Date

^[12]

Jun. 01, 2028

Outstanding Principal

^[7],[8]

$ 5,358,890

Amortized Cost

^[8]

5,111,731

Fair Value

^[10]

$ 5,111,731

Investment, Identifier [Axis]: Cannabis | High End Holdings LLC 1

Schedule of Investments [Line Items]

Variable rate (in percent)

8.00%

^[13]

8.00%

^[11]

Interest Rate

12.50%

^[13]

12.50%

^[11]

Maturity Date

Apr. 01, 2028

^[14]

Apr. 01, 2028

^[12]

Outstanding Principal

$ 19,327,505

^[3],[4]

$ 19,327,505

^[7],[8]

Amortized Cost

18,937,323

^[4]

18,888,550

^[8]

Fair Value

$ 15,512,255

^[9]

$ 15,775,932

^[10]

Investment, Identifier [Axis]: Cannabis | High End Holdings LLC 2

Schedule of Investments [Line Items]

Variable rate (in percent)

8.00%

^[13]

8.00%

^[11]

Interest Rate

12.50%

^[13]

12.50%

^[11]

Maturity Date

Apr. 01, 2028

^[14]

Apr. 01, 2028

^[12]

Outstanding Principal

$ 17,200,000

^[3],[4]

$ 17,200,000

^[7],[8]

Amortized Cost

16,856,000

^[4]

16,813,000

^[8]

Fair Value

$ 13,804,720

^[9]

$ 14,038,855

^[10]

Investment, Identifier [Axis]: Cannabis | Justice Cannabis Company

Schedule of Investments [Line Items]

Interest Rate

12.50%

^{[13],[15],[18]}

12.50%

^{[11],[16],[20]}

Maturity Date

May 01, 2026

^{[14],[15],[18]}

May 01, 2026

^{[12],[16],[20]}

Outstanding Principal

$ 78,768,556

^{[3],[4],[15],[18]}

$ 78,768,556

^{[7],[8],[16],[20]}

Amortized Cost

77,323,709

^{[4],[15],[18]}

77,323,709

^{[8],[16],[20]}

Fair Value

$ 42,889,479

^{[9],[15],[18]}

$ 43,907,721

^{[10],[16],[20]}

Investment, Identifier [Axis]: Cannabis | MI Opportunity Fund I, LLC

Schedule of Investments [Line Items]

Interest Rate

10.00%

^[13]

10.00%

^[11]

Maturity Date

Dec. 08, 2028

^[14]

Dec. 08, 2028

^[12]

Outstanding Principal

$ 5,843,241

^[3],[4]

$ 6,000,000

^[7],[8]

Amortized Cost

4,664,241

^[4]

4,821,000

^[8]

Fair Value

$ 4,697,089

^[9]

$ 4,821,000

^[10]

Investment, Identifier [Axis]: Cannabis | Standard Wellness Company, LLC

Schedule of Investments [Line Items]

Cash interest rate (in percent)

12.50%

^[13]

12.50%

^[11]

Interest paid-in kind (in percent)

1.50%

^[13]

1.50%

^[11]

Interest Rate

14.00%

^[13]

14.00%

^[11]

Maturity Date

Apr. 01, 2029

^[14]

Apr. 01, 2029

^[12]

Outstanding Principal

$ 11,633,251

^[3],[4]

$ 12,370,245

^[7],[8]

Amortized Cost

11,338,678

^[4]

12,028,995

^[8]

Fair Value

$ 11,468,059

^[9]

$ 12,016,772

^[10]

Investment, Identifier [Axis]: Cannabis | Story of Maryland LLC

Schedule of Investments [Line Items]

Variable rate (in percent)

7.50%

^[13]

7.50%

^[11]

Interest Rate

12.00%

^[13]

12.00%

^[11]

Maturity Date

Nov. 01, 2027

^[14]

Nov. 01, 2027

^[12]

Outstanding Principal

$ 31,457,793

^[3],[4]

$ 33,179,518

^[7],[8]

Amortized Cost

31,036,712

^[4]

32,691,950

^[8]

Fair Value

$ 31,275,337

^[9]

$ 32,691,950

^[10]

Investment, Identifier [Axis]: Cannabis | Story of Natures Medicine LLC

Schedule of Investments [Line Items]

Interest Rate

9.00%

^[13]

9.00%

^[11]

Maturity Date

Jul. 31, 2026

^[14]

Jul. 31, 2026

^[12]

Outstanding Principal

$ 22,099,497

^[3],[4]

$ 23,599,497

^[7],[8]

Amortized Cost

21,567,444

^[4]

22,668,405

^[8]

Fair Value

$ 21,265,240

^[9]

$ 22,043,979

^[10]

Investment, Identifier [Axis]: Cannabis | Story of Ohio LLC

Schedule of Investments [Line Items]

Interest Rate

14.00%

^[13]

14.00%

^[11]

Maturity Date

Mar. 01, 2028

^[14]

Mar. 01, 2028

^[12]

Outstanding Principal

$ 14,750,000

^[3],[4]

$ 15,000,000

^[7],[8]

Amortized Cost

14,516,892

^[4]

14,736,486

^[8]

Fair Value

$ 14,637,900

^[9]

$ 14,736,486

^[10]

Investment, Identifier [Axis]: Cannabis | Theratrue, Inc.

Schedule of Investments [Line Items]

Variable rate (in percent)

8.75%

^[13]

8.75%

^[11]

Interest Rate

13.80%

^[13]

13.80%

^[11]

Maturity Date

Sep. 01, 2028

^[14]

Sep. 01, 2028

^[12]

Outstanding Principal

$ 7,970,970

^[3],[4]

$ 7,479,626

^[7],[8]

Amortized Cost

7,705,137

^[4]

7,186,293

^[8]

Fair Value

$ 7,702,747

^[9]

$ 7,051,381

^[10]

Investment, Identifier [Axis]: Cannabis | Trulieve Cannabis Corp.

Schedule of Investments [Line Items]

Interest Rate

10.50%

^[13]

10.50%

^[11]

Maturity Date

Dec. 17, 2030

^[14]

Dec. 17, 2030

^[12]

Outstanding Principal

$ 5,000,000

^[3],[4]

$ 5,000,000

^[7],[8]

Amortized Cost

5,000,000

^[4]

5,000,000

^[8]

Fair Value

$ 5,000,000

^[9]

$ 5,000,000

^[10]

Investment, Identifier [Axis]: Commercial & Professional Services | STAT Buyer, LLC

Schedule of Investments [Line Items]

Variable rate (in percent)

^[13]

8.50%

Interest Rate

^[13]

12.20%

Maturity Date

^[14]

Feb. 01, 2031

Outstanding Principal

^[3],[4]

$ 59,400,000

Amortized Cost

^[4]

58,240,000

Fair Value

^[9]

$ 58,240,000

% of Net Assets

31.30%

Investment, Identifier [Axis]: Insurance | BCIS AH Borrower LLC

Schedule of Investments [Line Items]

Cash interest rate (in percent)

^[13],[21]

7.50%

Interest paid-in kind (in percent)

^[13],[21]

9.00%

Interest Rate

^[13],[21]

16.50%

Maturity Date

^[14],[21]

Feb. 01, 2030

Outstanding Principal

^[3],[4],[21]

$ 20,358,000

Amortized Cost

^[4],[21]

19,876,990

Fair Value

^[9],[21]

$ 19,876,990

% of Net Assets

^[21]

10.70%

[1]	All debt investments are income producing unless otherwise indicated.
[2]	The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[3]	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. Refer to Note 8 for more information on the Company’s unfunded commitments.
[4]	The difference between the amortized cost and the outstanding principal amount of the investments consists of unaccreted original issue discount (“OID”) and loan origination costs.
[5]	All debt investments are income producing unless otherwise indicated.
[6]	The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[7]	Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. Refer to Note 8 for more information on the Fund’s unfunded commitments.
[8]	The difference between the amortized cost and the outstanding principal amount of the investments consists of unaccreted original issue discount (“OID”) and loan origination costs.
[9]	Refer to Note 5.
[10]	Refer to Note 5.
[11]	As of December 31, 2025, the floating benchmark rate included one-month Secured Overnight Financing Rate (“SOFR”) quoted at 3.7% and subject to a weighted average floor of 4.3% based on outstanding principal.
[12]	Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[13]	As of March 31, 2026, the floating benchmark rate included one-month Secured Overnight Financing Rate (“SOFR”) quoted at 3.7% and subject to a weighted average floor of 3.8% based on outstanding principal.
[14]	Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[15]	Effective December 1, 2023, the Company placed the investment on nonaccrual status.
[16]	Effective December 1, 2023, the Company placed the investment on nonaccrual status.
[17]	Effective March 1, 2024, the Company placed the investment on nonaccrual status. The maturity date passed without repayment.
[18]	Represents co-investments made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission (the “SEC”). Refer to Note 3 Related Party Transactions.
[19]	Effective March 1, 2024, the Company placed the investment on nonaccrual status. The maturity date passed without repayment.
[20]	Represents co-investments made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission (the “SEC”). Refer to Note 3 Related Party Transactions.
[21]	The loan bears cash interest at a rate of 7.5% and 9.0% interest paid-in kind, with the option for the borrower to elect to pay cash interest at a rate of 5.5% and 13.0% interest paid-in kind until the end of the fiscal quarter following the first anniversary of the initial closing date.

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

The following information sets forth the computations of basic and diluted net increase in net assets resulting from operations per common share for the three months ended March 31, 2026:


	Three Months Ended March 31, 2026

Net increase in net assets resulting from operations	$	11,427,347






Basic weighted average shares of common stock outstanding	23,528,844






Basic and diluted net increase in net assets resulting from operations per common share	$	0.49

The following information sets forth the computations of basic and diluted earnings per common share for the three months ended March 31, 2025:


	Three Months Ended March 31, 2025

Net income	$	4,067,685

Dividends paid on unvested restricted stock	(114,355)


Net income attributable to common shareholders	3,953,330
Divided by:
Basic weighted average shares of common stock outstanding	22,097,979
Weighted average unvested restricted stock and dilutive stock options	12,123
Diluted weighted average shares of common stock outstanding	22,110,102

Basic earnings per common share	$	0.18
Diluted earnings per common share	$	0.18

Diluted EPS was computed using the treasury stock method for stock options and restricted stock. Diluted earnings per common share excluded 2,320,290 weighted average shares of unvested restricted stock and stock options due to anti-dilutive effect for the three months ended March 31, 2025.

LOANS HELD FOR INVESTMENT AT CARRYING VALUE

3 Months Ended

Mar. 31, 2026

LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]

LOANS HELD FOR INVESTMENT AT CARRYING VALUE

As of March 31, 2026, the Company did not hold any loans at carrying value.

As of December 31, 2025, the Company’s portfolio included 12 loans held at carrying value. As of December 31, 2025, the aggregate commitment under these loans was $283.5 million and outstanding principal was $259.6 million. As of December 31, 2025, approximately 46% of the Company’s loans held at carrying value had floating interest rates.

The following tables summarize the Company’s loans held at carrying value as of December 31, 2025:


	As of December 31, 2025
	Outstanding Principal(1)		Original Issue Discount		Carrying Value(1)		Weighted Average Remaining Life (Years)(2)

Senior term loans	$	259,626,556	$	(6,001,437)	$	253,625,119	1.4
Total loans held at carrying value	$	259,626,556	$	(6,001,437)	$	253,625,119	1.4

(1)The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID and loan origination costs.

(2)Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2025.

FINANCIAL HIGHLIGHTS (Tables)

3 Months Ended

Mar. 31, 2026

Investment Company [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2026(1):


	Three months ended March 31, 2026

Per Share Data(2):
Net asset value at beginning of period		$	7.46
Net investment income		0.21

Net unrealized gain on investments		0.28
Net increase in net assets resulting from operations		0.49

Distributions declared		(0.05)

Total increase in net assets		0.44
Net asset value at end of period		$	7.90
Per share market price, beginning of period		$	2.85
Per share market price, end of period		$	2.82
Total return based on market value(3)		0.70		%
Total return based on net asset value(4)		6.57		%
Shares outstanding at end of period		23,528,844
Ratios/Supplemental Data:
Ratio of operating expenses to average net assets(5)		10.80		%
Ratio of net operating expenses to average net assets(5)		11.04		%
Ratio of debt related expenses to average net assets(5)		3.82		%
Ratio of net investment income to average net assets(5)		6.68		%
Portfolio turnover rate(6)		16.28		%

(1)Prior period financial highlights have not been presented as the Company was not regulated as a BDC under the 1940 Act prior to January 1, 2026.

(2)Per share data amount is based on the basic weighted average number of common shares outstanding for the year/period presented (except for distributions to shareholders which is based on actual rate per share).

(3)Total return equals the increase or decrease of ending market value over beginning market value, plus declared dividends per share assuming reinvestment of dividends, divided by the beginning market value. Total return does not include sales load.

(4)Total return based on net asset value is calculated as the change in net asset value per share during the period, plus declared and payable distributions per share for the period, divided by beginning net asset value per share.

(5)Amounts are annualized except for non-recurring income and expenses (other income).

(6)The portfolio turnover rate is calculated based on the lesser of purchases or sales of investments year to date divided by the average fair value of the portfolio.

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

Schedule of Investments and Industrial Composition of Portfolio At Fair Value

The following table summarizes the Company’s investments as of March 31, 2026:


	As of March 31, 2026
	Amortized cost(1)		Fair Value(2)

First lien senior term loans	$	345,918,978	$	279,237,624
Total investments	$	345,918,978	$	279,237,624

(1)The difference between the amortized cost and the outstanding principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.

(2)Refer to Note 5.

The industrial composition of the Company’s portfolio at fair value as of March 31, 2026 were as follows:


	As of March 31, 2026
Investment Type	Fair Value		% of Total Investments at Fair Value

Cannabis	$	201,120,634	72.0	%
Insurance	19,876,990		7.1	%
Commercial & Professional Services	58,240,000		20.9	%
Total investments	$	279,237,624	100.0	%

NET ASSETS (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Stock-Based Compensation Expense

The following table summarizes the stock-based compensation expense incurred by the Company for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
		2026		2025

Stock-based compensation		$	—	$	553,749

Schedule of Dividends Declared

The following table summarizes the Company’s distributions declared during the three months ended March 31, 2026 and 2025:


Declaration Date	Record Date	Payment Date	Per Common Share Distribution Amount		Total Distribution Amount

3/11/2025	3/31/2025	4/15/2025	$	0.23	$	5,197,082


2025 Period Subtotal			$	0.23	$	5,197,082
3/2/2026	3/31/2026	4/15/2026	$	0.05	$	1,176,442
2026 Period Subtotal			$	0.05	$	1,176,442

INTEREST RECEIVABLE (Tables)

3 Months Ended

Mar. 31, 2026

Interest Receivable and Other Assets [Abstract]

Schedule of Interest Receivable

The following table summarizes the interest receivable by the Company as of March 31, 2026:



	As of March 31, 2026

Interest receivable	$	1,267,521
PIK receivable	21,095
Unused fees receivable	2,044
Total interest receivable	$	1,290,660

The following table summarizes the interest receivable by the Company pre-Conversion as of December 31, 2025:


	As of December 31, 2025

Interest receivable	$	859,123
PIK receivable	15,977
Unused fees receivable	24,282
Total interest receivable	$	899,382

FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements of Investments and Cash and Cash Equivalents

The following table presents fair value measurements of investments and cash and cash equivalents as of March 31, 2026:


	Fair Value Measurement as of March 31, 2026
	Total		Level 1		Level 2		Level 3
First lien senior term loans	$	279,237,624	$	—	$	—	$	279,237,624
Cash and cash equivalents	112,730,935		112,730,935		—		—
Total portfolio investments, cash and cash equivalents	$	391,968,559	$	112,730,935	$	—	$	279,237,624

The following table presents fair value measurements of investments and cash and cash equivalents pre-Conversion as of December 31, 2025:


	Fair Value Measurement as of December 31, 2025
	Total		Level 1		Level 2		Level 3
First lien senior term loans	$	26,080,763	$	—	$	—	$	26,080,763
Cash and cash equivalents	38,605,507		38,605,507		—		—
Total portfolio investments, cash and cash equivalents	$	64,686,270	$	38,605,507	$	—	$	26,080,763

Schedule of Changes in Investments using Level 3 inputs

The following table presents changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2026:


	Three Months Ended March 31, 2026
Fair value, at December 31, 2025	$	26,080,763

Conversion fair value adjustment(1)	207,488,812
Net change in unrealized appreciation on investments	7,118,443
Purchases of investments	78,866,344
Proceeds from principal repayments and sales of investments	(41,751,649)
Net accretion of discount on investments	1,107,387
PIK interest	327,524
Fair value, at March 31, 2026	$	279,237,624
Net change in unrealized appreciation on investments still held as of March 31, 2026	$	7,118,443

(1)Refer to Note 2 for more information on the Conversion.

The following table presents changes in investments that use Level 3 inputs pre-Conversion as of and for the three months ended March 31, 2025:


	Three Months Ended March 31, 2025
Fair value, at December 31, 2024	$	30,510,804


Change in unrealized losses on loans at fair value, net	(685,478)

Loan repayments	(1,252,941)


Fair value, at March 31, 2025	$	28,572,385
Net change in unrealized losses on loans still held as of March 31, 2025	$	(685,478)

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of March 31, 2026 and December 31, 2025. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

As of March 31, 2026

Unobservable Input

Asset Category

Fair Value

Primary Valuation Techniques

Input

Estimated Range

Weighted Average(1)

First lien term loan

17,763,882

Recovery analysis

Recovery rate

39.40% - 48.20%

43.80%

198,480,337

Yield analysis

Market yield

12.76% - 28.14%

18.08%

15,000,000

Market quotes

Broker/dealer bids or quotes

N/A

47,993,405

Market approach

Revenue multiple

0.40x - 0.95x

0.79x

Total investments

279,237,624

As of December 31, 2025

Unobservable Input

Asset Category

Fair Value

Primary Valuation Techniques

Input

Estimated Range

Weighted Average(1)

First lien term loan

16,259,763

Recovery analysis

Recovery rate

31.60% - 37.90%

34.75%

4,821,000

Yield analysis

Market yield

19.50% - 21.50%

20.50%

5,000,000

Market quotes

Broker/dealer bids or quotes

N/A

Total investments

26,080,763

(1)Unobservable inputs were weighted by the relative fair value of the investments.

Schedule of Carrying Value and Fair Value of the Financial Instruments

The following table details the carrying value and fair value of the Company’s debt obligations not recognized at fair value in the unaudited interim consolidated statement of assets and liabilities as of March 31, 2026:


	As of March 31, 2026
	Carrying Value		Fair Value
Financial assets:
Cash and cash equivalents	$	112,730,935	$	112,730,935

Financial liabilities:
Senior notes payable, net	$	76,448,216	$	74,305,000

The following table details the carrying value and fair value of the Company’s financial instruments not recognized at fair value in the consolidated balance sheet as of December 31, 2025:


	As of December 31, 2025
		Carrying Value		Fair Value
Financial assets:
Cash and cash equivalents		$	38,605,507	$	38,605,507
Loans held for investment at carrying value, net		$	253,625,119	$	207,805,490
Financial liabilities:
Senior notes payable, net		$	76,322,493	$	74,151,000

CONSOLIDATED STATEMENT OF CHANGES IN NET ASSETS (unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2026 $ / shares
Statement of Stockholders' Equity [Abstract]
Distributions declared (in dollars per share)	$ 0.05

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
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

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings Per Common Share

The following information sets forth the computations of basic and diluted net increase in net assets resulting from operations per common share for the three months ended March 31, 2026:


	Three Months Ended March 31, 2026

Net increase in net assets resulting from operations	$	11,427,347






Basic weighted average shares of common stock outstanding	23,528,844






Basic and diluted net increase in net assets resulting from operations per common share	$	0.49

The following information sets forth the computations of basic and diluted earnings per common share for the three months ended March 31, 2025:


	Three Months Ended March 31, 2025

Net income	$	4,067,685

Dividends paid on unvested restricted stock	(114,355)


Net income attributable to common shareholders	3,953,330
Divided by:
Basic weighted average shares of common stock outstanding	22,097,979
Weighted average unvested restricted stock and dilutive stock options	12,123
Diluted weighted average shares of common stock outstanding	22,110,102

Basic earnings per common share	$	0.18
Diluted earnings per common share	$	0.18

SIGNIFICANT ACCOUNTING POLICIES (Details)	Jan. 01, 2026 USD ($)
Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Adjustment to fair value in connection with the conversion	$ 207,488,812

CURRENT EXPECTED CREDIT LOSSES	3 Months Ended
CURRENT EXPECTED CREDIT LOSSES	Mar. 31, 2026
Credit Loss [Abstract]
CURRENT EXPECTED CREDIT LOSSES	CURRENT EXPECTED CREDIT LOSSES As of March 31, 2026, the Company did not have a CECL Reserve, as all investments are held at fair value. As of December 31, 2025, the Company’s CECL Reserve for its loans held at carrying value was approximately $46.1 million, or 18.19% of the Company’s total loans held at carrying value of approximately $253.6 million, and is bifurcated between the current expected credit loss reserve (contra-asset) related to outstanding balances on loans held at carrying value and loan receivable held at carrying value of approximately $46.1 million and a liability for unfunded commitments of approximately $0.1 million, respectively. The liability was based on the unfunded portion of the loan commitment over the full contractual period over which the Company is exposed to credit risk through a current obligation to extend credit. Management considered the likelihood that funding will occur and, if funded, the expected credit loss on the funded portion when determining the amount to allocate to its CECL Reserve.

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-42

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 44
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-44

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Name Accounting Standards Codification
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-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-20

+ Details

NET ASSETS - Schedule of Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equity [Abstract]
Stock-based compensation	$ 0	$ 553,749

INCOME TAX - Narrative (Details) - USD ($)	3 Months Ended
INCOME TAX - Narrative (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Total current income tax expense (benefit)	$ 109,368	$ 164,981
Unrecognized tax benefits	0
Tax expense for US federal tax	$ 0	$ 0
Exercise tax of undistributed ordinary income and net capital gains (in percent)	4.00%	4.00%
Deferred tax assets	$ 800,000	$ 1,400,000
Deferred tax assets, valuation allowance	$ 0	$ 0

NET ASSETS

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

NET ASSETS

Series A Preferred Stock

As of March 31, 2026 and December 31, 2025, the Company authorized 10,000 preferred shares designated as 12.0% Series A Cumulative Non-Voting Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”). As of March 31, 2026 and December 31, 2025, there were zero shares of Series A Preferred Stock issued and outstanding, respectively.

The Series A Preferred Stock entitles the holders thereof to receive cumulative cash dividends at a rate per annum of 12.0% of the liquidation preference of $1,000 per share plus all accumulated and unpaid dividends thereon. The Company generally may not declare or pay, or set apart for payment, any dividend or other distribution on any shares of the Company’s stock ranking junior to the Series A Preferred Stock as to dividends, including the Company’s common stock, or redeem, repurchase or otherwise make payments on any such shares, unless full, cumulative dividends on all outstanding shares of Series A Preferred Stock have been declared and paid or set apart for payment for all past dividend periods. The holders of the Series A Preferred Stock generally have no voting rights except in limited circumstances, including certain amendments to the Company’s charter and the authorization or issuance of equity securities senior to or on parity with the Series A Preferred Stock. The Series A Preferred Stock is not convertible into shares of any other class or series of our stock. The Series A Preferred Stock is senior to all other classes and series of shares of the Company’s stock as to dividend and redemption rights and rights upon the Company’s liquidation, dissolution and winding up.

Upon written notice to each record holder of the Series A Preferred Stock as to the effective date of redemption, the Company may redeem the shares of the outstanding Series A Preferred Stock at the Company’s option, in whole or in part, at any time for cash at a redemption price equal to $1,000 per share, plus all accrued and unpaid dividends thereon up to and including the date fixed for redemption. Shares of the Series A Preferred Stock that are redeemed shall no longer be deemed outstanding shares of the Company and all rights of the holders of such shares will terminate.

Common Stock

As of March 31, 2026 and December 31, 2025, the Company authorized 50,000,000 shares of common stock at $0.01 par value per share, pursuant to the Articles of Amendment, dated March 10, 2022 (“Common Stock”). As of March 31, 2026 and December 31, 2025, 23,528,844 shares of Common Stock were issued and outstanding, respectively.

During the three months ended March 31, 2026 and year ended December 31, 2025, the Company did not issue any shares of its common stock, other than shares of common stock sold under the ATM Program (hereinafter defined) and restricted stock awards granted under the 2020 Plan.

Shelf Registration Statement

On April 5, 2022, the Company filed a shelf registration statement on Form S-3 (File No. 333-264144) (the “Prior Shelf Registration Statement”), which was declared effective on April 18, 2022. Under the Prior Shelf Registration Statement, the Company was able, from time to time, issue and sell up to $1.0 billion of the Company’s common stock, preferred stock, debt securities, warrants and rights (including as part of a unit) to purchase shares of the Company’s common stock or preferred stock. The Prior Shelf Registration Statement expired on April 18, 2025.

On April 17, 2025, the Company filed a shelf registration statement on Form S-3 (File No. 333-286604) (the “Shelf Registration Statement”), which was declared effective on April 25, 2025. Under the Shelf Registration Statement, the Company may, from time to time, issue and sell up to $1.0 billion of the Company’s common stock, preferred stock, debt securities, warrants and rights (including as part of a unit) to purchase shares of the Company’s common stock or preferred stock. Following its election to be regulated as a BDC, the Company is no longer eligible to issue securities pursuant to the Shelf Registration Statement.

At-the-Market Offering Program (“ATM Program”)

On April 5, 2022, the Company entered into an Open Market Sales Agreement (the “Sales Agreement”) with Jefferies LLC and Citizens JMP Securities LLC, as Sales Agents, under which the Company may, from time to time, offer and sell shares of Common Stock, having an aggregate offering price of up to $75.0 million. As of March 31, 2026, the ATM Program was no longer in effect. The ATM Program and related Sales Agreement expired in April 2025, in connection with the expiration of the Company’s Prior Shelf Registration Statement in conjunction with its election to be regulated as a BDC. The Company does not currently have an ATM Program, but may enter into a new ATM Program and related sales agreement in the future pursuant to which sales may be made under the Shelf Registration Statement.

Prior to commencing a new ATM Program, the Company would need to register the offering on a new registration statement on Form N-2, which would be subject to review and would need to be declared effective by the SEC. Under the terms of the Sales Agreement, the Company agreed to pay the Sales Agents a commission of up to 3.0% of the gross proceeds from each sale of Common Stock sold through the Sales Agents. Sales of common stock, if any, were to be made in transactions that are deemed to be “at-the-market” offerings, as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended (the “Securities Act”). During the three months ended March 31, 2026, the Company did not sell any shares of the Company’s common stock under the Sales Agreement. At the time of termination, the Company’s remaining authorization under the Sales Agreement was approximately $47.4 million.

Stock Incentive Plan

The Company previously established a stock incentive compensation plan (the “2020 Plan”). The 2020 Plan authorized stock options, stock appreciation rights, restricted stock, stock bonuses, stock units and other forms of awards granted or denominated in the Company’s common stock or units of common stock. The 2020 Plan maintained flexibility to offer competitive incentives and to tailor benefits to specific needs and circumstances. The Company previously granted stock options and restricted stock awards to participants in the 2020 Plan. Persons eligible to receive awards under the 2020 Plan included officers or employees of the Company or any of its subsidiaries, directors of the Company, employees of the Adviser and certain directors, consultants and other service providers to the Company or any of its subsidiaries.

The Company did not grant any options and no options were exercised during the three months ended March 31, 2025. The total fair value of shares vested during the three months ended March 31, 2025, was approximately $1.1 million. During the three months ended March 31, 2025, 271,497 shares of restricted stock were granted with a weighted-average grant date fair value of $8.37 per share, and 127,944 shares of restricted stock vested with a weighted-average grant date fair value of $8.68 per share.

As of March 31, 2026, there were 1,646,127 shares of common stock granted under the 2020 Plan, underlying 900 options and 1,645,227 shares of restricted stock that had been granted under the 2020 Plan prior to Conversion.

Because externally managed BDCs are not permitted under the 1940 Act to issue or have outstanding restricted stock or stock options, the Company’s Board, in advance of the Conversion, approved the accelerated vesting of its outstanding restricted stock and cancelled its outstanding stock options. The Company accounted for this modification as a Type I modification (probable to probable).

Stock Compensation

The following table summarizes the stock-based compensation expense incurred by the Company for the three months ended March 31, 2026 and 2025:


	Three months ended March 31,
		2026		2025

Stock-based compensation		$	—	$	553,749

Distributions

The following table summarizes the Company’s distributions declared during the three months ended March 31, 2026 and 2025:


Declaration Date	Record Date	Payment Date	Per Common Share Distribution Amount		Total Distribution Amount

3/11/2025	3/31/2025	4/15/2025	$	0.23	$	5,197,082


2025 Period Subtotal			$	0.23	$	5,197,082
3/2/2026	3/31/2026	4/15/2026	$	0.05	$	1,176,442
2026 Period Subtotal			$	0.05	$	1,176,442

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 13
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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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-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Commitments to Fund Various Investments

As of March 31, 2026, the Company had the following commitments to fund various investments:



	As of March 31, 2026

Total loan commitments	$	375,661,201
Less: drawn commitments	(361,215,505)
Total undrawn commitments	$	14,445,696

As of December 31, 2025, the Company had the following commitments to fund various investments pre-Conversion:


	As of December 31, 2025

Total loan commitments	$	332,631,207
Less: drawn commitments	(322,339,968)
Total undrawn commitments	$	10,291,239

Schedule of Unfunded Commitments

See below for more information on the Company’s unfunded commitments:


	As of March 31, 2026
Unfunded Commitment Balances
First lien delayed draw term loan:
Theratrue, Inc.	$	3,029,030

Standard Wellness Company, LLC	1,750,000
BCIS AH Borrower LLC	9,666,666
Total	$	14,445,696

See below for more information on the Company’s unfunded commitments pre-Conversion:



	As of December 31, 2025
Unfunded Commitment Balances
First lien delayed draw term loan:
Theratrue, Inc.	$	3,520,374
Gron Holdings, Inc.	5,141,110
Standard Wellness Company, LLC	1,629,755

Total	$	10,291,239

EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings Per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net increase in net assets resulting from operations	$ 11,427,347	$ 4,067,685
Dividends paid on unvested restricted stock		(114,355)
Net increase in net assets attributable to common shareholders, basic		3,953,330
Net increase in net assets attributable to common shareholders, diluted		$ 3,953,330
Divided by:
Basic weighted average shares of common stock outstanding (in shares)	23,528,844	22,097,979
Weighted average unvested restricted stock and dilutive stock options (in shares)		12,123
Diluted weighted average shares of common stock outstanding (in shares)	23,528,844	22,110,102
Basic earnings per common share (in dollars per share)	$ 0.49	$ 0.18
Diluted earnings per common share (in dollars per share)	$ 0.49	$ 0.18

INVESTMENTS - Schedule of Investments (Details) - USD ($)

Mar. 31, 2026

Dec. 31, 2025

Schedule of Investments [Line Items]

Amortized Cost

$ 345,918,978

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

$ 307,369,372

^[4],[5],[6]

Fair Value

279,237,624

^[1],[2],[7]

233,569,575

^[4],[5],[8]

First lien term loan

Schedule of Investments [Line Items]

Amortized Cost

345,918,978

Fair Value

$ 279,237,624

$ 26,080,763

[1]	All debt investments are income producing unless otherwise indicated.
[2]	The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[3]	The difference between the amortized cost and the outstanding principal amount of the investments consists of unaccreted original issue discount (“OID”) and loan origination costs.
[4]	All debt investments are income producing unless otherwise indicated.
[5]	The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[6]	The difference between the amortized cost and the outstanding principal amount of the investments consists of unaccreted original issue discount (“OID”) and loan origination costs.
[7]	Refer to Note 5.
[8]	Refer to Note 5.

- Definition

Cost of the investment.

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- Definition

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+ Details

SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2026
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	SIGNIFICANT ACCOUNTING POLICIES The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and results of operations included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 filed with the U.S. Securities and Exchange Commission (“SEC”), which were prepared when the Company operated as a real estate investment trust (“REIT”) and prior to its election to be regulated as a BDC (“pre-Conversion”). Refer to Note 2 to the Company’s Annual Report on Form 10-K for a description of the Company’s significant accounting policies. The Company has included disclosures below regarding basis of presentation and other accounting policies that (i) are required to be disclosed quarterly, (ii) have material changes or (iii) the Company views as critical as of the date of this report. The accompanying unaudited interim consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q, ASC 946, Financial Services—Investment Companies (“ASC 946”), and Articles 6 and 10 of Regulation S-X. Accordingly, certain disclosures accompanying the annual consolidated financial statements prepared in accordance with GAAP are omitted. Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared on the accrual basis of accounting in conformity with GAAP and include the accounts of the Company and its wholly-owned subsidiaries. As of January 1, 2026, the Company is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in ASC 946 and SEC Regulation S-X. As the Company is an investment company, portfolio investments held by the Company and its subsidiaries are not consolidated into the Consolidated Financial Statements. The portfolio investments held by the Company and its subsidiaries are included on the Statement of Assets and Liabilities as investments at fair value. Effective January 1, 2026, the Company elected to be regulated as a BDC under the Investment Company Act of 1940 and adopted investment company accounting. As a result, the Company adopted ASC 946 from its prior accounting as a REIT to investment company accounting, which requires, among other things, that investments be carried at fair value with changes in fair value recognized in the statement of operations. Due to the prospective application of a change in accounting as required under ASC 946-10-25-3, the Company has determined that the presentation of its consolidated financial statements for periods beginning after December 31, 2025 are not comparable to the consolidated financial statements previously prepared for prior periods for which the Company did not apply ASC 946. As a result, the Company has provided separate consolidated financial statements for applicable prior periods in Item 1 of this Quarterly Report on Form 10-Q. Reclassifications and Presentation Effective January 1, 2026, the Company prospectively adopted ASC 946. Upon its change in status, the following significant changes and elections were made: •Loans previously held for investment at carrying value with related current expected credit loss reserves are now measured at fair value under ASC 946. The opening balance sheet adjustment was $207,488,812. There was no impact to opening accumulated earnings related to this change; •Inclusion of Schedule of Investments; and •Change in presentation of Statement of Cash Flows to align with investment company activities. The unaudited interim consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. All intercompany balances and transactions have been eliminated in consolidation. The Company’s results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results that may ultimately be realized for the full fiscal year ending December 31, 2026. Valuation of Portfolio Investments The Adviser shall value the investments owned by the Company, subject at all times to the oversight of the Company's Board of Directors (the “Board” or the “Board of Directors”). The Adviser shall follow its own written valuation policies and procedures as approved by the Board when determining valuations. Investments for which market quotations are readily available are typically valued at such market quotations. Pursuant to Rule 2a-5 under the 1940 Act, the Board designates the Adviser as Valuation Designee to perform fair value determinations for the Company for investments that do not have readily available market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Company will be valued on the basis of prices provided by principal market makers. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the independent broker quotes obtained. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at a price that reflects such security’s fair value. With respect to investments for which market quotations are not readily available, in particular, illiquid/hard to value assets, the Advisor will typically undertake a multi-step valuation process. The Company applies ASC Topic 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value in accordance with US GAAP and required disclosures of fair value measurements. The fair value of a financial instrument is the amount that would be received in an orderly transaction between market participants at the measurement date. The Company determines the fair value of investments consistent with its valuation policy. The Company discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below: •Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date. •Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. •Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement. A financial instrument’s level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuations of Level 2 investments are generally based on quotations received from pricing services, dealers or brokers. Consideration is given to the source and nature of the quotations and the relationship of recent market activity to the quotations provided. Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Company evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Company considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. Criteria considered includes the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. The level of an investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment. The fair value assigned to these investments is based upon available information and may fluctuate from period to period. In addition, it does not necessarily represent the amount that might ultimately be realized upon sale. Due to inherent uncertainty of valuation, the estimated fair value of investments may differ from the value that would have been used had a ready market for the security existed, and the difference could be material. Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the valuation of loans held for investment at fair value. Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) and in January 2025, the FASB issued ASU 2025-01—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”), which requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The adoption of ASU 2024-03 is not expected to have a material impact on the Company’s consolidated financial statements.

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Tables)

3 Months Ended

Mar. 31, 2026

LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]

Schedule of Loans Held at Carrying Value

The following tables summarize the Company’s loans held at carrying value as of December 31, 2025:


	As of December 31, 2025
	Outstanding Principal(1)		Original Issue Discount		Carrying Value(1)		Weighted Average Remaining Life (Years)(2)

Senior term loans	$	259,626,556	$	(6,001,437)	$	253,625,119	1.4
Total loans held at carrying value	$	259,626,556	$	(6,001,437)	$	253,625,119	1.4

(1)The difference between the carrying value and the outstanding principal amount of the loans consists of unaccreted OID and loan origination costs.

(2)Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2025.

COMMITMENTS AND CONTINGENCIES - Schedule of Commitments to Fund Various Investments (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]
Total loan commitments	$ 375,661,201	$ 332,631,207
Less: drawn commitments	(361,215,505)	(322,339,968)
Total undrawn commitments	$ 14,445,696	$ 10,291,239

FAIR VALUE - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details)

Mar. 31, 2026

USD ($)

Dec. 31, 2025

USD ($)

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value

$ 279,237,624

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

$ 233,569,575

^[4],[5],[6]

Level 3

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value

279,237,624

26,080,763

Level 3 | Recovery analysis | First lien term loan

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value

$ 17,763,882

$ 16,259,763

Level 3 | Recovery analysis | Minimum | Recovery rate | First lien term loan

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

0.3940

0.3160

Level 3 | Recovery analysis | Maximum | Recovery rate | First lien term loan

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

0.4820

0.3790

Level 3 | Recovery analysis | Weighted Average | Recovery rate | First lien term loan

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

0.4380

0.3475

Level 3 | Yield analysis | First lien term loan

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value

$ 198,480,337

$ 4,821,000

Level 3 | Yield analysis | Minimum | Market yield | First lien term loan

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

0.1276

0.1950

Level 3 | Yield analysis | Maximum | Market yield | First lien term loan

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

0.2814

0.2150

Level 3 | Yield analysis | Weighted Average | Market yield | First lien term loan

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

0.1808

0.2050

Level 3 | Market quotes | First lien term loan

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value

$ 15,000,000

$ 5,000,000

Level 3 | Market approach | First lien term loan

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Fair Value

$ 47,993,405

Level 3 | Market approach | Minimum | Revenue multiple | First lien term loan

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

0.40

Level 3 | Market approach | Maximum | Revenue multiple | First lien term loan

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

0.95

Level 3 | Market approach | Weighted Average | Revenue multiple | First lien term loan

Fair Value Measurement Inputs and Valuation Techniques [Line Items]

Unobservable Input

0.79

[1]	All debt investments are income producing unless otherwise indicated.
[2]	The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[3]	Refer to Note 5.
[4]	All debt investments are income producing unless otherwise indicated.
[5]	The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[6]	Refer to Note 5.

DEBT - Schedule of Principal Payments (Details) - 2027 Senior Notes	Mar. 31, 2026 USD ($)
Line of Credit Facility [Line Items]
2026 (remaining)	$ 0
2027	77,000,000
2028	0
2029	0
2030	0
Thereafter	0
Total principal	77,000,000
Deferred financing costs included in senior notes payable	(551,784)
Senior notes payable, net	$ 76,448,216

FAIR VALUE - Schedule of Fair Value Measurements of Investments and Cash and Cash Equivalents (Details) - USD ($)

Mar. 31, 2026

Dec. 31, 2025

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value

$ 279,237,624

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

$ 233,569,575

^[4],[5],[6]

Cash and cash equivalents

112,730,935

38,605,507

Total portfolio investments, cash and cash equivalents

391,968,559

64,686,270

Level 1

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value

Cash and cash equivalents

112,730,935

38,605,507

Total portfolio investments, cash and cash equivalents

112,730,935

38,605,507

Level 2

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value

Cash and cash equivalents

Total portfolio investments, cash and cash equivalents

Level 3

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value

279,237,624

26,080,763

Cash and cash equivalents

Total portfolio investments, cash and cash equivalents

279,237,624

26,080,763

First lien term loan

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value

$ 279,237,624

$ 26,080,763

[1]	All debt investments are income producing unless otherwise indicated.
[2]	The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[3]	Refer to Note 5.
[4]	All debt investments are income producing unless otherwise indicated.
[5]	The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[6]	Refer to Note 5.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Fair value of investment in security owned.

+ References

+ Details

ORGANIZATION	3 Months Ended
ORGANIZATION	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Advanced Flower Capital Inc. (the “Company” or “AFC”) is a Maryland corporation and an institutional lender that originates, structures, underwrites, and manages senior secured loans and other debt investments. The Company is externally managed by AFC Management, LLC (the “Adviser”) pursuant to an investment advisory agreement (the “Advisory Agreement”). Effective January 1, 2026, the Company elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). As a BDC, the Company is now subject to the regulatory framework applicable to BDCs under the 1940 Act, including requirements relating to portfolio composition, asset coverage, affiliate transactions, governance, and compliance. For U.S. federal income tax purposes, the Company intends to elect to be treated as a regulated investment company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ending December 31, 2026. The Company’s primary investment focus is on senior secured lending to lower middle market companies across industries. Prior to its election to be regulated as a BDC, the Company primarily focused on senior secured lending, including loans to cannabis industry operators in states that have legalized medical and/or adult-use cannabis. In August 2025, the Company expanded its investment strategy to include senior secured lending to companies ancillary to the cannabis industry, as well as to companies outside of the cannabis industry. These investments are generally held for investment and are typically secured, directly or indirectly, by real estate, equipment, cash flows, licenses (where applicable), and other borrower assets, depending on applicable laws and regulations governing such borrowers. The Company operates in one operating segment. The Company’s objective is to provide attractive risk-adjusted returns over time through cash distributions and capital appreciation, primarily by sourcing, underwriting, structuring and funding loans to lower middle market companies across a broad range of industries. The Company has formed wholly-owned subsidiaries, AFCG TRS1, LLC and TCGDL LLC, to facilitate certain investment and operational activities. The financial statements of these subsidiaries are consolidated in the Company’s consolidated financial statements.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 01, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Securities Act File Number	001-39995
Entity Registrant Name	ADVANCED FLOWER CAPITAL INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	85-1807125
Entity Address, Address Line One	477 S. Rosemary Ave.
Entity Address, Address Line Two	Suite 301
Entity Address, City or Town	West Palm Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33401
City Area Code	561
Local Phone Number	510-2390
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	AFCG
Security Exchange Name	NASDAQ
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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		23,528,844
Entity Central Index Key	0001822523
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Amendment Flag	false

INVESTMENTS - Narrative (Details)

3 Months Ended

Mar. 31, 2026

USD ($)

loan

investment

Dec. 31, 2025

USD ($)

^[4],[5]

Schedule of Investments [Line Items]

Number of loans held for investment | loan

Loans held at fair value, aggregate commitments

$ 375,700,000

Outstanding principle

356,600,000

Loans held at fair value, funded of outstanding principal

80,600,000

Proceeds from principal repayments and sales of investments

$ 41,800,000

Investments at fair value (in percent)

100.00%

Aggregate amortized cost

$ 345,918,978

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

$ 307,369,372

^[6]

Aggregate fair value

$ 279,237,624

^[1],[2],[7]

$ 233,569,575

^[8]

Nonaccrual Status

Schedule of Investments [Line Items]

Number of portfolio companies investments | investment

Investments at fair value (in percent)

23.50%

Aggregate amortized cost

$ 126,500,000

Aggregate fair value

$ 65,800,000

Investment Owned, At Fair Value | Interest Rate Type Risk | Floating Interest Rate

Schedule of Investments [Line Items]

Concentration risk (in percent)

59.30%

Investment Owned, At Fair Value | Interest Rate Type Risk | Fixed Interest Rate

Schedule of Investments [Line Items]

Concentration risk (in percent)

40.70%

[1]	All debt investments are income producing unless otherwise indicated.
[2]	The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[3]	The difference between the amortized cost and the outstanding principal amount of the investments consists of unaccreted original issue discount (“OID”) and loan origination costs.
[4]	All debt investments are income producing unless otherwise indicated.
[5]	The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[6]	The difference between the amortized cost and the outstanding principal amount of the investments consists of unaccreted original issue discount (“OID”) and loan origination costs.
[7]	Refer to Note 5.
[8]	Refer to Note 5.

INVESTMENTS

3 Months Ended

Mar. 31, 2026

Investments, All Other Investments [Abstract]

INVESTMENTS

As of March 31, 2026, the Company’s investment portfolio included 15 loans, comprised of first lien senior term loans that are geographically headquartered in the United States. The aggregate commitment under these loans was approximately $375.7 million and outstanding principal was approximately $356.6 million as of March 31, 2026. For the three months ended March 31, 2026, the Company funded $80.6 million of new loans and additional principal and received approximately $41.8 million of principal repayments.

As of March 31, 2026, on a fair value basis, 59.3% of performing debt investments bore interest at a floating rate and 40.7% of performing debt investments bore interest at a fixed rate, respectively.

The following table summarizes the Company’s investments as of March 31, 2026:


	As of March 31, 2026
	Amortized cost(1)		Fair Value(2)

First lien senior term loans	$	345,918,978	$	279,237,624
Total investments	$	345,918,978	$	279,237,624

(1)The difference between the amortized cost and the outstanding principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.

(2)Refer to Note 5.

The Company uses Global Industry Classification Standards for classifying the industry groupings of its portfolio companies. The industrial composition of the Company’s portfolio at fair value as of March 31, 2026 were as follows:


	As of March 31, 2026
Investment Type	Fair Value		% of Total Investments at Fair Value

Cannabis	$	201,120,634	72.0	%
Insurance	19,876,990		7.1	%
Commercial & Professional Services	58,240,000		20.9	%
Total investments	$	279,237,624	100.0	%

As of March 31, 2026, the Company had certain investments in three portfolio companies on nonaccrual status, which represented 23.5% of total debt investments at fair value. As of March 31, 2026, investments on nonaccrual status had an aggregate amortized cost and fair value of approximately $126.5 million and $65.8 million, respectively.

- Definition

The entire disclosure for investments owned by investment company.

+ References + Details

INVESTMENTS - Schedule of Industrial Composition of Portfolio At Fair Value (Details) - USD ($)

Mar. 31, 2026

Dec. 31, 2025

^[4],[5],[6]

Schedule of Investments [Line Items]

Fair Value

$ 279,237,624

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

$ 233,569,575

% of Total Investments at Fair Value

100.00%

Cannabis

Schedule of Investments [Line Items]

Fair Value

$ 201,120,634

% of Total Investments at Fair Value

72.00%

Insurance

Schedule of Investments [Line Items]

Fair Value

$ 19,876,990

% of Total Investments at Fair Value

7.10%

Commercial & Professional Services

Schedule of Investments [Line Items]

Fair Value

$ 58,240,000

% of Total Investments at Fair Value

20.90%

[1]	All debt investments are income producing unless otherwise indicated.
[2]	The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[3]	Refer to Note 5.
[4]	All debt investments are income producing unless otherwise indicated.
[5]	The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[6]	Refer to Note 5.

- Definition

Fair value of investment in security owned.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

COMMITMENTS AND CONTINGENCIES

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

As of March 31, 2026, the Company had the following commitments to fund various investments:



	As of March 31, 2026

Total loan commitments	$	375,661,201
Less: drawn commitments	(361,215,505)
Total undrawn commitments	$	14,445,696

See below for more information on the Company’s unfunded commitments:


	As of March 31, 2026
Unfunded Commitment Balances
First lien delayed draw term loan:
Theratrue, Inc.	$	3,029,030

Standard Wellness Company, LLC	1,750,000
BCIS AH Borrower LLC	9,666,666
Total	$	14,445,696

As of December 31, 2025, the Company had the following commitments to fund various investments pre-Conversion:


	As of December 31, 2025

Total loan commitments	$	332,631,207
Less: drawn commitments	(322,339,968)
Total undrawn commitments	$	10,291,239

See below for more information on the Company’s unfunded commitments pre-Conversion:



	As of December 31, 2025
Unfunded Commitment Balances
First lien delayed draw term loan:
Theratrue, Inc.	$	3,520,374
Gron Holdings, Inc.	5,141,110
Standard Wellness Company, LLC	1,629,755

Total	$	10,291,239

The Company from time to time may be a party to litigation or other legal proceedings relating to claims arising from the ordinary course of business. Refer to Part II. Item 1 – Legal Proceedings for information regarding certain material developments in pending litigation during the quarter ended March 31, 2026. The Company is required to establish reserves for litigation matters where those matters present loss contingencies that are both probable and estimable. When loss contingencies are not both probable and estimable, we do not establish reserves. Because each of these actions are in their early stages, no reasonable estimate of possible outcomes resulting from these legal actions can be made at this time.

Historically, the Company provided loans to companies operating in the cannabis industry which involved significant risks, including the risk of strict enforcement against the Company’s borrowers on the federal illegality of cannabis, the Company’s borrowers’ inability to renew or otherwise maintain their licenses or other requisite authorizations for their

cannabis operations, and such loans lack of liquidity, and the Company could lose all or part of any of the Company’s loans.

The Company’s ability to grow or maintain its business with respect to the loans it makes to companies operating in the cannabis industry depends on state laws pertaining to the cannabis industry. New laws that are adverse to the Company’s borrowers may be enacted, and current favorable state or national laws or enforcement guidelines relating to cultivation, production and distribution of cannabis may be modified or eliminated in the future, which would impede the Company’s ability to grow and could materially adversely affect the Company’s business.

Management’s plan to mitigate risks include monitoring the legal landscape as deemed appropriate. Also, should a loan default or otherwise be seized, the Company may be prohibited from owning cannabis assets and thus could not take possession of collateral, in which case the Company would look to sell the loan, which could result in the Company realizing a loss on the transaction.

INCOME TAX (Tables)

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

Schedule of Income Taxes

The income tax provision for the Company and TRS1 consisted of the following for the three months ended March 31, 2026:


	Three Months Ended March 31, 2026

Net investment income taxes:
Current:
Federal	$	86,090
State	23,278
Excise tax	—
Total current income tax expense (benefit)	109,368

Investment valuation related taxes:



Total deferred income tax expense (benefit)	517,227
Total income tax expense (benefit), including excise tax	$	626,595

The income tax provision for the Company and TRS1 pre-Conversion consisted of the following for the three months ended March 31, 2025:


	Three Months Ended March 31, 2025

Current:
Federal	$	100,000
State	64,981
Total current income tax expense (benefit)	164,981



Total deferred income tax expense (benefit)	(52,575)
Excise tax	—
Total income tax expense (benefit), including excise tax	$	112,406

ORGANIZATION (Details)	3 Months Ended
ORGANIZATION (Details)	Mar. 31, 2026 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1

FAIR VALUE

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE

Loans Held for Investment

The Company’s loans are typically valued using a yield analysis, which is typically performed for non-credit impaired loans to borrowers where the Company does not own a controlling equity position. Alternative valuation methodologies may be used as appropriate, and can include a market analysis, income analysis, or recovery analysis. To determine fair value using a yield analysis, a current price is imputed for the loan based upon an assessment of the expected market yield for a similarly structured loan with a similar level of risk. In the yield analysis, the Company considers the current contractual interest rate, the maturity and other terms of the loan relative to risk of the company and the specific loan. A key determinant of risk, among other things, is the leverage through the loan relative to the enterprise value of the borrower. As loans held by the Company are substantially illiquid with no active loan market, the Company depends on primary market data, including newly funded loans, as well as secondary market data with respect to high-yield debt instruments and syndicated loans, as inputs in determining the appropriate market yield, as applicable.

The following table presents fair value measurements of investments and cash and cash equivalents as of March 31, 2026:


	Fair Value Measurement as of March 31, 2026
	Total		Level 1		Level 2		Level 3
First lien senior term loans	$	279,237,624	$	—	$	—	$	279,237,624
Cash and cash equivalents	112,730,935		112,730,935		—		—
Total portfolio investments, cash and cash equivalents	$	391,968,559	$	112,730,935	$	—	$	279,237,624

The following table presents fair value measurements of investments and cash and cash equivalents pre-Conversion as of December 31, 2025:


	Fair Value Measurement as of December 31, 2025
	Total		Level 1		Level 2		Level 3
First lien senior term loans	$	26,080,763	$	—	$	—	$	26,080,763
Cash and cash equivalents	38,605,507		38,605,507		—		—
Total portfolio investments, cash and cash equivalents	$	64,686,270	$	38,605,507	$	—	$	26,080,763

The following table presents changes in investments that use Level 3 inputs as of and for the three months ended March 31, 2026:


	Three Months Ended March 31, 2026
Fair value, at December 31, 2025	$	26,080,763

Conversion fair value adjustment(1)	207,488,812
Net change in unrealized appreciation on investments	7,118,443
Purchases of investments	78,866,344
Proceeds from principal repayments and sales of investments	(41,751,649)
Net accretion of discount on investments	1,107,387
PIK interest	327,524
Fair value, at March 31, 2026	$	279,237,624
Net change in unrealized appreciation on investments still held as of March 31, 2026	$	7,118,443

(1)Refer to Note 2 for more information on the Conversion.

The following table presents changes in investments that use Level 3 inputs pre-Conversion as of and for the three months ended March 31, 2025:


	Three Months Ended March 31, 2025
Fair value, at December 31, 2024	$	30,510,804


Change in unrealized losses on loans at fair value, net	(685,478)

Loan repayments	(1,252,941)


Fair value, at March 31, 2025	$	28,572,385
Net change in unrealized losses on loans still held as of March 31, 2025	$	(685,478)

As of March 31, 2026

Unobservable Input

Asset Category

Fair Value

Primary Valuation Techniques

Input

Estimated Range

Weighted Average(1)

First lien term loan

17,763,882

Recovery analysis

Recovery rate

39.40% - 48.20%

43.80%

198,480,337

Yield analysis

Market yield

12.76% - 28.14%

18.08%

15,000,000

Market quotes

Broker/dealer bids or quotes

N/A

47,993,405

Market approach

Revenue multiple

0.40x - 0.95x

0.79x

Total investments

279,237,624

As of December 31, 2025

Unobservable Input

Asset Category

Fair Value

Primary Valuation Techniques

Input

Estimated Range

Weighted Average(1)

First lien term loan

16,259,763

Recovery analysis

Recovery rate

31.60% - 37.90%

34.75%

4,821,000

Yield analysis

Market yield

19.50% - 21.50%

20.50%

5,000,000

Market quotes

Broker/dealer bids or quotes

N/A

Total investments

26,080,763

(1)Unobservable inputs were weighted by the relative fair value of the investments.

Changes in market yields, revenue multiples, and recovery rates may change the fair value of certain of the Company’s loans. Generally, an increase in market yields may result in a decrease in the fair value of certain of the Company’s loans, while a decrease in revenue multiples and recovery rates may result in a decrease in the fair value of certain of the Company’s loans.

Due to the inherent uncertainty of determining the fair value of loans that do not have a readily available market value, the fair value of the Company’s loans may fluctuate from period to period. Additionally, the fair value of the Company’s loans may differ significantly from the values that would have been used had a ready market existed for such loans and may differ materially from the values that the Company may ultimately realize. Further, such loans are generally subject to legal and other restrictions on resale or otherwise are less liquid than publicly traded securities. If the Company was required to liquidate a loan in a forced or liquidation sale, it could realize significantly less than the value at which the Company has recorded it.

In addition, changes in the market environment and other events that may occur over the life of the loans may cause the gains or losses ultimately realized on these loans to be different than the unrealized gains or losses reflected in the valuations currently assigned.

Fair Value of Financial Instruments

GAAP requires disclosure of fair value information about financial instruments, whether or not recognized at fair value in the balance sheets, for which it is practicable to estimate that value.


	As of March 31, 2026
	Carrying Value		Fair Value
Financial assets:
Cash and cash equivalents	$	112,730,935	$	112,730,935

Financial liabilities:
Senior notes payable, net	$	76,448,216	$	74,305,000

The following table details the carrying value and fair value of the Company’s financial instruments not recognized at fair value in the consolidated balance sheet as of December 31, 2025:


	As of December 31, 2025
		Carrying Value		Fair Value
Financial assets:
Cash and cash equivalents		$	38,605,507	$	38,605,507
Loans held for investment at carrying value, net		$	253,625,119	$	207,805,490
Financial liabilities:
Senior notes payable, net		$	76,322,493	$	74,151,000

Cash and cash equivalents have a carrying value which approximates their fair value due to the short-term nature of these instruments. The Company categorizes the fair value measurement of these assets as Level 1. The Company’s loans held for investment are measured using unobservable inputs, or Level 3 inputs. The fair value of the Company’s 2027 Senior Notes is estimated using a market bid technique based on observable inputs of the last available bid price in the market at the end of the period, or Level 2 inputs.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date the consolidated financial statements were available to be issued. There were no material subsequent events, other than those described below, that required disclosure in these unaudited interim consolidated financial statements. In February 2026, the Company delivered a notice of default and reservation of rights to High End Holdings LLC under the credit facilities governing the real estate and non-real estate loans, following the breach of certain financial covenants. Subsequently, in April 2026, the Company entered into a forbearance agreement with High End Holdings LLC, under which the Company agreed to forbear from exercising its rights and remedies with respect to the specified defaults for a defined forbearance period, subject to High End Holdings LLC’s compliance with certain payment and other obligations. In May 2026, after failing to meet certain milestones under the forbearance agreement, the Company entered into a forbearance and modification agreement, which extended the forbearance period through June 8, 2026, subject to High End Holdings LLC’s compliance with certain payment, capital raise, and other obligations, and amended certain provisions of the credit facilities, including, but not limited to, adjusted monthly amortization payments and amended maturity date to December 15, 2027. High End Holdings LLC is current on all interest and amortization obligations under the credit facilities. In April 2026, the Company funded the remaining unfunded commitment on our investment with BCIS AH Borrower LLC. The Company funded approximately $9.7 million of additional principal. In April 2026, the Company committed $2.5 million to each of the notes with Kristoff Buyer, LLC and Kristoff Parent, LLC, respectively. The Company committed $2.5 million to a $50.0 million term loan as part of a $80.0 million senior secured credit facility with Kristoff Buyer, LLC, with the commitment fully funded at closing. The loan was originated at a discount of 2.0% and matures April 2031. The loan bears cash interest at a rate of SOFR plus 5.75%, with a rate index floor of 2.50%. Concurrently, the Company committed $2.5 million of a $25.0 million senior secured credit facility with Kristoff Parent, LLC, which was fully funded at closing. The loan was originated at a discount of 2.25% and matures October 2031. The loan bears cash interest at a rate of 10.0% and 3.0% interest paid-in kind, with the option for the borrower to elect to pay interest at a rate of 15.0% paid-in kind. In May 2026, the Company’s credit facility to Justice Cannabis Company matured without repayment. The Company is pursuing all rights and remedies against the borrowers under the credit facility.

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (unaudited) (Parenthetical)	3 Months Ended
	Mar. 31, 2025 $ / shares
Statement of Stockholders' Equity [Abstract]
Dividends declared on common shares (in dollars per share)	$ 0.23

EARNINGS PER SHARE - Narrative (Details)	3 Months Ended
EARNINGS PER SHARE - Narrative (Details)	Mar. 31, 2025 shares
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive stock options (in shares)	2,320,290

FAIR VALUE - Schedule of Changes in Investments using Level 3 inputs (Details) - Level 3 - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Changes In Investments At Fair Value [Roll Forward]
Fair value, beginning balance	$ 26,080,763	$ 30,510,804
Conversion fair value adjustment	207,488,812
Net change in unrealized appreciation on investments	7,118,443	(685,478)
Purchases of investments	78,866,344
Proceeds from principal repayments and sales of investments	(41,751,649)	(1,252,941)
Net accretion of discount on investments	1,107,387
PIK interest	327,524
Fair value, ending balance	279,237,624	28,572,385
Net change in unrealized appreciation (losses) on investments still held	$ 7,118,443	$ (685,478)

INCOME TAXES - Schedule of Income Taxes (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Current:
Federal	$ 86,090	$ 100,000
State	23,278	64,981
Excise tax	0	0
Total current income tax expense (benefit)	109,368	164,981
Total deferred income tax expense (benefit)	517,227	(52,575)
Total income tax expense (benefit), including excise tax	$ 626,595	$ 112,406

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

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+ Details

FAIR VALUE - Schedule of Carrying Value and Fair Value of the Financial Instruments (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Financial assets:
Cash and cash equivalents	$ 112,730,935	$ 38,605,507
Carrying Value
Financial assets:
Cash and cash equivalents	112,730,935	38,605,507
Loans held for investment at carrying value, net		253,625,119
Financial liabilities:
Senior notes payable, net	76,448,216	76,322,493
Fair Value
Financial assets:
Cash and cash equivalents	112,730,935	38,605,507
Loans held for investment at carrying value, net		207,805,490
Financial liabilities:
Senior notes payable, net	$ 74,305,000	$ 74,151,000

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

INTEREST RECEIVABLE (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Interest Receivable and Other Assets [Abstract]
Interest receivable	$ 1,267,521	$ 859,123
PIK receivable	21,095	15,977
Unused fees receivable	2,044	24,282
Total interest receivable	$ 1,290,660	$ 899,382

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (unaudited)

Mar. 31, 2026

USD ($)

$ / shares

Assets

Non-controlled, non-affiliated investments at fair value (cost of $345,918,978)

$ 279,237,624

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

Cash and cash equivalents

112,730,935

Interest receivable

1,290,660

Prepaid expenses and other assets

1,617,704

Total assets

394,876,923

Liabilities

Accrued interest

2,065,620

Distribution payable

1,176,442

Management fee payable

739,247

Income based incentive fee payable

1,023,725

Accrued direct administrative expenses

717,039

Director fees payable

63,750

Accounts payable and other liabilities

823,992

Senior notes payable, net

76,448,216

Total liabilities

209,058,031

Commitments and contingencies (Note 8)

Net assets

Common stock, par value $0.01 per share, 50,000,000 shares authorized; 23,528,844 shares issued and outstanding at March 31, 2026

235,288

Additional paid-in capital

258,694,609

Distributable (loss) earnings

(73,111,005)

Total net assets

185,818,892

Total liabilities and net assets

$ 394,876,923

Net asset value per share (in dollars per share) | $ / shares

$ 7.90

Nonrelated Party

Liabilities

Line of credit payable

$ 106,000,000

Related Party

Liabilities

Line of credit payable

$ 20,000,000

[1]	All debt investments are income producing unless otherwise indicated.
[2]	The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[3]	Refer to Note 5.

DEBT - Schedule of Interest Expense (Details) - USD ($)	3 Months Ended
DEBT - Schedule of Interest Expense (Details) - USD ($)	Mar. 31, 2026	Mar. 31, 2025
Line of Credit Facility [Line Items]
Interest expense	$ 1,527,852	$ 1,493,972
Unused fee expense	19,417	56,259
Amortization of deferred financing costs	179,271	265,040
Total interest expense	1,726,540	1,815,271
Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest expense	408,588	191,333
Unused fee expense	19,417	56,259
Amortization of deferred financing costs	44,798	109,341
Total interest expense	472,803	356,933
Revolving Credit Facility \| TCGSL Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest expense	12,389
Unused fee expense	0
Amortization of deferred financing costs	0
Total interest expense	12,389
Revolving Credit Facility \| AFCF Revolving Credit Facility
Line of Credit Facility [Line Items]
Interest expense		8,889
Unused fee expense		0
Amortization of deferred financing costs		0
Total interest expense		8,889
2027 Senior Notes
Line of Credit Facility [Line Items]
Interest expense	1,106,875	1,293,750
Unused fee expense	0	0
Amortization of deferred financing costs	134,473	155,699
Total interest expense	$ 1,241,348	$ 1,449,449

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (d)
-Publisher FASB
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+ Details

FINANCIAL HIGHLIGHTS (Details) - $ / shares	3 Months Ended
FINANCIAL HIGHLIGHTS (Details) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Per Share Data:
Net asset value at beginning of period (in dollars per share)	$ 7.46
Net investment income (in dollars per share)	0.21
Net unrealized gain on investments (in dollars per share)	0.28
Net increase in net assets resulting from operations (in dollars per share)	0.49
Distributions declared (in dollars per share)	(0.05)
Total increase in net assets (in dollars per share)	0.44
Net asset value at end of period (in dollars per share)	7.90
Per share market price, beginning of period (in dollars per share)	2.85
Per share market price, end of period (in dollars per share)	$ 2.82
Total return based on market value	0.70%
Total return based on net asset value (in percent)	6.57%
Shares outstanding at end of period (in shares)	23,528,844	23,528,844
Ratios/Supplemental Data:
Ratio of operating expenses to average net assets (in percent)	10.80%
Ratio of net operating expenses to average net assets (in percent)	11.04%
Ratio of debt related expenses to average net assets (in percent)	3.82%
Ratio of net investment income to average net assets (in percent)	6.68%
Portfolio turnover rate (in percent)	16.28%

CONSOLIDATED BALANCE SHEET - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Assets
Loans held for investment at fair value (cost of $53,744,253)		$ 26,080,763
Loans held for investment at carrying value, net		253,625,119
Current expected credit loss reserve		(46,059,838)
Loans held for investment at carrying value, net of current expected credit loss reserve		207,565,281
Cash and cash equivalents	$ 112,730,935	38,605,507
Interest receivable	1,290,660	899,382
Prepaid expenses and other assets	1,617,704	2,443,814
Total assets	394,876,923	275,594,747
Liabilities
Accrued interest	2,065,620	763,180
Current expected credit loss reserve		76,469
Accrued management and incentive fees	739,247	716,181
Accrued direct administrative expenses	717,039	374,852
Accounts payable and other liabilities	823,992	773,585
Senior notes payable, net	76,448,216	76,322,493
Line of credit payable		21,000,000
Total liabilities	209,058,031	100,026,760
Commitments and contingencies (Note 8)
Shareholders’ equity
Preferred stock, par value $0.01 per share, 10,000 shares authorized at March 31, 2026 and December 31, 2025 and 0 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively		0
Common stock, par value $0.01 per share, 50,000,000 shares authorized; 23,528,844 shares issued and outstanding at December 31, 2025	235,288	235,288
Additional paid-in capital	258,694,609	258,694,609
Accumulated (deficit) earnings	(73,111,005)	(83,361,910)
Total net assets	185,818,892	175,567,987
Total liabilities and net assets	394,876,923	$ 275,594,747
Related Party
Liabilities
Line of credit payable	20,000,000
Nonrelated Party
Liabilities
Line of credit payable	$ 106,000,000

CONSOLIDATED SCHEDULE OF INVESTMENTS (Parenthetical)

Mar. 31, 2026

Dec. 31, 2025

Schedule of Investments [Line Items]

Variable rate (in percent)

3.70%

Interest rate, floor (in percent)

3.80%

4.30%

Investment, Identifier [Axis]: Cannabis | Bloom Hold Co.

Schedule of Investments [Line Items]

Variable rate (in percent)

^[1]

8.00%

Investment, Identifier [Axis]: Cannabis | DMA Holdings (MA), LLC

Schedule of Investments [Line Items]

Cash interest rate (in percent)

12.00%

^[2],[3]

12.00%

^[1],[4]

Interest paid-in kind (in percent)

2.00%

^[2],[3]

2.00%

^[1],[4]

Investment, Identifier [Axis]: Cannabis | Devi Holdings Inc.

Schedule of Investments [Line Items]

Cash interest rate (in percent)

13.00%

^[2],[5],[6]

13.00%

^[1],[7],[8]

Interest paid-in kind (in percent)

2.50%

^[2],[5],[6]

2.50%

^[1],[7],[8]

Investment, Identifier [Axis]: Cannabis | Gron Holdings, Inc.

Schedule of Investments [Line Items]

Variable rate (in percent)

^[1]

8.50%

Investment, Identifier [Axis]: Cannabis | High End Holdings LLC 1

Schedule of Investments [Line Items]

Variable rate (in percent)

8.00%

^[2]

8.00%

^[1]

Investment, Identifier [Axis]: Cannabis | High End Holdings LLC 2

Schedule of Investments [Line Items]

Variable rate (in percent)

8.00%

^[2]

8.00%

^[1]

Investment, Identifier [Axis]: Cannabis | Standard Wellness Company, LLC

Schedule of Investments [Line Items]

Cash interest rate (in percent)

12.50%

^[2]

12.50%

^[1]

Interest paid-in kind (in percent)

1.50%

^[2]

1.50%

^[1]

Investment, Identifier [Axis]: Cannabis | Story of Maryland LLC

Schedule of Investments [Line Items]

Variable rate (in percent)

7.50%

^[2]

7.50%

^[1]

Investment, Identifier [Axis]: Cannabis | Theratrue, Inc.

Schedule of Investments [Line Items]

Variable rate (in percent)

8.75%

^[2]

8.75%

^[1]

Investment, Identifier [Axis]: Commercial & Professional Services | STAT Buyer, LLC

Schedule of Investments [Line Items]

Variable rate (in percent)

^[2]

8.50%

Investment, Identifier [Axis]: Insurance | BCIS AH Borrower LLC

Schedule of Investments [Line Items]

Cash interest rate (in percent)

^[2],[9]

7.50%

Interest paid-in kind (in percent)

^[2],[9]

9.00%

Cash interest rate, borrower election (in percent)

5.50%

Paid-in kind interest rate, borrower election (in percent)

13.00%

[1]	As of December 31, 2025, the floating benchmark rate included one-month Secured Overnight Financing Rate (“SOFR”) quoted at 3.7% and subject to a weighted average floor of 4.3% based on outstanding principal.
[2]	As of March 31, 2026, the floating benchmark rate included one-month Secured Overnight Financing Rate (“SOFR”) quoted at 3.7% and subject to a weighted average floor of 3.8% based on outstanding principal.
[3]	Effective December 1, 2023, the Company placed the investment on nonaccrual status.
[4]	Effective December 1, 2023, the Company placed the investment on nonaccrual status.
[5]	Effective March 1, 2024, the Company placed the investment on nonaccrual status. The maturity date passed without repayment.
[6]	Represents co-investments made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission (the “SEC”). Refer to Note 3 Related Party Transactions.
[7]	Effective March 1, 2024, the Company placed the investment on nonaccrual status. The maturity date passed without repayment.
[8]	Represents co-investments made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission (the “SEC”). Refer to Note 3 Related Party Transactions.
[9]	The loan bears cash interest at a rate of 7.5% and 9.0% interest paid-in kind, with the option for the borrower to elect to pay cash interest at a rate of 5.5% and 13.0% interest paid-in kind until the end of the fiscal quarter following the first anniversary of the initial closing date.

CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net increase in net assets resulting from operations	$ 11,427,347	$ 4,067,685
Net income		4,067,685
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Reversal of current expected credit losses		(699,424)
Net change in unrealized appreciation on investments	(7,118,443)	685,478
Net accretion of discount on investments	(1,107,387)	(873,806)
Amortization of deferred financing costs	179,271	265,040
Stock-based compensation		553,749
Payment-in-kind interest	(327,524)	(118,869)
Purchases of investments	(78,866,344)
Proceeds from principal repayments and sale of investments	41,751,649
Changes in operating assets and liabilities:
Interest receivable	(391,278)	166,813
Prepaid expenses and other assets	802,986	(98,710)
Accrued interest	1,302,440	1,405,842
Management fee payable	23,066
Income based incentive fee payable	1,023,725
Accrued management and incentive fees, net		(1,116,056)
Accrued direct administrative expenses	342,187	(628,984)
Accounts payable and other liabilities	114,157	312,616
Net cash used in operating activities	(30,844,148)	3,921,374
Cash flows from investing activities:
Issuance of and fundings on loans		(15,472,181)
Funding to title agent for loan closing		(10,080,000)
Principal repayment of loans		6,474,523
Net cash provided by (used in) investing activities		(19,077,658)
Cash flows from financing activities:
Payment of financing costs	(30,424)	(16,007)
Borrowings on revolving credit facilities	188,300,000	26,500,000
Repayments on revolving credit facilities	(83,300,000)	(104,250,000)
Dividends paid to common shareholders		(7,369,866)
Net cash provided by financing activities	104,969,576	(85,135,873)
Net increase in cash and cash equivalents	74,125,428	(100,292,157)
Cash and cash equivalents, beginning of period	38,605,507	103,610,460
Cash and cash equivalents, end of period	112,730,935	3,318,303
Supplemental disclosure of non-cash activity:
OID withheld from funding of loans	1,701,923	375,000
Distributions declared and not yet paid	1,176,442	5,197,082
Supplemental information:
Interest paid during the period	244,829	144,389
Income taxes paid (net of refunds received) during the period	2,848	138
Amortization of deferred financing costs - revolving credit facilities
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Amortization of deferred financing costs	44,798	109,341
Amortization of deferred financing costs - senior notes
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:
Amortization of deferred financing costs	$ 134,473	$ 155,699

DEBT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

DEBT

Revolving Credit Facility

On April 29, 2022, the Company entered into the Loan and Security Agreement (the “Revolving Credit Agreement”) by and among the Company, the other loan parties from time to time party thereto, the lenders party thereto, and the lead

arranger, bookrunner and administrative agent party thereto, pursuant to which, the Company obtained a $80.0 million senior secured revolving credit facility (as amended from time to time, the “Revolving Credit Facility”). The Revolving Credit Facility’s initial maturity date of April 29, 2025 was extended to April 29, 2028 under Amendment Number Four to the Revolving Credit Agreement, as described further below.

As amended, the Revolving Credit Facility contains aggregate commitments of $80.0 million ($106.0 million solely during the 2026 temporary increase period (defined below) from a FDIC-insured banking institution (which may be increased up to $100.0 million in aggregate, subject to available borrowing base and additional commitments) which may be borrowed, repaid and redrawn, subject to a borrowing base based on eligible loan obligations held by the Company and subject to the satisfaction of other conditions provided under the Revolving Credit Agreement. Interest is payable on the Revolving Credit Facility at the greater of (1) the applicable base rate plus 0.50% and (2) 7.00%, as provided in the Revolving Credit Agreement, as amended, payable in cash in arrears. In connection with the Revolving Credit Agreement and related amendments, the Company incurred certain closing costs of approximately $0.1 million, which were included in prepaid expenses and other assets on the Company’s consolidated statement of assets and liabilities and amortized over the life of the Revolving Credit Facility. The Company is required to pay certain fees to the agent and the lenders under the Revolving Credit Agreement, including a $75.0 thousand agent fee payable to the agent and a 0.25% per annum loan fee payable ratably to the lenders, in each case, payable on the closing date and on the annual anniversary thereafter. Commencing on the six-month anniversary of the closing date, the Revolving Credit Facility has an unused line fee of 0.25% per annum, payable semi-annually in arrears, which is included within interest expense in the Company’s unaudited interim consolidated statement of operations. Based on the terms of the Revolving Credit Agreement, the unused line fee is waived if our average revolver usage exceeds the minimum amount required per the Revolving Credit Agreement. During the three months ended March 31, 2026 and 2025, the Company incurred an unused line fee of approximately $19.4 thousand and $56.3 thousand, approximately.

The obligations of the Company under the Revolving Credit Facility are secured by certain assets of the Company comprising of or relating to loan obligations designated for inclusion in the borrowing base. In addition, the Company is subject to various financial and other covenants, including: (1) liquidity of at least $5.0 million, (2) annual debt service coverage of at least 1.5 to 1.0 and (3) secured debt not to exceed 25% of total consolidated assets of the Company and its subsidiaries. To the best of our knowledge, as of March 31, 2026, we were in compliance in all material respects with all covenants contained in our Revolving Credit Agreement.

In January 2026, the Company entered into Amendment Number Six to the Loan and Security Agreement (“Amendment Number Six”), by and among the Company, as borrower, the lenders party thereto, and the lead arranger, bookrunner and administrative party thereto. Amendment Number Six, among other things, includes provisions relevant in light of the Company’s conversion from a REIT to a BDC.

In March 2026, the Company entered into Amendment Number Seven to the Loan and Security Agreement (“Amendment Number Seven”), by and among the Company, as borrower, the lenders party thereto and the lead arranger, bookrunner and administrative agent party thereto. Amendment Number Seven, among other things, added TCGDL LLC, a subsidiary of the Company, as a borrower under the Revolving Credit Facility and amended certain provisions related to the inclusion of TCGDL LLC as a Borrower.

In March 2026, the Company entered into Amendment Number Eight to the Loan and Security Agreement (“Amendment Number Eight”), by and among the Company, as borrower, the lenders party thereto, and the lead arranger, bookrunner and administrative party thereto. Amendment Number Eight, among other things, increased the commitment from the lenders by $56.0 million, from $50.0 million to $106.0 million, consisting of (i) a $30.0 million permanent increase in revolver commitments and (ii) a $26.0 million increase in revolver commitments during a specified temporary increase period beginning on March 27, 2026 and ending on April 10, 2026 (the “Temporary Increase Period”). Upon expiration of the Temporary Increase Period, the aggregate revolving commitments and the maximum revolver amount under the facility was automatically reduced to $80.0 million.

As of March 31, 2026 and December 31, 2025, outstanding borrowings under the Revolving Credit Facility were $106.0 million and $21.0 million, respectively, and zero and $29.0 million were available for borrowing as of March 31, 2026 and December 31, 2025, respectively. As of each of March 31, 2026 and December 31, 2025, the interest rate on the Company’s borrowings under the Revolving Credit Facility was 7.25%.

AFCF Credit Facility

In December 2024, the Company entered into an unsecured revolving credit agreement (the “AFCF Credit Agreement”), by and among the Company, as borrower, the lenders party thereto from time to time, and AFC Finance, LLC, as agent and

lender. AFC Finance, LLC is wholly owned by Leonard M. Tannenbaum, Chairman of the Company’s Board of Directors. The AFCF Credit Agreement provides for an unsecured revolving credit facility (the “AFCF Credit Facility”) with a $40.0 million commitment, which may be borrowed, repaid and redrawn, subject to a draw fee and the other conditions provided in the AFCF Credit Agreement. Interest is payable on the AFCF Credit Facility at a rate per annum equal to 8.00%. The AFCF Credit Facility matures on the earlier of (i) December 31, 2025 and (ii) the date of the closing of any unsecured debt with principal of at least $40.0 million used to refinance the AFCF Credit Agreement.

In April 2025, in conjunction with the entry by the Company into Amendment Number Four to the Revolving Credit Agreement, the Company terminated that certain AFCF Credit Agreement, by and among the Company, as borrower, the lenders party thereto from time to time, and AFC Finance, LLC, as agent and lender. There were no outstanding borrowings under the AFCF Credit Agreement at the time of its termination.

TCGSL

In January 2026, the Company entered into an unsecured revolving credit agreement (the “TCGSL Credit Agreement”), by and among the Company, as borrower, the lenders party thereto from time to time, and TCGSL LLC, as agent and lender. TCGSL is wholly owned by Leonard M. Tannenbaum, Chairman of the Company’s Board of Directors. The TCGSL Credit Agreement provides for an unsecured revolving credit facility (the “TCGSL Credit Facility”) with a $20.0 million commitment, which may be borrowed, repaid and redrawn, subject to a draw fee and the other conditions provided in the TCGSL Credit Agreement. Interest is payable on the TCGSL Credit Facility at a rate per annum equal to 8.5% and matures on August 1, 2028.

As of March 31, 2026, outstanding borrowings on the TCGSL Credit Facility were $20.0 million and zero was available for borrowing. As of December 31, 2025, the TCGSL Credit Facility was not in place and no amounts were outstanding or available for borrowing thereunder.

2027 Senior Notes

On November 3, 2021, the Company issued $100.0 million in aggregate principal amount of senior unsecured notes due in May 2027 (the “2027 Senior Notes”). The 2027 Senior Notes accrue interest at a rate of 5.75% per annum. Interest on the 2027 Senior Notes is due semi-annually on May 1 and November 1 of each year, which began on May 1, 2022. The net proceeds from the offering were approximately $97.0 million, after deducting the initial purchasers’ discounts and commissions and estimated offering fees and expenses payable by the Company. The Company used the proceeds from the issuance of the 2027 Senior Notes (i) to fund loans related to unfunded commitments to existing borrowers, (ii) to originate and participate in commercial loans to companies operating in the cannabis industry that are consistent with the Company’s investment strategy and (iii) for working capital and other general corporate purposes. The terms of the 2027 Senior Notes are governed by an indenture, dated November 3, 2021, among us, as issuer, and TMI Trust Company, as trustee (the “Indenture”).

Under the Indenture, the Company is required to cause all of its existing and future subsidiaries to guarantee the 2027 Senior Notes, other than certain immaterial subsidiaries as set forth in the Indenture. TRS1 is currently a subsidiary guarantor under the Indenture.

Prior to February 1, 2027, the Company may redeem the 2027 Senior Notes in whole or in part, at a price equal to the greater of 100% of the principal amount of the 2027 Senior Notes being redeemed or a make-whole premium set forth in the Indenture, plus accrued and unpaid interest thereon to, but excluding, the applicable redemption date. On or after February 1, 2027, we may redeem the 2027 Senior Notes in whole or in part at a price equal to 100% of the principal amount of the 2027 Senior Notes being redeemed, plus accrued and unpaid interest, if any, to, but excluding, the applicable redemption date. The Indenture also requires us to offer to purchase all of the 2027 Senior Notes at a purchase price equal to 101% of the principal amount of the 2027 Senior Notes, plus accrued and unpaid interest if a “change of control triggering event” (as defined in the Indenture) occurs.

The Indenture contains customary terms and restrictions, subject to a number of exceptions and qualifications, including restrictions on the Company’s ability to (1) incur additional indebtedness unless the Annual Debt Service Charge (as defined in the Indenture) is no less than 1.5 to 1.0, (2) incur or maintain total debt in an aggregate principal amount greater than 60% of the Company’s consolidated Total Assets (as defined in the Indenture), (3) incur or maintain secured debt in an aggregate principal amount greater than 25% of the Company’s consolidated Total Assets (as defined in the Indenture), and (4) merge, consolidate or sell substantially all of the Company’s assets. In addition, the Indenture also provides for customary events of default. If any event of default occurs, any amount then outstanding under the Indenture may

immediately become due and payable. These events of default are subject to a number of important exceptions and qualifications set forth in the Indenture.

As of March 31, 2026 and December 31, 2025, the Company had $77.0 million in principal amount of the 2027 Senior Notes outstanding, respectively.

The 2027 Senior Notes are due on May 1, 2027. Scheduled principal payments on the 2027 Senior Notes as of March 31, 2026 are as follows:


	2027 Senior Notes
Year
2026 (remaining)	$	—
2027	77,000,000
2028	—
2029	—
2030	—
Thereafter	—
Total principal	77,000,000
Deferred financing costs included in senior notes payable	(551,784)
Senior notes payable, net	$	76,448,216

The following table reflects a summary of interest expense incurred during the three months ended March 31, 2026:


	Three Months Ended March 31, 2026
	2027 Senior Notes		Revolving Credit Facility		TCGSL Revolving Credit Facility		Total Borrowings

Interest expense	$	1,106,875	$	408,588	$	12,389	$	1,527,852
Unused fee expense	—		19,417		—		19,417
Amortization of deferred financing costs	134,473		44,798		—		179,271
Total interest expense	$	1,241,348	$	472,803	$	12,389	$	1,726,540

The following table reflects a summary of interest expense incurred pre-Conversion during the three months ended March 31, 2025:


	Three Months Ended March 31, 2025
	2027 Senior Notes		Revolving Credit Facility		AFCF Revolving Credit Facility		Total Borrowings

Interest expense	$	1,293,750	$	191,333	$	8,889	$	1,493,972
Unused fee expense	—		56,259		—		56,259
Amortization of deferred financing costs	155,699		109,341		—		265,040
Total interest expense	$	1,449,449	$	356,933	$	8,889	$	1,815,271

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

NET ASSETS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		12 Months Ended
	Apr. 05, 2022	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, authorized (in shares)				10,000
Preferred stock, par value (in dollars per share)		$ 0.01		$ 0.01
Preferred stock, outstanding (in shares)				0
Preferred stock, issued (in shares)				0
Common stock, authorized (in shares)		50,000,000		50,000,000
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01
Common stock, issued (in shares)		23,528,844		23,528,844
Common stock, outstanding (in shares)		23,528,844		23,528,844
Issuance of common stock, net of offering costs (in shares)		0		0
Granted (in shares)			0
Exercised (in shares)			0
Fair value of shares vested			$ 1.1
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of common stock outstanding (in shares)		1,646,127
Balance (in shares)		900
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock, granted (in shares)			271,497
Granted (in dollars per share)			$ 8.37
Vested (in shares)			127,944
Vested (in dollars per share)			$ 8.68
Restricted Stock \| 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested (in shares)		1,645,227
Shelf Registration
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate offering price	$ 1,000.0
Open Market Sale
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Aggregate offering price	$ 75.0
Commission (in percent)	3.00%
Remaining authorized, amount		$ 47.4
Series A Preferred Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Preferred stock, authorized (in shares)		10,000		10,000
Preferred stock, dividend rate (in percent)		12.00%		12.00%
Preferred stock, outstanding (in shares)		0		0
Preferred stock, issued (in shares)		0		0
Preferred stock, liquidation preference (in dollars per share)		$ 1,000		$ 1,000
Preferred stock, redemption price (in dollars per share)		$ 1,000		$ 1,000

DEBT (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Principal Payments

Scheduled principal payments on the 2027 Senior Notes as of March 31, 2026 are as follows:


	2027 Senior Notes
Year
2026 (remaining)	$	—
2027	77,000,000
2028	—
2029	—
2030	—
Thereafter	—
Total principal	77,000,000
Deferred financing costs included in senior notes payable	(551,784)
Senior notes payable, net	$	76,448,216

Schedule of Interest Expense

The following table reflects a summary of interest expense incurred during the three months ended March 31, 2026:


	Three Months Ended March 31, 2026
	2027 Senior Notes		Revolving Credit Facility		TCGSL Revolving Credit Facility		Total Borrowings

Interest expense	$	1,106,875	$	408,588	$	12,389	$	1,527,852
Unused fee expense	—		19,417		—		19,417
Amortization of deferred financing costs	134,473		44,798		—		179,271
Total interest expense	$	1,241,348	$	472,803	$	12,389	$	1,726,540

The following table reflects a summary of interest expense incurred pre-Conversion during the three months ended March 31, 2025:


	Three Months Ended March 31, 2025
	2027 Senior Notes		Revolving Credit Facility		AFCF Revolving Credit Facility		Total Borrowings

Interest expense	$	1,293,750	$	191,333	$	8,889	$	1,493,972
Unused fee expense	—		56,259		—		56,259
Amortization of deferred financing costs	155,699		109,341		—		265,040
Total interest expense	$	1,449,449	$	356,933	$	8,889	$	1,815,271

RELATED PARTY TRANSACTIONS (Tables)

3 Months Ended

Mar. 31, 2026

Schedule of Related Party Transactions

The following table summarizes the related party costs incurred by the Company for the three months ended March 31, 2026:


	Three Months Ended March 31, 2026

Affiliate Costs
Management fees before rebate	$	973,235
Less: outside fees earned	(233,988)
Management fees	739,247
Incentive fee on net investment income	1,023,725
General and administrative expenses reimbursable to Adviser	685,922
Professional fees reimbursable to Adviser	20,023
Total	$	2,468,917

The following table summarizes the related party costs incurred by the Company under the Management Agreement prior to the Conversion for the three months ended March 31, 2025:


	Three Months Ended March 31, 2025

Affiliate Costs
Management fees	$	944,770
Less: outside fees earned	(128,580)
Base management fees	816,190
Incentive fees earned	—
General and administrative expenses reimbursable to Manager	562,496
Professional fees reimbursable to Manager	6,038
Total	$	1,384,724

COMMITMENTS AND CONTINGENCIES - Schedule of Unfunded Commitments (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Other Commitments [Line Items]
Total	$ 14,445,696	$ 10,291,239
Investment, Identifier [Axis]: BCIS AH Borrower LLC \| First lien delayed draw term loan
Other Commitments [Line Items]
Total	9,666,666
Investment, Identifier [Axis]: Gron Holdings, Inc. \| First lien delayed draw term loan
Other Commitments [Line Items]
Total		5,141,110
Investment, Identifier [Axis]: Standard Wellness Company, LLC \| First lien delayed draw term loan
Other Commitments [Line Items]
Total	1,750,000	1,629,755
Investment, Identifier [Axis]: Theratrue, Inc. \| First lien delayed draw term loan
Other Commitments [Line Items]
Total	$ 3,029,030	$ 3,520,374

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY (unaudited) - USD ($)	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2024		22,332,927
Beginning balance at Dec. 31, 2024	$ 201,376,138	$ 223,329	$ 251,865,763	$ (50,712,954)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation, net of forfeitures (in shares)		263,080
Stock-based compensation, net of forfeitures	553,749	$ 2,631	551,118
Dividends declared on common shares	(5,197,082)			(5,197,082)
Net income	4,067,685			4,067,685
Ending balance (in shares) at Mar. 31, 2025		22,596,007
Ending balance at Mar. 31, 2025	$ 200,800,490	$ 225,960	$ 252,416,881	$ (51,842,351)
Beginning balance (in shares) at Dec. 31, 2025	23,528,844
Beginning balance at Dec. 31, 2025	$ 175,567,987
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared on common shares	$ (1,176,442)
Ending balance (in shares) at Mar. 31, 2026	23,528,844
Ending balance at Mar. 31, 2026	$ 185,818,892

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Name Accounting Standards Codification
-Section S50
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-URI https://asc.fasb.org/1943274/2147478671/942-235-S50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

+ Details

CONSOLIDATED STATEMENT OF OPERATIONS (unaudited)	3 Months Ended
CONSOLIDATED STATEMENT OF OPERATIONS (unaudited)	Mar. 31, 2025 USD ($) $ / shares shares
Revenue:
Interest income	$ 8,458,248
Interest expense	(1,815,271)
Total investment income	6,642,977
Expenses:
Management and incentive fees, net (less rebate of $128,580)	816,190
General and administrative expenses	734,957
Stock-based compensation	553,749
Professional fees	371,936
Total expenses	2,476,832
Reversal of current expected credit losses	699,424
Change in unrealized losses on loans at fair value, net	(685,478)
Net income before income taxes	4,180,091
Income tax expense	112,406
Net income	$ 4,067,685
Earnings per common share:
Basic (in dollars per share) \| $ / shares	$ 0.18
Diluted (in dollars per share) \| $ / shares	$ 0.18
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in shares) \| shares	22,097,979
Diluted weighted average shares of common stock outstanding (in shares) \| shares	22,110,102

CONSOLIDATED STATEMENT OF OPERATIONS (unaudited)	3 Months Ended
CONSOLIDATED STATEMENT OF OPERATIONS (unaudited)	Mar. 31, 2026 USD ($) $ / shares shares
Investment income:
Interest income	$ 7,670,790
Payment-in-kind interest income	332,640
Other income	1,809,788
Total investment income	9,813,218
Expenses:
Interest expense	1,726,540
Management fee	973,235
Incentive fee on net investment income	1,023,725
General and administrative expenses	860,496
Director fees	63,800
Professional fees	463,911
Total expenses	5,111,707
Management fee rebate	(233,988)
Net expenses	4,877,719
Net investment income before taxes	4,935,499
Income tax expense	109,368
Net investment income	4,826,131
Net change in unrealized appreciation on investments	7,118,443
Provision for taxes on unrealized appreciation on investments	517,227
Net unrealized gain on investments, net of taxes	6,601,216
Net increase in net assets resulting from operations	$ 11,427,347
Per share data:
Basic net investment income per share (in dollars per share) \| $ / shares	$ 0.21
Diluted net investment income per share (in dollars per share) \| $ / shares	0.21
Basic net increase in net assets resulting from operations per share (in dollars per share) \| $ / shares	0.49
Diluted net increase in net assets resulting from operations per share (in dollars per share) \| $ / shares	$ 0.49
Basic weighted average shares of common stock outstanding (in shares) \| shares	23,528,844
Diluted weighted average shares of common stock outstanding (in shares) \| shares	23,528,844

LOANS HELD FOR INVESTMENT AT CARRYING VALUE - Schedule of Loans Held at Carrying Value (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2025
Loans and Leases Receivable Disclosure [Line Items]
Outstanding Principal		$ 259,626,556
Original Issue Discount		(6,001,437)
Carrying Value		253,625,119
Weighted Average Remaining Life (Years)	1 year 4 months 24 days
Senior term loans
Loans and Leases Receivable Disclosure [Line Items]
Outstanding Principal		259,626,556
Original Issue Discount		(6,001,437)
Carrying Value		$ 253,625,119
Weighted Average Remaining Life (Years)	1 year 4 months 24 days

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (unaudited) (Parenthetical) - USD ($)

Mar. 31, 2026

Dec. 31, 2025

Assets

Non-controlled, non-affiliated investments at fair value cost

$ 345,918,978

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

$ 307,369,372

^[4],[5],[6]

Net assets

Common stock, par value (in dollars per share)

$ 0.01

Common stock, authorized (in shares)

50,000,000

Common stock, issued (in shares)

23,528,844

Common stock, outstanding (in shares)

23,528,844

[1]	All debt investments are income producing unless otherwise indicated.
[2]	The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[3]	The difference between the amortized cost and the outstanding principal amount of the investments consists of unaccreted original issue discount (“OID”) and loan origination costs.
[4]	All debt investments are income producing unless otherwise indicated.
[5]	The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[6]	The difference between the amortized cost and the outstanding principal amount of the investments consists of unaccreted original issue discount (“OID”) and loan origination costs.

- Definition

Cost of the investment.

+ References

+ Details

FINANCIAL HIGHLIGHTS

3 Months Ended

Mar. 31, 2026

Investment Company [Abstract]

FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights for the three months ended March 31, 2026(1):


	Three months ended March 31, 2026

Per Share Data(2):
Net asset value at beginning of period		$	7.46
Net investment income		0.21

Net unrealized gain on investments		0.28
Net increase in net assets resulting from operations		0.49

Distributions declared		(0.05)

Total increase in net assets		0.44
Net asset value at end of period		$	7.90
Per share market price, beginning of period		$	2.85
Per share market price, end of period		$	2.82
Total return based on market value(3)		0.70		%
Total return based on net asset value(4)		6.57		%
Shares outstanding at end of period		23,528,844
Ratios/Supplemental Data:
Ratio of operating expenses to average net assets(5)		10.80		%
Ratio of net operating expenses to average net assets(5)		11.04		%
Ratio of debt related expenses to average net assets(5)		3.82		%
Ratio of net investment income to average net assets(5)		6.68		%
Portfolio turnover rate(6)		16.28		%

(1)Prior period financial highlights have not been presented as the Company was not regulated as a BDC under the 1940 Act prior to January 1, 2026.

(5)Amounts are annualized except for non-recurring income and expenses (other income).

(6)The portfolio turnover rate is calculated based on the lesser of purchases or sales of investments year to date divided by the average fair value of the portfolio.

INCOME TAX

3 Months Ended

Mar. 31, 2026

Income Tax Disclosure [Abstract]

INCOME TAX

A TRS is an entity taxed as a corporation that has not elected to be taxed as a REIT, in which a REIT directly or indirectly holds equity, and that has made a joint election with such REIT to be treated as a TRS. A TRS generally may engage in any business, including investing in assets and engaging in activities that could not be held or conducted directly by the Company without jeopardizing its qualification as a REIT. TRS1 was subject to applicable United States federal, state and local income tax on its taxable income. In addition, while the Company was a REIT, it was subject to a 100% excise tax on certain transactions between it and TRS1 that were not conducted on an arm’s-length basis. The income tax provision is included in the line item income tax expense, including excise tax.

Effective January 1, 2026, in connection with the Conversion to a BDC, the Company became subject to the 1940 Act and ceased to rely on the exclusion from the definition of an “investment company” in Section 3(c)(5) of the 1940 Act. Beginning with taxable year ending December 31, 2026, the Company intends to elect to be treated as a RIC under Subchapter M of the Code. To maintain qualification as a RIC, the Company generally must distribute 90% of investment company taxable income each taxable year and meet certain source-of-income, asset diversification, and other requirements.

The income tax (benefit) provision for the Company was approximately $0.1 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively. The income tax benefit/expense for the three months ended March 31, 2026 and 2025 primarily related to activities of the Company’s TRS1 subsidiary.

The income tax provision for the Company and TRS1 consisted of the following for the three months ended March 31, 2026:


	Three Months Ended March 31, 2026

Net investment income taxes:
Current:
Federal	$	86,090
State	23,278
Excise tax	—
Total current income tax expense (benefit)	109,368

Investment valuation related taxes:



Total deferred income tax expense (benefit)	517,227
Total income tax expense (benefit), including excise tax	$	626,595

The income tax provision for the Company and TRS1 pre-Conversion consisted of the following for the three months ended March 31, 2025:


	Three Months Ended March 31, 2025

Current:
Federal	$	100,000
State	64,981
Total current income tax expense (benefit)	164,981



Total deferred income tax expense (benefit)	(52,575)
Excise tax	—
Total income tax expense (benefit), including excise tax	$	112,406

The Company does not have any unrecognized tax benefits and the Company does not expect that to change in the next 12 months. As of March 31, 2026, tax years 2022-2025 remain subject to examination by taxing authorities.

The federal statutory rate was 21% for the three months ended March 31, 2026 and 2025. The primary difference between the Company’s statutory rate and effective tax rate is largely determined by the amount of income subject to tax by TRS1. TRS1 is a corporate subsidiary that was formerly treated as a taxable REIT subsidiary prior to the Conversion. Following the Conversion, TRS1 is a taxable corporation. The Company expects that its future effective tax rate will be determined in a similar manner.

Excise Tax

For the three months ended March 31, 2026, the Company did not incur United States federal excise tax expense. As a RIC, the Company is subject to ordinary income and capital gain distribution requirements under U.S. federal excise tax rules for each calendar year. If the Company does not meet the required distributions, the Company will be subject to a 4% nondeductible federal excise tax on the undistributed amount. If it is determined that an excise tax liability exists for the current period, the Company will accrue excise tax on estimated excess taxable income as such taxable income is earned. The expense is calculated in accordance with applicable tax regulations.

Pre-Conversion Excise Tax

For the three months ended March 31, 2025, the Company did not incur United States federal excise tax expense. As previously taxed as a REIT, excise tax represents a 4% tax on the sum of a portion of the Company’s ordinary income and net capital gains not distributed during the period. If it is determined that an excise tax liability exists for the current period, the Company accrued excise tax on estimated excess taxable income as such taxable income is earned. The expense is calculated in accordance with applicable tax regulations.

Deferred Tax

As of March 31, 2026 and 2025, the Company’s deferred tax assets were $0.8 million and $1.4 million, respectively, and are included in prepaid expenses and other assets in the Company’s consolidated statements of assets and liabilities. The Company believes it is more likely than not that the deferred tax assets will be realized in the future. Realization of the deferred tax assets is dependent upon the Company’s generation of sufficient taxable income in future years in appropriate tax jurisdictions to benefit from the reversal of temporary differences. The amount of deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change.

The Company recorded deferred tax assets related to temporary differences related to the change in unrealized appreciation and depreciation on investments held in TRS1. There were no valuation allowances for deferred tax assets during the three months ended March 31, 2026 and 2025.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RELATED PARTY TRANSACTIONS

3 Months Ended

Mar. 31, 2026

RELATED PARTY TRANSACTIONS

Advisory Agreement

Effective January 1, 2026, in connection with the Company’s conversion to a BDC (the “Conversion”), the Company entered into an Advisory Agreement with the Adviser, pursuant to which the Adviser serves as the Company’s investment adviser. As of such date, the Advisory Agreement replaced the prior management agreement between the Company and AFC Management, LLC, as amended (the “Management Agreement”) (in such capacity under the Management Agreement, the “Manager”), which ceased to govern our operations as of that date, and we became managed pursuant to the Advisory Agreement and an administration agreement (the “Administration Agreement”) entered into with AFC Management, LLC (in its capacity as administrator under the Administration Agreement, the “Administrator”).

Pursuant to the Advisory Agreement, the Adviser manages the investment activities and day-to-day operations of the Company, subject to the oversight of the Board and in accordance with the requirements of the 1940 Act. The Advisory Agreement was approved by our Board of Directors, including a majority of the Directors who are not “interested persons” of the Company (as such term is defined in the 1940 Act) (the “Independent Directors”), and by our shareholders at a

special meeting of shareholders held on November 6, 2025. The Advisory Agreement remains subject to the terms, conditions, and termination provisions set forth therein and to applicable requirements under the 1940 Act.

Adviser Compensation subsequent to January 1, 2026

The following compensation arrangements under the Advisory Agreement took effect on January 1, 2026.

The Adviser receives base management fees (the “Management Fee”) that are calculated at a quarterly rate of 0.375% of the average value of our average of gross assets at the end of the two most recently completed calendar quarters (excluding cash or cash equivalents but including assets purchased with borrowed funds) during the most recently completed calendar quarter; less 50% of the aggregate amount of any other fees (“Outside Fees”), including any agency fees relating to our investments, but excluding the incentive fees payable to the Adviser (as defined below) and any diligence fees paid and earned by the Adviser and paid by third parties in connection with the Adviser’s due diligence of potential investments; provided further, that the Management Fee will be calculated at an annual rate equal to 1.00% of the average value of our gross assets (excluding cash or cash equivalents but including assets purchased with borrowed funds) during the most recently completed calendar quarter that exceeds an amount equal to the product of (i) 200% and (ii) our net asset value at the end of the most recently completed calendar quarter (for purposes of this section only, the “Leverage Break Point”).

In addition to the Management Fee, pursuant to the Advisory Agreement, the Company will pay the Adviser an incentive fee consisting of two parts (the “Incentive Fees”). The first part is determined and paid quarterly based on the Company’s pre-incentive fee net investment income in respect of the current calendar quarter and the three preceding calendar quarters (or the appropriate portion thereof in the case of any of the Company’s first three calendar quarters following the effective date of the Advisory Agreement (the “Trailing Four Quarters”), and the second part is determined and payable in arrears based on net capital gains as of the end of each calendar year or upon termination of the Advisory Agreement.

(i) Income based incentive fee

Pre-incentive fee net investment income is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the Management Fee, expenses payable to the Administrator under the Administration Agreement, any interest expense and distributions paid on any issued and outstanding preferred stock, but excluding the Incentive Fees. Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with payment-in-kind (“PIK”) interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Adviser is not obligated to return to the Company the Incentive Fee it receives on PIK interest that is later determined to be uncollectible in cash. For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

Pre-incentive fee net investment income will be compared to a new hurdle rate (the “New Hurdle Rate”) equal to the product of (i) 1.5% per quarter (6.0% annualized) and (ii) the sum of the Company’s net assets at the beginning of each applicable calendar quarter comprising the relevant Trailing Four Quarters. The New Hurdle Rate will be calculated after making appropriate adjustments to our net asset value at the beginning of each applicable calendar quarter for all issuances by us of shares of common stock, including issuances pursuant to any dividend reinvestment plan, and distributions during the applicable calendar quarter. The Company will pay the Adviser an incentive fee based on income with respect to its pre-incentive fee net investment income as follows:

•no incentive fee based on pre-incentive fee net investment income in any calendar quarter in which the Company’s aggregate pre-incentive fee net investment income in respect of the relevant Trailing Four Quarters does not exceed the New Hurdle Rate in respect of the relevant Trailing Four Quarters;

•100% of pre-incentive fee net investment income in respect that portion of such pre-incentive fee net investment income, if any, that exceeds the New Hurdle Rate but is less than 1.8182% in any calendar quarter (7.2728% annualized). The Company refers to this portion of the pre-incentive fee net investment income (which exceeds the New Hurdle Rate but is less than 1.8182%) as the catch-up (the “New Catch-Up”). The New Catch-Up is meant to provide the Adviser with approximately 17.5% of the Company’s pre-incentive fee net investment income as if a hurdle rate did not apply if this net investment income exceeds 1.8182% in any calendar quarter; and

•17.5% of the pre-incentive fee net investment income in respect of the relevant Trailing Four Quarters that exceeds 1.8182% in respect of the relevant Trailing Four Quarters (7.2728% annualized), which reflects that once the New Hurdle Rate is reached and the New Catch-Up is achieved, 17.5% of the pre-incentive fee net investment

income in respect of the relevant Trailing Four Quarters that exceeds the New Catch-Up amounts is paid to the Adviser.

These calculations are adjusted for all issuances by the Company of shares of its common stock, including issuances pursuant to any dividend reinvestment plan and distributions during the applicable calendar quarter.

There was $1.0 million of Incentive Fees on net investment income for the three months ended March 31, 2026.

(ii) Capital gains incentive fee

The incentive fee on capital gains is calculated and payable in arrears in cash as of the end of each calendar year or upon the termination of the Advisory Agreement in an amount equal to 17.5% of the Company’s realized capital gains, if any, on a cumulative basis from January 1, 2026 (the date on which the Company elected to be regulated as a BDC under the 1940 Act) through the end of a given calendar year or upon the termination of the Advisory Agreement, 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 fees. For the purpose of computing the incentive fee on capital gains, the calculation methodology looks through derivative financial instruments or swaps as if the Company owned the reference assets directly. Therefore, realized gains and realized losses on the disposition of any reference assets, as well as unrealized depreciation on reference assets retained in the derivative financial instrument or swap, will be included on a cumulative basis in the calculation of the capital gains incentive fee. With respect to investments the Company held at the time of the Conversion, such investments, for purposes of calculating the capital gains incentive fee, shall have a cost basis equal to the fair market value as of the date of the Conversion.

See “Part 1, Item 1—Business—Adviser Compensation subsequent to January 1, 2026” in the Company’s Annual Report Form 10-K for the period ended December 31, 2025 for more information.

For the three months ended March 31, 2026, there was no Incentive Fees on capital gains.

Manager Compensation prior to January 1, 2026

The Manager received base management fees (the “Base Management Fee”) that were calculated and payable quarterly in arrears, in an amount equal to 0.375% of the Company’s Equity (as defined in the Management Agreement), subject to certain adjustments, less 50% of the aggregate amount of any other fees (“Outside Fees”), including any agency fees relating to our loans, but excluding the Incentive Compensation (as defined below) and any diligence fees paid to and earned by the Manager and paid by third parties in connection with the Manager’s due diligence of potential loans.

In addition to the Base Management Fee, the Manager was entitled to receive incentive compensation (the “Incentive Compensation”) under the Management Agreement. Under the Management Agreement, the Company paid Incentive Fees to the Manager based upon the Company’s achievement of targeted levels of Core Earnings. “Core Earnings” is defined in the Management Agreement as, for a given period, the net income (loss) for such period, computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that were included in net income for the applicable reporting period, regardless of whether such items were included in other comprehensive income or loss, or in net income and (v) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between the Manager and the Company’s independent directors and approved by a majority of the independent directors. See “Part 1, Item 1—Business—Management Compensation prior to January 1, 2026” in our Annual Report on Form 10-K for the period ended December 31, 2025 for more information.

There was no Incentive Compensation on Core Earnings during the three months ended March 31, 2025.

Administration Agreement

Pursuant to the Administration Agreement, the Administrator performs, or oversees or arranges for the performance of, the Company’s required administrative services, which include, among other things, providing us with office facilities, equipment, clerical, bookkeeping, compliance, and recordkeeping services. In addition, the Administrator conducts relations with custodians, depositories, transfer agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks, and other persons in any other capacity deemed by the Administrator to be necessary and desirable. The Administrator will be responsible for the financial and other records that we are required to maintain, and under the 1940 Act, will prepare, print and disseminate reports to shareholders and reports and other materials filed with the SEC. Further, the Administrator is responsible for

assisting the Company in determining and publishing the Company’s net asset value, overseeing the preparation and filing of the Company’s tax returns, and generally overseeing the payment of the Company’s expenses and the performance of administrative and professional services rendered to the Company by others.

No separate fee is paid by the Company for the services provided by the Administrator under the Administration Agreement, so long as the Adviser (or an affiliate) continues to serve as the investment adviser to the Company. Notwithstanding the foregoing, the Company will reimburse the Administrator an amount equal to the Company’s allocable portion of certain expenses incurred by the Administrator in performing its obligations under the Administration Agreement, including the Company’s fair and equitable allocable share of the compensation, including annual base salary, bonus, any related withholding taxes and employee benefits, paid to personnel providing finance, tax, accounting, internal audit, legal, risk management, operations, originations, marketing, investor relations, portfolio monitoring and servicing, compliance services and other non-investment personnel of the Adviser and its affiliates as reasonably determined by the Adviser to appropriately reflect the portion of time spent devoted by such personnel to the Company’s affairs, as well as the actual cost of goods and services used for the Company and obtained by the Administrator from entities not affiliated with the Company. The Company will also reimburse the Administrator for the reasonably allocated actual costs of administrative services performed by Administrator for the operation of the Company.

The Administration Agreement has an initial term expiring on December 31, 2027 unless terminated earlier in accordance with its terms. Thereafter, the Administration Agreement will renew automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Board or the vote of a majority of the outstanding voting securities of the Company and (b) the vote of a majority of the Independent Directors.

The following table summarizes the related party costs incurred by the Company for the three months ended March 31, 2026:


	Three Months Ended March 31, 2026

Affiliate Costs
Management fees before rebate	$	973,235
Less: outside fees earned	(233,988)
Management fees	739,247
Incentive fee on net investment income	1,023,725
General and administrative expenses reimbursable to Adviser	685,922
Professional fees reimbursable to Adviser	20,023
Total	$	2,468,917

Amounts payable to the Adviser as of March 31, 2026 was approximately $2.5 million and is recorded within management fee payable, income based incentive fee payable and accrued direct administrative expenses in the Company’s consolidated statement of assets and liabilities.

The Adviser is a wholly-owned subsidiary of Castleground Holdings LLC, a majority of the outstanding equity of which is beneficially owned by certain officers and directors as of the date of this Quarterly Report on Form 10-Q.

The following table summarizes the related party costs incurred by the Company under the Management Agreement prior to the Conversion for the three months ended March 31, 2025:


	Three Months Ended March 31, 2025

Affiliate Costs
Management fees	$	944,770
Less: outside fees earned	(128,580)
Base management fees	816,190
Incentive fees earned	—
General and administrative expenses reimbursable to Manager	562,496
Professional fees reimbursable to Manager	6,038
Total	$	1,384,724

Amounts payable to the Manager as of December 31, 2025 was approximately $1.1 million, and is recorded within accrued management fees and incentive fees and accrued direct administrative expenses in the Company’s consolidated Balance Sheets.

Investments in Loans

From time to time, the Company may co-invest with other investment vehicles managed by the Adviser or its affiliates, including the Adviser, and their portfolio companies, including by means of splitting loans, participating in loans or other means of syndicating loans. 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 loan. Additionally, the Adviser or its affiliates, including AFC Agent LLC (“AFC Agent”), an entity wholly owned by Mr. and Mrs. Tannenbaum, may from time to time serve as administrative and collateral agent to the lenders under the Company’s loans. As of March 31, 2026, there were two co-invested loans held by the Company and affiliates of the Company.

Unsecured Revolving Credit Facility with Affiliate

In December 2024, the Company entered into the AFCF Credit Facility with AFC Finance LLC, an affiliate of the Company and Mr. and Mrs. Tannenbaum. The AFCF Credit Facility was terminated in April 2025. Refer to Note 7 for more information.

In January 2026, the Company entered into the TCGSL Credit Facility with TCGSL LLC, an affiliate of the Company and Mr. and Mrs. Tannenbaum. Refer to Note 7 for more information.

- 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 850
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+ Details

REPORTABLE SEGMENTS	3 Months Ended
REPORTABLE SEGMENTS	Mar. 31, 2026
Segment Reporting [Abstract]
REPORTABLE SEGMENTS	REPORTABLE SEGMENTS ASC 280, Segment Reporting, establishes standards for reporting financial and descriptive information about an enterprise’s reportable segments. The Company generates revenue from loans to senior secured mortgage loans and other types of loans and debt securities to public and privately held lower-middle-market companies, including state law-compliant cannabis operators and ancillary cannabis companies. Businesses ancillary to the cannabis industry may include, but are not limited to, brand developers, business services providers, and equipment and consumables providers. These investments typically have maturities ranging from two to five years and may accrue interest at either fixed or floating rates. The accounting policies of the direct lending segment are the same as those described in the summary of significant accounting policies. The presentation of financial results as one reportable segment is consistent with the way the Company operates its business and is consistent with the manner in which the Company’s Chief Operating Decision Maker (“CODM”), the Company’s Chief Executive Officer, evaluates performance and makes resource and operating decisions for the business. The Company has no operations outside of the United States. The Company’s portfolio exhibits similar economic characteristics, similar yields and is operated using consistent business strategies. The Company operates as one operating segment and has one reportable operating segment for activities related to direct lending. The CODM assesses performance and evaluates the allocation of resources of the Company on a consolidated basis, based on the Company’s net income from continuing operations, which is reported on the Company’s consolidated statements of operations. The CODM is regularly provided with only the consolidated expenses, as noted on the consolidated statements of operations. Significant segment expenses are listed on the accompanying consolidated statements of operations. The measure of segment assets is reported on the consolidated statements of assets and liabilities as total assets. The CODM uses net investment income to evaluate income generated from segment assets and in deciding the amount of distributions, as well as using net investment income as a basis for evaluating lender terms for loans with public and privately held lower-middle-market companies, including state law-compliant cannabis operators and ancillary cannabis companies. During the three months ended March 31, 2026 and 2025, interest income earned on the Company’s portfolio was concentrated with five and five borrowers, respectively, each comprising more than 10% of consolidated interest income for an aggregate amount of $6.7 million, or 68%, and $5.9 million, or 70%, of consolidated interest income, respectively.

- 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.

+ References

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+ Details

CONSOLIDATED BALANCE SHEET (Parenthetical)	Dec. 31, 2025 USD ($) $ / shares shares
Assets
Loans held for investment at cost \| $	$ 53,744,253
Shareholders’ equity
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01
Preferred stock, authorized (in shares)	10,000
Preferred stock, issued (in shares)	0
Preferred stock, outstanding (in shares)	0
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01
Common stock, authorized (in shares)	50,000,000
Common stock, issued (in shares)	23,528,844
Common stock, outstanding (in shares)	23,528,844

SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared on the accrual basis of accounting in conformity with GAAP and include the accounts of the Company and its wholly-owned subsidiaries. As of January 1, 2026, the Company is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in ASC 946 and SEC Regulation S-X. As the Company is an investment company, portfolio investments held by the Company and its subsidiaries are not consolidated into the Consolidated Financial Statements. The portfolio investments held by the Company and its subsidiaries are included on the Statement of Assets and Liabilities as investments at fair value. Effective January 1, 2026, the Company elected to be regulated as a BDC under the Investment Company Act of 1940 and adopted investment company accounting. As a result, the Company adopted ASC 946 from its prior accounting as a REIT to investment company accounting, which requires, among other things, that investments be carried at fair value with changes in fair value recognized in the statement of operations. Due to the prospective application of a change in accounting as required under ASC 946-10-25-3, the Company has determined that the presentation of its consolidated financial statements for periods beginning after December 31, 2025 are not comparable to the consolidated financial statements previously prepared for prior periods for which the Company did not apply ASC 946. As a result, the Company has provided separate consolidated financial statements for applicable prior periods in Item 1 of this Quarterly Report on Form 10-Q. Reclassifications and Presentation Effective January 1, 2026, the Company prospectively adopted ASC 946. Upon its change in status, the following significant changes and elections were made: •Loans previously held for investment at carrying value with related current expected credit loss reserves are now measured at fair value under ASC 946. The opening balance sheet adjustment was $207,488,812. There was no impact to opening accumulated earnings related to this change; •Inclusion of Schedule of Investments; and •Change in presentation of Statement of Cash Flows to align with investment company activities. The unaudited interim consolidated financial statements reflect all adjustments that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented. All intercompany balances and transactions have been eliminated in consolidation. The Company’s results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results that may ultimately be realized for the full fiscal year ending December 31, 2026.
Valuation of Portfolio Investments	Valuation of Portfolio Investments The Adviser shall value the investments owned by the Company, subject at all times to the oversight of the Company's Board of Directors (the “Board” or the “Board of Directors”). The Adviser shall follow its own written valuation policies and procedures as approved by the Board when determining valuations. Investments for which market quotations are readily available are typically valued at such market quotations. Pursuant to Rule 2a-5 under the 1940 Act, the Board designates the Adviser as Valuation Designee to perform fair value determinations for the Company for investments that do not have readily available market quotations. Market quotations are obtained from an independent pricing service, where available. If a price cannot be obtained from an independent pricing service or if the independent pricing service is not deemed to be current with the market, certain investments held by the Company will be valued on the basis of prices provided by principal market makers. Generally, investments marked in this manner will be marked at the mean of the bid and ask of the independent broker quotes obtained. To validate market quotations, the Company utilizes a number of factors to determine if the quotations are representative of fair value. Debt and equity securities that are not publicly traded or whose market prices are not readily available will be valued at a price that reflects such security’s fair value. With respect to investments for which market quotations are not readily available, in particular, illiquid/hard to value assets, the Advisor will typically undertake a multi-step valuation process. The Company applies ASC Topic 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value in accordance with US GAAP and required disclosures of fair value measurements. The fair value of a financial instrument is the amount that would be received in an orderly transaction between market participants at the measurement date. The Company determines the fair value of investments consistent with its valuation policy. The Company discloses the fair value of its investments in a hierarchy which prioritizes and ranks the level of market observability used in the determination of fair value. In accordance with ASC 820, these levels are summarized below: •Level 1 — Valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities at the measurement date. •Level 2 — Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly. •Level 3 — Valuations based on inputs that are unobservable and significant to the fair value measurement. A financial instrument’s level within the hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuations of Level 2 investments are generally based on quotations received from pricing services, dealers or brokers. Consideration is given to the source and nature of the quotations and the relationship of recent market activity to the quotations provided. Transfers between levels, if any, are recognized at the beginning of the reporting period in which the transfers occur. The Company evaluates the source of inputs used in the determination of fair value, including any markets in which the investments, or similar investments, are trading. When the fair value of an investment is determined using inputs from a pricing service (or principal market makers), the Company considers various criteria in determining whether the investment should be classified as a Level 2 or Level 3 investment. Criteria considered includes the pricing methodologies of the pricing services (or principal market makers) to determine if the inputs to the valuation are observable or unobservable, as well as the number of prices obtained and an assessment of the quality of the prices obtained. The level of an investment within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” requires significant judgment. The fair value assigned to these investments is based upon available information and may fluctuate from period to period. In addition, it does not necessarily represent the amount that might ultimately be realized upon sale. Due to inherent uncertainty of valuation, the estimated fair value of investments may differ from the value that would have been used had a ready market for the security existed, and the difference could be material.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the valuation of loans held for investment at fair value.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”) and in January 2025, the FASB issued ASU 2025-01—Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”), which requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The adoption of ASU 2024-03 is not expected to have a material impact on the Company’s consolidated financial statements.

- Definition

Disclosure of accounting policy for investment in financial asset.

+ References + Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

+ Details

LOANS HELD FOR INVESTMENT AT CARRYING VALUE - Narrative (Details)	3 Months Ended
	Mar. 31, 2026 loan	Dec. 31, 2025 USD ($)
LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]
Number of loans held for investments in portfolio (in loans) \| loan	12
Loans held for investments aggregate commitments		$ 283,500,000
Loans held at carrying value, outstanding principal		$ 259,626,556
Percentage of loans held at carrying value with floating interest rates (in percent)		46.00%

DEBT - Narrative (Details) - USD ($)			1 Months Ended			3 Months Ended
DEBT - Narrative (Details) - USD ($)	Apr. 29, 2022	Nov. 03, 2021	Mar. 31, 2026	Jan. 31, 2026	Dec. 31, 2024	Mar. 31, 2026	Mar. 31, 2025	Mar. 27, 2026	Dec. 31, 2025	Apr. 30, 2025
Line of Credit Facility [Line Items]
Unused fee expense						$ 19,417	$ 56,259
Outstanding borrowings									$ 21,000,000
2027 Senior Notes
Line of Credit Facility [Line Items]
Deferred financing costs included in senior notes payable			$ 551,784			551,784
Unused fee expense						0	0
Total principal			76,448,216			76,448,216
2027 Senior Notes \| 2027 Senior Notes
Line of Credit Facility [Line Items]
Debt instrument, interest rate (in percent)		5.75%
Debt instrument, aggregate principal		$ 100,000,000.0
Net proceeds from offering		$ 97,000,000.0
Redemption price (in percent)		100.00%
Redemption price, change of control triggering event (in percent)		101.00%
Debt service coverage ratio		1.5
Debt in aggregate principal (in percent)		60.00%
Secured debt in aggregate principal (in percent)		25.00%
Total principal			77,000,000.0			77,000,000.0			$ 77,000,000.0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Unused fee expense						19,417	56,259
Revolving Credit Facility \| Line of Credit
Line of Credit Facility [Line Items]
Revolving credit loan commitment	$ 80,000,000.0		106,000,000.0			106,000,000.0		$ 50,000,000.0
Increase limit			$ 100,000,000.0			$ 100,000,000.0
Basis spread on variable interest rate (in percent)	0.50%
Debt instrument, interest rate (in percent)	7.00%		7.25%			7.25%			7.25%
Deferred financing costs included in senior notes payable	$ 100,000
Commitment fee payable	$ 75,000.0
Unused line fee (in percent)	0.25%
Unused fee expense						$ 19,400	$ 56,300
Minimum liquidity covenant	$ 5,000,000.0
Minimum annual debt service coverage covenant	1.5
Maximum secured debt to total assets covenant (in percent)	25.00%
Accordion feature, increase limit			$ 56,000,000.0			56,000,000.0
Permanent increase in revolver commitments			30,000,000.0
Temporary increase in revolver commitments			26,000,000.0
Reduction of maximum revolver amount			80,000,000.0
Outstanding borrowings			106,000,000.0			106,000,000.0			$ 21,000,000.0
Line of credit, available to borrow			0			0			29,000,000.0
Revolving Credit Facility \| Unsecured Debt
Line of Credit Facility [Line Items]
Revolving credit loan commitment					$ 40,000,000.0
Outstanding borrowings										$ 0
Interest payable (in percent)					8.00%
Debt instrument, aggregate principal					$ 40,000,000.0
Revolving Credit Facility \| Unsecured Debt \| TCGSL Credit Agreement
Line of Credit Facility [Line Items]
Revolving credit loan commitment				$ 20,000,000.0
Outstanding borrowings			20,000,000.0			20,000,000.0
Line of credit, available to borrow			$ 0			$ 0			$ 0
Interest payable (in percent)				8.50%

REPORTABLE SEGMENTS (Details)	3 Months Ended
REPORTABLE SEGMENTS (Details)	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment	1
Number of operating segments \| segment	1
Interest income \| $	$ 7,670,790
Five Borrowers \| Revenue Benchmark \| Customer Concentration Risk
Segment Reporting Information [Line Items]
Interest income \| $	$ 6,700,000	$ 5,900,000
Concentration risk (in percent)	68.00%	70.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

- Definition

Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.

+ References

+ Details

INTEREST RECEIVABLE

3 Months Ended

Mar. 31, 2026

Interest Receivable and Other Assets [Abstract]

INTEREST RECEIVABLE

The following table summarizes the interest receivable by the Company as of March 31, 2026:



	As of March 31, 2026

Interest receivable	$	1,267,521
PIK receivable	21,095
Unused fees receivable	2,044
Total interest receivable	$	1,290,660

The following table summarizes the interest receivable by the Company pre-Conversion as of December 31, 2025:


	As of December 31, 2025

Interest receivable	$	859,123
PIK receivable	15,977
Unused fees receivable	24,282
Total interest receivable	$	899,382