0000950170-25-064974 | 10-Q | XBRL Viewer | Chicago Atlantic Real Estate Finance INC

[1]	Amounts are presented by loan origination year with subsequent advances on delayed draw facilities shown in the initial year of origination.
[2]	Loans 1-30 days past due are included in the current loans.
[3]	On May 1, 2023, Loan #9 was placed on non-accrual status. On June 20, 2023, the Administrative Agent to Loan #9 issued an acceleration notice requesting immediate payment of all amounts outstanding and therefore is 90 days past due as of December 31, 2024. See Note 8 for further details.

Income Tax	3 Months Ended
Mar. 31, 2025
Income Tax [Abstract]
INCOME TAX	12. INCOME TAX To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute annually to our stockholders at least 90% of our REIT taxable income prior to the deduction for dividends paid. To the extent that we distribute less than 100% of our REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), we will pay tax at regular corporate rates on that undistributed portion. Furthermore, if we distribute less than the sum of 1) 85% of our ordinary income for the calendar year, 2) 95% of our capital gain net income for the calendar year, and 3) any undistributed shortfall from our prior calendar year (the “Required Distribution”) to our stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then we are required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if we elect to retain any of our net capital gain for any tax year, we must notify our stockholders and pay tax at regular corporate rates on the retained net capital gain. Our stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax. If it is determined that our estimated current year taxable income will be in excess of estimated dividend distributions (including capital gain dividend) for the current year from such income, we will accrue excise tax on estimated excess taxable income as such taxable income is earned. The annual expense is calculated in accordance with applicable tax regulations. Excise tax expense, if any, is included in the line item, income tax expense. For the three months ended March 31, 2025 and 2024, we did not incur excise tax expense. As of March 31, 2025 and December 31, 2024, the Company does not have any unrecognized tax benefits.

Income Tax

3 Months Ended

Mar. 31, 2025

Income Tax [Abstract]

INCOME TAX

12. INCOME TAX

To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute annually to our stockholders at least 90% of our REIT taxable income prior to the deduction for dividends paid. To the extent that we distribute less than 100% of our REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), we will pay tax at regular corporate rates on that undistributed portion. Furthermore, if we distribute less than the sum of 1) 85% of our ordinary income for the calendar year, 2) 95% of our capital gain net income for the calendar year, and 3) any undistributed shortfall from our prior calendar year (the “Required Distribution”) to our stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then we are required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if we elect to retain any of our net capital gain for any tax year, we must notify our stockholders and pay tax at regular corporate rates on the retained net capital gain. Our stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax. If it is determined that our estimated current year taxable income will be in excess of estimated dividend distributions (including capital gain dividend) for the current year from such income, we will accrue excise tax on estimated excess taxable income as such taxable income is earned. The annual expense is calculated in accordance with applicable tax regulations. Excise tax expense, if any, is included in the line item, income tax expense. For the three months ended March 31, 2025 and 2024, we did not incur excise tax expense.

As of March 31, 2025 and December 31, 2024, the Company does not have any unrecognized tax benefits.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Dividends and Distributions - Schedule of Dividends Declared (Details) - USD ($)			3 Months Ended
	Apr. 15, 2025	Apr. 15, 2024	Mar. 31, 2025	Mar. 31, 2024
Regular cash dividend Q1 2025 [Member]
Dividends and Distributions (Details) - Schedule of Dividends Declared [Line Items]
Record Date	Mar. 31, 2025
Payment Date	Apr. 15, 2025
Common Share Distribution Amount	$ 0.47
Return of Capital (in Dollars)	$ 0
Section 199A Dividends	$ 0.47
Regular cash dividend Q1 2024 [Member]
Dividends and Distributions (Details) - Schedule of Dividends Declared [Line Items]
Record Date		Mar. 28, 2024
Payment Date		Apr. 15, 2024
Common Share Distribution Amount		$ 0.47
Return of Capital (in Dollars)		$ 0
Section 199A Dividends		$ 0.47
Total cash dividend 2025 [Member]
Dividends and Distributions (Details) - Schedule of Dividends Declared [Line Items]
Common Share Distribution Amount			$ 0.47
Return of Capital (in Dollars)			$ 0
Section 199A Dividends			$ 0.47
Total cash dividend 2024 [Member]
Dividends and Distributions (Details) - Schedule of Dividends Declared [Line Items]
Common Share Distribution Amount				$ 0.47
Return of Capital (in Dollars)				$ 0
Section 199A Dividends				$ 0.47

Related Party Transactions

3 Months Ended

Mar. 31, 2025

RELATED PARTY TRANSACTIONS

8. RELATED PARTY TRANSACTIONS

Management Agreement

Pursuant to the Management Agreement, the Manager manages the loans and day-to-day operations of the Company, subject at all times to the further terms and conditions set forth in the Management Agreement and such further limitations or parameters as may be imposed from time to time by the Company’s Board.

The initial term of our Management Agreement continued until May 1, 2024. After the initial term, our Management Agreement is automatically renewed every year for an additional one-year period, unless we or our Manager elect not to renew. Our Management Agreement may be terminated by us or our Manager under certain specified circumstances. On April 30, 2024 and 2025, the Management Agreement was automatically renewed.

The Manager is entitled to receive base management fees (the “Base Management Fee”) that are calculated and payable quarterly in arrears, in an amount equal to 0.375% of the Company’s Equity, determined as of the last day of each such quarter; reduced by an amount equal to 50% of the pro rata amount of origination fees earned and paid to the Manager during the applicable quarter for loans that were originated on the Company’s behalf by the Manager or affiliates of the Manager (“Outside Fees”). For the three months ended March 31, 2025 and 2024, the Base Management Fee payable was reduced by Outside Fees in the amount of $3,571 and $16,071, respectively.

In addition to the Base Management Fee, the Manager is entitled to receive incentive compensation (the “Incentive Compensation” or “Incentive Fees”) under the Management Agreement. Under the Management Agreement, the Company will pay 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 are included in net income for the applicable reporting period, regardless of whether such items are 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 members of the Compensation Committee of the Board, each of whom are Independent Directors, and approved by a majority of the members of the Compensation Committee. Incentive compensation for the three months ended March 31, 2025 and 2024 was $526,308 and $696,504 respectively.

The Company shall pay all of its costs and expenses and shall reimburse the Manager or its affiliates for expenses of the Manager and its affiliates paid or incurred on behalf of the Company, excepting only those expenses that are specifically the responsibility of the Manager pursuant to the Management Agreement. We reimburse our Manager or its affiliates, as applicable, for 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 (i) subject to review by the Compensation Committee of the Board, the Manager’s personnel serving as an officer of the Company, based on the percentage of his or her time spent devoted to the Company’s affairs and (ii) other corporate finance, tax, accounting, internal audit, legal, risk management, operations, compliance, and other non-investment personnel of the Manager and its affiliates who spend all or a portion of their time managing the Company’s affairs, with the allocable share of the compensation of such personnel described in this clause (ii) being as reasonably determined by the Manager to appropriately reflect the amount of time spent devoted by such personnel to our affairs.

The following table summarizes related party fees and expenses for the three months ended March 31, 2025 and 2024.


	For the three months ended March 31,
	2025			2024
Affiliate Payments
Management fees earned	$	1,212,796		$	1,074,308
Less: Outside Fees earned		(3,571	)		(16,071	)
Base management fees, net		1,209,225			1,058,237
Incentive fees		526,308			696,504
Total management and incentive fees earned		1,735,533			1,754,741
General and administrative expenses reimbursable to Manager		1,148,769			1,237,790
Total	$	2,884,302		$	2,992,531

The following table presents amounts payable to the Manager as of March 31, 2025 and December 31, 2024:


	March 31,		December 31,
	2025		2024
Management fees payable	$	1,209,225	$	925,761
Incentive fees payable		526,308		1,937,487
Management and incentive fees payable		1,735,533		2,863,248
General and administrative expenses reimbursable to Manager		1,586,509		2,043,403
Total	$	3,322,042	$	4,906,651

General administrative expenses reimbursable to the Manager are included in the related party payable line item of the consolidated balance sheets as of March 31, 2025 and December 31, 2024.

Co-Investment in Loans

From time to time, the Company may co-invest with other investment vehicles managed by its affiliates, in accordance with the Manager’s co-investment allocation policies. The Company is not obligated to provide, nor has it provided, any financial support to the other managed investment vehicles. As such, the Company’s risk is limited to the carrying value of its investment in any such loan. As of both March 31, 2025 and December 31, 2024, 19 of the Company’s loans were co-invested by affiliates of the Company.

Certain syndicated co-investments originated by affiliates of the Manager may include other consideration, generally in the form of warrants or other equity interests. Prior to, or concurrent with, the origination of the investment, the Company may elect to assign the right (the “Assigned Right”) to the equity consideration to an affiliate, in exchange for an additional upfront fee in an amount equal to the fair value of the equity consideration on a pro-rata basis. There were no sales of Assigned Rights for the three month periods ended March 31, 2025 and 2024.

Loans held for investment – related party

Loan #3 and Loan #33

The borrowers of Loan #3 and Loan #33 are affiliates of Vireo Growth, Inc. ("Vireo"). In December 2024, John Mazarakis, who serves as our Executive Chairman of the Board, was appointed to serve as Chief Executive Officer and Co-Executive Chairman of the Board of Vireo. Certain affiliated investment funds that are managed by entities under common control with our Manager, and for which Mr. Mazarakis can exercise significant influence, own approximately 35% of Vireo's Subordinate Voting Shares, causing the Company to classify transactions with Vireo to be related party transactions. The aggregate principal balance of these loans is included on the consolidated balance sheets within loans held for investment - related party (Note 3).

Loan #9

As of May 1, 2023, Loan #9 was placed on non-accrual status for borrower's breach of certain non-financial covenants and obligations under the loan agreement. The borrower subsequently failed to make contractual principal and interest payments due for the months of May and June 2023. On June 20, 2023, the Administrative Agent to Loan #9 (the “Agent”, a related party) issued an acceleration notice notifying the borrower of the Agent’s intention to exercise all rights and remedies under the credit documents and requested immediate payment of all amounts outstanding thereunder on behalf of the lenders through commencement of foreclosure proceedings. Loan #9 is co-invested by the Company and an affiliated investment fund under common control with the Manager (collectively with the Company, the "Lenders").

The Agent subsequently pursued a Uniform Commercial Code Article 9 sale (“UCC sale”) of the membership interests of the borrower’s subsidiaries which were pledged as collateral. On August 10, 2023, the Agent was the highest bidder in a public auction of the membership interests and took ownership of the membership interests.

In December 2024, the Agent was granted a summary judgment (the "Judgment") against the borrower credit parties and related individuals in the amount of approximately $14.5 million. The Judgment received in favor of the Agent was incremental to the equity acquired in the UCC sale. The enforcement of such Judgment and UCC sale was conditional upon the recognition and affiliation of members of the Agent by the Pennsylvania Department of Health (“PA DOH”), which was uncertain as of December 31, 2024.

In January 2025, the Court of Common Pleas in Snyder County, Pennsylvania granted an order in favor of the Agent, whereby members of the Agent would be duly recognized as owner-operators of the subject assets. The order was conditional upon the satisfactory completion of change of ownership and other cannabis owner-operator affiliation forms, as required by the PA DOH. In February 2025, upon approval by the PA DOH, members of the Agent satisfied the conditions imposed by PA DOH and assumed full control of the facilities and operations of the business.

On March 31, 2025, following completion of the foreclosure proceedings, the Company extinguished the original term loan, previously identified as Loan #9, and the Agent distributed the assets acquired from the foreclosure to the Lenders pursuant to an Agreement Among Lenders by and between the Agent and Lenders (the "AAL"). Pursuant to the AAL, the affiliated co-lender received rights to the membership interests acquired in the UCC sale and intends to engage third-parties, as necessary, and is currently in the process of restoring the business to a fully operational status. Further pursuant to the AAL, in satisfaction of the original loan, the Company now holds two loans with an aggregate principal balance of approximately $16.5 million, comprised of a $14.5 million first lien judgment loan (the "Judgment Loan") and a $2.0 million second lien term loan (the "Term Loan"), which had an aggregate fair value of approximately $16.5 million, resulting in a gain on extinguishment of approximately $66 thousand. The fair value of each of the Judgment Loan and Term Loan was determined by the Manager's investment committee using Level 3 inputs under the discounted cash flow method.

The Judgment Loan bears interest at a statutory rate of 9.0% pursuant to Illinois law, and will remain outstanding until paid by the borrower. The Term Loan bears interest at a contractual rate of 9.0% and has a maturity of March 31, 2028. The assets securing the original loan, which included mortgaged cultivation real estate in Pennsylvania and operations related thereto, continue to secure the Judgment Loan and the Term Loan. Accordingly, by virtue of the relationship between the Company, as holder of the Judgment Loan and the Term Loan, and the affiliated co-lender, as new owner of the membership interests of the original borrower credit parties, Loan #9 remains a related party loan. For comparability to previously issued financial statements, management will continue to reference the Judgment Loan and the Term Loan, collectively, as Loan #9, as shown in Note 3.

In connection with the extinguishment of the original Loan #9, the CECL reserve of approximately $1.2 million was reversed, primarily due to the fact that the Company is the sole owner of the Judgment Loan and the Term Loan, which now include a senior liquidation preference and represent the only indebtedness in the borrower's new capital structure. These factors improve the Company's expectations regarding collectibility of principal and interest. In April 2025, the borrower opened its three dispensary locations all of which were previously non-operational and expect improved financial performance as a result. However; given the history of non-payment resulting from these locations being non-operational, management will closely monitor and evaluate the financial and cash flow performance of the now operational assets, before restoring Loan #9 to accrual status. Accordingly, Loan #9 remains on non-accrual status as of March 31, 2025. The Company intends to hold both the Judgment Loan and the Term Loan until maturity or payoff, as applicable, and therefore has classified these assets as loans held for investment - related party as of March 31, 2025, with a carrying value of approximately $16.5 million.

Loans, at fair value - related party

During the quarter ended December 31, 2024, the Company originated a loan to a subsidiary of Vireo, collateralized by real estate assets in Minnesota. The loan has a principal balance of $5.5 million and a carrying value of approximately $5.3 million as of March 31, 2025 and December 31, 2024. The Company elected to record the investment at fair value under the fair value option as described in Note 4.

- Definition

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

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Fair Value Measurements

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

13. FAIR VALUE MEASUREMENTS

GAAP requires disclosure of fair value information about financial and non-financial assets and liabilities, whether or not recognized in the financial statements, for which it is practical to estimate the value. In cases where quoted market prices are not available, fair values are based upon the application of discount rates to estimated future cash flows using market yields, or other valuation methodologies. Any changes to the valuation methodology will be reviewed by the Company’s management to ensure the changes are appropriate. The methods used may produce a fair value calculation that is not indicative of net realizable value or reflective of future fair values. Furthermore, while the Company anticipates that the valuation methods are appropriate and consistent with other market participants, the use of different methodologies, or assumptions, to determine the fair value of certain financial and non-financial assets and liabilities could result in a different estimate of fair value at the reporting date. The Company uses inputs that are current as of the measurement date, which may fall within periods of market dislocation, during which price transparency may be reduced.

Recurring Fair Value Measurements

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:


	As of March 31, 2025
	Level 1		Level 2		Level 3		Total
Financial assets:
Loans, at fair value - related party	$	-	$	-	$	5,335,000	$	5,335,000

	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Loans, at fair value - related party	$	-	$	-	$	5,335,000	$	5,335,000

Financial Assets and Liabilities Not Measured at Fair Value

As of March 31, 2025 and December 31, 2024, the carrying values and fair values of the Company’s financial assets and liabilities recorded at amortized cost are as follows:


		As of March 31,				As of December 31,
		2025				2024
	Level in Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Loans held for investment	3	$	399,455,479	$	397,090,069	$	402,477,046	$	399,771,293
Cash and cash equivalents	1		9,879,177		9,879,177		26,400,448		26,400,448
Interest receivable	2		1,515,898		1,515,898		1,453,823		1,453,823
Other receivables and assets, net	2		525,277		525,277		459,187		459,187
Related party receivables	2		1,228,559		1,228,559		3,370,339		3,370,339

Financial liabilities:
Revolving loan	2	$	38,000,000	$	37,745,771	$	55,000,000	$	54,694,925
Notes payable, net	2		49,155,713		49,383,204		49,096,250		49,306,996
Accounts payable and other liabilities	2		2,539,925		2,539,925		2,285,035		2,285,035
Interest reserve	2		547,526		547,526		1,297,878		1,297,878
Management and incentive fees payable	2		1,735,533		1,735,533		2,863,158		2,863,158
Related party payables	2		1,586,509		1,586,509		2,043,403		2,043,403
Investments payable	2		500,000		495,000		—		—
Dividend payable	2		9,820,079		9,820,079		13,605,153		13,605,153

Our loans are held for investment and are substantially secured by real estate, equipment, licenses and other assets of the borrowers to the extent permitted by the applicable laws and the regulations governing such borrowers. The aggregate fair value of the Company’s held for investment portfolio was approximately $397.1 million and $399.8 million, with gross unrecognized holding losses of $2.4 million and $2.7 million as of March 31, 2025 and December 31, 2024, respectively. The fair values, which are classified as Level 3 in the fair value hierarchy, are estimated using discounted cash flow models based on current market inputs for similar types of arrangements. The primary sensitivity in these models is based on the selection of appropriate discount rates. Fluctuations in these assumptions could result in different estimates of fair value.

- 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/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 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-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 4: 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 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

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

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Interest Reserve (Details) - Schedule of Changes in Interest Reserves - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Schedule of Changes in Interest Reserves [Abstract]
Beginning reserves	$ 1,297,878	$ 1,074,889
New reserves	20,714	4,194,597
Reserves disbursed	(771,066)	(3,971,608)
Ending reserve	$ 547,526	$ 1,297,878

Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Level 3 [Member]
Financial assets:
Loans, at fair value - related party	$ 397,090,069	$ 399,771,293
Fair Value, Recurring [Member] \| Related Party [Member]
Financial assets:
Loans, at fair value - related party	5,335,000	5,335,000
Fair Value, Recurring [Member] \| Level 1 [Member] \| Related Party [Member]
Financial assets:
Loans, at fair value - related party	0	0
Fair Value, Recurring [Member] \| Level 2 [Member] \| Related Party [Member]
Financial assets:
Loans, at fair value - related party	0	0
Fair Value, Recurring [Member] \| Level 3 [Member] \| Related Party [Member]
Financial assets:
Loans, at fair value - related party	$ 5,335,000	$ 5,335,000

Dividends and Distributions (Tables)

3 Months Ended

Mar. 31, 2025

Dividends and Distributions [Abstract]

Schedule of Dividends Declared

The following table summarizes the Company’s dividends declared during the three months ended March 31, 2025 and 2024.


	Record Date	Payment Date	Common Share Distribution Amount		Taxable Ordinary Income		Return of Capital		Section 199A Dividends
Regular cash dividend	3/31/2025	4/15/2025	$	0.47	$	0.47	$	-	$	0.47
Total cash dividend			$	0.47	$	0.47		-	$	0.47


	Record Date	Payment Date	Common Share Distribution Amount		Taxable Ordinary Income		Return of Capital		Section 199A Dividends
Regular cash dividend	3/28/2024	4/15/2024	$	0.47	$	0.47	$	-	$	0.47
Total cash dividend			$	0.47	$	0.47	$	-	$	0.47

Stockholders' Equity - Schedule of Restricted Stock Activity (Details) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Schedule of Restricted Stock Activity [Abstract]
Restricted stock activity, beginning	411,303	366,647
Grant Date Fair Value per Share, beginning	$ 15.14	$ 14.86
Restricted stock activity, Vested		(6,647)
Grant Date Fair Value per Share, Vested		$ 16.00
Restricted stock activity, Forfeited	(4,811)
Grant Date Fair Value per Share, Forfeited	$ 15.59
Restricted stock activity, ending	406,492	360,000
Grant Date Fair Value per Share, ending	$ 15.13	$ 14.84

Loans Held For Investment, Net (Details) - Schedule of Risk Rating	3 Months Ended
	Mar. 31, 2025
Risk Rating One [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Risk rating	Very low risk
Risk Rating Two [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Risk rating	Low risk
Risk Rating Three [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Risk rating	Moderate/average risk
Risk Rating Four [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Risk rating	High risk/potential for loss: a loan that has a risk of realizing a principal loss
Risk Rating Five [Member]
Financing Receivable, Credit Quality Indicator [Line Items]
Risk rating	Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss or an impairment has been recorded

Loans at Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Summary of Significant Unobservable Inputs Used to Value Loans Categorized within Level 3

The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of March 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, 2025
				Unobservable Input
	Fair Value		Primary Valuation Technique	Input	Value
Loans, at fair value - related party	$	5,335,000	Yield analysis	Discount rate		13.94	%
Total loans, at fair value	$	5,335,000

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2025

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements and related notes of the Company have been prepared on the accrual basis of accounting and in conformity with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Our consolidated financial statements present the financial position, results of operations, and cash flows of Chicago Atlantic Real Estate Finance, Inc., and its wholly owned consolidated subsidiary, Chicago Atlantic Lincoln, LLC. All intercompany accounts and transactions have been eliminated in consolidation. Accordingly, these financial statements may not contain all disclosures required by generally accepted accounting principles. Reference should be made to Note 2 of the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2024. In the opinion of the Company, all normal recurring adjustments have been made that are necessary to the fair statement of the results of operations and financial position as of and for the periods presented. Operating results for the three-month period ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.

Cash and Cash Equivalents

The Company’s cash held with financial institutions may at times exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limits. The Company and the Manager seek to manage this credit risk relating to cash by monitoring the financial stability of the financial institutions and their ability to continue in business for the foreseeable future.

Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions. Cash and short-term investments with an original maturity of three months or less when acquired are considered cash and cash equivalents for the purpose of the consolidated balance sheets and consolidated statements of cash flows, and represented $9.9 million and $26.4 million of total cash and cash equivalents as of March 31, 2025 and December 31, 2024, respectively.

Use of Estimates in the Preparation of Consolidated Financial Statements

The preparation of the 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 provision for current expected credit losses.

Investment Payable

Investment transactions are reported on a trade-date basis. Unsettled trades as of the balance sheet date are included in payable for investments purchased on the consolidated balance sheets.

Revenue Recognition

Interest Income

Interest income from loans is accrued based on the outstanding principal amount and the contractual terms of each loan. Loan origination fees and costs, and other discounts or premiums (collectively, “OID”) are recorded as an adjustment to the amortized cost basis of the loan and are accreted or amortized to interest income over the initial loan term as a yield adjustment using a method which approximates the effective interest method. Delayed draw loans may earn interest or unused fees on the undrawn portion of the loan, which is recognized as interest income in the period earned.

Certain of the Company’s loans contain a paid-in-kind interest income provision (“PIK interest”). The PIK interest, computed at the contractual rate specified in the applicable loan agreement, is added to the principal balance of the loan, rather than being paid in cash, and is generally collected upon repayment of the outstanding principal. Recognition of PIK interest includes assessments of collectability and may discontinue accrual of interest income, including PIK interest, when there is reasonable doubt that the interest income will be collected. To the extent required to maintain the Company’s status as a REIT, and/or to avoid incurring an excise tax, accrued income such as this may need to be distributed to stockholders in the form of dividends for the year earned, even though the Company has not yet collected the cash.

Interest income on debt securities designated as trading securities is recognized on an accrual basis and is reported as interest receivable until collected. Interest income is accrued based on the outstanding face amount and the contractual terms of the securities. Realized gains or losses on debt securities are measured by the difference between the net proceeds from the disposition and the amortized and/or accreted cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include loans charged off during the period, net of recoveries.

Non-Accrual

Loans are generally placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt about the full recovery of principal and interest. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding the borrower’s ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when principal and interest payments are brought current, the borrower demonstrates sustained repayment performance, or the loan becomes well secured and is in the process of collection.

Fee Income

Other fees, including prepayment fees and exit or success fees, are recognized as interest income when received. From time to time, the Company may also receive fees for underwriting, syndication, arranging, or other types of fees (collectively "Structuring Fees") in the course of origination of its investments. To the extent such fees are not deemed to be yield enhancements and are not paid to all lenders in the syndication, such Structuring Fees are recognized in interest income when received.

Realized and Unrealized Gains and Losses

Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized and/or accreted cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include loans charged off during the period, net of recoveries. An unrealized gain arises when the fair value of the loan portfolio exceeds its cost and an unrealized loss arises when the fair value of the loan portfolio is less than its cost. The change in unrealized gains or losses primarily reflect the change in loan values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Income Taxes

The Company is a Maryland corporation and has elected to be taxed as a REIT under the Code, commencing with its taxable year ended December 31, 2021. The Company believes that it has qualified as a REIT and that its method of operation will enable it to continue to qualify as a REIT. However, no assurances can be given that the Company’s beliefs or expectations will be fulfilled, since qualification as a REIT depends on the Company satisfying numerous asset, income and distribution tests which depends, in part, on the Company’s operating results. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including various income, asset, and distribution tests.

Income Tests

In order to maintain our REIT qualification, we must satisfy two gross income requirements on an annual basis. First, at least 75% of our gross income for each taxable year, excluding gross income from sales of inventory or dealer property in prohibited transactions, discharge of indebtedness and certain hedging transactions, generally must be derived from investments relating to real property or mortgages on real property, including interest income derived from mortgage loans secured by real property (including certain types of mortgage-backed securities), rents from real property, dividends received from other REITs, and gains from the sale of designated real estate assets, as well as, specified income from temporary investments. Second, at least 95% of our gross income in each taxable year, excluding gross income from "prohibited transactions", discharge of indebtedness and certain hedging transactions, must be derived from some combination of income that qualifies under the 75% gross income test described above, as well as, other dividends, interest, and gain from the sale or disposition of stock or securities, which need not have any relation to real property. Income and gain from certain hedging transactions will be excluded from both the numerator and the denominator for purposes of both the 75% and 95% gross income tests.

Asset Tests

At the close of each calendar quarter, we must also satisfy five tests relating to the nature of our assets. First, at least 75% of the value of our total assets must be represented by some combination of designated real estate assets, cash, cash items, U.S. Government securities and, under some circumstances, stock or debt instruments purchased with new capital. Second, the value of any one issuer’s securities that we own may not exceed 5% of the value of our total assets. Third, we may not own more than 10% of any one issuer’s outstanding securities, as measured by either value (the "10% of value asset test") or voting power. The 5% and 10% asset tests do not apply to securities that qualify under the 75% asset test or to securities of a TRS and qualified REIT subsidiaries, and the 10% of value asset test does not apply to "straight debt" having specified characteristics and to certain other securities. Fourth, the aggregate value of all securities of TRSs that we hold may not exceed 20% of the value of our total assets. Fifth, not more than 25% of the value of our total assets may be represented by debt instruments of publicly offered REITs to the extent those debt instruments would not be real estate assets but for the inclusion of debt instruments of publicly offered REITs in the meaning of real estate assets.

Distribution Tests

The Company is required to distribute annually to its stockholders, at least 90% of the Company’s REIT taxable income prior to the deduction for dividends paid. To the extent that the Company distributes less than 100% of its REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), the Company will pay tax at regular corporate rates on that undistributed portion. Furthermore, if the Company distributes less than the sum of 1) 85% of its ordinary income for the calendar year, 2) 95% of its capital gain net income for the calendar year, and 3) any undistributed shortfall from its prior calendar year (the “Required Distribution”) to its stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then it is required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if the Company elects to retain any of its net capital gain for any tax year, it must notify its stockholders and pay tax at regular corporate rates on the retained net capital gain. The stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain and receive an income tax credit for such amount. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax. If it is determined that the Company’s estimated current year taxable income will be in excess of estimated dividend distributions (including capital gain dividend) for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. The annual expense is calculated in accordance with applicable tax regulations.

The Financial Accounting Standards Board (“FASB”) ASC Topic 740, Income Taxes (“ASC 740”), prescribes a recognition threshold and measurement attribute for the consolidated financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are documented and supported for the taxable years ended December 31, 2024 and 2023. Based on the Company’s evaluation, there is no reserve for any uncertain income tax positions. Accrued interest and penalties, if any, are included within other liabilities in the consolidated balance sheets and within income tax expense on the consolidated statements of operations.

Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company concluded that the application of this guidance did not have any material impact on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures ("ASC 2024-03"), which requires disaggregated disclosures of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods with fiscal years beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently evaluating the impact of this guidance on the Company's future consolidated financial statements.

Stockholders' Equity - Schedule of Restricted Stock Awards (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Schedule of Restricted Stock Awards [Abstract]
Aggregate intrinsic value ,Outstanding	$ 5,975,432	$ 6,342,292
Aggregate intrinsic value ,Vested	$ 3,033,845	$ 3,182,441

Loans Held For Investment, Net (Details) - Schedule of Carrying Value of Loans Held for Investment - USD ($)

Mar. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing receivable loan originated - 2025

^[1]

$ 1,283,504

$ 109,587,750

Financing receivable loan originated - 2024

^[1]

110,648,527

67,943,529

Financing receivable loan originated - 2023

^[1]

63,999,052

159,031,063

Financing receivable loan originated - 2022

^[1]

158,691,746

65,914,704

Financing receivable loan originated - 2021

^[1]

64,832,650

Loans held for investment, at carrying value

^[1]

399,455,479

402,477,046

Risk Ratin 1 [Member]

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing receivable loan originated - 2025

^[1]

1,111,224

Financing receivable loan originated - 2024

^[1]

1,075,713

580,000

Financing receivable loan originated - 2023

^[1]

520,000

41,045,793

Financing receivable loan originated - 2022

^[1]

21,626,930

Financing receivable loan originated - 2021

^[1]

Loans held for investment, at carrying value

^[1]

23,222,643

42,737,017

Risk Ratin 2 [Member]

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing receivable loan originated - 2025

^[1]

1,040,870

63,823,279

Financing receivable loan originated - 2024

^[1]

64,835,378

64,896,824

Financing receivable loan originated - 2023

^[1]

63,479,052

90,874,764

Financing receivable loan originated - 2022

^[1]

64,691,470

24,239,380

Financing receivable loan originated - 2021

^[1]

23,545,865

Loans held for investment, at carrying value

^[1]

217,592,635

243,834,247

Risk Ratin 3 [Member]

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing receivable loan originated - 2025

^[1]

242,634

34,653,247

Financing receivable loan originated - 2024

^[1]

34,737,436

2,466,705

Financing receivable loan originated - 2023

^[1]

27,110,506

Financing receivable loan originated - 2022

^[1]

72,373,346

13,687,904

Financing receivable loan originated - 2021

^[1]

29,701,304

Loans held for investment, at carrying value

^[1]

137,054,720

77,918,362

Risk Ratin 4 [Member]

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing receivable loan originated - 2025

^[1]

10,000,000

Financing receivable loan originated - 2024

^[1]

10,000,000

Financing receivable loan originated - 2023

^[1]

Financing receivable loan originated - 2022

^[1]

27,987,420

Financing receivable loan originated - 2021

^[1]

11,585,481

Loans held for investment, at carrying value

^[1]

21,585,481

37,987,420

Risk Ratin 5 [Member]

Financing Receivable, Allowance for Credit Loss [Line Items]

Financing receivable loan originated - 2025

^[1]

$ 0

Financing receivable loan originated - 2024

^[1]

Financing receivable loan originated - 2023

^[1]

Financing receivable loan originated - 2022

^[1]

Financing receivable loan originated - 2021

^[1]

$ 0

Loans held for investment, at carrying value

^[1]

$ 0

[1]	Amounts are presented by loan origination year with subsequent advances on delayed draw facilities shown in the initial year of origination.

Organization and Description of Business - Additional Information (Details)	3 Months Ended
	Mar. 31, 2025
Organization and Description of Business [Line Items]
Least taxable income rate	90.00%

Stockholders' Equity - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Mar. 18, 2025	Jun. 20, 2023
Stockholders’ Equity (Details) [Line Items]
Net proceeds from common stock issuance	$ 1,033,474	$ 9,811,862
Shares forfeited (in Shares)	4,811	0
Share-based compensation expense	$ 649,312	$ 531,293
Unamortized share-based compensation expense	$ 3,700,000	4,000,000
Weighted average term	1 year 7 months 6 days
Offering cost			$ 100,000,000	$ 75,000,000
At-the-Market Offering Program [Member]
Stockholders’ Equity (Details) [Line Items]
Net proceeds from direct offering	$ 1,000,000	$ 13,900,000
Sold an aggregate shares (in Shares)	64,557	896,443

Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

Schedule of Basic Earnings Per Common Share

The following information sets forth the computations of basic earnings per common share for the three months ended March 31, 2025 and 2024, respectively:


	For the three months ended March 31,
	2025		2024
Net income attributable to common stockholders	$	10,041,312	$	8,730,003
Divided by:
Basic weighted average shares of common stock outstanding		20,858,466		18,273,919
Diluted weighted average shares of common stock outstanding		21,264,891		18,640,492
Basic earnings per common share	$	0.48	$	0.48
Diluted earnings per common share	$	0.47	$	0.47

Document And Entity Information - shares	3 Months Ended
Document And Entity Information - shares	Mar. 31, 2025	May 02, 2025
Document Information [Line Items]
Entity Registrant Name	CHICAGO ATLANTIC REAL ESTATE FINANCE, INC.
Trading Symbol	REFI
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		20,967,457
Amendment Flag	false
Entity Central Index Key	0001867949
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Bankruptcy Proceedings, Reporting Current	true
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-41123
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-3125132
Entity Address, Address Line One	1680 Michigan Avenue
Entity Address, Address Line Two	Suite 700
Entity Address, City or Town	Miami Beach
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33139
City Area Code	(312)
Local Phone Number	809-7002
Title of 12(b) Security	Common Stock, $0.01 par value per share
Security Exchange Name	NASDAQ
Entity Interactive Data Current	Yes

Loans Held For Investment, Net (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2025

Mar. 31, 2024

Dec. 31, 2024

Loans Held For Investment, Net (Details) [Line Items]

Outstanding principal

^[1]

$ 399,455,479

$ 402,477,046

Credit losses

1,072,811

$ (383,371)

Interest receivable

1,515,898

1,453,823

Transfer of loan held for investment to loan held for sale

1,200,000

Loans Risk Rated Four [Member]

Loans Held For Investment, Net (Details) [Line Items]

Decrease in loan risk portfolio

$ 21,600,000

38,000,000

SOFR [Member]

Loans Held For Investment, Net (Details) [Line Items]

Loan prime rate

4.00%

Prime Rate [Member]

Loans Held For Investment, Net (Details) [Line Items]

Loan prime rate

5.50%

Prime Rate One [Member]

Loans Held For Investment, Net (Details) [Line Items]

Loan prime rate

6.25%

Prime Rate Two [Member]

Loans Held For Investment, Net (Details) [Line Items]

Loan prime rate

7.00%

Prime Rate Three [Member]

Loans Held For Investment, Net (Details) [Line Items]

Loan prime rate

7.50%

Prime Rate Four [Member]

Loans Held For Investment, Net (Details) [Line Items]

Loan prime rate

7.75%

Prime Rate Five [Member]

Loans Held For Investment, Net (Details) [Line Items]

Loan prime rate

8.00%

Prime Rate Six [Member]

Loans Held For Investment, Net (Details) [Line Items]

Loan prime rate

8.50%

Outstanding Principal [Member]

Loans Held For Investment, Net (Details) [Line Items]

Outstanding principal

$ 16,400,000

16,400,000

Non-Accrual Loans [Member]

Loans Held For Investment, Net (Details) [Line Items]

Credit losses

$ 100,000

$ 1,200,000

Loan Three [Member]

Loans Held For Investment, Net (Details) [Line Items]

Maturity Date

Jan. 29, 2027

Outstanding principal

$ 16,900,000

Loan Three [Member] | Maximum [Member]

Loans Held For Investment, Net (Details) [Line Items]

Loan prime rate

10.375%

Loan Nine [Member]

Loans Held For Investment, Net (Details) [Line Items]

Maturity Date

Mar. 31, 2028

First lien judgment loan

$ 14,500,000

Second lien term loan

2,000,000

Transfer of loan held for investment to loan held for sale

$ 1,200,000

Loan Three - Second Commitment [Member]

Loans Held For Investment, Net (Details) [Line Items]

Maturity Date

May 29, 2026

Outstanding principal

$ 4,400,000

Nebraska [Member]

Loans Held For Investment, Net (Details) [Line Items]

Maturity Date

^[2]

Jun. 30, 2027

Nebraska [Member] | Prime Rate [Member]

Loans Held For Investment, Net (Details) [Line Items]

Loan prime rate

6.50%

Nebraska [Member] | Prime Rate [Member] | Maximum [Member]

Loans Held For Investment, Net (Details) [Line Items]

Loan prime rate

8.75%

Nebraska [Member] | Prime Rate [Member] | Minimum [Member]

Loans Held For Investment, Net (Details) [Line Items]

Loan prime rate

5.00%

[1]	Amounts are presented by loan origination year with subsequent advances on delayed draw facilities shown in the initial year of origination.
[2]	Certain loans are subject to contractual extension options as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein and certain borrowers may have the right to prepay with or without a contractual prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2025
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
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Related Party Transactions - Schedule of Summarizes The Related Party Fees and Expenses (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Schedule of Summarizes the Related Party Fees and Expenses [Abstract]
Management fees earned	$ 1,212,796	$ 1,074,308
Less: Outside Fees earned	(3,571)	(16,071)
Base management fees, net	1,209,225	1,058,237
Incentive fees	526,308	696,504
Total management and incentive fees earned	1,735,533	1,754,741
General and administrative expenses reimbursable to Manager	1,148,769	1,237,790
Total	$ 2,884,302	$ 2,992,531

Commitments and Contingencies - Schedule of Material Commitments (Details)	Mar. 31, 2025 USD ($)
Other Commitments [Line Items]
2026	$ 19,795,000
2027	0
2028	0
2029	0
2030	0
Thereafter	0
Total	19,795,000
Undrawn commitment [Member]
Other Commitments [Line Items]
2026	19,795,000
2027	0
2028	0
2029	0
2030	0
Thereafter	0
Total	$ 19,795,000

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Material Commitments

The following table summarizes our material commitments as of March 31, 2025:


	Total		2026		2027		2028		2029		2030		Thereafter
Undrawn commitments	$	19,795,000	$	19,795,000	$	-	$	-	$	-	$	-	$	-
Total	$	19,795,000	$	19,795,000	$	-	$	-	$	-	$	-	$	-

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Summary of Significant Accounting Policies [Line Items]
Cash and cash equivalents	$ 9,879,177	$ 26,400,448
Deduction paid percentage	90.00%
Percentage of distributes of taxable income	100.00%
Non-Deductible excise tax percentage	4.00%

Loans Held For Investment, Net (Details) - Schedule of Loans Held for Investment - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2025

Dec. 31, 2024

Schedule of Loans Held For Investment [Abstract]

Senior Term Loans, Outstanding Principal

$ 401,511,816

$ 404,721,554

Senior Term Loans, Original Issue Discount

(2,056,337)

(2,244,508)

Senior Term Loans, Carrying Value

$ 399,455,479

$ 402,477,046

Senior Term Loans, Weighted Average Remaining Life (Years)

^[1]

2 years 1 month 6 days

2 years 2 months 12 days

Current expected credit loss reserve, Outstanding Principal

$ 0

Current expected credit loss reserve, Original Issue Discount

Current expected credit loss reserve, Carrying Value

(3,274,058)

(4,346,869)

Total loans held at carrying value, net, Outstanding Principal

401,511,816

404,721,554

Total loans held at carrying value, net, Original Issue Discount

(2,056,337)

(2,244,508)

Total loans held at carrying value, net, Carrying Value

$ 396,181,421

$ 398,130,177

[1]	Weighted average remaining life is calculated based on the carrying value of the loans as of March 31, 2025 and December 31, 2024, respectively.

Stockholders’ Equity (Tables)

3 Months Ended

Mar. 31, 2025

Stockholders’ Equity [Abstract]

Schedule of Restricted Stock Awards

Based on the closing market price of our common stock on March 31, 2025 and December 31, 2024, the aggregate intrinsic value of our restricted stock awards was as follows:


	As of March 31, 2025				As of December 31, 2024
	Outstanding		Vested		Outstanding		Vested
Aggregate intrinsic value	$	5,975,432	$	3,033,845	$	6,342,292	$	3,182,441

Schedule of Restricted Stock Activity

The following table summarizes the restricted stock activity for the Company’s directors and officers and employees of the Manager during the three months ended March 31, 2025 and 2024.


	Unvested Restricted Stock			Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2024		411,303		$	15.14
Forfeited		(4,811	)		15.59
Balance at March 31, 2025		406,492		$	15.13


	Unvested Restricted Stock			Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2023		366,647		$	14.86
Vested		(6,647	)	$	16.00
Balance at March 31, 2024		360,000		$	14.84

Consolidated Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Statement of Financial Position [Abstract]
Loans, at fair value amortized cost	$ 5,500,000	$ 5,500,000
Common stock, par value (in Dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	20,893,785	20,829,228
Common stock, shares outstanding	20,893,785	20,829,228

Debt - Additional Information (Details) - USD ($)						3 Months Ended
Debt - Additional Information (Details) - USD ($)	Oct. 18, 2024	Sep. 30, 2024	Jun. 26, 2024	Feb. 28, 2024	May 21, 2021	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
Debt (Details) [Line Items]
Line of credit interest rate						7.50%
Line of credit, description						As of December 31, 2023, the Revolving Loan had an interest rate equal to the greater of (1) the Prime Rate plus the applicable margin and (2) 3.25%. The applicable margin is derived from a floating rate grid based upon the ratio of debt to book equity of CAL and increases from 0% at a ratio of 0.25 to 1 to 1.25% at a ratio of 1.5 to 1. The Revolving Loan had an aggregate commitment of $100.0 million, and a maturity date of the earlier of (i) December 16, 2024 and (ii) the date on which the Revolving Loan is terminated pursuant to the terms of the Revolving Loan agreement.
Revolving loan commitment amount					$ 100,000,000
Unamortized debt issuance costs						$ 254,229	$ 305,075
Revolving loan						72,000,000
Net borrowings and repayments						17,000,000
Maximum capital expenditures						150,000
Stockholders' equity						310,780,047	$ 308,958,097	$ 285,960,777	$ 271,853,391
Unsecured Notes due 2028 [Member]
Debt (Details) [Line Items]
Debt issuance cost under of credit facility arrangement	$ 900,000
Contractual maturity date	Oct. 18, 2028
Loan commitment	$ 50,000,000
Contractual term	4 years
Amortized Cost [Member]
Debt (Details) [Line Items]
Amortized cost						$ 127,800,000
Minimum [Member]
Debt (Details) [Line Items]
Revolving loan commitment amount		$ 105,000,000	$ 100,000,000
Debt service coverage ratio						1.35
Minimum [Member] \| Unsecured Notes due 2028 [Member]
Debt (Details) [Line Items]
Stockholders' equity	$ 200,000,000
Minimum [Member] \| Debt to Equity Ratio of 0.25 to 1 [Member]
Debt (Details) [Line Items]
Line of credit interest rate					0.00%	0.00%
Maximum [Member]
Debt (Details) [Line Items]
Line of credit interest rate					3.25%	3.25%
Revolving loan commitment amount		$ 110,000,000	$ 105,000,000
Leverage ratio						1.5
Maximum [Member] \| Unsecured Notes due 2028 [Member]
Debt (Details) [Line Items]
Aggregate indebtedness	$ 225,000,000
Maximum [Member] \| Debt to Equity Ratio of 0.25 to 1 [Member]
Debt (Details) [Line Items]
Ratio of debt to equity					0.25	0.25
Maximum [Member] \| Debt to Equity Ratio of 1.5 to 1 [Member]
Debt (Details) [Line Items]
Line of credit interest rate					1.25%	1.25%
Ratio of debt to equity					1.5	1.5
Revolving Credit Facility [Member]
Debt (Details) [Line Items]
Debt issuance cost under of credit facility arrangement				$ 100,000
Debt, description						Additionally, the Company must comply with certain financial covenants including: (1) maximum capital expenditures of $150,000, (2) maintaining a debt service coverage ratio greater than 1.35 to 1, and (3) maintaining a leverage ratio less than 1.50 to 1. As of March 31, 2025, the Company is in compliance with all financial covenants with respect to the Revolving Loan.
Contractual maturity date						Jun. 30, 2026
Revolving Credit Facility [Member] \| Extended Maturity [Member]
Debt (Details) [Line Items]
Contractual maturity date				Jun. 30, 2026
Revolving Credit Facility [Member] \| Minimum [Member]
Debt (Details) [Line Items]
Revolving loan commitment amount						$ 110,000,000
Revolving Credit Facility [Member] \| Maximum [Member]
Debt (Details) [Line Items]
Revolving loan commitment amount				$ 150,000,000		$ 150,000,000

Loans Held For Investment, Net

3 Months Ended

Mar. 31, 2025

Loans Held For Investment, Net [Abstract]

LOANS HELD FOR INVESTMENT, NET

3. LOANS HELD FOR INVESTMENT, NET

The Company primarily originates senior secured loans that it has the intent and ability to hold until maturity or payoff. Such loans are classified as held for investment and are reported on the consolidated balance sheets at amortized cost. The following tables present summarized information regarding our loans held for investment by interest rate type as of March 31, 2025 and December 31, 2024:


	As of March 31, 2025
		Total Principal		Original Issue Discount			Carrying Value		Percentage of loans held for investment
Fixed-rate loans		$	163,307,742	$	(591,962	)	$	162,715,780		40.7	%
Floating-rate loans			238,204,074		(1,464,375	)		236,739,699		59.3	%
Total		$	401,511,816	$	(2,056,337	)	$	399,455,479		100.0	%


	As of December 31, 2024
		Total Principal		Original Issue Discount			Carrying Value		Percentage of loans held for investment
Fixed-rate loans		$	149,771,871	$	(545,081	)	$	149,226,790		37.0	%
Floating-rate loans			254,949,683		(1,699,427	)		253,250,256		63.0	%
Total		$	404,721,554	$	(2,244,508	)	$	402,477,046		100.0	%

The following tables summarize the Company’s aggregate portfolio of loans held for investment, net of the current expected credit loss reserve as of March 31, 2025 and December 31, 2024:


	As of March 31, 2025
	Outstanding Principal		Original Issue Discount			Carrying Value			Weighted Average Remaining Life (Years) (1)
Senior Term Loans	$	401,511,816	$	(2,056,337	)	$	399,455,479			2.1
Current expected credit loss reserve		-		-			(3,274,058	)
Total loans held at carrying value, net	$	401,511,816	$	(2,056,337	)	$	396,181,421


	As of December 31, 2024
	Outstanding Principal		Original Issue Discount			Carrying Value			Weighted Average Remaining Life (Years) (1)
Senior Term Loans	$	404,721,554	$	(2,244,508	)	$	402,477,046			2.2
Current expected credit loss reserve		-		-			(4,346,869	)
Total loans held at carrying value, net	$	404,721,554	$	(2,244,508	)	$	398,130,177

(1)

Weighted average remaining life is calculated based on the carrying value of the loans as of March 31, 2025 and December 31, 2024, respectively.

The following tables present changes in loans held at carrying value as of and for the three months ended March 31, 2025 and 2024.


	Principal			Original Issue Discount			Current Expected Credit Loss Reserve			Carrying Value
Balance at December 31, 2024	$	404,721,554		$	(2,244,508	)	$	(4,346,869	)	$	398,130,177
New fundings		4,365,832			(181,800	)		-			4,184,032
Principal repayment of loans		(9,170,628	)		-			-			(9,170,628	)
Accretion of original issue discount		-			369,971			-			369,971
PIK Interest		1,595,058			-			-			1,595,058
Decrease in provision for current expected credit losses		-			-			1,072,811			1,072,811
Balance at March 31, 2025	$	401,511,816		$	(2,056,337	)	$	(3,274,058	)	$	396,181,421


	Principal			Original Issue Discount			Current Expected Credit Loss Reserve			Carrying Value
Balance at December 31, 2023	$	355,745,305		$	(2,104,695	)	$	(4,972,647	)	$	348,667,963
New fundings		22,485,888			(105,081	)		-			22,380,807
Principal repayment of loans		(3,663,452	)		-			-			(3,663,452	)
Accretion of original issue discount		-			477,756			-			477,756
PIK Interest		3,008,593			-			-			3,008,593
Increase in provision for current expected credit losses		-			-			(383,371	)		(383,371	)
Balance at March 31, 2024	$	377,576,334		$	(1,732,020	)	$	(5,356,018	)	$	370,488,296

A more detailed listing of the Company’s loans held at carrying value based on information available as of March 31, 2025, is as follows:


Loan (1)	Location(s)	Initial Funding Date (1)	Maturity Date (2)	Principal Balance		Original Issue Discount			Carrying Value		Percentage of Loans Held for Investment			Future Fundings		Interest Rate (3)	Periodic Payment (4)	YTM IRR (5)
1	Various	10/27/2022	10/30/2026	$	19,255,716	$	(271,789	)	$	18,983,927		4.8	%		-	P+6.5% Cash (8)	P&I	17.1%
2	Michigan	12/31/2021	12/31/2025		27,110,506		-			27,110,506		6.8	%		-	P+3% Cash (13)	I/O	17.3%
3	Various	11/18/2021	1/29/2027		21,384,473		(461,592	)		20,922,881		5.2	%		-	P+10.375% Cash, 2.75% PIK (11)(14)(15)	P&I	22.6%
4	Arizona	4/19/2021	6/17/2026		6,626,809		-			6,626,809		1.7	%		-	11.91% Cash	I/O	17.0%
6	Michigan	8/20/2021	1/30/2026		4,958,672		-			4,958,672		1.2	%		-	P+6.5% Cash (13)	P&I	17.2%
7	Illinois, Arizona	8/24/2021	6/30/2025		23,573,222		(27,357	)		23,545,865		5.9	%		-	P+6% Cash, 2% PIK (9)	I/O	19.3%
8	West Virginia	9/1/2021	12/31/2025		8,491,943		-			8,491,943		2.1	%		-	10% Cash	I/O	15.0%
9	Pennsylvania	3/31/2025	3/31/2028		16,576,987		(108,037	)		16,468,950		4.1	%		-	9.0% Cash (16)	I/O	9.5%
12	Various	11/8/2021	10/31/2027		13,285,201		(52,847	)		13,232,354		3.3	%		-	P+7% Cash, 2% PIK (10)	P&I	19.3%
16	Florida	12/30/2021	8/29/2025		6,557,500		(15,812	)		6,541,688		1.6	%		-	16.75% Cash	I/O	31.2%
18	Ohio	2/3/2022	12/31/2025		45,589,764		(326,924	)		45,262,840		11.3	%		-	P+1.75% Cash, 5% PIK (9)(17)	I/O	16.5%
19	Florida	3/11/2022	12/31/2025		18,378,759		(17,969	)		18,360,790		4.6	%		-	11% Cash, 5% PIK	I/O	16.5%
20	Missouri	5/9/2022	11/28/2025		21,675,015		(48,086	)		21,626,929		5.4	%		-	11% Cash, 2% PIK	P&I	14.7%
21	Illinois	7/1/2022	7/29/2026		6,453,187		(29,315	)		6,423,872		1.6	%		-	P+7% Cash, 2% PIK (9)	P&I	23.3%
23	Arizona	3/27/2023	3/31/2026		1,560,000		(16,591	)		1,543,409		0.4	%		-	P+7.5% Cash (12)	P&I	18.7%
24	Oregon	3/31/2023	9/27/2026		520,000		-			520,000		0.1	%		-	P+10.5% Cash (7)	P&I	21.7%
25	New York	8/1/2023	6/29/2036		24,337,297		-			24,337,297		6.1	%		-	15% Cash	P&I	16.6%
27	Nebraska	8/15/2023	6/30/2027		17,400,000		-			17,400,000		4.4	%		-	P+6.5% Cash (18)	P&I	15.7%
29	Illinois	10/11/2023	10/9/2026		1,920,477		-			1,920,477		0.5	%		-	11.4% Cash, 1.5% PIK	I/O	14.7%
30	Missouri, Arizona	12/19/2023	12/31/2026		18,400,000		(122,131	)		18,277,869		4.6	%		-	P+7.75% Cash (13)	I/O	18.7%
31	California, Illinois	5/3/2023	5/3/2026		6,680,000		-			6,680,000		1.7	%		-	P+8.75% Cash (10)	P&I	18.3%
32	Nevada	4/15/2024	8/15/2027		5,900,000		(25,351	)		5,874,649		1.5	%		-	P+6.5% Cash (12)	P&I	16.1%
33	Minnesota	5/20/2024	5/28/2027		1,080,000		(4,286	)		1,075,714		0.3	%		-	12% Cash (14)	I/O	12.9%
34	Arizona	6/17/2024	5/29/2026		10,000,000		-			10,000,000		2.5	%		-	11.91% Cash	I/O	12.8%
35	California	8/23/2024	8/23/2027		24,438,420		-			24,438,420		6.1	%		-	12% Cash, 3% PIK	P&I	16.3%
36	Illinois	10/28/2024	1/1/2027		25,900,000		(107,202	)		25,792,798		6.5	%		1,700,000	P+6.25% Cash (10)	I/O	15.4%
37	Various	11/26/2024	11/24/2028		20,069,535		(365,730	)		19,703,805		4.9	%		10,000,000	12% Cash, 1% PIK (19)	I/O	15.2%
38	Various	12/13/2024	7/14/2025		2,905,000		(24,676	)		2,880,324		0.7	%		2,095,000	10% Cash (19)	I/O	16.1%
40	Various	3/28/2025	7/28/2028		233,333		(23,276	)		210,057		0.1	%		-	SOFR +10.25% Cash (6)	I/O	19.4%
41	Ohio	3/1/2025	3/13/2027		250,000		(7,366	)		242,634		0.1	%		-	14.5% Cash	I/O	16.4%
			Total	$	401,511,816	$	(2,056,337	)	$	399,455,479		100	%	$	13,795,000		Wtd Average	16.9%

(1)

Loan numbering in the table above is maintained from origination for purposes of comparability and may not be sequential due to maturities, payoffs, or refinancings.

(2)

Certain loans are subject to contractual extension options as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein and certain borrowers may have the right to prepay with or without a contractual prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.

(3)

"P" = prime rate; "SOFR"= Secured Overnight Financing Rate. "P" and "SOFR" represent floating rate loans that pay interest at the designed benchmark rate plus an applicable spread; "PIK" = paid-in-kind interest.

(4)

P&I = principal and interest. I/O = interest only. P&I loans may include interest only periods for a portion of the loan term. The frequency of loan payments may be monthly or quarterly as required by the respective credit agreement governing such loan.

(5)

Estimated YTM, calculated on a weighted average principal basis, includes a variety of fees and features that affect the total yield, which may include, but is not limited to, OID, exit fees, prepayment fees, unused fees and contingent features. OID is recognized as a discount to the funded loan principal and is accreted to income over the term of the loan. The estimated YTM calculations require management to make estimates and assumptions, including, but not limited to, the timing and amounts of loan draws on delayed draw loans, the timing and collectability of exit fees, the probability and timing of prepayments and the probability of contingent features occurring. For example, certain credit agreements contain provisions pursuant to which certain PIK interest rates and fees earned by us under such credit agreements will decrease upon the satisfaction of certain specified criteria which we believe may improve the risk profile of the applicable borrower. To be conservative, we have not assumed any prepayment penalties or early payoffs in our estimated YTM calculation. Estimated YTM is based on current management estimates and assumptions, which may change. Actual results could differ from those estimates and assumptions.

(6)

This Loan is subject to a SOFR floor of 4.00%

(7)

This Loan is subject to a prime rate floor of 5.50%

(8)

This Loan is subject to a prime rate floor of 6.25%

(9)

This Loan is subject to a prime rate floor of 7.00%

(10)

This Loan is subject to a prime rate floor of 7.50%

(11)

This Loan is subject to a prime rate floor of 7.75%

(12)

This Loan is subject to a prime rate floor of 8.00%

(13)

This Loan is subject to a prime rate floor of 8.50%

(14)

The borrowers of Loan #3 and Loan #33 are affiliates of Vireo Growth, Inc., a related party. The aggregate principal balance of these loans is included on the consolidated balance sheet as loans held for investment - related party. See Note 8 for further details.

(15)

The aggregate principal balance outstanding of Loan #3 is comprised of two tranches. The first tranche has a principal balance of approximately $16.9 million, bears a floating interest rate of prime plus 10.375% cash and 2.75% PIK and has a maturity date of January 29, 2027. The second tranche has a principal balance of approximately $4.4 million, bears an interest rate of 15.00% cash and 2.00% PIK, and a maturity date of May 29, 2026. The statistics presented reflect the weighted average of the rate terms under both tranches for the total aggregate loan principal, however only the maturity date for the first tranche has been presented in the table above.

(16)

Loan #9, is comprised of two tranches, a $14.5 million first lien judgment loan (the "Judgment Loan") and a $2.0 million second lien term loan (the "Term Loan"). The Judgment Loan and the Term Loan bear interest at a rate of 9.0%. The Judgment Loan has no contractual maturity and will remain outstanding until paid by the obligor and the Term Loan has a maturity of March 31, 2028. For comparability to previously issued financial statements, management will continue to reference the Judgment Loan and the Term Loan, collectively, as Loan #9, and the maturity date presented represents the maturity date of the Term Loan. See Note 8 for additional information.

(17)

An affiliate under common control holds a controlling equity investment in this portfolio company (Note 8).

(18)

This loan has floating grid pricing based on the Prime Rate plus a spread of 5.00% to 8.75% based on monthly annualized EBITDA performance. As of March 31, 2025, applied interest rate is Prime Rate + 6.50%.

(19)

Loan #37 and Loan #38 bear unused fees on the unfunded commitment of 0.75% and 1.50% per annum, respectively.

The following table presents aging analyses of past due loans by amortized cost, excluding the CECL reserve, as of March 31, 2025 and December 31, 2024.


	As of March 31, 2025
	Current Loans (1)		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due		Total Past Due		Total Loans		Non- Accrual(2)
Senior Term Loans	$	399,455,479	$	-	$	-	$	-	$	-	$	399,455,479	$	16,468,950
Total	$	399,455,479	$	-	$	-	$	-	$	-	$	399,455,479	$	16,468,950


	As of December 31, 2024
	Current Loans (1)		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due (2)		Total Past Due		Total Loans		Non- Accrual(2)
Senior Term Loans	$	386,074,558	$	-	$	-	$	16,402,488	$	16,402,488	$	402,477,046	$	16,402,488
Total	$	386,074,558	$	-	$	-	$	16,402,488	$	16,402,488	$	402,477,046	$	16,402,488

(1)

Loans 1-30 days past due are included in the current loans.

(2)

On May 1, 2023, Loan #9 was placed on non-accrual status. On June 20, 2023, the Administrative Agent to Loan #9 issued an acceleration notice requesting immediate payment of all amounts outstanding and therefore is 90 days past due as of December 31, 2024. See Note 8 for further details.

Non-Accrual Loans

As of both March 31, 2025 and December 31, 2024, there was one loan placed on non-accrual status.

As more fully described in Note 8, Loan #9 was placed on non-accrual status as of May 1, 2023 and has a carrying value of approximately $16.4 million as of both March 31, 2025 and December 31, 2024. Loan #9 carried a reserve for current expected credit losses of approximately $0.1 million and $1.2 million as of March 31, 2025 and December 31, 2024, respectively. The Company ceased accruing interest on the first date of delinquency, based on expectation of its ability to collect all amounts then due from the borrower. As a result, there was no accrued interest to write-off when the loan was placed on non-accrual.

Credit Quality Indicators

The Company assesses the risk factors of each loan, and assigns a risk rating based on a variety of factors, including, without limitation, payment history, real estate collateral coverage, property type, geographic and local market dynamics, financial performance, loan to enterprise value and fixed charge coverage ratios, loan structure and exit strategy, and project sponsorship. This review is performed quarterly. Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:


Rating		Definition
1		Very low risk
2		Low risk
3		Moderate/average risk
4		High risk/potential for loss: a loan that has a risk of realizing a principal loss
5		Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss or an impairment has been recorded

The risk ratings are primarily determined based on current and historical performance metrics specific to each portfolio company, as well as consideration of future economic conditions and each borrower’s estimated ability to meet debt service requirements. The risk ratings shown in the following table as of March 31, 2025 and December 31, 2024 consider borrower specific credit history and performance and reflect a quarterly re-evaluation of overall current macroeconomic conditions affecting the Company’s borrowers, specifically those designated as held for investment.

As of March 31, 2025 and December 31, 2024, the carrying value, excluding the current expected credit loss reserve (the “CECL Reserve”), of the Company’s loans within each risk rating category by year of origination is as follows:


	As of March 31, 2025(1)
Risk Rating	2025		2024		2023		2022		2021		Total
1	$	-	$	1,075,713	$	520,000	$	21,626,930	$	-	$	23,222,643
2		1,040,870		64,835,378		63,479,052		64,691,470		23,545,865		217,592,635
3		242,634		34,737,436		-		72,373,346		29,701,304		137,054,720
4		-		10,000,000		-		-		11,585,481		21,585,481
5		-		-		-		-		-		-
Total	$	1,283,504	$	110,648,527	$	63,999,052	$	158,691,746	$	64,832,650	$	399,455,479


	As of December 31, 2024(1)
Risk Rating	2024		2023		2022		2021		Total
1		1,111,224	$	580,000	$	41,045,793	$	-	$	42,737,017
2		63,823,279		64,896,824		90,874,764		24,239,380		243,834,247
3		34,653,247		2,466,705		27,110,506		13,687,904		77,918,362
4		10,000,000		-		-		27,987,420		37,987,420
5		-		-		-		-		-
Total	$	109,587,750	$	67,943,529	$	159,031,063	$	65,914,704	$	402,477,046

(1)

Amounts are presented by loan origination year with subsequent advances on delayed draw facilities shown in the initial year of origination.

Real estate collateral coverage is also a significant credit quality indicator, and real estate collateral coverage, excluding the CECL Reserve, was as follows as of March 31, 2025 and December 31, 2024:


As of March 31, 2025(1)
	< 1.0x		1.0x – 1.25x		1.25x – 1.5x		1.50x – 1.75x		1.75x – 2.0x		> 2.0x		Total
Fixed-rate	$	66,475,847	$	40,907,370	$	43,844,431	$	9,567,657	$	-	$	1,920,475	$	162,715,780
Floating-rate		130,777,929		23,545,865		6,633,930		-		25,792,798		49,989,177		236,739,699
	$	197,253,776	$	64,453,235	$	50,478,361	$	9,567,657	$	25,792,798	$	51,909,652	$	399,455,479


As of December 31, 2024(1)
	< 1.0x		1.0x – 1.25x		1.25x – 1.5x		1.50x – 1.75x		1.75x – 2.0x		> 2.0x		Total
Fixed-rate	$	45,029,665	$	48,900,184	$	43,750,558	$	9,603,167	$	-	$	1,943,216	$	149,226,790
Floating-rate		155,364,941		16,402,488		6,549,135		—		24,885,063		50,048,629		253,250,256
	$	200,394,606	$	65,302,672	$	50,299,693	$	9,603,167	$	24,885,063	$	51,991,845	$	402,477,046

(1)

Real estate collateral coverage is calculated based upon most recent third-party appraised values. The Company generally obtains new appraisal of all material real estate collateral at least once annually.

Geography concentration of our loans held for investment is also a significant credit quality indicator. As of March 31, 2025 and December 31, 2024, our borrowers have operations in the jurisdictions in the table below:


As of March 31, 2025						As of December 31, 2024
Jurisdiction	Outstanding Principal (1)		Percentage of Our Loan Portfolio			Jurisdiction	Outstanding Principal (1)		Percentage of Our Loan Portfolio
Illinois	$	61,370,819		15	%	Illinois	$	55,958,079		14	%
Ohio		61,364,965		15	%	Ohio		60,065,707		15	%
Florida		42,242,026		11	%	Florida		42,712,285		11	%
Pennsylvania		35,832,703		9	%	Pennsylvania		35,727,045		9	%
Missouri		32,082,102		8	%	Missouri		38,208,259		9	%
Michigan		32,069,178		8	%	Michigan		32,068,629		8	%
Arizona		28,914,569		7	%	Arizona		28,023,340		7	%
California		24,859,640		6	%	California		26,057,479		6	%
New York		24,337,297		6	%	New York		25,093,595		6	%
Maryland		22,049,473		5	%	Maryland		21,835,901		5	%
Nebraska		17,400,000		4	%	Nebraska		17,400,000		4	%
West Virginia		8,491,943		2	%	West Virginia		8,491,943		2	%
Nevada		5,900,000		1	%	Nevada		6,000,000		1	%
Texas		2,763,768		1	%	Texas		2,756,870		1	%
Minnesota		1,160,460		0	%	Minnesota		1,116,000		0	%
Oregon		672,873		0	%	Oregon		580,000		0	%
Massachusetts		—		-	%	Massachusetts		2,626,423		1	%
Total	$	401,511,816		100	%	Total	$	404,721,554		100	%

(1)

The principal balance of the loans not secured by real estate collateral are included in the jurisdiction representing the borrower's principal place of business.

CECL Reserve

The Company records an allowance for current expected credit losses for its loans held for investment. The allowances are deducted from the gross carrying amount of the assets to present the net carrying value of the amounts expected to be collected on such assets. The Company estimates its CECL Reserve using among other inputs, third-party valuations, and a third-party probability-weighted model that considers the likelihood of default and expected loss given default for each individual loan based on the risk profile for approximately three years after which we immediately revert to use of historical loss data.

ASC 326 requires an entity to consider historical loss experience, current conditions, and a reasonable and supportable forecast of the macroeconomic environment. The Company considers multiple datapoints and methodologies that may include likelihood of default and expected loss given default for each individual loan, valuations derived from discount cash flows (“DCF”), and other inputs including the risk rating of the loan, how recently the loan was originated compared to the measurement date, and expected prepayment, if applicable. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, and off-balance sheet credit exposures such as unfunded loan commitments.

The Company evaluates its loans on a collective (pool) basis by aggregating on the basis of similar risk characteristics as explained above. We make the judgment that loans to cannabis-related borrowers that are fully collateralized by real estate exhibit similar risk characteristics and are evaluated as a pool. Further, loans that have no real estate collateral, but are secured by other forms of collateral, including equity pledges of the borrower, and otherwise have similar characteristics as those collateralized by real estate are evaluated as a pool. All other loans are analyzed individually, either because they operate in a different industry, may have a different risk profile, or maturities that extend beyond the forecast horizon for which we are able to derive reasonable and supportable forecasts.

Estimating the CECL Reserve also requires significant judgment with respect to various factors, including (i) the appropriate historical loan loss reference data, (ii) the expected timing of loan repayments, (iii) calibration of the likelihood of default to reflect the risk characteristics of the Company’s loan portfolio, and (iv) the Company’s current and future view of the macroeconomic environment. From time to time, the Company may consider loan-specific qualitative factors on certain loans to estimate its CECL Reserve, which may include (i) whether cash from the borrower’s operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and (iii) the liquidation value of collateral. For loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we may elect to apply a practical expedient, in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a CECL Reserve.

To estimate the historic loan losses relevant to the Company’s portfolio, the Company evaluates its historical loan performance, which includes zero realized loan losses since the inception of its operations. Additionally, the Company analyzed its repayment history, noting it has limited “true” operating history, since the incorporation date of March 30, 2021. However, the Company’s Sponsor and its affiliates have had operations for the past five fiscal years and have made investments in similar loans that have similar characteristics including interest rate, collateral coverage, guarantees, and prepayment/make whole provisions, which fall into the pools identified above, and may be considered by management in determining the extent to which a CECL Reserve shall be recorded.

In addition, the Company reviews each loan on a quarterly basis and evaluates the borrower’s ability to pay the monthly interest and principal, if required, as well as the loan-to-value (LTV) ratio. When evaluating qualitative factors that may indicate the need for a CECL Reserve, the Company forecasts losses considering a variety of factors. In considering the potential current expected credit loss, the Manager primarily considers significant inputs to the Company’s forecasting methods, which include (i) key loan-specific inputs such as the value of the real estate collateral, liens on equity (including the equity in the entity that holds the state-issued license to cultivate, process, distribute, or retail cannabis), presence of personal or corporate guarantees, among other credit enhancements, LTV ratio, rate type (fixed or floating) and IRR, loan-term, geographic location, and expected timing and amount of future loan fundings, (ii) performance against the underwritten business plan and the Company’s internal loan risk rating, and (iii) a macro-economic forecast. Estimating the enterprise value of our borrowers in order to calculate LTV ratios is often a significant estimate. The Manager utilizes a third-party valuation appraiser to assist with the Company’s valuation process primarily using comparable transactions to estimate enterprise value of its portfolio companies and supplement such analysis with a multiple-based approach to enterprise value to revenue multiples of publicly-traded comparable companies obtained from S&P Capital IQ as of March 31, 2025, to which the Manager may apply a private company discount based on the Company’s current borrower profile.

During the three month period ended March 31, 2025, the Company reversed approximately $1.2 million of the CECL Reserve relating to Loan #9, which was restructured during the period as a result of the foreclosure proceedings more fully described in Note 8. Additionally, the credit profile of our portfolio of loans held for investment improved during the comparative period, with the portion of the portfolio risk rated "4" decreased from approximately $38.0 million or 9.4% as of December 31, 2024 to $21.6 million or 5.4% as of March 31, 2025. The portfolio weighted average loan to enterprise value ratio (calculated as outstanding principal balance divided by total value of collateral on a weighted average basis) remained relatively consistent at 47.5% compared to 47.0% as of December 31, 2024.

Regarding real estate collateral, the Company generally cannot take the position of mortgagee-in-possession as long as the property is used by a cannabis operator, but it can request that the court appoint a receiver to manage and operate the subject real property until the foreclosure proceedings are completed. Additionally, while the Company cannot foreclose under state Uniform Commercial Code (“UCC”) and take title or sell equity in a licensed cannabis business, a potential purchaser of a delinquent or defaulted loan could.

In order to estimate the future expected loan losses relevant to the Company’s portfolio, the Company utilizes historical market loan loss data obtained from a third-party database for commercial real estate loans, which the Company believes is a reasonably comparable and available data set to use as an input for its type of loans. The Company believes this dataset to be representative for future credit losses whilst considering that the cannabis industry is maturing, and consumer adoption, demand for production, and retail capacity are increasing akin to commercial real estate over time. For periods beyond the reasonable and supportable forecast period, the Company reverts back to historical loss data.

All of the above assumptions, although made with the most available information at the time of the estimate, are subjective and actual activity may not follow the estimated schedule. These assumptions impact the future balances that the loss rate will be applied to and as such impact the Company’s CECL Reserve. As the Company acquires new loans and the Manager monitors loan and borrower performance, these estimates will be revised each period.

Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value and loans receivable at carrying value as of and for the three months ended March 31, 2025 and 2024 is presented in the table below.


	Funded			Unfunded			Total
Balance at December 31, 2024	$	4,346,869		$	45,572		$	4,392,441
Benefit for current expected credit losses		(1,072,811	)		(465	)		(1,073,276	)
Balance at March 31, 2025	$	3,274,058		$	45,107		$	3,319,165


	Funded		Unfunded			Total
Balance at December 31, 2023	$	4,972,647	$	3,092		$	4,975,739
Provision for current expected credit losses		383,371		(3,092	)		380,279
Balance at March 31, 2024	$	5,356,018	$	—		$	5,356,018

The Company has made an accounting policy election to exclude accrued interest receivable from the amortized cost basis of the related loans held for investment in determining the CECL Reserve, as any uncollectible accrued interest receivable is written off in a timely manner. To date, the Company has had zero write-offs related to uncollectible interest receivable, but will discontinue accrual of interest on loans if deemed to be uncollectible, with any previously accrued uncollected interest on the loan charged to interest income in the same period. For the loan placed on non-accrual, the Company ceased accruing interest on the first date of delinquency, based on expectation of its ability to collect all amounts then due from the borrower. As a result, there was no accrued interest to write-off when the loan was placed on non-accrual status.

Interest Receivable (Details) - Schedule of Aging Analyses of Past Due Loans - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Interest Receivable (Details) - Schedule of aging analyses of past due loans [Line Items]
Interest receivable	$ 1,515,898	$ 1,453,823
Total	1,515,898	1,453,823
Current Loans [Member]
Interest Receivable (Details) - Schedule of aging analyses of past due loans [Line Items]
Interest receivable	1,202,748	1,388,058
Total	1,202,748	1,388,058
31-60 Days Past Due [Member]
Interest Receivable (Details) - Schedule of aging analyses of past due loans [Line Items]
Interest receivable	235,976	65,765
Total	235,976	65,765
61 - 90 Days Past Due [Member]
Interest Receivable (Details) - Schedule of aging analyses of past due loans [Line Items]
Interest receivable	77,174	0
Total	77,174	0
90+ Days Past Due (and accruing) [Member]
Interest Receivable (Details) - Schedule of aging analyses of past due loans [Line Items]
Interest receivable	0	0
Total	0	0
Non-Accrual [Member]
Interest Receivable (Details) - Schedule of aging analyses of past due loans [Line Items]
Interest receivable	0	0
Total	0	0
Total Past Due [Member]
Interest Receivable (Details) - Schedule of aging analyses of past due loans [Line Items]
Interest receivable	313,150	65,765
Total	$ 313,150	$ 65,765

Segment Reporting

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment Reporting

15. SEGMENT REPORTING

The Company uses the management approach to determine reportable operating segments. The Company operates through a single operating and reporting segment with an investment objective to generate both current income and capital appreciation through its investments in loans. The management approach considers the internal organization and reporting used by the Company’s Co-Chief Executive Officers, the Chief Financial Officer, and the President which comprise the chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net income as presented on the accompanying consolidated statements of income. In addition to other factors and metrics, the CODM utilizes net income as a key determinant of the amount of dividends to be distributed to the Company's stockholders.

As the Company’s operations comprise of a single reporting segment, the segment assets are reflected on the accompanying consolidated balance sheets as “total assets” and the significant segment expenses are listed on the accompanying consolidated statement of operations.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 54
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-54

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 47
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-47

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/280/tableOfContent

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-21

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

+ Details

Earnings Per Share - Schedule of Basic Earnings Per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Schedule Of Basic Earnings Per Common Share [Abstract]
Net income attributable to common stockholders	$ 10,041,312	$ 8,730,003
Divided by:
Basic weighted average shares of common stock outstanding	20,858,466	18,273,919
Diluted weighted average shares of common stock outstanding	21,264,891	18,640,492
Basic earnings per common share	$ 0.48	$ 0.48
Diluted earnings per common share	$ 0.47	$ 0.47

- Definition

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

+ References

+ Details

- Definition

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

+ References

+ Details

Consolidated Statements of Equity (Unaudited) - USD ($)	Total	Common Stock	Additional Paid-In-Capital	Accumulated Deficit
Balance at Dec. 31, 2023	$ 271,853,391	$ 181,972	$ 277,483,092	$ (5,811,673)
Balance (in Shares) at Dec. 31, 2023		18,197,192
Issuance of common stock, net of offering costs	13,853,334	$ 8,964	13,844,203	167
Issuance of common stock, net of offering costs (in Shares)		896,443
Stock-based compensation	531,293	$ 67	531,226
Stock-based compensation (in Shares)		6,647
Dividends declared on common shares	(9,007,244)			(9,007,244)
Net Income (Loss)	8,730,003			8,730,003
Balance at Mar. 31, 2024	285,960,777	$ 191,003	291,858,521	(6,088,747)
Balance (in Shares) at Mar. 31, 2024		19,100,282
Balance at Dec. 31, 2024	$ 308,958,097	$ 208,292	318,886,768	(10,136,963)
Balance (in Shares) at Dec. 31, 2024	20,829,228	20,829,228
Issuance of common stock, net of offering costs	$ 951,405	$ 646	950,760	(1)
Issuance of common stock, net of offering costs (in Shares)		64,557
Stock-based compensation	649,312		649,312
Dividends declared on common shares	(9,820,079)			(9,820,079)
Net Income (Loss)	10,041,312			10,041,312
Balance at Mar. 31, 2025	$ 310,780,047	$ 208,938	$ 320,486,840	$ (9,915,731)
Balance (in Shares) at Mar. 31, 2025	20,893,785	20,893,785

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 805
-SubTopic 60
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476176/805-60-65-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 323
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-11

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-4

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-10

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-7

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482740/230-10-45-28

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481372/852-10-55-10

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.6-05(4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(4)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481687/323-10-50-3

Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480418/310-10-S99-2

+ Details

Loans Held For Investment, Net (Details) - Schedule of Loans Held at Carrying Value Based on Information

3 Months Ended

Mar. 31, 2025

USD ($)

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Principal Balance

$ 401,511,816

Original Issue Discount

(2,056,337)

Carrying Value

399,455,479

Future Fundings

$ 13,795,000

Various [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

10/27/2022

^[1]

Maturity Date

Oct. 30, 2026

^[2]

Principal Balance

$ 19,255,716

Original Issue Discount

(271,789)

Carrying Value

$ 18,983,927

Interest Rate

P+6.5% Cash (8)

^[3],[4]

Periodic Payment

P&I

^[5]

Michigan [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

12/31/2021

^[1]

Maturity Date

Dec. 31, 2025

^[2]

Principal Balance

$ 27,110,506

Carrying Value

$ 27,110,506

Interest Rate

P+3% Cash (13)

^[3],[6]

Periodic Payment

I/O

^[5]

Various One [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

11/18/2021

^[1]

Maturity Date

Jan. 29, 2027

^[2]

Principal Balance

$ 21,384,473

Original Issue Discount

(461,592)

Carrying Value

$ 20,922,881

Interest Rate

P+10.375% Cash, 2.75% PIK (11)(14)(15

^{[3],[7],[8],[9]}

Periodic Payment

P&I

^[5]

Arizona [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

4/19/2021

^[1]

Maturity Date

Jun. 17, 2026

^[2]

Principal Balance

$ 6,626,809

Carrying Value

$ 6,626,809

Interest Rate

11.91% Cash

^[3]

Periodic Payment

I/O

^[5]

Michigan One [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

8/20/2021

^[1]

Maturity Date

Jan. 30, 2026

^[2]

Principal Balance

$ 4,958,672

Carrying Value

$ 4,958,672

Interest Rate

P+6.5% Cash (13)

^[3],[6]

Periodic Payment

P&I

^[5]

Illinois, Arizona [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

8/24/2021

^[1]

Maturity Date

Jun. 30, 2025

^[2]

Principal Balance

$ 23,573,222

Original Issue Discount

(27,357)

Carrying Value

$ 23,545,865

Interest Rate

P+6% Cash, 2% PIK (9)

^[3],[10]

Periodic Payment

I/O

^[5]

West Virginia [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

9/1/2021

^[1]

Maturity Date

Dec. 31, 2025

^[2]

Principal Balance

$ 8,491,943

Carrying Value

$ 8,491,943

Interest Rate

10% Cash

^[3]

Periodic Payment

I/O

^[5]

Pennsylvania [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

3/31/2025

^[1]

Maturity Date

Mar. 31, 2028

^[2]

Principal Balance

$ 16,576,987

Original Issue Discount

(108,037)

Carrying Value

$ 16,468,950

Interest Rate

9.0% Cash (16)

^[3],[11]

Periodic Payment

I/O

^[5]

Various Two [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

11/8/2021

^[1]

Maturity Date

Oct. 31, 2027

^[2]

Principal Balance

$ 13,285,201

Original Issue Discount

(52,847)

Carrying Value

$ 13,232,354

Interest Rate

P+7% Cash, 2% PIK (10)

^[3],[12]

Periodic Payment

P&I

^[5]

Various Three[Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

11/26/2024

^[1]

Maturity Date

Nov. 24, 2028

^[2]

Principal Balance

$ 20,069,535

Original Issue Discount

(365,730)

Carrying Value

19,703,805

Future Fundings

$ 10,000,000

Interest Rate

12% Cash, 1% PIK (19)

^[3],[13]

Periodic Payment

I/O

^[5]

Florida [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

12/30/2021

^[1]

Maturity Date

Aug. 29, 2025

^[2]

Principal Balance

$ 6,557,500

Original Issue Discount

(15,812)

Carrying Value

$ 6,541,688

Interest Rate

16.75% Cash

^[3]

Periodic Payment

I/O

^[5]

Ohio [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

2/3/2022

^[1]

Maturity Date

Dec. 31, 2025

^[2]

Principal Balance

$ 45,589,764

Original Issue Discount

(326,924)

Carrying Value

$ 45,262,840

Interest Rate

P+1.75% Cash, 5% PIK (9)(17)

^{[3],[10],[14]}

Periodic Payment

I/O

^[5]

Florida Two [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

3/11/2022

^[1]

Maturity Date

Dec. 31, 2025

^[2]

Principal Balance

$ 18,378,759

Original Issue Discount

(17,969)

Carrying Value

$ 18,360,790

Interest Rate

11% Cash, 5% PIK

^[3]

Periodic Payment

I/O

^[5]

Missouri [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

5/9/2022

^[1]

Maturity Date

Nov. 28, 2025

^[2]

Principal Balance

$ 21,675,015

Original Issue Discount

(48,086)

Carrying Value

$ 21,626,929

Interest Rate

11% Cash, 2% PIK

^[3]

Periodic Payment

P&I

^[5]

Illinois [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

7/1/2022

^[1]

Maturity Date

Jul. 29, 2026

^[2]

Principal Balance

$ 6,453,187

Original Issue Discount

(29,315)

Carrying Value

$ 6,423,872

Interest Rate

P+7% Cash, 2% PIK (9)

^[3],[10]

Periodic Payment

P&I

^[5]

Arizona One [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

3/27/2023

^[1]

Maturity Date

Mar. 31, 2026

^[2]

Principal Balance

$ 1,560,000

Original Issue Discount

(16,591)

Carrying Value

$ 1,543,409

Interest Rate

P+7.5% Cash (12)

^[3],[15]

Periodic Payment

P&I

^[5]

Oregon [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

3/31/2023

^[1]

Maturity Date

Sep. 27, 2026

^[2]

Principal Balance

$ 520,000

Carrying Value

$ 520,000

Interest Rate

P+10.5% Cash (7)

^[3],[16]

Periodic Payment

P&I

^[5]

New york [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

8/1/2023

^[1]

Maturity Date

Jun. 29, 2036

^[2]

Principal Balance

$ 24,337,297

Carrying Value

$ 24,337,297

Interest Rate

15% Cash

^[3]

Periodic Payment

P&I

^[5]

Nebraska [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

8/15/2023

^[1]

Maturity Date

Jun. 30, 2027

^[2]

Principal Balance

$ 17,400,000

Carrying Value

$ 17,400,000

Interest Rate

P+6.5% Cash (18)

^[3],[17]

Periodic Payment

P&I

^[5]

Ohio One [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

3/1/2025

^[1]

Maturity Date

Mar. 13, 2027

^[2]

Principal Balance

$ 250,000

Original Issue Discount

(7,366)

Carrying Value

$ 242,634

Interest Rate

14.5% Cash

^[3]

Periodic Payment

I/O

^[5]

Illinois One [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

10/11/2023

^[1]

Maturity Date

Oct. 09, 2026

^[2]

Principal Balance

$ 1,920,477

Carrying Value

$ 1,920,477

Interest Rate

11.4% Cash, 1.5% PIK

^[3]

Periodic Payment

I/O

^[5]

Missouri, Arizona [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

12/19/2023

^[1]

Maturity Date

Dec. 31, 2026

^[2]

Principal Balance

$ 18,400,000

Original Issue Discount

(122,131)

Carrying Value

$ 18,277,869

Interest Rate

P+7.75% Cash (13)

^[3],[6]

Periodic Payment

I/O

^[5]

California, Illinois [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

5/3/2023

^[1]

Maturity Date

May 03, 2026

^[2]

Principal Balance

$ 6,680,000

Carrying Value

$ 6,680,000

Interest Rate

P+8.75% Cash (10)

^[3],[12]

Periodic Payment

P&I

^[5]

Nevada [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

4/15/2024

^[1]

Maturity Date

Aug. 15, 2027

^[2]

Principal Balance

$ 5,900,000

Original Issue Discount

(25,351)

Carrying Value

$ 5,874,649

Interest Rate

P+6.5% Cash (12)

^[3],[15]

Periodic Payment

P&I

^[5]

Minnesota [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

5/20/2024

^[1]

Maturity Date

May 28, 2027

^[2]

Principal Balance

$ 1,080,000

Original Issue Discount

(4,286)

Carrying Value

$ 1,075,714

Interest Rate

12% Cash (14)

^[3],[8]

Periodic Payment

I/O

^[5]

Arizona Two [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

6/17/2024

^[1]

Maturity Date

May 29, 2026

^[2]

Principal Balance

$ 10,000,000

Carrying Value

$ 10,000,000

Interest Rate

11.91% Cash

^[3]

Periodic Payment

I/O

^[5]

California [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

8/23/2024

^[1]

Maturity Date

Aug. 23, 2027

^[2]

Principal Balance

$ 24,438,420

Carrying Value

$ 24,438,420

Interest Rate

12% Cash, 3% PIK

^[3]

Periodic Payment

P&I

^[5]

Illinois Two [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

10/28/2024

^[1]

Maturity Date

Jan. 01, 2027

^[2]

Principal Balance

$ 25,900,000

Original Issue Discount

(107,202)

Carrying Value

25,792,798

Future Fundings

$ 1,700,000

Interest Rate

P+6.25% Cash (10)

^[3],[12]

Periodic Payment

I/O

^[5]

Various Four [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

12/13/2024

^[1]

Maturity Date

Jul. 14, 2025

^[2]

Principal Balance

$ 2,905,000

Original Issue Discount

(24,676)

Carrying Value

2,880,324

Future Fundings

$ 2,095,000

Interest Rate

10% Cash (19)

^[3],[13]

Periodic Payment

I/O

^[5]

Various Five [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Initial Funding Date

3/28/2025

^[1]

Maturity Date

Jul. 28, 2028

^[2]

Principal Balance

$ 233,333

Original Issue Discount

(23,276)

Carrying Value

$ 210,057

Interest Rate

SOFR +10.25% Cash (6)

^[3],[18]

Periodic Payment

I/O

^[5]

[1]	Loan numbering in the table above is maintained from origination for purposes of comparability and may not be sequential due to maturities, payoffs, or refinancings.
[2]	Certain loans are subject to contractual extension options as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein and certain borrowers may have the right to prepay with or without a contractual prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[3]	"P" = prime rate; "SOFR"= Secured Overnight Financing Rate. "P" and "SOFR" represent floating rate loans that pay interest at the designed benchmark rate plus an applicable spread; "PIK" = paid-in-kind interest.
[4]	This Loan is subject to a prime rate floor of 6.25%
[5]	P&I = principal and interest. I/O = interest only. P&I loans may include interest only periods for a portion of the loan term. The frequency of loan payments may be monthly or quarterly as required by the respective credit agreement governing such loan.
[6]	This Loan is subject to a prime rate floor of 8.50%
[7]	The aggregate principal balance outstanding of Loan #3 is comprised of two tranches. The first tranche has a principal balance of approximately $16.9 million, bears a floating interest rate of prime plus 10.375% cash and 2.75% PIK and has a maturity date of January 29, 2027. The second tranche has a principal balance of approximately $4.4 million, bears an interest rate of 15.00% cash and 2.00% PIK, and a maturity date of May 29, 2026. The statistics presented reflect the weighted average of the rate terms under both tranches for the total aggregate loan principal, however only the maturity date for the first tranche has been presented in the table above.
[8]	The borrowers of Loan #3 and Loan #33 are affiliates of Vireo Growth, Inc., a related party. The aggregate principal balance of these loans is included on the consolidated balance sheet as loans held for investment - related party. See Note 8 for further details.
[9]	This Loan is subject to a prime rate floor of 7.75%
[10]	This Loan is subject to a prime rate floor of 7.00%
[11]	Loan #9, is comprised of two tranches, a $14.5 million first lien judgment loan (the "Judgment Loan") and a $2.0 million second lien term loan (the "Term Loan"). The Judgment Loan and the Term Loan bear interest at a rate of 9.0%. The Judgment Loan has no contractual maturity and will remain outstanding until paid by the obligor and the Term Loan has a maturity of March 31, 2028. For comparability to previously issued financial statements, management will continue to reference the Judgment Loan and the Term Loan, collectively, as Loan #9, and the maturity date presented represents the maturity date of the Term Loan. See Note 8 for additional information.
[12]	This Loan is subject to a prime rate floor of 7.50%
[13]	Loan #37 and Loan #38 bear unused fees on the unfunded commitment of 0.75% and 1.50% per annum, respectively.
[14]	An affiliate under common control holds a controlling equity investment in this portfolio company (Note 8).
[15]	This Loan is subject to a prime rate floor of 8.00%
[16]	This Loan is subject to a prime rate floor of 5.50%
[17]	This loan has floating grid pricing based on the Prime Rate plus a spread of 5.00% to 8.75% based on monthly annualized EBITDA performance. As of March 31, 2025, applied interest rate is Prime Rate + 6.50%.
[18]	This Loan is subject to a SOFR floor of 4.00%

Accounting Policies, by Policy (Policies)	3 Months Ended
Accounting Policies, by Policy (Policies)	Mar. 31, 2025
Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and related notes of the Company have been prepared on the accrual basis of accounting and in conformity with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Our consolidated financial statements present the financial position, results of operations, and cash flows of Chicago Atlantic Real Estate Finance, Inc., and its wholly owned consolidated subsidiary, Chicago Atlantic Lincoln, LLC. All intercompany accounts and transactions have been eliminated in consolidation. Accordingly, these financial statements may not contain all disclosures required by generally accepted accounting principles. Reference should be made to Note 2 of the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2024. In the opinion of the Company, all normal recurring adjustments have been made that are necessary to the fair statement of the results of operations and financial position as of and for the periods presented. Operating results for the three-month period ended March 31, 2025 are not necessarily indicative of the results that may be expected for the year ending December 31, 2025.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company’s cash held with financial institutions may at times exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limits. The Company and the Manager seek to manage this credit risk relating to cash by monitoring the financial stability of the financial institutions and their ability to continue in business for the foreseeable future. Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions. Cash and short-term investments with an original maturity of three months or less when acquired are considered cash and cash equivalents for the purpose of the consolidated balance sheets and consolidated statements of cash flows, and represented $9.9 million and $26.4 million of total cash and cash equivalents as of March 31, 2025 and December 31, 2024, respectively.
Use of Estimates in the Preparation of Consolidated Financial Statements	Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of the 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 provision for current expected credit losses.
Revenue Recognition	Revenue Recognition Interest Income Interest income from loans is accrued based on the outstanding principal amount and the contractual terms of each loan. Loan origination fees and costs, and other discounts or premiums (collectively, “OID”) are recorded as an adjustment to the amortized cost basis of the loan and are accreted or amortized to interest income over the initial loan term as a yield adjustment using a method which approximates the effective interest method. Delayed draw loans may earn interest or unused fees on the undrawn portion of the loan, which is recognized as interest income in the period earned. Certain of the Company’s loans contain a paid-in-kind interest income provision (“PIK interest”). The PIK interest, computed at the contractual rate specified in the applicable loan agreement, is added to the principal balance of the loan, rather than being paid in cash, and is generally collected upon repayment of the outstanding principal. Recognition of PIK interest includes assessments of collectability and may discontinue accrual of interest income, including PIK interest, when there is reasonable doubt that the interest income will be collected. To the extent required to maintain the Company’s status as a REIT, and/or to avoid incurring an excise tax, accrued income such as this may need to be distributed to stockholders in the form of dividends for the year earned, even though the Company has not yet collected the cash. Interest income on debt securities designated as trading securities is recognized on an accrual basis and is reported as interest receivable until collected. Interest income is accrued based on the outstanding face amount and the contractual terms of the securities. Realized gains or losses on debt securities are measured by the difference between the net proceeds from the disposition and the amortized and/or accreted cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include loans charged off during the period, net of recoveries. Non-Accrual Loans are generally placed on non-accrual status when principal or interest payments are past due 90 days or more or when there is reasonable doubt about the full recovery of principal and interest. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding the borrower’s ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when principal and interest payments are brought current, the borrower demonstrates sustained repayment performance, or the loan becomes well secured and is in the process of collection. Fee Income Other fees, including prepayment fees and exit or success fees, are recognized as interest income when received. From time to time, the Company may also receive fees for underwriting, syndication, arranging, or other types of fees (collectively "Structuring Fees") in the course of origination of its investments. To the extent such fees are not deemed to be yield enhancements and are not paid to all lenders in the syndication, such Structuring Fees are recognized in interest income when received. Realized and Unrealized Gains and Losses Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized and/or accreted cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include loans charged off during the period, net of recoveries. An unrealized gain arises when the fair value of the loan portfolio exceeds its cost and an unrealized loss arises when the fair value of the loan portfolio is less than its cost. The change in unrealized gains or losses primarily reflect the change in loan values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.
Income Taxes	Income Taxes The Company is a Maryland corporation and has elected to be taxed as a REIT under the Code, commencing with its taxable year ended December 31, 2021. The Company believes that it has qualified as a REIT and that its method of operation will enable it to continue to qualify as a REIT. However, no assurances can be given that the Company’s beliefs or expectations will be fulfilled, since qualification as a REIT depends on the Company satisfying numerous asset, income and distribution tests which depends, in part, on the Company’s operating results. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including various income, asset, and distribution tests. Income Tests In order to maintain our REIT qualification, we must satisfy two gross income requirements on an annual basis. First, at least 75% of our gross income for each taxable year, excluding gross income from sales of inventory or dealer property in prohibited transactions, discharge of indebtedness and certain hedging transactions, generally must be derived from investments relating to real property or mortgages on real property, including interest income derived from mortgage loans secured by real property (including certain types of mortgage-backed securities), rents from real property, dividends received from other REITs, and gains from the sale of designated real estate assets, as well as, specified income from temporary investments. Second, at least 95% of our gross income in each taxable year, excluding gross income from "prohibited transactions", discharge of indebtedness and certain hedging transactions, must be derived from some combination of income that qualifies under the 75% gross income test described above, as well as, other dividends, interest, and gain from the sale or disposition of stock or securities, which need not have any relation to real property. Income and gain from certain hedging transactions will be excluded from both the numerator and the denominator for purposes of both the 75% and 95% gross income tests. Asset Tests At the close of each calendar quarter, we must also satisfy five tests relating to the nature of our assets. First, at least 75% of the value of our total assets must be represented by some combination of designated real estate assets, cash, cash items, U.S. Government securities and, under some circumstances, stock or debt instruments purchased with new capital. Second, the value of any one issuer’s securities that we own may not exceed 5% of the value of our total assets. Third, we may not own more than 10% of any one issuer’s outstanding securities, as measured by either value (the "10% of value asset test") or voting power. The 5% and 10% asset tests do not apply to securities that qualify under the 75% asset test or to securities of a TRS and qualified REIT subsidiaries, and the 10% of value asset test does not apply to "straight debt" having specified characteristics and to certain other securities. Fourth, the aggregate value of all securities of TRSs that we hold may not exceed 20% of the value of our total assets. Fifth, not more than 25% of the value of our total assets may be represented by debt instruments of publicly offered REITs to the extent those debt instruments would not be real estate assets but for the inclusion of debt instruments of publicly offered REITs in the meaning of real estate assets. Distribution Tests The Company is required to distribute annually to its stockholders, at least 90% of the Company’s REIT taxable income prior to the deduction for dividends paid. To the extent that the Company distributes less than 100% of its REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), the Company will pay tax at regular corporate rates on that undistributed portion. Furthermore, if the Company distributes less than the sum of 1) 85% of its ordinary income for the calendar year, 2) 95% of its capital gain net income for the calendar year, and 3) any undistributed shortfall from its prior calendar year (the “Required Distribution”) to its stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then it is required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if the Company elects to retain any of its net capital gain for any tax year, it must notify its stockholders and pay tax at regular corporate rates on the retained net capital gain. The stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain and receive an income tax credit for such amount. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax. If it is determined that the Company’s estimated current year taxable income will be in excess of estimated dividend distributions (including capital gain dividend) for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. The annual expense is calculated in accordance with applicable tax regulations. The Financial Accounting Standards Board (“FASB”) ASC Topic 740, Income Taxes (“ASC 740”), prescribes a recognition threshold and measurement attribute for the consolidated financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are documented and supported for the taxable years ended December 31, 2024 and 2023. Based on the Company’s evaluation, there is no reserve for any uncertain income tax positions. Accrued interest and penalties, if any, are included within other liabilities in the consolidated balance sheets and within income tax expense on the consolidated statements of operations.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In December 2023, the FASB issued Accounting Standards Update ("ASU"), ASU 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 improves the transparency of income tax disclosures related to rate reconciliation and income taxes. ASU 2023-09 is effective for annual periods beginning after December 15, 2024. The Company concluded that the application of this guidance did not have any material impact on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures ("ASC 2024-03"), which requires disaggregated disclosures of certain costs and expenses, including purchases of inventory, employee compensation, depreciation, amortization and depletion, within relevant income statement captions. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and interim periods with fiscal years beginning after December 15, 2027. Early adoption and retrospective application is permitted. The Company is currently evaluating the impact of this guidance on the Company's future consolidated financial statements.

- Definition

Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.

+ References + Details

Related Party Transactions - Schedule of Summarizes The Related Party Transactions Payable (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Related Party Transactions [Abstract]
Management fees payable	$ 1,209,225	$ 925,761
Incentive fees payable	526,308	1,937,487
Management and incentive fees payable	1,735,533	2,863,248
General and administrative expenses reimbursable to Manager	1,586,509	2,043,403
Total	$ 3,322,042	$ 4,906,651

Debt - Schedule of Mandatory Scheduled Principal Payments on Unsecured Notes (Details)	Mar. 31, 2025 USD ($)
Line of Credit Facility [Line Items]
2028	$ 50,000,000
Total principal	50,000,000
Deferred debt issuance costs included in notes payable	(844,287)
Total Notes payable, net	$ 49,155,713

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Organization and Description of Business

3 Months Ended

Mar. 31, 2025

Organization and Description of Business [Abstract]

ORGANIZATION AND DESCRIPTION OF BUSINESS

1. ORGANIZATION AND DESCRIPTION OF BUSINESS

Chicago Atlantic Real Estate Finance, Inc., and its wholly owned consolidated subsidiary, Chicago Atlantic Lincoln LLC (“CAL”) (collectively the “Company”, “we”, or “our”), is a commercial mortgage real estate investment trust (“REIT”) incorporated in the state of Maryland on March 30, 2021. The Company has elected to be taxed as a REIT for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2021. The Company generally will not be subject to United States federal income taxes on its REIT taxable income if it annually distributes to stockholders at least 90% of its REIT taxable income prior to the deduction for dividends paid and complies with various other requirements as a REIT.

The Company operates as one operating segment and its primary investment objective is to provide attractive, risk-adjusted returns for stockholders over time, primarily through consistent current income (dividends and distributions) and secondarily, through capital appreciation. The Company intends to achieve this objective by originating, structuring, and investing in first mortgage loans and alternative structured financings secured by commercial real estate properties. The Company’s loan portfolio is primarily comprised of senior loans to state-licensed operators in the cannabis industry, secured by real estate, equipment, receivables, licenses, and/or other assets of the borrowers to the extent permitted by applicable laws and regulations governing such borrowers. We also lend to and invest in companies or properties that are not related to the cannabis industry if they provide return characteristics consistent with our investment objective.

The Company is externally managed by Chicago Atlantic REIT Manager, LLC (the “Manager”), a Delaware limited liability company, pursuant to the terms of the management agreement dated May 1, 2021, and amended in October 2021, by and among the Company and the Manager. After the initial three-year term, the management agreement is automatically renewed for one-year periods unless the Company or the Manager elects not to renew in accordance with the terms of the Management Agreement. The Management Agreement was automatically renewed on both April 30, 2024 and 2025. The Manager conducts substantially all of the Company’s operations and provides asset management services for its real estate investments. For its services, the Manager is entitled to management fees and incentive compensation, both defined in, and in accordance with, the terms of the Management Agreement (Note 8). All of the Company’s investment decisions are made by the investment committee of the Manager, subject to oversight by the Company’s board of directors (the “Board”). The Manager is wholly-owned by Chicago Atlantic Group, LP. (the “Sponsor”).

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025	Dec. 31, 2024
Fair Value Disclosures [Abstract]
Loans held for investment	$ 397.1	$ 399.8
Unrecognized holding losses	$ (2.4)	$ (2.7)

- Definition

Fair value of investment in security owned.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

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

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 55
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477439/946-210-55-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

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

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-2

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479168/946-830-55-12

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478795/946-210-50-6

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(2)(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(2)(b))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479170/946-210-S99-1

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column A)(Footnote 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.12-12(Column C)(Footnote 6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-1

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column A)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-12B(Column C)(Footnote 9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-3

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column A)(Footnote 1)(b)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 4))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 6
-Subparagraph (SX 210.12-14(Column F)(Footnote 7))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477271/946-320-S99-6

+ Details

- Definition

The net change in the difference between the fair value and the carrying value, or in the comparative fair values, of derivative instruments, including options, swaps, futures, and forward contracts, held at each balance sheet date, that was included in earnings for the period.

+ References + Details

Debt (Tables)

3 Months Ended

Mar. 31, 2025

Debt [Abstract]

Schedule of Mandatory Scheduled Principal Payments on Unsecured Notes


Year	Notes Payable
2025	$	-
2026		-
2027		-
2028		50,000,000
Total principal	$	50,000,000
Deferred debt issuance costs included in notes payable		(844,287	)
Total notes payable, net	$	49,155,713

Schedule of Interest Expense Incurred During Period

The following table reflects a summary of interest expense incurred during the three months ended March 31, 2025 and 2024.


	Three months ended March 31, 2025
	Notes Payable		Revolving Loan		Total Borrowings
Interest expense	$	1,121,918	$	790,412	$	1,912,330
Unused fee expense		-		42,743		42,743
Amortization of debt issuance costs		59,463		50,846		110,309
Total interest expense	$	1,181,381	$	884,001	$	2,065,382

	Three months ended March 31, 2024
	Notes Payable		Revolving Loan		Total Borrowings
Interest expense	$	-	$	2,007,050	$	2,007,050
Unused fee expense		-		6,085		6,085
Amortization of debt issuance costs		-		90,915		90,915
Total interest expense	$	-	$	2,104,050	$	2,104,050

Loans Held For Investment, Net (Tables)

3 Months Ended

Mar. 31, 2025

Loans Held For Investment, Net [Abstract]

Schedule of Loans Held for Investment

The following tables summarize the Company’s aggregate portfolio of loans held for investment, net of the current expected credit loss reserve as of March 31, 2025 and December 31, 2024:


	As of March 31, 2025
	Outstanding Principal		Original Issue Discount			Carrying Value			Weighted Average Remaining Life (Years) (1)
Senior Term Loans	$	401,511,816	$	(2,056,337	)	$	399,455,479			2.1
Current expected credit loss reserve		-		-			(3,274,058	)
Total loans held at carrying value, net	$	401,511,816	$	(2,056,337	)	$	396,181,421


	As of December 31, 2024
	Outstanding Principal		Original Issue Discount			Carrying Value			Weighted Average Remaining Life (Years) (1)
Senior Term Loans	$	404,721,554	$	(2,244,508	)	$	402,477,046			2.2
Current expected credit loss reserve		-		-			(4,346,869	)
Total loans held at carrying value, net	$	404,721,554	$	(2,244,508	)	$	398,130,177

(1)

Weighted average remaining life is calculated based on the carrying value of the loans as of March 31, 2025 and December 31, 2024, respectively.

Schedule of Activity Related to the CECL Reserve for Outstanding Balances

The following tables present changes in loans held at carrying value as of and for the three months ended March 31, 2025 and 2024.


	Principal			Original Issue Discount			Current Expected Credit Loss Reserve			Carrying Value
Balance at December 31, 2024	$	404,721,554		$	(2,244,508	)	$	(4,346,869	)	$	398,130,177
New fundings		4,365,832			(181,800	)		-			4,184,032
Principal repayment of loans		(9,170,628	)		-			-			(9,170,628	)
Accretion of original issue discount		-			369,971			-			369,971
PIK Interest		1,595,058			-			-			1,595,058
Decrease in provision for current expected credit losses		-			-			1,072,811			1,072,811
Balance at March 31, 2025	$	401,511,816		$	(2,056,337	)	$	(3,274,058	)	$	396,181,421


	Principal			Original Issue Discount			Current Expected Credit Loss Reserve			Carrying Value
Balance at December 31, 2023	$	355,745,305		$	(2,104,695	)	$	(4,972,647	)	$	348,667,963
New fundings		22,485,888			(105,081	)		-			22,380,807
Principal repayment of loans		(3,663,452	)		-			-			(3,663,452	)
Accretion of original issue discount		-			477,756			-			477,756
PIK Interest		3,008,593			-			-			3,008,593
Increase in provision for current expected credit losses		-			-			(383,371	)		(383,371	)
Balance at March 31, 2024	$	377,576,334		$	(1,732,020	)	$	(5,356,018	)	$	370,488,296

Schedule of Loans Held at Carrying Value Based on Information

A more detailed listing of the Company’s loans held at carrying value based on information available as of March 31, 2025, is as follows:


Loan (1)	Location(s)	Initial Funding Date (1)	Maturity Date (2)	Principal Balance		Original Issue Discount			Carrying Value		Percentage of Loans Held for Investment			Future Fundings		Interest Rate (3)	Periodic Payment (4)	YTM IRR (5)
1	Various	10/27/2022	10/30/2026	$	19,255,716	$	(271,789	)	$	18,983,927		4.8	%		-	P+6.5% Cash (8)	P&I	17.1%
2	Michigan	12/31/2021	12/31/2025		27,110,506		-			27,110,506		6.8	%		-	P+3% Cash (13)	I/O	17.3%
3	Various	11/18/2021	1/29/2027		21,384,473		(461,592	)		20,922,881		5.2	%		-	P+10.375% Cash, 2.75% PIK (11)(14)(15)	P&I	22.6%
4	Arizona	4/19/2021	6/17/2026		6,626,809		-			6,626,809		1.7	%		-	11.91% Cash	I/O	17.0%
6	Michigan	8/20/2021	1/30/2026		4,958,672		-			4,958,672		1.2	%		-	P+6.5% Cash (13)	P&I	17.2%
7	Illinois, Arizona	8/24/2021	6/30/2025		23,573,222		(27,357	)		23,545,865		5.9	%		-	P+6% Cash, 2% PIK (9)	I/O	19.3%
8	West Virginia	9/1/2021	12/31/2025		8,491,943		-			8,491,943		2.1	%		-	10% Cash	I/O	15.0%
9	Pennsylvania	3/31/2025	3/31/2028		16,576,987		(108,037	)		16,468,950		4.1	%		-	9.0% Cash (16)	I/O	9.5%
12	Various	11/8/2021	10/31/2027		13,285,201		(52,847	)		13,232,354		3.3	%		-	P+7% Cash, 2% PIK (10)	P&I	19.3%
16	Florida	12/30/2021	8/29/2025		6,557,500		(15,812	)		6,541,688		1.6	%		-	16.75% Cash	I/O	31.2%
18	Ohio	2/3/2022	12/31/2025		45,589,764		(326,924	)		45,262,840		11.3	%		-	P+1.75% Cash, 5% PIK (9)(17)	I/O	16.5%
19	Florida	3/11/2022	12/31/2025		18,378,759		(17,969	)		18,360,790		4.6	%		-	11% Cash, 5% PIK	I/O	16.5%
20	Missouri	5/9/2022	11/28/2025		21,675,015		(48,086	)		21,626,929		5.4	%		-	11% Cash, 2% PIK	P&I	14.7%
21	Illinois	7/1/2022	7/29/2026		6,453,187		(29,315	)		6,423,872		1.6	%		-	P+7% Cash, 2% PIK (9)	P&I	23.3%
23	Arizona	3/27/2023	3/31/2026		1,560,000		(16,591	)		1,543,409		0.4	%		-	P+7.5% Cash (12)	P&I	18.7%
24	Oregon	3/31/2023	9/27/2026		520,000		-			520,000		0.1	%		-	P+10.5% Cash (7)	P&I	21.7%
25	New York	8/1/2023	6/29/2036		24,337,297		-			24,337,297		6.1	%		-	15% Cash	P&I	16.6%
27	Nebraska	8/15/2023	6/30/2027		17,400,000		-			17,400,000		4.4	%		-	P+6.5% Cash (18)	P&I	15.7%
29	Illinois	10/11/2023	10/9/2026		1,920,477		-			1,920,477		0.5	%		-	11.4% Cash, 1.5% PIK	I/O	14.7%
30	Missouri, Arizona	12/19/2023	12/31/2026		18,400,000		(122,131	)		18,277,869		4.6	%		-	P+7.75% Cash (13)	I/O	18.7%
31	California, Illinois	5/3/2023	5/3/2026		6,680,000		-			6,680,000		1.7	%		-	P+8.75% Cash (10)	P&I	18.3%
32	Nevada	4/15/2024	8/15/2027		5,900,000		(25,351	)		5,874,649		1.5	%		-	P+6.5% Cash (12)	P&I	16.1%
33	Minnesota	5/20/2024	5/28/2027		1,080,000		(4,286	)		1,075,714		0.3	%		-	12% Cash (14)	I/O	12.9%
34	Arizona	6/17/2024	5/29/2026		10,000,000		-			10,000,000		2.5	%		-	11.91% Cash	I/O	12.8%
35	California	8/23/2024	8/23/2027		24,438,420		-			24,438,420		6.1	%		-	12% Cash, 3% PIK	P&I	16.3%
36	Illinois	10/28/2024	1/1/2027		25,900,000		(107,202	)		25,792,798		6.5	%		1,700,000	P+6.25% Cash (10)	I/O	15.4%
37	Various	11/26/2024	11/24/2028		20,069,535		(365,730	)		19,703,805		4.9	%		10,000,000	12% Cash, 1% PIK (19)	I/O	15.2%
38	Various	12/13/2024	7/14/2025		2,905,000		(24,676	)		2,880,324		0.7	%		2,095,000	10% Cash (19)	I/O	16.1%
40	Various	3/28/2025	7/28/2028		233,333		(23,276	)		210,057		0.1	%		-	SOFR +10.25% Cash (6)	I/O	19.4%
41	Ohio	3/1/2025	3/13/2027		250,000		(7,366	)		242,634		0.1	%		-	14.5% Cash	I/O	16.4%
			Total	$	401,511,816	$	(2,056,337	)	$	399,455,479		100	%	$	13,795,000		Wtd Average	16.9%

(1)

Loan numbering in the table above is maintained from origination for purposes of comparability and may not be sequential due to maturities, payoffs, or refinancings.

(2)

(3)

(4)

(5)

(6)

This Loan is subject to a SOFR floor of 4.00%

(7)

This Loan is subject to a prime rate floor of 5.50%

(8)

This Loan is subject to a prime rate floor of 6.25%

(9)

This Loan is subject to a prime rate floor of 7.00%

(10)

This Loan is subject to a prime rate floor of 7.50%

(11)

This Loan is subject to a prime rate floor of 7.75%

(12)

This Loan is subject to a prime rate floor of 8.00%

(13)

This Loan is subject to a prime rate floor of 8.50%

(14)

(15)

(16)

(17)

An affiliate under common control holds a controlling equity investment in this portfolio company (Note 8).

(18)

(19)

Loan #37 and Loan #38 bear unused fees on the unfunded commitment of 0.75% and 1.50% per annum, respectively.

Schedule of Presents Aging Analyses of Past Due Loans by Amortized Cost

The following table presents aging analyses of past due loans by amortized cost, excluding the CECL reserve, as of March 31, 2025 and December 31, 2024.


	As of March 31, 2025
	Current Loans (1)		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due		Total Past Due		Total Loans		Non- Accrual(2)
Senior Term Loans	$	399,455,479	$	-	$	-	$	-	$	-	$	399,455,479	$	16,468,950
Total	$	399,455,479	$	-	$	-	$	-	$	-	$	399,455,479	$	16,468,950


	As of December 31, 2024
	Current Loans (1)		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due (2)		Total Past Due		Total Loans		Non- Accrual(2)
Senior Term Loans	$	386,074,558	$	-	$	-	$	16,402,488	$	16,402,488	$	402,477,046	$	16,402,488
Total	$	386,074,558	$	-	$	-	$	16,402,488	$	16,402,488	$	402,477,046	$	16,402,488

(1)

Loans 1-30 days past due are included in the current loans.

(2)

Schedule of Risk Rating

Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:


Rating		Definition
1		Very low risk
2		Low risk
3		Moderate/average risk
4		High risk/potential for loss: a loan that has a risk of realizing a principal loss
5		Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss or an impairment has been recorded

Schedule of Carrying Value of Loans Held for Investment


	As of March 31, 2025(1)
Risk Rating	2025		2024		2023		2022		2021		Total
1	$	-	$	1,075,713	$	520,000	$	21,626,930	$	-	$	23,222,643
2		1,040,870		64,835,378		63,479,052		64,691,470		23,545,865		217,592,635
3		242,634		34,737,436		-		72,373,346		29,701,304		137,054,720
4		-		10,000,000		-		-		11,585,481		21,585,481
5		-		-		-		-		-		-
Total	$	1,283,504	$	110,648,527	$	63,999,052	$	158,691,746	$	64,832,650	$	399,455,479


	As of December 31, 2024(1)
Risk Rating	2024		2023		2022		2021		Total
1		1,111,224	$	580,000	$	41,045,793	$	-	$	42,737,017
2		63,823,279		64,896,824		90,874,764		24,239,380		243,834,247
3		34,653,247		2,466,705		27,110,506		13,687,904		77,918,362
4		10,000,000		-		-		27,987,420		37,987,420
5		-		-		-		-		-
Total	$	109,587,750	$	67,943,529	$	159,031,063	$	65,914,704	$	402,477,046

(1)

Amounts are presented by loan origination year with subsequent advances on delayed draw facilities shown in the initial year of origination.

Summary of Geography Concentration of Loans Held for Investment


As of March 31, 2025						As of December 31, 2024
Jurisdiction	Outstanding Principal (1)		Percentage of Our Loan Portfolio			Jurisdiction	Outstanding Principal (1)		Percentage of Our Loan Portfolio
Illinois	$	61,370,819		15	%	Illinois	$	55,958,079		14	%
Ohio		61,364,965		15	%	Ohio		60,065,707		15	%
Florida		42,242,026		11	%	Florida		42,712,285		11	%
Pennsylvania		35,832,703		9	%	Pennsylvania		35,727,045		9	%
Missouri		32,082,102		8	%	Missouri		38,208,259		9	%
Michigan		32,069,178		8	%	Michigan		32,068,629		8	%
Arizona		28,914,569		7	%	Arizona		28,023,340		7	%
California		24,859,640		6	%	California		26,057,479		6	%
New York		24,337,297		6	%	New York		25,093,595		6	%
Maryland		22,049,473		5	%	Maryland		21,835,901		5	%
Nebraska		17,400,000		4	%	Nebraska		17,400,000		4	%
West Virginia		8,491,943		2	%	West Virginia		8,491,943		2	%
Nevada		5,900,000		1	%	Nevada		6,000,000		1	%
Texas		2,763,768		1	%	Texas		2,756,870		1	%
Minnesota		1,160,460		0	%	Minnesota		1,116,000		0	%
Oregon		672,873		0	%	Oregon		580,000		0	%
Massachusetts		—		-	%	Massachusetts		2,626,423		1	%
Total	$	401,511,816		100	%	Total	$	404,721,554		100	%

(1)

The principal balance of the loans not secured by real estate collateral are included in the jurisdiction representing the borrower's principal place of business.

Fair Value Measurements - Schedule of Carrying Values and Fair Values of the Company's Financial Assets and Liabilities (Details) - USD ($)

Mar. 31, 2025

Dec. 31, 2024

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

Loans held for investment, Carrying Value

^[1]

$ 399,455,479

$ 402,477,046

Cash and cash equivalents, Carrying Value

9,879,177

26,400,448

Interest receivable, Carrying Value

1,515,898

1,453,823

Other receivables and assets, net, Carrying Value

525,277

459,187

1,228,559

3,370,339

Notes payable, net Carrying Value

49,155,713

49,096,250

Accounts payable and other liabilities, Carrying Value

2,539,925

2,285,035

Interest reserve, Carrying Value

547,526

1,297,878

Management and incentive fees payable, Carrying Value

1,735,533

2,863,158

Related party payables, Carrying Value

1,586,509

2,043,403

Dividend payable, Carrying Value

9,820,079

13,605,153

Fair Value, Inputs, Level 3 [Member]

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

Loans held for investment, Carrying Value

399,455,479

402,477,046

Loans held for investment, Fair Value

397,090,069

399,771,293

Fair Value, Inputs, Level 1 [Member]

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

Cash and cash equivalents, Carrying Value

9,879,177

26,400,448

Cash and cash equivalents, Fair Value

9,879,177

26,400,448

Fair Value, Inputs, Level 2 [Member]

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

Interest receivable, Carrying Value

1,515,898

1,453,823

Interest receivable, Fair Value

1,515,898

1,453,823

Other receivables and assets, net, Carrying Value

525,277

459,187

Other receivables and assets, net, Fair Value

525,277

459,187

1,228,559

3,370,339

Related party receivables, Fair Value

1,228,559

3,370,339

Revolving loan, Carrying Value

38,000,000

55,000,000

Revolving loan, Fair Value

37,745,771

54,694,925

Notes payable, net Carrying Value

49,155,713

49,096,250

Notes payable, Fair value

49,383,204

49,306,996

Accounts payable and other liabilities, Carrying Value

2,539,925

2,285,035

Accounts payable and other liabilities, Fair Value

2,539,925

2,285,035

Interest reserve, Carrying Value

547,526

1,297,878

Interest reserve, Fair Value

547,526

1,297,878

Management and incentive fees payable, Carrying Value

1,735,533

2,863,158

Management and incentive fees payable, Fair Value

1,735,533

2,863,158

Related party payables, Carrying Value

1,586,509

2,043,403

Related party payables, Fair Value

1,586,509

2,043,403

Investments payable, Carrying Value

500,000

Investments payable, Fair Value

495,000

Dividend payable, Carrying Value

9,820,079

13,605,153

Dividend payable, Fair Value

$ 9,820,079

$ 13,605,153

[1]	Amounts are presented by loan origination year with subsequent advances on delayed draw facilities shown in the initial year of origination.

Interest Receivable

3 Months Ended

Mar. 31, 2025

Interest Receivable [Abstract]

INTEREST RECEIVABLE

5. INTEREST RECEIVABLE

As of both March 31, 2025 and December 31, 2024, the Company had interest receivable of approximately $1.5 million.

The following table presents aging analyses of past due loans as of March 31, 2025 and December 31, 2024, respectively:


	As of March 31, 2025
	Current Loans		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due (and accruing)		Total Past Due		Total Loans		Non- Accrual
Interest receivable	$	1,202,748	$	235,976	$	77,174	$	-	$	313,150	$	1,515,898	$	-
Total	$	1,202,748	$	235,976	$	77,174	$	-	$	313,150	$	1,515,898	$	-


	As of December 31, 2024
	Current Loans		31-60 Days Past Due		61-90 Days Past Due		90+ Days Past Due (and accruing)		Total Past Due		Total Loans		Non- Accrual
Interest receivable	$	1,388,058	$	65,765	$	-	$	-	$	65,765	$	1,453,823	$	-
Total	$	1,388,058	$	65,765	$	—	$	—	$	65,765	$	1,453,823	$	—

Loans Held For Investment, Net (Details) - Schedule of Changes in Loans Held at Carrying Value - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Schedule of Changes in Loans Held at Carrying Value [Line Items]
Principal, Beginning	$ 398,130,177	$ 348,667,963	$ 348,667,963
New fundings	4,184,032	22,380,807
Principal repayment of loans	(9,170,628)	(3,663,452)
Accretion of original issue discount	369,971	477,756
PIK Interest	1,595,058	3,008,593
Increase (decrease) in provision for current expected credit losses	1,072,811	(383,371)
Principal, Ending	396,181,421	370,488,296	398,130,177
Principal [Member]
Schedule of Changes in Loans Held at Carrying Value [Line Items]
Principal, Beginning	404,721,554	355,745,305	355,745,305
New fundings	4,365,832	22,485,888
Principal repayment of loans	(9,170,628)	(3,663,452)
Accretion of original issue discount	0	0
PIK Interest	1,595,058	3,008,593
Increase (decrease) in provision for current expected credit losses	0	0
Principal, Ending	401,511,816	377,576,334	404,721,554
Original Issue Discount [Member]
Schedule of Changes in Loans Held at Carrying Value [Line Items]
Principal, Beginning	(2,244,508)	(2,104,695)	(2,104,695)
New fundings	(181,800)	(105,081)
Principal repayment of loans	0	0
Accretion of original issue discount	369,971	477,756
PIK Interest	0	0
Increase (decrease) in provision for current expected credit losses	0	0
Principal, Ending	(2,056,337)	(1,732,020)	(2,244,508)
Current expected credit loss reserve [Member]
Schedule of Changes in Loans Held at Carrying Value [Line Items]
Principal, Beginning	(4,346,869)	(4,972,647)	(4,972,647)
New fundings	0	0
Principal repayment of loans	0	0
Accretion of original issue discount	0	0
PIK Interest	0	0
Increase (decrease) in provision for current expected credit losses	1,072,811	(383,371)
Principal, Ending	$ (3,274,058)	$ (5,356,018)	$ (4,346,869)

Interest Receivable (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Interest Receivable [Abstract]
Interest receivable	$ 1,515,898	$ 1,453,823

Consolidated Statements of Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]
Dividends declared on common stock price per share	$ 0.47	$ 0.47

Earnings Per Share

3 Months Ended

Mar. 31, 2025

Earnings Per Share [Abstract]

EARNINGS PER SHARE

11. EARNINGS PER SHARE

The following information sets forth the computations of basic earnings per common share for the three months ended March 31, 2025 and 2024, respectively:


	For the three months ended March 31,
	2025		2024
Net income attributable to common stockholders	$	10,041,312	$	8,730,003
Divided by:
Basic weighted average shares of common stock outstanding		20,858,466		18,273,919
Diluted weighted average shares of common stock outstanding		21,264,891		18,640,492
Basic earnings per common share	$	0.48	$	0.48
Diluted earnings per common share	$	0.47	$	0.47

There were no anti-dilutive shares excluded from the computations of earnings per common share for the three months ended March 31, 2025 and 2024.

Consolidated Balance Sheets - USD ($)

Mar. 31, 2025

Dec. 31, 2024

Assets

Loans held for investment

$ 360,987,934

$ 364,238,847

Loans held for investment - related party (Note 8)

38,467,545

38,238,199

Loans held for investment, at carrying value

^[1]

399,455,479

402,477,046

Current expected credit loss reserve

(3,274,058)

(4,346,869)

Loans held for investment at carrying value, net

396,181,421

398,130,177

Loans, at fair value - related party

5,335,000

Cash and cash equivalents

9,879,177

26,400,448

Other receivables and assets, net

525,277

459,187

Interest receivable

1,515,898

1,453,823

Related party receivables

1,228,559

3,370,339

Total Assets

414,665,332

435,148,974

Liabilities

Revolving loan

38,000,000

55,000,000

Notes payable, net

49,155,713

49,096,250

Dividend payable

9,820,079

13,605,153

Related party payables

1,586,509

2,043,403

Management and incentive fees payable

1,735,533

2,863,158

Accounts payable and other liabilities

2,539,925

2,285,035

Interest reserve

547,526

1,297,878

Payable for investment purchased

500,000

Total Liabilities

103,885,285

126,190,877

Commitments and contingencies (Note 9)

Stockholders’ equity

Common stock, par value $0.01 per share, 100,000,000 shares authorized and 20,893,785 and 20,829,228 shares issued and outstanding, respectively

208,938

208,292

Additional paid-in-capital

320,486,840

318,886,768

Accumulated deficit

(9,915,731)

(10,136,963)

Total stockholders’ equity

310,780,047

308,958,097

Total liabilities and stockholders’ equity

$ 414,665,332

$ 435,148,974

[1]	Amounts are presented by loan origination year with subsequent advances on delayed draw facilities shown in the initial year of origination.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2025 and December 31, 2024:


	As of March 31, 2025
	Level 1		Level 2		Level 3		Total
Financial assets:
Loans, at fair value - related party	$	-	$	-	$	5,335,000	$	5,335,000

	As of December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Loans, at fair value - related party	$	-	$	-	$	5,335,000	$	5,335,000

Schedule of Carrying Values and Fair Values of the Company’s Financial Assets and Liabilities

As of March 31, 2025 and December 31, 2024, the carrying values and fair values of the Company’s financial assets and liabilities recorded at amortized cost are as follows:


		As of March 31,				As of December 31,
		2025				2024
	Level in Fair Value Hierarchy	Carrying Value		Fair Value		Carrying Value		Fair Value
Financial assets:
Loans held for investment	3	$	399,455,479	$	397,090,069	$	402,477,046	$	399,771,293
Cash and cash equivalents	1		9,879,177		9,879,177		26,400,448		26,400,448
Interest receivable	2		1,515,898		1,515,898		1,453,823		1,453,823
Other receivables and assets, net	2		525,277		525,277		459,187		459,187
Related party receivables	2		1,228,559		1,228,559		3,370,339		3,370,339

Financial liabilities:
Revolving loan	2	$	38,000,000	$	37,745,771	$	55,000,000	$	54,694,925
Notes payable, net	2		49,155,713		49,383,204		49,096,250		49,306,996
Accounts payable and other liabilities	2		2,539,925		2,539,925		2,285,035		2,285,035
Interest reserve	2		547,526		547,526		1,297,878		1,297,878
Management and incentive fees payable	2		1,735,533		1,735,533		2,863,158		2,863,158
Related party payables	2		1,586,509		1,586,509		2,043,403		2,043,403
Investments payable	2		500,000		495,000		—		—
Dividend payable	2		9,820,079		9,820,079		13,605,153		13,605,153

- Definition

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

+ References + Details

Subsequent Events - Additional Information (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Apr. 15, 2025	Apr. 01, 2025
Subsequent Events (Details) [Line Items]
Dividend price per share (in Dollars per share)	$ 0.47
Payments of dividends	$ 9.8
Stock issued during period, restricted stock award grants (in Shares)		187,157
Board [Member]
Subsequent Events (Details) [Line Items]
Stock issued during period, restricted stock award grants (in Shares)		15,213
Employees of Manager [Member]
Subsequent Events (Details) [Line Items]
Stock issued during period, restricted stock award grants (in Shares)		171,944

Loans at Fair Value - Additional Information (Details) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2025 USD ($) Loans	Dec. 31, 2024 USD ($)
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]
Number of Loans \| Loans	1
Loan commitment	$ 11.5
Outstanding principal	5.5	$ 5.5
Unfunded commitments	$ 6.0

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Operating activities
Net Income (Loss)	$ 10,041,312	$ 8,730,003
Adjustments to reconcile net income to net cash provided by operating activities:
Accretion of deferred loan origination fees and other discounts	(369,971)	(477,756)
Paid-in-kind interest	(1,595,058)	(3,008,593)
(Benefit) provision for current expected credit losses	(1,073,276)	380,279
Change in unrealized gain on investments		75,604
Realized gain on debt securities, at fair value		(72,428)
Amortization of debt issuance costs	110,309	90,915
Stock based compensation	649,312	531,293
Changes in operating assets and liabilities:
Interest receivable	(62,075)	77,288
Other receivables and assets, net	(116,936)	(97,151)
Interest reserve	(771,066)	1,444,982
Related party payables	(456,894)	(296,790)
Related party receivables	2,141,780	(85,129)
Proceeds from the redemption of debt securities, at fair value		839,094
Management and incentive fees payable	(1,127,625)	(1,424,347)
Accounts payable and accrued expenses	255,356	210,608
Net cash provided by operating activities	7,625,168	6,917,872
Cash flows from investing activities
Issuance of and fundings of loans held for investment	(3,663,318)	(22,380,807)
Principal repayment of loans held for investment	9,170,628	3,663,452
Net cash provided by/(used in) investing activities	5,507,310	(18,717,355)
Cash flows from financing activities
Proceeds from sale of common stock	1,033,474	9,811,862
Proceeds from borrowings on revolving loan	16,000,000	28,000,000
Repayment of borrowings on revolving loan	(33,000,000)	(12,750,000)
Dividends paid to common shareholders	(13,605,154)	(13,866,656)
Payment of debt issuance costs	0	(49,738)
Payment of offering costs	(82,069)	(339,912)
Net cash (used in)/provided by financing activities	(29,653,749)	10,805,556
Net decrease in cash and cash equivalents	(16,521,271)	(993,927)
Cash and cash equivalents, beginning of period	26,400,448	7,898,040
Cash and cash equivalents, end of period	9,879,177	6,904,113
Supplemental disclosure of non-cash financing and investing activities
Interest reserve withheld from funding of loans	20,714	2,032,688
OID withheld from funding of loans held for investment	181,800	105,081
Dividends declared and not yet paid	9,820,079	9,007,244
Subscription receivable from sale of common stock		4,472,690
Payable for investment purchased	500,000
Supplemental information:
Interest paid during the period	$ 1,740,547	$ 1,786,333

Loans at Fair Value - Summary of Significant Unobservable Inputs Used to Value Loans Categorized within Level 3 (Details) - USD ($)	Mar. 31, 2025	Dec. 31, 2024
Loans At Fair Value [Line Items]
Loans, at fair value - related party	$ 5,335,000	$ 5,335,000
Level 3 [Member]
Loans At Fair Value [Line Items]
Loans, at fair value - related party	5,335,000
Level 3 [Member] \| Yield Analysis [Member] \| Discount Rate [Member]
Loans At Fair Value [Line Items]
Loans, at fair value - related party	$ 5,335,000

Loans Held For Investment, Net - Schedule of Loans Held for Investment by Interest Rate Type (Details) - USD ($)

Mar. 31, 2025

Dec. 31, 2024

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Total principal

$ 401,511,816

$ 404,721,554

Original Issue Discount

(2,056,337)

(2,244,508)

Loans held for investment, at carrying value

^[1]

399,455,479

402,477,046

Fixed-rate [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Total principal

163,307,742

149,771,871

Original Issue Discount

(591,962)

(545,081)

Loans held for investment, at carrying value

162,715,780

149,226,790

Floating-rate [Member]

Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]

Total principal

238,204,074

254,949,683

Original Issue Discount

(1,464,375)

(1,699,427)

Loans held for investment, at carrying value

$ 236,739,699

$ 253,250,256

[1]	Amounts are presented by loan origination year with subsequent advances on delayed draw facilities shown in the initial year of origination.

Related Party Transactions (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Summarizes The Related Party Fees and Expenses

The following table summarizes related party fees and expenses for the three months ended March 31, 2025 and 2024.


	For the three months ended March 31,
	2025			2024
Affiliate Payments
Management fees earned	$	1,212,796		$	1,074,308
Less: Outside Fees earned		(3,571	)		(16,071	)
Base management fees, net		1,209,225			1,058,237
Incentive fees		526,308			696,504
Total management and incentive fees earned		1,735,533			1,754,741
General and administrative expenses reimbursable to Manager		1,148,769			1,237,790
Total	$	2,884,302		$	2,992,531

Stockholders’ Equity

3 Months Ended

Mar. 31, 2025

Stockholders’ Equity [Abstract]

STOCKHOLDERS’ EQUITY

10. STOCKHOLDERS’ EQUITY

Equity Incentive Plan

The Company has established an equity incentive compensation plan (the “2021 Plan”). The Board authorized the adoption of the 2021 Plan and the Compensation Committee of the Board administers the 2021 Plan. The 2021 Plan authorizes 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. The 2021 Plan retains flexibility to offer competitive incentives and to tailor benefits to specific needs and circumstances. Any award may be structured to be paid or settled in cash. The Company has and currently intends to continue to grant restricted stock awards to participants in the 2021 Plan, but it may also grant any other type of award available under the 2021 Plan in the future. Persons eligible to receive awards under the 2021 Plan include the Company’s officers and employees of the Manager and its affiliates or officers and employees of the Company’s subsidiaries, if any, the members of the Board, and certain consultants and other service providers.

As of March 31, 2025 and December 31, 2024, the maximum number of shares of the Company’s common stock that may be delivered pursuant to awards under the 2021 Plan (the “Share Limit”) equals 8.50% of the issued and outstanding shares of the Company’s common stock on a fully-diluted basis following the completion of the IPO. Shares that are subject to or underlie awards that expire or for any reason are cancelled or terminated, are forfeited, fail to vest, or for any other reason are not paid or delivered under the 2021 Plan will not be counted against the Share Limit and will again be available for subsequent awards under the 2021 Plan.

There were 4,811 and 0 shares forfeited during the three months ended March 31, 2025 and 2024, respectively. As individual awards and options become fully vested, stock-based compensation expense is adjusted to recognize actual forfeitures.

Shares that are exchanged by a participant or withheld by the Company as full or partial payment in connection with any award granted under the 2021 Plan, as well as any shares exchanged by a participant or withheld by the Company to satisfy tax withholding obligations related to any award granted under the 2021 Plan, will not be counted against the Share Limit and will again be available for subsequent awards under the 2021 Plan. To the extent that an award is settled in cash or a form other than shares, the shares that would have been delivered had there been no such cash or other settlement will not be counted against the Share Limit and will again be available for subsequent awards under the 2021 Plan.

Based on the closing market price of our common stock on March 31, 2025 and December 31, 2024, the aggregate intrinsic value of our restricted stock awards was as follows:


	As of March 31, 2025				As of December 31, 2024
	Outstanding		Vested		Outstanding		Vested
Aggregate intrinsic value	$	5,975,432	$	3,033,845	$	6,342,292	$	3,182,441

The following table summarizes the restricted stock activity for the Company’s directors and officers and employees of the Manager during the three months ended March 31, 2025 and 2024.


	Unvested Restricted Stock			Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2024		411,303		$	15.14
Forfeited		(4,811	)		15.59
Balance at March 31, 2025		406,492		$	15.13


	Unvested Restricted Stock			Weighted Average Grant Date Fair Value per Share
Balance at December 31, 2023		366,647		$	14.86
Vested		(6,647	)	$	16.00
Balance at March 31, 2024		360,000		$	14.84

Restricted stock compensation expense is based on the Company’s stock price at the date of the grant and is amortized over the vesting period. Forfeitures are recognized as they occur. The share-based compensation expense for the Company was $649,312 and $531,293 for the three months ended March 31, 2025 and 2024, respectively. The unamortized share-based compensation expense for the Company was approximately $3.7 million and $4.0 million as of March 31, 2025 and 2024, respectively, which the Company expects to recognize over the remaining weighted-average term of 1.6 years.

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

On June 20, 2023, the Company entered into an At-the-Market Sales Agreement (the “Sales Agreement”) with BTIG, LLC, Compass Point Research & Trading, LLC and Oppenheimer & Co. Inc. (each a “Sales Agent” and together the “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. Under the terms of the Sales Agreement, the Company has agreed to pay the Sales Agents a commission of up to a maximum of 3.0% of the gross proceeds from each sale of common stock sold through the Sales Agents.

On March 18, 2025, the Company amended its ATM Program and entered into new At-the-Market Sales Agreements (the “2025 Sales Agreement”) with BTIG, LLC, Oppenheimer & Co. Inc., ATB Capital Markets USA, Inc. and A.G.P./Alliance Global Partners LLC (each a “Sales Agent” and together the “Sales Agents”). Under the terms of the 2025 Sales Agreement, the maximum offering size was increased from $75.0 million to $100.0 million and the commissions paid to the Sales Agents was reduced from a maximum of 3.0% to a maximum of 2.0% of the gross proceeds from each sale of common stock sold through the Sales Agents. Sales of common stock, if any, may 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, 2024, the Company sold an aggregate of 896,443 shares of the Company’s common stock under the Sales Agreement at a weighted average price of $15.93 per share, generating net proceeds of approximately $13.9 million.

During the three months ended March 31, 2025, the Company sold an aggregate of 64,557 shares of the Company’s common stock under the Sales Agreement at a weighted average price of $16.01 per share, generating net proceeds of approximately $1.0 million.

As of March 31, 2025 and 2024, the shares of common stock sold pursuant to the registered direct offering in February 2023 and under the ATM Program are the only offerings that have been initiated under the Shelf Registration Statement.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

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

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

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

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

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

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

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

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

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Commitments and Contingencies

3 Months Ended

Mar. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

9. COMMITMENTS AND CONTINGENCIES

Off-Balance Sheet Arrangements

Off-balance sheet commitments may consist of unfunded commitments on delayed draw term loans. The Company does not have any relationships with unconsolidated entities or financial partnerships, such as entities often referred to as structured investment vehicles, special purpose entities, or variable interest entities, established to facilitate off-balance sheet arrangements or other contractually narrow or limited purposes. Further, the Company has not guaranteed any obligations of unconsolidated entities or entered into any commitment to provide additional funding to any such entities. As of March 31, 2025 and December 31, 2024, the Company had unfunded commitments on existing loans of $19.8 million and $20.9 million, respectively.

Refer to “Note 3 - Loans Held for Investment, Net” for further information regarding the CECL Reserve attributed to unfunded commitments. Total original loan commitments includes the impact of principal payments received since origination of the loan and future amounts to be advanced at sole discretion of the lender.

The following table summarizes our material commitments as of March 31, 2025:


	Total		2026		2027		2028		2029		2030		Thereafter
Undrawn commitments	$	19,795,000	$	19,795,000	$	-	$	-	$	-	$	-	$	-
Total	$	19,795,000	$	19,795,000	$	-	$	-	$	-	$	-	$	-

Other Contingencies

The Company from time to time may be a party to litigation in the normal course of business. As of March 31, 2025, the Company is not aware of any legal claims that could materially impact its business, financial condition, or results of operations.

The Company’s ability to grow or maintain its business depends, in part, on state laws pertaining to the cannabis industry. New laws that are adverse to the Company’s portfolio companies 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 and adversely affect its 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, provide consent to allow the borrower to sell the real estate to a third party, institute a foreclosure proceeding to have the real estate sold or evict the tenant, have the cannabis operations removed from the property and take title to the underlying real estate, each of which may result in the Company realizing a loss on the transaction.

Consolidated Statements of Income (Unaudited) - USD ($)	3 Months Ended
Consolidated Statements of Income (Unaudited) - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Revenues
Interest income	$ 15,107,315	$ 15,343,667
Interest expense	(2,065,382)	(2,104,050)
Net interest income	13,041,933	13,239,617
Expenses
Management and incentive fees, net	1,735,533	1,754,741
General and administrative expense	1,196,106	1,390,267
Professional fees	492,946	449,858
Stock based compensation	649,312	531,293
(Benefit) provision for current expected credit losses	(1,073,276)	380,279
Total expenses	3,000,621	4,506,438
Change in unrealized gain on investments	0	(75,604)
Realized gain on debt securities, at fair value	0	72,428
Net Income before income taxes	10,041,312	8,730,003
Income tax expense	0	0
Net Income	$ 10,041,312	$ 8,730,003
Earnings per common share:
Basic earnings per common share (in Dollars per share)	$ 0.48	$ 0.48
Diluted earnings per common share (in Dollars per share)	$ 0.47	$ 0.47
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in Shares)	20,858,466	18,273,919
Diluted weighted average shares of common stock outstanding (in Shares)	21,264,891	18,640,492

Loans Held For Investment, Net (Details) - Schedule of Activity Related to the CECL Reserve for Outstanding Balances - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Loans Held For Investment, Net (Details) - Schedule of Activity Related to the CECL Reserve for Outstanding Balances [Line Items]
Balance	$ 4,392,441	$ 4,975,739
(Benefit) provision for current expected credit losses	(1,073,276)	380,279
Balance	3,319,165	5,356,018
Funded [Member]
Loans Held For Investment, Net (Details) - Schedule of Activity Related to the CECL Reserve for Outstanding Balances [Line Items]
Balance	4,346,869	4,972,647
(Benefit) provision for current expected credit losses	(1,072,811)	383,371
Balance	3,274,058	5,356,018
Unfunded [Member]
Loans Held For Investment, Net (Details) - Schedule of Activity Related to the CECL Reserve for Outstanding Balances [Line Items]
Balance	45,572	3,092
(Benefit) provision for current expected credit losses	(465)	(3,092)
Balance		$ 0

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2025 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember
Segment Reporting, Expense Information Used by CODM, Description	The management approach considers the internal organization and reporting used by the Company’s Co-Chief Executive Officers, the Chief Financial Officer, and the President which comprise the chief operating decision maker (“CODM”) for making decisions, allocating resources and assessing performance. The CODM assesses the performance and makes operating decisions of the Company on a consolidated basis primarily based on the Company’s net income as presented on the accompanying consolidated statements of income. In addition to other factors and metrics, the CODM utilizes net income as a key determinant of the amount of dividends to be distributed to the Company's stockholders.
Segment Reporting, Expense Information Used by CODM, Type [Extensible Enumeration]	Net Income (Loss)

Debt - Schedule of Interest Expense Incurred During Period (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024
Debt Instrument [Line Items]
Interest expense	$ 1,912,330	$ 2,007,050
Unused fee expense	42,743	6,085
Amortization of deferred financing costs	110,309	90,915
Total interest expense	2,065,382	2,104,050
Notes Payable [Member]
Debt Instrument [Line Items]
Interest expense	1,121,918
Amortization of deferred financing costs	59,463
Total interest expense	1,181,381
Revolving Loan [Member]
Debt Instrument [Line Items]
Interest expense	790,412	2,007,050
Unused fee expense	42,743	6,085
Amortization of deferred financing costs	50,846	90,915
Total interest expense	$ 884,001	$ 2,104,050

- 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
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

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

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

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

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

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

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

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

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

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

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
-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 27: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Schedule of Unfunded Commitments on Existing Loans [Abstract]
Unfunded commitments	$ 19.8	$ 20.9

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Related Party Transaction [Line Items]
Management Fee, Description	The Manager is entitled to receive base management fees (the “Base Management Fee”) that are calculated and payable quarterly in arrears, in an amount equal to 0.375% of the Company’s Equity, determined as of the last day of each such quarter; reduced by an amount equal to 50% of the pro rata amount of origination fees earned and paid to the Manager during the applicable quarter for loans that were originated on the Company’s behalf by the Manager or affiliates of the Manager (“Outside Fees”).
Outside fees amount	$ 3,571	$ 16,071
Incentive compensation	526,308	696,504
Assigned right amount	0	$ 0
Loan held investment	16,500,000		$ 14,500,000
Transfer of Loan Held for Investment to Loan Held for Sale	1,200,000
Loan Nine [Member]
Related Party Transaction [Line Items]
Carrying value	16,500,000
Loan held investment	16,500,000
First lien judgment loan	14,500,000
Second lien term loan	$ 2,000,000
Maturity Date	Mar. 31, 2028
Transfer of Loan Held for Investment to Loan Held for Sale	$ 1,200,000
Vireo [Member]
Related Party Transaction [Line Items]
Carrying value	5,300,000		5,300,000
Outstanding balance	$ 5,500,000		$ 5,500,000

Income Tax - Additional Information (Details) - USD ($)	3 Months Ended		12 Months Ended
Income Tax - Additional Information (Details) - USD ($)	Mar. 31, 2025	Mar. 31, 2024	Dec. 31, 2024
Income Tax [Abstract]
Income tax, description	To qualify as a REIT, we must meet a number of organizational and operational requirements, including a requirement that we distribute annually to our stockholders at least 90% of our REIT taxable income prior to the deduction for dividends paid. To the extent that we distribute less than 100% of our REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), we will pay tax at regular corporate rates on that undistributed portion. Furthermore, if we distribute less than the sum of 1) 85% of our ordinary income for the calendar year, 2) 95% of our capital gain net income for the calendar year, and 3) any undistributed shortfall from our prior calendar year (the “Required Distribution”) to our stockholders during any calendar year (including any distributions declared by the last day of the calendar year but paid in the subsequent year), then we are required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if we elect to retain any of our net capital gain for any tax year, we must notify our stockholders and pay tax at regular corporate rates on the retained net capital gain. Our stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax.
Income tax provision	$ 0	$ 0	$ 0

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Pay vs Performance Disclosure - USD ($)	3 Months Ended
Pay vs Performance Disclosure - USD ($)	Mar. 31, 2025	Mar. 31, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ 10,041,312	$ 8,730,003

- Definition

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

+ References

+ Details

Subsequent Events

3 Months Ended

Mar. 31, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

16. SUBSEQUENT EVENTS

Restricted Stock Awards

On April 1, 2025, 187,157 restricted stock awards were granted, of which 15,213 and 171,944 were granted to members of the Board and employees of the Manager, respectively. Upon vesting pursuant to the respective award agreements, the restricted stock awards are exchanged for an equal number of shares of the Company’s common stock.

Payment of Dividend

On April 15, 2025, the Company paid its regular quarterly dividend of $0.47 per common share relating to the first quarter of 2025 to stockholders of record as of the close of business on March 31, 2025. The total amount of the cash dividend payment was approximately $9.8 million.

Debt

3 Months Ended

Mar. 31, 2025

Debt [Abstract]

DEBT

7. DEBT

Revolving Loan

In May 2021, in connection with the Company’s acquisition of its wholly-owned financing subsidiary, CAL, the Company was assigned a secured revolving credit facility (the “Revolving Loan”). As of December 31, 2023, the Revolving Loan had an interest rate equal to the greater of (1) the Prime Rate plus the applicable margin and (2) 3.25%. The applicable margin is derived from a floating rate grid based upon the ratio of debt to book equity of CAL and increases from 0% at a ratio of 0.25 to 1 to 1.25% at a ratio of 1.5 to 1. The Revolving Loan had an aggregate commitment of $100.0 million, and a maturity date of the earlier of (i) December 16, 2024 and (ii) the date on which the Revolving Loan is terminated pursuant to the terms of the Revolving Loan agreement.

On February 28, 2024, CAL entered into a Fifth Amended and Restated Loan and Security Agreement (the “Fifth Amendment and Restatement”). The Fifth Amendment and Restatement extended the contractual maturity date of the Revolving Loan until June 30, 2026, and expanded the existing accordion feature to permit aggregate loan commitments of up to $150.0 million. No other material terms of the Revolving Loan were modified as a result of the execution of the Fifth Amendment and Restatement. The Company incurred debt issuance costs of approximately $0.1 million related to the Fifth Amendment and Restatement, which were capitalized and will subsequently be amortized through maturity.

On June 26, 2024, CAL entered into the First Amendment to the Fifth Amendment and Restatement. The amendment increased the current loan commitment from $100.0 million to $105.0 million. No other material terms were modified as a result of the execution of this amendment.

On September 30, 2024, CAL entered into the Sixth Amended and Restated Loan and Security Agreement (the "Sixth Amendment"). The Sixth Amendment increased the current loan commitment from $105.0 million to $110.0 million. No other material terms were modified as a result of the execution of this amendment.

As of March 31, 2025, the Revolving Loan has aggregate commitments of $110.0 million, which may be increased to $150.0 million pursuant to its accordion feature, and has a maturity date of June 30, 2026. The Revolving Loan bears interest, payable in cash in arrears, at a per annum rate equal to the greater of (1) the Prime Rate plus the applicable margin and (2) 3.25%. The applicable margin is derived from a floating rate grid based upon the ratio of debt to equity of CAL and increases from 0% at a ratio of 0.25 to 1 to 1.25% at a ratio of 1.5 to 1. The interest rate in effect as of March 31, 2025 is 7.50%.

The Revolving Loan provides for certain affirmative covenants, including requiring us to deliver financial information and any notices of default, and conducting business in the normal course. Additionally, the Company must comply with certain financial covenants including: (1) maximum capital expenditures of $150,000, (2) maintaining a debt service coverage ratio greater than 1.35 to 1, and (3) maintaining a leverage ratio less than 1.50 to 1. As of March 31, 2025, the Company is in compliance with all financial covenants with respect to the Revolving Loan.

As of March 31, 2025 and December 31, 2024, unamortized debt issuance costs related to the Revolving Loan, including all amendments and amendments and restatements thereto, as applicable, of $254,229 and $305,075, respectively, are recorded in other receivables and assets, net on the consolidated balance sheets.

For the three months ended March 31, 2025, the Company had net repayments of $17.0 million against the Revolving Loan. As of March 31, 2025, the Company had $72.0 million of borrowing availability under the Revolving Loan. Additionally, as of March 31, 2025, $127.8 million of loans held for investment, at principal, are pledged as collateral in the borrowing base of the Revolving Loan.

Notes Payable

On October 18, 2024 (the "Closing Date"), the Company entered into a Loan Agreement by and among the Company and the various financial institutions party thereto, for an aggregate commitment of $50.0 million in senior unsecured notes (the "Unsecured Notes"). The Unsecured Notes have a contractual four year term maturing on October 18, 2028 and bear a fixed interest rate of 9.00% per annum. The Company may prepay the Unsecured Notes at any time without penalty following the second anniversary of the Closing Date. A prepayment penalty of 3.00% and 2.00% would be due and payable in the event of prepayment prior to the first and second anniversary of the Closing Date, respectively.

The $50.0 million aggregate commitment was advanced on the closing date and proceeds were used to temporarily repay outstanding obligations on the Revolving Loan and for other working capital purposes. The Company incurred debt issuance costs of approximately $0.9 million related to the Unsecured Notes, which were capitalized and offset against the outstanding face value of the Unsecured Notes within the line item Notes Payable, net on the consolidated balance sheets.

The Unsecured Notes provide for certain affirmative covenants, including requiring us to deliver certain financial information and any notices of default, and conducting business in the normal course. Additionally, the Company must comply with certain financial and non-financial covenants including but not limited to: (1) minimum stockholders' equity of $200.0 million, (2) maximum aggregate indebtedness of $225.0 million, subject to increase from time to time based upon ratable increases in stockholders' equity, and (3) maintenance of an investment-grade credit rating. As of March 31, 2025, the Company is in compliance with all financial covenants with respect to the Unsecured Notes.


Year	Notes Payable
2025	$	-
2026		-
2027		-
2028		50,000,000
Total principal	$	50,000,000
Deferred debt issuance costs included in notes payable		(844,287	)
Total notes payable, net	$	49,155,713

Interest Expense

The following table reflects a summary of interest expense incurred during the three months ended March 31, 2025 and 2024.


	Three months ended March 31, 2025
	Notes Payable		Revolving Loan		Total Borrowings
Interest expense	$	1,121,918	$	790,412	$	1,912,330
Unused fee expense		-		42,743		42,743
Amortization of debt issuance costs		59,463		50,846		110,309
Total interest expense	$	1,181,381	$	884,001	$	2,065,382

	Three months ended March 31, 2024
	Notes Payable		Revolving Loan		Total Borrowings
Interest expense	$	-	$	2,007,050	$	2,007,050
Unused fee expense		-		6,085		6,085
Amortization of debt issuance costs		-		90,915		90,915
Total interest expense	$	-	$	2,104,050	$	2,104,050

- 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 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 2: 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 3: 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 4: 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 5: 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 6: 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 7: 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 8: 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 9: 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 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/470/tableOfContent

Reference 11: 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 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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 21: 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

Dividends and Distributions

3 Months Ended

Mar. 31, 2025

Dividends and Distributions [Abstract]

DIVIDENDS AND DISTRIBUTIONS

14. DIVIDENDS AND DISTRIBUTIONS

The following table summarizes the Company’s dividends declared during the three months ended March 31, 2025 and 2024.


	Record Date	Payment Date	Common Share Distribution Amount		Taxable Ordinary Income		Return of Capital		Section 199A Dividends
Regular cash dividend	3/31/2025	4/15/2025	$	0.47	$	0.47	$	-	$	0.47
Total cash dividend			$	0.47	$	0.47		-	$	0.47


	Record Date	Payment Date	Common Share Distribution Amount		Taxable Ordinary Income		Return of Capital		Section 199A Dividends
Regular cash dividend	3/28/2024	4/15/2024	$	0.47	$	0.47	$	-	$	0.47
Total cash dividend			$	0.47	$	0.47	$	-	$	0.47

Loans at Fair Value - Summary of Loans Held at Fair Value (Details) - USD ($)

3 Months Ended

12 Months Ended

Mar. 31, 2025

Dec. 31, 2024

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Principal Balance

$ 5,500,000

Amortized Cost

5,500,000

Fair Value

5,335,000

$ 5,335,000

Level 3 [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

5,500,000

5,500,000

$ 5,335,000

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Maturity Date

^[1]

May 28, 2027

Interest Rate

^[2],[3]

12% Cash (14)

Periodic Payment

^[4]

I/O

MINNESOTA | Level 3 [Member]

Financing Receivable, before Allowance for Credit Loss, Maturity [Line Items]

Jun. 26, 2026

$ 5,500,000

5,500,000

$ 5,335,000

10.5% Cash

I/O

[1]	Certain loans are subject to contractual extension options as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein and certain borrowers may have the right to prepay with or without a contractual prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[2]	"P" = prime rate; "SOFR"= Secured Overnight Financing Rate. "P" and "SOFR" represent floating rate loans that pay interest at the designed benchmark rate plus an applicable spread; "PIK" = paid-in-kind interest.
[3]	The borrowers of Loan #3 and Loan #33 are affiliates of Vireo Growth, Inc., a related party. The aggregate principal balance of these loans is included on the consolidated balance sheet as loans held for investment - related party. See Note 8 for further details.
[4]	P&I = principal and interest. I/O = interest only. P&I loans may include interest only periods for a portion of the loan term. The frequency of loan payments may be monthly or quarterly as required by the respective credit agreement governing such loan.