Chicago Atlantic BDC (LIEN) 10-Q11 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2023	Aug. 11, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Document Transition Report	false
Entity File Number	001-40564
Entity Registrant Name	SILVER SPIKE INVESTMENT CORP.
Entity Central Index Key	0001843162
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-2872887
Entity Address, Address Line One	600 Madison Avenue, Suite 1800
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	905-4923
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SSIC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,214,672

Statements of Assets and Liabil

Statements of Assets and Liabilities - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Investments at fair value:
Non-control/non-affiliate investments at fair value (amortized cost of $57,398,215 and $50,527,898, respectively)	$ 57,669,044	$ 50,254,550
Cash and cash equivalents	32,895,660	35,125,320
Interest receivable	591,368	1,559,081
Prepaid expenses	179,657	32,323
Total assets	91,335,729	86,971,274
LIABILITIES
Income-based incentive fees payable	646,494	0
Management fee payable	257,489	170,965
Capital Gains Incentive Fee Payable	5,000	0
Valuation fees payables	93,185	0
Administrator fees payable	89,978	57,306
Legal fees payable	72,464	42,215
Audit fees payable	51,183	50,000
Director's fee payable	31,747	32,049
Professional fees payable	26,306	28,744
Excise tax payable	0	80,566
Total liabilities	1,291,516	495,545
Commitments and contingencies (Note 6)
NET ASSETS
Common Stock, $0.01 par value, 100,000,000 shares authorized, 6,214,672 and 6,214,672 shares issued and outstanding, respectively	62,147	62,147
Additional paid-in-capital	85,038,887	84,917,788
Distributable earnings/(Accumulated losses)	4,943,179	1,495,794
Total net assets	$ 90,044,213	$ 86,475,729
NET ASSET VALUE PER SHARE (in dollars per share)	$ 14.49	$ 13.91
Related Party [Member]
LIABILITIES
Other payables	$ 2,534	$ 37
Nonrelated Party [Member]
LIABILITIES
Other payables	15,136	33,663
Investment, Unaffiliated Issuer [Member]
Investments at fair value:
Non-control/non-affiliate investments at fair value (amortized cost of $57,398,215 and $50,527,898, respectively)	$ 57,669,044	$ 50,254,550

Statements of Assets and Liab_2

Statements of Assets and Liabilities (Parenthetical) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	[1]
ASSETS
Amortized cost	$ 57,433,276	$ 50,527,898
NET ASSETS
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	6,214,672	6,214,672
Common stock, shares outstanding (in shares)	6,214,672	6,214,672	6,214,672
Investment, Unaffiliated Issuer [Member]
ASSETS
Amortized cost	$ 57,433,276	$ 50,527,898

[1]The Company was formed on January 25, 2021 and the effective date of the registration statement was February 3, 2022.

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Statements of Operations - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Non-control/non-affiliate investment income
Fee income	$ 131,250	$ 410,000	$ 131,250	$ 410,000
EXPENSES
Income-based incentive fees	442,673	0	646,494	0
Management fee	257,489	55,041	495,908	55,041
Legal expenses	87,256	222,982	186,016	257,051
Audit expense	87,500	83,750	185,383	93,750
Administrator fees	87,853	62,546	165,697	109,697
Insurance expense	66,393	75,542	135,475	122,030
Valuation fees	21,000	0	94,065	0
Director expenses	31,746	35,747	67,690	35,747
Professional fees	17,775	0	35,967	40,885
Custodian fees	12,000	0	24,000	24,000
Organizational expenses	0	0	0	34,168
Capital gains incentive fee	(137,602)	0	5,000	0
Other expenses	20,204	52,738	39,708	41,581
Total expenses	994,287	588,346	2,081,403	813,950
NET INVESTMENT INCOME (LOSS)	1,899,412	221,245	3,270,135	5,714
NET REALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments	(210,767)	0	(210,767)	0
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS
Net change in unrealized appreciation/(depreciation) on investments	(477,241)	(9,508)	509,116	(9,508)
Net realized and unrealized gains (losses)	(688,008)	(9,508)	298,349	(9,508)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ 1,211,404	$ 211,737	$ 3,568,484	$ (3,794)
NET INVESTMENT INCOME (LOSS) PER SHARE - BASIC (in dollars per share)	$ 0.31	$ 0.04	$ 0.53	$ 0
NET INVESTMENT INCOME (LOSS) PER SHARE - DILUTED (in dollars per share)	0.31	0.04	0.53	0
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC (in dollars per share)	0.19	0.03	0.57	0
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED (in dollars per share)	$ 0.19	$ 0.03	$ 0.57	$ 0
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (in shares)	6,214,672	6,214,672	6,214,672	4,893,441
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (in shares)	6,214,672	6,214,672	6,214,672	4,893,441
Investment, Unaffiliated Issuer [Member]
Non-control/non-affiliate investment income
Interest income	$ 2,762,449	$ 399,591	$ 5,220,288	$ 409,664
Fee income	131,250	410,000	131,250	410,000
Total investment income	2,893,699	809,591	5,351,538	819,664
NET REALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments	(210,767)	0	(210,767)	0
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS
Net change in unrealized appreciation/(depreciation) on investments	$ (477,241)	$ (9,508)	$ 509,116	$ (9,508)

Statements of Changes in Net As

Statements of Changes in Net Assets - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
Statements of Changes in Net Assets - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023
Common Stock [Member]
Investment Company, Net Assets [Roll Forward]
Beginning balance	$ 62,147	$ 62,147	$ 62,147	$ 4	$ 62,147
Beginning balance (in shares)	6,214,672	6,214,672	6,214,672	386	6,214,672
Net increase (decrease) in net assets resulting from operations
Net investment income (loss)	$ 0	$ 0	$ 0	$ 0
Net realized gain (loss) from investments	0	0	0	0
Net change in unrealized appreciation (depreciation) from investments	0	0	0	0
Total net increase (decrease) in net assets resulting from operations	0	0	0	0
Capital transactions
Issuance of common stock	$ 0	$ 0	$ 0	$ 62,143
Issuance of common stock (in shares)	0	0	0	6,214,286
Total increase (decrease) in net assets	$ 0	$ 0	$ 0	$ 62,143
Total increase (decrease) in net assets (in shares)	0	0	0	6,214,286
Effect of permanent adjustments	$ 0	$ 0	$ 0	$ 0
Ending balance	$ 62,147	$ 62,147	$ 62,147	$ 62,147	$ 62,147
Ending balance (in shares)	6,214,672	6,214,672	6,214,672	6,214,672	6,214,672
Additional Paid-in Capital [Member]
Investment Company, Net Assets [Roll Forward]
Beginning balance	$ 85,038,887	$ 84,917,788	$ 84,917,788	$ 5,396	$ 84,917,788
Net increase (decrease) in net assets resulting from operations
Net investment income (loss)	0	0	0	0
Net realized gain (loss) from investments	0	0	0	0
Net change in unrealized appreciation (depreciation) from investments	0	0	0	0
Total net increase (decrease) in net assets resulting from operations	0	0	0	0
Capital transactions
Issuance of common stock	0	0	0	85,207,627
Total increase (decrease) in net assets	0	0	0	85,207,627
Effect of permanent adjustments	0	0	121,099	(295,235)	121,099
Ending balance	85,038,887	84,917,788	85,038,887	84,917,788	85,038,887
Distributable Earnings/(Accumulated Loss) [Member]
Investment Company, Net Assets [Roll Forward]
Beginning balance	3,731,775	(427,845)	1,495,794	(507,549)	(427,845)
Net increase (decrease) in net assets resulting from operations
Net investment income (loss)	1,899,412	221,245	3,270,135	5,714
Net realized gain (loss) from investments	(210,767)	0	(210,767)	0
Net change in unrealized appreciation (depreciation) from investments	(477,241)	(9,508)	509,116	(9,508)
Total net increase (decrease) in net assets resulting from operations	1,211,404	211,737	3,568,484	(3,794)
Capital transactions
Issuance of common stock	0	0	0	0
Total increase (decrease) in net assets	1,211,404	211,737	3,568,484	(3,794)
Effect of permanent adjustments	0	0	(121,099)	295,235
Ending balance	4,943,179	(216,108)	4,943,179	(216,108)	3,731,775
Beginning balance	88,832,809	84,552,090	86,475,729	(502,149)	84,552,090
Net investment income (loss)	1,899,412	221,245	3,270,135	5,714
Net realized gain (loss) from investments	(210,767)	0	(210,767)	0
Net change in unrealized appreciation (depreciation) from investments	(477,241)	(9,508)	509,116	(9,508)
Total net increase (decrease) in net assets resulting from operations	1,211,404	211,737	3,568,484	(3,794)
Issuance of common stock	0	0	0	85,269,770
Total increase (decrease) in net assets	1,211,404	211,737	3,568,484	85,265,976
Effect of permanent adjustments	0	0	0	0
Ending balance	$ 90,044,213	$ 84,763,827	$ 90,044,213	$ 84,763,827	$ 88,832,809

Statements of Changes in Net _2

Statements of Changes in Net Assets (Parenthetical) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Statements of Changes in Net Assets [Abstract]
Offering costs	$ 2,000,000	$ 1,609,184	$ 2,000,000

Statements of Cash Flows

Statements of Cash Flows - USD ($)	6 Months Ended
Statements of Cash Flows - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ 3,568,484	$ (3,794)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss from investments	210,767	0
Net change in unrealized (appreciation) depreciation from investments	(509,116)	9,508
Net (accretion of discounts) and amortization of premiums	(301,558)	(9,508)
Purchase of investments	(8,442,000)	(24,417,500)
PIK interest capitalized	(62,587)	0
Proceeds from sales of investments and principal repayments	1,690,000	0
(Increase)/Decrease in operating assets:
Prepaid expenses	(147,334)	(207,249)
Interest receivable	967,713	(66,090)
Deferred offering costs	0	1,395,059
Increase/(Decrease) in operating liabilities:
Management fee payable	86,524	55,041
Income-based incentive fees payable	646,494	0
Capital gains incentive fee payable	5,000	0
Legal fees payable	30,249	204,251
Administrator fees payable	32,672	99,852
Valuation fees payables	93,185	0
Audit fees payable	1,183	62,250
Professional fees payable	(2,438)	0
Director's fee payable	(302)	35,747
Excise tax payable	(80,566)	0
Due to affiliate	2,497	(383,164)
Offering cost payable	0	(1,024,256)
Organizational costs payable	0	(430,276)
Other payables	(18,527)	23,406
Net cash provided by (used in) operating activities	(2,229,660)	(24,656,723)
Cash flows from financing activities
Issuance of common stock, net of offering cost	0	85,269,770
Net cash provided by (used in) financing activities	0	85,269,770
Net increase (decrease) in cash & cash equivalents	(2,229,660)	60,613,047
Cash & cash equivalents, beginning of period	35,125,320	5,400
Cash & cash equivalents, end of period	$ 32,895,660	$ 60,618,447

Schedule of Investments

Schedule of Investments - USD ($)		6 Months Ended		12 Months Ended
Schedule of Investments - USD ($)		Jun. 30, 2023		Dec. 31, 2022
Investments [Abstract]
Amortized cost		$ 57,433,276		$ 50,527,898
Fair value		$ 57,669,044		$ 50,254,550
Investment, Identifier [Axis]: AYR Wellness INC. Senior Secured Notes Due12102024 Fixed Interest Rate 12.5%
Investments [Abstract]
Investment, Issuer Name [Extensible Enumeration]	[1],[2]			ssic:AYRWellnessIncMember
Investment, Type [Extensible Enumeration]	[2],[3]			ssic:SeniorSecuredNoteMember
Investment, Significant Unobservable Input [true false]				true
Investment date	[2],[4]			Oct. 11, 2022
Maturity date	[2]			Dec. 10, 2024
Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]	[2],[5]			Level 3 [Member]
Investment, Issuer Geographic Region [Extensible Enumeration]	[2],[6]			Southeast [Member]
Principal amount	[2],[7]			$ 2,000,000
Amortized cost	[2]			1,773,000
Fair value	[2],[8]			$ 1,773,000
Percentage of net assets	[2]			2.05%
Investment, Identifier [Axis]: Curaleaf Holdings, INC. Senior Secured Notes Due12152026 Fixed Interest Rate 8%
Investments [Abstract]
Investment, Issuer Name [Extensible Enumeration]	[1],[2]	ssic:CuraleafHoldingsIncMember		ssic:CuraleafHoldingsIncMember
Investment, Type [Extensible Enumeration]	[2]	ssic:SeniorSecuredNoteMember	[9]	ssic:SeniorSecuredNoteMember	[3]
Investment, Significant Unobservable Input [true false]		true		true
Investment date	[2],[4]	Oct. 11, 2022		Oct. 11, 2022
Maturity date	[2]	Dec. 15, 2026		Dec. 15, 2026
Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]	[2],[5]	Level 3 [Member]		Level 3 [Member]
Investment, Issuer Geographic Region [Extensible Enumeration]	[2],[6]	Northeast [Member]		Northeast [Member]
Principal amount	[2],[7]	$ 4,500,000		$ 4,500,000
Amortized cost	[2]	3,919,000		3,854,000
Fair value	[2],[8]	$ 4,028,000		$ 3,854,000
Percentage of net assets	[2]	4.47%		4.46%
Investment, Identifier [Axis]: Dreamfields Brands, Inc. Senior Secured First Lien Term Loan Due5/3/2026 Variable Interest Rate Prime Spread 8.75% PRIME Floor 7.5%
Investments [Abstract]
Investment, Issuer Name [Extensible Enumeration]	[1],[2]	ssic:DreamfieldsBrandsIncMember
Investment, Type [Extensible Enumeration]	[2],[9]	Senior Secured First Lien Term Loan [Member]
Investment, Significant Unobservable Input [true false]		true
Investment date	[2],[4]	May 03, 2023
Maturity date	[2]	May 03, 2026
Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]	[2],[5]	Level 3 [Member]
Investment, Issuer Geographic Region [Extensible Enumeration]	[2],[6]	West [Member]
Principal amount	[2],[7]	$ 4,320,000
Amortized cost	[2]	4,217,000
Fair value	[2],[8]	$ 4,217,000
Percentage of net assets	[2]	4.68%
Investment, Identifier [Axis]: Investments And Cash Equivalents
Investments [Abstract]
Amortized cost		$ 89,465,000		$ 85,653,000
Fair value	[8]	$ 89,701,000		$ 85,380,000
Percentage of net assets		99.61%		98.74%
Investment, Identifier [Axis]: MariMed Inc. Senior Secured First Lien Term Loan Due 01/24/2023 Variable Interest Rate Prime Spread 5.75% Prime Floor 6.25% PIK 1.40%
Investments [Abstract]
Investment, Issuer Name [Extensible Enumeration]	[1],[2]	ssic:MariMedIncMember
Investment, Type [Extensible Enumeration]	[2],[9]	Senior Secured First Lien Term Loan [Member]
Investment, Significant Unobservable Input [true false]		true
Investment date	[2],[4]	Jan. 24, 2023
Maturity date	[2]	Jan. 24, 2026
Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]	[2],[5]	Level 3 [Member]
Investment, Issuer Geographic Region [Extensible Enumeration]	[2],[6]	Northeast [Member]
Principal amount	[2],[7]	$ 4,437,000
Amortized cost	[2]	4,185,000
Fair value	[2],[8]	$ 4,216,000
Percentage of net assets	[2]	4.68%
Investment, Identifier [Axis]: Non Qualifying Assets
Investments [Abstract]
Percentage of net assets	[10]	26.90%
Investment, Identifier [Axis]: PharmaCann, Inc. Senior Secured Loan Due 6/30/2025 Fixed interest rate 12%
Investments [Abstract]
Investment, Issuer Name [Extensible Enumeration]	[1],[2]	ssic:PharmaCannIncMember		ssic:PharmaCannIncMember
Investment, Type [Extensible Enumeration]	[2]	ssic:SeniorSecuredNoteMember	[9]	ssic:SeniorSecuredNoteMember	[3]
Investment, Significant Unobservable Input [true false]		true		true
Investment date	[2],[4]	Jun. 30, 2022		Jun. 30, 2022
Maturity date	[2]	Jun. 30, 2025		Jun. 30, 2025
Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]	[2],[5]	Level 3 [Member]		Level 3 [Member]
Investment, Issuer Geographic Region [Extensible Enumeration]	[2],[6]	Midwest [Member]		Midwest [Member]
Principal amount	[2],[7]	$ 4,250,000		$ 4,250,000
Amortized cost	[2]	4,069,000		4,029,000
Fair value	[2],[8]	$ 3,910,000		$ 3,967,000
Percentage of net assets	[2]	4.34%		4.59%
Investment, Identifier [Axis]: STIIIZY Inc Senior Secured First Lien Term Loan Due5262026 Variable Interest Rate Prime Spread 8.5% Prime Floor 4.0% PIK 1.0%
Investments [Abstract]
Investment, Issuer Name [Extensible Enumeration]	[1],[2]	ssic:ShryneGroupIncMember
Investment, Type [Extensible Enumeration]	[2],[9]	Senior Secured First Lien Term Loan [Member]
Investment, Significant Unobservable Input [true false]		true
Investment date	[2],[4]	May 26, 2022
Maturity date	[2]	May 26, 2026
Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]	[2],[5]	Level 3 [Member]
Investment, Issuer Geographic Region [Extensible Enumeration]	[2],[6]	West [Member]
Principal amount	[2],[7]	$ 21,035,000
Amortized cost	[2]	20,588,000
Fair value	[2],[8]	$ 20,718,000
Percentage of net assets	[2]	23.01%
Investment, Identifier [Axis]: Shryne Group, Inc. Senior Secured First Lien Term Loan Due 5/26/2026 Variable Interest Rate Prime Spread 8.5% Prime Floor 4.0%
Investments [Abstract]
Investment, Issuer Name [Extensible Enumeration]	[1],[2]			ssic:ShryneGroupIncMember
Investment, Type [Extensible Enumeration]	[2],[3]			Senior Secured First Lien Term Loan [Member]
Investment, Significant Unobservable Input [true false]				true
Investment date	[2],[4]			May 26, 2022
Maturity date	[2]			May 26, 2026
Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]	[2],[5]			Level 3 [Member]
Investment, Issuer Geographic Region [Extensible Enumeration]	[2],[6]			West [Member]
Principal amount	[2],[7]			$ 21,000,000
Amortized cost	[2]			20,480,000
Fair value	[2],[8]			$ 20,269,000
Percentage of net assets	[2]			23.44%
Investment, Identifier [Axis]: State Street Institutional U.S. Government Money Market Fund
Investments [Abstract]
Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]	[11]	Level 1 [Member]	[12]	Level 1 [Member]
Amortized cost		$ 32,032,000	[12]	$ 35,125,000
Fair value	[8]	$ 32,032,000	[12]	$ 35,125,000
Percentage of net assets		35.57%	[12]	40.62%	[11]
Investment, Identifier [Axis]: Verano Holdings Corp Senior Secured First Lien Term Loan Due10302026 Variable Interest Rate Prime Spread65 Prime Floor625
Investments [Abstract]
Investment, Issuer Name [Extensible Enumeration]	[1],[2]	ssic:VeranoHoldingsCorpMember		ssic:VeranoHoldingsCorpMember
Investment, Type [Extensible Enumeration]	[2]	Senior Secured First Lien Term Loan [Member]	[9]	Senior Secured First Lien Term Loan [Member]	[3]
Investment, Significant Unobservable Input [true false]		true		true
Investment date	[2],[4]	Oct. 27, 2022		Oct. 27, 2022
Maturity date	[2]	Oct. 30, 2026		Oct. 30, 2026
Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]	[2],[5]	Level 3 [Member]		Level 3 [Member]
Investment, Issuer Geographic Region [Extensible Enumeration]	[2],[6]	Midwest [Member]		Midwest [Member]
Principal amount	[2],[7]	$ 21,000,000		$ 21,000,000
Amortized cost	[2]	20,455,000		20,392,000
Fair value	[2],[8]	$ 20,580,000		$ 20,392,000
Percentage of net assets	[2]	22.86%		23.58%
Investment, Identifier [Axis]: Wholesale Trade Debt Securities
Investments [Abstract]
Principal amount	[7]	$ 59,542,000		$ 52,750,000
Amortized cost		57,433,000		50,528,000
Fair value	[8]	$ 57,669,000		$ 50,255,000
Percentage of net assets		64.04%		58.12%

[1]All portfolio companies are located in the United States, as determined by the location of the portfolio company’s headquarters.[2]The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies.[3]No debt investment is non-income producing as of December 31, 2022.[4]Investment date represents the date of initial investment, at which date interest began accruing.[5]See Note 2 – Significant Accounting Policies and Note 4 — Fair Value of Financial Instruments in the accompanying notes to the financial statements.[6]Geographic regions are determined by the respective portfolio company’s headquarters’ location.[7]Principal is net of repayments, if any, as per the terms of the debt instrument’s contract.[8]All investments were valued at fair value. See Note 4 — Fair Value of Financial Instruments in the accompanying notes to the financial statements.[9]No debt investment is non-income producing as of June 30, 2023.[10]Under the Investment Company Act of 1940, as amended (the “1940 Act”), a business development company (“BDC”) may not acquire any “non-qualifying asset” (i.e., an asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets”), unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. As of June 30, 2023 the aggregate fair value of non-qualifying assets is $24,608 or 26.9% of the Company’s total assets.[11]The annualized seven-day yield as of December 31, 2022 is 4.12%.[12]The annualized seven-day yield as of June 30, 2023 is 5.03%.

Schedule of Investments (Parent

Schedule of Investments (Parenthetical) - USD ($) $ in Thousands		6 Months Ended		12 Months Ended
		Jun. 30, 2023		Dec. 31, 2022
Investment, Identifier [Axis]: AYR Wellness INC. Senior Secured Notes Due12102024 Fixed Interest Rate 12.5%
Investments [Abstract]
Percentage of net assets	[1]			2.05%
Investment, Identifier [Axis]: AYR Wellness Senior Secured Notes Due12/10/2024 Fixed Interest Rate 12.5%
Investments [Abstract]
Fixed interest rate	[2]			12.50%
Investment, Identifier [Axis]: Curaleaf Holdings, INC. Senior Secured Notes Due12152026 Fixed Interest Rate 8%
Investments [Abstract]
Percentage of net assets	[1]	4.47%		4.46%
Investment, Identifier [Axis]: Curaleaf Senior Secured Notes Due12/15/2026 Fixed Interest Rate 8%
Investments [Abstract]
Fixed interest rate	[2]	8%		8%
Investment, Identifier [Axis]: Dreamfields Brands, Inc. Senior Secured First Lien Term Loan Due5/3/2026 Variable Interest Rate Prime Spread 8.75% PRIME Floor 7.5%
Investments [Abstract]
Basis spread on variable rate	[2]	8.75%
Floor rate	[2]	7.50%
Percentage of net assets	[1]	4.68%
Investment, Identifier [Axis]: Investments And Cash Equivalents
Investments [Abstract]
Percentage of net assets		99.61%		98.74%
Investment, Identifier [Axis]: MariMed Inc. Senior Secured First Lien Term Loan Due 01/24/2023 Variable Interest Rate Prime Spread 5.75% Prime Floor 6.25% PIK 1.40%
Investments [Abstract]
Percentage of net assets	[1]	4.68%
Investment, Identifier [Axis]: MariMed Inx. Senior Secured First Lien Term Loan Due 1/24/2026 Variable Interest Rate Prime Spread 5.75% Prime Floor 6.25% Paid-in-Kind 1.40%
Investments [Abstract]
Basis spread on variable rate	[2]	5.75%
Floor rate	[2]	6.25%
PIK Interest Rate	[2]	1.40%
Investment, Identifier [Axis]: Non Qualifying Assets
Investments [Abstract]
Percentage of net assets	[3]	26.90%
Aggregate fair value of securities	[3]	$ 24,608
Investment, Identifier [Axis]: PharmaCann, Inc. Senior Secured Loan Due 6/30/2025 Fixed interest rate 12%
Investments [Abstract]
Fixed interest rate	[2]	12%		12%
Percentage of net assets	[1]	4.34%		4.59%
Investment, Identifier [Axis]: STIIIZY Inc Senior Secured First Lien Term Loan Due5262026 Variable Interest Rate Prime Spread 8.5% Prime Floor 4.0% PIK 1.0%
Investments [Abstract]
Basis spread on variable rate	[2],[4]	8.50%
Floor rate	[2]	4%
Percentage of net assets	[1]	23.01%
PIK Interest Rate	[2]	1%
Investment, Identifier [Axis]: Shryne Group, Inc. Senior Secured First Lien Term Loan Due 5/26/2026 Variable Interest Rate Prime Spread 8.5% Prime Floor 4.0%
Investments [Abstract]
Basis spread on variable rate	[2],[5]			8.50%
Floor rate	[2]			4%
Percentage of net assets	[1]			23.44%
Investment, Identifier [Axis]: State Street Institutional U.S. Government Money Market Fund
Investments [Abstract]
Percentage of net assets		35.57%	[6]	40.62%	[7]
Percentage of annualized seven-day yield		5.03%	[6]	4.12%	[7]
Annualized period of yield		7 days	[6]	7 days	[7]
Investment, Identifier [Axis]: Verano Holdings Corp Senior Secured First Lien Term Loan Due10302026 Variable Interest Rate Prime Spread65 Prime Floor625
Investments [Abstract]
Basis spread on variable rate	[2]	6.50%	[4]	6.50%	[5]
Floor rate	[2]	6.25%		6.25%
Percentage of net assets	[1]	22.86%		23.58%
Investment, Identifier [Axis]: Wholesale Trade Debt Securities
Investments [Abstract]
Percentage of net assets		64.04%		58.12%
Prime rate		8.25%	[4]	7.50%	[5]

[1]The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies.[2]Interest rate is the fixed or variable rate of the debt investments.[3]Under the Investment Company Act of 1940, as amended (the “1940 Act”), a business development company (“BDC”) may not acquire any “non-qualifying asset” (i.e., an asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets”), unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. As of June 30, 2023 the aggregate fair value of non-qualifying assets is $24,608 or 26.9% of the Company’s total assets.[4]As of June 30, 2023 PRIME is 8.25%.[5]As of December 31, 2022 PRIME is 7.50%.[6]The annualized seven-day yield as of June 30, 2023 is 5.03%.[7]The annualized seven-day yield as of December 31, 2022 is 4.12%.

ORGANIZATION

ORGANIZATION	6 Months Ended
ORGANIZATION	Jun. 30, 2023
ORGANIZATION [Abstract]
ORGANIZATION	NOTE 1 — ORGANIZATION Silver Spike Investment Corp. (an emerging growth company) (the “Company”, “we” or “our”) On February 4, 2022, the Company’s common stock began trading on the Nasdaq Global Market under the ticker symbol “SSIC,” and we completed our initial public offering of 6,214,286 shares of our common stock, par value $0.01, inclusive of an over-allotment option that was exercised in full on March 1, 2022 (“IPO”), for approximately $87 million. The Company is managed by Silver Spike Capital, LLC (“SSC” or “Adviser”), a registered investment advisor under the Investment Advisers Act of 1940 with the Securities and Exchange Commission. SSC has engaged SS&C Technologies, Inc. and ALPS Fund Services, Inc. (“SS&C”), as sub-administrator, to perform administrative services necessary for the Company to operate. The Company’s investment objective is to maximize risk-adjusted returns on equity for its shareholders. The Company seeks to drive return on equity by generating current income from debt investments and capital appreciation from equity and equity-related investments. The Company intends to achieve its investment objective by investing primarily in secured debt, unsecured debt, equity warrants and direct equity investments in private leveraged middle-market cannabis companies and other companies in the health and wellness sector. The debt investments are often secured by either a first or second priority lien on the assets of the portfolio company, can include either fixed or floating rate terms and will generally have a term of between two On November 8, 2022, the Board of Directors (“Board”) of the Company approved a change in its fiscal year end from March 31 to December 31. C ertain prior period information has been reclassified to conform to the current period presentation.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2023
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including the requirements under ASC 946, Financial Services—Investment Companies and Articles 6 and 12 of Regulation S-X. In the opinion of management, all adjustments of a normal recurring nature considered necessary for the fair presentation of the financial statements have been made. The current period’s results of operations are not necessarily indicative of results that may be achieved for the year Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions affecting reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income, expenses, and gains and losses during the reported period Investment Valuation The Company’s investments are recorded at their estimated fair value on the Statement of Assets and Liabilities. Investments for which market quotations are readily available will typically be valued at the bid price of those market quotations. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Adviser, as the Company’s valuation designee (the “Valuation Designee”), based on inputs that may include valuations, or ranges of valuations, provided by independent third-party valuation firm(s) engaged by the Adviser. Generally, the valuation approach used for debt investments is the income approach. The approach derives a value based on either determining the present value of a projected level of cash flow, including a terminal value, or by the capitalization of a normalized measure of future cash flow. The discounted cash flow (“DCF”) method, one of the methodologies under the income approach, involves estimating future cash flows under various scenarios and discounting them to the measurement date. The discount rate represents a return required by a market participant in order to make an investment in the subject company. Generally, the valuation approach used for debt investments is the income approach. Alternatively, the market approach or asset approach may be used. The market approach is a way of determining a value indication by using one or more methods that compare the portfolio company to similar businesses. Value indicators are applied to relevant financial information of the entity being valued to estimate its fair value. There are two methodologies to consider under the market approach: the guideline company method (“GCM”) and the controlling transaction method (“CTM”). The GCM is based on the premise that the pricing multiples of comparable publicly traded companies can be used as a tool to value privately held companies. The publicly traded companies’ ratios and business enterprise value provide guidance in the valuation process. Considerations of factors such as size, growth, profitability and return on investment are also analyzed and compared to the subject business. The CTM is based on the same premise as the GCM. Guideline transactions include change-of-control transactions involving public or private businesses for companies engaged in similar lines of business or with similar economic characteristics. The valuation considers the price at which the merger or acquisition took place to other factors in order to create a pricing multiple that can be used to determine an estimate of value for the subject company. The asset approach provides an indication of the portfolio company’s value by developing a valuation-based balance sheet. This approach requires adjusting the historical assets and liabilities listed on the U.S. GAAP-based balance sheet to estimated fair values. The excess of assets over liabilities represents the tangible value of the business enterprise. The asset approach does not consider the relevant earnings capacity of a going concern business. Effective September 8, 2022, pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the Valuation Designee to perform the fair value determinations for the Company, subject to the oversight of the Board and certain Board reporting and other requirements. As part of the valuation process, the Adviser takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation. The Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following: • With respect to investments for which market quotations are readily available, those investments will typically be valued at the bid price of those market quotations; • With respect to investments for which market quotations are not readily available, the valuation process begins with the Adviser’s valuation committee establishing a preliminary valuation of each investment, which may be based on valuations, or ranges of valuations, provided by independent valuation firm(s); • Preliminary valuations are documented and discussed by the Adviser’s valuation committee and, where appropriate, the independent valuation firm(s); and • The Adviser determines the fair value of each investment. We conduct this valuation process on a quarterly basis. We apply Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurement • Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date; • Level 2 – Valuations based on quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities • Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected previously. Cash and Cash Equivalents Cash and cash equivalents consists of funds deposited with financial institutions and short-term (maturity of 90 days or less) liquid investments and money market funds. Funds held in money market funds are considered Level 1 in the fair value hierarchy in accordance with ASC 820. Cash held in demand deposit accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit. As of June 30, 2023 and December 31, 2022, cash and cash equivalents consisted of $32.90 million and $35.13 million, respectively, of which $32.03 million and $35.13 million, respectively, was held in the State Street Institutional U.S. Government Money Market Fund. Earnings per share Basic earnings per share is computed by dividing net increase (decrease) in net assets resulting from operations Investment Transactions Investment transactions are recorded on trade date. Realized gains or losses are recognized as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments written off during the period, net of recoveries. Current-period changes in fair value of investments are reflected as a component of the net change in unrealized appreciation/(depreciation) on investments on the Statements of Operations. The net change in unrealized appreciation/(depreciation) primarily reflects the change in investment fair values as of the last business day of the reporting period, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Investments traded but not yet settled are reported in payable for investments purchased and receivable for investments sold on the Statement of Assets and Liabilities. Interest and Dividend Income Interest income is recorded on the accrual basis and includes accretion and amortization of discounts or premiums, respectively. Discounts and premiums to par value on securities purchased are accreted and amortized, respectively, into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion and amortization of discounts and premiums, respectively. Upon prepayment of a loan or debt security, any prepayment premiums and unamortized discounts or premiums are recorded as interest income in the current period. When a debt security becomes 90 days or more past due, or if management otherwise does not expect that principal, interest, and other obligations due will be collected in full, the Company will generally place the debt security on non-accrual status and cease recognizing interest income on that debt security until all principal and interest due has been paid or the Company believes the borrower has demonstrated the ability to repay its current and future contractual obligations. Any uncollected interest is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, the Company may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection. As of June 30, 2023 and December 31, 2022, there were no loan investments in the portfolio placed on non-accrual status. We typically receive debt investment origination or closing fees in connection with investments. Such debt investment origination and closing fees are capitalized as unearned income and offset against investment cost basis on our Statements of Assets and Liabilities and accreted into interest income using the effective yield method over the term of the investment. Upon the prepayment of a debt investment, any unaccreted debt investment origination and closing fees are accelerated into interest income. Interest income earned, excluding accretion of discounts and amortization of premiums, was $2,601,710 and $4,918,730 for the three and six months ended June 30, 2023. Interest income earned, excluding accretion of discounts and amortization of premiums, was $390,083 and $400,156 for the three and six months ended June 30, 2022. As of June 30, 2023 and December 31, 2022, $591,368 and $1,559,081, respectively were recorded as interest receivable. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Certain investments may have contractual PIK interest or dividends. PIK interest or dividends represents accrued interest or dividends that is added to the principal amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity. If PIK interest or dividends are not expected to be realized by the Company, the investment generating PIK interest or dividends will be placed on non-accrual status. When an investment with PIK is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income, respectively. Fee Income All transaction fees earned in connection with our investments are recognized as fee income and are generally non-recurring. Such fees typically include fees for services, including administrative, structuring and advisory services, provided to portfolio companies. We recognize income from fees for providing such structuring and advisory services when the services are rendered or the transactions are completed. For the three and six months ended June 30, 2023, the Company earned $131,250 and $131,250, respectively, in fee income. For the three and six months ended June 30, 2022, the Company earned $410,000 and $410,000, respectively, in fee income. Income Taxes The Company adopted an initial tax year end of December 31, 2021 and was taxed as a corporation for U.S. federal income tax purposes for the tax period ended December 31, 2021. The Company adopted the tax year end of March 31, 2022 and elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code for the tax period January 1, 2022 through March 31, 2022, and intends to maintain such election in the current and future taxable years. To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its stockholders for each taxable year at least 90% of its investment company taxable income. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion (subject to the requirement to distribute 90% of its investment company taxable income as described above), may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. As of June 30, 2023 and December 31, 2022, $0 and $80,566 of accrued excise taxes remained payable. The Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority in accordance with ASC Topic 740, Income Taxes (“ASC 740”). Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense Based on the analysis of the Company’s tax position, the Company has no uncertain tax positions that met the recognition or measurement criteria as of June 30, 2023 and December 31, 2022. The Company does not anticipate any significant increase or decrease in unrecognized tax benefits for the next twelve months. All of the Company’s tax returns remain subject to examination by U.S. federal and state tax authorities. Organization Expenses and Offering Costs Organizational expenses Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. For the three and six months ended June 30, 2023, the Company did not incur organizational expenses. For the three and six months ended June 30, 2022, the Company incurred organizational expenses of $0 and $34,168, respectively. As of June 30, 2023 and December 31, 2022, there were no unpaid organizational expenses. Offering costs These costs consist primarily of legal fees and other costs incurred in connection with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees. Costs associated with the offering of common shares of the Company are capitalized as deferred offering and, if any, are included in deferred offering costs on the Statements of Assets and Liabilities. Costs of approximately $0 New Accounting Standards Management does not believe any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

INVESTMENTS

INVESTMENTS	6 Months Ended
INVESTMENTS	Jun. 30, 2023
INVESTMENTS [Abstract]
INVESTMENTS	NOTE 3 — INVESTMENTS The Company seeks to invest in portfolio companies primarily in the form of loans (secured and unsecured), but may include equity warrants and direct equity investments. The loans typically pay interest with some amortization of principal. As of June 30, 2023, 86.1% of the portfolio (based on amortized cost) pays interest on a floating rate basis with a PRIME floor, and 13.9% of the portfolio (based on amortized cost) pays fixed interest. As of December 31, 2022, 80.9% of the portfolio (based on amortized cost) pays interest on a floating rate basis with a PRIME floor, and 19.1% of the portfolio (based on amortized cost) pays fixed interest. We will generally seek to obtain security interests in the assets of our portfolio companies that serve as collateral in support of the repayment of these loans. This collateral may take the form of first or second priority liens on the assets of a portfolio company. In some of our portfolio investments, we expect to receive nominally priced equity warrants and/or make direct equity investments in connection with a debt investment. In addition, a portion of our portfolio may be comprised of derivatives, including total return swaps. We expect that our loans will typically have final maturities of three Portfolio Composition The Company’s portfolio investments are in companies conducting business in or supporting the cannabis industries. The following tables summarize the composition of the Company’s portfolio investments by industry at cost and fair value and as a percentage of the total portfolio as of June 30, 2023 and December 31, 2022. June 30, 2023 Amortized Cost Fair Value Industry Amount % Amount % Wholesale Trade $ 57,433,276 100.0 % $ 57,669,044 100.0 % Total $ 57,433,276 100.0 % $ 57,669,044 100.0 % December 31, 2022 Amortized Cost Fair Value Industry Amount % Amount % Wholesale Trade $ 50,527,898 100.0 % $ 50,254,550 100.0 % Total $ 50,527,898 100.0 % $ 50,254,550 100.0 % The geographic composition is determined by the location of headquarters of the portfolio company. The following tables summarize the composition of the Company’s portfolio investments by geographic region of the United States at cost and fair value and as a percentage of the total portfolio as of June 30, 2023 and December 31, 2022. Geographic regions are defined as: West, for the states of WA, OR, ID, MT, WY, CO, AK, HI, UT, NV and CA; Midwest, for the states ND, SD, NE, KS, MO, IA, MN, WI, MI, IL, IN and OH; Northeast, for the states PA, NJ, NY, CT, RI, MA, VT, NH and ME; Southeast, for the states of AR, LA, MS, TN, KY, AL, FL, GA, SC, NC, VA, DE, WV and MD; and Southwest, for the states of AZ, NM, TX and OK. June 30, 2023 Amortized Cost Fair Value Geographic Location Amount % Amount % West $ 24,805,417 43.2 $ 24,936,044 43.2 % Midwest 24,523,799 42.7 % 24,490,000 42.5 Northeast 8,104,060 14.1 8,243,000 14.3 Total $ 57,433,276 100.0 % $ 57,669,044 100.0 % December 31, 2022 Amortized Cost Fair Value Geographic Location Amount % Amount % Midwest $ 24,420,752 48.4 % $ 24,358,686 48.5 % West 20,479,987 40.5 20,268,705 40.3 Northeast 3,854,475 7.6 3,854,475 7.7 Southeast 1,772,684 3.5 1,772,684 3.5 Total $ 50,527,898 100.0 % $ 50,254,550 100.0 % The following tables summarize the composition of the Company’s portfolio investments by investment type at cost and fair value and as a percentage of the total portfolio as of June 30, 2023 and December 31, 2022. June 30, 2023 Amortized Cost Fair Value Investment Amount % Amount % Senior Secured First Lien Term Loan $ 49,445,243 86.1 % $ 49,731,544 86.2 % Senior Secured Notes 7,988,033 13.9 7,937,500 13.8 Total $ 57,433,276 100.0 % $ 57,669,044 100.0 % December 31, 2022 Amortized Cost Fair Value Investment Amount % Amount % Senior Secured First Lien Term Loan $ 40,871,914 80.9 % $ 40,660,633 80.9 % Senior Secured Notes 9,655,984 19.1 9,593,917 19.1 Total $ 50,527,898 100.0 % $ 50,254,550 100.0 % Certain Risk Factors In the ordinary course of business, the Company manages a variety of risks including market risk, credit risk, liquidity risk, interest rate risk, prepayment risk, risks associated with political tensions and risks associated with the COVID-19 pandemic. The Company identifies, measures and monitors risk through various control mechanisms, including trading limits and diversifying exposures and activities across a variety of instruments, markets and counterparties. Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, including as a result of changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities. In particular, the Company may invest in issuers that are experiencing or have experienced financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy proceedings), which involves significant risks. The Company manages its exposure to market risk through the use of risk management strategies and various analytical monitoring techniques. Concentration risk is the risk that the Company’s focus on investments in cannabis companies may subject the Company to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting cannabis companies than funds investing in a broader range of industries or sectors. At times, the performance of investments in cannabis companies will lag the performance of other industries or sectors or the broader market as a whole. Credit risk is the risk that a decline in the credit quality of an investment could cause the Company to lose money. The Company could lose money if the issuer or guarantor of a portfolio security fails to make timely payment or otherwise honor its obligations. Fixed income securities rated below investment grade (high-yield bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Below investment grade securities involve greater risk of price declines than investment grade securities due to actual or perceived changes in an issuer’s creditworthiness. In addition, issuers of below investment grade securities may be more susceptible than other issuers to economic downturns. Such securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the security. The Company’s investments may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately. Interest rate risk refers to the change in earnings that may result from changes in the level of interest rates. To the extent that the Company borrows money to make investments, including under any credit facility, net investment income will be affected by the difference between the rate at which the Company borrows funds and the rate at which the Company invests these funds. In periods of rising interest rates, the Company’s cost of borrowing funds would increase, which may reduce net investment income. As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on net investment income. Prepayment risk is the risk that a loan in the Company’s portfolio will prepay due to the existence of favorable financing market conditions that allow the portfolio company the ability to replace existing financing with less expensive capital. As market conditions change, prepayment may be possible for each portfolio company. In some cases, the prepayment of a loan may reduce the Company’s achievable yield if the capital returned cannot be invested in transactions with equal or greater expected yields, which could have a material adverse effect on our business, financial condition and results of operations. Political tensions in the United States and around the world (including the current conflict in Ukraine), may contribute to increased market volatility, may have long-term effects on the United States and worldwide financial markets and may cause economic uncertainties or deterioration in the U.S. and worldwide. As jurisdictions around the United States and the world continue to experience surges in cases of COVID-19 and governments consider pausing the lifting of or re-imposing restrictions, there is considerable uncertainty surrounding the full economic impact of the coronavirus pandemic and the long-term effects on the U.S. and global financial markets.

FAIR VALUE OF FINANCIAL INSTRUM

FAIR VALUE OF FINANCIAL INSTRUMENTS	6 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS	Jun. 30, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
FAIR VALUE OF FINANCIAL INSTRUMENTS	NOTE 4 — FAIR VALUE OF FINANCIAL INSTRUMENTS ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. The Company accounts for its investments at fair value. As of June 30, 2023 and December 31, 2022, the Company’s portfolio investments consisted of investments in secured loans and secured notes. The fair value amounts have been measured as of the reporting date and have not been reevaluated or updated for purposes of these financial statements subsequent to that date. As such, the fair values of these financial instruments subsequent to the reporting date may be different than amounts reported. In accordance with ASC 820, the Company has categorized its investments based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical investments (Level 1) and the lowest priority to unobservable inputs (Level 3). As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, the fair value related to such investments categorized within the Level 3 tables below may include components of the fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). The fair value determination of each portfolio investment categorized as Level 3 required one or more unobservable inputs. The use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement of the Company’s investments may vary and may include debt investments’ yield (i.e. discount rate) and volatility assumptions. The Company’s investments measured at fair value by investment type on a recurring basis as of June 30, 2023 were as follows: Fair Value Measurements at June 30, 2023 Using Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Senior Secured First Lien Term Loan $ - $ - $ 49,731,544 $ 49,731,544 Senior Secured Notes - - 7,937,500 7,937,500 Total $ - $ - $ 57,669,044 $ 57,669,044 The Company’s investments measured at fair value by investment type on a recurring basis as of December 31, 2022 were as follows: Fair Value Measurements at December 31, 2022 Using Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Senior Secured First Lien Term Loan $ - $ - $ 40,660,663 $ 40,660,663 Senior Secured Notes - - 9,593,917 9,593,917 Total $ - $ - $ 50,254,580 $ 50,254,580 The following tables provide a summary of the significant unobservable inputs used to fair value the Level 3 portfolio investments as of June 30, 2023 and December 31, 2022. The methodology for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Significant Accounting Policies”. Discount Rate ranges are shown as spread over PRIME and Treasuries, respectively, for Senior Secured First Lien Term Loans as of June 30, 2023 and December 31, 2022. Investment Type Fair Value as of Valuation Techniques/ Methodologies Unobservable Input Range Weighted Average (1) Senior Secured First Lien Term Loan $ 49,731,544 Discounted Cash Flow Discount Rate 8.4% - 11.4 % 9.9 % Senior Secured Notes 7,937,500 Discounted Cash Flow Discount Rate 12.2% - 17.6 % 14.8 % Total $ 57,669,044 Investment Type Fair Value as of December 31, 2022 Valuation Techniques/ Methodologies Unobservable Input Range Weighted Average (1) Senior Secured First Lien Term Loan $ 40,660,633 Discounted Cash Flow Discount Rate 7.2% - 9.6 % 8.4 % Volatility 20.0% - 20.0 % 20.0 % Senior Secured Notes 9,593,917 Discounted Cash Flow Discount Rate 11.6% - 18.7 % 14.3 % Volatility 7.0% - 20.0 % 12.4 % Total $ 50,254,550 (1) The weighted average is calculated based on the fair value of each investment. Significant increases (decreases) in discount rate in isolation would result in a significantly higher (lower) fair value assessment. Significant increases (decreases) in volatility in isolation would result in a significantly lower (higher) fair value assessment. The following table provides a summary of changes in the fair value of the Company’s Level 3 portfolio investments for the six months ended June 30, 2023: Senior Secured Senior Total Fair Value as of December 31, 2022 $ 40,660,633 $ 9,593,917 $ 50,254,550 Purchases 8,442,000 - 8,442,000 Accretion of discount and fees (amortization of premium), net 158,740 142,818 301,558 PIK interest 62,587 - 62,587 Proceeds from sales of investments and principal repayments (90,000 ) (1,600,000 ) (1,690,000 ) Net realized gain (loss) on investments - (210,767 ) (210,767 ) Net change in unrealized appreciation (depreciation) on investments 497,584 11,532 509,116 Balance as of June 30, 2023 $ 49,731,544 $ 7,937,500 $ 57,669,044 Net change in unrealized appreciation/depreciation on Level 3 investments still held as of June 30, 2023 $ 497,584 $ 11,532 $ 509,116 The following table provides a summary of changes in the fair value of the Company’s Level 3 portfolio investments for the six months ended June 30, 2022: Senior Secured Total Fair Value as of December 31, 2021 $ - $ - Purchases 24,417,500 24,417,500 Accretion of discount and fees (amortization of premium), net 9,508 9,508 PIK interest - - Proceeds from sales of investments and principal repayments - - Net realized gain (loss) on investments - - Net change in unrealized appreciation (depreciation) on investments (9,508 ) (9,508 ) Balance as of June 30, 2022 $ 24,417,500 $ 24,417,500 Net change in unrealized appreciation/depreciation on Level 3 investments still held as of June 30, 2022 $ (9,508 ) $ (9,508 )

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2023
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 5 — RELATED PARTY TRANSACTIONS Pursuant to the investment advisory agreement between the Company and SSC (the “Investment Advisory Agreement”), fees payable to SSC are equal to (a) a base management fee of 1.75% of the average value of the Company’s gross assets at the end of the two most recent quarters (i.e., total assets held before deduction of any liabilities), which includes investments acquired with the use of leverage and excludes cash and cash equivalents and (b) an incentive fee based on the Company’s performance. The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20% of the Company’s “Pre-Incentive Fee Net Investment Income” for the quarter, subject to a preferred return, or “hurdle,” of 1.75% per quarter (7% annualized), and a “catch-up” feature. The second part is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement) and equals 20% of the Company’s realized capital gains on a cumulative basis from inception through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fee (the “Incentive Fee on Capital Gains”). While the Investment Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains in the calculation of the Incentive Fee on Capital Gains, as required by U.S. GAAP, we accrue the Incentive Fee on Capital Gains on unrealized capital appreciation exceeding unrealized depreciation. This accrual reflects the Incentive Fee on Capital Gains that would be payable to SSC if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though SSC is not entitled to an Incentive Fee on Capital Gains with respect to unrealized capital appreciation unless and until such gains are actually realized. The management fee is payable quarterly in arrears. For the three and six months ended June 30, 2023, the Company incurred management fee expenses of $257,489 and $495,908, respectively. For the three and six months ended June 30, 2022, the Company incurred management fee expenses of $55,041 and $55,041, respectively. As of June 30, 2023 and December 31, 2022, $257,489 and $170,965, respectively, remained payable. For the three and six months ended June 30, 2023, the Company incurred income-based incentive fee expenses of $442,673 and $646,494, respectively. For the three and six months ended June 30, 2022, the Company did not incur any income-based incentive fee expenses. As of June 30, 2023 and December 31, 2022, $646,494 and $0, respectively, remained payable. For the three and six months ended June 30, 2023, the Company incurred capital gains incentive fee expenses of $(137,602) and $5,000, respectively. For the three and six months ended June 30, 2022, the Company did not incur any capital gains incentive fee expenses. As of June 30, 2023 and December 31, 2022, $5,000 and $0, respectively, remained payable. Pursuant to the administration agreement between the Company and SSC (the “Administration Agreement”), the Company is to reimburse the administrator, SSC, for the costs and expenses incurred by SSC in performing its obligations, including but not limited to maintaining and keeping all books and records and providing personnel and facilities. This includes costs and expenses incurred by SSC in connection with the delegation of its obligations to SS&C, the sub-administrator. The Company is generally not responsible for the compensation of SSC’s employees or any overhead expenses. However, we may reimburse SSC for an allocable portion of the compensation paid by SSC to our CCO and CFO and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs). For the three and six months ended June 30, 2023 and 2022, the Adviser has waived any expense reimbursement, other than those associated with the delegation of its obligations to the sub-administrator. Due to affiliate in the accompanying Statements of Assets and Liabilities in the amount of $2,534 and $37 as of June 30, 2023 and December 31, 2022, respectively, . For , the Company paid $984 and $1,198, respectively, as reimbursement to SSC for expenses paid on the Company’s behalf. no SSC was the seed investor of the Company and provided initial funding to the Company by purchasing approximately $63 million of the Company’s common stock in the Company’s initial public offering. SSC provided this “seed capital” to the Company for the purpose of facilitating the launch and initial operation of the Company, as opposed to for long term investment purposes. SSC does not expect to hold the Company’s common stock indefinitely, and may sell the Company’s common stock at a future point in time. In order for SSC’s sales of the shares of the Company not to be deemed to have been made “on the basis of” material nonpublic information, such sales may be made pursuant to a pre-approved trading plan that complies with Rule 10b5-1 under the Exchange Act and that may obligate SSC to make recurring sales of the Company’s common stock on a periodic basis. Sales of substantial amounts of the Company’s common stock, including by SSC or other large stockholders, or the availability of such common stock for sale, could adversely affect the prevailing market prices for the Company’s common stock. If this occurs and continues for a sustained period of time, it could impair the Company’s ability to raise additional capital through the sale of securities, should the Company desire to do so. SSC holds approximately 72% of the Company’s voting stock and has the ability to exercise substantial control over all corporate actions requiring stockholder approval, including the election and removal of directors, certain amendments of the Company’s charter, the Company’s ability to issue its common stock at a price below NAV per share, and the approval of any merger or other extraordinary corporate action. SSC has agreed to absorb $2.07 million, the cost of the sales load (i.e., underwriting discounts and commissions) incurred by the Company in connection with the initial public offering of its common stock.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2023
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 — COMMITMENTS AND CONTINGENCIES Commitments and contingencies have been reviewed and the Company has identified no

COMMON STOCK

COMMON STOCK	6 Months Ended
COMMON STOCK	Jun. 30, 2023
COMMON STOCK [Abstract]
COMMON STOCK	NOTE 7 — COMMON STOCK In connection with its formation, the Company authorized 100,000,000 shares of its common stock with a par value of $0.01 per share. As of June 30, 2023 and December 31, 2022, the Company had issued and outstanding shares of 6,214,672 and raised capital of approximately $85 million (net of approximately $2 million of offering costs). Distribution Reinvestment Plan The Company’s distribution reinvestment plan (“DRIP”) provides for the reinvestment of distributions in the form of common stock on behalf of its stockholders, unless a stockholder has elected to receive distributions in cash. As a result, if the Company declares a cash distribution, its stockholders who have not “opted out” of the DRIP by the opt out date will have their cash distribution automatically reinvested into additional shares of the Company’s common stock. The share requirements of the DRIP may be satisfied through the issuance of common shares or through open market purchases of common shares by the DRIP plan administrator. The Company’s DRIP is administered by its transfer agent on behalf of the Company’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in the Company’s DRIP but may provide a similar distribution reinvestment plan for their clients. During , the Company issued no shares of common stock under the DRIP.

INDEMNIFICATION

INDEMNIFICATION	6 Months Ended
INDEMNIFICATION	Jun. 30, 2023
INDEMNIFICATION [Abstract]
INDEMNIFICATION	NOTE 8 — INDEMNIFICATION Under the Company’s organizational documents, the Company’s officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. In addition, in the normal course of business the Company enters into contracts that contain a variety of representations which provide general indemnifications. The Company’s maximum exposure under these agreements cannot be known; however, the Company expects any risk of loss to be remote.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 2023
EARNINGS PER SHARE [Abstract]
EARNINGS PER SHARE	NOTE 9 — EARNINGS PER SHARE The following table sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets per share from operations for the three and six months ended June 30, 2023 and 2022: Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net increase (decrease) in net assets resulting from operations $ 1,211,404 $ 211,737 $ 3,568,484 $ (3,794 ) Weighted Average Shares Outstanding - basic and diluted 6,214,672 6,214,672 6,214,672 4,893,441 Net increase (decrease) in net assets resulting from operations per share - basic and diluted $ 0.19 $ 0.03 $ 0.57 $ -

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2023
INCOME TAXES [Abstract]
INCOME TAXES	NOTE 10 — INCOME TAXES The Company adopted a tax year end of March 31, with March 31, 2022 being the first tax period end for this elected tax year end. The Company elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes under Subchapter M of the Code for the tax period January 1, 2022 through March 31, 2022, and intends to maintain such election in future taxable years, including the tax year from April 1, 2022 to March 31, 2023. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. As a RIC, the Company generally will not pay corporate-level income tax if it distributes to stockholders at least 90% of its investment company taxable income (“ICTI”) (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of the current year distribution into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. The amount to be paid out as a distribution is determined by the Company’s Directors each quarter and is based upon the annual earnings estimated by the management of the Company. To the extent the Company’s earnings fall below the amount of dividend distributions declared, however, a portion of the total amount of the Company’s distributions for the tax year may be deemed a return of capital for tax purposes to the Company’s stockholders. The Company’s taxable income for each period is an estimate and will not be finally determined until the Company files its tax return for each tax year. Therefore, the final taxable income earned in each tax year and carried forward for distribution in the following tax year may be different than this estimate. Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary in nature. Permanent differences are reclassified among the capital accounts in the financial statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized in different periods for book and tax purposes. As of March 31, 2023, the Company’s most recent tax year end, the Company had no capital loss carryforwards for federal income tax purposes. For income tax purposes, distributions paid to shareholders are reported as ordinary income, return of capital, long-term capital gains, or a combination thereof. There were no distributions paid for the three month period and tax year ended June 30, 2023 and March 31, 2023, respectively. For the tax year ended March 31, 2023, the Company reclassified $121,099 from distributable earnings to additional paid-in-capital on the Statement of Assets and Liabilities arising from permanent book to tax differences primarily related to prior year post-financial statement updates and non-deductible excise tax. As of March 31, 2023, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Company’s Statements of Assets and Liabilities by temporary book or tax differences primarily arising from the tax treatment of organizational costs. March 31, 2023 Undistributed ordinary income $ 3,418,714 Net unrealized appreciation (depreciation) on investments 713,009 Other temporary differences (399,948 ) Total $ 3,731,775 The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation from investments and cash equivalents for federal income tax purposes as of June 30, 2023, March 31, 2023, and December 31, 2022: June 30, 2023 March 31, 2023 December 31, 2022 Tax cost of investments and cash equivalents $ 89,465,059 $ 87,454,317 $ 85,653,218 Unrealized appreciation $ 394,377 $ 713,009 $ - Unrealized depreciation (158,609 ) - (273,348 ) Net unrealized appreciation (depreciation) from investments and cash equivalents $ 235,768 $ 713,009 $ (273,348 )

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS	6 Months Ended
FINANCIAL HIGHLIGHTS	Jun. 30, 2023
FINANCIAL HIGHLIGHTS [Abstract]
FINANCIAL HIGHLIGHTS	NOTE 11 — FINANCIAL HIGHLIGHTS The Company was formed on January 25, 2021 and the effective date of our registration statement was February 3, 2022. Prior to February 3, 2022, the Company had no operations, except for matters relating to our formation and organization as a BDC. The following presents financial highlights for the six months ended June 30, 2023 and 2022: Period from June 30, 2023 June 30, 2022* Per share data: Net asset value at beginning of period $ 13.91 $ 14.00 Net investment income (loss) (1) 0.53 (0.04 ) Net realized and unrealized gains/(losses) on investments (1) 0.05 - Net increase/(decrease) in net assets resulting from operations 0.58 (0.04 ) Offering costs (2) - (0.27 ) Permanent tax adjustments (2) - (0.05 ) Net asset value at end of period $ 14.49 $ 13.64 Net assets at end of period $ 90,044,213 $ 84,763,827 Shares outstanding at end of period 6,214,672 6,214,672 Weighted average net assets $ 87,669,473 $ 84,059,336 Per share market value at end of period $ 8.18 $ 9.78 Total return based on market value (3) (16.53 )% (30.14 )% Total return based on net asset value (3) 4.17 % (2.57 )% Ratio/Supplemental data: Ratio of expenses to average net assets (4) 2.37 % 0.94 % Ratio of net investment income (loss) to average net assets (4) 3.73 % 0.04 % Portfolio turnover (4) 3 % N/A * The Company was formed on January 25, 2021 and the effective date of the registration statement was February 3, 2022. (1) The per share data was derived by using the weighted average shares outstanding during the six months ended June 30, 2023. For the period from February 3, 2022 to June 30, 2022, the per share data was derived by adding (deducting) the increase (decrease) per share in undistributed net investment income during the period presented to (from) dividends from net investment income per share. (2) The per share data was derived by using the shares outstanding during the period from February 3, 2022 to June 30, 2022. (3) Total return based on market value is based on the change in market price per share between the beginning and ending market prices per share in each period and assumes that common stock dividends are reinvested in accordance with our common stock dividend reinvestment plan. Total return based on net asset value is based upon the change in net asset value per share between the beginning and ending net asset values per share in each period and assumes that dividends are reinvested in accordance with our common stock dividend reinvestment plan. For periods less than a year, total return is not annualized. (4) Ratio is not annualized.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2023
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 12 — SUBSEQUENT EVENTS The Company’s management evaluated subsequent events through the date on which the financial statements were issued. Other than the item(s) listed below, there have been no subsequent events that occurred during such period that have required adjustment or disclosure in the financial statements. On August 10 , 2023, the Company’s Board approved a special dividend of $0.40/ share and a regular dividend of $0.23/ share.The dividends are payable on September 29, 2023 to stockholders of record on September 15, 2023.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Jun. 30, 2023
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including the requirements under ASC 946, Financial Services—Investment Companies and Articles 6 and 12 of Regulation S-X. In the opinion of management, all adjustments of a normal recurring nature considered necessary for the fair presentation of the financial statements have been made. The current period’s results of operations are not necessarily indicative of results that may be achieved for the year
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions affecting reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income, expenses, and gains and losses during the reported period
Investment Valuation	Investment Valuation The Company’s investments are recorded at their estimated fair value on the Statement of Assets and Liabilities. Investments for which market quotations are readily available will typically be valued at the bid price of those market quotations. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Adviser, as the Company’s valuation designee (the “Valuation Designee”), based on inputs that may include valuations, or ranges of valuations, provided by independent third-party valuation firm(s) engaged by the Adviser. Generally, the valuation approach used for debt investments is the income approach. The approach derives a value based on either determining the present value of a projected level of cash flow, including a terminal value, or by the capitalization of a normalized measure of future cash flow. The discounted cash flow (“DCF”) method, one of the methodologies under the income approach, involves estimating future cash flows under various scenarios and discounting them to the measurement date. The discount rate represents a return required by a market participant in order to make an investment in the subject company. Generally, the valuation approach used for debt investments is the income approach. Alternatively, the market approach or asset approach may be used. The market approach is a way of determining a value indication by using one or more methods that compare the portfolio company to similar businesses. Value indicators are applied to relevant financial information of the entity being valued to estimate its fair value. There are two methodologies to consider under the market approach: the guideline company method (“GCM”) and the controlling transaction method (“CTM”). The GCM is based on the premise that the pricing multiples of comparable publicly traded companies can be used as a tool to value privately held companies. The publicly traded companies’ ratios and business enterprise value provide guidance in the valuation process. Considerations of factors such as size, growth, profitability and return on investment are also analyzed and compared to the subject business. The CTM is based on the same premise as the GCM. Guideline transactions include change-of-control transactions involving public or private businesses for companies engaged in similar lines of business or with similar economic characteristics. The valuation considers the price at which the merger or acquisition took place to other factors in order to create a pricing multiple that can be used to determine an estimate of value for the subject company. The asset approach provides an indication of the portfolio company’s value by developing a valuation-based balance sheet. This approach requires adjusting the historical assets and liabilities listed on the U.S. GAAP-based balance sheet to estimated fair values. The excess of assets over liabilities represents the tangible value of the business enterprise. The asset approach does not consider the relevant earnings capacity of a going concern business. Effective September 8, 2022, pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the Valuation Designee to perform the fair value determinations for the Company, subject to the oversight of the Board and certain Board reporting and other requirements. As part of the valuation process, the Adviser takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation. The Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following: • With respect to investments for which market quotations are readily available, those investments will typically be valued at the bid price of those market quotations; • With respect to investments for which market quotations are not readily available, the valuation process begins with the Adviser’s valuation committee establishing a preliminary valuation of each investment, which may be based on valuations, or ranges of valuations, provided by independent valuation firm(s); • Preliminary valuations are documented and discussed by the Adviser’s valuation committee and, where appropriate, the independent valuation firm(s); and • The Adviser determines the fair value of each investment. We conduct this valuation process on a quarterly basis. We apply Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurement • Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date; • Level 2 – Valuations based on quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities • Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material. In addition, changes in the market environment and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected previously.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consists of funds deposited with financial institutions and short-term (maturity of 90 days or less) liquid investments and money market funds. Funds held in money market funds are considered Level 1 in the fair value hierarchy in accordance with ASC 820. Cash held in demand deposit accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit. As of June 30, 2023 and December 31, 2022, cash and cash equivalents consisted of $32.90 million and $35.13 million, respectively, of which $32.03 million and $35.13 million, respectively, was held in the State Street Institutional U.S. Government Money Market Fund.
Earnings per share	Earnings per share Basic earnings per share is computed by dividing net increase (decrease) in net assets resulting from operations
Investment Transactions	Investment Transactions Investment transactions are recorded on trade date. Realized gains or losses are recognized as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments written off during the period, net of recoveries. Current-period changes in fair value of investments are reflected as a component of the net change in unrealized appreciation/(depreciation) on investments on the Statements of Operations. The net change in unrealized appreciation/(depreciation) primarily reflects the change in investment fair values as of the last business day of the reporting period, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period. Investments traded but not yet settled are reported in payable for investments purchased and receivable for investments sold on the Statement of Assets and Liabilities.
Interest and Dividend Income	Interest and Dividend Income Interest income is recorded on the accrual basis and includes accretion and amortization of discounts or premiums, respectively. Discounts and premiums to par value on securities purchased are accreted and amortized, respectively, into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments represents the original cost adjusted for the accretion and amortization of discounts and premiums, respectively. Upon prepayment of a loan or debt security, any prepayment premiums and unamortized discounts or premiums are recorded as interest income in the current period. When a debt security becomes 90 days or more past due, or if management otherwise does not expect that principal, interest, and other obligations due will be collected in full, the Company will generally place the debt security on non-accrual status and cease recognizing interest income on that debt security until all principal and interest due has been paid or the Company believes the borrower has demonstrated the ability to repay its current and future contractual obligations. Any uncollected interest is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, the Company may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection. As of June 30, 2023 and December 31, 2022, there were no loan investments in the portfolio placed on non-accrual status. We typically receive debt investment origination or closing fees in connection with investments. Such debt investment origination and closing fees are capitalized as unearned income and offset against investment cost basis on our Statements of Assets and Liabilities and accreted into interest income using the effective yield method over the term of the investment. Upon the prepayment of a debt investment, any unaccreted debt investment origination and closing fees are accelerated into interest income. Interest income earned, excluding accretion of discounts and amortization of premiums, was $2,601,710 and $4,918,730 for the three and six months ended June 30, 2023. Interest income earned, excluding accretion of discounts and amortization of premiums, was $390,083 and $400,156 for the three and six months ended June 30, 2022. As of June 30, 2023 and December 31, 2022, $591,368 and $1,559,081, respectively were recorded as interest receivable. Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly traded portfolio companies. Certain investments may have contractual PIK interest or dividends. PIK interest or dividends represents accrued interest or dividends that is added to the principal amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity. If PIK interest or dividends are not expected to be realized by the Company, the investment generating PIK interest or dividends will be placed on non-accrual status. When an investment with PIK is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income, respectively.
Fee Income	Fee Income All transaction fees earned in connection with our investments are recognized as fee income and are generally non-recurring. Such fees typically include fees for services, including administrative, structuring and advisory services, provided to portfolio companies. We recognize income from fees for providing such structuring and advisory services when the services are rendered or the transactions are completed. For the three and six months ended June 30, 2023, the Company earned $131,250 and $131,250, respectively, in fee income. For the three and six months ended June 30, 2022, the Company earned $410,000 and $410,000, respectively, in fee income.
Income Taxes	Income Taxes The Company adopted an initial tax year end of December 31, 2021 and was taxed as a corporation for U.S. federal income tax purposes for the tax period ended December 31, 2021. The Company adopted the tax year end of March 31, 2022 and elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code for the tax period January 1, 2022 through March 31, 2022, and intends to maintain such election in the current and future taxable years. To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its stockholders for each taxable year at least 90% of its investment company taxable income. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion (subject to the requirement to distribute 90% of its investment company taxable income as described above), may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. As of June 30, 2023 and December 31, 2022, $0 and $80,566 of accrued excise taxes remained payable. The Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority in accordance with ASC Topic 740, Income Taxes (“ASC 740”). Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense Based on the analysis of the Company’s tax position, the Company has no uncertain tax positions that met the recognition or measurement criteria as of June 30, 2023 and December 31, 2022. The Company does not anticipate any significant increase or decrease in unrecognized tax benefits for the next twelve months. All of the Company’s tax returns remain subject to examination by U.S. federal and state tax authorities.
Organization Expenses and Offering Costs	Organization Expenses and Offering Costs Organizational expenses Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company. For the three and six months ended June 30, 2023, the Company did not incur organizational expenses. For the three and six months ended June 30, 2022, the Company incurred organizational expenses of $0 and $34,168, respectively. As of June 30, 2023 and December 31, 2022, there were no unpaid organizational expenses. Offering costs These costs consist primarily of legal fees and other costs incurred in connection with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees. Costs associated with the offering of common shares of the Company are capitalized as deferred offering and, if any, are included in deferred offering costs on the Statements of Assets and Liabilities. Costs of approximately $0
New Accounting Standards	New Accounting Standards Management does not believe any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
INVESTMENTS (Tables)	Jun. 30, 2023
INVESTMENTS [Abstract]
Portfolio Investments	The Company’s portfolio investments are in companies conducting business in or supporting the cannabis industries. The following tables summarize the composition of the Company’s portfolio investments by industry at cost and fair value and as a percentage of the total portfolio as of June 30, 2023 and December 31, 2022. June 30, 2023 Amortized Cost Fair Value Industry Amount % Amount % Wholesale Trade $ 57,433,276 100.0 % $ 57,669,044 100.0 % Total $ 57,433,276 100.0 % $ 57,669,044 100.0 % December 31, 2022 Amortized Cost Fair Value Industry Amount % Amount % Wholesale Trade $ 50,527,898 100.0 % $ 50,254,550 100.0 % Total $ 50,527,898 100.0 % $ 50,254,550 100.0 % The geographic composition is determined by the location of headquarters of the portfolio company. The following tables summarize the composition of the Company’s portfolio investments by geographic region of the United States at cost and fair value and as a percentage of the total portfolio as of June 30, 2023 and December 31, 2022. Geographic regions are defined as: West, for the states of WA, OR, ID, MT, WY, CO, AK, HI, UT, NV and CA; Midwest, for the states ND, SD, NE, KS, MO, IA, MN, WI, MI, IL, IN and OH; Northeast, for the states PA, NJ, NY, CT, RI, MA, VT, NH and ME; Southeast, for the states of AR, LA, MS, TN, KY, AL, FL, GA, SC, NC, VA, DE, WV and MD; and Southwest, for the states of AZ, NM, TX and OK. June 30, 2023 Amortized Cost Fair Value Geographic Location Amount % Amount % West $ 24,805,417 43.2 $ 24,936,044 43.2 % Midwest 24,523,799 42.7 % 24,490,000 42.5 Northeast 8,104,060 14.1 8,243,000 14.3 Total $ 57,433,276 100.0 % $ 57,669,044 100.0 % December 31, 2022 Amortized Cost Fair Value Geographic Location Amount % Amount % Midwest $ 24,420,752 48.4 % $ 24,358,686 48.5 % West 20,479,987 40.5 20,268,705 40.3 Northeast 3,854,475 7.6 3,854,475 7.7 Southeast 1,772,684 3.5 1,772,684 3.5 Total $ 50,527,898 100.0 % $ 50,254,550 100.0 % The following tables summarize the composition of the Company’s portfolio investments by investment type at cost and fair value and as a percentage of the total portfolio as of June 30, 2023 and December 31, 2022. June 30, 2023 Amortized Cost Fair Value Investment Amount % Amount % Senior Secured First Lien Term Loan $ 49,445,243 86.1 % $ 49,731,544 86.2 % Senior Secured Notes 7,988,033 13.9 7,937,500 13.8 Total $ 57,433,276 100.0 % $ 57,669,044 100.0 % December 31, 2022 Amortized Cost Fair Value Investment Amount % Amount % Senior Secured First Lien Term Loan $ 40,871,914 80.9 % $ 40,660,633 80.9 % Senior Secured Notes 9,655,984 19.1 9,593,917 19.1 Total $ 50,527,898 100.0 % $ 50,254,550 100.0 %

FAIR VALUE OF FINANCIAL INSTR_2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)	Jun. 30, 2023
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]
Investments Measured at Fair Value by Investment Type on Recurring Basis	The Company’s investments measured at fair value by investment type on a recurring basis as of June 30, 2023 were as follows: Fair Value Measurements at June 30, 2023 Using Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Senior Secured First Lien Term Loan $ - $ - $ 49,731,544 $ 49,731,544 Senior Secured Notes - - 7,937,500 7,937,500 Total $ - $ - $ 57,669,044 $ 57,669,044 The Company’s investments measured at fair value by investment type on a recurring basis as of December 31, 2022 were as follows: Fair Value Measurements at December 31, 2022 Using Assets Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Senior Secured First Lien Term Loan $ - $ - $ 40,660,663 $ 40,660,663 Senior Secured Notes - - 9,593,917 9,593,917 Total $ - $ - $ 50,254,580 $ 50,254,580
Significant Unobservable Inputs used in Fair Value Measurement Level 3 Portfolio Investments	The following tables provide a summary of the significant unobservable inputs used to fair value the Level 3 portfolio investments as of June 30, 2023 and December 31, 2022. The methodology for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Significant Accounting Policies”. Discount Rate ranges are shown as spread over PRIME and Treasuries, respectively, for Senior Secured First Lien Term Loans as of June 30, 2023 and December 31, 2022. Investment Type Fair Value as of Valuation Techniques/ Methodologies Unobservable Input Range Weighted Average (1) Senior Secured First Lien Term Loan $ 49,731,544 Discounted Cash Flow Discount Rate 8.4% - 11.4 % 9.9 % Senior Secured Notes 7,937,500 Discounted Cash Flow Discount Rate 12.2% - 17.6 % 14.8 % Total $ 57,669,044 Investment Type Fair Value as of December 31, 2022 Valuation Techniques/ Methodologies Unobservable Input Range Weighted Average (1) Senior Secured First Lien Term Loan $ 40,660,633 Discounted Cash Flow Discount Rate 7.2% - 9.6 % 8.4 % Volatility 20.0% - 20.0 % 20.0 % Senior Secured Notes 9,593,917 Discounted Cash Flow Discount Rate 11.6% - 18.7 % 14.3 % Volatility 7.0% - 20.0 % 12.4 % Total $ 50,254,550 (1) The weighted average is calculated based on the fair value of each investment.
Changes in Fair Value of Level 3 Portfolio Investments	The following table provides a summary of changes in the fair value of the Company’s Level 3 portfolio investments for the six months ended June 30, 2023: Senior Secured Senior Total Fair Value as of December 31, 2022 $ 40,660,633 $ 9,593,917 $ 50,254,550 Purchases 8,442,000 - 8,442,000 Accretion of discount and fees (amortization of premium), net 158,740 142,818 301,558 PIK interest 62,587 - 62,587 Proceeds from sales of investments and principal repayments (90,000 ) (1,600,000 ) (1,690,000 ) Net realized gain (loss) on investments - (210,767 ) (210,767 ) Net change in unrealized appreciation (depreciation) on investments 497,584 11,532 509,116 Balance as of June 30, 2023 $ 49,731,544 $ 7,937,500 $ 57,669,044 Net change in unrealized appreciation/depreciation on Level 3 investments still held as of June 30, 2023 $ 497,584 $ 11,532 $ 509,116 The following table provides a summary of changes in the fair value of the Company’s Level 3 portfolio investments for the six months ended June 30, 2022: Senior Secured Total Fair Value as of December 31, 2021 $ - $ - Purchases 24,417,500 24,417,500 Accretion of discount and fees (amortization of premium), net 9,508 9,508 PIK interest - - Proceeds from sales of investments and principal repayments - - Net realized gain (loss) on investments - - Net change in unrealized appreciation (depreciation) on investments (9,508 ) (9,508 ) Balance as of June 30, 2022 $ 24,417,500 $ 24,417,500 Net change in unrealized appreciation/depreciation on Level 3 investments still held as of June 30, 2022 $ (9,508 ) $ (9,508 )

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2023
EARNINGS PER SHARE [Abstract]
Computation of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets Per Share from Operations	The following table sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets per share from operations for the three and six months ended June 30, 2023 and 2022: Three Months Ended Three Months Ended Six Months Ended Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net increase (decrease) in net assets resulting from operations $ 1,211,404 $ 211,737 $ 3,568,484 $ (3,794 ) Weighted Average Shares Outstanding - basic and diluted 6,214,672 6,214,672 6,214,672 4,893,441 Net increase (decrease) in net assets resulting from operations per share - basic and diluted $ 0.19 $ 0.03 $ 0.57 $ -

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
INCOME TAXES (Tables)	Jun. 30, 2023
INCOME TAXES [Abstract]
Components of Accumulated Losses	As of March 31, 2023, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Company’s Statements of Assets and Liabilities by temporary book or tax differences primarily arising from the tax treatment of organizational costs. March 31, 2023 Undistributed ordinary income $ 3,418,714 Net unrealized appreciation (depreciation) on investments 713,009 Other temporary differences (399,948 ) Total $ 3,731,775
Investments and Cash Equivalents for Federal Income tax	The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation from investments and cash equivalents for federal income tax purposes as of June 30, 2023, March 31, 2023, and December 31, 2022: June 30, 2023 March 31, 2023 December 31, 2022 Tax cost of investments and cash equivalents $ 89,465,059 $ 87,454,317 $ 85,653,218 Unrealized appreciation $ 394,377 $ 713,009 $ - Unrealized depreciation (158,609 ) - (273,348 ) Net unrealized appreciation (depreciation) from investments and cash equivalents $ 235,768 $ 713,009 $ (273,348 )

FINANCIAL HIGHLIGHTS (Tables)

FINANCIAL HIGHLIGHTS (Tables)	6 Months Ended
FINANCIAL HIGHLIGHTS (Tables)	Jun. 30, 2023
FINANCIAL HIGHLIGHTS [Abstract]
Financial Highlights	The following presents financial highlights for the six months ended June 30, 2023 and 2022: Period from June 30, 2023 June 30, 2022* Per share data: Net asset value at beginning of period $ 13.91 $ 14.00 Net investment income (loss) (1) 0.53 (0.04 ) Net realized and unrealized gains/(losses) on investments (1) 0.05 - Net increase/(decrease) in net assets resulting from operations 0.58 (0.04 ) Offering costs (2) - (0.27 ) Permanent tax adjustments (2) - (0.05 ) Net asset value at end of period $ 14.49 $ 13.64 Net assets at end of period $ 90,044,213 $ 84,763,827 Shares outstanding at end of period 6,214,672 6,214,672 Weighted average net assets $ 87,669,473 $ 84,059,336 Per share market value at end of period $ 8.18 $ 9.78 Total return based on market value (3) (16.53 )% (30.14 )% Total return based on net asset value (3) 4.17 % (2.57 )% Ratio/Supplemental data: Ratio of expenses to average net assets (4) 2.37 % 0.94 % Ratio of net investment income (loss) to average net assets (4) 3.73 % 0.04 % Portfolio turnover (4) 3 % N/A * The Company was formed on January 25, 2021 and the effective date of the registration statement was February 3, 2022. (1) The per share data was derived by using the weighted average shares outstanding during the six months ended June 30, 2023. For the period from February 3, 2022 to June 30, 2022, the per share data was derived by adding (deducting) the increase (decrease) per share in undistributed net investment income during the period presented to (from) dividends from net investment income per share. (2) The per share data was derived by using the shares outstanding during the period from February 3, 2022 to June 30, 2022. (3) Total return based on market value is based on the change in market price per share between the beginning and ending market prices per share in each period and assumes that common stock dividends are reinvested in accordance with our common stock dividend reinvestment plan. Total return based on net asset value is based upon the change in net asset value per share between the beginning and ending net asset values per share in each period and assumes that dividends are reinvested in accordance with our common stock dividend reinvestment plan. For periods less than a year, total return is not annualized. (4) Ratio is not annualized.

ORGANIZATION (Details)

ORGANIZATION (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 04, 2022	Jun. 30, 2023	Dec. 31, 2022
Debt Instruments [Abstract]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
IPO [Member]
Debt Instruments [Abstract]
Number of shares issued (in shares)	6,214,286
Common stock, par value (in dollars per share)	$ 0.01
Shares issued	$ 87
Minimum [Member]
Debt Instruments [Abstract]
Debt investments term period		2 years
Maximum [Member]
Debt Instruments [Abstract]
Debt investments term period		6 years

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES, Cash and Cash Equivalents (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 32,895,660	$ 35,125,320
State Street Institutional U.S. Government Money Market Fund [Member]
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 32,030,000	$ 35,130,000

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES, Interest and Dividend Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Investments held by the Company	$ 0		$ 0		$ 0
Interest income earned, excluding accretion of discounts	2,601,710	$ 390,083	4,918,730	$ 400,156
Interest receivable	$ 591,368		$ 591,368		$ 1,559,081

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES, Fee Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Fee income	$ 131,250	$ 410,000	$ 131,250	$ 410,000

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Percentage of taxable income and gain planned to be distributed by company	90%
Minimum percentage of ordinary income	98%
Minimum percentage of capital gains	98.20%
Federal excise tax rate based on distribution requirements	4%
Accrued exercise taxes payable	$ 0	$ 80,566
Increase or decrease in unrecognized tax benefits	$ 0	$ 0
Minimum [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Percentage of taxable income and gain planned to be distributed by company	90%

SIGNIFICANT ACCOUNTING POLICI_7

SIGNIFICANT ACCOUNTING POLICIES, Organization Expenses and Offering Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Organizational expenses	$ 0	$ 0	$ 0	$ 34,168
Organizational expenses unpaid	0		0		$ 0
Offering costs charged to capital	0	$ 0	0	$ 1,690,184
Offering costs unpaid	$ 0		$ 0		$ 0

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($)	6 Months Ended
INVESTMENTS (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Investments, Loans [Abstract]
Percent of portfolio that is variable rate	86.10%	80.90%
Percent of portfolio that is fixed rate	13.90%	19.10%
Loan repayment period	3 years
Amortized Cost [Abstract]
Amount	$ 57,433,276	$ 50,527,898
Percentage	100%	100%
Fair Value [Abstract]
Amount	$ 57,669,044	$ 50,254,550
Percentage	100%	100%
Minimum [Member]
Investments, Loans [Abstract]
Loans maturity period	3 years
Maximum [Member]
Investments, Loans [Abstract]
Loans maturity period	6 years
Senior Secured First Lien Term Loan [Member]
Amortized Cost [Abstract]
Amount	$ 49,445,243	$ 40,871,914
Percentage	86.10%	80.90%
Fair Value [Abstract]
Amount	$ 49,731,544	$ 40,660,633
Percentage	86.20%	80.90%
Senior Secured Notes [Member]
Amortized Cost [Abstract]
Amount	$ 7,988,033	$ 9,655,984
Percentage	13.90%	19.10%
Fair Value [Abstract]
Amount	$ 7,937,500	$ 9,593,917
Percentage	13.80%	19.10%
Midwest [Member]
Amortized Cost [Abstract]
Amount	$ 24,523,799	$ 24,420,752
Percentage	42.70%	48.40%
Fair Value [Abstract]
Amount	$ 24,490,000	$ 24,358,686
Percentage	42.50%	48.50%
West [Member]
Amortized Cost [Abstract]
Amount	$ 24,805,417	$ 20,479,987
Percentage	43.20%	40.50%
Fair Value [Abstract]
Amount	$ 24,936,044	$ 20,268,705
Percentage	43.20%	40.30%
Northeast [Member]
Amortized Cost [Abstract]
Amount	$ 8,104,060	$ 3,854,475
Percentage	14.10%	7.60%
Fair Value [Abstract]
Amount	$ 8,243,000	$ 3,854,475
Percentage	14.30%	7.70%
Southeast [Member]
Amortized Cost [Abstract]
Amount		$ 1,772,684
Percentage		3.50%
Fair Value [Abstract]
Amount		$ 1,772,684
Percentage		3.50%
Wholesale Trade [Member]
Amortized Cost [Abstract]
Amount	$ 57,433,276	$ 50,527,898
Percentage	100%	100%
Fair Value [Abstract]
Amount	$ 57,669,044	$ 50,254,550
Percentage	100%	100%
Investment, Unaffiliated Issuer [Member]
Amortized Cost [Abstract]
Amount	$ 57,433,276	$ 50,527,898
Fair Value [Abstract]
Amount	$ 57,669,044	$ 50,254,550

FAIR VALUE OF FINANCIAL INSTR_3

FAIR VALUE OF FINANCIAL INSTRUMENTS, Investments Measured at Fair Value (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Assets [Abstract]
Fair value	$ 57,669,044	$ 50,254,550
Senior Secured First Lien Term Loan [Member]
Assets [Abstract]
Fair value	49,731,544	40,660,633
Senior Secured Notes [Member]
Assets [Abstract]
Fair value	7,937,500	9,593,917
Recurring [Member]
Assets [Abstract]
Fair value	57,669,044	50,254,580
Recurring [Member] \| Senior Secured First Lien Term Loan [Member]
Assets [Abstract]
Fair value	49,731,544	40,660,663
Recurring [Member] \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	7,937,500	9,593,917
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) Member
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) Member \| Senior Secured First Lien Term Loan [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) Member \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Senior Secured First Lien Term Loan [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Fair value	57,669,044	50,254,580
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Senior Secured First Lien Term Loan [Member]
Assets [Abstract]
Fair value	49,731,544	40,660,663
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	$ 7,937,500	$ 9,593,917

FAIR VALUE OF FINANCIAL INSTR_4

FAIR VALUE OF FINANCIAL INSTRUMENTS, Significant Unobservable Inputs used in Fair Value Measurement Level 3 Portfolio Investments (Details)		Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Fair value		$ 57,669,044	$ 50,254,550
Senior Secured First Lien Term Loan [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Fair value		$ 49,731,544	$ 40,660,633
Senior Secured First Lien Term Loan [Member] \| Discounted Cash Flow [Member] \| Discount Rate [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Measurement Input		0.084	0.072
Senior Secured First Lien Term Loan [Member] \| Discounted Cash Flow [Member] \| Discount Rate [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Measurement Input		0.114	0.096
Senior Secured First Lien Term Loan [Member] \| Discounted Cash Flow [Member] \| Discount Rate [Member] \| Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Measurement Input	[1]	0.099	0.084
Senior Secured First Lien Term Loan [Member] \| Discounted Cash Flow [Member] \| Volatility [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Measurement Input			0.20
Senior Secured First Lien Term Loan [Member] \| Discounted Cash Flow [Member] \| Volatility [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Measurement Input			0.20
Senior Secured First Lien Term Loan [Member] \| Discounted Cash Flow [Member] \| Volatility [Member] \| Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Measurement Input	[1]		0.20
Senior Secured Notes [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Fair value		$ 7,937,500	$ 9,593,917
Senior Secured Notes [Member] \| Discounted Cash Flow [Member] \| Discount Rate [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Measurement Input		0.122	0.116
Senior Secured Notes [Member] \| Discounted Cash Flow [Member] \| Discount Rate [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Measurement Input		0.176	0.187
Senior Secured Notes [Member] \| Discounted Cash Flow [Member] \| Discount Rate [Member] \| Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Measurement Input	[1]	0.148	0.143
Senior Secured Notes [Member] \| Discounted Cash Flow [Member] \| Volatility [Member] \| Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Measurement Input			0.07
Senior Secured Notes [Member] \| Discounted Cash Flow [Member] \| Volatility [Member] \| Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Measurement Input			0.20
Senior Secured Notes [Member] \| Discounted Cash Flow [Member] \| Volatility [Member] \| Weighted Average [Member]
Fair Value Measurement Inputs and Valuation Techniques [Abstract]
Measurement Input	[1]		0.124

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

FAIR VALUE OF FINANCIAL INSTR_5

FAIR VALUE OF FINANCIAL INSTRUMENTS, Summary of Changes in Fair Value of Level 3 Portfolio Investments (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Changes in Fair Value of Level 3 Portfolio Investments [Abstract]
Fair value, beginning of period	$ 50,254,550	$ 0
Purchases	8,442,000	24,417,500
Accretion of discount and fees (amortization of premium), net	301,558	9,508
PIK interest	62,587	0
Proceeds from sales of investments and principal repayments	(1,690,000)	0
Net realized gain (loss) from investments	(210,767)	0
Net change in unrealized appreciation (depreciation) from investments	509,116	(9,508)
Fair value, end of period	57,669,044	24,417,500
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of March 31, 2023	509,116	(9,508)
Senior Secured First Lien Term Loan [Member]
Changes in Fair Value of Level 3 Portfolio Investments [Abstract]
Fair value, beginning of period	40,660,633	0
Purchases	8,442,000	24,417,500
Accretion of discount and fees (amortization of premium), net	158,740	9,508
PIK interest	62,587	0
Proceeds from sales of investments and principal repayments	(90,000)	0
Net realized gain (loss) from investments	0	0
Net change in unrealized appreciation (depreciation) from investments	497,584	(9,508)
Fair value, end of period	49,731,544	24,417,500
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of March 31, 2023	497,584	$ (9,508)
Senior Secured Notes [Member]
Changes in Fair Value of Level 3 Portfolio Investments [Abstract]
Fair value, beginning of period	9,593,917
Purchases	0
Accretion of discount and fees (amortization of premium), net	142,818
PIK interest	0
Proceeds from sales of investments and principal repayments	(1,600,000)
Net realized gain (loss) from investments	(210,767)
Net change in unrealized appreciation (depreciation) from investments	11,532
Fair value, end of period	7,937,500
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of March 31, 2023	$ 11,532

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	3 Months Ended		6 Months Ended
RELATED PARTY TRANSACTIONS (Details)	Jun. 30, 2023 USD ($) qtr	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) qtr	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Investment Advisory Agreement [Abstract]
Management fee expenses incurred	$ 257,489	$ 55,041	$ 495,908	$ 55,041
Management fee payable	257,489		257,489		$ 170,965
Income-based incentive fee expenses	442,673	0	646,494	0
Income-based incentive fee payable	646,494		646,494		0
Capital gains incentive fee expenses	(137,602)	0	5,000	0
Capital gains incentive fee payable	5,000		5,000		0
Common stock purchased	0	0	0	85,269,770
Related Party [Member]
Investment Advisory Agreement [Abstract]
Due to affiliate	2,534		2,534		37
Due from affiliate	$ 0		0
Silver Spike Capital, LLC [Member] \| IPO [Member]
Investment Advisory Agreement [Abstract]
Common stock purchased			$ 63,000,000
Percentage of voting stock held	72%		72%
Cost of sales incurred			$ 2,070,000
Investment Advisory Agreement [Member]
Investment Advisory Agreement [Abstract]
Percentage of management fee payable			1.75%
Number of recent quarters \| qtr	2		2
Duration of incentive fee payable			quarterly
Percentage payable of Pre-Incentive Fee Net Investment Income	20%		20%
Percentage payable of Pre-Incentive Fee Net Investment Income subject to a preferred return, or "hurdle" per quarter	1.75%		1.75%
Percentage of Pre-Incentive Fee Net Investment Income subject to a preferred return, or "hurdle" per annum	7%		7%
Percentage payable of realized capital gains on a cumulative basis	20%		20%
Investment Advisory Agreement [Member] \| Related Party [Member]
Investment Advisory Agreement [Abstract]
Due to affiliate	$ 2,534		$ 2,534		$ 37
Investment Advisory Agreement [Member] \| Silver Spike Capital, LLC [Member]
Investment Advisory Agreement [Abstract]
Payment of related party expenses	$ 984	$ 387,373	$ 1,198	$ 387,484

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
COMMITMENTS AND CONTINGENCIES [Abstract]
Commitments and contingencies

COMMON STOCK (Details)

COMMON STOCK (Details) - USD ($)	3 Months Ended			6 Months Ended			12 Months Ended
COMMON STOCK (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022		Jun. 30, 2023	Jun. 30, 2022		Dec. 31, 2022
COMMON STOCK [Abstract]
Common stock shares authorized (in shares)	100,000,000			100,000,000			100,000,000
Common stock par value (in dollars per share)	$ 0.01			$ 0.01			$ 0.01
Common stock, shares issued (in shares)	6,214,672			6,214,672			6,214,672
Common stock, shares outstanding (in shares)	6,214,672	6,214,672	[1]	6,214,672	6,214,672	[1]	6,214,672
Amount of raised capital	$ 85,038,887			$ 85,038,887			$ 84,917,788
Offering costs				$ 2,000,000	$ 1,609,184		$ 2,000,000
Issuance of common stock pursuant to distribution reinvestment plan (in shares)	0	0		0	0

[1]The Company was formed on January 25, 2021 and the effective date of the registration statement was February 3, 2022.

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		6 Months Ended
EARNINGS PER SHARE (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net Increase (Decrease) in Net Assets Per Share [Abstract]
Net increase (decrease) in net assets resulting from operations	$ 1,211,404	$ 211,737	$ 3,568,484	$ (3,794)
Weighted Average Shares Outstanding - Basic (in shares)	6,214,672	6,214,672	6,214,672	4,893,441
Weighted Average Shares Outstanding - Diluted (in shares)	6,214,672	6,214,672	6,214,672	4,893,441
Net increase (decrease) in net assets resulting from operations per share - basic (in dollars per share)	$ 0.19	$ 0.03	$ 0.57	$ 0
Net increase (decrease) in net assets resulting from operations per share - diluted (in dollars per share)	$ 0.19	$ 0.03	$ 0.57	$ 0

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
INCOME TAXES (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022
INCOME TAXES [Abstract]
Capital losses					$ 0
Distributions paid	$ 0				0
Income Taxes Summary [Abstract]
Effect of permanent adjustments	0	$ 0	$ 0	$ 0
Components of Accumulated Losses [Abstract]
Undistributed ordinary income					3,418,714
Net unrealized appreciation (depreciation) from investments	235,768		235,768		713,009	$ (273,348)
Other temporary differences					(399,948)
Total					3,731,775
Aggregate Gross Unrealized Appreciation and Depreciation from Investments and Cash Equivalents for Federal Income Tax Purposes [Abstract]
Tax Cost of Investments	89,465,059		89,465,059		87,454,317	85,653,218
Unrealized appreciation	394,377		394,377		713,009	0
Unrealized depreciation	(158,609)		(158,609)		0	(273,348)
Net unrealized appreciation (depreciation) from investments	235,768		235,768		713,009	$ (273,348)
Additional Paid-in Capital [Member]
Income Taxes Summary [Abstract]
Effect of permanent adjustments	0	0	121,099	(295,235)	$ 121,099
Accumulated Loss [Member]
Income Taxes Summary [Abstract]
Effect of permanent adjustments	$ 0	$ 0	$ (121,099)	$ 295,235

FINANCIAL HIGHLIGHTS (Details)

FINANCIAL HIGHLIGHTS (Details) - USD ($)		5 Months Ended		6 Months Ended
FINANCIAL HIGHLIGHTS (Details) - USD ($)		Jun. 30, 2022	[1]	Jun. 30, 2023	Dec. 31, 2022
Per share data [Roll Forward]
Net asset value at beginning of period (in dollars per share)		$ 14		$ 13.91
Net investment income (loss) (in dollars per share)	[2]	(0.04)		0.53
Net realized and unrealized gains/(losses) on investments (in dollars per share)	[2]	0		0.05
Net increase/(decrease) in net assets resulting from operations (in dollars per share)		(0.04)		0.58
Offering costs (in dollars per share)	[3]	(0.27)		0
Permanent tax adjustments (in dollars per share)	[3]	(0.05)		0
Net asset value at end of period (in dollars per share)		$ 13.64		$ 14.49
Net assets at end of period		$ 84,763,827		$ 90,044,213
Shares outstanding at end of period (in shares)		6,214,672		6,214,672	6,214,672
Weighted average net assets		$ 84,059,336		$ 87,669,473
Per share market value at end of period (in dollars per share)		$ 9.78		$ 8.18
Total return based on market value	[4]	(30.14%)		(16.53%)
Total return based on net asset value	[4]	(2.57%)		4.17%
Ratio/Supplemental data [Abstract]
Ratio of expenses to average net assets	[5]	0.94%		2.37%
Ratio of net investment income (loss) to average net assets	[5]	0.04%		3.73%
Portfolio turnover				3%

[1]The Company was formed on January 25, 2021 and the effective date of the registration statement was February 3, 2022.[2]The per share data was derived by using the weighted average shares outstanding during the six months ended June 30, 2023. For the period from February 3, 2022 to June 30, 2022, the per share data was derived by adding (deducting) the increase (decrease) per share in undistributed net investment income during the period presented to (from) dividends from net investment income per share.[3] The per share data was derived by using the shares outstanding during the period from February 3, 2022 to June 30, 2022.

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member]	Aug. 10, 2023 $ / shares
Subsequent Event [Line Items]
Dividends Payable	$ 0.23
Special Dividend [Member]
Subsequent Event [Line Items]
Dividends Payable	$ 0.4