v3.26.1
CONSOLIDATED SCHEDULE OF INVESTMENTS - USD ($)
Mar. 31, 2026
Dec. 31, 2025
Schedule of Investments [Line Items]    
Variable rate (in percent) 3.70% 3.70%
Outstanding Principal $ 356,561,382 [1],[2],[3],[4] $ 317,417,240 [5],[6],[7],[8]
Amortized Cost 345,918,978 [1],[2],[4] 307,369,372 [5],[6],[8]
Fair Value $ 279,237,624 [1],[2],[9] $ 233,569,575 [5],[6],[10]
% of Net Assets 150.20% [1],[2] 133.00% [5],[6]
Investment, Identifier [Axis]: Cannabis    
Schedule of Investments [Line Items]    
Outstanding Principal [3],[4] $ 276,803,382  
Amortized Cost [4] 267,801,988  
Fair Value [9] $ 201,120,634  
% of Net Assets 108.20%  
Investment, Identifier [Axis]: Cannabis | Bloom Hold Co.    
Schedule of Investments [Line Items]    
Variable rate (in percent) [11]   8.00%
Interest Rate [11]   13.00%
Maturity Date [12]   May 01, 2026
Outstanding Principal [7],[8]   $ 25,146,957
Amortized Cost [8]   25,029,524
Fair Value [10]   $ 25,029,524
Investment, Identifier [Axis]: Cannabis | Cresco Labs, LLC    
Schedule of Investments [Line Items]    
Interest Rate 12.50% [13] 12.50% [11]
Maturity Date Aug. 13, 2030 [14] Aug. 13, 2030 [12]
Outstanding Principal $ 10,000,000 [3],[4] $ 10,000,000 [7],[8]
Amortized Cost 9,653,333 [4] 9,633,333 [8]
Fair Value $ 10,000,000 [9] $ 9,633,333 [10]
Investment, Identifier [Axis]: Cannabis | DMA Holdings (MA), LLC    
Schedule of Investments [Line Items]    
Cash interest rate (in percent) 12.00% [13],[15] 12.00% [11],[16]
Interest paid-in kind (in percent) 2.00% [13],[15] 2.00% [11],[16]
Interest Rate 17.70% [13],[15] 17.70% [11],[16]
Maturity Date May 03, 2027 [14],[15] May 03, 2027 [12],[16]
Outstanding Principal $ 12,195,762 [3],[4],[15] $ 12,195,762 [7],[8],[16]
Amortized Cost 11,513,143 [4],[15] 11,513,143 [8],[16]
Fair Value $ 5,103,926 [9],[15] $ 5,451,148 [10],[16]
Investment, Identifier [Axis]: Cannabis | Devi Holdings Inc.    
Schedule of Investments [Line Items]    
Cash interest rate (in percent) 13.00% [13],[17],[18] 13.00% [11],[19],[20]
Interest paid-in kind (in percent) 2.50% [13],[17],[18] 2.50% [11],[19],[20]
Interest Rate 15.50% [13],[17],[18] 15.50% [11],[19],[20]
Maturity Date May 08, 2024 [14],[17],[18] May 08, 2024 [12],[19],[20]
Outstanding Principal $ 40,556,807 [3],[4],[17],[18] $ 46,790,684 [7],[8],[19],[20]
Amortized Cost 37,689,376 [4],[17],[18] 43,923,253 [8],[19],[20]
Fair Value $ 17,763,882 [9],[17],[18] $ 16,259,763 [10],[19],[20]
Investment, Identifier [Axis]: Cannabis | Gron Holdings, Inc.    
Schedule of Investments [Line Items]    
Variable rate (in percent) [11]   8.50%
Interest Rate [11]   13.50%
Maturity Date [12]   Jun. 01, 2028
Outstanding Principal [7],[8]   $ 5,358,890
Amortized Cost [8]   5,111,731
Fair Value [10]   $ 5,111,731
Investment, Identifier [Axis]: Cannabis | High End Holdings LLC 1    
Schedule of Investments [Line Items]    
Variable rate (in percent) 8.00% [13] 8.00% [11]
Interest Rate 12.50% [13] 12.50% [11]
Maturity Date Apr. 01, 2028 [14] Apr. 01, 2028 [12]
Outstanding Principal $ 19,327,505 [3],[4] $ 19,327,505 [7],[8]
Amortized Cost 18,937,323 [4] 18,888,550 [8]
Fair Value $ 15,512,255 [9] $ 15,775,932 [10]
Investment, Identifier [Axis]: Cannabis | High End Holdings LLC 2    
Schedule of Investments [Line Items]    
Variable rate (in percent) 8.00% [13] 8.00% [11]
Interest Rate 12.50% [13] 12.50% [11]
Maturity Date Apr. 01, 2028 [14] Apr. 01, 2028 [12]
Outstanding Principal $ 17,200,000 [3],[4] $ 17,200,000 [7],[8]
Amortized Cost 16,856,000 [4] 16,813,000 [8]
Fair Value $ 13,804,720 [9] $ 14,038,855 [10]
Investment, Identifier [Axis]: Cannabis | Justice Cannabis Company    
Schedule of Investments [Line Items]    
Interest Rate 12.50% [13],[15],[18] 12.50% [11],[16],[20]
Maturity Date May 01, 2026 [14],[15],[18] May 01, 2026 [12],[16],[20]
Outstanding Principal $ 78,768,556 [3],[4],[15],[18] $ 78,768,556 [7],[8],[16],[20]
Amortized Cost 77,323,709 [4],[15],[18] 77,323,709 [8],[16],[20]
Fair Value $ 42,889,479 [9],[15],[18] $ 43,907,721 [10],[16],[20]
Investment, Identifier [Axis]: Cannabis | MI Opportunity Fund I, LLC    
Schedule of Investments [Line Items]    
Interest Rate 10.00% [13] 10.00% [11]
Maturity Date Dec. 08, 2028 [14] Dec. 08, 2028 [12]
Outstanding Principal $ 5,843,241 [3],[4] $ 6,000,000 [7],[8]
Amortized Cost 4,664,241 [4] 4,821,000 [8]
Fair Value $ 4,697,089 [9] $ 4,821,000 [10]
Investment, Identifier [Axis]: Cannabis | Standard Wellness Company, LLC    
Schedule of Investments [Line Items]    
Cash interest rate (in percent) 12.50% [13] 12.50% [11]
Interest paid-in kind (in percent) 1.50% [13] 1.50% [11]
Interest Rate 14.00% [13] 14.00% [11]
Maturity Date Apr. 01, 2029 [14] Apr. 01, 2029 [12]
Outstanding Principal $ 11,633,251 [3],[4] $ 12,370,245 [7],[8]
Amortized Cost 11,338,678 [4] 12,028,995 [8]
Fair Value $ 11,468,059 [9] $ 12,016,772 [10]
Investment, Identifier [Axis]: Cannabis | Story of Maryland LLC    
Schedule of Investments [Line Items]    
Variable rate (in percent) 7.50% [13] 7.50% [11]
Interest Rate 12.00% [13] 12.00% [11]
Maturity Date Nov. 01, 2027 [14] Nov. 01, 2027 [12]
Outstanding Principal $ 31,457,793 [3],[4] $ 33,179,518 [7],[8]
Amortized Cost 31,036,712 [4] 32,691,950 [8]
Fair Value $ 31,275,337 [9] $ 32,691,950 [10]
Investment, Identifier [Axis]: Cannabis | Story of Natures Medicine LLC    
Schedule of Investments [Line Items]    
Interest Rate 9.00% [13] 9.00% [11]
Maturity Date Jul. 31, 2026 [14] Jul. 31, 2026 [12]
Outstanding Principal $ 22,099,497 [3],[4] $ 23,599,497 [7],[8]
Amortized Cost 21,567,444 [4] 22,668,405 [8]
Fair Value $ 21,265,240 [9] $ 22,043,979 [10]
Investment, Identifier [Axis]: Cannabis | Story of Ohio LLC    
Schedule of Investments [Line Items]    
Interest Rate 14.00% [13] 14.00% [11]
Maturity Date Mar. 01, 2028 [14] Mar. 01, 2028 [12]
Outstanding Principal $ 14,750,000 [3],[4] $ 15,000,000 [7],[8]
Amortized Cost 14,516,892 [4] 14,736,486 [8]
Fair Value $ 14,637,900 [9] $ 14,736,486 [10]
Investment, Identifier [Axis]: Cannabis | Theratrue, Inc.    
Schedule of Investments [Line Items]    
Variable rate (in percent) 8.75% [13] 8.75% [11]
Interest Rate 13.80% [13] 13.80% [11]
Maturity Date Sep. 01, 2028 [14] Sep. 01, 2028 [12]
Outstanding Principal $ 7,970,970 [3],[4] $ 7,479,626 [7],[8]
Amortized Cost 7,705,137 [4] 7,186,293 [8]
Fair Value $ 7,702,747 [9] $ 7,051,381 [10]
Investment, Identifier [Axis]: Cannabis | Trulieve Cannabis Corp.    
Schedule of Investments [Line Items]    
Interest Rate 10.50% [13] 10.50% [11]
Maturity Date Dec. 17, 2030 [14] Dec. 17, 2030 [12]
Outstanding Principal $ 5,000,000 [3],[4] $ 5,000,000 [7],[8]
Amortized Cost 5,000,000 [4] 5,000,000 [8]
Fair Value $ 5,000,000 [9] $ 5,000,000 [10]
Investment, Identifier [Axis]: Commercial & Professional Services | STAT Buyer, LLC    
Schedule of Investments [Line Items]    
Variable rate (in percent) [13] 8.50%  
Interest Rate [13] 12.20%  
Maturity Date [14] Feb. 01, 2031  
Outstanding Principal [3],[4] $ 59,400,000  
Amortized Cost [4] 58,240,000  
Fair Value [9] $ 58,240,000  
% of Net Assets 31.30%  
Investment, Identifier [Axis]: Insurance | BCIS AH Borrower LLC    
Schedule of Investments [Line Items]    
Cash interest rate (in percent) [13],[21] 7.50%  
Interest paid-in kind (in percent) [13],[21] 9.00%  
Interest Rate [13],[21] 16.50%  
Maturity Date [14],[21] Feb. 01, 2030  
Outstanding Principal [3],[4],[21] $ 20,358,000  
Amortized Cost [4],[21] 19,876,990  
Fair Value [9],[21] $ 19,876,990  
% of Net Assets [21] 10.70%  
[1] All debt investments are income producing unless otherwise indicated.
[2] The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[3] Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. Refer to Note 8 for more information on the Company’s unfunded commitments.
[4] The difference between the amortized cost and the outstanding principal amount of the investments consists of unaccreted original issue discount (“OID”) and loan origination costs.
[5] All debt investments are income producing unless otherwise indicated.
[6] The Company’s investments are all first lien senior term loans that are geographically located in the United States.
[7] Position or portion thereof is an unfunded loan commitment, and no interest is being earned on the unfunded portion, although the investment may be subject to unused commitment fees. The unfunded loan commitment may be subject to a commitment termination date that may expire prior to the maturity date stated. Refer to Note 8 for more information on the Fund’s unfunded commitments.
[8] The difference between the amortized cost and the outstanding principal amount of the investments consists of unaccreted original issue discount (“OID”) and loan origination costs.
[9] Refer to Note 5.
[10] Refer to Note 5.
[11] As of December 31, 2025, the floating benchmark rate included one-month Secured Overnight Financing Rate (“SOFR”) quoted at 3.7% and subject to a weighted average floor of 4.3% based on outstanding principal.
[12] Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[13] As of March 31, 2026, the floating benchmark rate included one-month Secured Overnight Financing Rate (“SOFR”) quoted at 3.7% and subject to a weighted average floor of 3.8% based on outstanding principal.
[14] Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[15] Effective December 1, 2023, the Company placed the investment on nonaccrual status.
[16] Effective December 1, 2023, the Company placed the investment on nonaccrual status.
[17] Effective March 1, 2024, the Company placed the investment on nonaccrual status. The maturity date passed without repayment.
[18] Represents co-investments made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission (the “SEC”). Refer to Note 3 Related Party Transactions.
[19] Effective March 1, 2024, the Company placed the investment on nonaccrual status. The maturity date passed without repayment.
[20] Represents co-investments made with the Fund’s affiliates in accordance with the terms of the exemptive relief received from the U.S. Securities and Exchange Commission (the “SEC”). Refer to Note 3 Related Party Transactions.
[21] The loan bears cash interest at a rate of 7.5% and 9.0% interest paid-in kind, with the option for the borrower to elect to pay cash interest at a rate of 5.5% and 13.0% interest paid-in kind until the end of the fiscal quarter following the first anniversary of the initial closing date.