0001140361-24-036447 | 10-Q | XBRL Viewer | Silver Spike Investment Corp

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2024

For income tax purposes, distributions paid to shareholders are reported as ordinary income, return of capital, long-term capital gains, or a combination thereof. The tax character of distributions paid for the three months ended June 30, 2024 and the tax year ended March 31, 2024, were as follows:

	For the tax period from April 1, 2024 through June 30, 2024		For the tax year from April 1, 2023 through March 31, 2024
Ordinary Income	$	1,553,738	$	9,819,273
Long-term Capital Gain		-		-
Return of Capital		-		-
Total Distributions	$	1,553,738	$	9,819,273

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

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

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, 2024, March 31, 2024 and December 31, 2023:

	June 30, 2024			March 31, 2024			December 31, 2023
Tax cost of investments and cash equivalents	$	86,386,485		$	86,762,991		$	86,082,952
Unrealized appreciation	$	1,109,618		$	1,363,524		$	784,052
Unrealized depreciation	$	(94,087	)	$	(115,221	)	$	(135,369	)
Net unrealized appreciation (depreciation) from investments and cash equivalents	$	1,015,531		$	1,248,303		$	648,683

INVESTMENTS

6 Months Ended

Jun. 30, 2024

INVESTMENTS [Abstract]

INVESTMENTS

NOTE 3 — INVESTMENTS

The Company’s investments in portfolio companies are primarily in the form of debt investments (secured and unsecured), but may include equity warrants, direct equity investments and derivative investments.

Debt Investments

The Company’s debt investments typically pay interest with some amortization of principal. As of June 30, 2024, 82.5% of the debt investments (based on amortized cost) pay interest on a floating rate basis with a PRIME floor, and 17.5% of the debt investments (based on amortized cost) pay fixed interest. As of December 31, 2023, 84.9% of the debt investments (based on amortized cost) pay interest on a floating rate basis with a PRIME floor, and 15.1% of the debt investments (based on amortized cost) pay 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 debt investments. This collateral may take the form of first or second priority liens on the assets of a portfolio company.

We expect that our debt investments will typically have final maturities of three to six years. However, we expect that our portfolio companies often may repay these debt investments early, generally within three years from the date of initial investment.

Warrant Investments

In connection with the Company’s debt investments, the Company may receive warrants in the portfolio company. Warrants received in connection with a debt investment typically include a potentially discounted contract price to exercise, and thus, as a portfolio company appreciates in value, the Company may achieve additional investment return from this equity interest. The warrants typically contain provisions that protect the Company as a minority-interest holder, as well as secured or unsecured put rights, or rights to sell such securities back to the portfolio company, upon the occurrence of specified events. In certain cases, the Company may also obtain follow-up rights in connection with these equity interests, which allow the Company to participate in future financing rounds.

Equity Investments

In specific circumstances, the Company may seek to make direct equity investments in situations where it is appropriate to align the interests of the Company with key management and stockholders of the portfolio company, and to allow for participation in the appreciation in the equity values of the portfolio company. These equity investments are generally made in connection with debt investments.

Derivative Investments

A portion of our portfolio may be comprised of derivatives, including total return swaps. No such derivative instruments were held as of June 30, 2024 or December 31, 2023.

Portfolio Composition

The Company’s portfolio investments are primarily 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 amortized cost and fair value and as a percentage of the total portfolio as of June 30, 2024 and December 31, 2023.

	June 30, 2024
	Amortized Cost					Fair Value
Industry	Amount		%			Amount		%
Wholesale Trade	$	50,799,469		97.0	%	$	51,646,000		96.7	%
Real Estate Services		1,583,164		3.0			1,752,164		3.3
Total	$	52,382,633		100.0	%	$	53,398,164		100.0	%

	December 31, 2023
	Amortized Cost					Fair Value
Industry	Amount		%			Amount		%
Wholesale Trade	$	53,471,317		100.0	%	$	54,120,000		100.0	%
Total	$	53,471,317		100.0	%	$	54,120,000		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 amortized cost and fair value and as a percentage of the total portfolio as of June 30, 2024 and December 31, 2023. 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, 2024
	Amortized Cost					Fair Value
Geographic Location	Amount		%			Amount		%
West	$	25,117,324		47.9	%	$	25,390,000		47.5	%
Midwest		23,202,468		44.3			23,800,164		44.6
Northeast		4,062,841		7.8			4,208,000		7.9
Total	$	52,382,633		100.0	%	$	53,398,164		100.0	%

	December 31, 2023
	Amortized Cost					Fair Value
Geographic Location	Amount		%			Amount		%
West	$	24,910,798		46.5	%	$	25,069,000		46.4	%
Midwest		24,571,197		46.0			24,911,000		46.0
Northeast		3,989,322		7.5			4,140,000		7.6
Total	$	53,471,317		100.0	%	$	54,120,000		100.0	%

The following tables summarize the composition of the Company’s portfolio investments by investment type at amortized cost and fair value and as a percentage of the total portfolio as of June 30, 2024 and December 31, 2023.

	June 30, 2024
	Amortized Cost					Fair Value
Investment	Amount		%			Amount		%
Senior Secured First Lien Term Loans	$	43,423,880		82.9	%	$	44,350,164		83.0	%
Senior Secured Notes		8,215,927		15.7			8,267,000		15.5
Equity		742,826		1.4			781,000		1.5
Total	$	52,382,633		100.0	%	$	53,398,164		100.0	%

	December 31, 2023
	Amortized Cost					Fair Value
Investment	Amount		%			Amount		%
Senior Secured First Lien Term Loans	$	45,372,626		84.9	%	$	46,006,000		85.0	%
Senior Secured Notes		8,098,691		15.1			8,114,000		15.0
Total	$	53,471,317		100.0	%	$	54,120,000		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 financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets generally. These events can also impair the technology and other operational systems upon which the Company’s service providers rely and could otherwise disrupt the Company’s service providers’ ability to fulfill their obligations to the Company. The Company identifies, measures and monitors risk through various control mechanisms, including trading limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.

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

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

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

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

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

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

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Aug. 06, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
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		6,214,964

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES [Abstract]
Outstanding commitments to fund Investments	$ 1,750,000
Unfunded commitments		$ 0

RELATED PARTY TRANSACTIONS (Details)	3 Months Ended		6 Months Ended
RELATED PARTY TRANSACTIONS (Details)	Jun. 30, 2024 USD ($) qtr	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) qtr	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Investment Advisory Agreement [Abstract]
Management fee expenses incurred	$ 246,324	$ 257,489	$ 492,455	$ 495,908
Management fee payable	246,324		246,324		$ 257,121
Income-based incentive fee expenses	328,503	442,673	328,503	646,494
Income-based incentive fee payable	1,839,756		1,839,756		1,511,253
Capital gains incentive fee expenses	(46,555)	(137,602)	73,369	5,000
Capital gains incentive fee payable	$ 160,953		160,953		87,583
Common stock purchased		0		0
Distributions declared		0		0
Silver Spike Capital, LLC [Member] \| IPO [Member]
Investment Advisory Agreement [Abstract]
Common stock purchased			$ 63,000,000
Percentage of voting stock held	72.00%		72.00%
Cost of sales incurred			$ 1,230,000
Related Party [Member]
Investment Advisory Agreement [Abstract]
Due to affiliate	$ 493		$ 493		0
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	20.00%		20.00%
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	7.00%		7.00%
Percentage payable of realized capital gains on a cumulative basis	20.00%		20.00%
Investment Advisory Agreement [Member] \| Silver Spike Capital, LLC [Member]
Investment Advisory Agreement [Abstract]
Payment of related party expenses		$ 984		$ 1,198
Investment Advisory Agreement [Member] \| Related Party [Member]
Investment Advisory Agreement [Abstract]
Due to affiliate	$ 493		$ 493		$ 0

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2024
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, 2024, the Company incurred management fee expenses of $246,324 and $492,455, respectively. For the three and six months ended June 30, 2023, the Company incurred management fee expenses of $257,489 and $495,908, respectively. As of June 30, 2024 and December 31, 2023, $246,324 and $257,121, respectively, remained payable. For the three and six months ended June 30, 2024, the Company incurred income-based incentive fee expenses of $328,503 and $328,503, respectively. 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. As of June 30, 2024 and December 31, 2023, $1,839,756 and $1,511,253, respectively, remained payable. For the three and six months ended June 30, 2024, the Company incurred capital gains incentive fee expenses of $(46,555) and $73,369, respectively. 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. As of June 30, 2024 and December 31, 2023, $160,953 and $87,583, respectively, remained payable. Pursuant to the administration agreement between the Company and SSC (the “Administration Agreement”), the Company is to reimburse 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, 2024 and 2023, the Adviser has waived any expense reimbursement, other than those associated with the delegation of its obligations to the sub-administrator and the use of temporary accounting services. For the three and six months ended June 30, 2023, the Company paid $984 and $1,198, respectively, as reimbursement to SSC for expenses paid on the Company’s behalf. Due to affiliate in the accompanying Statements of Assets and Liabilities in the amount of $493 and $0 as of June 30, 2024 and December 31, 2023, respectively, is due to SSC for expenses paid on the Company’s behalf. 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 absorbed $1.23 million, representing the cost of the sales load (i.e., underwriting discounts and commissions) incurred by the Company in connection with the initial public offering of its common stock. The Company will not incur any additional expenses with this transaction. During the three and six months ended June 30, 2024, SSC and certain related parties received dividend distributions from the Company relating to their shares held. Refer to “Note 7 – Common Stock” for further details on the Company’s dividend reinvestment plan and the distributions declared. The Company did not make any distributions during the three and six months ended June 30, 2023.

- Definition

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

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+ Details

INDEMNIFICATION	6 Months Ended
INDEMNIFICATION	Jun. 30, 2024
INDEMNIFICATION [Abstract]
INDEMNIFICATION	NOTE 8 — INDEMNIFICATION Under the Company’s organizational documents, the Company’s officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. In addition, in the normal course of business the Company enters into contracts that contain a variety of representations which provide general indemnifications. The Company’s maximum exposure under these agreements cannot be known; however, the Company expects any risk of loss to be remote.

SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2024

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 for the interim period presented have been made, and such adjustments are normal and recurring in nature. 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 (i.e. fair value of investments) and the reported amounts of income, expenses, and gains and losses during the reported period. These estimates are based on the information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions and conditions.

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.

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

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

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

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

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

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

Equity Securities and Warrants

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

Cash and Cash Equivalents

Cash and cash equivalents consists of funds deposited with financial institutions and short-term (maturity of 90 days or less) liquid investments and money market funds. Funds held in money market funds are considered Level 1 in the fair value hierarchy in accordance with ASC 820. Cash held in demand deposit accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit. The Company has not incurred any losses on these accounts, and the credit risk exposure is mitigated by the financial strength of the banking institution where the accounts are held. As of June 30, 2024 and December 31, 2023, cash and cash equivalents consisted of $34.00 million and $32.61 million, respectively, of which $34.00 million and $32.61 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 by the weighted-average number of common shares outstanding for the period. Other potentially dilutive common shares, and the related impact to earnings are considered when calculating earnings per share on a diluted basis using the treasury stock method.

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, if any, 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 includes the original cost adjusted for the accretion and amortization of discounts and premiums, respectively. Upon prepayment of a loan or debt security, any prepayment premiums and unamortized discounts or premiums are recorded as interest income 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, 2024 and December 31, 2023, there were no loan investments in the portfolio placed on non-accrual status.

Interest income earned, excluding accretion of discounts and amortization of premiums, was $2,582,583 and $5,167,651 for the three and six months ended June 30, 2024, respectively. 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, respectively. As of June 30, 2024 and December 31, 2023, $1,638,987 and $1,755,360, respectively, were recorded as interest receivable.

During the three and six months ended June 30, 2024, the Company had $62,189 of unearned interest income, which represents interest received in advance but not yet earned. This amount is recorded as a liability on the Statement of Assets and Liabilities and will be recognized as income over the remaining term of the respective loans.

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, and payment is received (generally immediately).

For the three and six months ended June 30, 2024, the Company earned $291,000 and $324,750, respectively, in fee income. For the three and six months ended June 30, 2023, the Company earned $131,250 and $131,250, 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. For the three and six months ended June 30, 2024, the Company did not accrue any excise tax. For the three and six months ended June 30, 2023, the Company did not accrue any excise tax. As of June 30, 2024 and December 31, 2023, $19,913 and $0, respectively, of overpaid excise taxes are included as Other assets in the Statement of Assets and Liabilities. As of June 30, 2024 and December 31, 2023, $0 and $10,655, respectively, of accrued excise taxes remained payable.

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

Based on the analysis of the Company’s tax position, the Company has no uncertain tax positions that met the recognition or measurement criteria as of June 30, 2024 and December 31, 2023. 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.

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

Offering Costs

These costs consist primarily of legal fees and other costs incurred in connection with 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. As of June 30, 2024 and December 31, 2023, deferred offering costs were $761,867 and $0, respectively. The deferred offering costs will be charged to capital upon the issuance of shares subsequent to the completion of the Loan Portfolio Acquisition. For the three and six months ended June 30, 2024 and 2023, no offering costs were charged to capital. As of June 30, 2024 and December 31, 2023, there were $676,791 and $0, respectively, of offering costs payable by the Company.

Transaction expenses related to the Loan Portfolio Acquisition

Cumulative transaction expenses related to the Loan Portfolio Acquisition at June 30, 2024 and December 31, 2023 were $3,350,333 and $711,264, respectively, and consisted primarily of legal fees incurred related to the Loan Portfolio Acquisition. See “Note 12 – Proposed Loan Portfolio Acquisition” for further information regarding the Loan Portfolio Acquisition Agreement and the Loan Portfolio Acquisition.

For the three and six months ended June 30, 2024, the Company incurred transaction expenses related to the Loan Portfolio Acquisition of $533,019 and $2,639,069, respectively. For the three and six months ended June 30, 2023, the Company did not incur any transaction expenses related to the Loan Portfolio Acquisition. As of June 30, 2024 and December 31, 2023, there were $2,506,784 and $711,264, respectively, of transaction expenses related to the Loan Portfolio Acquisition payable by the Company.

New Accounting Standards

In November 2023, the FASB issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendment is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. We do not believe that the Company will be materially impacted by the adoption of ASU 2023-07.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2024

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of Presentation

Use of Estimates

Investment 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;

•

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

•	The Adviser determines the fair value of each investment.

We conduct this valuation process on a quarterly basis.

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

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

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

Equity Securities and Warrants

Cash and Cash Equivalents

Earnings per share

Investment Transactions

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

Interest and Dividend Income

Transaction Expenses Related to the Loan Portfolio Acquisition

Transaction expenses related to the Loan Portfolio Acquisition

New Accounting Standards

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

Jun. 30, 2024

USD ($)

Dec. 31, 2023

USD ($)

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Fair value

$ 53,398,164

$ 54,120,000

Senior Secured First Lien Term Loans [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Fair value

$ 44,350,164

$ 46,006,000

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

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

0.101

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

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

0.135

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

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

^[1]

0.12

0.122

Senior Secured Notes [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Fair value

$ 8,267,000

$ 8,114,000

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

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

0.069

0.074

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

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

0.129

0.137

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

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

^[1]

0.098

0.105

Preferred Equity Securities [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Fair value

$ 500,000

Preferred Equity Securities [Member] | Liquidation Preference [Member] | Liquidation Preference [Member] | Minimum [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

0.02

Preferred Equity Securities [Member] | Liquidation Preference [Member] | Liquidation Preference [Member] | Maximum [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

0.02

Preferred Equity Securities [Member] | Liquidation Preference [Member] | Liquidation Preference [Member] | Weighted Average [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

^[1]

0.02

Warrants and Other Equity Securities [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Fair value

$ 281,000

Warrants and Other Equity Securities [Member] | Enterprise Value Market Approach [Member] | Enterprise Valuation Multiple [Member] | Minimum [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

0.02

Warrants and Other Equity Securities [Member] | Enterprise Value Market Approach [Member] | Enterprise Valuation Multiple [Member] | Maximum [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

0.02

Warrants and Other Equity Securities [Member] | Enterprise Value Market Approach [Member] | Enterprise Valuation Multiple [Member] | Weighted Average [Member]

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Measurement Input

^[1]

0.02

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

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023
Common Stock [Member]
Investment Company, Net Assets [Roll Forward]
Beginning balance	$ 62,149	$ 62,147	$ 62,149	$ 62,147	$ 62,147
Beginning balance (in shares)	6,214,949	6,214,672	6,214,941	6,214,672	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
Distributions to stockholders from:
Investment income-net	0		0
Capital transactions
Issuance of common stock		$ 0		$ 0
Issuance of common stock (in shares)		0		0
Reinvestment of stockholder distributions	$ 0	$ 0	$ 0
Reinvestment of stockholder distributions (in shares)	15		23
Total net increase (decrease) in net assets from capital transactions	$ 0		$ 0
Total net increase (decrease) in net assets from capital transactions (in shares)	15		23
Total increase (decrease) in net assets	$ 0	$ 0	$ 0	$ 0
Total increase (decrease) in net assets (in shares)	15	0	23	0
Effect of permanent adjustments		$ 0	$ 0	$ 0
Ending balance	$ 62,149	$ 62,147	$ 62,149	$ 62,147	$ 62,149	$ 62,147
Ending balance (in shares)	6,214,964	6,214,672	6,214,964	6,214,672	6,214,949	6,214,672
Additional Paid-in Capital [Member]
Investment Company, Net Assets [Roll Forward]
Beginning balance	$ 85,030,601	$ 85,038,887	$ 85,041,203	$ 84,917,788	$ 85,038,887
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
Distributions to stockholders from:
Investment income-net	0		0
Capital transactions
Issuance of common stock		0		0
Reinvestment of stockholder distributions	183	0	257
Total net increase (decrease) in net assets from capital transactions	183		257
Total increase (decrease) in net assets	183	0	257	0
Effect of permanent adjustments		0	(10,676)	121,099	10,676	$ 121,099
Ending balance	85,030,784	85,038,887	85,030,784	85,038,887	85,030,601	85,038,887
Distributable Earnings/(Accumulated Loss) [Member]
Investment Company, Net Assets [Roll Forward]
Beginning balance	(573,983)	3,731,775	449,266	1,495,794	3,731,775
Net increase (decrease) in net assets resulting from operations
Net investment income (loss)	1,525,633	1,899,412	1,445,824	3,270,135
Net realized gain (loss) from investments	0	(210,767)	0	(210,767)
Net change in unrealized appreciation (depreciation) from investments	(232,772)	(477,241)	366,848	509,116
Total net increase (decrease) in net assets resulting from operations	1,292,861	1,211,404	1,812,672	3,568,484
Distributions to stockholders from:
Investment income-net	(1,553,738)		(3,107,474)
Capital transactions
Issuance of common stock		0		0
Reinvestment of stockholder distributions	0	0	0
Total net increase (decrease) in net assets from capital transactions	0		0
Total increase (decrease) in net assets	(260,877)	1,211,404	(1,294,802)	3,568,484
Effect of permanent adjustments		0	10,676	(121,099)
Ending balance	(834,860)	4,943,179	(834,860)	4,943,179	(573,983)	3,731,775
Beginning balance	84,518,767	88,832,809	85,552,618	86,475,729	88,832,809
Net investment income (loss)	1,525,633	1,899,412	1,445,824	3,270,135
Net realized gain (loss) from investments	0	(210,767)	0	(210,767)
Net change in unrealized appreciation (depreciation) from investments	(232,772)	(477,241)	366,848	509,116
Total net increase (decrease) in net assets resulting from operations	1,292,861	1,211,404	1,812,672	3,568,484
Investment income-net	(1,553,738)		(3,107,474)
Issuance of common stock		0		$ 0
Reinvestment of stockholder distributions	183	0	257
Reinvestment of stockholder distributions (in shares)				0
Total net increase (decrease) in net assets from capital transactions	183		257
Total increase (decrease) in net assets	(260,694)	1,211,404	(1,294,545)	$ 3,568,484
Effect of permanent adjustments		0	0	0
Ending balance	$ 84,258,073	$ 90,044,213	$ 84,258,073	$ 90,044,213	$ 84,518,767	$ 88,832,809

SIGNIFICANT ACCOUNTING POLICIES, Interest and Dividend Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Loan investments in portfolio placed on non-accrual status	$ 0		$ 0		$ 0
Interest income earned, excluding accretion of discounts	2,582,583	$ 2,601,710	5,167,651	$ 4,918,730
Interest receivable	1,638,987		1,638,987		1,755,360
Unearned interest income	$ 62,189		$ 62,189		$ 0

FAIR VALUE OF FINANCIAL INSTRUMENTS, Summary of Changes in Fair Value of Level 3 Portfolio Investments (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Changes in Fair Value of Level 3 Portfolio Investments [Abstract]
Fair value, beginning of period	$ 54,120,000	$ 50,254,550
Purchases	1,575,000	8,442,000
Accretion of discount and fees (amortization of premium), net	349,179	301,558
PIK interest	113,137	62,587
Proceeds from sales of investments and principal repayments	(3,126,000)	(1,690,000)
Net realized gain (loss) on investments	0	(210,767)
Net change in unrealized appreciation (depreciation) from investments	366,848	509,116
Fair value, end of period	53,398,164	57,669,044
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of September 30	366,848	509,116
Senior Secured First Lien Term Loans [Member]
Changes in Fair Value of Level 3 Portfolio Investments [Abstract]
Fair value, beginning of period	46,006,000	40,660,633
Purchases	832,175	8,442,000
Accretion of discount and fees (amortization of premium), net	231,942	158,740
PIK interest	113,137	62,587
Proceeds from sales of investments and principal repayments	(3,126,000)	(90,000)
Net realized gain (loss) on investments	0	0
Net change in unrealized appreciation (depreciation) from investments	292,910	497,584
Fair value, end of period	44,350,164	49,731,544
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of September 30	292,910	497,584
Senior Secured Notes [Member]
Changes in Fair Value of Level 3 Portfolio Investments [Abstract]
Fair value, beginning of period	8,114,000	9,593,917
Purchases	0	0
Accretion of discount and fees (amortization of premium), net	117,237	142,818
PIK interest	0	0
Proceeds from sales of investments and principal repayments	0	(1,600,000)
Net realized gain (loss) on investments	0	(210,767)
Net change in unrealized appreciation (depreciation) from investments	35,763	11,532
Fair value, end of period	8,267,000	7,937,500
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of September 30	35,763	$ 11,532
Equity [Member]
Changes in Fair Value of Level 3 Portfolio Investments [Abstract]
Fair value, beginning of period	0
Purchases	742,825
Accretion of discount and fees (amortization of premium), net	0
PIK interest	0
Proceeds from sales of investments and principal repayments	0
Net realized gain (loss) on investments	0
Net change in unrealized appreciation (depreciation) from investments	38,175
Fair value, end of period	781,000
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of September 30	$ 38,175

PROPOSED LOAN PORTFOLIO ACQUISITION (Details)	Feb. 18, 2024 USD ($)	Dec. 31, 2023 USD ($) Loan
Loan Portfolio Acquisition [Abstract]
Number of loans in portfolio \| Loan		24
Loans in portfolio, principal outstanding		$ 130,000,000
Number of loans to be acquired \| Loan		4
Principal amount of loans to be acquired		$ 43,000,000
Termination fee	$ 6,046,613
Indemnification quotient	$ 10,000,000
Percent of outstanding shares after giving effect to the stock issuance	3.00%
Minimum [Member]
Loan Portfolio Acquisition [Abstract]
Percent of outstanding common stock sold	65.00%
Maximum [Member]
Loan Portfolio Acquisition [Abstract]
Percent of outstanding common stock sold	75.00%

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

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Investment, Identifier [Axis]: Cash Equivalents

Investments [Abstract]

Percentage of net assets

40.36%

^[1]

38.12%

^[2]

Investment, Identifier [Axis]: Curaleaf Holdings, Inc. Senior Secured Notes Due 12/15/2026 Fixed Interest Rate 8%

Investments [Abstract]

Fixed interest rate

^[3]

8.00%

Percentage of net assets

4.99%

4.84%

^[4]

Investment, Identifier [Axis]: Debt Securities

Investments [Abstract]

Percentage of net assets

62.45%

Investment, Identifier [Axis]: Debt and Equity Securities

Investments [Abstract]

Percentage of net assets

63.37%

Investment, Identifier [Axis]: Dreamfields Brands, Inc. Senior Secured First Lien Term Loan Due 5/3/2026 Variable Interest Rate Prime Spread 8.75% PRIME Floor 7.5%

Investments [Abstract]

Basis spread on variable rate

^[3]

8.75%

Floor rate

^[3]

7.50%

Percentage of net assets

5.13%

5.05%

^[4]

Investment, Identifier [Axis]: Equity Securities

Investments [Abstract]

Percentage of net assets

0.92%

Investment, Identifier [Axis]: Investments and Cash Equivalents

Investments [Abstract]

Percentage of net assets

103.73%

101.38%

Investment, Identifier [Axis]: Non Qualifying Assets

Investments [Abstract]

Percentage of net assets

^[5]

24.64%

29.30%

Aggregate fair value of securities

^[5]

$ 22,197

$ 25,077

Investment, Identifier [Axis]: PharmaCann, Inc. Senior Secured Loan Due 6/30/2025 Fixed Interest Rate 12%

Investments [Abstract]

Fixed interest rate

^[3]

12.00%

Percentage of net assets

4.82%

4.65%

^[4]

Investment, Identifier [Axis]: Real Estate Services, Debt Securities

Investments [Abstract]

Percentage of net assets

1.15%

Investment, Identifier [Axis]: Real Estate Services, Equity Securities

Investments [Abstract]

Percentage of net assets

0.92%

Investment, Identifier [Axis]: STIIIZY, Inc. Senior Secured First Lien Term Loan Due 5/26/2026 Variable Interest Rate Prime Spread 8.5% Prime Floor 4.0% PIK 1.0%

Investments [Abstract]

Basis spread on variable rate

^[3]

8.50%

^[6]

8.50%

^[7]

Floor rate

^[3]

4.00%

Percentage of net assets

25.01%

24.25%

^[4]

PIK Interest Rate

^[3]

1.00%

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

Investments [Abstract]

Percentage of net assets

40.36%

^[1]

38.12%

^[2]

Percentage of annualized seven-day yield

5.25%

^[1]

5.32%

^[2]

Annualized period of yield

7 days

^[1]

7 days

^[2]

Investment, Identifier [Axis]: Verano Holdings Corp. Senior Secured First Lien Term Loan Due 10/30/2026 Variable Interest Rate Prime Spread 6.5% Prime Floor 6.25%

Investments [Abstract]

Basis spread on variable rate

^[3]

6.50%

^[6]

6.50%

^[7]

Floor rate

^[3]

6.25%

Percentage of net assets

21.35%

24.47%

^[4]

Investment, Identifier [Axis]: Wholesale Trade Debt Securities

Investments [Abstract]

Percentage of net assets

61.30%

63.26%

Prime rate

8.50%

^[6]

8.50%

^[7]

Investment, Identifier [Axis]: Workbox Holdings, Inc. Senior Secured First Lien Term Loan Due 5/31/2029 Fixed Interest Rate 12.0% 6.0% PIK

Investments [Abstract]

Fixed interest rate

^[3]

6.00%

PIK Interest Rate

^[3]

6.00%

Investment, Identifier [Axis]: Workbox Holdings, Inc. Senior Secured First Lien Term Loan Due 5/31/2029 Fixed Interest Rate 6.0% PIK 6.0%

Investments [Abstract]

Percentage of net assets

1.15%

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

Investments [Abstract]

Percentage of net assets

0.59%

Investment, Identifier [Axis]: Workbox Holdings, Inc. Series A-3 Preferred Stock Warrant

Investments [Abstract]

Percentage of net assets

0.13%

Investment, Identifier [Axis]: Workbox Holdings, Inc. Series A-4 Preferred Stock Warrant

Investments [Abstract]

Percentage of net assets

0.20%

[1]	The annualized seven-day yield as of June 30, 2024 is 5.25%.
[2]	The annualized seven-day yield as of December 31, 2023 is 5.32%.
[3]	Interest rate is the fixed or variable rate of the debt investments.
[4]	The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies.
[5]	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, 2024 the aggregate fair value of non-qualifying assets is $22,197 or 24.64% of the Company’s total assets.
[6]	As of June 30, 2024 PRIME is 8.50%.
[7]	As of December 31, 2023 PRIME is 8.50%.

INCOME TAXES

6 Months Ended

Jun. 30, 2024

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 10 — INCOME TAXES

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

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

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

The Company has not recorded a liability for any uncertain tax positions pursuant to the provisions of ASC 740, Income Taxes, as of June 30, 2024 and December 31, 2023.

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

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

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

For the most recent tax year ended March 31, 2024, the Company reclassified $10,676 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 non-deductible expenses. 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.

	For the tax period from April 1, 2024 through June 30, 2024		For the tax year from April 1, 2023 through March 31, 2024
Ordinary Income	$	1,553,738	$	9,819,273
Long-term Capital Gain		-		-
Return of Capital		-		-
Total Distributions	$	1,553,738	$	9,819,273

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

	June 30, 2024			March 31, 2024			December 31, 2023
Tax cost of investments and cash equivalents	$	86,386,485		$	86,762,991		$	86,082,952
Unrealized appreciation	$	1,109,618		$	1,363,524		$	784,052
Unrealized depreciation	$	(94,087	)	$	(115,221	)	$	(135,369	)
Net unrealized appreciation (depreciation) from investments and cash equivalents	$	1,015,531		$	1,248,303		$	648,683

- Definition

The entire disclosure for income tax.

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
Statements of Operations - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Non-control/non-affiliate investment income
Fee income	$ 291,000	$ 131,250	$ 324,750	$ 131,250
EXPENSES
Transaction expenses related to the Loan Portfolio Acquisition	533,019	0	2,639,069	0
Management fee	246,324	257,489	492,455	495,908
Income-based incentive fees	328,503	442,673	328,503	646,494
Audit expense	96,925	87,500	203,550	185,383
Administrator fees	101,187	87,853	199,643	165,697
Legal expenses	81,822	87,256	139,873	186,016
Insurance expense	66,212	66,393	132,491	135,475
Capital gains incentive fees	(46,555)	(137,602)	73,369	5,000
Other expenses	47,476	20,204	66,667	39,708
Director expenses	48,793	31,746	54,319	67,690
Valuation fees	25,080	21,000	27,053	94,065
Custodian fees	12,000	12,000	23,850	24,000
Professional fees	14,914	17,775	14,914	35,967
Total expenses	1,555,700	994,287	4,395,756	2,081,403
NET INVESTMENT INCOME (LOSS)	1,525,633	1,899,412	1,445,824	3,270,135
NET REALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments	0	(210,767)	0	(210,767)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS
Net change in unrealized appreciation (depreciation) from investments	(232,772)	(477,241)	366,848	509,116
Net realized and unrealized gains (losses)	(232,772)	(688,008)	366,848	298,349
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ 1,292,861	$ 1,211,404	$ 1,812,672	$ 3,568,484
NET INVESTMENT INCOME (LOSS) PER SHARE - BASIC (in dollars per share)	$ 0.25	$ 0.31	$ 0.23	$ 0.53
NET INVESTMENT INCOME (LOSS) PER SHARE - DILUTED (in dollars per share)	0.25	0.31	0.23	0.53
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC (in dollars per share)	0.21	0.19	0.29	0.57
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED (in dollars per share)	$ 0.21	$ 0.19	$ 0.29	$ 0.57
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (in shares)	6,214,949	6,214,672	6,214,945	6,214,672
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (in shares)	6,214,949	6,214,672	6,214,945	6,214,672
Investment, Unaffiliated Issuer [Member]
Non-control/non-affiliate investment income
Interest income	$ 2,790,333	$ 2,762,449	$ 5,516,830	$ 5,220,288
Fee income	291,000	131,250	324,750	131,250
Total investment income	3,081,333	2,893,699	5,841,580	5,351,538
NET REALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments	0	(210,767)	0	(210,767)
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) FROM INVESTMENTS
Net change in unrealized appreciation (depreciation) from investments	$ (232,772)	$ (477,241)	$ 366,848	$ 509,116

SIGNIFICANT ACCOUNTING POLICIES, Offering Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Offering Costs [Abstract]
Deferred offering costs	$ 761,867		$ 761,867		$ 0
Offering costs charged to capital	0	$ 0	0	$ 0
Offering costs unpaid	$ 676,791		$ 676,791		$ 0

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 — COMMITMENTS AND CONTINGENCIES Unfunded Commitments The Company’s commitments and contingencies include unfunded commitments to extend credit in the form of loans to the Company’s portfolio companies. A portion of these unfunded contractual commitments are generally dependent upon the portfolio company reaching certain milestones before the debt commitment becomes available. Furthermore, the Company’s credit agreements with its portfolio companies generally contain customary lending provisions that allow the Company relief from funding obligations for previously made commitments in instances where the underlying portfolio company experiences materially adverse events that affect the financial condition or business outlook of the company. Since a portion of these commitments may expire without being drawn, unfunded contractual commitments do not necessarily represent future cash requirements. As such, the Company’s disclosure of unfunded contractual commitments as of June 30, 2024 includes only those commitments that are available at the request of the portfolio company and are unencumbered by milestones or additional lending provisions. As of June 30, 2024, the Company had outstanding commitments to fund investments totaling $1.75 million. The Company has identified no unfunded commitments as of December 31, 2023. The Company did not have any other off-balance sheet financings or liabilities as of June 30, 2024 or December 31, 2023. The Company will fund its unfunded commitments, if any, from the same sources it uses to fund its investment commitments that are funded at the time they are made (which are typically through existing cash and cash equivalents) and maintains adequate liquidity to fund its unfunded commitments through these sources. In the normal course of business, the Company enters into contracts that provide a variety of representations and warranties, and general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications. Legal Proceedings The Company may, from time to time, be involved in litigation arising out of its operations in the normal course of business or otherwise. Furthermore, third parties may try to seek to impose liability on the Company in connection with the activities of its portfolio companies. As of June 30, 2024, there are no material legal matters or material litigation pending of which the Company is aware.

EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

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, 2024 and 2023:

	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Net increase (decrease) in net assets resulting from operations	$	1,292,861	$	1,211,404	$	1,812,672	$	3,568,484
Weighted Average Shares Outstanding — basic and diluted		6,214,949		6,214,672		6,214,945		6,214,672
Net increase (decrease) in net assets resulting from operations per share — basic and diluted	$	0.21	$	0.19	$	0.29	$	0.57

ORGANIZATION (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 04, 2022	Jun. 30, 2024	Dec. 31, 2023
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

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Investments Measured at Fair Value by Investment Type on Recurring Basis

The Company’s investments measured at fair value by investment type on a recurring basis as of June 30, 2024 and December 31, 2023 were as follows:

	Fair Value Measurements at June 30, 2024 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 Loans	$	-	$	-	$	44,350,164	$	44,350,164
Senior Secured Notes		-		-		8,267,000		8,267,000
Equity		-		-		781,000		781,000
Total	$	-	$	-	$	53,398,164	$	53,398,164

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

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

The following tables provide a summary of the significant unobservable inputs used to fair value the Level 3 portfolio investments as of June 30, 2024 and December 31, 2023. The methodology for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Significant Accounting Policies”. Discount rate ranges are shown as spread over PRIME and Treasuries, respectively, for Senior Secured First Lien Term Loans, as of June 30, 2024 and December 31, 2023.

Investment Type

Fair Value as of
June 30, 2024

Valuation Techniques/

Methodologies

Unobservable

Input

Range

Weighted Average ⁽¹⁾

Senior Secured First Lien Term Loans

44,350,164

Discounted Cash Flow

Discount Rate

10.1% - 13.5

12.0

Senior Secured Notes

8,267,000

Discounted Cash Flow

Discount Rate

6.9% - 12.9

9.8

Preferred Equity Securities

500,000

Enterprise Value Market Approach

Enterprise Valuation Multiple

2.0x - 2.0x

2.0x

Warrants and Other Equity Securities

281,000

Enterprise Value Market Approach

Enterprise Valuation Multiple

2.0x - 2.0x

2.0x

Total

53,398,164

Investment Type	Fair Value as of December 31, 2023		Valuation Techniques/ Methodologies	Unobservable Input	Range			Weighted Average ⁽¹⁾

Senior Secured First Lien Term Loans	$	46,006,000	Discounted Cash Flow	Discount Rate		10.1% - 13.5	%		12.2	%
Senior Secured Notes		8,114,000	Discounted Cash Flow	Discount Rate		7.4% - 13.7	%		10.5	%
Total	$	54,120,000

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

Changes in Fair Value of Level 3 Portfolio Investments

The following tables provide a summary of changes in the fair value of the Company’s Level 3 portfolio investments for the six months ended June 30, 2024 and 2023:

	Senior Secured First Lien Term Loans			Senior Secured Notes		Equity		Total Investments
Fair Value as of December 31, 2023	$	46,006,000		$	8,114,000	$	-	$	54,120,000
Purchases		832,175			-		742,825		1,575,000
Accretion of discount and fees (amortization of premium), net		231,942			117,237		-		349,179
PIK interest		113,137			-		-		113,137
Proceeds from sales of investments and principal repayments		(3,126,000	)		-		-		(3,126,000	)
Net realized gain (loss) on investments		-			-		-		-
Net change in unrealized appreciation (depreciation) from investments		292,910			35,763		38,175		366,848
Balance as of June 30, 2024	$	44,350,164		$	8,267,000	$	781,000	$	53,398,164

Net change in unrealized appreciation/depreciation on Level 3 investments still held as of June 30, 2024	$	292,910		$	35,763	$	38,175	$	366,848

	Senior Secured First Lien Term Loans			Senior Secured Notes			Total Investments
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

- Definition

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

+ References + Details

COMMON STOCK, Distributions (Details) - USD ($)	3 Months Ended	6 Months Ended
COMMON STOCK, Distributions (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
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
Distributions [Abstract]
Cash dividends paid		$ 3,107,219	$ 0
Q1 Dividend [Member]
Distributions [Abstract]
Declaration date	Mar. 08, 2024
Type	Quarterly
Record date	Mar. 20, 2024
Payment date	Mar. 28, 2024
Per share amount (in dollars per share)	$ 0.25
Cash dividends paid	$ 1,553,736
Q2 Dividends [Member]
Distributions [Abstract]
Declaration date		May 09, 2024
Type		Quarterly
Record date		Jun. 20, 2024
Payment date		Jun. 28, 2024
Per share amount (in dollars per share)		$ 0.25
Cash dividends paid		$ 1,553,738

INVESTMENTS (Details)	6 Months Ended
INVESTMENTS (Details)	Jun. 30, 2024 USD ($) Derivative	Dec. 31, 2023 USD ($) Derivative
Investments, Loans [Abstract]
Percentage of debt investments with variable interest rate	82.50%	84.90%
Percentage of debt investments with fixed interest rate	17.50%	15.10%
Loan repayment period	3 years
Number of derivative instruments held \| Derivative	0	0
Amortized Cost [Abstract]
Amount	$ 52,382,633	$ 53,471,317
Percentage	100.00%	100.00%
Fair Value [Abstract]
Amount	$ 53,398,164	$ 54,120,000
Percentage	100.00%	100.00%
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 Loans [Member]
Amortized Cost [Abstract]
Amount	$ 43,423,880	$ 45,372,626
Percentage	82.90%	84.90%
Fair Value [Abstract]
Amount	$ 44,350,164	$ 46,006,000
Percentage	83.00%	85.00%
Senior Secured Notes [Member]
Amortized Cost [Abstract]
Amount	$ 8,215,927	$ 8,098,691
Percentage	1570.00%	15.10%
Fair Value [Abstract]
Amount	$ 8,267,000	$ 8,114,000
Percentage	1550.00%	15.00%
Equity [Member]
Amortized Cost [Abstract]
Amount	$ 742,826
Percentage	140.00%
Fair Value [Abstract]
Amount	$ 781,000
Percentage	150.00%
West [Member]
Amortized Cost [Abstract]
Amount	$ 25,117,324	$ 24,910,798
Percentage	47.90%	46.50%
Fair Value [Abstract]
Amount	$ 25,390,000	$ 25,069,000
Percentage	47.50%	46.40%
Midwest [Member]
Amortized Cost [Abstract]
Amount	$ 23,202,468	$ 24,571,197
Percentage	4430.00%	46.00%
Fair Value [Abstract]
Amount	$ 23,800,164	$ 24,911,000
Percentage	4460.00%	46.00%
Northeast [Member]
Amortized Cost [Abstract]
Amount	$ 4,062,841	$ 3,989,322
Percentage	780.00%	7.50%
Fair Value [Abstract]
Amount	$ 4,208,000	$ 4,140,000
Percentage	790.00%	7.60%
Wholesale Trade [Member]
Amortized Cost [Abstract]
Amount	$ 50,799,469	$ 53,471,317
Percentage	97.00%	100.00%
Fair Value [Abstract]
Amount	$ 51,646,000	$ 54,120,000
Percentage	96.70%	100.00%
Real Estate Services [Member]
Amortized Cost [Abstract]
Amount	$ 1,583,164
Percentage	300.00%
Fair Value [Abstract]
Amount	$ 1,752,164
Percentage	330.00%

COMMON STOCK (Tables)

6 Months Ended

Jun. 30, 2024

COMMON STOCK [Abstract]

Summary of Distributions Declared and Paid

The following table summarizes distributions declared and paid by the Company during the six months ended June 30, 2024:

Declaration Date

Type

Record Date

Payment Date

Per Share
Amount

Dividends Paid

March 8, 2024

Quarterly

March 20, 2024

March 28, 2024

0.25

1,553,736

May 9, 2024

Quarterly

June 20, 2024

June 28, 2024

0.25

1,553,738

Schedule of Distribution Reinvestment Plan

During the six months ended June 30, 2024, the Company issued the following shares of common stock under the DRIP:

Declaration Date	Type	Record Date	Payment Date	Shares
March 8, 2024	Quarterly	March 20, 2024	March 28, 2024		8
May 9, 2024	Quarterly	June 20, 2024	June 28, 2024		15

SUBSEQUENT EVENTS (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Millions	Aug. 07, 2024	Jul. 16, 2024
Subsequent Event [Abstract]
Investment		$ 3.3
Interest rate		12.75%
Investment, Type [Extensible Enumeration]		ssic:SeniorSecuredNotesDue2029Member
Dividend payable (in dollars per share)	$ 0.25

- Definition

Rate of interest on investment.

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+ Details

- Definition

Indicates type of investment. Includes, but is not limited to, common stock, preferred stock, convertible security, fixed income security, government security, option purchased, warrant, loan participation and assignment, commercial paper, bankers' acceptance, certificates of deposit, short-term security, repurchase agreement, and other investment company.

+ References

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+ Details

FINANCIAL HIGHLIGHTS (Tables)

6 Months Ended

Jun. 30, 2024

FINANCIAL HIGHLIGHTS [Abstract]

Financial Highlights

The following presents financial highlights for the six months ended June 30, 2024 and 2023:

	For the six months ended
	June 30, 2024			June 30, 2023
Per share data:
Net asset value at beginning of period	$	13.77		$	13.91
Net investment income (loss) ⁽¹⁾		0.23			0.53
Net realized and unrealized gains/(losses) on investments ⁽¹⁾		0.06			0.05
Net increase/(decrease) in net assets resulting from operations		0.29			0.58
Distributions from net investment income (loss)⁽⁴⁾		(0.50	)		-
Net asset value at end of period	$	13.56		$	14.49
Net assets at end of period	$	84,258,073		$	90,044,213
Shares outstanding at end of period		6,214,964			6,214,672
Weighted average net assets	$	85,034,260		$	87,669,473

Per share market value at end of period	$	11.82		$	8.18
Total return based on market value ⁽²⁾		46.73	%		(16.53	)%
Total return based on net asset value⁽²⁾		3.17	%		4.17	%

Ratio/Supplemental data:
Ratio of expenses to average net assets ⁽³⁾		5.17	%		2.37	%
Ratio of net investment income (loss) to average net assets⁽³⁾		1.70	%		3.73	%
Portfolio turnover⁽³⁾		3.12	%		3.10	%

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

⁽²⁾

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.

⁽³⁾	Ratio is not annualized.

⁽⁴⁾

Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the tax year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that tax year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The ultimate tax character of the Company’s earnings cannot be determined until tax returns are prepared after the end of the tax year. The amounts and sources of distributions reported are only estimates and are not being provided for U.S. tax reporting purposes.

SIGNIFICANT ACCOUNTING POLICIES, Fee Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fee Income [Abstract]
Fee income	$ 291,000	$ 131,250	$ 324,750	$ 131,250

EARNINGS PER SHARE (Tables)

6 Months Ended

Jun. 30, 2024

EARNINGS PER SHARE [Abstract]

Computation of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets Per Share from Operations

	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Net increase (decrease) in net assets resulting from operations	$	1,292,861	$	1,211,404	$	1,812,672	$	3,568,484
Weighted Average Shares Outstanding — basic and diluted		6,214,949		6,214,672		6,214,945		6,214,672
Net increase (decrease) in net assets resulting from operations per share — basic and diluted	$	0.21	$	0.19	$	0.29	$	0.57

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

INVESTMENTS (Tables)

6 Months Ended

Jun. 30, 2024

INVESTMENTS [Abstract]

Portfolio Investments

	June 30, 2024
	Amortized Cost					Fair Value
Industry	Amount		%			Amount		%
Wholesale Trade	$	50,799,469		97.0	%	$	51,646,000		96.7	%
Real Estate Services		1,583,164		3.0			1,752,164		3.3
Total	$	52,382,633		100.0	%	$	53,398,164		100.0	%

	December 31, 2023
	Amortized Cost					Fair Value
Industry	Amount		%			Amount		%
Wholesale Trade	$	53,471,317		100.0	%	$	54,120,000		100.0	%
Total	$	53,471,317		100.0	%	$	54,120,000		100.0	%

	June 30, 2024
	Amortized Cost					Fair Value
Geographic Location	Amount		%			Amount		%
West	$	25,117,324		47.9	%	$	25,390,000		47.5	%
Midwest		23,202,468		44.3			23,800,164		44.6
Northeast		4,062,841		7.8			4,208,000		7.9
Total	$	52,382,633		100.0	%	$	53,398,164		100.0	%

	December 31, 2023
	Amortized Cost					Fair Value
Geographic Location	Amount		%			Amount		%
West	$	24,910,798		46.5	%	$	25,069,000		46.4	%
Midwest		24,571,197		46.0			24,911,000		46.0
Northeast		3,989,322		7.5			4,140,000		7.6
Total	$	53,471,317		100.0	%	$	54,120,000		100.0	%

	June 30, 2024
	Amortized Cost					Fair Value
Investment	Amount		%			Amount		%
Senior Secured First Lien Term Loans	$	43,423,880		82.9	%	$	44,350,164		83.0	%
Senior Secured Notes		8,215,927		15.7			8,267,000		15.5
Equity		742,826		1.4			781,000		1.5
Total	$	52,382,633		100.0	%	$	53,398,164		100.0	%

	December 31, 2023
	Amortized Cost					Fair Value
Investment	Amount		%			Amount		%
Senior Secured First Lien Term Loans	$	45,372,626		84.9	%	$	46,006,000		85.0	%
Senior Secured Notes		8,098,691		15.1			8,114,000		15.0
Total	$	53,471,317		100.0	%	$	54,120,000		100.0	%

Statements of Cash Flows - USD ($)	6 Months Ended
Statements of Cash Flows - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ 1,812,672	$ 3,568,484
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss from investments	0	210,767
Net change in unrealized (appreciation) depreciation from investments	(366,848)	(509,116)
Net (accretion of discounts) and amortization of premiums	(349,179)	(301,558)
Purchase of investments	(1,575,000)	(8,442,000)
PIK interest capitalized	(113,137)	(62,587)
Proceeds from sales of investments and principal repayments	3,126,000	1,690,000
(Increase)/Decrease in operating assets:
Interest receivable	116,373	967,713
Paydown receivable	(21,000)	0
Other assets	(19,913)	0
Prepaid expenses	(143,669)	(147,334)
Increase/(Decrease) in operating liabilities:
Income-based incentive fees payable	328,503	646,494
Management fee payable	(10,797)	86,524
Capital gains incentive fees payable	73,370	5,000
Legal fees payable	(28,229)	30,249
Transaction fees payable related to the Loan Portfolio Acquisition	1,795,520	0
Valuation fees payable	9,810	93,185
Administrator fees payable	(58,444)	32,672
Audit fees payable	23,850	1,183
Directors fees payable	(61,786)	(302)
Professional fees payable	(8,418)	(2,438)
Other payables	2,806	(18,527)
Deferred income payable	62,189	0
Due to affiliate	493	2,497
Excise tax payable	(10,655)	(80,566)
Net cash provided by (used in) operating activities	4,584,511	(2,229,660)
Cash flows from financing activities
Offering costs paid	(85,076)	0
Distributions paid	(3,107,219)	0
Net cash provided by (used in) financing activities	(3,192,295)	0
Net increase (decrease) in cash and cash equivalents	1,392,216	(2,229,660)
Cash and cash equivalents, beginning of period	32,611,635	35,125,320
Cash and cash equivalents, end of period	34,003,851	32,895,660
Supplemental and non-cash financing activities
Reinvestment of dividend distributions	$ 257	$ 0

Statements of Assets and Liabilities (Parenthetical) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
ASSETS
Amortized cost	$ 52,382,633	$ 53,471,317
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)	6,214,964	6,214,941
Common stock, shares outstanding (in shares)	6,214,964	6,214,941
Investment, Unaffiliated Issuer [Member]
ASSETS
Amortized cost	$ 52,382,633	$ 53,471,317

- Definition

Cost of the investment.

+ References

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

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

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

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(d))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479886/946-10-S99-3

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

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

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

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

+ Details

FINANCIAL HIGHLIGHTS

6 Months Ended

Jun. 30, 2024

FINANCIAL HIGHLIGHTS [Abstract]

FINANCIAL HIGHLIGHTS

NOTE 11 — FINANCIAL HIGHLIGHTS

The following presents financial highlights for the six months ended June 30, 2024 and 2023:

	For the six months ended
	June 30, 2024			June 30, 2023
Per share data:
Net asset value at beginning of period	$	13.77		$	13.91
Net investment income (loss) ⁽¹⁾		0.23			0.53
Net realized and unrealized gains/(losses) on investments ⁽¹⁾		0.06			0.05
Net increase/(decrease) in net assets resulting from operations		0.29			0.58
Distributions from net investment income (loss)⁽⁴⁾		(0.50	)		-
Net asset value at end of period	$	13.56		$	14.49
Net assets at end of period	$	84,258,073		$	90,044,213
Shares outstanding at end of period		6,214,964			6,214,672
Weighted average net assets	$	85,034,260		$	87,669,473

Per share market value at end of period	$	11.82		$	8.18
Total return based on market value ⁽²⁾		46.73	%		(16.53	)%
Total return based on net asset value⁽²⁾		3.17	%		4.17	%

Ratio/Supplemental data:
Ratio of expenses to average net assets ⁽³⁾		5.17	%		2.37	%
Ratio of net investment income (loss) to average net assets⁽³⁾		1.70	%		3.73	%
Portfolio turnover⁽³⁾		3.12	%		3.10	%

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

⁽²⁾

⁽³⁾	Ratio is not annualized.

⁽⁴⁾

COMMON STOCK

6 Months Ended

Jun. 30, 2024

COMMON STOCK [Abstract]

COMMON STOCK

NOTE 7 — COMMON STOCK

As of June 30, 2024, 100,000,000 shares of $0.01 par value common stock were authorized.

Distributions

The following table summarizes distributions declared and paid by the Company during the six months ended June 30, 2024:

Declaration Date

Type

Record Date

Payment Date

Per Share
Amount

Dividends Paid

March 8, 2024

Quarterly

March 20, 2024

March 28, 2024

0.25

1,553,736

May 9, 2024

Quarterly

June 20, 2024

June 28, 2024

0.25

1,553,738

During the six months ended June 30, 2023, the Company did not have any distributions.

Dividend Reinvestment Plan

The Company’s dividend reinvestment plan (“DRIP”) provides for the reinvestment of distributions in the form of common stock on behalf of its stockholders, unless a stockholder has elected to receive distributions in cash. As a result, if the Company declares a cash distribution, its stockholders who have not “opted out” of the DRIP by the opt out date will have their cash distribution automatically reinvested into additional shares of the Company’s common stock. The share requirements of the DRIP may be satisfied through the issuance of common shares or through open market purchases of common shares by the DRIP plan administrator.

The Company’s DRIP is administered by its transfer agent on behalf of the Company’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in the Company’s DRIP but may provide a similar dividend reinvestment plan for their clients. During the six months ended June 30, 2024, the Company issued the following shares of common stock under the DRIP:

Declaration Date	Type	Record Date	Payment Date	Shares
March 8, 2024	Quarterly	March 20, 2024	March 28, 2024		8
May 9, 2024	Quarterly	June 20, 2024	June 28, 2024		15

During the six months ended June 30, 2023, the Company issued no new shares of common stock under the DRIP.

- Definition

The entire disclosure for equity.

+ References

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

+ Details

Statements of Assets and Liabilities - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Investments at fair value:
Cash and cash equivalents	$ 34,003,851	$ 32,611,635
Interest receivable	1,638,987	1,755,360
Deferred offering costs	761,867	0
Prepaid expenses	182,945	39,276
Other assets	69,913	50,000
Paydown receivable	21,000	0
Due from affiliate	$ 0	$ 0
Other Receivable, after Allowance for Credit Loss, Related Party [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Deferred financing costs	$ 0	$ 0
Total assets	90,076,727	88,576,271
LIABILITIES
Transaction fees payable related to the Loan Portfolio Acquisition	2,506,784	711,264
Income-based incentive fees payable	1,839,756	1,511,253
Offering costs payable	676,791	0
Management fee payable	246,324	257,121
Capital gains incentive fees payable	160,953	87,583
Audit fees payable	147,848	123,998
Unearned interest income	62,189	0
Legal fees payable	56,595	84,824
Valuation fees payable	34,485	24,675
Directors fees payable	32,974	94,760
Administrator fees payable	28,019	86,463
Professional fees payable	8,815	17,233
Distributions payable	0	2
Excise tax payable	0	10,655
Total liabilities	5,818,654	3,023,653
Commitments and contingencies (Note 6)
NET ASSETS
Common Stock, $0.01 par value, 100,000,000 shares authorized, 6,214,960 and 6,214,941 shares issued and outstanding, respectively	62,149	62,149
Additional paid-in-capital	85,030,784	85,041,203
Distributable earnings (Accumulated losses)	(834,860)	449,266
Total net assets	84,258,073	85,552,618
Total liabilities and net assets	$ 90,076,727	$ 88,576,271
NET ASSET VALUE PER SHARE (in dollars per share)	$ 13.56	$ 13.77
Nonrelated Party [Member]
LIABILITIES
Other payables	$ 16,628	$ 13,822
Related Party [Member]
LIABILITIES
Other payables	493	0
Investment, Unaffiliated Issuer [Member]
Investments at fair value:
Non-control/non-affiliate investments at fair value (amortized cost of $52,382,633 and $53,471,317, respectively)	$ 53,398,164	$ 54,120,000

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
INCOME TAXES (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Income Taxes Summary [Abstract]
Effect of permanent adjustments		$ 0	$ 0	$ 0
Tax Character of Distributions Paid [Abstract]
Ordinary Income	$ 1,553,738				$ 9,819,273
Long-term Capital Gain	0				0
Return of Capital	0				0
Total Distributions	1,553,738				9,819,273
Components of Distributable Earnings [Abstract]
Undistributed ordinary income					1,782,017	$ 3,418,714
Net unrealized appreciation (depreciation) from investments	1,015,531		1,015,531		1,248,303	713,009	$ 648,683
Capital loss carry forwards					(210,767)	0
Other temporary differences					(3,393,536)
Other temporary differences						(399,948)
Deferred tax liabilities					(573,983)
Deferred tax assets						3,731,775
Aggregate Gross Unrealized Appreciation and Depreciation from Investments and Cash Equivalents for Federal Income Tax Purposes [Abstract]
Tax cost of investments and cash equivalents	86,386,485		86,386,485		86,762,991		86,082,952
Unrealized appreciation	1,109,618		1,109,618		1,363,524		784,052
Unrealized depreciation	(94,087)		(94,087)		(115,221)		(135,369)
Net unrealized appreciation (depreciation) from investments and cash equivalents	$ 1,015,531		1,015,531		1,248,303	713,009	$ 648,683
Additional Paid-in Capital [Member]
Income Taxes Summary [Abstract]
Effect of permanent adjustments		$ 0	$ (10,676)	$ 121,099	$ 10,676	$ 121,099

FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 4 — FAIR VALUE OF FINANCIAL INSTRUMENTS

ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. The Company accounts for its investments at fair value. As of June 30, 2024 and December 31, 2023, the Company’s portfolio investments consisted primarily of investments in secured loans and secured notes. The fair value amounts have been measured as of the reporting date and have not been reevaluated or updated for purposes of these financial statements subsequent to that date. As such, the fair values of these financial instruments subsequent to the reporting date may be different than amounts reported.

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

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

The Company’s investments measured at fair value by investment type on a recurring basis as of June 30, 2024 and December 31, 2023 were as follows:

	Fair Value Measurements at June 30, 2024 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 Loans	$	-	$	-	$	44,350,164	$	44,350,164
Senior Secured Notes		-		-		8,267,000		8,267,000
Equity		-		-		781,000		781,000
Total	$	-	$	-	$	53,398,164	$	53,398,164

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

Investment Type

Fair Value as of
June 30, 2024

Valuation Techniques/

Methodologies

Unobservable

Input

Range

Weighted Average ⁽¹⁾

Senior Secured First Lien Term Loans

44,350,164

Discounted Cash Flow

Discount Rate

10.1% - 13.5

12.0

Senior Secured Notes

8,267,000

Discounted Cash Flow

Discount Rate

6.9% - 12.9

9.8

Preferred Equity Securities

500,000

Enterprise Value Market Approach

Enterprise Valuation Multiple

2.0x - 2.0x

2.0x

Warrants and Other Equity Securities

281,000

Enterprise Value Market Approach

Enterprise Valuation Multiple

2.0x - 2.0x

2.0x

Total

53,398,164

Investment Type	Fair Value as of December 31, 2023		Valuation Techniques/ Methodologies	Unobservable Input	Range			Weighted Average ⁽¹⁾

Senior Secured First Lien Term Loans	$	46,006,000	Discounted Cash Flow	Discount Rate		10.1% - 13.5	%		12.2	%
Senior Secured Notes		8,114,000	Discounted Cash Flow	Discount Rate		7.4% - 13.7	%		10.5	%
Total	$	54,120,000

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

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

The following tables provide a summary of changes in the fair value of the Company’s Level 3 portfolio investments for the six months ended June 30, 2024 and 2023:

	Senior Secured First Lien Term Loans			Senior Secured Notes		Equity		Total Investments
Fair Value as of December 31, 2023	$	46,006,000		$	8,114,000	$	-	$	54,120,000
Purchases		832,175			-		742,825		1,575,000
Accretion of discount and fees (amortization of premium), net		231,942			117,237		-		349,179
PIK interest		113,137			-		-		113,137
Proceeds from sales of investments and principal repayments		(3,126,000	)		-		-		(3,126,000	)
Net realized gain (loss) on investments		-			-		-		-
Net change in unrealized appreciation (depreciation) from investments		292,910			35,763		38,175		366,848
Balance as of June 30, 2024	$	44,350,164		$	8,267,000	$	781,000	$	53,398,164

Net change in unrealized appreciation/depreciation on Level 3 investments still held as of June 30, 2024	$	292,910		$	35,763	$	38,175	$	366,848

	Senior Secured First Lien Term Loans			Senior Secured Notes			Total Investments
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

- Definition

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

+ References

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

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

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

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

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

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

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

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

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

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

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

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

+ Details

ORGANIZATION	6 Months Ended
ORGANIZATION	Jun. 30, 2024
ORGANIZATION [Abstract]
ORGANIZATION	NOTE 1 — ORGANIZATION Silver Spike Investment Corp. (an emerging growth company) (the “Company”, “we” or “our”) was formed on January 25, 2021 as a Maryland corporation structured as an externally managed, closed-end, non-diversified management investment company. The Company has elected to be treated as a business development company (“BDC”), under the Investment Company Act of 1940, as amended (“1940 Act”). In addition, for U.S. federal income tax purposes the Company adopted an initial tax year end of December 31, 2021, and was taxed as a corporation for the tax period ended December 31, 2021. The Company adopted the tax year end of March 31 and elected to be treated for U.S. federal income tax purposes as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”) for the tax period January 1, 2022 through March 31, 2022, as well as maintain such election in future taxable years. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. 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 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 and six years from the original investment date. 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. Certain prior period information has been reclassified to conform to the current period presentation. On February 18, 2024, the Company entered into a definitive Purchase Agreement (the “Loan Portfolio Acquisition Agreement”) with Chicago Atlantic Loan Portfolio, LLC (“CALP”), pursuant to which the Company would purchase all or substantially all of the portfolio investments held by CALP (the “Loan Portfolio”) in exchange for newly issued shares of the Company’s common stock with a net asset value equal to the value of the Loan Portfolio, each determined shortly before closing (the “Loan Portfolio Consideration”), subject to certain customary closing conditions (the “Loan Portfolio Acquisition”). The Board, including all the independent directors, upon the recommendation of a special committee composed solely of the independent directors (the “Special Committee”), has approved the Loan Portfolio Acquisition Agreement and the transactions contemplated thereby. The Company’s current officers would continue to be a part of the Company’s management team following the Loan Portfolio Acquisition. Assuming satisfaction of the conditions to the transaction, the Loan Portfolio Acquisition is expected to close in mid-2024. See “Note 12 – Proposed Loan Portfolio Acquisition” for further information regarding the Loan Portfolio Acquisition Agreement and the Loan Portfolio Acquisition. On February 20, 2024, SSC announced that it entered into a definitive agreement with Chicago Atlantic BDC Holdings, LLC (together with its affiliates, “Chicago Atlantic”), the investment adviser of CALP, pursuant to which a joint venture between Chicago Atlantic and SSC would be created to combine and jointly operate SSC’s, and a portion of Chicago Atlantic’s, investment management businesses, subject to certain customary closing conditions (the “Joint Venture”). The Joint Venture would cause the automatic termination of the Company’s existing investment advisory agreement with SSC. As a result, the Board unanimously approved, upon the recommendation of the Special Committee, a new investment advisory agreement with SSC to take effect upon closing of the Joint Venture, subject to Company stockholder approval. The new investment advisory agreement is identical, in all material respects, to the current investment advisory agreement. Upon the effectiveness of the new investment advisory agreement, the Company would be renamed Chicago Atlantic BDC, Inc. and SSC would be renamed Chicago Atlantic BDC Advisers, LLC. On February 20, 2024, the Company announced that the Board unanimously approved an expansion of the Company’s investment strategy to permit investments in companies outside of the cannabis and health and wellness sectors that otherwise meet the Company’s investment criteria. The investment strategy change became effective on April 22, 2024.

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2024
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 13 — SUBSEQUENT EVENTS The Company’s management evaluated subsequent events through the date on which the financial statements were issued. Other than the item listed below, there have been no subsequent events that occurred during such period that have required adjustment or disclosure in the financial statements. On July 16, 2024, the Company invested $3.3 million in Ascend Wellness Holdings, Inc.’s 12.75% senior secured notes due in 2029. On August 7, 2024, the Board approved a cash dividend of $0.25/share. The dividend is payable on September 27, 2024 to stockholders of record on September 19, 2024.

COMMON STOCK, Distribution Reinvestment Plan (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023
Distribution Reinvestment Plan [Abstract]
Shares (in shares)			0
Q1 Dividend [Member]
Distribution Reinvestment Plan [Abstract]
Shares (in shares)	8
Declaration date	Mar. 08, 2024
Type	Quarterly
Record date	Mar. 20, 2024
Payment date	Mar. 28, 2024
Q2 Dividends [Member]
Distribution Reinvestment Plan [Abstract]
Shares (in shares)		15
Declaration date		May 09, 2024
Type		Quarterly
Record date		Jun. 20, 2024
Payment date		Jun. 28, 2024

FINANCIAL HIGHLIGHTS (Details) - USD ($)

3 Months Ended

6 Months Ended

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Dec. 31, 2023

Per share data [Roll Forward]

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

$ 13.77

$ 13.91

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

^[1]

0.23

0.53

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

^[1]

0.06

0.05

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

0.29

0.58

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

^[2]

(0.5)

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

$ 14.49

$ 13.56

$ 14.49

Net assets at end of period

$ 90,044,213

$ 84,258,073

$ 90,044,213

Shares outstanding at end of period (in shares)

6,214,672

6,214,964

6,214,672

6,214,941

Weighted average net assets

$ 85,034,260

$ 87,669,473

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

$ 11.82

$ 8.18

Total return based on market value

^[3]

46.73%

(16.53%)

Total return based on net asset value

^[3]

3.17%

4.17%

Ratio/Supplemental data [Abstract]

Ratio of expenses to average net assets

^[4]

2.37%

5.17%

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

^[4]

3.73%

1.70%

Portfolio turnover

^[4]

3.12%

3.10%

[1]	The per share data was derived by using the weighted average shares outstanding during the periods presented.
[2]	Management monitors available taxable earnings, including net investment income and realized capital gains, to determine if a tax return of capital may occur for the tax year. To the extent the Company’s taxable earnings fall below the total amount of the Company’s distributions for that tax year, a portion of those distributions may be deemed a tax return of capital to the Company’s stockholders. The ultimate tax character of the Company’s earnings cannot be determined until tax returns are prepared after the end of the tax year. The amounts and sources of distributions reported are only estimates and are not being provided for U.S. tax reporting purposes.
[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.

Schedule of Investments - USD ($)

6 Months Ended

12 Months Ended

Jun. 30, 2024

Dec. 31, 2023

Investments [Abstract]

Amortized cost

$ 52,382,633

$ 53,471,317

Fair value

53,398,164

54,120,000

Investment, Identifier [Axis]: Cash Equivalents

Investments [Abstract]

Amortized cost

34,004,000

32,612,000

Fair value

^[1]

$ 34,004,000

$ 32,612,000

Percentage of net assets

40.36%

^[2]

38.12%

^[3]

Investment, Identifier [Axis]: Curaleaf Holdings, Inc. Senior Secured Notes Due 12/15/2026 Fixed Interest Rate 8%

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[4],[6]

ssic:CuraleafHoldingsIncMember

^[5]

ssic:CuraleafHoldingsIncMember

Investment, Type [Extensible Enumeration]

ssic:SeniorSecuredNoteMember

^[7]

ssic:SeniorSecuredNoteMember

^[6],[8]

Investment, Significant Unobservable Input [true false]

true

Investment date

^[9]

Oct. 11, 2022

^[6]

Maturity date

Dec. 15, 2026

^[6]

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

^[10]

Significant Unobservable Inputs (Level 3) [Member]

^[6]

Investment, Issuer Geographic Region [Extensible Enumeration]

^[11]

Northeast [Member]

^[6]

Principal amount

^[12]

$ 4,500,000

^[6]

Amortized cost

4,063,000

3,989,000

^[6]

Fair value

^[1]

$ 4,208,000

$ 4,140,000

^[6]

Percentage of net assets

4.99%

4.84%

^[6]

Investment, Identifier [Axis]: Debt Securities

Investments [Abstract]

Amortized cost

$ 51,640,000

Fair value

^[1]

$ 52,617,000

Percentage of net assets

62.45%

Investment, Identifier [Axis]: Debt and Equity Securities

Investments [Abstract]

Amortized cost

$ 52,383,000

Fair value

^[1]

$ 53,398,000

Percentage of net assets

63.37%

Investment, Identifier [Axis]: Dreamfields Brands, Inc. Senior Secured First Lien Term Loan Due 5/3/2026 Variable Interest Rate Prime Spread 8.75% PRIME Floor 7.5%

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[4],[6]

ssic:DreamfieldsBrandsIncMember

^[5]

ssic:DreamfieldsBrandsIncMember

Investment, Type [Extensible Enumeration]

^[7]

ssic:SeniorSecuredFirstLienTermLoanMember

^[6]

Investment, Significant Unobservable Input [true false]

true

Investment date

^[9]

May 03, 2023

^[6]

Maturity date

May 03, 2026

^[6]

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

^[10]

Significant Unobservable Inputs (Level 3) [Member]

^[6]

Investment, Issuer Geographic Region [Extensible Enumeration]

^[11]

West [Member]

^[6]

Principal amount

^[12]

$ 4,320,000

^[6]

Amortized cost

4,246,000

4,229,000

^[6]

Fair value

^[1]

$ 4,320,000

^[6]

Percentage of net assets

5.13%

5.05%

^[6]

Investment, Identifier [Axis]: Equity Securities

Investments [Abstract]

Amortized cost

$ 743,000

Fair value

$ 781,000

Percentage of net assets

0.92%

Investment, Identifier [Axis]: Investments and Cash Equivalents

Investments [Abstract]

Investment, Issuer [Extensible Enumeration]

Investment, Unaffiliated Issuer [Member]

Amortized cost

$ 86,387,000

$ 86,083,000

Fair value

^[1]

$ 87,402,000

$ 86,732,000

Percentage of net assets

103.73%

101.38%

Investment, Identifier [Axis]: Non Qualifying Assets

Investments [Abstract]

Percentage of net assets

^[13]

24.64%

29.30%

Investment, Identifier [Axis]: PharmaCann, Inc. Senior Secured Loan Due 6/30/2025 Fixed Interest Rate 12%

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[4],[6]

ssic:PharmaCannIncMember

^[5]

ssic:PharmaCannIncMember

Investment, Type [Extensible Enumeration]

ssic:SeniorSecuredNoteMember

^[7]

ssic:SeniorSecuredNoteMember

^[6],[8]

Investment, Significant Unobservable Input [true false]

true

Investment date

^[9]

Jun. 30, 2022

^[6]

Maturity date

Jun. 30, 2025

^[6]

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

^[10]

Significant Unobservable Inputs (Level 3) [Member]

^[6]

Investment, Issuer Geographic Region [Extensible Enumeration]

^[11]

Midwest [Member]

^[6]

Principal amount

^[12]

$ 4,250,000

^[6]

Amortized cost

4,153,000

4,109,000

^[6]

Fair value

^[1]

$ 4,059,000

$ 3,974,000

^[6]

Percentage of net assets

4.82%

4.65%

^[6]

Investment, Identifier [Axis]: Real Estate Services, Debt Securities

Investments [Abstract]

Principal amount

^[12]

$ 1,083,000

Amortized cost

840,000

Fair value

^[1]

$ 971,000

Percentage of net assets

1.15%

Investment, Identifier [Axis]: Real Estate Services, Equity Securities

Investments [Abstract]

Amortized cost

$ 743,000

Fair value

$ 781,000

Percentage of net assets

0.92%

Investment, Identifier [Axis]: STIIIZY, Inc. Senior Secured First Lien Term Loan Due 5/26/2026 Variable Interest Rate Prime Spread 8.5% Prime Floor 4.0% PIK 1.0%

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[4],[6]

ssic:ShryneGroupIncMember

^[5]

ssic:ShryneGroupIncMember

Investment, Type [Extensible Enumeration]

ssic:SeniorSecuredFirstLienTermLoanMember

^[7]

ssic:SeniorSecuredFirstLienTermLoanMember

^[6],[8]

Investment, Significant Unobservable Input [true false]

true

Investment date

^[9]

May 26, 2022

^[6]

Maturity date

May 26, 2026

^[6]

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

^[10]

Significant Unobservable Inputs (Level 3) [Member]

^[6]

Investment, Issuer Geographic Region [Extensible Enumeration]

^[11]

West [Member]

^[6]

Principal amount

^[12]

$ 21,170,000

$ 21,065,000

^[6]

Amortized cost

20,872,000

20,682,000

^[6]

Fair value

^[1]

$ 21,070,000

$ 20,749,000

^[6]

Percentage of net assets

25.01%

24.25%

^[6]

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]

^[3]

Quoted Prices in Active Markets for Identical Assets (Level 1) Member

^[2]

Quoted Prices in Active Markets for Identical Assets (Level 1) Member

Amortized cost

$ 34,004,000

^[2]

$ 32,612,000

Fair value

^[1]

$ 34,004,000

^[2]

$ 32,612,000

Percentage of net assets

40.36%

^[2]

38.12%

^[3]

Investment, Identifier [Axis]: Verano Holdings Corp. Senior Secured First Lien Term Loan Due 10/30/2026 Variable Interest Rate Prime Spread 6.5% Prime Floor 6.25%

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

^[4],[6]

ssic:VeranoHoldingsCorpMember

^[5]

ssic:VeranoHoldingsCorpMember

Investment, Type [Extensible Enumeration]

ssic:SeniorSecuredFirstLienTermLoanMember

^[7]

ssic:SeniorSecuredFirstLienTermLoanMember

^[6],[8]

Investment, Significant Unobservable Input [true false]

true

Investment date

^[9]

Oct. 27, 2022

^[6]

Maturity date

Oct. 30, 2026

^[6]

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

^[10]

Significant Unobservable Inputs (Level 3) [Member]

^[6]

Investment, Issuer Geographic Region [Extensible Enumeration]

^[11]

Midwest [Member]

^[6]

Principal amount

^[12]

$ 17,811,000

$ 20,937,000

^[6]

Amortized cost

17,466,000

20,462,000

^[6]

Fair value

^[1]

$ 17,989,000

$ 20,937,000

^[6]

Percentage of net assets

21.35%

24.47%

^[6]

Investment, Identifier [Axis]: Wholesale Trade Debt Securities

Investments [Abstract]

Principal amount

^[12]

$ 52,051,000

$ 55,072,000

Amortized cost

50,800,000

53,471,000

Fair value

^[1]

$ 51,646,000

$ 54,120,000

Percentage of net assets

61.30%

63.26%

Investment, Identifier [Axis]: Workbox Holdings, Inc. Senior Secured First Lien Term Loan Due 5/31/2029 Fixed Interest Rate 6.0% PIK 6.0%

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

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

ssic:WorkboxHoldingsIncMember

Investment, Type [Extensible Enumeration]

^[7]

ssic:SeniorSecuredFirstLienTermLoanMember

Investment date

^[9]

May 20, 2024

Maturity date

May 31, 2029

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

^[10]

Significant Unobservable Inputs (Level 3) [Member]

Investment, Issuer Geographic Region [Extensible Enumeration]

^[11]

Midwest [Member]

Principal amount

^[12]

$ 1,083,000

Amortized cost

840,000

Fair value

^[1]

$ 971,000

Percentage of net assets

1.15%

Total delayed draw loan commitments

$ 1,750,000

Less: funded commitments

Total unfunded commitments

1,750,000

Less: commitments substantially at discretion of the Company

Less: unavailable commitments due to borrowing base or other covenant restrictions

Total net delayed draw commitments

$ 1,750,000

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

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

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

ssic:WorkboxHoldingsIncMember

Investment, Type [Extensible Enumeration]

us-gaap:EquityMember

Investment date

May 20, 2024

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

Significant Unobservable Inputs (Level 3) [Member]

Investment, Issuer Geographic Region [Extensible Enumeration]

Midwest [Member]

Investment owned shares (in shares)

358,950

Amortized cost

$ 500,000

Fair value

$ 500,000

Percentage of net assets

0.59%

Investment, Identifier [Axis]: Workbox Holdings, Inc. Series A-3 Preferred Stock Warrant

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

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

ssic:WorkboxHoldingsIncMember

Investment, Type [Extensible Enumeration]

ssic:WarrantsA3Member

Investment date

May 20, 2024

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

Significant Unobservable Inputs (Level 3) [Member]

Investment, Issuer Geographic Region [Extensible Enumeration]

Midwest [Member]

Investment owned shares (in shares)

791,258

Amortized cost

$ 97,000

Fair value

$ 112,000

Percentage of net assets

0.13%

Investment, Identifier [Axis]: Workbox Holdings, Inc. Series A-4 Preferred Stock Warrant

Investments [Abstract]

Investment, Issuer Name [Extensible Enumeration]

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

ssic:WorkboxHoldingsIncMember

Investment, Type [Extensible Enumeration]

ssic:WarrantsA4Member

Investment date

May 20, 2024

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

Significant Unobservable Inputs (Level 3) [Member]

Investment, Issuer Geographic Region [Extensible Enumeration]

Midwest [Member]

Investment owned shares (in shares)

1,191,769

Amortized cost

$ 146,000

Fair value

$ 169,000

Percentage of net assets

0.20%

[1]	All investments were valued at fair value. See Note 4 — Fair Value of Financial Instruments in the accompanying notes to the financial statements.
[2]	The annualized seven-day yield as of June 30, 2024 is 5.25%.
[3]	The annualized seven-day yield as of December 31, 2023 is 5.32%.
[4]	All portfolio companies are located in the United States, as determined by the location of the portfolio company’s headquarters.
[5]	As of June 30, 2024, the Company had the following commitment to fund a delayed draw senior secured loan. Such commitment is subject to the satisfaction of certain conditions set forth in the documents governing the loan and there can be no assurance that such conditions will be satisfied.
[6]	The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies.
[7]	No debt investment is non-income producing as of June 30, 2024. All equity and warrant investments are non-income producing as of June 30, 2024 unless otherwise noted.
[8]	No debt investment is non-income producing as of December 31, 2023.
[9]	Investment date represents the date of initial investment, at which date interest began accruing.
[10]	See Note 2 – Significant Accounting Policies and Note 4 — Fair Value of Financial Instruments in the accompanying notes to the financial statements.
[11]	Geographic regions are determined by the respective portfolio company’s headquarters’ location.
[12]	Principal is net of repayments, if any, as per the terms of the debt instrument’s contract.
[13]	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, 2024 the aggregate fair value of non-qualifying assets is $22,197 or 24.64% of the Company’s total assets.

SIGNIFICANT ACCOUNTING POLICIES, Cash and Cash Equivalents (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 34,003,851	$ 32,611,635
State Street Institutional U.S. Government Money Market Fund [Member]
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 34,000,000	$ 32,610,000

PROPOSED LOAN PORTFOLIO ACQUISITION	6 Months Ended
PROPOSED LOAN PORTFOLIO ACQUISITION	Jun. 30, 2024
PROPOSED LOAN PORTFOLIO ACQUISITION [Abstract]
PROPOSED LOAN PORTFOLIO ACQUISITION	NOTE 12 — PROPOSED LOAN PORTFOLIO ACQUISITION Overview On February 18, 2024, the Company entered into a Purchase Agreement (the “Loan Portfolio Acquisition Agreement”) with Chicago Atlantic Loan Portfolio, LLC, a Delaware limited liability company (“CALP”). The Loan Portfolio Acquisition Agreement provides that, subject to the conditions set forth in the Loan Portfolio Acquisition Agreement, at the closing of the transactions contemplated by the Loan Portfolio Acquisition Agreement (the “Closing”, and the date on which the Closing occurs, the “Closing Date”), the Company will issue to CALP shares of the Company’s common stock (the “Stock Issuance”) in consideration for acquiring a portfolio of loans (the “Loan Portfolio” and together with the Stock Issuance, the “Loan Portfolio Acquisition”) from CALP (the “Loan Purchase” and together with the Stock Issuance, the “Transactions”). The Board, on the recommendation of a special committee (the “Special Committee”) comprised solely of all of the independent directors of the Company, has approved the Loan Portfolio Acquisition Agreement and the Transactions contemplated thereby. As of January 1, 2024, the Loan Portfolio comprised 24 loans with an aggregate value of approximately $130 million. CALP has agreed to use reasonable best efforts to add 4 loans with an aggregate value of approximately $43 million to the Loan Portfolio prior to the Closing. The Company and CALP may also agree to the addition of other loans to the Loan Portfolio prior to the Closing. The inclusion and/or addition of certain loans to the Loan Portfolio requires third-party consents, and/or such loans may need to be acquired by CALP, and there can be no assurance that any additional loans will be added to the Loan Portfolio prior to the Closing. Certain loans may also be removed from the Loan Portfolio upon the agreement of the Company and CALP, if required third-party consents are not obtained, or upon the repayment of the loans. The Transactions; Valuations At the Closing, (x) CALP shall sell and transfer to the Company, and the Company shall purchase and acquire from CALP, the Loan Portfolio, including all of CALP’s right, title and interest in, to and under each loan in the Loan Portfolio, the loan documents, collateral and files relating to each loan in the Loan Portfolio, and all amounts received by CALP after the Closing Cut-off Time (as defined below) arising under or in connection with each such loan (the “Contributed Investment Assets”), and (y) the Company shall issue and sell to CALP, and CALP shall purchase and acquire from the Company, such number of newly issued shares of the Company’s common stock (the “Purchased Shares”) equal to (i) the fair value of the Contributed Investment Assets (the “Contributed Investment Assets Fair Value”) as of the Closing Cut-off Time, divided by (ii) the SSIC NAV Per Share. The “SSIC NAV Per Share” means the SSIC NAV (as defined below) divided by the number of outstanding shares of the Company’s common stock as of the Closing Cut-off Time. Promptly, and within twenty-four (24) hours following 5:00 p.m. Central time on the second day (excluding Sundays and holidays) immediately prior to the Closing Date (the “Closing Cut-off Time”), the Company will deliver to CALP a calculation of the net asset value of the Company (the “SSIC NAV”) and the Contributed Investment Assets Fair Value as of the Closing Cut-off Time, in each case using the valuation policies and procedures of the Company (the “Calculation Notice”). To the extent that CALP does not agree with the calculation of the SSIC NAV or the Contributed Investment Assets Fair Value presented by the Company and set forth in the Calculation Notice, the parties shall negotiate in good faith to agree upon the calculation of the SSIC NAV or the Contributed Investment Assets Fair Value, as the case may be, prior to Closing. Closing Conditions Consummation of the Transactions is subject to certain closing conditions, including (1) requisite approvals of the Company’s stockholders, (2) finalization of the Contributed Investment Assets Fair Value and SSIC NAV calculations, (3) the absence of certain legal impediments or challenges to the consummation of the Transactions by a governmental entity, (4) the effectiveness of a registration statement registering the issuance of the new shares of the Company’s common stock and the listing of the new shares of the Company’s common stock on the NASDAQ Global Market, (5) the Purchased Shares, after giving effect to the Stock Issuance, would collectively constitute at least 65%, but no more than 75%, of the total issued and outstanding shares of the Company’s common stock, (6) the absence of a “material adverse effect” on the applicable party (or the Adviser) and (7) subject to certain exceptions, the accuracy of the representations, warranties and other factual statements and compliance with the covenants set forth in the Loan Portfolio Acquisition Agreement. No-Solicitation The Loan Portfolio Acquisition Agreement provides that the Company must immediately terminate any existing discussions and negotiations regarding any competing proposals and may not solicit competing proposals, or, subject to certain exceptions, enter into discussions or negotiations or provide information in connection with any competing proposal. However, the Board may, subject to certain conditions (including engaging in negotiations with CALP, if CALP wishes to negotiate), change its recommendation to the stockholders of the Company and, subject to payment by the Company of a termination fee in an amount of $6,046,613 (the “Termination Fee”), terminate the Loan Portfolio Acquisition Agreement to enter into a definitive agreement with respect to a superior proposal if the Board (acting on the recommendation of the Special Committee) determines in good faith, after consultation with its outside financial advisor and outside legal counsel that the failure to take such action would be reasonably likely to constitute a breach of the standard of conduct applicable to the directors of the Company under applicable law (taking into account, among other factors, any changes to the Loan Portfolio Acquisition Agreement proposed by CALP). Termination; Termination Fees The Loan Portfolio Acquisition Agreement contains certain reciprocal termination rights for both parties, including if the Transactions are not consummated on or before November 18, 2024 or if the requisite approvals of the Company stockholders are not obtained. In addition, the Loan Portfolio Acquisition Agreement contains certain termination rights for the Company and CALP, including the right of the Company to terminate the Agreement in order for the Company to enter into a definitive agreement with respect to a superior proposal, subject to complying with certain requirements and the payment by the Company to CALP of the Termination Fee. CALP also has a right to terminate the Loan Portfolio Acquisition Agreement in the event the Board changes its recommendation to the stockholders of the Company (subject to payment of the Termination Fee) or in the event the Company or the Board materially breaches their respective nonsolicitation obligations (subject to payment of the Termination Fee in certain circumstances). The Termination Fee is also payable in the event of certain other terminations when a competing proposal has been made public (or was otherwise known to the Board) and was not withdrawn prior to termination and a definitive agreement is entered into a competing proposal or a competing proposal is consummated within twelve months after such termination. Representations, Warranties and Covenants The Loan Portfolio Acquisition Agreement contains customary representations and warranties by each of the Company and CALP and certain statements regarding the Adviser. The Loan Portfolio Acquisition Agreement also contains customary covenants, including, among others, covenants relating to the operation of each of the Company’s and CALP’s businesses during the period prior to Closing. The Company has agreed to convene and hold a stockholder meeting for the purpose of obtaining the approvals required of its stockholders and has agreed that the Board will, subject to certain exceptions, recommend that the Company stockholders approve the applicable proposals in connection with the Transactions. Indemnification Subject to the terms of the Loan Portfolio Acquisition Agreement, CALP will indemnify the Company for damages, losses, liabilities and expenses suffered by the Company arising out of any inaccuracy, misrepresentation or breach of certain representations of CALP with respect to the Contributed Investment Assets, subject to certain per-claim and aggregate deductibles. CALP’s maximum liability with respect to claims of indemnification by the Company will not exceed the value of such number of Purchased Shares (the “Holdback Shares”) equal to the lesser of: (x) the quotient of (i) $10,000,000 divided by (ii) the SSIC NAV Per Share or (y) 3% of the total issued and outstanding shares of the Company’s common stock after giving effect to the Stock Issuance. From the time of the issuance of the Holdback Shares until the six month anniversary of the Closing Date (the “Holdback Release Date”), CALP will not be allowed to sell, transfer, distribute, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, any Holdback Shares (the “Transfer Restrictions”). Upon the Holdback Release Date, the Holdback Shares that are not subject to pending claims will cease to be subject to the Transfer Restrictions. Expenses All fees and expenses incurred in connection with the Transactions will be borne by the party incurring such fees or expenses except that transfer and similar taxes incurred in connection with the consummation of the Transactions will be borne by the Company. Voting Agreement On February 18, 2024, CALP, SSC, Silver Spike Holdings, LP (“Silver Spike Holdings”), the managing member of SSC, and Scott Gordon, managing member of the general partner of Silver Spike Holdings, entered into a Voting Agreement (the “Voting Agreement”), pursuant to which, among other things, SSC has agreed (i) to vote all shares of the Company’s common stock beneficially owned by SSC in favor of the Transactions, (ii) to vote against any competing proposal or a superior proposal and (iii) not enter into any contract, option or other arrangement or understanding with respect to the transfer of any shares of the Company’s common stock beneficially owned by SSC, other than certain customary exceptions. The Voting Agreement will terminate upon the earliest to occur of: (i) the mutual consent of CALP and SSC, (ii) the termination of the Loan Portfolio Acquisition Agreement in accordance with its terms or (iii) the Closing. SSC has also the right to terminate the Voting Agreement if the Loan Portfolio Acquisition Agreement is amended in a manner materially averse to SSC without SSC’s consent. General The foregoing description of the Loan Portfolio Acquisition Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Loan Portfolio Acquisition Agreement. The representations, warranties, covenants and agreements contained in the Loan Portfolio Acquisition Agreement were made only for purposes of the Loan Portfolio Acquisition Agreement and as of specific dates; were solely for the benefit of the parties to the Loan Portfolio Acquisition Agreement (except as may be expressly set forth in the Loan Portfolio Acquisition Agreement); may be subject to limitations agreed upon by the parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between the parties to the Loan Portfolio Acquisition Agreement instead of establishing these matters as facts; and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Investors and security holders should not rely on such representations, warranties, covenants or agreements, or any descriptions thereof, as characterizations of the actual state of facts or condition of any of the parties to the Loan Portfolio Acquisition Agreement or any of their respective subsidiaries or affiliates. Moreover, information concerning the subject matter of the representations, warranties, covenants and agreements may change after the date of the Loan Portfolio Acquisition Agreement, which subsequent information may or may not be fully reflected in public disclosures by the parties to the Loan Portfolio Acquisition Agreement.

FAIR VALUE OF FINANCIAL INSTRUMENTS, Investments Measured at Fair Value (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Assets [Abstract]
Fair value	$ 53,398,164	$ 54,120,000
Senior Secured First Lien Term Loans [Member]
Assets [Abstract]
Fair value	44,350,164	46,006,000
Senior Secured Notes [Member]
Assets [Abstract]
Fair value	8,267,000	8,114,000
Equity Securities [Member]
Assets [Abstract]
Fair value	781,000
Recurring [Member]
Assets [Abstract]
Fair value	53,398,164	54,120,000
Recurring [Member] \| Senior Secured First Lien Term Loans [Member]
Assets [Abstract]
Fair value	44,350,164	46,006,000
Recurring [Member] \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	8,267,000	8,114,000
Recurring [Member] \| Equity Securities [Member]
Assets [Abstract]
Fair value	781,000
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) Member
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) Member \| Senior Secured First Lien Term Loans [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) Member \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) Member \| Equity Securities [Member]
Assets [Abstract]
Fair value	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Senior Secured First Lien Term Loans [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Equity Securities [Member]
Assets [Abstract]
Fair value	0
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Fair value	53,398,164	54,120,000
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Senior Secured First Lien Term Loans [Member]
Assets [Abstract]
Fair value	44,350,164	46,006,000
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	8,267,000	$ 8,114,000
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Equity Securities [Member]
Assets [Abstract]
Fair value	$ 781,000

- Definition

Fair value of investment in security owned.

+ References

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

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

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 1
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)(1)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/exampleRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SIGNIFICANT ACCOUNTING POLICIES, Transaction Expenses Related to Loan Portfolio Acquisition (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Transaction Expenses [Abstract]
Transaction expenses	$ 533,019	$ 0	$ 2,639,069	$ 0
Transaction fees payable	2,506,784		2,506,784		$ 711,264
Loan Portfolio Acquisition [Member]
Transaction Expenses [Abstract]
Transaction expenses related to legal costs	3,350,333		3,350,333		711,264
Transaction expenses	533,019	$ 0	2,639,069	$ 0
Transaction fees payable	$ 2,506,784		$ 2,506,784		$ 711,264

SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Percentage of taxable income and gain planned to be distributed by company			90.00%
Minimum percentage of ordinary income			98.00%
Minimum percentage of capital gains			98.20%
Federal excise tax rate based on distribution requirements			4.00%
Excise tax expense	$ 0	$ 0	$ 0	$ 0
Overpaid excise taxes	19,913		19,913		$ 0
Accrued exercise taxes payable	0		0		10,655
Uncertain tax positions	$ 0		$ 0		$ 0
Minimum [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Percentage of taxable income and gain planned to be distributed by company			90.00%

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		6 Months Ended
EARNINGS PER SHARE (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net Increase (Decrease) in Net Assets Per Share [Abstract]
Net increase (decrease) in net assets resulting from operations	$ 1,292,861	$ 1,211,404	$ 1,812,672	$ 3,568,484
Weighted Average Shares Outstanding - basic (in shares)	6,214,949	6,214,672	6,214,945	6,214,672
Weighted Average Shares Outstanding - diluted (in shares)	6,214,949	6,214,672	6,214,945	6,214,672
Net increase (decrease) in net assets resulting from operations per share - basic (in dollars per share)	$ 0.21	$ 0.19	$ 0.29	$ 0.57
Net increase (decrease) in net assets resulting from operations per share - diluted (in dollars per share)	$ 0.21	$ 0.19	$ 0.29	$ 0.57

- Definition

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

+ References

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

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 52
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482635/260-10-55-52

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

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482635/260-10-55-15

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
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-Subparagraph (e)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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

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