0001140361-22-000135 | S-11 | XBRL Viewer

31,837,031

^[3],[4],[5]

3,348,263

Loans held for investment at carrying value and loan receivable at carrying value, net of current expected credit loss reserve

(404,860)

34,780,434

Cash and cash equivalents

9,623,820

Interest receivable

927,292

Prepaid expenses and other assets

72,095

Total assets

93,961,692

Liabilities

Interest reserve

1,325,750

Due to affiliate

Dividends payable

Accounts payable and other liabilities

154,895

Accrued direct administrative expenses

60,537

Accrued management fees

222,127

550,671

Accounts payable and other liabilities

215,432

Total liabilities

2,313,980

Stockholders' Equity

Preferred stock, par value $0.01 per share, 10,000 shares authorized at December 31, 2020 and 125 shares issued and outstanding at December 31, 2020

Common stock, par value $0.01 per share, 15,000,000 shares authorized at December 31, 2020 and 6,179,392 shares issued and outstanding at December 31, 2020

61,794

Additional paid-in-capital

91,068,197

Accumulated earnings

517,720

Total stockholders' equity

91,647,712

Total liabilities and stockholders' equity

$ 93,961,692

[1]	Refer to Footnote 14
[2]	Refer to Note 14 to our unaudited consolidated financial statements.
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.
[5]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs

Balance Sheet (FY) (Parenthetical) - USD ($)

Sep. 30, 2021

Dec. 31, 2020

Assets

Loans held for investment at cost

^[2]

$ 73,934,116

^[1]

$ 46,994,711

^[3],[4]

Shareholders' Equity

Preferred stock, par value (in dollars per share)

$ 0.01

Preferred stock, shares authorized (in shares)

10,000

Preferred stock, shares issued (in shares)

125

Preferred stock, shares outstanding (in shares)

125

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

25,000,000

15,000,000

Common stock, shares issued (in shares)

16,442,812

6,179,392

Common stock, shares outstanding (in shares)

16,442,812

6,179,392

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs

Statement of Operations (FY) - USD ($)

2 Months Ended

3 Months Ended

5 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2021

Dec. 31, 2020

Sep. 30, 2021

Revenue

Interest Income

$ 1,594,769

$ 10,616,538

$ 5,250,108

$ 24,050,062

Total revenue

1,594,769

10,616,538

$ 3,655,339

5,250,108

24,050,062

Expenses

Management fees, net (less rebate of $259,167)

142,067

2,542,936

364,194

5,498,469

General and administrative expense

204,262

858,663

785,016

2,028,046

Organizational expenses

616,190

Stock-based compensation

51,429

1,662,001

Professional fees

89,800

396,147

614,019

726,194

Total expenses

1,052,319

3,849,175

1,327,100

2,379,419

9,914,710

Realized gains / (losses) on loans at fair value, net

(660,612)

(465,397)

(1,372,498)

400,000

345,000

400,000

Change in unrealized gains / (losses) on loans at fair value, net

1,563,800

1,423,929

(460)

1,563,340

796,368

Net income before income taxes

2,106,250

7,930,680

4,313,632

13,959,222

Income tax expense

Net income

$ 2,106,250

$ 7,930,680

$ 2,207,382

$ 4,313,632

$ 13,959,222

Earnings per common share:

Basic earnings per common share (in dollars per share)

$ 0.39

^[1]

$ 0.48

$ 0.37

^[1]

$ 0.76

$ 1.13

Weighted average number of common shares outstanding:

Basic weighted average shares of common stock outstanding (in shares)

5,376,411

16,402,984

5,908,822

5,694,475

12,368,977

[1]

The sum of per share amounts for the period from July 31, 2020 to September 30, 2020 and the quarter ended December 31, 2020 may differ from the annual per share amounts due to the required method of computing weighted-average number of common shares outstanding in the respective periods and share offerings that occurred during the year.

Statement of Operations (FY) (Parenthetical) - USD ($)	2 Months Ended	3 Months Ended	5 Months Ended	9 Months Ended
Statement of Operations (FY) (Parenthetical) - USD ($)	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Expenses
Management fee, net rebate	$ 84,167	$ 256,989	$ 259,167	$ 677,439

Statement of Stockholders' Equity (FY) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In-Capital [Member]	Accumulated Earnings [Member]	Total
Balance at Jul. 30, 2020	$ 0	$ 0	$ 0	$ 0	$ 0
Balance (in shares) at Jul. 30, 2020		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 53,764	78,695,168	0	78,748,932
Issuance of common stock, net of offering cost (in shares)		5,376,411
Net income	0	$ 0	0	2,106,250	2,106,250
Balance at Sep. 30, 2020	0	$ 53,764	78,695,168	2,106,250	80,855,182
Balance (in shares) at Sep. 30, 2020		5,376,411
Balance at Jul. 30, 2020	0	$ 0	0	0	0
Balance (in shares) at Jul. 30, 2020		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 61,794	90,967,139	0	91,028,933
Issuance of common stock, net of offering cost (in shares)		6,179,392
Issuance of preferred stock, net of offering cost	1	$ 0	101,058	0	101,059
Issuance of preferred stock, net of offering cost (in shares)		0
Dividends declared and paid on common shares ($0.61 per share)	0	$ 0	0	(3,795,912)	(3,795,912)
Net income	0	0	0	4,313,632	4,313,632
Balance at Dec. 31, 2020	1	$ 61,794	91,068,197	517,720	91,647,712
Balance (in shares) at Dec. 31, 2020		6,179,392
Balance at Sep. 30, 2020	0	$ 53,764	78,695,168	2,106,250	80,855,182
Balance (in shares) at Sep. 30, 2020		5,376,411
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					2,207,382
Balance at Dec. 31, 2020	1	$ 61,794	91,068,197	517,720	91,647,712
Balance (in shares) at Dec. 31, 2020		6,179,392
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 102,072	181,418,125	0	181,520,197
Issuance of common stock, net of offering cost (in shares)		10,263,420
Dividends declared and paid on common shares ($0.61 per share)	0	$ 0	0	(14,374,688)	(14,374,688)
Net income	0	0	0	13,959,222	13,959,222
Balance at Sep. 30, 2021	1	$ 163,866	274,148,323	94,754	274,406,944
Balance (in shares) at Sep. 30, 2021		16,442,812
Balance at Jun. 30, 2021	1	$ 161,169	269,061,069	(765,517)	268,456,722
Balance (in shares) at Jun. 30, 2021		16,116,877
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 2,697	5,035,825	0	5,038,522
Issuance of common stock, net of offering cost (in shares)		269,650
Dividends declared and paid on common shares ($0.61 per share)	0	$ 0	0	(7,070,409)	(7,070,409)
Net income	0	0	0	7,930,680	7,930,680
Balance at Sep. 30, 2021	$ 1	$ 163,866	$ 274,148,323	$ 94,754	$ 274,406,944
Balance (in shares) at Sep. 30, 2021		16,442,812

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

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Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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Loans held for investment at fair value (cost of $73,934,116 and $46,994,711 at September 30, 2021 and December 31, 2020, respectively, net)

Statement of Stockholders' Equity (FY) (Parenthetical) - $ / shares	3 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared and paid on common shares (in dollars per share)	$ 0.43	$ 0.61	$ 1.17

Statement of Cash Flows (FY) - USD ($)	2 Months Ended	5 Months Ended	9 Months Ended
Statement of Cash Flows (FY) - USD ($)	Sep. 30, 2020	Dec. 31, 2020	Sep. 30, 2021
Operating activities:
Net income	$ 2,106,250	$ 4,313,632	$ 13,959,222
Adjustments to reconcile net income / (loss) to net cash provided by / (used in) operating activities:
Provision for current expected credit losses	0	465,397	1,372,498
Realized gain on sale of loans at fair value	0	(345,000)	(400,000)
Change in unrealized gains / (losses) on loans at fair value, net	(1,563,800)	(1,563,340)	(796,368)
Accretion of deferred loan original issue discount and other discounts	(173,110)	(783,481)	(4,038,816)
Stock-based compensation	0		1,662,001
PIK interest	(79,707)	(422,408)	(2,787,847)
Changes in operating assets and liabilities:
Interest reserve	0	(74,250)	(2,521,923)
Interest receivable	(783,673)	(927,292)	(1,507,427)
Prepaid expenses and other assets	(25,029)	(72,095)	(319,140)
Accrued management fees, net	142,067	222,127	2,320,808
Accrued direct administrative expenses	202,534	550,671	296,040
Accounts payable and other liabilities	118,040	154,895	366,696
Net cash provided by / (used in) operating activities	(56,428)	1,518,856	7,605,744
Cash flows from investing activities:
Issuance of and fundings on loans	(780,000)	(46,769,285)	(156,345,116)
Proceeds from sales of Assigned Rights	0	1,649,468	2,313,130
Principal repayment of loans	137,340	5,348,542	22,168,395
Proceeds from sales of loans	0	7,345,000	10,400,000
Net cash provided by / (used in) investing activities	(642,660)	(32,426,275)	(121,463,591)
Cash flows from financing activities:
Payment of offering costs	0		(3,981,098)
Issuance of common stock	31,946,092	44,226,092	185,501,295
Issuance of preferred stock		101,059
Dividends paid	0	(3,795,912)	(7,311,779)
Net cash provided by / (used in) financing activities	31,946,092	40,531,239	174,208,418
Change in cash, cash equivalents and restricted cash	31,247,004	9,623,820	60,350,571
Cash, cash equivalents and restricted cash, beginning of period	0	0	9,623,820
Cash, cash equivalents and restricted cash, end of period	31,247,004	9,623,820	69,974,391
Supplemental disclosure of non-cash financing and investing activity:
Loans acquired for issuance of shares of common stock	46,802,840	46,802,841	0
Interest reserve withheld from funding of loan	1,400,000	1,400,000	9,450,468
Supplemental information:
Interest paid during the period	0	0	0
Income taxes paid during the period	$ 0	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS (Q3) - USD ($)

Sep. 30, 2021

Dec. 31, 2020

Assets

^[1]

$ 76,293,824

$ 48,558,051

^[2]

^[3]

153,161,781

^[4]

31,837,031

^[5],[6]

2,774,455

3,348,263

Loans held for investment at carrying value and loan receivable at carrying value, net of current expected credit loss reserve

(1,145,629)

(404,860)

154,790,607

34,780,434

Cash and cash equivalents

69,974,391

9,623,820

Interest receivable

2,434,719

927,292

Prepaid expenses and other assets

391,235

72,095

Total assets

303,884,776

93,961,692

Liabilities

Interest reserve

8,254,295

1,325,750

Due to affiliate

9,550,625

Dividends payable

7,070,409

Accrued management and incentive fees

692,266

60,537

2,542,935

222,127

Accrued direct administrative expenses

846,711

550,671

Accounts payable and other liabilities

520,591

154,895

Total liabilities

29,477,832

2,313,980

Commitments and contingencies (Note 10)

Stockholders' Equity

Preferred stock, par value $0.01 per share, 10,000 shares authorized at September 30, 2021 and December 31, 2020 and 125 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

Common stock, par value $0.01 per share, 25,000,000 and 15,000,000 shares authorized at September 30, 2021 and December 31, 2020, respectively, and 16,442,812 and 6,179,392 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

163,866

61,794

Additional paid-in-capital

274,148,323

91,068,197

Accumulated earnings

94,754

517,720

Total stockholders' equity

274,406,944

91,647,712

Total liabilities and stockholders' equity

$ 303,884,776

$ 93,961,692

[1]	Refer to Note 14 to our unaudited consolidated financial statements.
[2]	Refer to Footnote 14
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[5]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[6]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs

CONSOLIDATED BALANCE SHEETS (Q3) (Parenthetical) - USD ($)

Sep. 30, 2021

Dec. 31, 2020

Assets [Abstract]

Loans held for investment at cost

^[2]

$ 73,934,116

^[1]

$ 46,994,711

^[3],[4]

Shareholders' Equity

Preferred stock, par value (in dollars per share)

$ 0.01

Preferred stock, shares authorized (in shares)

10,000

Preferred stock, shares issued (in shares)

125

Preferred stock, shares outstanding (in shares)

125

Common stock, par value (in dollars per share)

$ 0.01

Common stock, shares authorized (in shares)

25,000,000

15,000,000

Common stock, shares issued (in shares)

16,442,812

6,179,392

Common stock, shares outstanding (in shares)

16,442,812

6,179,392

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs

CONSOLIDATED STATEMENTS OF OPERATIONS (Q3) - USD ($)

2 Months Ended

3 Months Ended

5 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2021

Dec. 31, 2020

Sep. 30, 2021

Revenue

Interest income

$ 1,594,769

$ 10,616,538

$ 5,250,108

$ 24,050,062

Total revenue

1,594,769

10,616,538

$ 3,655,339

5,250,108

24,050,062

Expenses

Management and incentive fees, net (less rebate of $256,989, $84,167, $677,439 and $84,167, respectively)

142,067

2,542,936

364,194

5,498,469

General and administrative expenses

204,262

858,663

785,016

2,028,046

Organizational expenses

616,190

Stock-based compensation

51,429

1,662,001

Professional fees

89,800

396,147

614,019

726,194

Total expenses

1,052,319

3,849,175

1,327,100

2,379,419

9,914,710

Realized gains / (losses) on loans at fair value, net

(660,612)

(465,397)

(1,372,498)

400,000

345,000

400,000

Change in unrealized gains / (losses) on loans at fair value, net

1,563,800

1,423,929

(460)

1,563,340

796,368

Net income before income taxes

2,106,250

7,930,680

4,313,632

13,959,222

Income tax expense

Net income

$ 2,106,250

$ 7,930,680

$ 2,207,382

$ 4,313,632

$ 13,959,222

Earnings per common share:

Basic earnings per common share (in dollars per share)

$ 0.39

^[1]

$ 0.48

$ 0.37

^[1]

$ 0.76

$ 1.13

Diluted earnings per common share (in dollars per share)

$ 0.39

$ 0.47

$ 1.10

Weighted average number of common shares outstanding:

Basic weighted average shares of common stock outstanding (in shares)

5,376,411

16,402,984

5,908,822

5,694,475

12,368,977

Diluted weighted average shares of common stock outstanding (in shares)

5,376,411

16,776,648

12,742,641

[1]

CONSOLIDATED STATEMENTS OF OPERATIONS (Q3) (Parenthetical) - USD ($)	2 Months Ended	3 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Expenses
Management and incentive fees, net rebate	$ 84,167	$ 256,989	$ 259,167	$ 677,439

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Q3) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In-Capital [Member]	Accumulated Earnings (Deficit) [Member]	Total
Balance at Jul. 30, 2020	$ 0	$ 0	$ 0	$ 0	$ 0
Balance (in shares) at Jul. 30, 2020		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 53,764	78,695,168	0	78,748,932
Issuance of common stock, net of offering cost (in shares)		5,376,411
Net income	0	$ 0	0	2,106,250	2,106,250
Balance at Sep. 30, 2020	0	$ 53,764	78,695,168	2,106,250	80,855,182
Balance (in shares) at Sep. 30, 2020		5,376,411
Balance at Jul. 30, 2020	0	$ 0	0	0	0
Balance (in shares) at Jul. 30, 2020		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 61,794	90,967,139	0	91,028,933
Issuance of common stock, net of offering cost (in shares)		6,179,392
Dividends declared on common shares	0	$ 0	0	(3,795,912)	(3,795,912)
Net income	0	0	0	4,313,632	4,313,632
Balance at Dec. 31, 2020	1	$ 61,794	91,068,197	517,720	91,647,712
Balance (in shares) at Dec. 31, 2020		6,179,392
Balance at Sep. 30, 2020	0	$ 53,764	78,695,168	2,106,250	80,855,182
Balance (in shares) at Sep. 30, 2020		5,376,411
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income					2,207,382
Balance at Dec. 31, 2020	1	$ 61,794	91,068,197	517,720	91,647,712
Balance (in shares) at Dec. 31, 2020		6,179,392
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 102,072	181,418,125	0	181,520,197
Issuance of common stock, net of offering cost (in shares)		10,263,420
Stock-based compensation	0	$ 0	1,662,001	0	1,662,001
Dividends declared on common shares	0	0	0	(14,374,688)	(14,374,688)
Dividends declared on preferred shares	0	0	0	(7,500)	(7,500)
Net income	0	0	0	13,959,222	13,959,222
Balance at Sep. 30, 2021	1	$ 163,866	274,148,323	94,754	274,406,944
Balance (in shares) at Sep. 30, 2021		16,442,812
Balance at Jun. 30, 2021	1	$ 161,169	269,061,069	(765,517)	268,456,722
Balance (in shares) at Jun. 30, 2021		16,116,877
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering cost	0	$ 2,697	5,035,825	0	5,038,522
Issuance of common stock, net of offering cost (in shares)		269,650
Stock-based compensation	0	$ 0	51,429	0	51,429
Stock-based compensation (in shares)		56,285
Dividends declared on common shares	0	$ 0	0	(7,070,409)	(7,070,409)
Dividends declared on preferred shares	0	0	0	0	0
Net income	0	0	0	7,930,680	7,930,680
Balance at Sep. 30, 2021	$ 1	$ 163,866	$ 274,148,323	$ 94,754	$ 274,406,944
Balance (in shares) at Sep. 30, 2021		16,442,812

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Q3) (Parenthetical) - $ / shares	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared and paid on common shares (in dollars per share)	$ 0.43	$ 1.17
Dividends declared and paid on preferred shares (in dollars per share)	$ 60	$ 60

CONSOLIDATED STATEMENTS OF CASH FLOWS (Q3) - USD ($)	2 Months Ended	9 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (Q3) - USD ($)	Sep. 30, 2020	Sep. 30, 2021
Operating activities:
Net income	$ 2,106,250	$ 13,959,222
Adjustments to reconcile net income to net cash provided by / (used in) operating activities:
Provision for current expected credit losses	0	1,372,498
Realized gain on sale of loans	0	(400,000)
Change in unrealized (gains) / losses on loans at fair value, net	(1,563,800)	(796,368)
Accretion of deferred loan original issue discount and other discounts	(173,110)	(4,038,816)
Stock-based compensation	0	1,662,001
PIK interest	(79,707)	(2,787,847)
Changes in operating assets and liabilities
Interest reserve	0	(2,521,923)
Interest receivable	(783,673)	(1,507,427)
Prepaid expenses and other assets	(25,029)	(319,140)
Accrued management and incentive fees, net	142,067	2,320,808
Accrued direct administrative expenses	202,534	296,040
Accounts payable and other liabilities	118,040	366,696
Net cash provided by / (used in) operating activities	(56,428)	7,605,744
Cash flows from investing activities:
Issuance of and fundings on loans	(780,000)	(156,345,116)
Proceeds from sales of Assigned Rights	0	2,313,130
Proceeds from sales of loans	0	10,400,000
Principal repayment of loans	137,340	22,168,395
Net cash provided by / (used in) investing activities	(642,660)	(121,463,591)
Cash flows from financing activities:
Proceeds from sale of common stock	31,946,092	185,501,295
Payment of offering costs	0	(3,981,098)
Dividends paid	0	(7,311,779)
Net cash provided by / (used in) financing activities	31,946,092	174,208,418
Change in cash, cash equivalents and restricted cash	31,247,004	60,350,571
Cash, cash equivalents and restricted cash, beginning of period	0	9,623,820
Cash, cash equivalents and restricted cash, end of period	31,247,004	69,974,391
Supplemental disclosure of non-cash financing and investing activity
Loans acquired for issuance of shares of common stock	46,802,840	0
Interest reserve withheld from funding of loans	1,400,000	9,450,468
OID withheld from funding of loans	320,000	12,391,624
Loans funded from amounts due to affiliate	0	9,549,625
Supplemental information:
Interest paid during the period	0	0
Income taxes paid during the period	$ 0	$ 0

ORGANIZATION (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

ORGANIZATION [Abstract]

ORGANIZATION

1.	ORGANIZATION

AFC Gamma, Inc. (the “Company” or “AFCG”) is a commercial real estate finance company primarily engaged in originating, structuring, and underwriting senior secured loans and other types of loans. The Company was formed and commenced operations on July 31, 2020. The Company is a Maryland corporation and completed its initial public offering (the “IPO”) in March 2021. The Company is externally managed by AFC Management, LLC (“AFC Management” or the Company’s “Manager”), a Delaware limited liability company, pursuant to the terms of a management agreement (as amended, the “Management Agreement”). The Company’s wholly owned subsidiary, AFCG TRS1, LLC (“TRS”), was formed under the laws of the State of Delaware on December 31, 2020, and operates as a taxable real estate investment trust (“REIT”) subsidiary. TRS began operating in July 2021, and the financial statements of TRS have been consolidated within the Company’s consolidated financial statements beginning with the quarter ended September 30, 2021.

The Company operates as one operating segment and is primarily focused on financing senior secured loans and other types of loans for established cannabis industry operators in states where medical and/or adult use cannabis is legal. These loans are generally held for investment and are secured, directly or indirectly, by real estate, equipment, the value associated with licenses and/or other assets of borrowers depending on the applicable laws and regulations governing such borrowers.

The Company has elected to be taxed as a REIT for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended December 31, 2020. The Company generally will not be subject to United States federal income taxes on its REIT taxable income as long as it annually distributes all of its REIT taxable income prior to the deduction for dividends paid to stockholders and complies with various other requirements as a REIT.

1.	ORGANIZATION

AFC Gamma, Inc. (the “Company” or “AFCG”) is a commercial real estate (“CRE”) finance company primarily engaged in originating, structuring, underwriting and managing senior secured loans and other types of loans. The Company was formed and commenced operations on July 31, 2020. The Company is a Maryland corporation and is externally managed by AFC Management, LLC (“AFC Management” or the Company’s “Manager”), a Delaware limited liability company, pursuant to the terms of a management agreement (the “Management Agreement”).

The Company operates as one operating segment and is primarily focused on financing senior secured loans and other types of loans for established cannabis industry operators in states where medical and / or adult use cannabis is legal. These loans are generally held for investment and are secured, directly or indirectly, by real estate, equipment, licenses and/or other assets of borrowers depending on the applicable laws and regulations governing such borrowers.

The Company will elect to be taxed as a real estate investment trust (“REIT”) for United States federal income tax purposes under the Internal Revenue Code of 1986, as amended (“the “Code”), commencing with its taxable year ending December 31, 2020. The Company generally will not be subject to United States federal income taxes on its REIT taxable income as long as it annually distributes all of its REIT taxable income prior to the deduction for dividends paid to stockholders and complies with various other requirements as a REIT.

If, on the five-year anniversary of the Initial Closing Date, the Company is not a publicly traded company with its common stock listed on a Securities Exchange, then, subject to any required approvals by the Board and its stockholders, the Company will immediately take all necessary action to undertake an orderly liquidation and sale of its assets and will distribute any net sale proceeds therefrom, after the payment or adequate provision for all known debts and liabilities and any preferential rights of the holders of any then-outstanding shares of preferred stock, pro rata to the holders of common stock, following which the Company shall terminate and dissolve. Subject to applicable law, the Company intends to complete any such process of liquidation, termination and dissolution over a period of three to five years. In the event that the listing of the Company’s common stock on a Securities Exchange occurs on or before the five-year anniversary of the Initial Closing Date, the Company shall have a perpetual existence.

SIGNIFICANT ACCOUNTING POLICIES (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

2.	SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited interim consolidated financial statements should be read in conjunction with the audited financial statements and the related management’s discussion and analysis of financial condition and results of operations included in the Company’s final prospectus relating to our follow-on public offering filed with the Securities and Exchange Commission (“SEC”) in accordance with Rule 424(b) of the Securities Act of 1933, as amended (the “Securities Act”) on June 24, 2021 (the “Final Prospectus”).

Refer to Note 2 to the Company’s financial statements in the Final Prospectus for a description of the Company’s significant accounting policies. The Company has included disclosures below regarding basis of presentation and other accounting policies that (i) are required to be disclosed quarterly, (ii) have material changes or (iii) the Company views as critical as of the date of this report.

Basis of Presentation

The accompanying unaudited interim consolidated financial statements and related notes have been prepared on the accrual basis of accounting in conformity with United States generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the SEC applicable to interim financial information. These unaudited interim consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are considered necessary for a fair statement of the balance sheets, statements of operations, statements of stockholders’ equity, and statement of cash flows for the periods presented.

The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2021.

Use of Estimates in the Preparation of Financial Statements

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the valuation of loans held for investment at fair value.

Over the course of the coronavirus (“COVID-19”) pandemic, medical cannabis companies have been deemed “essential” by almost all states with legalized cannabis and stay-at-home orders. Consequently, the impact of the COVID-19 pandemic and the related regulatory and private sector response on our financial and operating results for the period ended September 30, 2021 was somewhat mitigated as all of our borrowers were permitted to continue to operate during this pandemic. Regardless, the full extent of the economic impact of the business disruptions caused by COVID-19 is uncertain. The outbreak of COVID-19 has severely impacted global economic activity and caused significant volatility and negative pressure in financial markets. The global impact of the outbreak has been rapidly evolving, and many countries, including the United States, have reacted by instituting quarantines, mandating business and school closures and restricting travel. As a result, the COVID-19 pandemic is negatively impacting almost every industry directly or indirectly, including the regulated cannabis industry. Although most of these measures have been lifted or scaled back, surges of COVID-19 in certain parts of the world, including the United States, have resulted and may in the future result in the re-imposition of certain restrictions and may lead to more restrictions to reduce the spread of COVID-19. The full effect that these disruptions may have on the operations and financial performance of the Company will depend on future developments, including possible impacts on the performance of the Company’s loans, general business activity, and ability to generate revenue, which cannot be determined.

Recent Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU No. 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting this ASU on its financial statements.

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU No. 2021-01 is effective immediately for all entities. An entity may elect to apply the amendments on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date that financial statements are available to be issued. If an entity elects to apply any of the amendments for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The amendments do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). The Company is currently evaluating the impact, if any, of this ASU on its financial statements.

In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs, which is an update to clarify that an entity should reevaluate whether a callable debt security is within the scope of 310-20-35-33 for each reporting period. ASU No. 2020-08 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. For all other entities, the amendments in ASU No. 2020-08 are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application is permitted for all other entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. All entities should apply the amendments in this update on a

prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.

2.	SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with United States generally accepted accounting principles (“GAAP”). The financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented.

Cash, Cash Equivalents and Restricted Cash

Cash and cash equivalents include funds on deposit with financial institutions, including demand deposits with financial institutions. Cash and short-term investments with an original maturity of three months or less when acquired are considered cash and cash equivalents for the purpose of the balance sheet and statement of cash flows.

Restricted cash includes deposits required under certain Secured Funding Agreements. As of the balance sheet date, the Company did not have any restricted cash.

Concentration of Credit Risks

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, loans and interest receivable. The Company places its cash and cash equivalents with financial institutions and, at times, cash held exceeds the Federal Deposit Insurance Corporation insured limit. The Company and the Company’s Manager seek to manage this credit risk by monitoring the financial institutions and their ability to continue in business for the foreseeable future.

The Company has exposure to credit risk on its loans and interest receivable. The Company and the Company’s Manager seek to manage credit risk by performing due diligence prior to origination or acquisition and through the use of non-recourse financing, when and where available and appropriate.

Investments in Loans

The Company originates CRE debt and related instruments generally to be held for investment.

The Company accretes or amortizes any discounts or premiums on loans held for investment over the life of the related loan held for investment utilizing the effective interest method.

Loans are generally collateralized by real estate, equipment, licenses and/or other assets of borrowers. The extent of any credit deterioration associated with the performance and/or value of the underlying collateral property and the financial and operating capability of the borrower could impact the expected amounts received. The Company monitors performance of its portfolio of loans held for investment under the following methodology: (1) borrower review, which analyzes the borrower’s ability to execute on its original business plan, reviews its financial condition, assesses pending litigation and considers its general level of responsiveness and cooperation; (2) economic review, which considers underlying collateral (i.e. leasing performance, unit sales and cash flow of the collateral and its ability to cover debt service, as well as the residual loan balance at maturity); (3) property review, which considers current environmental risks, changes in insurance costs or coverage, current site visibility, capital expenditures and market perception; and (4) market review, which analyzes the collateral from a supply and demand perspective of similar property types, as well as from a capital markets perspective.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed against interest income in the period the loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding the borrower’s ability to make pending principal and interest payments. Non-accrual loans are restored to accrual status when past due principal and interest are paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to placing a loan on non-accrual status if the loan has sufficient collateral value and is in the process of collection.

The Company may make modifications to loans, including loans that are in default. Loan terms that may be modified include interest rates, required prepayments, maturity dates, covenants, principal amounts and other loan terms. The terms and conditions of each modification vary based on individual circumstances and will be determined on a case by case basis. The Company’s Manager monitors and evaluates each of the Company’s loans held for investment and has maintained regular communications with borrowers regarding the potential impacts of the COVID-19 pandemic on the Company’s loans.

Loans Held at Fair Value

Investments in loans at fair value are carried at fair value in the Company’s balance sheets, with changes in fair value recorded through earnings. Refer to footnote 14 for more information on the valuations of the investments.

Although the Company generally holds its target investments as long-term investments, the Company may occasionally classify some of its loans as held for sale. Investments held for sale are carried at fair value, with changes in fair value recorded through earnings.

Investment transactions are recorded on the trade date at cost, net of any original issue discounts. Realized gains or losses are measured by the difference between the net proceeds from the repayment or sale and the amortized and/or accreted cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments charged off during the period, net of recoveries.

An unrealized gain arises when the value the loan portfolio exceeds its cost and an unrealized loss arises when the value of the loan portfolio is less than its cost. The change in unrealized gains or losses primarily reflect the change in loan values, including the reversal of previously recorded unrealized gains or losses when gains or losses are realized.

Loans Held at Carrying Value

Investments in loans held at amortized cost are carried at cost, net of unamortized loan original issue discount and origination costs and other original issue discounts (the “carrying value”) in the Company’s balance sheets.

The Company follows ASC 842 for certain loans which are considered financial assets not eligible to elect the fair value option due to the structure of the loans. These loans are carried at cost, net of unamortized loan original issue discount and origination costs and other original issue discounts (the “carrying value”) in the Company’s balance sheets.

Fair Value Measurements

The Company follows ASC 825-10, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASC 825-10”), which provides companies the option to report selected financial assets and liabilities at fair value. ASC 825-10 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities and to more easily understand the effect of the company’s choice to use fair value on its earnings. ASC 825-10 also requires entities to display the fair value of the selected assets and liabilities on the face of the balance sheet. The Company has elected the ASC 825-10 option to report selected financial assets and liabilities at fair value. With the exception of the line items entitled “prepaid expenses and other assets,” “loans receivable” and “interest reserve”, which are reported at amortized cost, all assets and liabilities approximate fair value on the balance sheet. The carrying value of the lines titled “interest receivable,” “accrued management fees,” “accrued direct administrative expenses” and “accounts payable and other liabilities” approximate fair value due to their short maturity.

The Company also follows ASC 820-10, Fair Value Measurements and Disclosures (“ASC 820-10”), which expands the application of fair value accounting. ASC 820-10 defines fair value, establishes a framework for measuring fair value in accordance with GAAP and expands disclosure of fair value measurements. ASC 820-10 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. ASC 820-10 requires the Company to assume that the transaction is sold in its principal market to market participants or, in the absence of a principal market, the most advantageous market, which may be a hypothetical market. Market participants are defined as buyers and sellers in the principal or most advantageous market that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820-10, the Company has considered its principal market as the market in which the Company exits its loans with the greatest volume and level of activity. ASC 820-10 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. In accordance with ASC 820-10, these inputs are summarized in the three broad levels listed below:

⯀	Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

⯀	Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

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

If inputs used to measure fair value fall into different levels of the fair value hierarchy, a loan’s level is based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the loan. This includes loans that are valued using “bid” and “ask” prices obtained from independent third-party pricing services or directly from brokers.

Financial instruments with readily available quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. As such, the Company obtains and analyzes readily available market quotations provided by pricing vendors and brokers for all of the Company’s loans for which quotations are available. In determining the fair value of a particular loan, pricing vendors and brokers use observable market information, including both binding and non-binding indicative quotations.

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

Current Expected Credit Losses

In June 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The standard replaced the incurred loss impairment methodology pursuant to GAAP with a methodology that reflects current expected credit losses (“CECL”) on both the outstanding balances and unfunded commitments on loans held for investment and requires consideration of a broader range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform credit loss estimates (the “CECL Reserve”). ASU No. 2016-13 was adopted by the Company on as of July 31, 2020, commencement of operations. Subsequent period increases and decreases to expected credit losses impact earnings and are recorded within provision for current expected credit losses in the Company’s statement of operations. The CECL Reserve related to outstanding balances on loans held for investment required under ASU No. 2016-13 is a valuation account that is deducted from the amortized cost basis of the Company’s loans held at carrying value and loans receivable at carrying value in the Company’s balance sheet. The CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within accounts payable and other liabilities in the Company’s balance sheet. See Note 6 included in these financial statements for CECL related disclosures.

Equity-Based Compensation

The Company accounts for equity-based compensation issued to employees and the Board of Directors pursuant to the Amended and Restated Stock Incentive Plan (the “Stock Incentive Plan”) under the fair value method. This method measures compensation cost at the date of grant based on the value of the award and recognizes the cost over the service period, which is usually the vesting period. The fair value of equity-based compensation awards is based on the estimated fair value of the Company’s common stock, as determined by management using a valuation model and approved by the Board of Directors. Fair values of award grants also recognize any ongoing restrictions on the sale of securities.

Debt Issuance Costs

Debt issuance costs under the Company’s indebtedness are capitalized and amortized over the term of the respective debt instrument. Unamortized debt issuance costs are expensed when the associated debt is repaid prior to maturity. Debt issuance costs related to debt securitizations are capitalized and amortized over the term of the underlying loans using the effective interest method. When an underlying loan is prepaid in a debt securitization and the outstanding principal balance of the securitization debt is reduced, the related unamortized debt issuance costs are charged to expense based on a pro-rata share of the debt issuance costs being allocated to the specific loans that were prepaid. Amortization of debt issuance costs is included within interest expense in the Company’s statements of operations. For the period from July 31, 2020 (commencement of operations) to December 31, 2020, the Company did not have any debt issuance costs.

Payment-in-Kind Interest

The Company has loans in its portfolio that contain payment-in-kind (“PIK”) provisions. The PIK interest computed at the contractual rate specified in each applicable agreement, is accrued and added to the principal balance of the loan monthly in arrears and recorded as interest income. The PIK income added to the principal balance is generally collected upon repayment of the outstanding principal. To maintain the Company’s status as a REIT, this non-cash source of income must be paid out to stockholders in the form of dividends for the year earned, even though the Company has not yet collected the cash.

Revenue Recognition

Interest income from loans is accrued based on the outstanding principal amount and the contractual terms of each loan. For loans, origination fees, direct loan origination costs, and other discounts (in aggregate the “Original Issue Discount” or “OID”) are also recognized in interest income from loans over the initial loan term as a yield adjustment using the effective interest method. Delayed draw loans earn interest or unused fees on the undrawn portion of the loan, which is recognized as interest income in the period earned. Other fees, including prepayment fees and exit fees, are recognized as interest income when received.

Interest reserves

The Company utilizes interest reserves on certain loans to fund the interest payments. Such reserves are established at the time of loan origination. The interest reserve represents a deposit received from the borrower for future loan interest payments. It is recorded as a liability as it represents unearned interest revenue. The interest reserve is relieved when the interest on the loan is earned and interest income is recorded in the period when the interest is earned in accordance with the credit agreement. The interest payment is deducted from the interest reserve deposit balance when the interest payment is due.

The decision to establish a loan-funded interest reserve is made during the underwriting process and considers the feasibility of the project, the creditworthiness and expertise of the borrower, and the debt coverage provided by the real estate and other pledged collateral.

It is the Company’s policy to recognize income for this interest component as long as the borrower is progressing as originally projected and if there has been no deterioration in the financial standing of the borrower or the underlying project. The Company’s standard policies for interest income recognition are applied to all loans, including those with interest reserves.

Net Interest Margin and Interest Expense

Net interest margin in the Company’s statement of operations serves to measure the performance of the Company’s loans held for investment as compared to its use of debt leverage. As of the balance sheet date, the Company had no interest expense.

Income Taxes

The Company is a Maryland corporation and will elect to be taxed as a REIT under the Code, commencing with its taxable year ending December 31, 2020. The Company believes that its proposed method of operation will enable it to qualify as a REIT. However, no assurances can be given that the Company’s beliefs or expectations will be fulfilled, since qualification as a REIT depends on the Company satisfying numerous asset, income and distribution tests which depends, in part, on the Company’s operating results.

To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that the Company distributes annually to its stockholders at least 90% of the Company’s REIT taxable income prior to the deduction for dividends paid. To the extent that the Company distributes less than 100% of its REIT taxable income in any tax year (taking into account any distributions made in a subsequent tax year under Sections 857(b)(9) or 858 of the Code), the Company will pay tax at regular corporate rates on that undistributed portion. Furthermore, if the Company distributes less than the sum of 1) 85% of its ordinary income for the calendar year, 2) 95% of our capital gain net income for the calendar year, and 3) any undistributed shortfall from our prior calendar year (the “Required Distribution”) to its stockholders during any calendar year (including any distributions

declared by the last day of the calendar year but paid in the subsequent year), then it is required to pay a non-deductible excise tax equal to 4% of any shortfall between the Required Distribution and the amount that was actually distributed. The 90% distribution requirement does not require the distribution of net capital gains. However, if the Company elects to retain any of its net capital gain for any tax year, it must notify its stockholders and pay tax at regular corporate rates on the retained net capital gain. The stockholders must include their proportionate share of the retained net capital gain in their taxable income for the tax year, and they are deemed to have paid the REIT’s tax on their proportionate share of the retained capital gain. Furthermore, such retained capital gain may be subject to the nondeductible 4% excise tax. If it is determined that the Company’s estimated current year taxable income will be in excess of estimated dividend distributions (including capital gain dividend) for the current year from such income, the Company accrues excise tax on estimated excess taxable income as such taxable income is earned. The annual expense is calculated in accordance with applicable tax regulations. Excise tax expense is included in the line item income tax expense.

FASB ASC Topic 740, Income Taxes (“ASC 740”), prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has analyzed its various federal and state filing positions and believes that its income tax filing positions and deductions are well documented and supported as of December 31, 2020. Based on the Company’s evaluation, there is no reserve for any uncertain income tax positions. Accrued interest and penalties, if any, are included within other liabilities in the balance sheets.

Earnings per Share

The Company calculates basic earnings / (loss) per share by dividing net income / (loss) allocable to common stockholders for the period by the weighted average shares of common stock outstanding for that period after consideration of the earnings / (loss) allocated to the Company’s restricted stock, which are participating securities as defined in GAAP. Diluted earnings / (loss) per share takes into effect any dilutive instruments, such as restricted stock, RSUs and convertible debt, except when doing so would be anti-dilutive. As of December 31, 2020, there were no dilutive instruments. See Note 11 included in these financial statements for the earnings per share calculations.

Use of Estimates in the Preparation of Financial Statements

Recent Accounting Pronouncements

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU No. 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting this ASU on its financial statements.

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848):Scope, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU No. 2021-01is effective immediately for all entities. An entity may elect to apply the amendments on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, up to the date that financial statements are available to be issued. If an entity elects to apply any of the amendments for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional

expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). The Company is currently evaluating the impact, if any, of this ASU on its financial statements.

In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs, which is an update to clarify that an entity should reevaluate whether a callable debt security is within the scope of 310-20-35-33 for each reporting period. ASU 2020-08 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. For all other entities, the amendments in ASU No. 2020-08 are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application is permitted for all other entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. All entities should apply the amendments in this Update on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company is currently evaluating the impact, if any, of adopting this ASU on its financial statements.

LOANS HELD FOR INVESTMENT AT FAIR VALUE (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

LOANS HELD FOR INVESTMENT AT FAIR VALUE [Abstract]

LOANS HELD FOR INVESTMENT AT FAIR VALUE

3.	LOANS HELD FOR INVESTMENT AT FAIR VALUE

As of September 30, 2021 and December 31, 2020, the Company’s portfolio included three and four loans held at fair value, respectively. The aggregate originated commitment under these loans was approximately $75.9 million and $59.9 million, respectively, and outstanding principal was approximately $77.0 million and $50.8 million, respectively, as of September 30, 2021 and December 31, 2020. For the nine months ended September 30, 2021, the Company funded approximately $37.7 million of outstanding principal and had repayments of approximately $13.1 million. As of September 30, 2021 and December 31, 2020, 0.0% and approximately 6.0%, respectively, of the Company’s loans held at fair value have floating interest rates. As of December 31, 2020, these floating rates were subject to LIBOR floors, with a weighted average floor of 2.5%, calculated based on loans with LIBOR floors. References to LIBOR or “L” are to 30-day LIBOR (unless otherwise specifically stated).

The following tables summarize the Company’s loans held at fair value as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021
	Fair Value⁽²⁾	Carrying Value⁽¹⁾	Outstanding Principal⁽¹⁾	Weighted Average Remaining Life (Years)⁽³⁾
Senior Term Loans	$ 76,293,824	$ 73,934,116	$ 76,995,548	2.5
Total loans held at fair value	$ 76,293,824	$ 73,934,116	$ 76,995,548	2.5

	As of December 31, 2020
	Fair Value⁽²⁾	Carrying Value⁽¹⁾	Outstanding Principal⁽¹⁾	Weighted Average Remaining Life (Years)⁽³⁾
Senior Term Loans	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3
Total loans held at fair value	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.

(2)	Refer to Note 14 to our unaudited consolidated financial statements.

(3)	Weighted average remaining life is calculated based on the fair value of the loans as of September 30, 2021 and December 31, 2020.

The following table presents changes in loans held at fair value as of and for the nine months ended September 30, 2021:

	Principal	Original Issue Discount	Unrealized Gains/ (Losses)	Fair Value
Total loans held at fair value at December 31, 2020	$ 50,831,235	$(3,836,524)	$1,563,340	$ 48,558,051
Change in unrealized gains / (losses) on loans at fair value, net	—	—	796,368	796,368
New fundings	37,701,104	(1,130,623)	—	36,570,481
Loan repayments	(12,000,000)	—	—	(12,000,000)
Loan amortization payments	(1,093,659)	—	—	(1,093,659)
Accretion of original issue discount	—	1,905,715	—	1,905,715
PIK interest	1,556,868	—	—	1,556,868
Total loans held at fair value at September 30, 2021	$ 76,995,548	$ (3,061,432)	$ 2,359,708	$ 76,293,824

A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of September 30, 2021 is as follows:

Collateral

Location

Collateral

Type⁽⁸⁾

Fair

Value⁽²⁾

Carrying

Value⁽¹⁾

Outstanding

Principal⁽¹⁾

Interest

Rate

Maturity

Date⁽³⁾

Payment

Terms⁽⁴⁾

Private Co. A

AZ, MI, MD, MA

C , D

$62,853,367

$60,857,429

$63,391,847

16.4%⁽⁵⁾

5/8/2024

P/I

Private Co. B

10,535,737

10,171,757

10,663,701

17.0%⁽⁶⁾

9/1/2023

P/I

Public Co. A

2,904,720

2,904,930

2,940,000

14.0%⁽⁷⁾

1/26/2023

I/O

Total loans held at fair value

$ 76,293,824

$ 73,934,116

$ 76,995,548

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.

(2)	Refer to Note 14 to our unaudited consolidated financial statements.

(3)

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

(4)	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(5)	Base interest rate of 13% and payment-in-kind (“PIK”) interest rate of 3.4%.

(6)	Base interest rate of 13% and PIK interest rate of 4%.

(7)	Base interest rate of 12% and PIK interest rate of 2%.

(8)	C = Cultivation Facilities, D = Dispensaries.

3.	LOANS HELD FOR INVESTMENT AT FAIR VALUE

As of December 31, 2020, the Company’s portfolio included four loans held at fair value. The aggregate originated commitment under these loans was approximately $59.9 million and outstanding principal was approximately $50.8 million as of December 31, 2020. During the period from July 31, 2020 to December 31, 2020, the Company funded approximately $16.4 million of outstanding principal and was repaid approximately $12 million of principal. As of December 31, 2020, approximately 6.0% of the Company’s loans held at fair value have floating interest rates. These floating rates are subject to London Interbank Offered Rate (“LIBOR”) floors, with a weighted average floor of 2.5%, calculated based on loans with LIBOR floors. References to LIBOR or “L” are to 30-day LIBOR (unless otherwise specifically stated).

The following tables summarize the Company’s loans held at fair value as of December 31, 2020:

	Fair Value⁽²⁾	Carrying Value⁽¹⁾	Outstanding Principal⁽¹⁾	Weighted Average Remaining Life (Years)⁽³⁾
Senior Term Loans	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3
Total loans held at fair value	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs

(2)	Refer to Footnote 14

(3)	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2020

The following table presents changes in loans held at fair value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal	Original Issue Discount	Fair Value
Loans acquired at July 31, 2020	$ 46,080,605	$ (2,974,054)	$ 43,106,551
Realized gains / (losses) on loans at fair value, net	345,000	—	345,000
Change in unrealized gains / (losses) on loans at fair value, net	—	—	1,563,340
New fundings	16,360,000	(1,595,199)	14,764,801
Repayments	(5,000,000)	—	(5,000,000)
Sale of loans	(7,345,000)	—	(7,345,000)
Accretion of original issue discount	—	732,729	732,729
PIK Interest	390,630	—	390,630
Total loans held at fair value at December 31, 2020	$ 50,831,235	$ (3,836,524)	$ 48,558,051

A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of December 31, 2020 is as follows:

Location

Fair Value⁽²⁾

Carrying

Value⁽¹⁾

Outstanding

Principal⁽¹⁾

Interest

Rate

Maturity

Date⁽³⁾

Payment

Terms⁽⁴⁾

Private Co. A

Multi State

$31,510,387

$30,913,524

$33,344,325

17.0%⁽⁵⁾

5/8/2024

P/I

Private Co. B

2,461,036

2,238,402

2,522,846

17.0%⁽⁶⁾

9/1/2023

P/I

Public Co. A

2,870,910

2,909,656

2,940,000

10.5%⁽⁷⁾

6/27/2021

I/O

Sub. Of Public Co. C

11,715,718

10,933,129

12,024,064

18.0%⁽⁸⁾

2/18/2025

P/I

Total loans held at fair value

$ 48,558,051

$ 46,994,711

$ 50,831,235

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs

(2)	Refer to Footnote 14

(3)

(4)	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.

(5)	Base interest rate of 13% and PIK interest rate of 4%

(6)	Base interest rate of 13% and PIK interest rate of 4%

(7)	Base interest rate of 8% plus LIBOR (LIBOR floor of 2.5%)

(8)

Loan to Subsidiary of Public Company C is a $15 million aggregate loan commitment with an initial funding of $3 million at a base interest rate of 13.5% and PIK interest rate of 3% and subsequent advances of $9 million at a base interest rate of 19%. The weighted average interest rate is 18.0% at December 31, 2020

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]

LOANS HELD FOR INVESTMENT AT CARRYING VALUE

4.	LOANS HELD FOR INVESTMENT AT CARRYING VALUE

As of September 30, 2021 and December 31, 2020, the Company’s portfolio included 12 and three loans, respectively, held at carrying value. The aggregate originated commitment under these loans was approximately $217.0 million and $44.0 million, respectively, and outstanding principal was approximately $164.4 million and $33.9 million, respectively, as of September 30, 2021 and December 31, 2020. For the nine months ended September 30, 2021, the Company funded approximately $139.2 million of outstanding principal. As of September 30, 2021 and December 31, 2020, approximately 68% and 35%, respectively, of the Company’s loans held at carrying value have floating interest rates. These floating rates are subject to LIBOR floors, with a weighted average floor of 1.0%, calculated based on loans with LIBOR floors. References to LIBOR or “L” are to 30-day LIBOR (unless otherwise specifically stated).

The following tables summarize the Company’s loans held at carrying value as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021
	Outstanding Principal⁽¹⁾	Original Issue Discount	Carrying Value⁽¹⁾	Weighted Average Remaining Life (Years)⁽²⁾
Senior Term Loans	$ 164,361,340	$ (11,199,559)	$ 153,161,781	4.0
Total loans held at carrying value	$ 164,361,340	$ (11,199,559)	$ 153,161,781	4.0

	As of December 31, 2020
	Outstanding Principal⁽¹⁾	Original Issue Discount	Carrying Value⁽¹⁾	Weighted Average Remaining Life (Years)⁽²⁾
Senior Term Loans	$ 33,907,763	$ (2,070,732)	$ 31,837,031	4.7
Total loans held at carrying value	$ 33,907,763	$ (2,070,732)	$ 31,837,031	4.7

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.

(2)	Weighted average remaining life is calculated based on the carrying value of the loans as of September 30, 2021 and December 31, 2020.

The following table presents changes in loans held at carrying value as of and for the nine months ended September 30, 2021:

	Principal	Original Issue Discount	Carrying Value
Total loans held at carrying value at December 31, 2020	$ 33,907,763	$ (2,070,732)	$ 31,837,031
New fundings	139,222,598	(11,261,001)	127,961,597
Accretion of original issue discount	—	2,132,174	2,132,174
Realized gain on sale of loans	400,000	—	400,000
Sale of loans	(10,400,000)	—	(10,400,000)
PIK interest	1,230,979	—	1,230,979
Total loans held at carrying value at September 30, 2021	$ 164,361,340	$ (11,199,559)	$ 153,161,781

A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of September 30, 2021 is as follows:

Collateral

Location

Collateral

Type⁽⁴⁾

Outstanding

Principal⁽¹⁾

Original

Issue

Discount

Carrying

Value⁽¹⁾

Interest

Rate

Maturity

Date⁽²⁾

Payment

Terms⁽³⁾

Private Co. C

C , D

$19,333,872

$ (721,311)

$18,612,561

17.0%⁽⁵⁾

12/1/2025

P/I

Sub. of Public Co. D

10,000,000

(149,235)

9,850,765

12.9%⁽⁶⁾

12/18/2024

I/O

Private Co. D

OH, AR

12,169,041

(877,891)

11,291,150

15.0%⁽⁷⁾

1/1/2026

P/I

Private Co. E

C , D

14,220,552

(2,782,310)

11,438,242

17.0%⁽⁸⁾

4/1/2026

P/I

Private Co. F

C , D

9,799,658

(1,816,803)

7,982,855

17.0%⁽⁹⁾

5/1/2026

P/I

Public Co. E

5,000,000

(307,143)

4,692,857

13.0%⁽¹⁰⁾

4/29/2025

P/I

Sub. of Private Co. G

C , D

42,945,657

(2,498,443)

40,447,214

14.3%⁽¹¹⁾

5/1/2026

P/I

Public Co. F

IL, FL, NV,

OH, MA, MI,

MD,AR, NV,

C , D

10,000,000

(160,000)

9,840,000

9.8%⁽¹²⁾

5/30/2023

I/O

Sub. of Private Co. H

5,781,250

(126,790)

5,654,460

15.0%⁽¹³⁾

5/11/2023

I/O

Private Co. K

C , D

7,000,000

(763,667)

6,236,333

13.0%⁽¹⁴⁾

08/03/2026

P/I

Private Co. I

C , D

10,109,310

(225,184)

9,884,126

15.5%⁽¹⁵⁾

8/1/2026

P/I

Private Co. J

18,002,000

(770,782)

17,231,218

15.0%⁽¹⁶⁾

09/01/2025

P/I

Total loans held at carrying value

$164,361,340

$(11,199,559)

$153,161,781

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.

(2)

(3)	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(4)	C = Cultivation Facilities, D = Dispensaries.

(5)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.

(6)	Base interest rate of 12.9%.

(7)	Base interest rate of 13.0% and PIK interest rate of 2.0%.

(8)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.

(9)	Base interest rate of 13.0% and PIK interest rate of 4.0%.

(10)	Base interest rate of 13.0%.

(11)	Base interest rate of 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%.

(12)	Base interest rate of 9.8%.

(13)	Base interest rate of 15.0%.

(14)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%)

(15)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%.

(16)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%.

4.	LOANS HELD FOR INVESTMENT AT CARRYING VALUE

As of December 31, 2020, the Company’s portfolio included three loans held at carrying value. The aggregate originated commitment under these loans was approximately $44 million and outstanding principal was approximately $33.9 million as of December 31, 2020. During the period from July 31, 2020 to December 31, 2020, the Company funded approximately $33.9 million of outstanding principal. As of December 31, 2020, approximately 35% of the Company’s loans held at carrying value have floating interest rates. These floating rates are subject to London Interbank Offered Rate (“LIBOR”) floors, with a weighted average floor of 1%, calculated based on loans with LIBOR floors. References to LIBOR or “L” are to 30-day LIBOR (unless otherwise specifically stated).

The following tables summarize the Company’s loans held at carrying value as of December 31, 2020:

	Outstanding Principal⁽¹⁾	Original Issue Discount	Carrying Value⁽¹⁾	Weighted Average Remaining Life (Years)⁽²⁾
Senior Term Loans	$33,907,763	$(2,070,732)	$31,837,031	4.7
Total loans held at carrying value	$ 33,907,763	$ (2,070,732)	$ 31,837,031	4.7

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs

(2)	Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2020

The following table presents changes in loans held at carrying value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal	Original Issue Discount	Carrying Value
Loans at July 31, 2020	$ —	$ —	$ —
New fundings	33,875,985	(2,120,969)	31,755,016
Accretion of original issue discount	—	50,237	50,237
PIK Interest	31,778	—	31,778
Total loans held at carrying value at December 31, 2020	$ 33,907,763	$ (2,070,732)	$ 31,837,031

A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of December 31, 2020 is as follows:

Location

Outstanding

Principal⁽¹⁾

Original Issue

Discount

Carrying

Value⁽¹⁾

Interest

Rate

Maturity

Date⁽²⁾

Payment

Terms⁽³⁾

Private Co. C

$ 11,907,763

$ (851,148)

$ 11,056,615

17.0%⁽⁴⁾

12/1/2025

P/I

Private Co. D

Multi State

12,000,000

(1,035,911)

10,964,089

15.0%⁽⁵⁾

1/1/2026

P/I

Sub. of Public Co. D

10,000,000

(183,673)

9,816,327

12.9%⁽⁶⁾

12/18/2024

I/O

Total loans held at carry value

$ 33,907,763

$ (2,070,732)

$ 31,837,031

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs

(2)

(3)	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.

(4)	Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4%

(5)	Base interest rate of 13% and PIK interest rate of 2%

(6)	Base interest rate of 12.9%

LOAN RECEIVABLE AT CARRYING VALUE (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

LOAN RECEIVABLE AT CARRYING VALUE

5.	LOAN RECEIVABLE AT CARRYING VALUE

As of September 30, 2021 and December 31, 2020, the Company’s portfolio included one loan receivable at carrying value. The originated commitment under this loan was approximately $4.0 million and outstanding principal was approximately $2.8 million and $3.4 million as of September 30, 2021 and December 31, 2020, respectively. During the nine months ended September 30, 2021, the Company received repayments of approximately $0.6 million of outstanding principal.

The following table presents changes in loans receivable as of and for the nine months ended September 30, 2021:

	Principal	Original Issue Discount	Carrying Value
Total loans receivable at carrying value at December 31, 2020	$3,352,176	$(3,913)	$3,348,263
Principal repayment of loans	(574,735)	—	(574,735)
Accretion of original issue discount	—	927	927
Total loans receivable at carrying value at September 30, 2021	$ 2,777,441	$ (2,986)	$ 2,774,455

5.	LOAN RECEIVABLE AT CARRYING VALUE

As of December 31, 2020, the Company’s portfolio included one loan receivable at carrying value. The originated commitment under this loan was approximately $4 million and outstanding principal was approximately $3.4 million as of December 31, 2020. During the period from July 31, 2020 to December 31, 2020, the Company received repayments of $0.35 million of outstanding principal.

The following table presents changes in loans receivable as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal	Original Issue Discount	Carrying Value
Loan receivable acquired at July 31, 2020	$3,700,718	$(4,428)	$3,696,290
Principal repayment of loans	(348,542)	—	(348,542)
Accretion of original issue discount	—	515	515
Total loans receivable at carrying value at December 31, 2020	$ 3,352,176	$ (3,913)	$ 3,348,263

CURRENT EXPECTED CREDIT LOSSES (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

CURRENT EXPECTED CREDIT LOSSES

6.	CURRENT EXPECTED CREDIT LOSSES

The Company estimates its current expected credit losses (“CECL”) on both the outstanding balances and unfunded commitments on loans held for investment and requires consideration of a broader range of historical experience adjusted for current conditions and reasonable and supportable forecast information to inform credit loss estimates (the “CECL Reserve”) using a model that considers multiple datapoints and methodologies that may include the likelihood of default and expected loss given default for each individual loan, discounted cash flows (“DCF”), and other inputs which may include the risk rating of the loan, how recently the loan was originated compared to the measurement date, and expected prepayment if applicable. Calculation of the CECL Reserve requires loan specific data, which includes fixed charge coverage ratio, loan-to-value, property type and geographic location. Estimating the CECL Reserve also requires significant judgment with respect to various factors, including (i) the appropriate historical loan loss reference data, (ii) the expected timing of loan repayments, (iii) calibration of the likelihood of default to reflect the risk characteristics of the Company’s loan portfolio and (iv) the Company’s current and future view of the macroeconomic environment. The Company may consider loan-specific qualitative factors on certain loans to estimate its CECL Reserve, which may include (i) whether cash from the borrower’s operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and (iii) the liquidation value of collateral. For loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we may elect to apply a practical expedient in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a specific CECL allowance. In order to estimate the future expected loan losses relevant to the Company’s portfolio, the Company may consider historical market loan loss data provided by a third-party data service. The third party’s loan database includes historical loss data for commercial mortgage-backed securities, or CMBS which the Company believes is a reasonably comparable and available data set to its type of loans. The Company utilized macroeconomic data that reflects a current recession; however, the short and long-term economic implications of the COVID-19 pandemic and its financial impact on the Company are highly uncertain. The CECL Reserve takes into consideration the macroeconomic impact of the COVID-19 pandemic on commercial real estate properties and is not specific to any loan losses or impairments on the Company’s loans held for investment.

As of September 30, 2021 and December 31, 2020, the Company’s CECL Reserve for its loans held at carrying value and loans receivable at carrying value is $1,837,895 and $465,397, respectively, or 118 and 132 basis points, respectively, of the Company’s total loans held at carrying value and loans receivable at carrying value of $155,936,236 and $35,185,294, respectively, and is bifurcated between the current expected credit loss reserve (contra-asset) related to outstanding balances on loans held at carrying value and loans receivable at carrying value of $1,145,629 and $404,860, respectively, and a liability for unfunded commitments of $692,266 and $60,537, respectively. The liability was based on the unfunded portion of the loan commitment over the full contractual period over which the Company is exposed to credit risk through a current obligation to extend credit. Management considered the likelihood that funding will occur, and if funded, the expected credit loss on the funded portion.

Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value and loans receivable at carrying value as of and for the three and nine months ended September 30, 2021 was as follows:

	Outstanding⁽¹⁾	Unfunded⁽²⁾	Total
Balance at June 30, 2021	$ 701,143	$ 476,140	$1,177,283
Provision for current expected credit losses	444,486	216,126	660,612
Write-offs	—	—	—
Recoveries	—	—	—
Balance at September 30, 2021	$1,145,629	$ 692,266	$1,837,895

	Outstanding⁽¹⁾	Unfunded⁽²⁾	Total
Balance at December 31, 2020	$ 404,860	$ 60,537	$ 465,397
Provision for current expected credit losses	740,769	631,729	1,372,498
Write-offs	—	—	—
Recoveries	—	—	—
Balance at September 30, 2021	$1,145,629	$ 692,266	$ 1,837,895

(1)	As of September 30, 2021 and December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.

(2)	As of September 30, 2021 and December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company’s consolidated balance sheets.

The Company continuously evaluates the credit quality of each loan by assessing the risk factors of each loan and assigning a risk rating based on a variety of factors. Risk factors include property type, geographic and local market dynamics, physical condition, projected cash flow, loan structure and exit plan, loan-to-value ratio, fixed charge coverage ratio, project sponsorship, and other factors deemed necessary. Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:

Rating			Definition
1			Very Low Risk
2			Low Risk
3			Medium Risk
4			High Risk/ Potential for Loss
5			Impaired/Loss Likely

The risk ratings are primarily based on historical data as well as taking into account future economic conditions.

As of September 30, 2021, the carrying value, excluding the CECL Reserve, of the Company’s loans held at carrying value and loans receivable at carrying value within each risk rating by year of origination is as follows:

Risk Rating:	2021	2020	Total
1	$ —	$ —	$ —
2	14,532,857	—	14,532,857
3	88,990,322	42,528,931	131,519,253
4	9,884,126	—	9,884,126
5	—	—	—
Total	$113,407,305	$ 42,528,931	$ 155,936,236

6.	CURRENT EXPECTED CREDIT LOSSES

The Company estimates its CECL Reserve using a model that considers multiple datapoints and methodologies that may include the likelihood of default and expected loss given default for each individual loan, discounted cash flows (“DCF”), and other inputs which may include the risk rating of the loan, how recently the loan was originated compared to the measurement date, and expected prepayment if applicable. Calculation of the CECL Reserve requires loan specific data, which includes fixed charge coverage ratio, loan-to-value, property type and geographic location. Estimating the CECL Reserve also requires significant judgment with respect to various factors, including (i) the appropriate historical loan loss reference data, (ii) the expected timing of loan repayments, (iii) calibration of the likelihood of default to reflect the risk characteristics of the Company’s loan portfolio and (iv) the Company’s current and future view of the macroeconomic environment. The Company may consider loan-specific qualitative factors on certain loans to estimate its CECL Reserve, which may include (i) whether cash from the borrower’s operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan and (iii) the liquidation value of collateral. For loans where we have deemed the borrower/sponsor to be experiencing financial difficulty, we may elect to apply a practical expedient in which the fair value of the underlying collateral is compared to the amortized cost of the loan in determining a Specific CECL Allowance. In order to estimate the future expected loan losses relevant to the Company’s portfolio, the Company may consider historical market loan loss data provided by a third-party data service. The third party’s loan database includes historical loss data for commercial mortgage-backed securities, or CMBS which the Company believes is a reasonably comparable and available data set to its type of loans. The Company utilized macroeconomic data that reflects a current recession; however, the short and long-term economic implications of the COVID-19 pandemic and its financial impact on the Company are highly uncertain. The CECL Reserve takes into consideration the macroeconomic impact of the COVID-19 pandemic on CRE properties and is not specific to any loan losses or impairments on the Company’s loans held for investment.

As of December 31, 2020, the Company’s CECL Reserve for its loans held at carrying value and loans receivable at carrying value portfolio is $465,397 or 132 basis points of the Company’s total loans held at carrying value and loans receivable at carrying value commitment balance of $35,185,294 and is bifurcated between the current expected credit loss reserve (contra-asset) related to outstanding balances on loans held at carrying value and loans receivable at carrying value of $404,860 and a liability for unfunded commitments of $60,537. The liability was based on the unfunded portion of the loan commitment over the full contractual period over which the Company is exposed to credit risk through a current obligation to extend credit. Management considered the likelihood that funding will occur, and if funded, the expected credit loss on the funded portion.

Current Expected Credit Loss Reserve for Funded Loan Commitments

Activity related to the CECL Reserve for outstanding balances on the Company’s loans held at carrying value and loans receivable at carrying value as of and for the period from July 31, 2020 to December 31, 2020 was as follows:

Balance at July 31, 2020 (Commencement of Operations)			$ —
Provision for current expected credit losses			404,860
Write-offs			—
Recoveries			—
Balance at December 31, 2020⁽¹⁾			$ 404,860

(1)	As of December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s balance sheet.

Current Expected Credit Loss Reserve for Unfunded Loan Commitments

Activity related to the CECL Reserve for unfunded commitments on the Company’s loans held at carrying value as of and for the period from July 31, 2020 to December 31, 2020 was as follows:

Balance at July 31, 2020 (Commencement of Operations)			$ —
Provision for current expected credit losses			60,537
Write-offs			—
Recoveries			—
Balance at December 31, 2020⁽¹⁾			$ 60,537

(1)	As of December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company’s consolidated balance sheets.

Rating			Definition
1			Very Low Risk
2			Low Risk
3			Medium Risk
4			High Risk/ Potential for Loss
5			Impaired/Loss Likely

The risk ratings are primarily based on historical data as well as taking into account future economic conditions.

As of December 31, 2020, the carrying value, excluding the CECL Reserve, of the Company’s loans held at carrying value and loans receivable at carrying value within each risk rating by year of origination is as follows:

Risk Rating:	2020	Total
1	$ —	$ —
2	9,816,327	9,816,327
3	22,020,704	22,020,704
4	3,348,263	3,348,263
5	—	—
Total	$ 35,185,294	$ 35,185,294

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

INTEREST RECEIVABLE (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

INTEREST RECEIVABLE

7.	INTEREST RECEIVABLE

The following table summarizes the interest receivable by the Company as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021	As of December 31, 2020
Interest receivable	$1,838,494	$675,795
PIK receivable	522,933	177,183
Unused fees receivable	73,292	74,314
Total interest receivable	$ 2,434,719	$ 927,292

7.	INTEREST RECEIVABLE

The following tables summarize the interest receivable by the Company as of December 31, 2020:

			As of December 31, 2020
Interest receivable			$675,795
PIK receivable			177,183
Unused fees			74,314
Total interest receivable			$ 927,292

INTEREST RESERVE (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

INTEREST RESERVE

8.	INTEREST RESERVE

At September 30, 2021 and December 31, 2020, the Company had eight and one loans, respectively, that included a loan funded interest reserve. For the three and nine months ended September 30, 2021, approximately $1.8 million and $2.5 million, respectively, of interest income was earned and disbursed from the interest reserve.

The following table presents changes in interest reserve as of and for the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020:

	For the three months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020	For the nine months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020
Beginning reserves	$ 5,547,863	$ —	$ 1,325,750	$ —
New reserves	4,525,468	1,400,000	9,450,468	1,400,000
Reserves disbursed	(1,819,036)	—	(2,521,923)	—
Ending reserves	$ 8,254,295	$ 1,400,000	$ 8,254,295	$ 1,400,000

8.	INTEREST RESERVE

At December 31, 2020, the Company had one loan that included a loan funded interest reserve. As of December 31, 2020, approximately $74 thousand of interest income was earned and disbursed from the interest reserve.

The following table presents changes in interest reserve as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

			For the period from July 31, 2020 to December 31, 2020
Initial reserves			$ —
New reserves			1,400,000
Reserves disbursed			(74,250)
Total Interest reserve			$ 1,325,750

DEBT (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

DEBT [Abstract]

DEBT

Revolving Credit Facility

In July 2020, the Company obtained a secured revolving credit loan (the “Revolving Credit Facility”) from AFC Finance, LLC, an affiliate of the Company’s management. The Revolving Credit Facility had a loan commitment of $40,000,000 and had an interest rate of 8% per annum, payable in cash in arrears. The Company did not incur any fees or cost related to the origination of the Revolving Credit Facility and the Revolving Credit Facility did not have any unused fees. The maturity date of the Revolving Credit Facility was the earlier of (i) July 31, 2021 and (ii) the date of the closing of any credit facility where the proceeds are incurred to refund, refinance or replace the Revolving Credit Agreement (as defined below) with an aggregate principal amount equal to or greater than $50.0 million (any such financing, a “Refinancing Credit Facility”) in accordance with terms of the credit agreement governing the Revolving Credit Facility (the “Revolving Credit Agreement”). The Revolving Credit Facility was secured by the assets of the Company.

On May 7, 2021, the Company amended the Revolving Credit Agreement with AFC Finance, LLC (the “First Amendment”). The First Amendment increased the loan commitment from $40,000,000 to $50,000,000, decreased the interest rate from 8% per annum to 6% per annum, removed Gamma Lending Holdco LLC as a lender and extended the maturity date from July 31, 2021 to the earlier of (i) December 31, 2021 or (ii) the date of the closing of any Refinancing Credit Facility.

On November 3, 2021, the Company entered into the Second Amendment to the Revolving Credit Agreement with AFC Finance, LLC (the “Second Amendment”). Under the Second Amendment, payments to AFC Finance, LLC for interest,

commitment fees and unused fees (net applicable taxes) are required to be paid directly or indirectly through AFC Finance, LLC to charitable organizations designated by AFC Finance, LLC. The Second Amendment (i) increased the loan commitment from $50,000,000 to $75,000,000; (ii) decreased the interest rate from 6% per annum to 4.75% per annum; (iii) introduced a one-time commitment fee of 0.25%, to be paid in three equal quarterly installments, and an unused line fee of 0.25% per annum, to be paid quarterly in arrears; (iv) provided an optional buyout provision for the holders of the Company’s 2027 Senior Notes (as defined above) upon an event of default under the Revolving Credit Agreement; (v) extended the fixed element of the maturity date from December 31, 2021 to September 30, 2022 and (vi) provided that a Refinancing Credit Facility (as defined below) may be any credit facility where the proceeds are incurred to refund, refinance or replace the Revolving Credit Agreement. Pursuant to the Second Amendment, the Company incurred a one-time commitment fee expense of $187,500 in November 2021, payable in three quarterly installments beginning in the first quarter of 2022, which will be amortized over the life of the loan. For the three and nine months ended September 30, 2021 and through November 3, 2021, the Company has not drawn on the Revolving Credit Facility or incurred any interest expense related to the Revolving Credit Facility.

2027 Senior Notes

On November 3, 2021, the Company issued $100 million in aggregate principal amount of senior unsecured notes due in 2027 (the “2027 Senior Notes”). The 2027 Senior Notes accrue interest at a rate of 5.75% per annum. Interest on the 2027 Senior Notes is due semi-annually on May 1 and November 1 of each year, beginning on May 1, 2022. The net proceeds from the Offering were approximately $97 million, after deducting the initial purchasers’ discounts and commissions and estimated offering fees and expenses payable by the Company. The Company intends to use the proceeds from the issuance of the 2027 Senior Notes (i) to fund loans related to unfunded commitments to existing borrowers, (ii) to originate and participate in commercial loans to companies operating in the cannabis industry that are consistent with our investment strategy and (iii) for working capital and other general corporate purposes. The terms of the 2027 Senior Notes are governed by an indenture, dated November 3, 2021, among us, as issuer, and TMI Trust Company, as trustee (the “Indenture”). Under the Indenture governing the 2027 Senior Notes, we are required to cause all of our existing and future subsidiaries to guarantee the 2027 Senior Notes, other than certain immaterial subsidiaries as set forth in the Indenture. The 2027 Senior Notes are currently not guaranteed by any of our subsidiaries.

The Indenture governing the 2027 Senior Notes contains customary terms and restrictions, subject to a number of exceptions and qualifications, including restrictions on the Company’s ability to (1) incur additional indebtedness unless the Annual Debt Service Charge (as defined in the Indenture) is no less than 1.5 to 1.0, (2) incur or maintain total debt in an aggregate principal amount greater than 60% of the Company’s consolidated Total Assets (as defined in the Indenture), (3) incur or maintain secured debt in an aggregate principal amount greater than 25% of the Company’s consolidated Total Assets (as defined in the Indenture); and (4) merge, consolidate or sell substantially all of the Company’s assets. On or after February 1, 2027, the Company may redeem the 2027 Senior Notes in whole or in part at a price equal to 100% of the principal amount of the notes being redeemed, plus a make-whole premium and accrued and unpaid interest thereon to, but excluding, the applicable redemption date.

DEBT

The Company obtained a secured revolving credit loan (the “Revolving Loan”) from AFC Finance, LLC, an affiliate of the Company’s management. The Revolving Loan has a loan commitment of $40,000,000 and bears interest of 8% per annum, payable in cash in arrears. The Company did not incur any fees or cost related to the origination of the Revolving Loan and the Revolving Loan does not have any unused fees. The maturity date of the Revolving Loan is the earlier of (i) July 31, 2021 and (ii) the date of the closing of any Refinancing Credit Facility in accordance with terms in

the Revolving Loan agreement. The Revolving Loan is secured by the assets of the Company. For the period from July 31, 2020 to December 31, 2020, the Company did not utilize its Revolving Loan and therefor no interest expense was incurred.

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

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COMMITMENTS AND CONTINGENCIES (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

COMMITMENTS AND CONTINGENCIES

10.	COMMITMENTS AND CONTINGENCIES

As of September 30, 2021 and December 31, 2020, the Company had the following commitments to fund various senior term loans, equipment loans and bridge loans:

	As of September 30, 2021	As of December 31, 2020
Total original loan commitments	$ 296,946,250	$ 107,292,176
Less: drawn commitments	(243,038,584)	(87,467,057)
Total undrawn commitments	$ 53,907,666	$ 19,825,119

The Company from time to time may be a party to litigation in the normal course of business. As of September 30, 2021, the Company is not aware of any legal claims that could materially impact its business, financial condition or results of operations.

The Company provides loans to established companies operating in the cannabis industry which involves significant risks, including the risk of strict enforcement against the Company’s borrowers of the federal illegality of cannabis, the Company’s borrowers’ inability to renew or otherwise maintain their licenses or other requisite authorizations for their cannabis operations, and such loans lack of liquidity, and the Company could lose all or part of any of the Company’s loans.

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

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

10.	COMMITMENTS AND CONTINGENCIES

The spread of a novel strain of coronavirus (“COVID-19”) has caused significant business disruptions in the United States beginning in the first quarter of 2020 and has resulted in governmental authorities implementing numerous measures to try to contain the virus, such as quarantines, shelter-in-place or total lock-down orders and business imitations and shutdowns (subject to exceptions for certain “essential” operations and businesses). Over the course of the COVID-19 pandemic, medical cannabis companies have been deemed “essential” by 29 states administering shelter-in-place orders and adult use cannabis has been deemed “essential” in eight of those states. Consequently, the impact of the COVID-19 pandemic and the related regulatory and private sector response on our financial and operating results for the period ended December 31, 2020 was somewhat mitigated as all of our borrowers were permitted to continue to operate during this pandemic. Regardless, the full extent of the economic impact of the business disruptions caused by COVID-19 is uncertain. The outbreak of COVID-19 has severely impacted global economic activity and caused significant volatility and negative pressure in financial markets. The global impact of the outbreak has been rapidly evolving, and many countries, including the United States, have reacted by instituting quarantines, mandating business and school closures and restricting travel. As a result, the COVID-19 pandemic is negatively impacting almost every industry directly or indirectly, including the regulated cannabis industry. Although some of these measures have been lifted or scaled back, a recent resurgence of COVID-19 in certain parts of the world, including the United States, has resulted in the re-imposition of certain restrictions and may lead to more restrictions to reduce the spread of COVID-19. The extent of any effect that these disruptions may have on the operations and financial performance of the Company will depend on future developments, including possible impacts on the performance of the Company’s loans, general business activity, and ability to generate revenue, which cannot be determined.

As of December 31, 2020, the Company had the following commitments to fund various senior term loans, equipment loans and bridge loans.

			As of December 31, 2020
Total original loan commitments			$ 107,292,176
Less: drawn commitments			(87,467,057)
Total undrawn commitments			$ 19,825,119

At December 31, 2020, the Company had executed $38.5 million in non-binding term sheets with various prospective borrowers. Subsequent to year end, the Company executed an additional $49.5 million in non-binding term sheets and a syndication commitment letter with various prospective borrowers. Included in these amounts is an approximately $46.2 million term sheet with a prospective borrower where the credit facility will be syndicated to an affiliate of the Company. The Company’s portion of the syndication is $22.0 million and is included in the $38.5 million of non-binding term sheets at December 31, 2020. AFC Management is serving as the manager of the syndication and is expected to serve as the agent for the loan.

The Company from time to time may be a party to litigation in the normal course of business. As of December 31, 2020, the Company is not aware of any legal claims that could materially impact its business, financial condition or results of operations.

We provide loans to established companies operating in the cannabis industry which involves significant risks, including the risk of strict enforcement of federal laws regarding the federal illegality of cannabis, and lack liquidity, and we could lose all or part of any of our investments.

Our ability to grow or maintain our business depends on state laws pertaining to the cannabis industry. New laws that are adverse to our portfolio companies may be enacted, and current favorable state or national laws or enforcement guidelines relating to cultivation, production and distribution of cannabis may be modified or eliminated in the future, which would impede our ability to grow and could materially adversely affect our business.

STOCKHOLDERS' EQUITY (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

STOCKHOLDERS' EQUITY

11.	STOCKHOLDERS’ EQUITY

Series A Preferred Stock

As of September 30, 2021 and December 31, 2020, the Company has authorized 10,000 preferred shares and issued 125 of the preferred shares designated as 12.0% Series A Cumulative Non-Voting Preferred Stock, par value $0.01 per share (the “Series A Preferred Stock”).

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

Upon written notice to each record holder of the Series A Preferred Stock as to the effective date of redemption, the Company may redeem the shares of the outstanding Series A Preferred Stock at the Company’s option, in whole or in part, at any time for cash at a redemption price equal to $1,000 per share, for a total of $125,000 for the 125 shares outstanding, plus all accrued and unpaid dividends thereon to and including the date fixed for redemption, plus a redemption premium of $50 per share if the shares are redeemed on or before December 31, 2021. Shares of the Series A Preferred Stock that are redeemed shall no longer be deemed outstanding shares of the Company and all rights of the holders of such shares will terminate.

Common Stock

The Board of Directors of the Company (the “Board”) approved a seven-for-one stock split of the Company’s common stock effective on January 25, 2021. All common shares, stock options, and per share information presented in the consolidated financial statements have been adjusted to reflect the stock split on a retroactive basis for all periods presented, including reclassifying an amount equal to the increase in par value of common stock from additional paid-in capital. There was no change in the par value of the Company’s common stock. Upon consummation of the Company’s IPO, any stockholder that held fractional shares received cash in lieu of such fractional shares based on the public offering price of the shares of the Company’s common stock at IPO. This resulted in the reduction of 15 shares issued and outstanding.

On March 23, 2021, the Company completed its IPO of 6,250,000 shares of its common stock at a price of $19.00 per share, raising $118,750,000 in gross proceeds. The underwriters also exercised their over-allotment option to purchase up to an additional 937,500 shares of the Company’s common stock at a price of $19.00 per share, which was completed on March 26, 2021, raising $17,812,500 in additional gross proceeds. The underwriting commissions of $8,312,500 and $1,246,875, respectively, are reflected as a reduction of additional paid-in capital on the consolidated statements of stockholders’ equity. The Company incurred approximately $3,093,836 of expenses in connection with the IPO, which is reflected as a reduction in additional paid-in capital. The net proceeds to the Company totaled approximately $123,909,289.

On June 28, 2021, the Company completed an offering of 2,750,000 shares of its common stock at a price of $20.50 per share, raising $56,375,000 in gross proceeds. The underwriting commissions of $3,100,625 are reflected as a reduction of additional paid-in capital on the consolidated statements of stockholders’ equity. The Company incurred approximately $701,989 of expenses in connection with the offering, which is reflected as a reduction in additional paid-in capital. The net proceeds to the Company totaled approximately $52,572,386.

On July 6, 2021, the underwriters partially exercised their over-allotment option to purchase 269,650 shares of the Company’s common stock at a price of $20.50 per share raising $5,527,825 in additional gross proceeds or $5,223,795 in net proceeds after underwriting commissions of $304,030, which is reflected as a reduction of additional paid-in capital on the consolidated statements of stockholders’ equity.

Equity Incentive Plan

The Company has established an equity incentive compensation plan (the “Plan”). The Company’s Board authorized the adoption of the Plan (as amended, the “2020 Plan”) and approved stock option grants of 1,632,632 shares of common stock and 56,285 shares of restricted stock as of September 30, 2021. The Board or one or more committees appointed by the Board administers the 2020 Plan. The 2020 Plan authorizes stock options, stock appreciation rights, restricted stock, stock bonuses, stock units and other forms of awards granted or denominated in the Company’s common stock or units of common stock. The 2020 Plan retains flexibility to offer competitive incentives and to tailor benefits to specific needs and circumstances. Any award may be structured to be paid or settled in cash. The Company has, and currently intends to continue to grant stock options to participants in the 2020 Plan, but it may also grant any other type of award available under the 2020 Plan in the future. Persons eligible to receive awards under the 2020 Plan include officers or employees of the Company or any of its subsidiaries, directors of the Company, employees of the Manager and certain directors and consultants and other service providers to the Company or any of its subsidiaries.

As of September 30, 2021, the maximum number of shares of the Company common stock that may be delivered pursuant to awards under the 2020 Plan (the “Share Limit”) equals 2,401,965 shares, which is an increase of 26,965 shares compared to June 30, 2021 under the evergreen provision in the 2020 Plan in connection with the issuance of an additional 269,650 shares of common stock to the underwriters in connection with their partial exercise of an over-allotment option in July 2021. Shares that are subject to or underlie awards that expire or for any reason are cancelled or terminated, are forfeited, fail to vest, or for any other reason are not paid or delivered under the 2020 Plan will not be counted against the Share Limit and will again be available for subsequent awards under the 2020 Plan. Shares that are exchanged by a participant or withheld by the Company as full or partial payment in connection with any award granted under the 2020 Plan, as well as any shares exchanged by a participant or withheld by us to satisfy tax withholding obligations related to any award granted under the 2020 Plan, will not be counted against the Share Limit and will again be available for subsequent awards under the 2020 Plan. To the extent that an award is settled in cash or a form other than shares, the shares that would have been delivered had there been no such cash or other settlement will not be counted against the Share Limit and will again be available for subsequent awards under the 2020 Plan.

The exercise price of any options granted under the 2020 Plan will be at net asset value or greater; provided, however, the exercise price will be at least equal to the market price of the underlying shares on the grant date. The options granted under the 2020 Plan have an ordinary term of up to 10 years. An option may either be an incentive stock option or a nonqualified stock option. Options generally may not be transferred to third parties for value and do not include dividend equivalent rights.

The following table summarizes the (i) non-vested options granted, (ii) vested options granted and (iii) forfeited options granted for the Company’s directors and officers and employees of the Manager as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021	As of December 31, 2020
Non-vested	183,114	142,814
Vested	1,449,518	800,618
Forfeited	(28,396)	(16,534)
Balance	1,604,236	926,898

The following table summarizes the (i) non-vested restricted stock granted, (ii) vested restricted stock granted and (iii) forfeited restricted stock granted for the Company’s directors and officers and employees of the Manager as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021	As of December 31, 2020
Non-vested	56,285	—
Vested	—	—
Forfeited	—	—
Balance	56,285	—

The Company uses the Black-Scholes option pricing model to value stock options in determining the share-based compensation expense. Forfeitures are recognized as they occur. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant. The expected dividend yield was based on the Company’s expected dividend yield at grant date. Expected volatility is based on the estimated average volatility of similar companies due to the lack of historical volatilities of the Company’s common stock. Restricted stock grant expense is based on the Company’s stock price at the time of the grant and amortized over the vesting period. The share-based compensation expense for the Company was approximately $51,429 and $1,662,001 for the three and nine months ended September 30, 2021, respectively, and no expense was booked during the period from July 31, 2020 to September 30, 2020.

The following table presents the assumptions used in the option pricing model of options granted under the 2020 Plan:

Assumptions			Range
Expected volatility			40% - 50%
Expected dividend yield			10% - 20%
Risk-free interest rate			0.5% - 1.5%
Expected forfeiture rate			0%

The following tables summarize stock option activity during the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020:

	Three months ended September 30, 2021	Weighted-Average Grant Date Fair Value Per Option
Balance as of June 30, 2021	1,613,098	$1.08
Granted	—	—
Exercised	—	—
Forfeited	(8,862)	0.90
Balance as of September 30, 2021	1,604,236	$ 1.08

	Period from July 31, 2020 to September 30, 2020	Weighted-Average Grant Date Fair Value Per Option
Balance as of July 31, 2020	—	$ —
Granted	806,456	0.90
Exercised	—	—
Forfeited	—	—
Balance as of September 30, 2020	806,456	$ 0.90

	Nine months ended September 30, 2021	Weighted-Average Grant Date Fair Value Per Option
Balance as of December 31, 2020	926,898	$0.91
Granted	689,200	1.31
Exercised	—	—
Forfeited	(11,862)	1.01
Balance as of September 30, 2021	1,604,236	$ 1.08

11.	STOCKHOLDERS’ EQUITY

Series A Preferred Stock.

As of December 31, 2020, the Company has authorized 10,000 preferred shares and issued 125 preferred shares.

In order for the Company to qualify as a REIT and satisfy the principles of Section 856(a)(5) of the Code, the Company’s stock must be beneficially owned by 100 or more persons. Therefore, on December 18, 2020, the Company sold and issued 125 shares, to 125 investors, of 12.0% Series A Cumulative Non-Voting Preferred Stock, $0.01 par value per share (the “Series A Preferred Stock”), in a private placement offering (the “Series A Offering”), at a purchase price of $1,000 per share, with gross proceeds of $125,000 in cash and net proceeds of approximately $101,059. The Series A Preferred Stock entitles the holders thereof to receive cumulative cash dividends at a rate per annum of 12.0% of the liquidation preference of $1,000 per share plus all accumulated and unpaid dividends thereon. The Company generally may not declare or pay, or set apart for payment, any dividend or other distribution on any shares of the Company’s stock ranking junior to the Series A Preferred Stock as to dividends, including the Company’s common stock, or redeem, repurchase or otherwise make payments on any such shares, unless full, cumulative dividends on all outstanding shares of Series A Preferred Stock have been declared and paid or set apart for payment for all past dividend periods. The holders of the Series A Preferred Stock generally have no voting rights except in limited circumstances, including certain amendments to the Charter and the authorization or issuance of equity securities senior to or on parity with the Series A Preferred Stock. The Series A Preferred Stock is not convertible into shares of any other class or series of our stock. The Series A Preferred Stock is senior to all other classes and series of shares of the Company’s stock as to dividend and redemption rights and rights upon the Company’s liquidation, dissolution and winding up.

Common Stock

The Board of Directors of the Company has approved a 7-for-1 stock split of the Company’s common stock effective on January 25, 2021. All common shares, stock options, and per share information presented in the financial statements have been adjusted to reflect the stock split on a retroactive basis for all periods presented, including reclassifying an amount equal to the increase in par value of common stock from additional paid-in capital. The Company will make a cash payment to stockholders for all fractional shares which would otherwise be required to be issued as a result of the stock split. There will be no change in the par value of the Company’s common stock.

The Company issued 6,179,392 shares in private offerings during the period from July 31, 2020 to December 31, 2020.

Equity Incentive Plan

The Company has established an equity incentive compensation plan (the “Plan”). The Company’s board of directors authorized the adoption of the Plan (the “2020 Plan”) and approved stock option grants of 926,898 shares of common stock as of December 31, 2020. The Board or one or more committees appointed by the Board will administer the 2020 Plan. The Plan authorizes stock options, stock appreciation rights, restricted stock, stock bonuses, stock units and other forms of awards granted or denominated in the Company’s common stock or units of common stock. The 2020 Plan retains flexibility to offer competitive incentives and to tailor benefits to specific needs and circumstances. Any award may be structured to be paid or settled in cash. The Company currently intends to grant stock options to participants in the 2020 Plan, but it may also grant any other type of award available under the 2020 Plan in the future. Persons eligible to receive awards under the 2020 Plan include officers or employees of the Company or any of its subsidiaries, directors of the Company, and certain directors and consultants and other service providers to the Company or any of its subsidiaries.

The current maximum number of shares of the Company common stock that may be delivered pursuant to awards under the 2020 Plan (the “Share Limit”) equals 2,100,000 shares. Shares that are subject to or underlie awards that expire or for any reason are cancelled or terminated, are forfeited, fail to vest, or for any other reason are not paid or delivered under the 2020 Plan will not be counted against the Share Limit and will again be available for subsequent awards under the 2020 Plan. Shares that are exchanged by a participant or withheld by the Company as full or partial payment in connection with any award granted under the 2020 Plan, as well as any shares exchanged by a participant or withheld by us to satisfy tax withholding obligations related to any award granted under the 2020 Plan, will not be counted against the Share Limit and will again be available for subsequent awards under the 2020 Plan. To the extent that an award is settled in cash or a form other than shares, the shares that would have been delivered had there been no such cash or other settlement will not be counted against the Share Limit and will again be available for subsequent awards under the 2020 Plan.

The exercise price of any options granted under the 2020 Plan will be at net asset value or greater; provided, however, the exercise price will be at least equal to the fair market value of the underlying shares on the grant date. The options granted under the 2020 Plan have an ordinary term of up to ten years. An option may either be an incentive stock option or a nonqualified stock option. Options generally may not be transferred to third parties for value and do not include dividend equivalent rights.

For so long as the Company remains private, any options that become vested under the 2020 Plan will not be exercisable until the earlier of (i) a Change in Control Event (as defined in the 2020 Plan) and (ii) a Public Offering Date (as defined in the 2020 Plan). In the event the term of any options expires prior to the occurrence of either a Change in Control Event or Public Offering Date, the options, whether vested or unvested, shall expire and be forfeited for no consideration. As such, no options are considered dilutive as of the date of these financial statements.

			Restricted Stock Options Granted
Non-vested			142,814
Vested			800,618
Forfeited			(16,534)
Balance at December 31, 2020			926,898

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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EARNINGS PER SHARE (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

EARNINGS PER SHARE

12.	EARNINGS PER SHARE

The following information sets forth the computations of basic weighted average earnings per common share for the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020:

	For the three months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020	For the nine months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020
Net income attributable to common stockholders	$ 7,930,680	$2,106,250	$13,959,222	$2,106,250
Divided by:
Basic weighted average shares of common stock outstanding	16,402,984	5,376,411	12,368,977	5,376,411
Diluted weighted average shares of common stock outstanding	16,776,648	5,376,411	12,742,641	5,376,411
Basic weighted average earnings per common share	$ 0.48	$ 0.39	$ 1.13	$ 0.39
Diluted weighted average earnings per common share	$ 0.47	$ 0.39	$ 1.10	$ 0.39

12.	EARNINGS PER SHARE

The following information sets forth the computations of basic weighted average earnings per common share for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

			Period from July 31, 2020 to December 31, 2020
Net income / (loss) attributable to common stockholders			$4,313,632
Divided by:
Basic weighted average shares of common stock outstanding			5,694,475
Basic weighted average earnings per common share			$ 0.76

INCOME TAX (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

INCOME TAX [Abstract]

INCOME TAX

13.	INCOME TAX

The income tax provision for the Company was $0 for the nine months ended September 30, 2021.

For the three and nine months ended September 30, 2021, the Company incurred no expense for United States federal excise tax. Excise tax represents a 4% tax on the sum of a portion of the Company’s ordinary income and net capital gains not distributed during the period. If it is determined that an excise tax liability exists for the current period, the Company will accrue excise tax on estimated excess taxable income as such taxable income is earned. The expense is calculated in accordance with applicable tax regulations.

The Company does not have any unrecognized tax benefits and the Company does not expect that to change in the next 12 months.

13.	INCOME TAX

The income tax provisions for the Company was $0 for the period from July 31, 2020 to December 31, 2020.

For the period from July 31, 2020 to December 31, 2020, the Company incurred no expense for United Stated federal excise tax. Excise tax represents a 4% tax on the sum of a portion of the Company’s ordinary income and net capital gains not distributed during the period. If it is determined that an excise tax liability exists for the current period, the Company will accrue excise tax on estimated excess taxable income as such taxable income is earned. The expense is calculated in accordance with applicable tax regulations.

The Company does not have any unrecognized tax benefits and the Company does not expect that to change in the next 12 months.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

FAIR VALUE (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

FAIR VALUE

14.	FAIR VALUE

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

The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of September 30, 2021 and December 31, 2020. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

Senior Term Loans

$76,293,824

Yield analysis

Market Yield

17.62% - 20.68%

17.82%

Total Investments

$76,293,824

Senior Term Loans

$48,558,051

Yield analysis

Market Yield

15.79% - 20.75%

20.20%

Total Investments

$48,558,051

Changes in market yields may change the fair value of certain of the Company’s loans. Generally, an increase in market yields may result in a decrease in the fair value of certain of the Company’s loans.

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

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

The following tables present fair value measurements of loans held at fair value as of September 30, 2021 and December 31, 2020:

	Fair Value Measurement Using as of September 30, 2021
	Total	Level 1	Level 2	Level 3
Loans held at fair value	$76,293,824	$—	$—	$76,293,824
Total	$76,293,824	$—	$—	$76,293,824

	Fair Value Measurement Using as of December 31, 2020
	Total	Level 1	Level 2	Level 3
Loans held at fair value	$48,558,051	$—	$—	$48,558,051
Total	$48,558,051	$—	$—	$48,558,051

The following table presents changes in loans that use Level 3 inputs as of and for the nine months ended September 30, 2021:

			For the nine months ended September 30, 2021
Total loans using Level 3 inputs at December 31, 2020			$ 48,558,051
Change in unrealized gains / (losses) on loans at fair value, net			796,368
Additional funding			37,701,104
Original issue discount and other discounts, net of costs			(1,130,623)
Loan repayments			(12,000,000)
Loan amortization payments			(1,093,659)
Accretion of original issue discount			1,905,715
PIK interest			1,556,868
Total loans using Level 3 inputs at September 30, 2021			$ 76,293,824

Fair Value of Financial Instruments

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

The following table details the book value and fair value of the Company’s financial instruments not recognized at fair value in the balance sheet:

	As of September 30, 2021
	Carrying Value	Fair Value
Financial assets
Cash and cash equivalents	$ 69,974,391	$ 69,974,391
Loans held for investment at carrying value	$153,161,781	$158,771,796
Loan receivable at carrying value	$ 2,774,455	$ 2,695,507

Estimates of fair value for cash and cash equivalents are measured using observable, quoted market prices, or Level 1 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs.

14.	FAIR VALUE

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

The following tables summarize the significant unobservable inputs the Company used to value the loans categorized within Level 3 as of December 31, 2020. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Company’s determination of fair values.

Senior Term Loans

$ 48,558,051

Yield analysis

Market Yield

15.79% - 20.75%

20.20%

Total Investments

$ 48,558,051

The following table presents fair value measurements of loans held at fair value as of December 31, 2020:

	Fair Value Measurement Using
	Total	Level 1	Level 2	Level 3
Loans held at fair value	$ 48,558,051	—	—	$ 48,558,051
Total	$ 48,558,051	—	—	$ 48,558,051

The following table presents changes in loans that use Level 3 inputs as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

			For the period from July 31, 2020 to December 31, 2020
Loans acquired at July 31, 2020			$ 43,106,551
Realized gains / (losses) on loans at fair value, net			345,000
Change in unrealized gains / (losses) on loans at fair value, net			1,563,340
Additional funding			16,360,000
Original issue discount and other discounts, net of costs			(1,595,199)
Repayments			(5,000,000)
Sale of loans			(7,345,000)
Accretion of original issue discount			732,729
PIK Interest			390,630
Total loans using Level 3 inputs at December 31, 2020			$ 48,558,051

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.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

15.	RELATED PARTY TRANSACTIONS

Management Agreement

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

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

Prior to the IPO, the quarterly base management fee was equal to 0.4375% of the Company’s Equity, subject to certain adjustments, less 100% of the aggregate amount of any Outside Fees, including any agency fees relating to our loans, but excluding the Incentive Compensation and any diligence fees paid to and earned by the Manager and paid by third parties in connection with the Manager’s due diligence of potential loans.

In addition to the Base Management Fee, the Manager is entitled to receive incentive compensation (the “Incentive Compensation” or “Incentive Fees”) under the Management Agreement. Under the Management Agreement, the Company will pay Incentive Fees to the Manager based upon the Company’s achievement of targeted levels of Core Earnings. “Core Earnings” is defined in the Management Agreement as, for a given period means the net income (loss) for such period, computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income and (v) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between the Manager and the Company’s independent directors and approved by a majority of the independent directors. The Incentive Compensation for the three and nine months ended September 30, 2021 was approximately $1,769,207 and $3,873,984, respectively. For the period from July 31, 2020 to September 30, 2020, the Manager agreed to waive the incentive compensation.

The Company shall pay all of its costs and expenses and shall reimburse the Manager or its affiliates for expenses of the Manager and its affiliates paid or incurred on behalf of the Company, excepting only those expenses that are specifically the responsibility of the Manager pursuant to the Management Agreement.

The following table summarizes the related party costs incurred by the Company for the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020:

	For the three months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020	For the nine months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020
Affiliate Costs
Management fees	$1,030,718	$226,234	$2,301,924	$226,234
Less Outside Fees earned	(256,989)	(84,167)	(677,439)	(84,167)
Incentive fees earned	1,769,207	—	3,873,984	—
General and administrative expenses reimbursable to Manager	625,711	165,434	1,415,217	165,434
Total	$3,168,647	$307,501	$6,913,686	$307,501

Amounts payable to the Company’s Manager as of September 30, 2021 and December 31, 2020 were $3,389,646 and $728,298, respectively.

Due to Affiliate

Amounts due to an affiliate of the Company as of September 30, 2021 and December 31, 2020 were $9,550,625 and $0, respectively. The amount due to the affiliate, AFC Management, is related to the funding of the loan to Subsidiary of Private Co. G and was subsequently paid to AFC Management on October 1, 2021.

Investments in Loans

From time to time, the Company may co-invest with other investment vehicles managed by the Company’s Manager or its affiliates, including the Manager, and their portfolio companies, including by means of splitting loans, participating in loans or other means of syndicating loans. The Company is not obligated to provide, nor has it provided, any financial support to the other managed investment vehicles. As such, the Company’s risk is limited to the carrying value of its investment in any such loan. As of September 30, 2021, there were three co-invested loans held by the Company and an affiliate of the Company.

In connection with investments in loans, the Company may receive the option to assign the right (the “Assigned Right”) to acquire warrants and/or equity of the borrower. The Company may sell the Assigned Right, and the sale may be to an affiliate of the Company. During the three months ended September 30, 2021, the Company neither received nor sold any Assigned Right. For the nine months ended September 30, 2021, the Company sold approximately $2.3 million of Assigned Rights to an affiliate which are accounted for as additional original issue discount and accreted over the life of the loans. For the period from July 31, 2020 to September 30, 2020, the Company did not have any Assigned Rights which were assigned or sold.

Secured Revolving Credit Facility From Affiliate

The Company has the Revolving Credit Facility from AFC Finance, LLC, an affiliate of the Company. Refer to Note 9 to our unaudited consolidated financial statements for more information.

15.	RELATED PARTY TRANSACTIONS

Management Agreement

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

The Manager will receive base management fees (the “Base Management Fee”) that are calculated and payable quarterly in arrears, in an amount equal to 0.4375% of the Company’s Equity, determined as of the last day of each such quarter;

provided that the Base Management Fee shall be reduced by the aggregate amount of any other fees earned and paid to the Manager during such quarter resulting from the investment advisory services and general management services rendered by it under the Management Agreement, including any syndication, structuring, diligence, monitoring or agency fees relating to the Company’s loans, but excluding the Incentive Compensation.

In addition to the Base Management Fee, the Manager is entitled to receive incentive compensation (the “Incentive Compensation” or “Incentive Fees”) under the Management Agreement. Under the Management Agreement, the Company will pay Incentive Fees to the Manager based upon the Company’s achievement of targeted levels of Core Earnings. “Core Earnings” is defined in the Management Agreement as, for a given period means the net income (loss) for such period, computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income and (v) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between the Manager and the Independent Directors and approved by a majority of the Independent Directors. The Manager has agreed to waive the incentive compensation for the period from July 31, 2020 (date of commencement of operations) through December 31, 2020 which would have been approximately $479,166 for the period.

The Company shall pay all of its costs and expenses and shall reimburse the Manager or its Affiliates for expenses of the Manager and its Affiliates paid or incurred on behalf of the Company, excepting only those expenses that are specifically the responsibility of the Manager pursuant to the Management Agreement.

The following table summarizes the related party costs incurred by the Company for the period from July 31, 2020 (commencement of operations) to December 31, 2020 and amounts payable to the Company’s Manager as of December 31, 2020.

	Incurred for the period from July 31, 2020 to December 31, 2020	Payable as of December 31, 2020
Affiliate Payments
Management fees	$ 623,361	$ 222,127
Less other fees earned and paid to the Manager	(259,167)	—
General and administrative expenses reimbursed to Manager	671,605	506,171
Total	$1,035,799	$ 728,298

Investments in Loans

From time to time, the Company may co-invest with other investment vehicles managed by the Company’s Management or its affiliates, including the Manager, and their portfolio companies, including by means of splitting loans, participating in loans or other means of syndicating loans. The Company is not obligated to provide, nor has it provided, any financial support to the other managed investment vehicles. As such, the Company’s risk is limited to the carrying value of its investment in any such loan. As of and for the period from July 31, 2020 to December 31, 2020, there were no co-investments held by the Company.

Loans Acquired From Affiliate

The Company acquired loans at fair value of approximately $46,802,841 and cash from an affiliate of the Company’s Management in exchange for issuance of 3,342,500 shares of common stock.

Secured Revolving Credit From Affiliate

The Company obtained a secured revolving credit loan (the “Revolving Loan”) from AFC Finance, LLC, an affiliate of the Company’s management. Refer to footnote 9 for more information.

DIVIDENDS AND DISTRIBUTIONS (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

DIVIDENDS AND DISTRIBUTIONS

16.	DIVIDENDS AND DISTRIBUTIONS

The following table summarizes the Company’s dividends declared during the nine months ended September 30, 2021:

	Record Date	Payment Date	Common Share Distribution Amount	Taxable Ordinary Income	Return of Capital	Section 199A Dividends
Regular cash dividend	3/15/2021	3/31/2021	$0.36	$0.36	$—	$0.36
Regular cash dividend	6/15/2021	6/30/2021	$0.38	$0.38	$—	$0.38
Regular cash dividend	9/30/2021	10/15/2021	$0.43	$0.43	$—	$0.43
Total cash dividend			$1.17	$1.17	$—	$1.17

16.	DIVIDENDS AND DISTRIBUTIONS

The following table summarizes the Company’s dividends declared and paid during the period from July 31, 2020 to December 31, 2020:

	Record Date	Payment Date	Common Share distribution amount	Taxable Ordinary Income	Return of Capital	Section 199A Dividends
Regular cash dividend	12/23/2020	12/30/2020	$0.35	$0.35	$—	$0.35
Special cash dividend⁽¹⁾	12/23/2020	12/30/2020	0.26	0.26	—	0.26
Total cash dividend			$0.61	$0.61	$—	$0.61

(1)	Dividend of approximately $0.26

QUARTERLY FINANCIAL DATA (UNAUDITED) (FY)

12 Months Ended

Dec. 31, 2020

QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract]

QUARTERLY FINANCIAL DATA (UNAUDITED)

17.	QUARTERLY FINANCIAL DATA (UNAUDITED)

The following table summarizes the Company’s quarterly financial results for the period from July 31, 2020 to September 30, 2020 and the quarter ended December 31, 2020:

	Period from July 31, 2020 to September 30, 2020	Quarter Ended December 31, 2020
Total revenue	$1,594,769	$3,655,339
Total expenses	1,052,319	1,327,100
Provision for current expected credit losses	—	(465,397)
Realized gains / (losses) on loans at fair value, net	—	345,000
Change in unrealized gains / (losses) on loans at fair value, net	1,563,800	(460)
Net Income / (loss)	2,106,250	2,207,382
Basic earnings per common share (in dollars per share)⁽¹⁾	$ 0.39	$ 0.37
Basic weighted average shares of common stock outstanding (in shares)	5,376,411	5,908,822

(1)

SUBSEQUENT EVENTS (FY)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

17.	SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date the financial statements were available to be issued. There were no material subsequent events, other than those described below, that required disclosure in these financial statements.

Subsequent to the end of the third quarter, the Company closed one loan, had new commitments of $50.0 million, and funded approximately $52.3 million of principal amount.

In October 2021, the Company sold its investment in the loan to Public Company E to a third party in a private transaction. The Company received approximately $5.1 million in net proceeds from the sale.

In October 2021, the Company entered into an additional commitment for a $50 million senior term loan with Public Company F, as part of a $120 million third tranche under Public Company F’s senior secured credit facility and funded $50.0 million of principal less OID of $1.2 million for net funding of $48.8 million at closing. Following the expansion, the Company’s total loan commitments to Public Company F increased to an aggregate principal amount of $60 million, including $10 million of the second tranche funded in May 2021.

On November 3, 2021, the Company issued the 2027 Senior Notes. The 2027 Senior Notes accrue interest at a rate of 5.75% per annum. Interest on the 2027 Senior Notes is due semi-annually on May 1 and November 1 of each year, beginning on May 1, 2022. The net proceeds from the Offering were approximately $97 million, after deducting the initial purchasers’ discounts and commissions and estimated offering fees and expenses payable by the Company. The Company intends to use the net proceeds from the issuance of the 2027 Senior Notes to (i) fund loans related to unfunded commitments to existing borrowers, (ii) to originate and participate in commercial loans to companies operating in the cannabis industry that are consistent with our investment strategy and (iii) for working capital and other general corporate purposes. The terms of the 2027 Senior Notes are governed by the Indenture. Under the Indenture governing the 2027 Senior Notes, we are required to cause all of our existing and future subsidiaries to guarantee the 2027 Senior Notes, other than certain immaterial subsidiaries as set forth in the Indenture. The 2027 Senior Notes are currently not guaranteed by any of our subsidiaries.

The Indenture governing the 2027 Senior Notes contains customary terms and restrictions, subject to a number of exceptions and qualifications, including restrictions on the Company’s ability to (1) incur additional indebtedness unless the Annual Debt Service Charge (as defined in the Indenture) is no less than 1.5 to 1.0, (2) incur or maintain total debt in an aggregate principal amount greater than 60% of the Company’s consolidated Total Assets (as defined in the Indenture), (3) incur or maintain secured debt in an aggregate principal amount greater than 25% of the Company’s consolidated Total Assets (as defined in the Indenture); and (4) merge, consolidate or sell substantially all of the Company’s assets. On or after February 1, the Company may redeem the 2027 Senior Notes in whole or in part at a price equal to 100% of the principal amount of the notes being redeemed, plus a make-whole premium and accrued and unpaid interest thereon to, but excluding, the applicable redemption date.

On November 3, 2021, the Company entered into the Second Amendment to the Revolving Credit Agreement with AFC Finance, LLC. Under the Second Amendment, the terms of the Revolving Credit Facility were amended to, among other things: (i) decrease the interest rate to 4.75% per annum; (ii) extend the maturity date to the earlier of September 30, 2022 and the closing date of any credit facility where the proceeds are incurred to refund, refinance or replace such Revolving Credit Agreement; (iii) add an unused fee of 0.25% per annum on the undrawn amount of the revolving loan commitments; (iv) add a one-time commitment fee of 0.25% of the total revolving loan commitments, payable in three quarterly installments, beginning in the first quarter of 2022; (v) increase the aggregate revolving credit commitments to $75.0 million; (vi) provided an optional buyout provision for the holders of the Company’s 2027 Senior Notes upon certain events of default under the Revolving Credit Agreement; and (vii) require all payments of interest, the commitment fee and unused fee to be paid, directly or indirectly, to a charitable organization to be designated by AFC Finance, LLC in its sole discretion, net of any taxes. See Note 9 to the Company’s consolidated financial statements for the quarter ended September 30, 2021 for more information.

18.	SUBSEQUENT EVENTS

The Company has evaluated subsequent events through the date the financial statements were available to be issued. There were no material subsequent events, other than that described below, that required disclosure in these financial statements.

Public Company A previously defaulted on certain covenants under the applicable agreements governing their real estate loan and equipment loan with us. These defaults resulted from, among other things, the loan parties’ failure to timely pay taxes due, incurrence of mechanic’s liens and tax liens on assets, failure to notify the lenders of such failure to pay and incurrence of liens, failure to make payments due in January 2021, failure to make payment obligations owed to

third party creditors and failure to enter into specified debt restructuring transactions. Such defaults were unrelated to the COVID-19 pandemic. In January 2021, the loan parties entered into modification agreements for each of the Public Company A loans pursuant to which the Company agreed to forbear from exercising its rights and remedies regarding such defaults for certain considerations and on certain terms and conditions. Under the RE Modification Agreement, the Company and the other lenders agreed to forbear until the earlier of December 21, 2021 and the existence of any new event of default, and the terms of the real estate loan were modified to, among other things, (i) extend the maturity date from June 27, 2021 to December 21, 2021, (ii) modify the interest rate to 14.0%, with 12.0% paid monthly and 2.0% paid at maturity and (iii) add an exit fee of $1.0 million payable upon payment in full of the real estate loan on the maturity date. The RE Modification Agreement also provided for the establishment of an interest reserve for the payment of the last three months of interest on the real estate loan. Additional consideration for the RE Modification Agreement included (w) a modification fee in an amount equal to 3.0% per annum on the outstanding principal of the real estate loan from May 19, 2020 to the effective date of the RE Modification Agreement less certain fees previously paid, (x) common shares of Public Company A in an aggregate amount equal to $1.2 million, (y) the grant of certain warrants to purchase common shares of Public Company A and (z) reimbursement of certain expenses. The Company sold its portion of the rights to acquire the common shares and warrants received as considerations for the RE Modification Agreement to the administrative agent under the Public Company A real estate loan documents. Under the modification agreement relating to the Public Company A equipment loan, the Company and the other lenders agreed to forbear until the earlier of February 5, 2024 and the existence of any new event of default, and the terms of the equipment loan were modified to, among other things, (i) amend the payment schedule allowing for reduced monthly payments for three months, with the reduced amounts amortized equally over the remaining monthly payments, (ii) add an exit fee of $500,000 due at the end of the term of the agreement governing the equipment loan, (iii) release a certain guarantor, and (iv) add a new parent company guarantee. Additional consideration for the Equipment Modification Agreement included (x) a modification fee in an amount equal to 6.0% per annum on the outstanding principal of the equipment loan from May 19, 2020 through and including the effective date of the Equipment Modification Agreement less certain fees previously paid, (y) an additional fee of $500,000 payable in equal monthly installments commencing April 5, 2021 and (z) reimbursement of certain expenses. In connection with the Modification Agreements, Public Company A consummated the initial closing of $10.1 million of its non-brokered convertible debenture offering for up to $25.0 million of debenture units. The net proceeds received by Public Company A from the convertible debenture offering are intended to be used for working capital, previous debt obligations and general corporate purposes. Public Company A has since paid the January 2021 payments and there are no delinquent payment obligations owed to the Company.

ORGANIZATION (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

ORGANIZATION [Abstract]

ORGANIZATION

1.	ORGANIZATION

1.	ORGANIZATION

The Company operates as one operating segment and is primarily focused on financing senior secured loans and other types of loans for established cannabis industry operators in states where medical and / or adult use cannabis is legal. These loans are generally held for investment and are secured, directly or indirectly, by real estate, equipment, licenses and/or other assets of borrowers depending on the applicable laws and regulations governing such borrowers.

SIGNIFICANT ACCOUNTING POLICIES (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

2.	SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2021.

Use of Estimates in the Preparation of Financial Statements

Recent Accounting Pronouncements

2.	SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Cash, Cash Equivalents and Restricted Cash

Restricted cash includes deposits required under certain Secured Funding Agreements. As of the balance sheet date, the Company did not have any restricted cash.

Concentration of Credit Risks

Investments in Loans

The Company originates CRE debt and related instruments generally to be held for investment.

The Company accretes or amortizes any discounts or premiums on loans held for investment over the life of the related loan held for investment utilizing the effective interest method.

Loans Held at Fair Value

Loans Held at Carrying Value

Fair Value Measurements

⯀	Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

⯀	Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

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

Current Expected Credit Losses

Equity-Based Compensation

Debt Issuance Costs

Payment-in-Kind Interest

Revenue Recognition

Interest reserves

Net Interest Margin and Interest Expense

Income Taxes

Earnings per Share

Use of Estimates in the Preparation of Financial Statements

Recent Accounting Pronouncements

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848):Scope, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU No. 2021-01is effective immediately for all entities. An entity may elect to apply the amendments on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, up to the date that financial statements are available to be issued. If an entity elects to apply any of the amendments for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional

In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs, which is an update to clarify that an entity should reevaluate whether a callable debt security is within the scope of 310-20-35-33 for each reporting period. ASU 2020-08 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. For all other entities, the amendments in ASU No. 2020-08 are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application is permitted for all other entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. All entities should apply the amendments in this Update on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company is currently evaluating the impact, if any, of adopting this ASU on its financial statements.

LOANS HELD FOR INVESTMENT AT FAIR VALUE (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

LOANS HELD FOR INVESTMENT AT FAIR VALUE [Abstract]

LOANS HELD FOR INVESTMENT AT FAIR VALUE

3.	LOANS HELD FOR INVESTMENT AT FAIR VALUE

The following tables summarize the Company’s loans held at fair value as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021
	Fair Value⁽²⁾	Carrying Value⁽¹⁾	Outstanding Principal⁽¹⁾	Weighted Average Remaining Life (Years)⁽³⁾
Senior Term Loans	$ 76,293,824	$ 73,934,116	$ 76,995,548	2.5
Total loans held at fair value	$ 76,293,824	$ 73,934,116	$ 76,995,548	2.5

	As of December 31, 2020
	Fair Value⁽²⁾	Carrying Value⁽¹⁾	Outstanding Principal⁽¹⁾	Weighted Average Remaining Life (Years)⁽³⁾
Senior Term Loans	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3
Total loans held at fair value	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.

(2)	Refer to Note 14 to our unaudited consolidated financial statements.

(3)	Weighted average remaining life is calculated based on the fair value of the loans as of September 30, 2021 and December 31, 2020.

The following table presents changes in loans held at fair value as of and for the nine months ended September 30, 2021:

	Principal	Original Issue Discount	Unrealized Gains/ (Losses)	Fair Value
Total loans held at fair value at December 31, 2020	$ 50,831,235	$(3,836,524)	$1,563,340	$ 48,558,051
Change in unrealized gains / (losses) on loans at fair value, net	—	—	796,368	796,368
New fundings	37,701,104	(1,130,623)	—	36,570,481
Loan repayments	(12,000,000)	—	—	(12,000,000)
Loan amortization payments	(1,093,659)	—	—	(1,093,659)
Accretion of original issue discount	—	1,905,715	—	1,905,715
PIK interest	1,556,868	—	—	1,556,868
Total loans held at fair value at September 30, 2021	$ 76,995,548	$ (3,061,432)	$ 2,359,708	$ 76,293,824

A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of September 30, 2021 is as follows:

Collateral

Location

Collateral

Type⁽⁸⁾

Fair

Value⁽²⁾

Carrying

Value⁽¹⁾

Outstanding

Principal⁽¹⁾

Interest

Rate

Maturity

Date⁽³⁾

Payment

Terms⁽⁴⁾

Private Co. A

AZ, MI, MD, MA

C , D

$62,853,367

$60,857,429

$63,391,847

16.4%⁽⁵⁾

5/8/2024

P/I

Private Co. B

10,535,737

10,171,757

10,663,701

17.0%⁽⁶⁾

9/1/2023

P/I

Public Co. A

2,904,720

2,904,930

2,940,000

14.0%⁽⁷⁾

1/26/2023

I/O

Total loans held at fair value

$ 76,293,824

$ 73,934,116

$ 76,995,548

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.

(2)	Refer to Note 14 to our unaudited consolidated financial statements.

(3)

(4)	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(5)	Base interest rate of 13% and payment-in-kind (“PIK”) interest rate of 3.4%.

(6)	Base interest rate of 13% and PIK interest rate of 4%.

(7)	Base interest rate of 12% and PIK interest rate of 2%.

(8)	C = Cultivation Facilities, D = Dispensaries.

3.	LOANS HELD FOR INVESTMENT AT FAIR VALUE

The following tables summarize the Company’s loans held at fair value as of December 31, 2020:

	Fair Value⁽²⁾	Carrying Value⁽¹⁾	Outstanding Principal⁽¹⁾	Weighted Average Remaining Life (Years)⁽³⁾
Senior Term Loans	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3
Total loans held at fair value	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs

(2)	Refer to Footnote 14

(3)	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2020

The following table presents changes in loans held at fair value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal	Original Issue Discount	Fair Value
Loans acquired at July 31, 2020	$ 46,080,605	$ (2,974,054)	$ 43,106,551
Realized gains / (losses) on loans at fair value, net	345,000	—	345,000
Change in unrealized gains / (losses) on loans at fair value, net	—	—	1,563,340
New fundings	16,360,000	(1,595,199)	14,764,801
Repayments	(5,000,000)	—	(5,000,000)
Sale of loans	(7,345,000)	—	(7,345,000)
Accretion of original issue discount	—	732,729	732,729
PIK Interest	390,630	—	390,630
Total loans held at fair value at December 31, 2020	$ 50,831,235	$ (3,836,524)	$ 48,558,051

A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of December 31, 2020 is as follows:

Location

Fair Value⁽²⁾

Carrying

Value⁽¹⁾

Outstanding

Principal⁽¹⁾

Interest

Rate

Maturity

Date⁽³⁾

Payment

Terms⁽⁴⁾

Private Co. A

Multi State

$31,510,387

$30,913,524

$33,344,325

17.0%⁽⁵⁾

5/8/2024

P/I

Private Co. B

2,461,036

2,238,402

2,522,846

17.0%⁽⁶⁾

9/1/2023

P/I

Public Co. A

2,870,910

2,909,656

2,940,000

10.5%⁽⁷⁾

6/27/2021

I/O

Sub. Of Public Co. C

11,715,718

10,933,129

12,024,064

18.0%⁽⁸⁾

2/18/2025

P/I

Total loans held at fair value

$ 48,558,051

$ 46,994,711

$ 50,831,235

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs

(2)	Refer to Footnote 14

(3)

(4)	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.

(5)	Base interest rate of 13% and PIK interest rate of 4%

(6)	Base interest rate of 13% and PIK interest rate of 4%

(7)	Base interest rate of 8% plus LIBOR (LIBOR floor of 2.5%)

(8)

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]

LOANS HELD FOR INVESTMENT AT CARRYING VALUE

4.	LOANS HELD FOR INVESTMENT AT CARRYING VALUE

The following tables summarize the Company’s loans held at carrying value as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021
	Outstanding Principal⁽¹⁾	Original Issue Discount	Carrying Value⁽¹⁾	Weighted Average Remaining Life (Years)⁽²⁾
Senior Term Loans	$ 164,361,340	$ (11,199,559)	$ 153,161,781	4.0
Total loans held at carrying value	$ 164,361,340	$ (11,199,559)	$ 153,161,781	4.0

	As of December 31, 2020
	Outstanding Principal⁽¹⁾	Original Issue Discount	Carrying Value⁽¹⁾	Weighted Average Remaining Life (Years)⁽²⁾
Senior Term Loans	$ 33,907,763	$ (2,070,732)	$ 31,837,031	4.7
Total loans held at carrying value	$ 33,907,763	$ (2,070,732)	$ 31,837,031	4.7

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.

(2)	Weighted average remaining life is calculated based on the carrying value of the loans as of September 30, 2021 and December 31, 2020.

The following table presents changes in loans held at carrying value as of and for the nine months ended September 30, 2021:

	Principal	Original Issue Discount	Carrying Value
Total loans held at carrying value at December 31, 2020	$ 33,907,763	$ (2,070,732)	$ 31,837,031
New fundings	139,222,598	(11,261,001)	127,961,597
Accretion of original issue discount	—	2,132,174	2,132,174
Realized gain on sale of loans	400,000	—	400,000
Sale of loans	(10,400,000)	—	(10,400,000)
PIK interest	1,230,979	—	1,230,979
Total loans held at carrying value at September 30, 2021	$ 164,361,340	$ (11,199,559)	$ 153,161,781

A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of September 30, 2021 is as follows:

Collateral

Location

Collateral

Type⁽⁴⁾

Outstanding

Principal⁽¹⁾

Original

Issue

Discount

Carrying

Value⁽¹⁾

Interest

Rate

Maturity

Date⁽²⁾

Payment

Terms⁽³⁾

Private Co. C

C , D

$19,333,872

$ (721,311)

$18,612,561

17.0%⁽⁵⁾

12/1/2025

P/I

Sub. of Public Co. D

10,000,000

(149,235)

9,850,765

12.9%⁽⁶⁾

12/18/2024

I/O

Private Co. D

OH, AR

12,169,041

(877,891)

11,291,150

15.0%⁽⁷⁾

1/1/2026

P/I

Private Co. E

C , D

14,220,552

(2,782,310)

11,438,242

17.0%⁽⁸⁾

4/1/2026

P/I

Private Co. F

C , D

9,799,658

(1,816,803)

7,982,855

17.0%⁽⁹⁾

5/1/2026

P/I

Public Co. E

5,000,000

(307,143)

4,692,857

13.0%⁽¹⁰⁾

4/29/2025

P/I

Sub. of Private Co. G

C , D

42,945,657

(2,498,443)

40,447,214

14.3%⁽¹¹⁾

5/1/2026

P/I

Public Co. F

IL, FL, NV,

OH, MA, MI,

MD,AR, NV,

C , D

10,000,000

(160,000)

9,840,000

9.8%⁽¹²⁾

5/30/2023

I/O

Sub. of Private Co. H

5,781,250

(126,790)

5,654,460

15.0%⁽¹³⁾

5/11/2023

I/O

Private Co. K

C , D

7,000,000

(763,667)

6,236,333

13.0%⁽¹⁴⁾

08/03/2026

P/I

Private Co. I

C , D

10,109,310

(225,184)

9,884,126

15.5%⁽¹⁵⁾

8/1/2026

P/I

Private Co. J

18,002,000

(770,782)

17,231,218

15.0%⁽¹⁶⁾

09/01/2025

P/I

Total loans held at carrying value

$164,361,340

$(11,199,559)

$153,161,781

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.

(2)

(3)	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(4)	C = Cultivation Facilities, D = Dispensaries.

(5)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.

(6)	Base interest rate of 12.9%.

(7)	Base interest rate of 13.0% and PIK interest rate of 2.0%.

(8)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.

(9)	Base interest rate of 13.0% and PIK interest rate of 4.0%.

(10)	Base interest rate of 13.0%.

(11)	Base interest rate of 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%.

(12)	Base interest rate of 9.8%.

(13)	Base interest rate of 15.0%.

(14)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%)

(15)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%.

(16)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%.

4.	LOANS HELD FOR INVESTMENT AT CARRYING VALUE

The following tables summarize the Company’s loans held at carrying value as of December 31, 2020:

	Outstanding Principal⁽¹⁾	Original Issue Discount	Carrying Value⁽¹⁾	Weighted Average Remaining Life (Years)⁽²⁾
Senior Term Loans	$33,907,763	$(2,070,732)	$31,837,031	4.7
Total loans held at carrying value	$ 33,907,763	$ (2,070,732)	$ 31,837,031	4.7

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs

(2)	Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2020

The following table presents changes in loans held at carrying value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal	Original Issue Discount	Carrying Value
Loans at July 31, 2020	$ —	$ —	$ —
New fundings	33,875,985	(2,120,969)	31,755,016
Accretion of original issue discount	—	50,237	50,237
PIK Interest	31,778	—	31,778
Total loans held at carrying value at December 31, 2020	$ 33,907,763	$ (2,070,732)	$ 31,837,031

A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of December 31, 2020 is as follows:

Location

Outstanding

Principal⁽¹⁾

Original Issue

Discount

Carrying

Value⁽¹⁾

Interest

Rate

Maturity

Date⁽²⁾

Payment

Terms⁽³⁾

Private Co. C

$ 11,907,763

$ (851,148)

$ 11,056,615

17.0%⁽⁴⁾

12/1/2025

P/I

Private Co. D

Multi State

12,000,000

(1,035,911)

10,964,089

15.0%⁽⁵⁾

1/1/2026

P/I

Sub. of Public Co. D

10,000,000

(183,673)

9,816,327

12.9%⁽⁶⁾

12/18/2024

I/O

Total loans held at carry value

$ 33,907,763

$ (2,070,732)

$ 31,837,031

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs

(2)

(3)	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.

(4)	Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4%

(5)	Base interest rate of 13% and PIK interest rate of 2%

(6)	Base interest rate of 12.9%

LOAN RECEIVABLE AT CARRYING VALUE (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

LOAN RECEIVABLE AT CARRYING VALUE

5.	LOAN RECEIVABLE AT CARRYING VALUE

The following table presents changes in loans receivable as of and for the nine months ended September 30, 2021:

	Principal	Original Issue Discount	Carrying Value
Total loans receivable at carrying value at December 31, 2020	$3,352,176	$(3,913)	$3,348,263
Principal repayment of loans	(574,735)	—	(574,735)
Accretion of original issue discount	—	927	927
Total loans receivable at carrying value at September 30, 2021	$ 2,777,441	$ (2,986)	$ 2,774,455

5.	LOAN RECEIVABLE AT CARRYING VALUE

The following table presents changes in loans receivable as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal	Original Issue Discount	Carrying Value
Loan receivable acquired at July 31, 2020	$3,700,718	$(4,428)	$3,696,290
Principal repayment of loans	(348,542)	—	(348,542)
Accretion of original issue discount	—	515	515
Total loans receivable at carrying value at December 31, 2020	$ 3,352,176	$ (3,913)	$ 3,348,263

CURRENT EXPECTED CREDIT LOSSES (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

CURRENT EXPECTED CREDIT LOSSES

6.	CURRENT EXPECTED CREDIT LOSSES

	Outstanding⁽¹⁾	Unfunded⁽²⁾	Total
Balance at June 30, 2021	$ 701,143	$ 476,140	$1,177,283
Provision for current expected credit losses	444,486	216,126	660,612
Write-offs	—	—	—
Recoveries	—	—	—
Balance at September 30, 2021	$1,145,629	$ 692,266	$1,837,895

	Outstanding⁽¹⁾	Unfunded⁽²⁾	Total
Balance at December 31, 2020	$ 404,860	$ 60,537	$ 465,397
Provision for current expected credit losses	740,769	631,729	1,372,498
Write-offs	—	—	—
Recoveries	—	—	—
Balance at September 30, 2021	$1,145,629	$ 692,266	$ 1,837,895

(1)	As of September 30, 2021 and December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.

(2)	As of September 30, 2021 and December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company’s consolidated balance sheets.

Rating			Definition
1			Very Low Risk
2			Low Risk
3			Medium Risk
4			High Risk/ Potential for Loss
5			Impaired/Loss Likely

The risk ratings are primarily based on historical data as well as taking into account future economic conditions.

Risk Rating:	2021	2020	Total
1	$ —	$ —	$ —
2	14,532,857	—	14,532,857
3	88,990,322	42,528,931	131,519,253
4	9,884,126	—	9,884,126
5	—	—	—
Total	$113,407,305	$ 42,528,931	$ 155,936,236

6.	CURRENT EXPECTED CREDIT LOSSES

Current Expected Credit Loss Reserve for Funded Loan Commitments

Balance at July 31, 2020 (Commencement of Operations)			$ —
Provision for current expected credit losses			404,860
Write-offs			—
Recoveries			—
Balance at December 31, 2020⁽¹⁾			$ 404,860

(1)	As of December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s balance sheet.

Current Expected Credit Loss Reserve for Unfunded Loan Commitments

Activity related to the CECL Reserve for unfunded commitments on the Company’s loans held at carrying value as of and for the period from July 31, 2020 to December 31, 2020 was as follows:

Balance at July 31, 2020 (Commencement of Operations)			$ —
Provision for current expected credit losses			60,537
Write-offs			—
Recoveries			—
Balance at December 31, 2020⁽¹⁾			$ 60,537

(1)	As of December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company’s consolidated balance sheets.

Rating			Definition
1			Very Low Risk
2			Low Risk
3			Medium Risk
4			High Risk/ Potential for Loss
5			Impaired/Loss Likely

The risk ratings are primarily based on historical data as well as taking into account future economic conditions.

Risk Rating:	2020	Total
1	$ —	$ —
2	9,816,327	9,816,327
3	22,020,704	22,020,704
4	3,348,263	3,348,263
5	—	—
Total	$ 35,185,294	$ 35,185,294

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

INTEREST RECEIVABLE (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

INTEREST RECEIVABLE

7.	INTEREST RECEIVABLE

The following table summarizes the interest receivable by the Company as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021	As of December 31, 2020
Interest receivable	$1,838,494	$675,795
PIK receivable	522,933	177,183
Unused fees receivable	73,292	74,314
Total interest receivable	$ 2,434,719	$ 927,292

7.	INTEREST RECEIVABLE

The following tables summarize the interest receivable by the Company as of December 31, 2020:

			As of December 31, 2020
Interest receivable			$675,795
PIK receivable			177,183
Unused fees			74,314
Total interest receivable			$ 927,292

INTEREST RESERVE (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

INTEREST RESERVE

8.	INTEREST RESERVE

The following table presents changes in interest reserve as of and for the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020:

	For the three months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020	For the nine months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020
Beginning reserves	$ 5,547,863	$ —	$ 1,325,750	$ —
New reserves	4,525,468	1,400,000	9,450,468	1,400,000
Reserves disbursed	(1,819,036)	—	(2,521,923)	—
Ending reserves	$ 8,254,295	$ 1,400,000	$ 8,254,295	$ 1,400,000

8.	INTEREST RESERVE

The following table presents changes in interest reserve as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

			For the period from July 31, 2020 to December 31, 2020
Initial reserves			$ —
New reserves			1,400,000
Reserves disbursed			(74,250)
Total Interest reserve			$ 1,325,750

DEBT (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

DEBT [Abstract]

DEBT

Revolving Credit Facility

2027 Senior Notes

DEBT

COMMITMENTS AND CONTINGENCIES (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

COMMITMENTS AND CONTINGENCIES

10.	COMMITMENTS AND CONTINGENCIES

As of September 30, 2021 and December 31, 2020, the Company had the following commitments to fund various senior term loans, equipment loans and bridge loans:

	As of September 30, 2021	As of December 31, 2020
Total original loan commitments	$ 296,946,250	$ 107,292,176
Less: drawn commitments	(243,038,584)	(87,467,057)
Total undrawn commitments	$ 53,907,666	$ 19,825,119

10.	COMMITMENTS AND CONTINGENCIES

As of December 31, 2020, the Company had the following commitments to fund various senior term loans, equipment loans and bridge loans.

			As of December 31, 2020
Total original loan commitments			$ 107,292,176
Less: drawn commitments			(87,467,057)
Total undrawn commitments			$ 19,825,119

STOCKHOLDERS' EQUITY (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

STOCKHOLDERS' EQUITY

11.	STOCKHOLDERS’ EQUITY

Series A Preferred Stock

Common Stock

Equity Incentive Plan

	As of September 30, 2021	As of December 31, 2020
Non-vested	183,114	142,814
Vested	1,449,518	800,618
Forfeited	(28,396)	(16,534)
Balance	1,604,236	926,898

	As of September 30, 2021	As of December 31, 2020
Non-vested	56,285	—
Vested	—	—
Forfeited	—	—
Balance	56,285	—

The following table presents the assumptions used in the option pricing model of options granted under the 2020 Plan:

Assumptions			Range
Expected volatility			40% - 50%
Expected dividend yield			10% - 20%
Risk-free interest rate			0.5% - 1.5%
Expected forfeiture rate			0%

The following tables summarize stock option activity during the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020:

	Three months ended September 30, 2021	Weighted-Average Grant Date Fair Value Per Option
Balance as of June 30, 2021	1,613,098	$1.08
Granted	—	—
Exercised	—	—
Forfeited	(8,862)	0.90
Balance as of September 30, 2021	1,604,236	$ 1.08

	Period from July 31, 2020 to September 30, 2020	Weighted-Average Grant Date Fair Value Per Option
Balance as of July 31, 2020	—	$ —
Granted	806,456	0.90
Exercised	—	—
Forfeited	—	—
Balance as of September 30, 2020	806,456	$ 0.90

	Nine months ended September 30, 2021	Weighted-Average Grant Date Fair Value Per Option
Balance as of December 31, 2020	926,898	$0.91
Granted	689,200	1.31
Exercised	—	—
Forfeited	(11,862)	1.01
Balance as of September 30, 2021	1,604,236	$ 1.08

11.	STOCKHOLDERS’ EQUITY

Series A Preferred Stock.

As of December 31, 2020, the Company has authorized 10,000 preferred shares and issued 125 preferred shares.

Common Stock

The Company issued 6,179,392 shares in private offerings during the period from July 31, 2020 to December 31, 2020.

Equity Incentive Plan

			Restricted Stock Options Granted
Non-vested			142,814
Vested			800,618
Forfeited			(16,534)
Balance at December 31, 2020			926,898

EARNINGS PER SHARE (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

EARNINGS PER SHARE

12.	EARNINGS PER SHARE

	For the three months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020	For the nine months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020
Net income attributable to common stockholders	$ 7,930,680	$2,106,250	$13,959,222	$2,106,250
Divided by:
Basic weighted average shares of common stock outstanding	16,402,984	5,376,411	12,368,977	5,376,411
Diluted weighted average shares of common stock outstanding	16,776,648	5,376,411	12,742,641	5,376,411
Basic weighted average earnings per common share	$ 0.48	$ 0.39	$ 1.13	$ 0.39
Diluted weighted average earnings per common share	$ 0.47	$ 0.39	$ 1.10	$ 0.39

12.	EARNINGS PER SHARE

The following information sets forth the computations of basic weighted average earnings per common share for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

			Period from July 31, 2020 to December 31, 2020
Net income / (loss) attributable to common stockholders			$4,313,632
Divided by:
Basic weighted average shares of common stock outstanding			5,694,475
Basic weighted average earnings per common share			$ 0.76

INCOME TAX (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

INCOME TAX [Abstract]

INCOME TAX

13.	INCOME TAX

The income tax provision for the Company was $0 for the nine months ended September 30, 2021.

The Company does not have any unrecognized tax benefits and the Company does not expect that to change in the next 12 months.

13.	INCOME TAX

The income tax provisions for the Company was $0 for the period from July 31, 2020 to December 31, 2020.

The Company does not have any unrecognized tax benefits and the Company does not expect that to change in the next 12 months.

FAIR VALUE (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

FAIR VALUE

14.	FAIR VALUE

Senior Term Loans

$76,293,824

Yield analysis

Market Yield

17.62% - 20.68%

17.82%

Total Investments

$76,293,824

Senior Term Loans

$48,558,051

Yield analysis

Market Yield

15.79% - 20.75%

20.20%

Total Investments

$48,558,051

The following tables present fair value measurements of loans held at fair value as of September 30, 2021 and December 31, 2020:

	Fair Value Measurement Using as of September 30, 2021
	Total	Level 1	Level 2	Level 3
Loans held at fair value	$76,293,824	$—	$—	$76,293,824
Total	$76,293,824	$—	$—	$76,293,824

	Fair Value Measurement Using as of December 31, 2020
	Total	Level 1	Level 2	Level 3
Loans held at fair value	$48,558,051	$—	$—	$48,558,051
Total	$48,558,051	$—	$—	$48,558,051

The following table presents changes in loans that use Level 3 inputs as of and for the nine months ended September 30, 2021:

			For the nine months ended September 30, 2021
Total loans using Level 3 inputs at December 31, 2020			$ 48,558,051
Change in unrealized gains / (losses) on loans at fair value, net			796,368
Additional funding			37,701,104
Original issue discount and other discounts, net of costs			(1,130,623)
Loan repayments			(12,000,000)
Loan amortization payments			(1,093,659)
Accretion of original issue discount			1,905,715
PIK interest			1,556,868
Total loans using Level 3 inputs at September 30, 2021			$ 76,293,824

Fair Value of Financial Instruments

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

The following table details the book value and fair value of the Company’s financial instruments not recognized at fair value in the balance sheet:

	As of September 30, 2021
	Carrying Value	Fair Value
Financial assets
Cash and cash equivalents	$ 69,974,391	$ 69,974,391
Loans held for investment at carrying value	$153,161,781	$158,771,796
Loan receivable at carrying value	$ 2,774,455	$ 2,695,507

14.	FAIR VALUE

Senior Term Loans

$ 48,558,051

Yield analysis

Market Yield

15.79% - 20.75%

20.20%

Total Investments

$ 48,558,051

The following table presents fair value measurements of loans held at fair value as of December 31, 2020:

	Fair Value Measurement Using
	Total	Level 1	Level 2	Level 3
Loans held at fair value	$ 48,558,051	—	—	$ 48,558,051
Total	$ 48,558,051	—	—	$ 48,558,051

The following table presents changes in loans that use Level 3 inputs as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

			For the period from July 31, 2020 to December 31, 2020
Loans acquired at July 31, 2020			$ 43,106,551
Realized gains / (losses) on loans at fair value, net			345,000
Change in unrealized gains / (losses) on loans at fair value, net			1,563,340
Additional funding			16,360,000
Original issue discount and other discounts, net of costs			(1,595,199)
Repayments			(5,000,000)
Sale of loans			(7,345,000)
Accretion of original issue discount			732,729
PIK Interest			390,630
Total loans using Level 3 inputs at December 31, 2020			$ 48,558,051

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

15.	RELATED PARTY TRANSACTIONS

Management Agreement

The following table summarizes the related party costs incurred by the Company for the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020:

	For the three months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020	For the nine months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020
Affiliate Costs
Management fees	$1,030,718	$226,234	$2,301,924	$226,234
Less Outside Fees earned	(256,989)	(84,167)	(677,439)	(84,167)
Incentive fees earned	1,769,207	—	3,873,984	—
General and administrative expenses reimbursable to Manager	625,711	165,434	1,415,217	165,434
Total	$3,168,647	$307,501	$6,913,686	$307,501

Amounts payable to the Company’s Manager as of September 30, 2021 and December 31, 2020 were $3,389,646 and $728,298, respectively.

Due to Affiliate

Investments in Loans

Secured Revolving Credit Facility From Affiliate

The Company has the Revolving Credit Facility from AFC Finance, LLC, an affiliate of the Company. Refer to Note 9 to our unaudited consolidated financial statements for more information.

15.	RELATED PARTY TRANSACTIONS

Management Agreement

In addition to the Base Management Fee, the Manager is entitled to receive incentive compensation (the “Incentive Compensation” or “Incentive Fees”) under the Management Agreement. Under the Management Agreement, the Company will pay Incentive Fees to the Manager based upon the Company’s achievement of targeted levels of Core Earnings. “Core Earnings” is defined in the Management Agreement as, for a given period means the net income (loss) for such period, computed in accordance with GAAP, excluding (i) non-cash equity compensation expense, (ii) the Incentive Compensation, (iii) depreciation and amortization, (iv) any unrealized gains or losses or other non-cash items that are included in net income for the applicable reporting period, regardless of whether such items are included in other comprehensive income or loss, or in net income and (v) one-time events pursuant to changes in GAAP and certain non-cash charges, in each case after discussions between the Manager and the Independent Directors and approved by a majority of the Independent Directors. The Manager has agreed to waive the incentive compensation for the period from July 31, 2020 (date of commencement of operations) through December 31, 2020 which would have been approximately $479,166 for the period.

	Incurred for the period from July 31, 2020 to December 31, 2020	Payable as of December 31, 2020
Affiliate Payments
Management fees	$ 623,361	$ 222,127
Less other fees earned and paid to the Manager	(259,167)	—
General and administrative expenses reimbursed to Manager	671,605	506,171
Total	$1,035,799	$ 728,298

Investments in Loans

Loans Acquired From Affiliate

The Company acquired loans at fair value of approximately $46,802,841 and cash from an affiliate of the Company’s Management in exchange for issuance of 3,342,500 shares of common stock.

Secured Revolving Credit From Affiliate

The Company obtained a secured revolving credit loan (the “Revolving Loan”) from AFC Finance, LLC, an affiliate of the Company’s management. Refer to footnote 9 for more information.

DIVIDENDS AND DISTRIBUTIONS (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

DIVIDENDS AND DISTRIBUTIONS

16.	DIVIDENDS AND DISTRIBUTIONS

The following table summarizes the Company’s dividends declared during the nine months ended September 30, 2021:

	Record Date	Payment Date	Common Share Distribution Amount	Taxable Ordinary Income	Return of Capital	Section 199A Dividends
Regular cash dividend	3/15/2021	3/31/2021	$0.36	$0.36	$—	$0.36
Regular cash dividend	6/15/2021	6/30/2021	$0.38	$0.38	$—	$0.38
Regular cash dividend	9/30/2021	10/15/2021	$0.43	$0.43	$—	$0.43
Total cash dividend			$1.17	$1.17	$—	$1.17

16.	DIVIDENDS AND DISTRIBUTIONS

The following table summarizes the Company’s dividends declared and paid during the period from July 31, 2020 to December 31, 2020:

	Record Date	Payment Date	Common Share distribution amount	Taxable Ordinary Income	Return of Capital	Section 199A Dividends
Regular cash dividend	12/23/2020	12/30/2020	$0.35	$0.35	$—	$0.35
Special cash dividend⁽¹⁾	12/23/2020	12/30/2020	0.26	0.26	—	0.26
Total cash dividend			$0.61	$0.61	$—	$0.61

(1)	Dividend of approximately $0.26

SUBSEQUENT EVENTS (Q3)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

17.	SUBSEQUENT EVENTS

Subsequent to the end of the third quarter, the Company closed one loan, had new commitments of $50.0 million, and funded approximately $52.3 million of principal amount.

The Indenture governing the 2027 Senior Notes contains customary terms and restrictions, subject to a number of exceptions and qualifications, including restrictions on the Company’s ability to (1) incur additional indebtedness unless the Annual Debt Service Charge (as defined in the Indenture) is no less than 1.5 to 1.0, (2) incur or maintain total debt in an aggregate principal amount greater than 60% of the Company’s consolidated Total Assets (as defined in the Indenture), (3) incur or maintain secured debt in an aggregate principal amount greater than 25% of the Company’s consolidated Total Assets (as defined in the Indenture); and (4) merge, consolidate or sell substantially all of the Company’s assets. On or after February 1, the Company may redeem the 2027 Senior Notes in whole or in part at a price equal to 100% of the principal amount of the notes being redeemed, plus a make-whole premium and accrued and unpaid interest thereon to, but excluding, the applicable redemption date.

18.	SUBSEQUENT EVENTS

SIGNIFICANT ACCOUNTING POLICIES (FY) (Policies)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of Presentation

The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2021.

Basis of Presentation

Cash, Cash Equivalents and Restricted Cash

Restricted cash includes deposits required under certain Secured Funding Agreements. As of the balance sheet date, the Company did not have any restricted cash.

Concentration of Credit Risks

Investments in Loans

The Company originates CRE debt and related instruments generally to be held for investment.

The Company accretes or amortizes any discounts or premiums on loans held for investment over the life of the related loan held for investment utilizing the effective interest method.

Loans Held at Fair Value

Loans Held at Carrying Value

Fair Value Measurements

⯀	Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

⯀	Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, either directly or indirectly.

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

Current Expected Credit Losses

Equity-Based Compensation

Debt Issuance Costs

Payment-in-Kind Interest

Revenue Recognition

Interest Reserves

Interest reserves

Net Interest Margin and Interest Expense

Income Taxes

Earnings per Share

Use of Estimates in the Preparation of Financial Statements

Recent Accounting Pronouncements

In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848):Scope, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU No. 2021-01is effective immediately for all entities. An entity may elect to apply the amendments on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, up to the date that financial statements are available to be issued. If an entity elects to apply any of the amendments for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional

In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs, which is an update to clarify that an entity should reevaluate whether a callable debt security is within the scope of 310-20-35-33 for each reporting period. ASU 2020-08 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. For all other entities, the amendments in ASU No. 2020-08 are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application is permitted for all other entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. All entities should apply the amendments in this Update on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company is currently evaluating the impact, if any, of adopting this ASU on its financial statements.

SIGNIFICANT ACCOUNTING POLICIES (Q3) (Policies)	9 Months Ended	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Q3) (Policies)	Sep. 30, 2021	Dec. 31, 2020
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim consolidated financial statements and related notes have been prepared on the accrual basis of accounting in conformity with United States generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the SEC applicable to interim financial information. These unaudited interim consolidated financial statements reflect all adjustments and reclassifications that, in the opinion of management, are considered necessary for a fair statement of the balance sheets, statements of operations, statements of stockholders’ equity, and statement of cash flows for the periods presented. The current period’s results of operations will not necessarily be indicative of results that ultimately may be achieved for the year ending December 31, 2021.	Basis of Presentation The accompanying financial statements have been prepared on the accrual basis of accounting in conformity with United States generally accepted accounting principles (“GAAP”). The financial statements reflect all adjustments and reclassifications that, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition as of and for the periods presented.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the valuation of loans held for investment at fair value. Over the course of the coronavirus (“COVID-19”) pandemic, medical cannabis companies have been deemed “essential” by almost all states with legalized cannabis and stay-at-home orders. Consequently, the impact of the COVID-19 pandemic and the related regulatory and private sector response on our financial and operating results for the period ended September 30, 2021 was somewhat mitigated as all of our borrowers were permitted to continue to operate during this pandemic. Regardless, the full extent of the economic impact of the business disruptions caused by COVID-19 is uncertain. The outbreak of COVID-19 has severely impacted global economic activity and caused significant volatility and negative pressure in financial markets. The global impact of the outbreak has been rapidly evolving, and many countries, including the United States, have reacted by instituting quarantines, mandating business and school closures and restricting travel. As a result, the COVID-19 pandemic is negatively impacting almost every industry directly or indirectly, including the regulated cannabis industry. Although most of these measures have been lifted or scaled back, surges of COVID-19 in certain parts of the world, including the United States, have resulted and may in the future result in the re-imposition of certain restrictions and may lead to more restrictions to reduce the spread of COVID-19. The full effect that these disruptions may have on the operations and financial performance of the Company will depend on future developments, including possible impacts on the performance of the Company’s loans, general business activity, and ability to generate revenue, which cannot be determined.	Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Actual results could differ from those estimates. Significant estimates include the valuation of investments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Updated (“ASU”) No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU No. 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting this ASU on its financial statements. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848): Scope, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU No. 2021-01 is effective immediately for all entities. An entity may elect to apply the amendments on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final update, up to the date that financial statements are available to be issued. If an entity elects to apply any of the amendments for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The amendments do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). The Company is currently evaluating the impact, if any, of this ASU on its financial statements. In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs, which is an update to clarify that an entity should reevaluate whether a callable debt security is within the scope of 310-20-35-33 for each reporting period. ASU No. 2020-08 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. For all other entities, the amendments in ASU No. 2020-08 are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application is permitted for all other entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. All entities should apply the amendments in this update on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company adopted this new standard on January 1, 2021. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.	Recent Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. ASU No. 2020-04 is effective for all entities as of March 12, 2020 through December 31, 2022. The Company is currently evaluating the impact of adopting this ASU on its financial statements. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848):Scope, which clarifies that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU No. 2021-01is effective immediately for all entities. An entity may elect to apply the amendments on a full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or on a prospective basis to new modifications from any date within an interim period that includes or is subsequent to the date of the issuance of a final Update, up to the date that financial statements are available to be issued. If an entity elects to apply any of the amendments for an eligible hedging relationship, any adjustments as a result of those elections must be reflected as of the date the entity applies the election. The do not apply to contract modifications made after December 31, 2022, new hedging relationships entered into after December 31, 2022, and existing hedging relationships evaluated for effectiveness in periods after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that apply certain optional expedients in which the accounting effects are recorded through the end of the hedging relationship (including periods after December 31, 2022). The Company is currently evaluating the impact, if any, of this ASU on its financial statements. In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs, which is an update to clarify that an entity should reevaluate whether a callable debt security is within the scope of 310-20-35-33 for each reporting period. ASU 2020-08 is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early application is not permitted. For all other entities, the amendments in ASU No. 2020-08 are effective for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. Early application is permitted for all other entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. All entities should apply the amendments in this Update on a prospective basis as of the beginning of the period of adoption for existing or newly purchased callable debt securities. The Company is currently evaluating the impact, if any, of adopting this ASU on its financial statements.

LOANS HELD FOR INVESTMENT AT FAIR VALUE (FY) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

LOANS HELD FOR INVESTMENT AT FAIR VALUE [Abstract]

Loans Held at Fair Value

The following tables summarize the Company’s loans held at fair value as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021
	Fair Value⁽²⁾	Carrying Value⁽¹⁾	Outstanding Principal⁽¹⁾	Weighted Average Remaining Life (Years)⁽³⁾
Senior Term Loans	$ 76,293,824	$ 73,934,116	$ 76,995,548	2.5
Total loans held at fair value	$ 76,293,824	$ 73,934,116	$ 76,995,548	2.5

	As of December 31, 2020
	Fair Value⁽²⁾	Carrying Value⁽¹⁾	Outstanding Principal⁽¹⁾	Weighted Average Remaining Life (Years)⁽³⁾
Senior Term Loans	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3
Total loans held at fair value	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.

(2)	Refer to Note 14 to our unaudited consolidated financial statements.

(3)	Weighted average remaining life is calculated based on the fair value of the loans as of September 30, 2021 and December 31, 2020.

The following tables summarize the Company’s loans held at fair value as of December 31, 2020:

	Fair Value⁽²⁾	Carrying Value⁽¹⁾	Outstanding Principal⁽¹⁾	Weighted Average Remaining Life (Years)⁽³⁾
Senior Term Loans	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3
Total loans held at fair value	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs

(2)	Refer to Footnote 14

(3)	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2020

Changes in Loans Held at Fair Value

The following table presents changes in loans held at fair value as of and for the nine months ended September 30, 2021:

	Principal	Original Issue Discount	Unrealized Gains/ (Losses)	Fair Value
Total loans held at fair value at December 31, 2020	$ 50,831,235	$(3,836,524)	$1,563,340	$ 48,558,051
Change in unrealized gains / (losses) on loans at fair value, net	—	—	796,368	796,368
New fundings	37,701,104	(1,130,623)	—	36,570,481
Loan repayments	(12,000,000)	—	—	(12,000,000)
Loan amortization payments	(1,093,659)	—	—	(1,093,659)
Accretion of original issue discount	—	1,905,715	—	1,905,715
PIK interest	1,556,868	—	—	1,556,868
Total loans held at fair value at September 30, 2021	$ 76,995,548	$ (3,061,432)	$ 2,359,708	$ 76,293,824

The following table presents changes in loans held at fair value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal	Original Issue Discount	Fair Value
Loans acquired at July 31, 2020	$ 46,080,605	$ (2,974,054)	$ 43,106,551
Realized gains / (losses) on loans at fair value, net	345,000	—	345,000
Change in unrealized gains / (losses) on loans at fair value, net	—	—	1,563,340
New fundings	16,360,000	(1,595,199)	14,764,801
Repayments	(5,000,000)	—	(5,000,000)
Sale of loans	(7,345,000)	—	(7,345,000)
Accretion of original issue discount	—	732,729	732,729
PIK Interest	390,630	—	390,630
Total loans held at fair value at December 31, 2020	$ 50,831,235	$ (3,836,524)	$ 48,558,051

Loans Held at Fair Value Portfolio

A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of September 30, 2021 is as follows:

Collateral

Location

Collateral

Type⁽⁸⁾

Fair

Value⁽²⁾

Carrying

Value⁽¹⁾

Outstanding

Principal⁽¹⁾

Interest

Rate

Maturity

Date⁽³⁾

Payment

Terms⁽⁴⁾

Private Co. A

AZ, MI, MD, MA

C , D

$62,853,367

$60,857,429

$63,391,847

16.4%⁽⁵⁾

5/8/2024

P/I

Private Co. B

10,535,737

10,171,757

10,663,701

17.0%⁽⁶⁾

9/1/2023

P/I

Public Co. A

2,904,720

2,904,930

2,940,000

14.0%⁽⁷⁾

1/26/2023

I/O

Total loans held at fair value

$ 76,293,824

$ 73,934,116

$ 76,995,548

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.

(2)	Refer to Note 14 to our unaudited consolidated financial statements.

(3)

(4)	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(5)	Base interest rate of 13% and payment-in-kind (“PIK”) interest rate of 3.4%.

(6)	Base interest rate of 13% and PIK interest rate of 4%.

(7)	Base interest rate of 12% and PIK interest rate of 2%.

(8)	C = Cultivation Facilities, D = Dispensaries.

A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of December 31, 2020 is as follows:

Location

Fair Value⁽²⁾

Carrying

Value⁽¹⁾

Outstanding

Principal⁽¹⁾

Interest

Rate

Maturity

Date⁽³⁾

Payment

Terms⁽⁴⁾

Private Co. A

Multi State

$31,510,387

$30,913,524

$33,344,325

17.0%⁽⁵⁾

5/8/2024

P/I

Private Co. B

2,461,036

2,238,402

2,522,846

17.0%⁽⁶⁾

9/1/2023

P/I

Public Co. A

2,870,910

2,909,656

2,940,000

10.5%⁽⁷⁾

6/27/2021

I/O

Sub. Of Public Co. C

11,715,718

10,933,129

12,024,064

18.0%⁽⁸⁾

2/18/2025

P/I

Total loans held at fair value

$ 48,558,051

$ 46,994,711

$ 50,831,235

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs

(2)	Refer to Footnote 14

(3)

(4)	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.

(5)	Base interest rate of 13% and PIK interest rate of 4%

(6)	Base interest rate of 13% and PIK interest rate of 4%

(7)	Base interest rate of 8% plus LIBOR (LIBOR floor of 2.5%)

(8)

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (FY) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]

Loans Held at Carrying Value

The following tables summarize the Company’s loans held at carrying value as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021
	Outstanding Principal⁽¹⁾	Original Issue Discount	Carrying Value⁽¹⁾	Weighted Average Remaining Life (Years)⁽²⁾
Senior Term Loans	$ 164,361,340	$ (11,199,559)	$ 153,161,781	4.0
Total loans held at carrying value	$ 164,361,340	$ (11,199,559)	$ 153,161,781	4.0

	As of December 31, 2020
	Outstanding Principal⁽¹⁾	Original Issue Discount	Carrying Value⁽¹⁾	Weighted Average Remaining Life (Years)⁽²⁾
Senior Term Loans	$ 33,907,763	$ (2,070,732)	$ 31,837,031	4.7
Total loans held at carrying value	$ 33,907,763	$ (2,070,732)	$ 31,837,031	4.7

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.

(2)	Weighted average remaining life is calculated based on the carrying value of the loans as of September 30, 2021 and December 31, 2020.

The following tables summarize the Company’s loans held at carrying value as of December 31, 2020:

	Outstanding Principal⁽¹⁾	Original Issue Discount	Carrying Value⁽¹⁾	Weighted Average Remaining Life (Years)⁽²⁾
Senior Term Loans	$33,907,763	$(2,070,732)	$31,837,031	4.7
Total loans held at carrying value	$ 33,907,763	$ (2,070,732)	$ 31,837,031	4.7

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs

(2)	Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2020

Changes in Loans Held at Carrying Value

The following table presents changes in loans held at carrying value as of and for the nine months ended September 30, 2021:

	Principal	Original Issue Discount	Carrying Value
Total loans held at carrying value at December 31, 2020	$ 33,907,763	$ (2,070,732)	$ 31,837,031
New fundings	139,222,598	(11,261,001)	127,961,597
Accretion of original issue discount	—	2,132,174	2,132,174
Realized gain on sale of loans	400,000	—	400,000
Sale of loans	(10,400,000)	—	(10,400,000)
PIK interest	1,230,979	—	1,230,979
Total loans held at carrying value at September 30, 2021	$ 164,361,340	$ (11,199,559)	$ 153,161,781

The following table presents changes in loans held at carrying value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal	Original Issue Discount	Carrying Value
Loans at July 31, 2020	$ —	$ —	$ —
New fundings	33,875,985	(2,120,969)	31,755,016
Accretion of original issue discount	—	50,237	50,237
PIK Interest	31,778	—	31,778
Total loans held at carrying value at December 31, 2020	$ 33,907,763	$ (2,070,732)	$ 31,837,031

Loans Held at Carrying Value Portfolio

A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of September 30, 2021 is as follows:

Collateral

Location

Collateral

Type⁽⁴⁾

Outstanding

Principal⁽¹⁾

Original

Issue

Discount

Carrying

Value⁽¹⁾

Interest

Rate

Maturity

Date⁽²⁾

Payment

Terms⁽³⁾

Private Co. C

C , D

$19,333,872

$ (721,311)

$18,612,561

17.0%⁽⁵⁾

12/1/2025

P/I

Sub. of Public Co. D

10,000,000

(149,235)

9,850,765

12.9%⁽⁶⁾

12/18/2024

I/O

Private Co. D

OH, AR

12,169,041

(877,891)

11,291,150

15.0%⁽⁷⁾

1/1/2026

P/I

Private Co. E

C , D

14,220,552

(2,782,310)

11,438,242

17.0%⁽⁸⁾

4/1/2026

P/I

Private Co. F

C , D

9,799,658

(1,816,803)

7,982,855

17.0%⁽⁹⁾

5/1/2026

P/I

Public Co. E

5,000,000

(307,143)

4,692,857

13.0%⁽¹⁰⁾

4/29/2025

P/I

Sub. of Private Co. G

C , D

42,945,657

(2,498,443)

40,447,214

14.3%⁽¹¹⁾

5/1/2026

P/I

Public Co. F

IL, FL, NV,

OH, MA, MI,

MD,AR, NV,

C , D

10,000,000

(160,000)

9,840,000

9.8%⁽¹²⁾

5/30/2023

I/O

Sub. of Private Co. H

5,781,250

(126,790)

5,654,460

15.0%⁽¹³⁾

5/11/2023

I/O

Private Co. K

C , D

7,000,000

(763,667)

6,236,333

13.0%⁽¹⁴⁾

08/03/2026

P/I

Private Co. I

C , D

10,109,310

(225,184)

9,884,126

15.5%⁽¹⁵⁾

8/1/2026

P/I

Private Co. J

18,002,000

(770,782)

17,231,218

15.0%⁽¹⁶⁾

09/01/2025

P/I

Total loans held at carrying value

$164,361,340

$(11,199,559)

$153,161,781

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.

(2)

(3)	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(4)	C = Cultivation Facilities, D = Dispensaries.

(5)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.

(6)	Base interest rate of 12.9%.

(7)	Base interest rate of 13.0% and PIK interest rate of 2.0%.

(8)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.

(9)	Base interest rate of 13.0% and PIK interest rate of 4.0%.

(10)	Base interest rate of 13.0%.

(11)	Base interest rate of 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%.

(12)	Base interest rate of 9.8%.

(13)	Base interest rate of 15.0%.

(14)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%)

(15)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%.

(16)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%.

A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of December 31, 2020 is as follows:

Location

Outstanding

Principal⁽¹⁾

Original Issue

Discount

Carrying

Value⁽¹⁾

Interest

Rate

Maturity

Date⁽²⁾

Payment

Terms⁽³⁾

Private Co. C

$ 11,907,763

$ (851,148)

$ 11,056,615

17.0%⁽⁴⁾

12/1/2025

P/I

Private Co. D

Multi State

12,000,000

(1,035,911)

10,964,089

15.0%⁽⁵⁾

1/1/2026

P/I

Sub. of Public Co. D

10,000,000

(183,673)

9,816,327

12.9%⁽⁶⁾

12/18/2024

I/O

Total loans held at carry value

$ 33,907,763

$ (2,070,732)

$ 31,837,031

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs

(2)

(3)	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.

(4)	Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4%

(5)	Base interest rate of 13% and PIK interest rate of 2%

(6)	Base interest rate of 12.9%

LOAN RECEIVABLE AT CARRYING VALUE (FY) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Changes in Loans Receivable

The following table presents changes in loans receivable as of and for the nine months ended September 30, 2021:

	Principal	Original Issue Discount	Carrying Value
Total loans receivable at carrying value at December 31, 2020	$3,352,176	$(3,913)	$3,348,263
Principal repayment of loans	(574,735)	—	(574,735)
Accretion of original issue discount	—	927	927
Total loans receivable at carrying value at September 30, 2021	$ 2,777,441	$ (2,986)	$ 2,774,455

The following table presents changes in loans receivable as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal	Original Issue Discount	Carrying Value
Loan receivable acquired at July 31, 2020	$3,700,718	$(4,428)	$3,696,290
Principal repayment of loans	(348,542)	—	(348,542)
Accretion of original issue discount	—	515	515
Total loans receivable at carrying value at December 31, 2020	$ 3,352,176	$ (3,913)	$ 3,348,263

CURRENT EXPECTED CREDIT LOSSES (FY) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Financing Receivable, Allowance for Credit Loss

	Outstanding⁽¹⁾	Unfunded⁽²⁾	Total
Balance at June 30, 2021	$ 701,143	$ 476,140	$1,177,283
Provision for current expected credit losses	444,486	216,126	660,612
Write-offs	—	—	—
Recoveries	—	—	—
Balance at September 30, 2021	$1,145,629	$ 692,266	$1,837,895

	Outstanding⁽¹⁾	Unfunded⁽²⁾	Total
Balance at December 31, 2020	$ 404,860	$ 60,537	$ 465,397
Provision for current expected credit losses	740,769	631,729	1,372,498
Write-offs	—	—	—
Recoveries	—	—	—
Balance at September 30, 2021	$1,145,629	$ 692,266	$ 1,837,895

(1)	As of September 30, 2021 and December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.

(2)	As of September 30, 2021 and December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company’s consolidated balance sheets.

Current Expected Credit Loss Reserve for Funded Loan Commitments

Balance at July 31, 2020 (Commencement of Operations)			$ —
Provision for current expected credit losses			404,860
Write-offs			—
Recoveries			—
Balance at December 31, 2020⁽¹⁾			$ 404,860

(1)	As of December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s balance sheet.

Current Expected Credit Loss Reserve for Unfunded Loan Commitments

Activity related to the CECL Reserve for unfunded commitments on the Company’s loans held at carrying value as of and for the period from July 31, 2020 to December 31, 2020 was as follows:

Balance at July 31, 2020 (Commencement of Operations)			$ —
Provision for current expected credit losses			60,537
Write-offs			—
Recoveries			—
Balance at December 31, 2020⁽¹⁾			$ 60,537

(1)	As of December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company’s consolidated balance sheets.

Risk Rating by Year of Origination

Rating			Definition
1			Very Low Risk
2			Low Risk
3			Medium Risk
4			High Risk/ Potential for Loss
5			Impaired/Loss Likely

The risk ratings are primarily based on historical data as well as taking into account future economic conditions.

Risk Rating:	2021	2020	Total
1	$ —	$ —	$ —
2	14,532,857	—	14,532,857
3	88,990,322	42,528,931	131,519,253
4	9,884,126	—	9,884,126
5	—	—	—
Total	$113,407,305	$ 42,528,931	$ 155,936,236

Rating			Definition
1			Very Low Risk
2			Low Risk
3			Medium Risk
4			High Risk/ Potential for Loss
5			Impaired/Loss Likely

The risk ratings are primarily based on historical data as well as taking into account future economic conditions.

Risk Rating:	2020	Total
1	$ —	$ —
2	9,816,327	9,816,327
3	22,020,704	22,020,704
4	3,348,263	3,348,263
5	—	—
Total	$ 35,185,294	$ 35,185,294

INTEREST RECEIVABLE (FY) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Interest Receivable

The following table summarizes the interest receivable by the Company as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021	As of December 31, 2020
Interest receivable	$1,838,494	$675,795
PIK receivable	522,933	177,183
Unused fees receivable	73,292	74,314
Total interest receivable	$ 2,434,719	$ 927,292

The following tables summarize the interest receivable by the Company as of December 31, 2020:

			As of December 31, 2020
Interest receivable			$675,795
PIK receivable			177,183
Unused fees			74,314
Total interest receivable			$ 927,292

INTEREST RESERVE (FY) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Changes in Interest Reserve

The following table presents changes in interest reserve as of and for the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020:

	For the three months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020	For the nine months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020
Beginning reserves	$ 5,547,863	$ —	$ 1,325,750	$ —
New reserves	4,525,468	1,400,000	9,450,468	1,400,000
Reserves disbursed	(1,819,036)	—	(2,521,923)	—
Ending reserves	$ 8,254,295	$ 1,400,000	$ 8,254,295	$ 1,400,000

The following table presents changes in interest reserve as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

			For the period from July 31, 2020 to December 31, 2020
Initial reserves			$ —
New reserves			1,400,000
Reserves disbursed			(74,250)
Total Interest reserve			$ 1,325,750

COMMITMENTS AND CONTINGENCIES (FY) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Commitments to Fund Various Senior Term Loans, Equipment Loans and Bridge Loans

As of September 30, 2021 and December 31, 2020, the Company had the following commitments to fund various senior term loans, equipment loans and bridge loans:

	As of September 30, 2021	As of December 31, 2020
Total original loan commitments	$ 296,946,250	$ 107,292,176
Less: drawn commitments	(243,038,584)	(87,467,057)
Total undrawn commitments	$ 53,907,666	$ 19,825,119

As of December 31, 2020, the Company had the following commitments to fund various senior term loans, equipment loans and bridge loans.

			As of December 31, 2020
Total original loan commitments			$ 107,292,176
Less: drawn commitments			(87,467,057)
Total undrawn commitments			$ 19,825,119

STOCKHOLDERS' EQUITY (FY) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Summary of Options Granted

	As of September 30, 2021	As of December 31, 2020
Non-vested	183,114	142,814
Vested	1,449,518	800,618
Forfeited	(28,396)	(16,534)
Balance	1,604,236	926,898

			Restricted Stock Options Granted
Non-vested			142,814
Vested			800,618
Forfeited			(16,534)
Balance at December 31, 2020			926,898

EARNINGS PER SHARE (FY) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Computations of Basic Weighted Average Earnings per Common Share

	For the three months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020	For the nine months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020
Net income attributable to common stockholders	$ 7,930,680	$2,106,250	$13,959,222	$2,106,250
Divided by:
Basic weighted average shares of common stock outstanding	16,402,984	5,376,411	12,368,977	5,376,411
Diluted weighted average shares of common stock outstanding	16,776,648	5,376,411	12,742,641	5,376,411
Basic weighted average earnings per common share	$ 0.48	$ 0.39	$ 1.13	$ 0.39
Diluted weighted average earnings per common share	$ 0.47	$ 0.39	$ 1.10	$ 0.39

The following information sets forth the computations of basic weighted average earnings per common share for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

			Period from July 31, 2020 to December 31, 2020
Net income / (loss) attributable to common stockholders			$4,313,632
Divided by:
Basic weighted average shares of common stock outstanding			5,694,475
Basic weighted average earnings per common share			$ 0.76

FAIR VALUE (FY) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Significant Unobservable Inputs

Senior Term Loans

$76,293,824

Yield analysis

Market Yield

17.62% - 20.68%

17.82%

Total Investments

$76,293,824

Senior Term Loans

$48,558,051

Yield analysis

Market Yield

15.79% - 20.75%

20.20%

Total Investments

$48,558,051

Senior Term Loans

$ 48,558,051

Yield analysis

Market Yield

15.79% - 20.75%

20.20%

Total Investments

$ 48,558,051

Fair Value Measurements of Loans Held at Fair Value

The following tables present fair value measurements of loans held at fair value as of September 30, 2021 and December 31, 2020:

	Fair Value Measurement Using as of September 30, 2021
	Total	Level 1	Level 2	Level 3
Loans held at fair value	$76,293,824	$—	$—	$76,293,824
Total	$76,293,824	$—	$—	$76,293,824

	Fair Value Measurement Using as of December 31, 2020
	Total	Level 1	Level 2	Level 3
Loans held at fair value	$48,558,051	$—	$—	$48,558,051
Total	$48,558,051	$—	$—	$48,558,051

The following table presents fair value measurements of loans held at fair value as of December 31, 2020:

	Fair Value Measurement Using
	Total	Level 1	Level 2	Level 3
Loans held at fair value	$ 48,558,051	—	—	$ 48,558,051
Total	$ 48,558,051	—	—	$ 48,558,051

Fair Value Measurements of Changes in Loans using Level 3 inputs

The following table presents changes in loans that use Level 3 inputs as of and for the nine months ended September 30, 2021:

			For the nine months ended September 30, 2021
Total loans using Level 3 inputs at December 31, 2020			$ 48,558,051
Change in unrealized gains / (losses) on loans at fair value, net			796,368
Additional funding			37,701,104
Original issue discount and other discounts, net of costs			(1,130,623)
Loan repayments			(12,000,000)
Loan amortization payments			(1,093,659)
Accretion of original issue discount			1,905,715
PIK interest			1,556,868
Total loans using Level 3 inputs at September 30, 2021			$ 76,293,824

The following table presents changes in loans that use Level 3 inputs as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

			For the period from July 31, 2020 to December 31, 2020
Loans acquired at July 31, 2020			$ 43,106,551
Realized gains / (losses) on loans at fair value, net			345,000
Change in unrealized gains / (losses) on loans at fair value, net			1,563,340
Additional funding			16,360,000
Original issue discount and other discounts, net of costs			(1,595,199)
Repayments			(5,000,000)
Sale of loans			(7,345,000)
Accretion of original issue discount			732,729
PIK Interest			390,630
Total loans using Level 3 inputs at December 31, 2020			$ 48,558,051

RELATED PARTY TRANSACTIONS (FY) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Summary of Related Party Costs

The following table summarizes the related party costs incurred by the Company for the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020:

	For the three months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020	For the nine months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020
Affiliate Costs
Management fees	$1,030,718	$226,234	$2,301,924	$226,234
Less Outside Fees earned	(256,989)	(84,167)	(677,439)	(84,167)
Incentive fees earned	1,769,207	—	3,873,984	—
General and administrative expenses reimbursable to Manager	625,711	165,434	1,415,217	165,434
Total	$3,168,647	$307,501	$6,913,686	$307,501

	Incurred for the period from July 31, 2020 to December 31, 2020	Payable as of December 31, 2020
Affiliate Payments
Management fees	$ 623,361	$ 222,127
Less other fees earned and paid to the Manager	(259,167)	—
General and administrative expenses reimbursed to Manager	671,605	506,171
Total	$1,035,799	$ 728,298

DIVIDENDS AND DISTRIBUTIONS (FY) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Summary of Dividends Declared and Paid

The following table summarizes the Company’s dividends declared during the nine months ended September 30, 2021:

	Record Date	Payment Date	Common Share Distribution Amount	Taxable Ordinary Income	Return of Capital	Section 199A Dividends
Regular cash dividend	3/15/2021	3/31/2021	$0.36	$0.36	$—	$0.36
Regular cash dividend	6/15/2021	6/30/2021	$0.38	$0.38	$—	$0.38
Regular cash dividend	9/30/2021	10/15/2021	$0.43	$0.43	$—	$0.43
Total cash dividend			$1.17	$1.17	$—	$1.17

The following table summarizes the Company’s dividends declared and paid during the period from July 31, 2020 to December 31, 2020:

	Record Date	Payment Date	Common Share distribution amount	Taxable Ordinary Income	Return of Capital	Section 199A Dividends
Regular cash dividend	12/23/2020	12/30/2020	$0.35	$0.35	$—	$0.35
Special cash dividend⁽¹⁾	12/23/2020	12/30/2020	0.26	0.26	—	0.26
Total cash dividend			$0.61	$0.61	$—	$0.61

(1)	Dividend of approximately $0.26

QUARTERLY FINANCIAL DATA (UNAUDITED) (FY) (Tables)

12 Months Ended

Dec. 31, 2020

QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract]

Quarterly Financial Data

The following table summarizes the Company’s quarterly financial results for the period from July 31, 2020 to September 30, 2020 and the quarter ended December 31, 2020:

	Period from July 31, 2020 to September 30, 2020	Quarter Ended December 31, 2020
Total revenue	$1,594,769	$3,655,339
Total expenses	1,052,319	1,327,100
Provision for current expected credit losses	—	(465,397)
Realized gains / (losses) on loans at fair value, net	—	345,000
Change in unrealized gains / (losses) on loans at fair value, net	1,563,800	(460)
Net Income / (loss)	2,106,250	2,207,382
Basic earnings per common share (in dollars per share)⁽¹⁾	$ 0.39	$ 0.37
Basic weighted average shares of common stock outstanding (in shares)	5,376,411	5,908,822

(1)

LOANS HELD FOR INVESTMENT AT FAIR VALUE (Q3) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

LOANS HELD FOR INVESTMENT AT FAIR VALUE [Abstract]

Loans Held at Fair Value

The following tables summarize the Company’s loans held at fair value as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021
	Fair Value⁽²⁾	Carrying Value⁽¹⁾	Outstanding Principal⁽¹⁾	Weighted Average Remaining Life (Years)⁽³⁾
Senior Term Loans	$ 76,293,824	$ 73,934,116	$ 76,995,548	2.5
Total loans held at fair value	$ 76,293,824	$ 73,934,116	$ 76,995,548	2.5

	As of December 31, 2020
	Fair Value⁽²⁾	Carrying Value⁽¹⁾	Outstanding Principal⁽¹⁾	Weighted Average Remaining Life (Years)⁽³⁾
Senior Term Loans	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3
Total loans held at fair value	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.

(2)	Refer to Note 14 to our unaudited consolidated financial statements.

(3)	Weighted average remaining life is calculated based on the fair value of the loans as of September 30, 2021 and December 31, 2020.

The following tables summarize the Company’s loans held at fair value as of December 31, 2020:

	Fair Value⁽²⁾	Carrying Value⁽¹⁾	Outstanding Principal⁽¹⁾	Weighted Average Remaining Life (Years)⁽³⁾
Senior Term Loans	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3
Total loans held at fair value	$ 48,558,051	$ 46,994,711	$ 50,831,235	3.3

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs

(2)	Refer to Footnote 14

(3)	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2020

Changes in Loans Held at Fair Value

The following table presents changes in loans held at fair value as of and for the nine months ended September 30, 2021:

	Principal	Original Issue Discount	Unrealized Gains/ (Losses)	Fair Value
Total loans held at fair value at December 31, 2020	$ 50,831,235	$(3,836,524)	$1,563,340	$ 48,558,051
Change in unrealized gains / (losses) on loans at fair value, net	—	—	796,368	796,368
New fundings	37,701,104	(1,130,623)	—	36,570,481
Loan repayments	(12,000,000)	—	—	(12,000,000)
Loan amortization payments	(1,093,659)	—	—	(1,093,659)
Accretion of original issue discount	—	1,905,715	—	1,905,715
PIK interest	1,556,868	—	—	1,556,868
Total loans held at fair value at September 30, 2021	$ 76,995,548	$ (3,061,432)	$ 2,359,708	$ 76,293,824

The following table presents changes in loans held at fair value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal	Original Issue Discount	Fair Value
Loans acquired at July 31, 2020	$ 46,080,605	$ (2,974,054)	$ 43,106,551
Realized gains / (losses) on loans at fair value, net	345,000	—	345,000
Change in unrealized gains / (losses) on loans at fair value, net	—	—	1,563,340
New fundings	16,360,000	(1,595,199)	14,764,801
Repayments	(5,000,000)	—	(5,000,000)
Sale of loans	(7,345,000)	—	(7,345,000)
Accretion of original issue discount	—	732,729	732,729
PIK Interest	390,630	—	390,630
Total loans held at fair value at December 31, 2020	$ 50,831,235	$ (3,836,524)	$ 48,558,051

Loans Held at Fair Value Portfolio

A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of September 30, 2021 is as follows:

Collateral

Location

Collateral

Type⁽⁸⁾

Fair

Value⁽²⁾

Carrying

Value⁽¹⁾

Outstanding

Principal⁽¹⁾

Interest

Rate

Maturity

Date⁽³⁾

Payment

Terms⁽⁴⁾

Private Co. A

AZ, MI, MD, MA

C , D

$62,853,367

$60,857,429

$63,391,847

16.4%⁽⁵⁾

5/8/2024

P/I

Private Co. B

10,535,737

10,171,757

10,663,701

17.0%⁽⁶⁾

9/1/2023

P/I

Public Co. A

2,904,720

2,904,930

2,940,000

14.0%⁽⁷⁾

1/26/2023

I/O

Total loans held at fair value

$ 76,293,824

$ 73,934,116

$ 76,995,548

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.

(2)	Refer to Note 14 to our unaudited consolidated financial statements.

(3)

(4)	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(5)	Base interest rate of 13% and payment-in-kind (“PIK”) interest rate of 3.4%.

(6)	Base interest rate of 13% and PIK interest rate of 4%.

(7)	Base interest rate of 12% and PIK interest rate of 2%.

(8)	C = Cultivation Facilities, D = Dispensaries.

A more detailed listing of the Company’s loans held at fair value portfolio based on information available as of December 31, 2020 is as follows:

Location

Fair Value⁽²⁾

Carrying

Value⁽¹⁾

Outstanding

Principal⁽¹⁾

Interest

Rate

Maturity

Date⁽³⁾

Payment

Terms⁽⁴⁾

Private Co. A

Multi State

$31,510,387

$30,913,524

$33,344,325

17.0%⁽⁵⁾

5/8/2024

P/I

Private Co. B

2,461,036

2,238,402

2,522,846

17.0%⁽⁶⁾

9/1/2023

P/I

Public Co. A

2,870,910

2,909,656

2,940,000

10.5%⁽⁷⁾

6/27/2021

I/O

Sub. Of Public Co. C

11,715,718

10,933,129

12,024,064

18.0%⁽⁸⁾

2/18/2025

P/I

Total loans held at fair value

$ 48,558,051

$ 46,994,711

$ 50,831,235

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs

(2)	Refer to Footnote 14

(3)

(4)	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.

(5)	Base interest rate of 13% and PIK interest rate of 4%

(6)	Base interest rate of 13% and PIK interest rate of 4%

(7)	Base interest rate of 8% plus LIBOR (LIBOR floor of 2.5%)

(8)

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (Q3) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

LOANS HELD FOR INVESTMENT AT CARRYING VALUE [Abstract]

Loans Held at Carrying Value

The following tables summarize the Company’s loans held at carrying value as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021
	Outstanding Principal⁽¹⁾	Original Issue Discount	Carrying Value⁽¹⁾	Weighted Average Remaining Life (Years)⁽²⁾
Senior Term Loans	$ 164,361,340	$ (11,199,559)	$ 153,161,781	4.0
Total loans held at carrying value	$ 164,361,340	$ (11,199,559)	$ 153,161,781	4.0

	As of December 31, 2020
	Outstanding Principal⁽¹⁾	Original Issue Discount	Carrying Value⁽¹⁾	Weighted Average Remaining Life (Years)⁽²⁾
Senior Term Loans	$ 33,907,763	$ (2,070,732)	$ 31,837,031	4.7
Total loans held at carrying value	$ 33,907,763	$ (2,070,732)	$ 31,837,031	4.7

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.

(2)	Weighted average remaining life is calculated based on the carrying value of the loans as of September 30, 2021 and December 31, 2020.

The following tables summarize the Company’s loans held at carrying value as of December 31, 2020:

	Outstanding Principal⁽¹⁾	Original Issue Discount	Carrying Value⁽¹⁾	Weighted Average Remaining Life (Years)⁽²⁾
Senior Term Loans	$33,907,763	$(2,070,732)	$31,837,031	4.7
Total loans held at carrying value	$ 33,907,763	$ (2,070,732)	$ 31,837,031	4.7

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs

(2)	Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2020

Changes in Loans Held at Carrying Value

The following table presents changes in loans held at carrying value as of and for the nine months ended September 30, 2021:

	Principal	Original Issue Discount	Carrying Value
Total loans held at carrying value at December 31, 2020	$ 33,907,763	$ (2,070,732)	$ 31,837,031
New fundings	139,222,598	(11,261,001)	127,961,597
Accretion of original issue discount	—	2,132,174	2,132,174
Realized gain on sale of loans	400,000	—	400,000
Sale of loans	(10,400,000)	—	(10,400,000)
PIK interest	1,230,979	—	1,230,979
Total loans held at carrying value at September 30, 2021	$ 164,361,340	$ (11,199,559)	$ 153,161,781

The following table presents changes in loans held at carrying value as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal	Original Issue Discount	Carrying Value
Loans at July 31, 2020	$ —	$ —	$ —
New fundings	33,875,985	(2,120,969)	31,755,016
Accretion of original issue discount	—	50,237	50,237
PIK Interest	31,778	—	31,778
Total loans held at carrying value at December 31, 2020	$ 33,907,763	$ (2,070,732)	$ 31,837,031

Loans Held at Carrying Value Portfolio

A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of September 30, 2021 is as follows:

Collateral

Location

Collateral

Type⁽⁴⁾

Outstanding

Principal⁽¹⁾

Original

Issue

Discount

Carrying

Value⁽¹⁾

Interest

Rate

Maturity

Date⁽²⁾

Payment

Terms⁽³⁾

Private Co. C

C , D

$19,333,872

$ (721,311)

$18,612,561

17.0%⁽⁵⁾

12/1/2025

P/I

Sub. of Public Co. D

10,000,000

(149,235)

9,850,765

12.9%⁽⁶⁾

12/18/2024

I/O

Private Co. D

OH, AR

12,169,041

(877,891)

11,291,150

15.0%⁽⁷⁾

1/1/2026

P/I

Private Co. E

C , D

14,220,552

(2,782,310)

11,438,242

17.0%⁽⁸⁾

4/1/2026

P/I

Private Co. F

C , D

9,799,658

(1,816,803)

7,982,855

17.0%⁽⁹⁾

5/1/2026

P/I

Public Co. E

5,000,000

(307,143)

4,692,857

13.0%⁽¹⁰⁾

4/29/2025

P/I

Sub. of Private Co. G

C , D

42,945,657

(2,498,443)

40,447,214

14.3%⁽¹¹⁾

5/1/2026

P/I

Public Co. F

IL, FL, NV,

OH, MA, MI,

MD,AR, NV,

C , D

10,000,000

(160,000)

9,840,000

9.8%⁽¹²⁾

5/30/2023

I/O

Sub. of Private Co. H

5,781,250

(126,790)

5,654,460

15.0%⁽¹³⁾

5/11/2023

I/O

Private Co. K

C , D

7,000,000

(763,667)

6,236,333

13.0%⁽¹⁴⁾

08/03/2026

P/I

Private Co. I

C , D

10,109,310

(225,184)

9,884,126

15.5%⁽¹⁵⁾

8/1/2026

P/I

Private Co. J

18,002,000

(770,782)

17,231,218

15.0%⁽¹⁶⁾

09/01/2025

P/I

Total loans held at carrying value

$164,361,340

$(11,199,559)

$153,161,781

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.

(2)

(3)	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.

(4)	C = Cultivation Facilities, D = Dispensaries.

(5)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.

(6)	Base interest rate of 12.9%.

(7)	Base interest rate of 13.0% and PIK interest rate of 2.0%.

(8)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.

(9)	Base interest rate of 13.0% and PIK interest rate of 4.0%.

(10)	Base interest rate of 13.0%.

(11)	Base interest rate of 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%.

(12)	Base interest rate of 9.8%.

(13)	Base interest rate of 15.0%.

(14)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%)

(15)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%.

(16)	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%.

A more detailed listing of the Company’s loans held at carrying value portfolio based on information available as of December 31, 2020 is as follows:

Location

Outstanding

Principal⁽¹⁾

Original Issue

Discount

Carrying

Value⁽¹⁾

Interest

Rate

Maturity

Date⁽²⁾

Payment

Terms⁽³⁾

Private Co. C

$ 11,907,763

$ (851,148)

$ 11,056,615

17.0%⁽⁴⁾

12/1/2025

P/I

Private Co. D

Multi State

12,000,000

(1,035,911)

10,964,089

15.0%⁽⁵⁾

1/1/2026

P/I

Sub. of Public Co. D

10,000,000

(183,673)

9,816,327

12.9%⁽⁶⁾

12/18/2024

I/O

Total loans held at carry value

$ 33,907,763

$ (2,070,732)

$ 31,837,031

(1)	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs

(2)

(3)	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.

(4)	Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4%

(5)	Base interest rate of 13% and PIK interest rate of 2%

(6)	Base interest rate of 12.9%

LOAN RECEIVABLE AT CARRYING VALUE (Q3) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Changes in Loans Receivable

The following table presents changes in loans receivable as of and for the nine months ended September 30, 2021:

	Principal	Original Issue Discount	Carrying Value
Total loans receivable at carrying value at December 31, 2020	$3,352,176	$(3,913)	$3,348,263
Principal repayment of loans	(574,735)	—	(574,735)
Accretion of original issue discount	—	927	927
Total loans receivable at carrying value at September 30, 2021	$ 2,777,441	$ (2,986)	$ 2,774,455

The following table presents changes in loans receivable as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

	Principal	Original Issue Discount	Carrying Value
Loan receivable acquired at July 31, 2020	$3,700,718	$(4,428)	$3,696,290
Principal repayment of loans	(348,542)	—	(348,542)
Accretion of original issue discount	—	515	515
Total loans receivable at carrying value at December 31, 2020	$ 3,352,176	$ (3,913)	$ 3,348,263

CURRENT EXPECTED CREDIT LOSSES (Q3) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Financing Receivable, Allowance for Credit Loss

	Outstanding⁽¹⁾	Unfunded⁽²⁾	Total
Balance at June 30, 2021	$ 701,143	$ 476,140	$1,177,283
Provision for current expected credit losses	444,486	216,126	660,612
Write-offs	—	—	—
Recoveries	—	—	—
Balance at September 30, 2021	$1,145,629	$ 692,266	$1,837,895

	Outstanding⁽¹⁾	Unfunded⁽²⁾	Total
Balance at December 31, 2020	$ 404,860	$ 60,537	$ 465,397
Provision for current expected credit losses	740,769	631,729	1,372,498
Write-offs	—	—	—
Recoveries	—	—	—
Balance at September 30, 2021	$1,145,629	$ 692,266	$ 1,837,895

(1)	As of September 30, 2021 and December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.

(2)	As of September 30, 2021 and December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company’s consolidated balance sheets.

Current Expected Credit Loss Reserve for Funded Loan Commitments

Balance at July 31, 2020 (Commencement of Operations)			$ —
Provision for current expected credit losses			404,860
Write-offs			—
Recoveries			—
Balance at December 31, 2020⁽¹⁾			$ 404,860

(1)	As of December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s balance sheet.

Current Expected Credit Loss Reserve for Unfunded Loan Commitments

Activity related to the CECL Reserve for unfunded commitments on the Company’s loans held at carrying value as of and for the period from July 31, 2020 to December 31, 2020 was as follows:

Balance at July 31, 2020 (Commencement of Operations)			$ —
Provision for current expected credit losses			60,537
Write-offs			—
Recoveries			—
Balance at December 31, 2020⁽¹⁾			$ 60,537

(1)	As of December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company’s consolidated balance sheets.

Risk Rating by Year of Origination

Rating			Definition
1			Very Low Risk
2			Low Risk
3			Medium Risk
4			High Risk/ Potential for Loss
5			Impaired/Loss Likely

The risk ratings are primarily based on historical data as well as taking into account future economic conditions.

Risk Rating:	2021	2020	Total
1	$ —	$ —	$ —
2	14,532,857	—	14,532,857
3	88,990,322	42,528,931	131,519,253
4	9,884,126	—	9,884,126
5	—	—	—
Total	$113,407,305	$ 42,528,931	$ 155,936,236

Rating			Definition
1			Very Low Risk
2			Low Risk
3			Medium Risk
4			High Risk/ Potential for Loss
5			Impaired/Loss Likely

The risk ratings are primarily based on historical data as well as taking into account future economic conditions.

Risk Rating:	2020	Total
1	$ —	$ —
2	9,816,327	9,816,327
3	22,020,704	22,020,704
4	3,348,263	3,348,263
5	—	—
Total	$ 35,185,294	$ 35,185,294

INTEREST RECEIVABLE (Q3) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Interest Receivable

The following table summarizes the interest receivable by the Company as of September 30, 2021 and December 31, 2020:

	As of September 30, 2021	As of December 31, 2020
Interest receivable	$1,838,494	$675,795
PIK receivable	522,933	177,183
Unused fees receivable	73,292	74,314
Total interest receivable	$ 2,434,719	$ 927,292

The following tables summarize the interest receivable by the Company as of December 31, 2020:

			As of December 31, 2020
Interest receivable			$675,795
PIK receivable			177,183
Unused fees			74,314
Total interest receivable			$ 927,292

INTEREST RESERVE (Q3) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Changes in Interest Reserve

The following table presents changes in interest reserve as of and for the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020:

	For the three months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020	For the nine months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020
Beginning reserves	$ 5,547,863	$ —	$ 1,325,750	$ —
New reserves	4,525,468	1,400,000	9,450,468	1,400,000
Reserves disbursed	(1,819,036)	—	(2,521,923)	—
Ending reserves	$ 8,254,295	$ 1,400,000	$ 8,254,295	$ 1,400,000

The following table presents changes in interest reserve as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

			For the period from July 31, 2020 to December 31, 2020
Initial reserves			$ —
New reserves			1,400,000
Reserves disbursed			(74,250)
Total Interest reserve			$ 1,325,750

COMMITMENTS AND CONTINGENCIES (Q3) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Commitments to Fund Various Senior Term Loans, Equipment Loans and Bridge Loans

As of September 30, 2021 and December 31, 2020, the Company had the following commitments to fund various senior term loans, equipment loans and bridge loans:

	As of September 30, 2021	As of December 31, 2020
Total original loan commitments	$ 296,946,250	$ 107,292,176
Less: drawn commitments	(243,038,584)	(87,467,057)
Total undrawn commitments	$ 53,907,666	$ 19,825,119

As of December 31, 2020, the Company had the following commitments to fund various senior term loans, equipment loans and bridge loans.

			As of December 31, 2020
Total original loan commitments			$ 107,292,176
Less: drawn commitments			(87,467,057)
Total undrawn commitments			$ 19,825,119

STOCKHOLDERS' EQUITY (Q3) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Summary of Options Granted

	As of September 30, 2021	As of December 31, 2020
Non-vested	183,114	142,814
Vested	1,449,518	800,618
Forfeited	(28,396)	(16,534)
Balance	1,604,236	926,898

			Restricted Stock Options Granted
Non-vested			142,814
Vested			800,618
Forfeited			(16,534)
Balance at December 31, 2020			926,898

Summary of Restricted Stock Activity

	As of September 30, 2021	As of December 31, 2020
Non-vested	56,285	—
Vested	—	—
Forfeited	—	—
Balance	56,285	—

Assumptions used in the Option Pricing Model of Options Granted

The following table presents the assumptions used in the option pricing model of options granted under the 2020 Plan:

Assumptions			Range
Expected volatility			40% - 50%
Expected dividend yield			10% - 20%
Risk-free interest rate			0.5% - 1.5%
Expected forfeiture rate			0%

Summary of Stock Option Activity

The following tables summarize stock option activity during the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020:

	Three months ended September 30, 2021	Weighted-Average Grant Date Fair Value Per Option
Balance as of June 30, 2021	1,613,098	$1.08
Granted	—	—
Exercised	—	—
Forfeited	(8,862)	0.90
Balance as of September 30, 2021	1,604,236	$ 1.08

	Period from July 31, 2020 to September 30, 2020	Weighted-Average Grant Date Fair Value Per Option
Balance as of July 31, 2020	—	$ —
Granted	806,456	0.90
Exercised	—	—
Forfeited	—	—
Balance as of September 30, 2020	806,456	$ 0.90

	Nine months ended September 30, 2021	Weighted-Average Grant Date Fair Value Per Option
Balance as of December 31, 2020	926,898	$0.91
Granted	689,200	1.31
Exercised	—	—
Forfeited	(11,862)	1.01
Balance as of September 30, 2021	1,604,236	$ 1.08

EARNINGS PER SHARE (Q3) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Computations of Basic Weighted Average Earnings per Common Share

	For the three months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020	For the nine months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020
Net income attributable to common stockholders	$ 7,930,680	$2,106,250	$13,959,222	$2,106,250
Divided by:
Basic weighted average shares of common stock outstanding	16,402,984	5,376,411	12,368,977	5,376,411
Diluted weighted average shares of common stock outstanding	16,776,648	5,376,411	12,742,641	5,376,411
Basic weighted average earnings per common share	$ 0.48	$ 0.39	$ 1.13	$ 0.39
Diluted weighted average earnings per common share	$ 0.47	$ 0.39	$ 1.10	$ 0.39

The following information sets forth the computations of basic weighted average earnings per common share for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

			Period from July 31, 2020 to December 31, 2020
Net income / (loss) attributable to common stockholders			$4,313,632
Divided by:
Basic weighted average shares of common stock outstanding			5,694,475
Basic weighted average earnings per common share			$ 0.76

FAIR VALUE (Q3) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Significant Unobservable Inputs

Senior Term Loans

$76,293,824

Yield analysis

Market Yield

17.62% - 20.68%

17.82%

Total Investments

$76,293,824

Senior Term Loans

$48,558,051

Yield analysis

Market Yield

15.79% - 20.75%

20.20%

Total Investments

$48,558,051

Senior Term Loans

$ 48,558,051

Yield analysis

Market Yield

15.79% - 20.75%

20.20%

Total Investments

$ 48,558,051

Fair Value Measurements of Loans Held at Fair Value

The following tables present fair value measurements of loans held at fair value as of September 30, 2021 and December 31, 2020:

	Fair Value Measurement Using as of September 30, 2021
	Total	Level 1	Level 2	Level 3
Loans held at fair value	$76,293,824	$—	$—	$76,293,824
Total	$76,293,824	$—	$—	$76,293,824

	Fair Value Measurement Using as of December 31, 2020
	Total	Level 1	Level 2	Level 3
Loans held at fair value	$48,558,051	$—	$—	$48,558,051
Total	$48,558,051	$—	$—	$48,558,051

The following table presents fair value measurements of loans held at fair value as of December 31, 2020:

	Fair Value Measurement Using
	Total	Level 1	Level 2	Level 3
Loans held at fair value	$ 48,558,051	—	—	$ 48,558,051
Total	$ 48,558,051	—	—	$ 48,558,051

Fair Value Measurements of Changes in Loans using Level 3 inputs

The following table presents changes in loans that use Level 3 inputs as of and for the nine months ended September 30, 2021:

			For the nine months ended September 30, 2021
Total loans using Level 3 inputs at December 31, 2020			$ 48,558,051
Change in unrealized gains / (losses) on loans at fair value, net			796,368
Additional funding			37,701,104
Original issue discount and other discounts, net of costs			(1,130,623)
Loan repayments			(12,000,000)
Loan amortization payments			(1,093,659)
Accretion of original issue discount			1,905,715
PIK interest			1,556,868
Total loans using Level 3 inputs at September 30, 2021			$ 76,293,824

The following table presents changes in loans that use Level 3 inputs as of and for the period from July 31, 2020 (commencement of operations) to December 31, 2020:

			For the period from July 31, 2020 to December 31, 2020
Loans acquired at July 31, 2020			$ 43,106,551
Realized gains / (losses) on loans at fair value, net			345,000
Change in unrealized gains / (losses) on loans at fair value, net			1,563,340
Additional funding			16,360,000
Original issue discount and other discounts, net of costs			(1,595,199)
Repayments			(5,000,000)
Sale of loans			(7,345,000)
Accretion of original issue discount			732,729
PIK Interest			390,630
Total loans using Level 3 inputs at December 31, 2020			$ 48,558,051

Book Value and Fair Value of the Financial Instruments

The following table details the book value and fair value of the Company’s financial instruments not recognized at fair value in the balance sheet:

	As of September 30, 2021
	Carrying Value	Fair Value
Financial assets
Cash and cash equivalents	$ 69,974,391	$ 69,974,391
Loans held for investment at carrying value	$153,161,781	$158,771,796
Loan receivable at carrying value	$ 2,774,455	$ 2,695,507

RELATED PARTY TRANSACTIONS (Q3) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Summary of Related Party Costs

The following table summarizes the related party costs incurred by the Company for the three and nine months ended September 30, 2021 and for the period from July 31, 2020 to September 30, 2020:

	For the three months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020	For the nine months ended September 30, 2021	Period from July 31, 2020 to September 30, 2020
Affiliate Costs
Management fees	$1,030,718	$226,234	$2,301,924	$226,234
Less Outside Fees earned	(256,989)	(84,167)	(677,439)	(84,167)
Incentive fees earned	1,769,207	—	3,873,984	—
General and administrative expenses reimbursable to Manager	625,711	165,434	1,415,217	165,434
Total	$3,168,647	$307,501	$6,913,686	$307,501

	Incurred for the period from July 31, 2020 to December 31, 2020	Payable as of December 31, 2020
Affiliate Payments
Management fees	$ 623,361	$ 222,127
Less other fees earned and paid to the Manager	(259,167)	—
General and administrative expenses reimbursed to Manager	671,605	506,171
Total	$1,035,799	$ 728,298

DIVIDENDS AND DISTRIBUTIONS (Q3) (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Summary of Dividends Declared and Paid

The following table summarizes the Company’s dividends declared during the nine months ended September 30, 2021:

	Record Date	Payment Date	Common Share Distribution Amount	Taxable Ordinary Income	Return of Capital	Section 199A Dividends
Regular cash dividend	3/15/2021	3/31/2021	$0.36	$0.36	$—	$0.36
Regular cash dividend	6/15/2021	6/30/2021	$0.38	$0.38	$—	$0.38
Regular cash dividend	9/30/2021	10/15/2021	$0.43	$0.43	$—	$0.43
Total cash dividend			$1.17	$1.17	$—	$1.17

The following table summarizes the Company’s dividends declared and paid during the period from July 31, 2020 to December 31, 2020:

	Record Date	Payment Date	Common Share distribution amount	Taxable Ordinary Income	Return of Capital	Section 199A Dividends
Regular cash dividend	12/23/2020	12/30/2020	$0.35	$0.35	$—	$0.35
Special cash dividend⁽¹⁾	12/23/2020	12/30/2020	0.26	0.26	—	0.26
Total cash dividend			$0.61	$0.61	$—	$0.61

(1)	Dividend of approximately $0.26

ORGANIZATION (FY) (Details) - Segment	5 Months Ended	9 Months Ended
ORGANIZATION (FY) (Details) - Segment	Dec. 31, 2020	Sep. 30, 2021
Organization [Abstract]
Number of operating segments	1	1
Minimum [Member]
Organization [Abstract]
Period to complete any process of liquidation, termination and dissolution	3 years
Maximum [Member]
Organization [Abstract]
Period to complete any process of liquidation, termination and dissolution	5 years

SIGNIFICANT ACCOUNTING POLICIES, Cash, Cash Equivalents and Restricted Cash (FY) (Details)	Dec. 31, 2020 USD ($)
Cash, Cash Equivalents and Restricted Cash [Abstract]
Restricted cash	$ 0

SIGNIFICANT ACCOUNTING POLICIES, Debt Issuance Costs (FY) (Details)	Dec. 31, 2020 USD ($)
Debt Issuance Costs [Abstract]
Debt issuance costs	$ 0

SIGNIFICANT ACCOUNTING POLICIES, Net Interest Margin and Interest Expense (FY) (Details)	5 Months Ended
	Dec. 31, 2020 USD ($)
Net Interest Margin and Interest Expense [Abstract]
Interest expense	$ 0

SIGNIFICANT ACCOUNTING POLICIES, Earnings per Share (FY) (Details)	5 Months Ended
	Dec. 31, 2020 shares
Earnings per Share [Abstract]
Dilutive instruments (in shares)	0

LOANS HELD FOR INVESTMENT AT FAIR VALUE (FY) (Details)

5 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

USD ($)

Loans

Sep. 30, 2021

USD ($)

Loans

Dec. 31, 2020

USD ($)

Loans

Jul. 30, 2020

USD ($)

Loans held for Investment at Fair Value [Abstract]

Number of portfolio loans | Loans

Loans held at fair value, aggregate commitments

$ 59,900,000

$ 75,900,000

$ 59,900,000

Loans held at fair value, funded of outstanding principal

50,831,235

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

76,995,548

^[2],[4]

$ 50,831,235

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

$ 46,080,605

16,400,000

37,700,000

Loans held at fair value, repayment of outstanding principal

$ 12,000,000

$ 13,100,000

Loans held at fair value, floating interest rate

6.00%

0.00%

6.00%

LIBOR Floor Rate [Member]

Loans held for Investment at Fair Value [Abstract]

Loans held at fair value, weighted average floor

2.50%

Variable term

30 days

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Summary of Loans Held at Fair Value (FY) (Details) - USD ($)

5 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

Jul. 30, 2020

Loans held as investment, Fair Value Amount [Abstract]

$ 48,558,051

^[1],[2]

$ 76,293,824

^[2]

$ 48,558,051

^[1],[2]

$ 43,106,551

^[4]

46,994,711

^[3],[5]

73,934,116

^[6]

46,994,711

^[3],[5]

Loans held at fair value, weighted average remaining life

$ 50,831,235

^[3],[4],[5]

$ 76,995,548

^[4],[6]

$ 50,831,235

^[3],[4],[5]

$ 46,080,605

3 years 3 months 18 days

^[7]

2 years 6 months

^[8]

3 years 3 months 18 days

^[8]

Loans held as investment, Fair Value Amount [Abstract]

^[2]

$ 48,558,051

^[1]

$ 76,293,824

$ 48,558,051

^[1]

^[4]

46,994,711

^[5]

73,934,116

46,994,711

^[5]

Loans held at fair value, weighted average remaining life

^[4]

$ 50,831,235

^[5]

$ 76,995,548

$ 50,831,235

^[5]

3 years 3 months 18 days

^[7]

2 years 6 months

^[8]

3 years 3 months 18 days

^[8]

[1]	Refer to Footnote 14
[2]	Refer to Note 14 to our unaudited consolidated financial statements.
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[5]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[6]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.
[7]	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2020
[8]	Weighted average remaining life is calculated based on the fair value of the loans as of September 30, 2021 and December 31, 2020.

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Changes in Loans Held at Fair Value (FY) (Details) - USD ($)

5 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Loans Receivable, Principal [Roll Forward]

Total loans held at fair value, beginning balance

$ 46,080,605

$ 50,831,235

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

Loans held at fair value, principal, realized gains / (losses) on loans at fair value, net

345,000

Loans held at fair value, principal, change in unrealized gains / (losses) on loans at fair value, net

Loans held at fair value, principal, new fundings

16,360,000

37,701,104

Loans held at fair value, principal, repayments

(5,000,000)

(12,000,000)

Loans held at fair value, principal, sale of loans

(7,345,000)

Loans held at fair value, principal, accretion of original issue discount

Loans held at fair value, principal, PIK Interest

390,630

1,556,868

Total loans held at fair value, ending balance

^[2]

50,831,235

^[1],[3]

76,995,548

^[4]

Loans Held for Investment, Original Issue Cost [Roll Forward]

Loans held for at fair value, original issue discount, beginning balance

(2,974,054)

(3,836,524)

Loans held at fair value, original issue discount, realized gains / (losses) on loans at Fair value, net

Loans held at fair value, original issue discount, change in unrealized gains / (losses) on loans at Fair value, net

Loans held at fair value, original issue discount, new fundings

(1,595,199)

(1,130,623)

Loans held at fair value, original issue discount, repayments

Loans held at fair value, original issue discount, sale of loans

Loans held at fair value, original issue discount, accretion of original issue discount

732,729

1,905,715

Loans held at fair value, original issue discount, PIK Interest

Loans held for at fair value, original issue discount, ending balance

(3,836,524)

(3,061,432)

Loans Held for Investment, Fair Value [Roll Forward]

Loans held at fair value, change in realized gains / (losses) on loans at fair value, net

43,106,551

48,558,051

^[5],[6]

345,000

Loans held at fair value, change in unrealized gains / (losses) on loans at fair value, net

1,563,340

796,368

Loans held for at fair value, new fundings

14,764,801

36,570,481

Loans held for at fair value, loan repayments

(5,000,000)

(12,000,000)

Loans held at fair value, sale of loans

(7,345,000)

Loans held at fair value, Accretion of original issue discount

732,729

1,905,715

Loans held at fair value, PIK Interest

390,630

1,556,868

^[6]

$ 48,558,051

^[5]

$ 76,293,824

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.
[5]	Refer to Footnote 14
[6]	Refer to Note 14 to our unaudited consolidated financial statements.

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Loans Held at Fair Value Portfolio (FY) (Details) - USD ($)

5 Months Ended

9 Months Ended

Jun. 08, 2021

Dec. 31, 2020

Sep. 30, 2021

Jul. 30, 2020

$ 48,558,051

^[1],[2]

$ 76,293,824

^[2]

$ 43,106,551

^[4]

46,994,711

^[3],[5]

73,934,116

^[6]

Private Co. A [Member] | Multi State [Member]

$ 50,831,235

^[3],[4],[5]

$ 76,995,548

^[4],[6]

$ 46,080,605

13.00%

Private Co. A [Member] | Multi State [Member] | Cultivation Facilities, Dispensaries [Member]

4.00%

3.40%

$ 31,510,387

^[1]

$ 62,853,367

^[2]

30,913,524

^[3]

60,857,429

^[6]

$ 33,344,325

^[3]

$ 63,391,847

^[6]

17.00%

^[7]

16.40%

^[8]

^[9]

May 08, 2024

Private Co. B [Member] | MI [Member]

P/I

^[10]

P/I

^[11]

13.00%

Private Co. B [Member] | MI [Member] | Cultivation Facilities [Member]

4.00%

$ 2,461,036

^[1]

$ 10,535,737

^[2]

2,238,402

^[3]

10,171,757

^[6]

$ 2,522,846

^[3]

$ 10,663,701

^[6]

17.00%

^[7]

17.00%

^[12]

^[9]

Sep. 01, 2023

Public Co. A [Member] | NV [Member]

P/I

^[10]

P/I

^[11]

8.00%

12.00%

Public Co. A [Member] | NV [Member] | Cultivation Facilities [Member]

2.50%

2.00%

$ 2,870,910

^[1]

$ 2,904,720

^[2]

2,909,656

^[3]

2,904,930

^[6]

$ 2,940,000

^[3]

$ 2,940,000

^[6]

10.50%

^[13]

14.00%

^[14]

^[9]

Jun. 27, 2021

Jan. 26, 2023

Sub. Of Public Co. C [Member] | FL [Member]

I/O

^[10]

I/O

^[11]

13.50%

Aggregate loan commitment

3.00%

$ 15,000,000

Initial funding

$ 3,000,000

Weighted average interest rate

18.00%

Sub. Of Public Co. C [Member] | FL [Member] | Subsequent Event [Member]

Sub. Of Public Co. C [Member] | FL [Member] | Cultivation Facilities [Member]

19.00%

Advance amount

$ 9,000,000

^[1]

$ 11,715,718

^[3]

10,933,129

^[3]

$ 12,024,064

^[15]

18.00%

^[9]

Feb. 18, 2025

Loans Held as Investment, Carrying Amount Disclosure [Abstract]

^[10]

P/I

[1]	Refer to Footnote 14
[2]	Refer to Note 14 to our unaudited consolidated financial statements.
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[5]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[6]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.
[7]	Base interest rate of 13% and PIK interest rate of 4%
[8]	Base interest rate of 13% and payment-in-kind (“PIK”) interest rate of 3.4%.
[9]	Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[10]	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.
[11]	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.
[12]	Base interest rate of 13% and PIK interest rate of 4%.
[13]	Base interest rate of 8% plus LIBOR (LIBOR floor of 2.5%)
[14]	Base interest rate of 12% and PIK interest rate of 2%.
[15]	Loan to Subsidiary of Public Company C is a $15 million aggregate loan commitment with an initial funding of $3 million at a base interest rate of 13.5% and PIK interest rate of 3% and subsequent advances of $9 million at a base interest rate of 19%. The weighted average interest rate is 18.0% at December 31, 2020

LOANS HELD FOR INVESTMENT AT CARRYING VALUE (FY) (Details)

5 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

USD ($)

Loan

Sep. 30, 2021

USD ($)

Loan

Dec. 31, 2020

USD ($)

Loan

Jul. 30, 2020

USD ($)

Number of loans held for investments in portfolio | Loan

Loans held for investments aggregate commitments

$ 44,000,000.0

$ 217,000,000.0

$ 44,000,000.0

Loans held at carrying value, outstanding principal

$ 33,907,763

^[1],[2]

$ 164,361,340

^[1],[3]

$ 33,907,763

^[1],[2]

$ 0

Percentage of loans held at carrying value with floating interest rates

35.00%

68.00%

35.00%

LIBOR period

30 days

LIBOR Weighted Average Floor Rate [Member]

Loans Held as Investment, Carrying Amount Disclosure [Abstract]

Loans held at carrying value, interest rate

1.00%

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Summary of Loans Held at Carrying Value (FY) (Details) - USD ($)

5 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

Jul. 30, 2020

Loans held as investment, Carrying Amount [Abstract]

Loans held at carrying value, outstanding principal

$ 33,907,763

^[1],[2]

$ 164,361,340

^[1],[3]

$ 33,907,763

^[1],[2]

$ 0

Loans held at carrying value, original issue discount

(2,070,732)

(11,199,559)

(2,070,732)

Loans held at carrying value, weighted average remaining life

$ 31,837,031

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

$ 153,161,781

^[1],[3]

$ 31,837,031

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

$ 0

4 years 8 months 12 days

^[5]

4 years

^[6]

4 years 8 months 12 days

^[6]

Loans held as investment, Carrying Amount [Abstract]

Loans held at carrying value, outstanding principal

^[1]

$ 33,907,763

$ 164,361,340

$ 33,907,763

Loans held at carrying value, original issue discount

(2,070,732)

(11,199,559)

(2,070,732)

Loans held at carrying value, weighted average remaining life

^[1]

$ 31,837,031

^[4]

$ 153,161,781

$ 31,837,031

^[4]

4 years 8 months 12 days

^[5]

4 years

^[6]

4 years 8 months 12 days

^[6]

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[5]	Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2020
[6]	Weighted average remaining life is calculated based on the carrying value of the loans as of September 30, 2021 and December 31, 2020.

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Changes in Loans Held at Carrying Value (FY) (Details) - USD ($)

5 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Principal [Abstract]

Total loans held at carrying value, principal, beginning balance

$ 0

$ 33,907,763

^[1],[2]

Total loans held at carrying value, principal, new fundings

33,875,985

139,222,598

Total loans held at carrying value, principal, PIK interest

31,778

1,230,979

Total loans held at carrying value, principal, ending balance

^[1]

33,907,763

^[2]

164,361,340

^[3]

Original Issue Discount [Abstract]

Total loans held at carrying value, original issue discount, beginning balance

(2,070,732)

Total loans held at carrying value, original issue discount, new fundings

(2,120,969)

(11,261,001)

Total loans held at carrying value, original Issue discount, accretion of original issue discount

50,237

2,132,174

Total loans held at carrying value, original issue discount, ending balance

(2,070,732)

(11,199,559)

Carrying Value [Abstract]

Total loans held at carrying value, beginning balance

31,837,031

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

Total loans held at carrying value, new fundings

31,755,016

127,961,597

Total loans held at carrying value, accretion of original issue discount

50,237

2,132,174

Total loans held at carrying value, PIK Interest

31,778

1,230,979

Total loans held at carrying value, ending balance

^[1]

$ 31,837,031

^[2],[4]

$ 153,161,781

^[3]

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Loans Held at Carrying Value portfolio (FY) (Details) - USD ($)

5 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Jul. 30, 2020

Loans held at investment, Carrying Amount [Abstract]

$ 33,907,763

^[1],[2]

$ 164,361,340

^[1],[3]

$ 0

(2,070,732)

(11,199,559)

Private Co. C [Member] | Base Interest Rate [Member]

$ 31,837,031

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

$ 153,161,781

^[1],[3]

$ 0

Loans held at investment, Carrying Amount [Abstract]

Private Co. C [Member] | LIBOR Floor Rate [Member]

12.00%

Loans held at investment, Carrying Amount [Abstract]

Private Co. C [Member] | PIK Interest Rate [Member]

1.00%

Loans held at investment, Carrying Amount [Abstract]

Private Co. C [Member] | PA [Member]

4.00%

Loans held at investment, Carrying Amount [Abstract]

^[2]

$ 11,907,763

(851,148)

^[2]

$ 11,056,615

^[5]

17.00%

^[6]

Dec. 01, 2025

Private Co. D [Member] | Base Interest Rate [Member]

^[7]

P/I

Loans held at investment, Carrying Amount [Abstract]

Private Co. D [Member] | PIK Interest Rate [Member]

13.00%

Loans held at investment, Carrying Amount [Abstract]

Private Co. D [Member] | Multi State [Member]

2.00%

Loans held at investment, Carrying Amount [Abstract]

^[2]

$ 12,000,000

(1,035,911)

^[2]

$ 10,964,089

^[8]

15.00%

^[6]

Jan. 01, 2026

Sub. of Public Co. D [Member] | Base Interest Rate [Member]

^[7]

P/I

Loans held at investment, Carrying Amount [Abstract]

Sub. of Public Co. D [Member] | PA [Member]

12.90%

Loans held at investment, Carrying Amount [Abstract]

^[2]

$ 10,000,000

(183,673)

^[2]

$ 9,816,327

^[9]

12.90%

^[6]

Dec. 18, 2024

^[7]

I/O

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[5]	Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4%
[6]	Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[7]	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.
[8]	Base interest rate of 13% and PIK interest rate of 2%
[9]	Base interest rate of 12.9%

LOAN RECEIVABLE AT CARRYING VALUE (FY) (Details)	5 Months Ended	9 Months Ended
LOAN RECEIVABLE AT CARRYING VALUE (FY) (Details)	Dec. 31, 2020 USD ($) Loan	Sep. 30, 2021 USD ($) Loan
Proceeds from Sale and Collection of Loans Receivable [Abstract]
Number of portfolio loans \| Loan	1	1
Loans receivable at carrying value aggregate commitments	$ 4,000,000.0	$ 4,000,000.0
Loans Receivable, Principal [Roll Forward]
Total loans receivable at principal, beginning of period	3,700,718	3,352,176
Principal repayment of loans at principal	(348,542)	(574,735)
Total loans receivable at principal, end of period	3,352,176	2,777,441
Loans Receivable, Original Issue Discount [Roll Forward]
Total loans receivable at original issue discount, beginning of period	(4,428)	(3,913)
Accretion of original issue discount at original issue discount	515	927
Total loans receivable at original issue discount, end of period	(3,913)	(2,986)
Loans Receivable, Carrying Value [Roll Forward]
Total loans receivable at carrying value, beginning of period	3,696,290	3,348,263
Principal repayment of loans at carrying value	(348,542)	(574,735)
Accretion of original issue discount at carrying value	515	927
Total loans receivable at carrying value, end of period	$ 3,348,263	$ 2,774,455

CURRENT EXPECTED CREDIT LOSSES (FY) (Details) - USD ($)

3 Months Ended

5 Months Ended

9 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Sep. 30, 2021

Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments

$ 1,145,629

$ 404,860

$ 1,145,629

404,860

1,145,629

404,860

1,145,629

CECL Reserve [Member]

Loans receivable variable spread rate

$ 1,837,895

$ 465,397

$ 1,837,895

1.18%

1.32%

1.18%

Loans receivable at carrying value, commitment balance

$ 155,936,236

$ 35,185,294

$ 155,936,236

Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments

1,177,283

465,397

660,612

1,372,498

Funded Loan Commitment [Member] | CECL Reserve [Member]

1,837,895

465,397

1,837,895

Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments

^[1]

1,145,629

404,860

^[2]

1,145,629

701,143

^[1]

404,860

^[1],[2]

444,486

^[1]

404,860

740,769

^[1]

^[1]

^[1]

Unfunded Loan Commitment [Member] | CECL Reserve [Member]

^[1]

1,145,629

404,860

^[2]

1,145,629

Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments

^[3]

692,266

60,537

^[4]

692,266

476,140

^[3]

60,537

^[3],[4]

216,126

^[3]

60,537

631,729

^[3]

^[3]

^[3]

^[3]

$ 692,266

$ 60,537

^[4]

$ 692,266

[1]	As of September 30, 2021 and December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.
[2]	As of December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s balance sheet.
[3]	As of September 30, 2021 and December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company’s consolidated balance sheets.
[4]	As of December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company’s consolidated balance sheets.

CURRENT EXPECTED CREDIT LOSSES, Risk Rating by Year of Origination (FY) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Risk Rating by Year of Origination [Abstract]
2020	$ 113,407,305	$ 35,185,294
Total	155,936,236	35,185,294
Very Low Risk [Member]
Risk Rating by Year of Origination [Abstract]
2020	0	0
Total	0	0
Low Risk [Member]
Risk Rating by Year of Origination [Abstract]
2020	14,532,857	9,816,327
Total	14,532,857	9,816,327
Medium Risk [Member]
Risk Rating by Year of Origination [Abstract]
2020	88,990,322	22,020,704
Total	131,519,253	22,020,704
High Risk/ Potential for Loss [Member]
Risk Rating by Year of Origination [Abstract]
2020	9,884,126	3,348,263
Total	9,884,126	3,348,263
Impaired/Loss Likely [Member]
Risk Rating by Year of Origination [Abstract]
2020	0	0
Total	$ 0	$ 0

Amount, before allowance for credit loss, of financing receivable.

Earnings Per Share Reconciliation [Abstract]

INTEREST RECEIVABLE (FY) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
INTEREST RECEIVABLE [Abstract]
Interest receivable	$ 1,838,494	$ 675,795
PIK receivable	522,933	177,183
Unused fees		74,314
Total interest receivable	$ 2,434,719	$ 927,292

INTEREST RESERVE (FY) (Details)	3 Months Ended		9 Months Ended	12 Months Ended
INTEREST RESERVE (FY) (Details)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) Loan	Dec. 31, 2020 USD ($) Loan	Jun. 30, 2021 USD ($)	Jun. 30, 2020 USD ($)
INTEREST RESERVE [Abstract]
Number of loans included in loan funded interest reserve \| Loan			8	1
Changes in Interest Reserve [Abstract]
Initial reserves				$ 0
New reserves	$ 4,525,468	$ 1,400,000	$ 9,450,468	1,400,000
Reserves disbursed	(1,819,036)	0	(2,521,923)	(74,250)
Total Interest reserve	$ 8,254,295	$ 1,400,000	$ 8,254,295	$ 1,325,750	$ 5,547,863	$ 0

DEBT (FY) (Details) - USD ($)		3 Months Ended	5 Months Ended	9 Months Ended
DEBT (FY) (Details) - USD ($)	May 06, 2021	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021	Jul. 31, 2021
Line of Credit Facility [Abstract]
Interest expense			$ 0
Revolving Loan [Member] \| Secured Debt [Member]
Line of Credit Facility [Abstract]
Loan commitment	$ 40,000,000		$ 40,000,000		$ 50,000,000
Interest rate	8.00%		8.00%
Maturity date	Jul. 31, 2021		Jul. 31, 2021
Interest expense		$ 0	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES (FY) (Details) - USD ($)	Nov. 04, 2021	Sep. 30, 2021	Feb. 23, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
Total original loan commitments		$ 296,946,250		$ 107,292,176
Less: drawn commitments		(243,038,584)		(87,467,057)
Total undrawn commitments		$ 53,907,666		19,825,119
Non-binding Term Sheets [Abstract]
Executed non-binding term sheets amount				38,500,000
Syndication Amount Included in Non-binding Term Sheets				$ 22,000,000.0
Subsequent Event [Member]
COMMITMENTS AND CONTINGENCIES [Abstract]
Total original loan commitments	$ 50,000,000.0
Non-binding Term Sheets [Abstract]
Executed non-binding term sheets amount			$ 49,500,000
Term sheet amount of credit facility syndicated to affiliate of borrower			$ 46,200,000

STOCKHOLDERS' EQUITY, Series A Preferred Stock (FY) (Details)	5 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2020 USD ($) $ / shares shares	Dec. 18, 2020 Investor shares
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares) \| shares	10,000	10,000	10,000
Preferred stock, shares issued (in shares) \| shares	125	125	125
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01	$ 0.01
Preferred stock net proceeds \| $	$ 101,059
Preferred stock, shares outstanding (in shares) \| shares	125	125	125
Series A Preferred Stock [Member]
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares) \| shares	10,000	10,000	10,000
Preferred stock, shares issued (in shares) \| shares	125	125	125	125
Number of investors \| Investor				125
Preferred stock, dividend rate	12.00%	12.00%	12.00%
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.01		$ 0.01
Gross proceeds from issuance of preferred stock \| $	$ 125,000
Preferred stock net proceeds \| $	$ 101,059
Preferred stock, liquidation preference (in dollars per share) \| $ / shares	$ 1,000	$ 1,000	1,000
Preferred stock, redemption price (in dollars per share) \| $ / shares	$ 1,000	$ 1,000	$ 1,000
Preferred stock, redemption amount \| $	$ 125,000	$ 125,000	$ 125,000
Preferred stock, shares outstanding (in shares) \| shares	125	125	125
Preferred stock, redemption premium (in dollars per share) \| $ / shares	$ 50	$ 50	$ 50
Series A Preferred Stock [Member] \| Private Offerings [Member]
Preferred Stock [Abstract]
Sale of shares, price per share (in dollars per share) \| $ / shares	$ 1,000		$ 1,000

STOCKHOLDERS' EQUITY, Common Stock (FY) (Details) - Common Stock [Member]		5 Months Ended
	Jan. 25, 2021	Dec. 31, 2020 shares
Common Stock [Abstract]
Stock split	7
Private Offerings [Member]
Common Stock [Abstract]
Shares issues (in shares)		6,179,392
Subsequent Event [Member]
Common Stock [Abstract]
Stock split	0.143

STOCKHOLDERS' EQUITY, Equity Incentive Plan (FY) (Details) - shares	5 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020	Jun. 30, 2021	Sep. 30, 2020	Jul. 30, 2020
Option activity of directors and officers and employees [Abstract]
Non-vested (in shares)	142,814	183,114	142,814
Vested (in shares)	800,618	1,449,518	800,618
Forfeited (in shares)	(16,534)	(28,396)	(16,534)
Balance (in shares)	926,898	1,604,236	926,898	1,613,098	806,456	0
2020 Plan [Member]
Equity Incentive Plan [Abstract]
Authorized (in shares)	926,898	1,632,632	926,898
Share limit (in shares)	2,100,000		2,100,000
Options granted expiration period			10 years

EARNINGS PER SHARE (FY) (Details) - USD ($)

2 Months Ended

3 Months Ended

5 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2021

Dec. 31, 2020

Sep. 30, 2021

Net income / (loss) attributable to common stockholders

$ 2,106,250

$ 7,930,680

$ 2,207,382

$ 4,313,632

$ 13,959,222

Divided by: [Abstract]

Basic weighted average shares of common stock outstanding (in shares)

5,376,411

16,402,984

5,908,822

5,694,475

12,368,977

Basic weighted average earnings per common share (in dollars per share)

$ 0.39

^[1]

$ 0.48

$ 0.37

^[1]

$ 0.76

$ 1.13

[1]

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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22583-107794

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
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-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1448-109256

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22595-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22694-107794

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1337-109256

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123482062&loc=SL123482106-238011

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e4984-109258

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(23))
-URI http://asc.fasb.org/extlink&oid=120400993&loc=SL114874131-224263

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e3842-109258

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
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-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1252-109256

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 60B
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=125511455&loc=SL5780133-109256

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(27))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

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

INCOME TAX (FY) (Details) - USD ($)	2 Months Ended	3 Months Ended	5 Months Ended	9 Months Ended
INCOME TAX (FY) (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Provision for income taxes	$ 0	$ 0	$ 0	$ 0
United stated federal excise tax expense		$ 0	$ 0	$ 0
Exercise tax as a percentage of undistributed ordinary income and net capital gains		4.00%	4.00%	4.00%
Unrecognized tax benefits		$ 0	$ 0	$ 0

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

Fair Value Measurements of Loans Held at Fair Value [Abstract]

FAIR VALUE, Significant Unobservable Inputs (FY) (Details) - Level 3 [Member]	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value [Abstract]
Investments	$ 76,293,824	$ 48,558,051
Senior Term Loans [Member]
Fair Value [Abstract]
Investments	$ 76,293,824	$ 48,558,051
Senior Term Loans [Member] \| Yield Analysis [Member] \| Market Yield [Member] \| Maximum [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.2068	0.2075
Senior Term Loans [Member] \| Yield Analysis [Member] \| Market Yield [Member] \| Minimum [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.1762	0.1579
Senior Term Loans [Member] \| Yield Analysis [Member] \| Market Yield [Member] \| Weighted Average [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.1782	0.2020

FAIR VALUE, Fair Value Measurements of Loans Held at Fair Value (FY) (Details) - USD ($)

Sep. 30, 2021

Dec. 31, 2020

Jul. 30, 2020

$ 76,293,824

^[1]

$ 48,558,051

^[1],[2]

$ 43,106,551

Fair Value Measurements of Loans Held at Fair Value [Abstract]

76,293,824

48,558,051

Level 1 [Member]

Fair Value Measurements of Loans Held at Fair Value [Abstract]

Level 2 [Member]

Fair Value Measurements of Loans Held at Fair Value [Abstract]

76,293,824

48,558,051

$ 43,106,551

Changes in Loans Using Level 3 Inputs [Abstract]

$ 76,293,824

$ 48,558,051

[1]	Refer to Note 14 to our unaudited consolidated financial statements.
[2]	Refer to Footnote 14

FAIR VALUE, Changes in Loans Using Level 3 Inputs (FY) (Details) - USD ($)

5 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Realized gains / (losses) on loans at fair value, net

$ 43,106,551

$ 48,558,051

^[1],[2]

345,000

Change in unrealized gains / (losses) on loans at fair value, net

1,563,340

796,368

Original issue discount and other discounts, net of costs

16,360,000

37,701,104

(1,595,199)

(1,130,623)

(5,000,000)

(12,000,000)

Sale of Loans

(7,345,000)

732,729

1,905,715

390,630

1,556,868

^[2]

48,558,051

^[1]

76,293,824

Changes in Loans Using Level 3 Inputs [Abstract]

Realized gains / (losses) on loans at fair value, net

43,106,551

48,558,051

345,000

Change in unrealized gains / (losses) on loans at fair value, net

1,563,340

796,368

Original issue discount and other discounts, net of costs

16,360,000

37,701,104

(1,595,199)

1,130,623

(5,000,000)

(12,000,000)

Sale of Loans

(7,345,000)

732,729

1,905,715

390,630

1,556,868

Dividends Declared and Paid [Abstract]

$ 48,558,051

$ 76,293,824

[1]	Refer to Footnote 14
[2]	Refer to Note 14 to our unaudited consolidated financial statements.

RELATED PARTY TRANSACTIONS, Management Agreement (FY) (Details) - USD ($)	2 Months Ended	3 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Affiliate Payments [Abstract]
Management fees	$ 226,234	$ 1,030,718	$ 623,361	$ 2,301,924
Less other fees earned and paid to the Manager	(84,167)	(256,989)	(259,167)	(677,439)
General and administrative expenses reimbursed to Manager	165,434	625,711	671,605	1,415,217
Total	$ 307,501	$ 3,168,647	$ 1,035,799	$ 6,913,686
Managers [Member]
Management Agreement [Abstract]
Percentage of base management fees		0.375%	0.4375%	0.375%
Frequency of management fees payment			quarterly	quarterly
Incentive compensation, waived			$ 479,166
Payable to Related Parties [Abstract]
Management fees			222,127
Less other fees earned and paid to the Manager			0
General and administrative expenses reimbursed to Manager			506,171
Total			$ 728,298

RELATED PARTY TRANSACTIONS, Investments in Loans (FY) (Details) - USD ($)	3 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Investments in Loans [Abstract]
Amount of co-investments held		$ 0
Sale of assigned rights	$ 0	$ 1,600,000	$ 2,300,000

RELATED PARTY TRANSACTIONS, Loans Acquired From Affiliate (FY) (Details) - USD ($)	2 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Sep. 30, 2021
Loans Acquired from Affiliate [Abstract]
Acquired loans at fair value for issuance of stock	$ 46,802,840	$ 46,802,841	$ 0
Issuance of common stock (in shares)		3,342,500

DIVIDENDS AND DISTRIBUTIONS (FY) (Details) - $ / shares

3 Months Ended

5 Months Ended

9 Months Ended

Sep. 30, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 31, 2020

Sep. 30, 2021

Common share distribution amount (in dollars per share)

$ 0.43

$ 0.61

$ 1.17

Taxable ordinary income (in dollars per share)

0.61

1.17

Return of capital (in dollars per share)

Section 199A dividends (in dollars per share)

$ 0.61

$ 1.17

Regular Cash Dividend [Member]

Dividends Declared and Paid [Abstract]

Record date

Sep. 30, 2021

Jun. 15, 2021

Mar. 15, 2021

Dec. 23, 2020

Payment date

Oct. 15, 2021

Jun. 30, 2021

Mar. 31, 2021

Dec. 30, 2020

Common share distribution amount (in dollars per share)

$ 0.43

$ 0.38

$ 0.36

$ 0.35

Taxable ordinary income (in dollars per share)

0.43

0.38

0.36

0.35

Return of capital (in dollars per share)

Section 199A dividends (in dollars per share)

$ 0.43

$ 0.38

$ 0.36

$ 0.35

Special Cash Dividend [Member]

Dividends Declared and Paid [Abstract]

Record date

Dec. 23, 2020

Payment date

Dec. 30, 2020

Common share distribution amount (in dollars per share)

^[1]

$ 0.26

Taxable ordinary income (in dollars per share)

^[1]

0.26

Return of capital (in dollars per share)

Section 199A dividends (in dollars per share)

^[1]

$ 0.26

[1]	Dividend of approximately $0.26

QUARTERLY FINANCIAL DATA (UNAUDITED) (FY) (Details) - USD ($)

2 Months Ended

3 Months Ended

5 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2021

Dec. 31, 2020

Sep. 30, 2021

QUARTERLY FINANCIAL DATA (UNAUDITED) [Abstract]

Total revenue

$ 1,594,769

$ 10,616,538

$ 3,655,339

$ 5,250,108

$ 24,050,062

Total expenses

1,052,319

3,849,175

1,327,100

2,379,419

9,914,710

Realized gains / (losses) on loans at fair value, net

(660,612)

(465,397)

(1,372,498)

400,000

345,000

400,000

Change in unrealized gains / (losses) on loans at fair value, net

1,563,800

1,423,929

(460)

1,563,340

796,368

Net income / (loss)

$ 2,106,250

$ 7,930,680

$ 2,207,382

$ 4,313,632

$ 13,959,222

Basic earnings per common share (in dollars per share)

$ 0.39

^[1]

$ 0.48

$ 0.37

^[1]

$ 0.76

$ 1.13

Basic weighted average shares of common stock outstanding (in shares)

5,376,411

16,402,984

5,908,822

5,694,475

12,368,977

[1]

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

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

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

Loans held for Investment at Fair Value [Abstract]

SUBSEQUENT EVENTS (FY) (Details) - USD ($)	1 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (FY) (Details) - USD ($)	Jan. 31, 2021	Dec. 31, 2020	Sep. 30, 2021
Subsequent Event [Abstract]
Aggregate amount of common shares		$ 61,794	$ 163,866
Public Co. A [Member] \| Real Estate Loan [Member]
Subsequent Event [Abstract]
Maturity date		Jun. 27, 2021
Subsequent Event [Member] \| Public Co. A [Member] \| Real Estate Loan [Member]
Subsequent Event [Abstract]
Maturity date	Dec. 21, 2021
Interest rate	14.00%
Percentage of monthly interest rate	12.00%
Percentage of interest rate at maturity	2.00%
Exit fee	$ 1,000,000.0
Percentage of modification fee	3.00%
Aggregate amount of common shares	$ 1,200,000
Subsequent Event [Member] \| Public Co. A [Member] \| Equipment Loan [Member]
Subsequent Event [Abstract]
Exit fee	$ 500,000
Percentage of modification fee	6.00%
Period for reduction in monthly payments	3 months
Additional fee	$ 500,000
Subsequent Event [Member] \| Public Co. A [Member] \| Equipment Loan [Member] \| Non-Brokered Convertible Debenture [Member]
Subsequent Event [Abstract]
Current amount borrowed under debenture agreement	10,100,000
Subsequent Event [Member] \| Public Co. A [Member] \| Equipment Loan [Member] \| Non-Brokered Convertible Debenture [Member] \| Maximum [Member]
Subsequent Event [Abstract]
Debenture agreement maximum borrowing capacity	$ 25,000,000.0

ORGANIZATION (Q3) (Details) - Segment	5 Months Ended	9 Months Ended
ORGANIZATION (Q3) (Details) - Segment	Dec. 31, 2020	Sep. 30, 2021
ORGANIZATION [Abstract]
Number of operating segments	1	1

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Summary of Portfolio (Q3) (Details)

5 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

USD ($)

Loans

Sep. 30, 2021

USD ($)

Loans

Dec. 31, 2020

USD ($)

Loans

Jul. 30, 2020

USD ($)

Number of portfolio loans | Loans

Loans held at fair value, aggregate commitments

$ 59,900,000

$ 75,900,000

$ 59,900,000

Loans held at fair value, funded of outstanding principal

50,831,235

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

76,995,548

^[2],[4]

$ 50,831,235

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

$ 46,080,605

16,400,000

37,700,000

Loans held at fair value, repayments

$ 12,000,000

$ 13,100,000

Loans held at fair value, floating interest rate

6.00%

0.00%

6.00%

LIBOR Floor Rate [Member]

Loans held for Investment at Fair Value [Abstract]

Loans held at fair value, weighted average floor

2.50%

Variable term

30 days

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Summary of Loans Held at Fair Value (Q3) (Details) - USD ($)

5 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

Jul. 30, 2020

Loans held as investment, Fair Value Amount [Abstract]

$ 48,558,051

^[1],[2]

$ 76,293,824

^[2]

$ 48,558,051

^[1],[2]

$ 43,106,551

^[4]

46,994,711

^[3],[5]

73,934,116

^[6]

46,994,711

^[3],[5]

Loans held at fair value, weighted average remaining life

$ 50,831,235

^[3],[4],[5]

$ 76,995,548

^[4],[6]

$ 50,831,235

^[3],[4],[5]

$ 46,080,605

3 years 3 months 18 days

^[7]

2 years 6 months

^[8]

3 years 3 months 18 days

^[8]

Loans held as investment, Fair Value Amount [Abstract]

^[2]

$ 48,558,051

^[1]

$ 76,293,824

$ 48,558,051

^[1]

^[4]

46,994,711

^[5]

73,934,116

46,994,711

^[5]

Loans held at fair value, weighted average remaining life

^[4]

$ 50,831,235

^[5]

$ 76,995,548

$ 50,831,235

^[5]

3 years 3 months 18 days

^[7]

2 years 6 months

^[8]

3 years 3 months 18 days

^[8]

[1]	Refer to Footnote 14
[2]	Refer to Note 14 to our unaudited consolidated financial statements.
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[5]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[6]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.
[7]	Weighted average remaining life is calculated based on the fair value of the loans as of December 31, 2020
[8]	Weighted average remaining life is calculated based on the fair value of the loans as of September 30, 2021 and December 31, 2020.

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Changes in Loans Held at Fair Value (Q3) (Details) - USD ($)

5 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Loans Receivable, Principal [Roll Forward]

Total loans held at fair value, beginning balance

$ 46,080,605

$ 50,831,235

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

Loans held at fair value, principal, change in unrealized gains / (losses) on loans at fair value, net

Loans held at fair value, principal, new fundings

16,360,000

37,701,104

Loans held at fair value, principal, loan repayments

(5,000,000)

(12,000,000)

Loans held at fair value, loan amortization payments

(1,093,659)

Loans held at fair value, principal, accretion of original issue discount

Loans held at fair value, principal, PIK interest

390,630

1,556,868

Total loans held at fair value, ending balance

^[2]

50,831,235

^[1],[3]

76,995,548

^[4]

Loans Held for Investment, Original Issue Cost [Roll Forward]

Loans held for at fair value, original issue discount, beginning balance

(2,974,054)

(3,836,524)

Loans held at fair value, original issue discount, change in unrealized gains / (losses) on loans at Fair value, net

Loans held at fair value, original issue discount, new fundings

(1,595,199)

(1,130,623)

Loans held at fair value, original issue discount, loan repayments

Loans held at fair value, original issue discount, loan amortization payments

Loans held at fair value, original issue discount, accretion of original issue discount

732,729

1,905,715

Loans held at fair value, original issue discount, PIK interest

Loans held for at fair value, original issue discount, ending balance

(3,836,524)

(3,061,432)

Loans Held for Investment, Unrealized Gains/(Losses) [Roll Forward]

Loans held at fair value, unrealized gains / (losses), beginning balance

1,563,340

Loans held at fair value, unrealized gains / (losses), change in unrealized gains / (losses) on loans at fair value, net

796,368

Loans held at fair value, unrealized gains / (losses), new fundings

Loans held at fair value, unrealized gains / (losses), loan repayments

Loans held at fair value, unrealized gains / (losses), loan amortization payments

Loans held at fair value, unrealized gains / (losses), accretion of original issue discount

Loans held at fair value, unrealized gains / (losses), PIK interest

Loans held at fair value, unrealized gains / (losses), ending balance

1,563,340

2,359,708

Loans Held for Investment, Fair Value [Roll Forward]

Loans held at fair value, change in unrealized gains / (losses) on loans at fair value, net

43,106,551

48,558,051

^[5],[6]

1,563,340

796,368

Loans held for at fair value, new fundings

14,764,801

36,570,481

Loans held for at fair value, loan repayments

(5,000,000)

(12,000,000)

Loans held for at fair value, loan amortization payments

(1,093,659)

Loans held at fair value, Accretion of original issue discount

732,729

1,905,715

390,630

1,556,868

^[6]

$ 48,558,051

^[5]

$ 76,293,824

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.
[5]	Refer to Footnote 14
[6]	Refer to Note 14 to our unaudited consolidated financial statements.

LOANS HELD FOR INVESTMENT AT FAIR VALUE, Loans Held at Fair Value Portfolio (Q3) (Details) - USD ($)

5 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Jul. 30, 2020

$ 48,558,051

^[1],[2]

$ 76,293,824

^[2]

$ 43,106,551

^[4]

46,994,711

^[3],[5]

73,934,116

^[6]

Private Co. A [Member] | Multi State [Member]

$ 50,831,235

^[3],[4],[5]

$ 76,995,548

^[4],[6]

$ 46,080,605

13.00%

Private Co. A [Member] | Multi State [Member] | Cultivation Facilities, Dispensaries [Member]

4.00%

3.40%

$ 31,510,387

^[1]

$ 62,853,367

^[2]

30,913,524

^[3]

60,857,429

^[6]

$ 33,344,325

^[3]

$ 63,391,847

^[6]

17.00%

^[7]

16.40%

^[8]

^[9]

May 08, 2024

Private Co. B [Member] | MI [Member]

P/I

^[10]

P/I

^[11]

13.00%

Private Co. B [Member] | MI [Member] | Cultivation Facilities [Member]

4.00%

$ 2,461,036

^[1]

$ 10,535,737

^[2]

2,238,402

^[3]

10,171,757

^[6]

$ 2,522,846

^[3]

$ 10,663,701

^[6]

17.00%

^[7]

17.00%

^[12]

^[9]

Sep. 01, 2023

Public Co. A [Member] | NV [Member]

P/I

^[10]

P/I

^[11]

8.00%

12.00%

Public Co. A [Member] | NV [Member] | Cultivation Facilities [Member]

2.50%

2.00%

$ 2,870,910

^[1]

$ 2,904,720

^[2]

2,909,656

^[3]

2,904,930

^[6]

$ 2,940,000

^[3]

$ 2,940,000

^[6]

10.50%

^[13]

14.00%

^[14]

^[9]

Jun. 27, 2021

Jan. 26, 2023

Loans Held as Investment, Carrying Amount Disclosure [Abstract]

I/O

^[10]

I/O

^[11]

[1]	Refer to Footnote 14
[2]	Refer to Note 14 to our unaudited consolidated financial statements.
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[5]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[6]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount (“OID”) and loan origination costs.
[7]	Base interest rate of 13% and PIK interest rate of 4%
[8]	Base interest rate of 13% and payment-in-kind (“PIK”) interest rate of 3.4%.
[9]	Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[10]	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.
[11]	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.
[12]	Base interest rate of 13% and PIK interest rate of 4%.
[13]	Base interest rate of 8% plus LIBOR (LIBOR floor of 2.5%)
[14]	Base interest rate of 12% and PIK interest rate of 2%.

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Summary of Portfolio (Q3) (Details)

5 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

USD ($)

Loan

Sep. 30, 2021

USD ($)

Loan

Dec. 31, 2020

USD ($)

Loan

Jul. 30, 2020

USD ($)

Number of loans held for investments in portfolio | Loan

Loans held for investments aggregate commitments

$ 44,000,000.0

$ 217,000,000.0

$ 44,000,000.0

Loans held at carrying value, outstanding principal

$ 33,907,763

^[1],[2]

164,361,340

^[1],[3]

$ 33,907,763

^[1],[2]

$ 0

Loans held at carrying value, outstanding principal fundings

$ 139,200,000

Percentage of loans held at carrying value with floating interest rates

35.00%

68.00%

35.00%

LIBOR period

30 days

LIBOR Weighted Average Floor Rate [Member]

Loans Held as Investment, Carrying Amount Disclosure [Abstract]

Loans held at carrying value, interest rate

1.00%

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Summary of Loans Held at Carrying Value (Q3) (Details) - USD ($)

5 Months Ended

9 Months Ended

12 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Dec. 31, 2020

Jul. 30, 2020

Loans held as investment, Carrying Amount [Abstract]

Loans held at carrying value, outstanding principal

$ 33,907,763

^[1],[2]

$ 164,361,340

^[1],[3]

$ 33,907,763

^[1],[2]

$ 0

Loans held at carrying value, original issue discount

(2,070,732)

(11,199,559)

(2,070,732)

Loans held at carrying value, weighted average remaining life

$ 31,837,031

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

$ 153,161,781

^[1],[3]

$ 31,837,031

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

$ 0

4 years 8 months 12 days

^[5]

4 years

^[6]

4 years 8 months 12 days

^[6]

Loans held as investment, Carrying Amount [Abstract]

Loans held at carrying value, outstanding principal

^[1]

$ 33,907,763

$ 164,361,340

$ 33,907,763

Loans held at carrying value, original issue discount

(2,070,732)

(11,199,559)

(2,070,732)

Loans held at carrying value, weighted average remaining life

^[1]

$ 31,837,031

^[4]

$ 153,161,781

$ 31,837,031

^[4]

4 years 8 months 12 days

^[5]

4 years

^[6]

4 years 8 months 12 days

^[6]

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[5]	Weighted average remaining life is calculated based on the carrying value of the loans as of December 31, 2020
[6]	Weighted average remaining life is calculated based on the carrying value of the loans as of September 30, 2021 and December 31, 2020.

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Changes in Loans Held at Carrying Value (Q3) (Details) - USD ($)

5 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Principal [Abstract]

Total loans held at carrying value, principal, beginning balance

$ 0

$ 33,907,763

^[1],[2]

Total loans held at carrying value, principal, new fundings

33,875,985

139,222,598

Total loans held at carrying value, principal, realized gain on sale of loans

400,000

Total loans held at carrying value, principal, sale of loans

(10,400,000)

Total loans held at carrying value, principal, PIK interest

31,778

1,230,979

Total loans held at carrying value, principal, ending balance

^[1]

33,907,763

^[2]

164,361,340

^[3]

Original Issue Discount [Abstract]

Total loans held at carrying value, original issue discount, beginning balance

(2,070,732)

Total loans held at carrying value, original issue discount, new fundings

(2,120,969)

(11,261,001)

Total loans held at carrying value, original Issue discount, accretion of original issue discount

50,237

2,132,174

Total loans held at carrying value, original issue discount, ending balance

(2,070,732)

(11,199,559)

Carrying Value [Abstract]

Total loans held at carrying value, beginning balance

31,837,031

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

Total loans held at carrying value, new fundings

31,755,016

127,961,597

Total loans held at carrying value, accretion of original issue discount

50,237

2,132,174

Total loans held at carrying value, realized gain on sale of loans

400,000

Total loans held at carrying value, sale of loans

(10,400,000)

Total loans held at carrying value, PIK Interest

31,778

1,230,979

Total loans held at carrying value, ending balance

^[1]

$ 31,837,031

^[2],[4]

$ 153,161,781

^[3]

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs

LOANS HELD FOR INVESTMENT AT CARRYING VALUE, Loans Held at Carrying Value portfolio (Q3) (Details) - USD ($)

5 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Jul. 30, 2020

Loans held at investment, Carrying Amount [Abstract]

$ 33,907,763

^[1],[2]

$ 164,361,340

^[1],[3]

$ 0

(2,070,732)

(11,199,559)

Private Co. C [Member] | Base Interest Rate [Member]

$ 31,837,031

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

$ 153,161,781

^[1],[3]

$ 0

Loans held at investment, Carrying Amount [Abstract]

Private Co. C [Member] | LIBOR Floor Rate [Member]

12.00%

Loans held at investment, Carrying Amount [Abstract]

Private Co. C [Member] | PIK Interest Rate [Member]

1.00%

Loans held at investment, Carrying Amount [Abstract]

Private Co. C [Member] | PA [Member]

4.00%

Loans held at investment, Carrying Amount [Abstract]

^[2]

$ 11,907,763

(851,148)

^[2]

$ 11,056,615

^[5]

17.00%

^[6]

Dec. 01, 2025

Private Co. C [Member] | PA [Member] | Cultivation Facilities, Dispensaries [Member]

^[7]

P/I

Loans held at investment, Carrying Amount [Abstract]

^[3]

$ 19,333,872

(721,311)

^[3]

$ 18,612,561

^[8]

17.00%

^[6]

Dec. 01, 2025

Sub. of Public Co. D [Member] | Base Interest Rate [Member]

^[9]

P/I

Loans held at investment, Carrying Amount [Abstract]

Sub. of Public Co. D [Member] | PA [Member]

12.90%

Loans held at investment, Carrying Amount [Abstract]

^[2]

$ 10,000,000

(183,673)

^[2]

$ 9,816,327

^[10]

12.90%

^[6]

Dec. 18, 2024

Sub. of Public Co. D [Member] | PA [Member] | Cultivation Facilities [Member]

^[7]

I/O

Loans held at investment, Carrying Amount [Abstract]

^[3]

$ 10,000,000

(149,235)

^[3]

$ 9,850,765

^[11]

12.90%

^[6]

Dec. 18, 2024

Private Co. D [Member] | Base Interest Rate [Member]

^[9]

I/O

Loans held at investment, Carrying Amount [Abstract]

Private Co. D [Member] | PIK Interest Rate [Member]

13.00%

Loans held at investment, Carrying Amount [Abstract]

Private Co. D [Member] | Multi State [Member]

2.00%

Loans held at investment, Carrying Amount [Abstract]

^[2]

$ 12,000,000

(1,035,911)

^[2]

$ 10,964,089

^[12]

15.00%

^[6]

Jan. 01, 2026

Private Co. D [Member] | Multi State [Member] | Dispensaries [Member]

^[7]

P/I

Loans held at investment, Carrying Amount [Abstract]

^[3]

$ 12,169,041

(877,891)

^[3]

$ 11,291,150

^[13]

15.00%

^[6]

Jan. 01, 2026

Private Co. E [Member] | Base Interest Rate [Member]

^[9]

P/I

Loans held at investment, Carrying Amount [Abstract]

Private Co. E [Member] | LIBOR Floor Rate [Member]

12.00%

Loans held at investment, Carrying Amount [Abstract]

Private Co. E [Member] | PIK Interest Rate [Member]

1.00%

Loans held at investment, Carrying Amount [Abstract]

Private Co. E [Member] | OH [Member] | Cultivation Facilities, Dispensaries [Member]

4.00%

Loans held at investment, Carrying Amount [Abstract]

^[3]

$ 14,220,552

(2,782,310)

^[3]

$ 11,438,242

^[8]

17.00%

^[6]

Apr. 01, 2026

Private Co. F [Member] | Base Interest Rate [Member]

^[9]

P/I

Loans held at investment, Carrying Amount [Abstract]

Private Co. F [Member] | PIK Interest Rate [Member]

13.00%

Loans held at investment, Carrying Amount [Abstract]

Private Co. F [Member] | MO [Member] | Cultivation Facilities, Dispensaries [Member]

4.00%

Loans held at investment, Carrying Amount [Abstract]

^[3]

$ 9,799,658

(1,816,803)

^[3]

$ 7,982,855

^[14]

17.00%

^[6]

May 01, 2026

Public Co. E [Member] | Base Interest Rate [Member]

^[9]

P/I

Loans held at investment, Carrying Amount [Abstract]

Public Co. E [Member] | MI [Member] | Cultivation Facilities [Member]

13.00%

Loans held at investment, Carrying Amount [Abstract]

^[3]

$ 5,000,000

(307,143)

^[3]

$ 4,692,857

^[15]

13.00%

^[6]

Apr. 29, 2025

Sub of Private Co. G [Member] | Base Interest Rate [Member]

^[9]

P/I

Loans held at investment, Carrying Amount [Abstract]

Sub of Private Co. G [Member] | LIBOR Floor Rate [Member]

11.50%

Loans held at investment, Carrying Amount [Abstract]

Sub of Private Co. G [Member] | PIK Interest Rate [Member]

1.00%

Loans held at investment, Carrying Amount [Abstract]

Sub of Private Co. G [Member] | NJ [Member] | Cultivation Facilities, Dispensaries [Member]

1.80%

Loans held at investment, Carrying Amount [Abstract]

^[3]

$ 42,945,657

(2,498,443)

^[3]

$ 40,447,214

^[16]

14.30%

^[6]

May 01, 2026

Public Co. F [Member] | Base Interest Rate [Member]

^[9]

P/I

Loans held at investment, Carrying Amount [Abstract]

Public Co. F [Member] | Multi State [Member] | Cultivation Facilities, Dispensaries [Member]

9.80%

Loans held at investment, Carrying Amount [Abstract]

^[3]

$ 10,000,000

(160,000)

^[3]

$ 9,840,000

^[17]

9.80%

^[6]

May 30, 2023

Sub of Private Co. H [Member] | Base Interest Rate [Member]

^[9]

I/O

Loans held at investment, Carrying Amount [Abstract]

Sub of Private Co. H [Member] | IL [Member] | Cultivation Facilities [Member]

15.00%

Loans held at investment, Carrying Amount [Abstract]

^[3]

$ 5,781,250

(126,790)

^[3]

$ 5,654,460

^[18]

15.00%

^[6]

May 11, 2023

Private Co. K [Member] | Base Interest Rate [Member]

^[9]

I/O

Loans held at investment, Carrying Amount [Abstract]

Private Co. K [Member] | LIBOR Floor Rate [Member]

12.00%

Loans held at investment, Carrying Amount [Abstract]

Private Co. K [Member] | MA [Member] | Cultivation Facilities, Dispensaries [Member]

1.00%

Loans held at investment, Carrying Amount [Abstract]

^[3]

$ 7,000,000

(763,667)

^[3]

$ 6,236,333

^[19]

13.00%

^[6]

Aug. 03, 2026

Private Co. I [Member] | Base Interest Rate [Member]

^[9]

P/I

Loans held at investment, Carrying Amount [Abstract]

Private Co. I [Member] | LIBOR Floor Rate [Member]

12.00%

Loans held at investment, Carrying Amount [Abstract]

Private Co. I [Member] | PIK Interest Rate [Member]

1.00%

Loans held at investment, Carrying Amount [Abstract]

Private Co. I [Member] | MD [Member] | Cultivation Facilities, Dispensaries [Member]

2.50%

Loans held at investment, Carrying Amount [Abstract]

^[3]

$ 10,109,310

(225,184)

^[3]

$ 9,884,126

^[20]

15.50%

^[6]

Aug. 01, 2026

Private Co. J [Member] | Base Interest Rate [Member]

^[9]

P/I

Loans held at investment, Carrying Amount [Abstract]

Private Co. J [Member] | LIBOR Floor Rate [Member]

12.00%

Loans held at investment, Carrying Amount [Abstract]

Private Co. J [Member] | PIK Interest Rate [Member]

1.00%

Loans held at investment, Carrying Amount [Abstract]

Private Co. J [Member] | MO [Member] | Cultivation Facilities [Member]

2.00%

Loans held at investment, Carrying Amount [Abstract]

^[3]

$ 18,002,000

(770,782)

^[3]

$ 17,231,218

^[21]

15.00%

^[6]

Sep. 01, 2025

^[9]

P/I

[1]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs.
[2]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs
[3]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted purchase discount, deferred loan fees and loan origination costs.
[4]	The difference between the Carrying Value and the Outstanding Principal amount of the loans consists of unaccreted original issue discount and loan origination costs
[5]	Base interest rate of 12% plus LIBOR (LIBOR floor of 1%) and PIK interest rate of 4%
[6]	Certain loans are subject to contractual extension options and may be subject to performance based or other conditions as stipulated in the loan agreement. Actual maturities may differ from contractual maturities stated herein as certain borrowers may have the right to prepay with or without paying a prepayment penalty. The Company may also extend contractual maturities and amend other terms of the loans in connection with loan modifications.
[7]	I/O = interest only, P/I = principal and interest. P/I loans may include interest only periods for a portion of the loan term.
[8]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 4.0%.
[9]	I/O = interest-only, P/I = principal and interest. P/I loans may include interest-only periods for a portion of the loan term.
[10]	Base interest rate of 12.9%
[11]	Base interest rate of 12.9%.
[12]	Base interest rate of 13% and PIK interest rate of 2%
[13]	Base interest rate of 13.0% and PIK interest rate of 2.0%.
[14]	Base interest rate of 13.0% and PIK interest rate of 4.0%.
[15]	Base interest rate of 13.0%.
[16]	Base interest rate of 11.5% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 1.8%.
[17]	Base interest rate of 9.8%.
[18]	Base interest rate of 15.0%.
[19]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%)
[20]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.5%.
[21]	Base interest rate of 12.0% plus LIBOR (LIBOR floor of 1.0%) and PIK interest rate of 2.0%.

LOAN RECEIVABLE AT CARRYING VALUE (Q3) (Details)	5 Months Ended	9 Months Ended
LOAN RECEIVABLE AT CARRYING VALUE (Q3) (Details)	Dec. 31, 2020 USD ($) Loan	Sep. 30, 2021 USD ($) Loan
Proceeds from Sale and Collection of Loans Receivable [Abstract]
Number of portfolio loans \| Loan	1	1
Loans receivable at carrying value aggregate commitments	$ 4,000,000.0	$ 4,000,000.0
Loans Receivable, Principal [Roll Forward]
Total loans receivable at principal, beginning of period	3,700,718	3,352,176
Principal repayment of loans at principal	(348,542)	(574,735)
Total loans receivable at principal, end of period	3,352,176	2,777,441
Loans Receivable, Original Issue Discount [Roll Forward]
Total loans receivable at original issue discount, beginning of period	(4,428)	(3,913)
Accretion of original issue discount at original issue discount	515	927
Total loans receivable at original issue discount, end of period	(3,913)	(2,986)
Loans Receivable, Carrying Value [Roll Forward]
Total loans receivable at carrying value, beginning of period	3,696,290	3,348,263
Principal repayment of loans at carrying value	(348,542)	(574,735)
Accretion of original issue discount at carrying value	515	927
Total loans receivable at carrying value, end of period	$ 3,348,263	$ 2,774,455

CURRENT EXPECTED CREDIT LOSSES, CECL Reserve (Q3) (Details) - USD ($)

3 Months Ended

5 Months Ended

9 Months Ended

Sep. 30, 2021

Dec. 31, 2020

Sep. 30, 2021

Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]

$ 1,145,629

$ 404,860

$ 1,145,629

404,860

1,145,629

404,860

1,145,629

CECL Reserve [Member]

Loans receivable variable spread rate

$ 1,837,895

$ 465,397

$ 1,837,895

1.18%

1.32%

1.18%

Loans receivable at carrying value, commitment balance

$ 155,936,236

$ 35,185,294

$ 155,936,236

Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]

1,177,283

465,397

660,612

1,372,498

Funded Loan Commitment [Member] | CECL Reserve [Member]

1,837,895

465,397

1,837,895

Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]

^[1]

1,145,629

404,860

^[2]

1,145,629

701,143

^[1]

404,860

^[1],[2]

444,486

^[1]

404,860

740,769

^[1]

^[1]

^[1]

Unfunded Loan Commitment [Member] | CECL Reserve [Member]

^[1]

1,145,629

404,860

^[2]

1,145,629

Current Expected Credit Loss Reserve for Funded and Unfunded Loan Commitments [Abstract]

^[3]

692,266

60,537

^[4]

692,266

476,140

^[3]

60,537

^[3],[4]

216,126

^[3]

60,537

631,729

^[3]

^[3]

^[3]

^[3]

$ 692,266

$ 60,537

^[4]

$ 692,266

[1]	As of September 30, 2021 and December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.
[2]	As of December 31, 2020, the CECL Reserve related to outstanding balances on loans at carrying value and loans receivable at carrying value is recorded within current expected credit loss reserve in the Company’s balance sheet.
[3]	As of September 30, 2021 and December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company’s consolidated balance sheets.
[4]	As of December 31, 2020, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within other liabilities in the Company’s consolidated balance sheets.

CURRENT EXPECTED CREDIT LOSSES, Risk Rating by Year of Origination (Q3) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Risk Rating by Year of Origination [Abstract]
2021	$ 113,407,305	$ 35,185,294
2022	42,528,931
Total	155,936,236	35,185,294
Very Low Risk [Member]
Risk Rating by Year of Origination [Abstract]
2021	0	0
2022	0
Total	0	0
Low Risk [Member]
Risk Rating by Year of Origination [Abstract]
2021	14,532,857	9,816,327
2022	0
Total	14,532,857	9,816,327
Medium Risk [Member]
Risk Rating by Year of Origination [Abstract]
2021	88,990,322	22,020,704
2022	42,528,931
Total	131,519,253	22,020,704
High Risk/ Potential for Loss [Member]
Risk Rating by Year of Origination [Abstract]
2021	9,884,126	3,348,263
2022	0
Total	9,884,126	3,348,263
Impaired/Loss Likely [Member]
Risk Rating by Year of Origination [Abstract]
2021	0	0
2022	0
Total	$ 0	$ 0

Amount, before allowance for credit loss, of financing receivable.

Earnings Per Share Reconciliation [Abstract]

INTEREST RECEIVABLE (Q3) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
INTEREST RECEIVABLE [Abstract]
Interest receivable	$ 1,838,494	$ 675,795
PIK receivable	522,933	177,183
Unused fees receivable	73,292	74,314
Total interest receivable	$ 2,434,719	$ 927,292

INTEREST RESERVE (Q3) (Details)	3 Months Ended		9 Months Ended	12 Months Ended
INTEREST RESERVE (Q3) (Details)	Sep. 30, 2021 USD ($)	Sep. 30, 2020 USD ($)	Sep. 30, 2021 USD ($) Loan	Dec. 31, 2020 USD ($) Loan
INTEREST RESERVE [Abstract]
Number of loans included in loan funded interest reserve \| Loan			8	1
Changes in Interest Reserve [Abstract]
Beginning reserves	$ 5,547,863	$ 0	$ 1,325,750
New reserves	4,525,468	1,400,000	9,450,468	$ 1,400,000
Reserves disbursed	(1,819,036)	0	(2,521,923)	(74,250)
Ending reserves	$ 8,254,295	$ 1,400,000	$ 8,254,295	$ 1,325,750

DEBT (Q3) (Details)				3 Months Ended	5 Months Ended	9 Months Ended
DEBT (Q3) (Details)	Nov. 03, 2021 USD ($) Intallment	May 07, 2021 USD ($)	May 06, 2021 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2021 USD ($)	Jul. 31, 2021 USD ($)
Line of Credit Facility [Abstract]
Interest expense					$ 0
2027 Senior Notes [Member] \| Subsequent Event [Member]
Line of Credit Facility [Abstract]
Periodic payment	semi-annually
Debt instrument, aggregate principal	$ 100,000,000
Debt instrument maturity date	Dec. 31, 2027
Debt instrument, stated percentage	5.75%
Net proceeds from offering	$ 97,000,000
Debt instrument, percentage of principal redeemed	100.00%
2027 Senior Notes [Member] \| Subsequent Event [Member] \| Maximum [Member]
Line of Credit Facility [Abstract]
Debt service coverage ratio	0.015%
2027 Senior Notes [Member] \| Subsequent Event [Member] \| Minimum [Member]
Line of Credit Facility [Abstract]
Percentage of debt in aggregate principal	60.00%
Secured debt of percentage in aggregate principal	25.00%
Revolving Credit Facility [Member] \| Secured Debt [Member]
Line of Credit Facility [Abstract]
Loan commitment			$ 40,000,000		$ 40,000,000		$ 50,000,000
Interest rate			8.00%		8.00%
Maturity date			Jul. 31, 2021		Jul. 31, 2021
Interest expense				$ 0	$ 0	$ 0
First Amendment Revolving Credit Facility [Member] \| Secured Debt [Member]
Line of Credit Facility [Abstract]
Loan commitment		$ 50,000,000
Interest rate		6.00%
Maturity date		Dec. 31, 2021
Second Amendment Revolving Credit Facility [Member] \| Subsequent Event [Member]
Line of Credit Facility [Abstract]
Unused fee, percentage	0.25%
Second Amendment Revolving Credit Facility [Member] \| Secured Debt [Member] \| Subsequent Event [Member]
Line of Credit Facility [Abstract]
Loan commitment	$ 75,000,000
Interest rate	4.75%
Maturity date	Sep. 30, 2022
One-time commitment fee percentage	0.25%
Number of installments \| Intallment	3
Periodic payment	quarterly
Unused fee, percentage	0.25%
One-time commitment fee	$ 187,500

COMMITMENTS AND CONTINGENCIES (Q3) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
Total original loan commitments	$ 296,946,250	$ 107,292,176
Less: drawn commitments	(243,038,584)	(87,467,057)
Total undrawn commitments	$ 53,907,666	$ 19,825,119

STOCKHOLDERS' EQUITY, Series A Preferred Stock (Q3) (Details) - USD ($)	5 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020	Dec. 18, 2020
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)	10,000	10,000	10,000
Preferred stock, shares issued (in shares)	125	125	125
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, shares outstanding (in shares)	125	125	125
Series A Preferred Stock [Member]
Preferred Stock [Abstract]
Preferred stock, shares authorized (in shares)	10,000	10,000	10,000
Preferred stock, shares issued (in shares)	125	125	125	125
Preferred stock, dividend rate	12.00%	12.00%	12.00%
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01
Preferred stock, liquidation preference (in dollars per share)	1,000	$ 1,000	1,000
Preferred stock, redemption price (in dollars per share)	$ 1,000	$ 1,000	$ 1,000
Preferred stock, redemption amount	$ 125,000	$ 125,000	$ 125,000
Preferred stock, shares outstanding (in shares)	125	125	125
Preferred stock, redemption premium (in dollars per share)	$ 50	$ 50	$ 50

STOCKHOLDERS' EQUITY, Common Stock (Q3) (Details)						9 Months Ended
STOCKHOLDERS' EQUITY, Common Stock (Q3) (Details)	Jul. 06, 2021 USD ($) $ / shares shares	Jun. 28, 2021 USD ($) $ / shares shares	Mar. 26, 2021 USD ($) $ / shares shares	Mar. 23, 2021 USD ($) $ / shares shares	Jan. 25, 2021	Sep. 30, 2021 USD ($) shares
Common Stock [Abstract]
Net proceeds						$ 123,909,289
IPO [Member]
Common Stock [Abstract]
Reduction of shares issued due to fractional shares based on the public offering price (in shares) \| shares						(15)
Reduction of shares outstanding due to fractional shares based on the public offering price (in shares) \| shares						(15)
Gross proceeds from offering				$ 118,750,000
Underwriting commissions				8,312,500
Expenses incurred				$ 3,093,836
Over-Allotment Option [Member]
Common Stock [Abstract]
Shares issues (in shares) \| shares	269,650
Share price (in dollars per share) \| $ / shares	$ 20.50
Gross proceeds from offering	$ 5,527,825		$ 17,812,500
Underwriting commissions	304,030		$ 1,246,875
Net proceeds	$ 5,223,795
Additional Offering [Member]
Common Stock [Abstract]
Shares issues (in shares) \| shares		2,750,000
Share price (in dollars per share) \| $ / shares		$ 20.50
Gross proceeds from offering		$ 56,375,000
Underwriting commissions		3,100,625
Expenses incurred		701,989
Net proceeds		$ 52,572,386
Common Stock [Member]
Common Stock [Abstract]
Stock split					7
Common Stock [Member] \| IPO [Member]
Common Stock [Abstract]
Shares issues (in shares) \| shares				6,250,000
Share price (in dollars per share) \| $ / shares				$ 19.00
Common Stock [Member] \| Over-Allotment Option [Member]
Common Stock [Abstract]
Shares issues (in shares) \| shares			937,500
Share price (in dollars per share) \| $ / shares			$ 19.00

STOCKHOLDERS' EQUITY, Equity Incentive Plan (Q3) (Details) - USD ($)		2 Months Ended	3 Months Ended	5 Months Ended	9 Months Ended	12 Months Ended
	Jul. 06, 2021	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021	Dec. 31, 2020
Option activity of directors and officers and employees [Abstract]
Non-vested (in shares)			183,114	142,814	183,114	142,814
Vested (in shares)				800,618	1,449,518	800,618
Forfeited (in shares)				(16,534)	(28,396)	(16,534)
Balance (in shares)		806,456	1,604,236	926,898	1,604,236	926,898
Option activity of directors and officers and employees [Abstract]
Share based compensation		$ 0	$ 51,429		$ 1,662,001
Option Activity [Abstract]
Beginning balance (in shares)		0	1,613,098	0	926,898
Granted (in shares)		806,456	0		689,200
Exercised (in shares)		0	0		0
Forfeited (in shares)		0	(8,862)		(11,862)
Ending balance (in shares)		806,456	1,604,236	926,898	1,604,236	926,898
Weighted-Average Grant Date Fair Value Per Option [Abstract]
Beginning balance (in dollars per share)		$ 0	$ 1.08	$ 0	$ 0.91
Granted (in dollars per share)		0.90	0		1.31
Exercised (in dollars per share)		0	0		0
Forfeited (in dollars per share)		0	0.90		1.01
Ending balance (in dollars per share)		$ 0.90	$ 1.08	$ 0.91	$ 1.08	$ 0.91
Restricted Stock [Member]
Option activity of directors and officers and employees [Abstract]
Non-vested (in shares)			56,285	0	56,285	0
Vested (in shares)					0	0
Forfeited (in shares)					0	0
Balance (in shares)			56,285	0	56,285	0
2020 Plan [Member]
Equity Incentive Plan [Abstract]
Authorized (in shares)			1,632,632	926,898	1,632,632	926,898
Share limit (in shares)				2,100,000		2,100,000
Increase in share limit (in shares)			26,965
Shares issues (in shares)	269,650
Options granted expiration period						10 years
Assumptions [Abstract]
Expected forfeiture rate					0.00%
2020 Plan [Member] \| Maximum [Member]
Equity Incentive Plan [Abstract]
Share limit (in shares)			2,401,965		2,401,965
Options granted expiration period					10 years
Assumptions [Abstract]
Expected volatility					50.00%
Expected dividend yield					20.00%
Risk-free interest rate					1.50%
2020 Plan [Member] \| Minimum [Member]
Assumptions [Abstract]
Expected volatility					40.00%
Expected dividend yield					10.00%
Risk-free interest rate					0.50%
2020 Plan [Member] \| Restricted Stock [Member]
Equity Incentive Plan [Abstract]
Authorized (in shares)			56,285		56,285

EARNINGS PER SHARE (Q3) (Details) - USD ($)

2 Months Ended

3 Months Ended

5 Months Ended

9 Months Ended

Sep. 30, 2020

Sep. 30, 2021

Dec. 31, 2020

Sep. 30, 2021

Net income / (loss) attributable to common stockholders

$ 2,106,250

$ 7,930,680

$ 2,207,382

$ 4,313,632

$ 13,959,222

Divided by: [Abstract]

Basic weighted average shares of common stock outstanding (in shares)

5,376,411

16,402,984

5,908,822

5,694,475

12,368,977

Diluted weighted average shares of common stock outstanding (in shares)

5,376,411

16,776,648

12,742,641

Basic weighted average earnings per common share (in dollars per share)

$ 0.39

^[1]

$ 0.48

$ 0.37

^[1]

$ 0.76

$ 1.13

Diluted weighted average earnings per common share (in dollars per share)

$ 0.39

$ 0.47

$ 1.10

[1]

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

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

INCOME TAX (Q3) (Details) - USD ($)	2 Months Ended	3 Months Ended	5 Months Ended	9 Months Ended
INCOME TAX (Q3) (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2021
Effective Income Tax Rate Reconciliation, Amount [Abstract]
Provision for income taxes	$ 0	$ 0	$ 0	$ 0
United stated federal excise tax expense		$ 0	$ 0	$ 0
Exercise tax as a percentage of undistributed ordinary income and net capital gains		4.00%	4.00%	4.00%
Unrecognized tax benefits		$ 0	$ 0	$ 0

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

Fair Value Measurements of Loans Held at Fair Value [Abstract]

FAIR VALUE, Significant Unobservable Inputs (Q3) (Details) - Level 3 [Member]	Sep. 30, 2021 USD ($)	Dec. 31, 2020 USD ($)
Fair Value [Abstract]
Total Investments	$ 76,293,824	$ 48,558,051
Senior Term Loans [Member]
Fair Value [Abstract]
Total Investments	$ 76,293,824	$ 48,558,051
Senior Term Loans [Member] \| Yield Analysis [Member] \| Market Yield [Member] \| Maximum [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.2068	0.2075
Senior Term Loans [Member] \| Yield Analysis [Member] \| Market Yield [Member] \| Minimum [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.1762	0.1579
Senior Term Loans [Member] \| Yield Analysis [Member] \| Market Yield [Member] \| Weighted Average [Member]
Estimated Range and Weighted Average [Abstract]
Investment measurement input	0.1782	0.2020

FAIR VALUE, Fair Value Measurements of Loans Held at Fair Value (Q3) (Details) - USD ($)

Sep. 30, 2021

Dec. 31, 2020

Jul. 30, 2020

$ 76,293,824

^[1]

$ 48,558,051

^[1],[2]

$ 43,106,551

Fair Value Measurements of Loans Held at Fair Value [Abstract]

76,293,824

48,558,051

Level 1 [Member]

Fair Value Measurements of Loans Held at Fair Value [Abstract]

Level 2 [Member]

Fair Value Measurements of Loans Held at Fair Value [Abstract]

76,293,824

48,558,051

$ 43,106,551

Changes in Loans Using Level 3 Inputs [Abstract]

$ 76,293,824

$ 48,558,051

[1]	Refer to Note 14 to our unaudited consolidated financial statements.
[2]	Refer to Footnote 14

FAIR VALUE, Changes in Loans Using Level 3 Inputs (Q3) (Details) - USD ($)

5 Months Ended

9 Months Ended

Dec. 31, 2020

Sep. 30, 2021

Jul. 30, 2020

Change in unrealized gains / (losses) on loans at fair value, net

$ 43,106,551

$ 48,558,051

^[1],[2]

1,563,340

796,368

Original issue discount and other discounts, net of costs

16,360,000

37,701,104

1,595,199

1,130,623

Loan amortization payments

(5,000,000)

(12,000,000)

(1,093,659)

732,729

1,905,715

390,630

1,556,868

Cash and cash equivalents

^[2]

48,558,051

^[1]

76,293,824

Carrying Value [Abstract]

9,623,820

69,974,391

31,837,031

^[3],[4],[5]

153,161,781

^[4],[6]

$ 0

Cash and cash equivalents, at fair value

3,348,263

2,774,455

$ 3,696,290

Fair Value [Abstract]

69,974,391

158,771,796

2,695,507

Changes in Loans Using Level 3 Inputs [Abstract]

Change in unrealized gains / (losses) on loans at fair value, net

43,106,551

48,558,051

1,563,340

796,368

Original issue discount and other discounts, net of costs

16,360,000

37,701,104

1,595,199

(1,130,623)

Loan amortization payments

(5,000,000)

(12,000,000)

(1,093,659)

732,729

1,905,715

390,630

1,556,868