Advanced Flower Capital Inc 10-Q for FY2021 Q2

Advanced Flower Capital Inc. (AFCG)

10-Q 2021-08-05 For: 2021-06-30

Added on April 07, 2026

About this 10-Q

Advanced Flower Capital Inc filed this 10-Q on August 5, 2021, covering the quarter ended June 30, 2021 (FY2021 Q2).

Headline figures

Quarter ended June 30, 2021, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $8.75M
Net income: $4.63M
Diluted EPS: $0.34

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Part I.	Financial Information
Item 1.	Financial Statements	1
	Balance Sheets as of June 30, 2021 (unaudited) and December 31, 2020	1
	Statements of Operations for the three and six months ended June 30, 2021 (unaudited)	2
	Statements of Stockholders’ Equity for the three and six months ended June 30, 2021 (unaudited)	3
	Statement of Cash Flows for the six months ended June 30, 2021 (unaudited)	4
	Notes to Financial Statements (unaudited)	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	22
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38
Item 4.	Controls and Procedures	42
Part II.	Other Information	43
Item 1.	Legal Proceedings	43
Item 1A.	Risk Factors	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 3.	Defaults Upon Senior Securities	44
Item 4.	Mine Safety Disclosures	44
Item 5.	Other Information	44
Item 6.	Exhibits	44

	As Of
	June 30, 2021			December 31, 2020
	(unaudited)
Assets
Loans held for investment at fair value (cost of $43,916,537 and $46,994,711 at June 30, 2021 and December 31, 2020, respectively, net)	$	44,852,315		$	48,558,051

Loans held for investment at carrying value		105,404,185			31,837,031
Loan receivable at carrying value		3,011,140			3,348,263
Current expected credit loss reserve		(701,143	)		(404,860	)
Loans held for investment at carrying value and loan receivable at carrying value, net of current expected credit loss reserve		107,714,182			34,780,434

Cash and cash equivalents		124,604,872			9,623,820
Interest receivable		1,150,669			927,292
Prepaid expenses and other assets		189,000			72,095
Total assets	$	278,511,038		$	93,961,692

Liabilities
Interest reserve	$	5,547,863		$	1,325,750
Current expected credit loss reserve		476,140			60,537
Accrued management and incentive fees		2,078,871			222,127
Accrued direct administrative expenses		530,939			550,671
Accounts payable and other liabilities		1,420,503			154,895
Total liabilities		10,054,316			2,313,980
Commitments and contingencies (Note 10)
Stockholders' Equity
Preferred stock, par value $0.01 per share, 10,000 shares authorized at June 30, 2021 and December 31, 2020 and 125 shares issued and outstanding at June 30, 2021 and December 31, 2020		1			1
Common stock, par value $0.01 per share, 25,000,000 and 15,000,000 shares authorized at June 30, 2021 and December 31, 2020, respectively, and 16,116,877 and 6,179,392 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively		161,169			61,794
Additional paid-in-capital		269,061,069			91,068,197
Accumulated earnings (deficit)		(765,517	)		517,720
Total stockholders' equity		268,456,722			91,647,712

Total liabilities and stockholders' equity	$	278,511,038		$	93,961,692

	For the three months ended June 30, 2021			For the six months ended June 30, 2021
	(unaudited)			(unaudited)
Revenue
Interest Income	$	8,748,519		$	13,433,524
Total revenue		8,748,519			13,433,524
Expenses
Management and incentive fees, net (less rebate of $182,707 and $420,450, respectively)		2,078,871			2,955,533
General and administrative expenses		706,865			1,169,383
Stock-based compensation		11,457			1,610,572
Professional fees		194,594			330,047
Total expenses		2,991,787			6,065,535
Provision for current expected credit losses		(645,786	)		(711,886	)
Change in unrealized gains / (losses) on loans at fair value, net		(483,159	)		(627,561	)
Net income before income taxes		4,627,787			6,028,542
Income tax expense		-			-
Net income	$	4,627,787		$	6,028,542

Earnings per common share:
Basic earnings per common share (in dollars per share)	$	0.34		$	0.58
Diluted earnings per common share (in dollars per share)	$	0.34		$	0.57

Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in shares)		13,457,536			10,318,542
Diluted weighted average shares of common stock outstanding (in shares)		13,775,246			10,636,252

Three months ended June 30, 2021
	Preferred Stock		Common Stock				Additional Paid- In-Capital		Accumulated Earnings (Deficit)			Total Stockholders' Equity
	Preferred Stock		Shares		Amount		Additional Paid- In-Capital		Accumulated Earnings (Deficit)			Total Stockholders' Equity
Balance at March 31, 2021	$	1		13,366,877	$	133,669	$	216,504,726	$	(306,391	)	$	216,332,005
Issuance of common stock, net of offering cost		-		2,750,000		27,500		52,544,886		-			52,572,386
Stock-based compensation		-		-		-		11,457		-			11,457
Dividends declared and paid on common shares ($0.38 per share)		-		-		-		-		(5,079,413	)		(5,079,413	)
Dividends declared and paid on preferred shares ($60 per share)		-		-		-		-		(7,500	)		(7,500	)
Net income		-		-		-		-		4,627,787			4,627,787
Balance at June 30, 2021	$	1		16,116,877	$	161,169	$	269,061,069	$	(765,517	)	$	268,456,722

Six months ended June 30, 2021
	Preferred Stock		Common Stock				Additional Paid- In-Capital		Accumulated Earnings (Deficit)			Total Stockholders' Equity
	Preferred Stock		Shares		Amount		Additional Paid- In-Capital		Accumulated Earnings (Deficit)			Total Stockholders' Equity
Balance at December 31, 2020	$	1		6,179,392	$	61,794	$	91,068,197	$	517,720		$	91,647,712
Issuance of common stock, net of offering cost		-		9,937,485		99,375		176,382,300		-			176,481,675
Stock-based compensation		-		-		-		1,610,572		-			1,610,572
Dividends declared and paid on common shares ($0.74 per share)		-		-		-		-		(7,304,279	)		(7,304,279	)
Dividends declared and paid on preferred shares ($60 per share)		-		-		-		-		(7,500	)		(7,500	)
Net income		-		-		-		-		6,028,542			6,028,542
Balance at June 30, 2021	$	1		16,116,877	$	161,169	$	269,061,069	$	(765,517	)	$	268,456,722

	For the six months ended June 30, 2021
Operating activities:	(unaudited)
Net income	$	6,028,542
Adjustments to reconcile net income / (loss) to net cash provided by / (used in) operating activities:
Provision for current expected credit losses		711,886
Change in unrealized gains / (losses) on loans at fair value, net		627,561
Accretion of deferred loan original issue discount and other discounts		(2,275,032	)
Stock-based compensation		1,610,572
PIK interest		(1,267,093	)
Changes in operating assets and liabilities:
Interest reserve		(702,887	)
Interest receivable		(223,377	)
Prepaid expenses and other assets		(116,905	)
Accrued management fees, net		1,856,744
Accrued direct administrative expenses		(19,732	)
Accounts payable and other liabilities		1,265,608
Net cash provided by / (used in) operating activities		7,495,887

Cash flows from investing activities:
Issuance of and fundings on loans		(76,918,926	)
Proceeds from sales of Assigned Rights		2,313,130
Principal repayment of loans		12,921,065
Net cash provided by / (used in) investing activities		(61,684,731	)

Cash flows from financing activities:
Proceeds from sale of common stock		180,277,500
Payment of offering costs		(3,795,825	)
Dividends paid		(7,311,779	)
Net cash provided by / (used in) financing activities		169,169,896

Change in cash, cash equivalents and restricted cash		114,981,052
Cash, cash equivalents and restricted cash, beginning of period		9,623,820
Cash, cash equivalents and restricted cash, end of period	$	124,604,872

Supplemental disclosure of non-cash financing and investing activity:
Interest reserve withheld from funding of loan	$	4,925,000

Supplemental information:
Interest paid during the period	$	-
Income taxes paid during the period	$	-

	As of June 30, 2021
	Fair Value ⁽²⁾		Carrying Value ⁽¹⁾		Outstanding Principal ⁽¹⁾		Weighted Average Remaining Life (Years)⁽³⁾

Senior Term Loans	$	44,852,315	$	43,916,537	$	46,653,209		2.6
Total loans held at fair value	$	44,852,315	$	43,916,537	$	46,653,209		2.6

	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

	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		-			-			(627,561	)		(627,561	)
New fundings		7,677,701			(501,346	)		-			7,176,355
Loan repayments		(12,000,000	)		-			-			(12,000,000	)
Loan amortization payments		(583,324	)		-			-			(583,324	)
Accretion of original issue discount		-			1,601,197			-			1,601,197
PIK Interest		727,597			-			-			727,597
Total loans held at fair value at June 30, 2021	$	46,653,209		$	(2,736,673	)	$	935,779		$	44,852,315

	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	$	33,059,982	$	32,543,647	$	34,654,069		17.0	%	⁽⁵⁾	5/8/2024		P/I
Private Co. B	MI		C		8,909,663		8,503,029		9,059,140		17.0	%	⁽⁶⁾	9/1/2023		P/I
Public Co. A - Real Estate Loan	NV		C		2,882,670		2,869,861		2,940,000		14.0	%	⁽⁷⁾	1/26/2023		I/O
Total loans held at fair value				$	44,852,315	$	43,916,537	$	46,653,209

	As of June 30, 2021
	Outstanding Principal ⁽¹⁾		Original Issue Discount			Carrying Value ⁽¹⁾		Weighted Average Remaining Life (Years)⁽²⁾

Senior Term Loans	$	114,376,084	$	(8,971,899	)	$	105,404,185		3.8
Total loans held at carrying value	$	114,376,084	$	(8,971,899	)	$	105,404,185		3.8

	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		79,928,825		(7,574,384	)		72,354,441
Accretion of original issue discount		-		673,217			673,217
PIK interest		539,496		-			539,496
Total loans held at carrying value at June 30, 2021	$	114,376,084	$	(8,971,899	)	$	105,404,185

	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	PA	C , D	$	16,571,443	$	(764,590	)	$	15,806,853		17.0	%	⁽⁵⁾	12/1/2025		P/I
Private Co. D	OH, AR	D		12,107,055		(930,564	)		11,176,491		15.0	%	⁽⁶⁾	1/1/2026		P/I
Sub. of Public Co. D	PA	C		10,000,000		(160,714	)		9,839,286		12.9	%	⁽⁷⁾	12/18/2024		I/O
Private Co. E	OH	C , D		11,174,533		(2,936,883	)		8,237,650		17.0	%	⁽⁸⁾	4/1/2026		P/I
Private Co. F	MO	C , D		6,166,025		(1,915,902	)		4,250,123		17.0	%	⁽⁹⁾	5/1/2026		P/I
Public Co. E	MI	C		15,000,000		(985,714	)		14,014,286		13.0	%	⁽¹⁰⁾	4/29/2025		P/I
Sub. of Private Co. G	NJ	C , D		22,075,778		(836,722	)		21,239,056		17.0	%	⁽¹¹⁾	5/1/2026		P/I
Public Co. F	IL, FL, NV, OH, MA, MI, MD, AR, NV, AZ	C , D		10,000,000		(184,000	)		9,816,000		9.8	%	⁽¹²⁾	5/30/2023		I/O
Sub. of Private Co. H	IL	C		5,781,250		(146,810	)		5,634,440		15.0	%	⁽¹³⁾	5/11/2023		I/O
Private Co. I	MD	C , D		5,500,000		(110,000	)		5,390,000		13.0	%	⁽¹⁴⁾	7/9/2021		I/O
Total loans held at carry value			$	114,376,084	$	(8,971,899	)	$	105,404,185

	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		(337,741	)		-			(337,741	)
Accretion of original issue discount		-			618			618
Total loans receivable at carrying value at June 30, 2021	$	3,014,435		$	(3,295	)	$	3,011,140

	Outstanding ⁽¹⁾		Unfunded ⁽²⁾		Total
Balance at March 31, 2021	$	248,317	$	283,180	$	531,497
Provision for current expected credit losses		452,826		192,960		645,786
Write-offs		-		-		-
Recoveries		-		-		-
Balance at June 30, 2021	$	701,143	$	476,140	$	1,177,283

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

Risk Rating:	2021		2020		Total
1	$	-	$	-	$	-
2		23,830,286		-		23,830,286
3		36,513,621		45,060,278		81,573,899
4		-		3,011,140		3,011,140
5		-		-		-
Total	$	60,343,907	$	48,071,418	$	108,415,325

	As of June 30, 2021		As of December 31, 2020

Interest receivable	$	722,716	$	675,795
PIK receivable		362,040		177,183
Unused fees receivable		65,913		74,314
Total interest receivable	$	1,150,669	$	927,292

	Three months ended June 30, 2021			Six months ended June 30, 2021
Beginning reserves	$	3,243,484		$	1,325,750
New reserves		2,925,000			4,925,000
Reserves disbursed		(620,621	)		(702,887	)
Ending reserves	$	5,547,863		$	5,547,863

	As of June 30, 2021			As of December 31, 2020

Total original loan commitments	$	187,721,250		$	107,292,176
Less: drawn commitments		(163,721,408	)		(87,467,057	)
Total undrawn commitments	$	23,999,842		$	19,825,119

	As of June 30, 2021			As of December 31, 2020
Non-vested		183,114			142,814
Vested		1,449,518			800,618
Forfeited		(19,534	)		(16,534	)
Balance		1,613,098			926,898

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

	Three months ended June 30, 2021			Weighted-Average Grant Date Fair Value Per Option
Balance as of March 31, 2021		1,616,098		$	1.08
Granted		-			-
Exercised		-			-
Forfeited		(3,000	)		1.31
Balance as of June 30, 2021		1,613,098		$	1.08

	Six months ended June 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		(3,000	)		1.31
Balance as of June 30, 2021		1,613,098		$	1.08

	Three months ended June 30, 2021		Six months ended June 30, 2021

Net income / (loss) attributable to common stockholders	$	4,627,787	$	6,028,542
Divided by:
Basic weighted average shares of common stock outstanding		13,457,536		10,318,542
Diluted weighted average shares of common stock outstanding		13,775,246		10,636,252
Basic weighted average earnings per common share	$	0.34	$	0.58
Diluted weighted average earnings per common share	$	0.34	$	0.57

	As of June 30, 2021
				Unobservable Input
	Fair Value		Primary Valuation Techniques	Input	Estimated Range			Weighted Average
Senior Term Loans	$	44,852,315	Yield analysis	Market Yield		17.21% - 20.47	%		20.24	%
Total Investments	$	44,852,315

	Fair Value Measurement Using as of June 30, 2021
	Total		Level 1		Level 2		Level 3
Loans held at fair value	$	44,852,315		-		-	$	44,852,315
Total	$	44,852,315		-		-	$	44,852,315

	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

	Six months ended June 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		(627,561	)
Additional funding		7,677,701
Original issue discount and other discounts, net of costs		(501,346	)
Loan repayments		(12,000,000	)
Loan amortization payments		(583,324	)
Accretion of original issue discount		1,601,197
PIK Interest		727,597
Total loans using Level 3 inputs at June 30, 2021	$	44,852,315

	Three months ended June 30, 2021			Six months ended June 30, 2021
Affiliate Costs
Management fees	$	819,531		$	1,271,206
Less other fees earned		(182,707	)		(420,450	)
Incentive fees earned		1,442,047			2,104,777
General and administrative expenses reimbursable to Manager		423,939			789,506
Total	$	2,502,810		$	3,745,039

	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
Total cash dividend			$	0.74	$	0.74	$	-	$	0.74

	As of June 30, 2021
	Fair Value ⁽²⁾		Carrying Value ⁽¹⁾		Outstanding Principal ⁽¹⁾		Weighted Average Remaining Life (Years)⁽³⁾

Senior Term Loans	$	44,852,315	$	43,916,537	$	46,653,209		2.6
Total loans held at fair value	$	44,852,315	$	43,916,537	$	46,653,209		2.6

Loan Names	Status	Original Funding Date⁽¹⁾	Loan Maturity	AFCG Loan, net of Syndication		% of Total AFCG			Principal Balance as of 6/30/2021		Cash Interest Rate			Paid In Kind (“PIK”)			Fixed/ Floating	Amortization During Term	YTM ⁽²⁾⁽³⁾
Public Co. A - Real Estate Loan	Funded	7/3/2019	1/26/2023	$	2,940,000		1.6	%	$	2,940,000		12.0	%		2.0	%	Fixed	No		19	%
Public Co. A - Equipment Loans	Funded	8/5/2019	3/5/2024		4,000,000		2.1	%		3,014,435		12.0	%		N/A		Fixed	Yes		18	%
Private Co. A	Funded	5/8/2020	5/8/2024		34,000,000		18.1	%		34,654,069		13.0	%		4.0	%	Fixed	Yes		24	%
Private Co. B	Funded	9/10/2020	9/1/2023		10,500,000		5.6	%		9,059,140		13.0	%		4.0	%	Fixed	Yes		26	%
Private Co. C	Funded	11/5/2020	12/1/2025		22,000,000		11.7	%		16,571,443		13.0	%		4.0	%	Floating	Yes		22	%
Sub. of Public Co. D⁽⁴⁾	Funded	12/18/2020	12/18/2024		10,000,000		5.3	%		10,000,000		12.9	%		N/A		Fixed	No		14	%
Private Co. D	Funded	12/23/2020	1/1/2026		12,000,000		6.4	%		12,107,055		13.0	%		2.0	%	Fixed	Yes		20	%
Private Co. E	Funded	3/30/2021	4/1/2026		21,000,000		11.2	%		11,174,533		13.0	%		4.0	%	Floating	Yes		26	%
Private Co. F	Funded	4/27/2021	5/1/2026		13,000,000		6.9	%		6,166,025		13.0	%		4.0	%	Fixed	Yes		28	%
Public Co. E⁽⁴⁾	Funded	4/29/2021	4/29/2025		15,000,000		8.0	%		15,000,000		13.0	%		N/A		Fixed	Yes		17	%
Sub of Private Co. G	Funded	4/30/2021	5/1/2026		22,000,000		11.7	%		22,075,778		13.0	%		4.0	%	Floating	Yes		18	%
Sub of Private Co. H⁽⁵⁾	Funded	5/11/2021	5/11/2023		5,781,250		3.1	%		5,781,250		15.0	%		N/A		Fixed	No		20	%
Public Co. F	Funded	5/21/2021	5/30/2023		10,000,000		5.3	%		10,000,000		9.8	%		N/A		Fixed	No		12	%
Private Co. I - Bridge Loan⁽⁶⁾	Funded	6/4/2021	7/9/2021		5,500,000		3.0	%		5,500,000		13.0	%		N/A		Fixed	No		N/A
			SubTotal	$	187,721,250		100.0	%	$	164,043,728		12.8	%		3.7	%				21	%
																			Wtd Average

													Real Estate
Borrower	Status	Date	AFCG Loan, net of Syndication		% of Total AFCG			Total Funded Debt Issuance		AFCG % of the Total Loan			Est. Real Estate Value ⁽¹⁾		Real Estate Collateral Coverage			Implied Real Estate Collateral for AFCG		AFCG Real Estate Collateral Coverage
Public Co. A - Real Estate Loan⁽²⁾	Funded	7/3/2019	$	2,940,000		1.6	%	$	30,000,000		9.8	%	$	72,000,000		2.40	x	$	7,056,000		2.4	x
Public Co. A - Equipment Loan	Funded	8/5/2019	$	4,000,000		2.1	%	$	20,000,000		20.0	%	$	0		0.00	x	$	0		0.0	x
Private Co. A⁽³⁾	Funded	5/8/2020	$	34,000,000		18.1	%	$	42,500,000		80.0	%	$	53,408,035		1.26	x	$	42,726,428		1.3	x
Private Co. B⁽⁴⁾	Funded	9/10/2020	$	10,500,000		5.6	%	$	10,500,000		100.0	%	$	19,536,098		1.86	x	$	19,536,098		1.9	x
Private Co. C⁽⁵⁾	Funded	11/5/2020	$	22,000,000		11.7	%	$	22,000,000		100.0	%	$	23,733,050		1.08	x	$	23,733,050		1.1	x
Subsidiary of Public Co. D⁽⁶⁾	Funded	12/18/2020	$	10,000,000		5.3	%	$	120,000,000		8.3	%	$	26,058,332		0.22	x	$	2,171,528		0.2	x
Private Co. D⁽⁷⁾	Funded	12/23/2020	$	12,000,000		6.4	%	$	12,000,000		100.0	%	$	7,538,589		0.63	x	$	7,538,589		0.6	x
Private Co. E⁽⁸⁾	Funded	3/30/2021	$	21,000,000		11.2	%	$	21,000,000		100.0	%	$	16,102,000		0.77	x	$	16,102,000		0.8	x
Private Co. F⁽⁹⁾	Funded	4/27/2021	$	13,000,000		6.9	%	$	13,000,000		100.0	%	$	8,062,097		0.62	x	$	8,062,097		0.6	x
Public Co. E⁽¹⁰⁾	Funded	4/29/2021	$	15,000,000		8.0	%	$	71,000,000		21.1	%	$	2,097,998		0.03	x	$	443,239		0.0	x
Sub of Private Co. G⁽¹¹⁾	Funded	4/30/2021	$	22,000,000		11.7	%	$	22,000,000		100.0	%	$	43,713,935		1.99	x	$	43,713,935		2.0	x
Sub of Private Co. H⁽¹²⁾	Funded	5/11/2021	$	5,781,250		3.1	%	$	37,000,000		15.6	%	$	35,000,000		0.95	x	$	5,468,750		0.9	x
Public Co. F⁽¹³⁾	Funded	5/21/2021	$	10,000,000		5.3	%	$	130,000,000		7.7	%	$	127,890,000		0.98	x	$	9,837,692		1.0	x
Private Co. I - Bridge Loan⁽¹⁴⁾	Funded	6/4/2021	$	5,500,000		3.0	%	$	5,500,000		100.0	%	$	0		0.00	x	$	0		0.0	x
			$	187,721,250		100.0	%	$	556,500,000				$	435,140,134		0.78	x	$	186,389,406		1.0	x

	As of June 30, 2021
	Less than 1 year		1-3 years		3-5 years		More than 5 years		Total
Unfunded Commitments	$	23,999,842		-		-		-	$	23,999,842
Total	$	23,999,842		-		-		-	$	23,999,842