| Portfolio Company · Facility Type · All-in Rate · Bench- mark(3) · Spread · PIK · Floor · Initial Acquisition Date · Maturity · Par(2) · Amortized Cost(17) · Fair Value(4) · % of Net Assets · Tickmark |
|---|
| Investments at Fair Value | | (1)(5) | |
|---|
| U.S. Corporate Debt |
|---|
| First Lien Senior Secured U.S. Debt |
|---|
| Cannabis |
|---|
| Aeriz Holdings Corp | Delayed Draw Term Loan | 15.50% | P | 6.00% | 2.00% | 7.00% | 10/1/2024 | 6/30/2025 | $10,075 | | $9,927 | | $9,873 | | 3.28% | (9) |
|---|
| Archos Capital Group, LLC | Delayed Draw Term Loan | 13.25% | P | 5.75% | 0.00% | 8.50% | 10/1/2024 | 2/28/2025 | 1,462 | | 1,462 | | 1,462 | | 0.49% | (10) |
|---|
| Deep Roots Harvest, Inc. | Delayed Draw Term Loan | 14.00% | P | 6.50% | 0.00% | 8.00% | 10/23/2024 | 8/15/2027 | 5,000 | | 5,000 | | 4,975 | | 1.65% | (11) |
|---|
| Dreamfields Brands, Inc. (d/b/a Jeeter) | Delayed Draw Term Loan | 16.25% | P | 8.75% | 0.00% | 7.50% | 5/3/2023 | 5/3/2026 | 31,745 | | 31,659 | | 31,745 | | 10.54% | (11) |
|---|
| Elevation Cannabis, LLC | Delayed Draw Term Loan | 15.25% | P | 7.75% | 0.00% | 8.50% | 10/1/2024 | 12/31/2026 | 14,300 | | 13,893 | | 14,157 | | 4.70% | (10) |
|---|
| Flowery - Bill's Nursery, Inc. | Delayed Draw Term Loan | 16.00% | F | 11.00% | 5.00% | 0.00% | 10/1/2024 | 12/31/2025 | 12,364 | | 12,303 | | 12,364 | | 4.11% | (12) |
|---|
| HA-MD, LLC | Term Loan | 15.00% | F | 15.00% | 0.00% | 0.00% | 10/1/2024 | 6/6/2026 | 3,290 | | 3,286 | | 3,290 | | 1.09% | (12) |
|---|
| Kaleafa, Inc. | Term Loan | 16.00% | P | 8.50% | 0.00% | 8.50% | 10/4/2024 | 12/3/2027 | 2,875 | | 2,875 | | 2,875 | | 0.95% | (11) |
|---|
| Nova Farms, LLC | Term Loan | 14.00% | P | 6.50% | 0.00% | 8.50% | 10/1/2024 | 3/28/2027 | 15,679 | | 14,579 | | 14,817 | | 4.92% | (9) |
|---|
| Oasis - AZ GOAT AZ LLC | Term Loan | 15.00% | P | 7.50% | 0.00% | 8.00% | 10/1/2024 | 3/31/2026 | 5,146 | | 5,073 | | 5,069 | | 1.68% | (11) |
|---|
| Proper Holdings, LLC | Delayed Draw Term Loan | 13.00% | F | 11.00% | 2.00% | 0.00% | 10/1/2024 | 11/28/2025 | 4,396 | | 4,393 | | 4,396 | | 1.46% | (10) |
|---|
| Remedy - Maryland Wellness, LLC | Delayed Draw Term Loan | 18.50% | P | 7.50% | 3.50% | 5.00% | 10/1/2024 | 8/4/2025 | 3,146 | | 3,086 | | 3,130 | | 1.04% | (9) |
|---|
| STIIIZY, Inc (f/k/a) Shryne Group, Inc | Term Loan | 17.00% | P | 8.50% | 1.00% | 4.00% | 5/26/2022 | 5/26/2027 | 40,793 | | 40,504 | | 40,385 | | 13.41% | (11) |
|---|
| Subsero Holdings - Illinois, Inc | Delayed Draw Term Loan | 16.50% | P | 7.00% | 2.00% | 7.00% | 10/1/2024 | 7/29/2026 | 2,941 | | 2,873 | | 2,882 | | 0.96% | (10) |
|---|
| Verano Holdings Corp. | Term Loan | 14.00% | P | 6.50% | 0.00% | 6.25% | 10/27/2022 | 10/30/2026 | 51,768 | | 51,760 | | 52,027 | | 17.28% | (10)(14) |
|---|
| Total Cannabis | | 202,673 | | 203,447 | | 67.56% | |
|---|
| Finance and Insurance |
|---|
| Hartford Gold Group, LLC | Term Loan | 14.40% | S | 9.85% | 0.00% | 1.50% | 10/1/2024 | 12/17/2025 | 162 | | 144 | | 156 | | 0.05% | (11) |
|---|
| Hartford Gold Group, LLC | Term Loan | 14.75% | S | 9.85% | 0.00% | 1.50% | 10/1/2024 | 1/6/2027 | 1,682 | | 1,431 | | 1,455 | | 0.48% | (11) |
|---|
| Minden Holdings, LLC | Term Loan | 14.40% | P | 7.25% | 0.00% | 0.00% | 10/1/2024 | 5/31/2026 | 2,200 | | 2,197 | | 2,200 | | 0.73% | (10) |
|---|
| Total Finance and Insurance | | 3,772 | | 3,811 | | 1.26% | |
|---|
| Health Care and Social Assistance |
|---|
| Sunny Days Enterprises, LLC | Delayed Draw Term Loan | 20.25% | P | 4.75% | 8.00% | 3.25% | 10/1/2024 | 3/31/2025 | 2,742 | | 2,754 | | 2,797 | | 0.93% | (9) |
|---|
| Total Health Care and Social Assistance | | 2,754 | | 2,797 | | 0.93% | |
|---|
| Information |
|---|
| Protect Animals With Satellites LLC (Halo Collar) | Term Loan | 12.25% | P | 1.75% | 3.00% | 8.50% | 10/1/2024 | 11/1/2026 | 3,663 | | 3,417 | | 3,407 | | 1.13% | (9) |
|---|
| Protect Animals With Satellites LLC (Halo Collar) | Incremental Term Loan | 12.25% | P | 1.75% | 3.00% | 8.50% | 10/1/2024 | 11/1/2026 | 2,004 | | 1,870 | | 1,864 | | 0.62% | (9) |
|---|
| Simspace Corporation | Term Loan | 17.50% | P | 10.00% | 0.00% | 8.50% | 10/1/2024 | 11/1/2025 | 6,500 | | 6,573 | | 6,500 | | 2.16% | (9) |
|---|
| Total Information | | 11,860 | | 11,771 | | 3.91% | |
|---|
| Public Administration |
|---|
| Youth Opportunity Investments, LLC | Term Loan | 12.28% | S | 7.75% | 0.00% | 4.00% | 10/1/2024 | 9/18/2026 | 10,375 | | 10,273 | | 10,323 | | 3.43% | (10) |
|---|
| Total Public Administration | | 10,273 | | 10,323 | | 3.43% | |
|---|
| Real Estate and Rental and Leasing |
|---|
| Workbox Holdings Inc. | Term Loan | 12.00% | F | 6.00% | 6.00% | 0.00% | 5/20/2024 | 5/31/2029 | 1,622 | | 1,406 | | 1,452 | | 0.48% | (10) |
|---|
| Total Real Estate and Rental and Leasing | | 1,406 | | 1,452 | | 0.48% | |
|---|
| Retail Trade |
|---|
| Aura Home, Inc | Term Loan | 12.03% | S | 7.50% | 0.00% | 4.00% | 10/1/2024 | 9/22/2025 | 3,325 | | 3,285 | | 3,275 | | 1.09% | (9) |
|---|
| Total Retail Trade | | 3,285 | | 3,275 | | 1.09% | |
|---|
| Total First Lien Senior Secured U.S. Debt | | 236,023 | | 236,876 | | 78.65% | |
|---|
| Senior Secured U.S. Notes |
|---|
| Cannabis |
|---|
| Ascend Wellness | Senior Secured Note | 12.75% | F | 12.75% | 0.00% | 0.00% | 7/16/2024 | 7/16/2029 | 3,500 | | 3,331 | | 3,308 | | 1.10% | (9) |
|---|
| Curaleaf Holdings, Inc. | Senior Secured Note | 8.00% | F | 8.00% | 0.00% | 0.00% | 10/11/2022 | 12/15/2026 | 4,500 | | 4,142 | | 4,253 | | 1.41% | (9)(14) |
|---|
| Total Cannabis | | 7,473 | | 7,561 | | 2.51% | |
|---|
| Finance and Insurance |
|---|
| RTCP, LLC | Senior Secured Note | 15.00% | F | 15.00% | 0.00% | 0.00% | 10/1/2024 | 10/2/2028 | 22,000 | | 21,980 | | 22,000 | | 7.31% | (13) |
|---|
| West Creek Financial Holdings, Inc. dba Koalafi | Series A Senior Note | 18.80% | F | 13.80% | 5.00% | 0.00% | 10/1/2024 | 11/29/2027 | 5,148 | | 5,115 | | 5,096 | | 1.69% | (12) |
|---|
| Total Finance and Insurance | | 27,095 | | 27,096 | | 9.00% | |
|---|
| Total Senior Secured U.S. Notes | | 34,568 | | 34,657 | | 11.51% | |
|---|
| Total U.S. Corporate Debt | | 270,590 | | 271,532 | | 90.17% | |
|---|
| Canadian Corporate Debt |
|---|
| First Lien Senior Secured Canadian Debt |
|---|
| Information |
|---|
| Tulip.io Inc. | Term Loan | 14.50% | P | 4.00% | 3.00% | 8.00% | 11/4/2024 | 11/4/2028 | 3,014 | | 3,014 | | 2,984 | | 0.99% | (8)(14) |
|---|
| Total Information | | 3,014 | | 2,984 | | 0.99% | |
|---|
| Total First Lien Senior Secured Canadian Debt | | 3,014 | | 2,984 | | 0.99% | |
|---|
| Total Canadian Corporate Debt | | 3,014 | | 2,984 | | 0.99% | |
|---|
| Total Debt Investments | | 273,604 | | 274,516 | | 91.16% | |
|---|
December 31, 2024
| Portfolio Company · Class Series · Initial Acquisition Date · Shares · Amortized Cost (17) · Fair Value · % of Net Assets · Tickmark |
|---|
| U.S. Preferred Stock |
|---|
| Real Estate and Rental and Leasing |
|---|
| Workbox Holdings Inc. | A-1 Preferred | 5/20/2024 | 500,000 | | 500 | | 500 | | 0.17% | (6)(10) |
|---|
| Total Real Estate and Rental and Leasing | | 500 | | 500 | | 0.17% | |
|---|
| Total U.S. Preferred Stock | | 500 | | 500 | | 0.17% | |
|---|
| U .S. Warrants |
|---|
| Real Estate and Rental and Leasing |
|---|
| Workbox Holdings Inc. | A-3 Warrants | 5/20/2024 | 71,000 | | 97 | | 91 | | 0.03% | (6)(10) |
|---|
| Workbox Holdings Inc. | A-4 Warrants | 5/20/2024 | 105,000 | | 146 | | 134 | | 0.04% | (6)(10) |
|---|
| Total Real Estate and Rental and Leasing | | 243 | | 225 | | 0.07% | |
|---|
| Total U.S. Warrants | | 243 | | 225 | | 0.07% | |
|---|
| Canadian Warrants Information |
|---|
| Tulip.io Inc. | Warrants | 11/4/2024 | 64,776 | | - | | - | | 0.00% | (6)(8)(14) |
|---|
| Total Information | | - | | - | | 0.00% | |
|---|
| Total Canadian Warrants | | - | | - | | 0.00% | |
|---|
| Total Equity Investments | | 743 | | 725 | | 0.24% | |
|---|
| TOTAL INVESTMENTS | | 274,347 | | 275,241 | | 91.40% | |
|---|
| Portfolio Company | Yield | Cost | Fair Value | % of Net Assets | Tickmark |
|---|
| Cash & Cash Equivalents |
|---|
| State Street Institutional US Government Money Market Fund | 4.43% | 23,932 | 23,932 | 7.95% | (15)(16) |
|---|
| Total Cash & Cash Equivalents | | 23,932 | 23,932 | 7.95% | |
|---|
| Total Portfolio Investments and Cash & Cash Equivalents | | 298,279 | 299,174 | 99.35% | |
|---|
Tickmark Legend
| (1) | Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 Fair Value Hierarchy. |
| (2) | Par is net of repayments, if any, as per the terms of the debt instrument’s contract. |
| (3) | Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to a benchmark interest rate floor. The benchmark rate is determined via the Credit or Loan Service Agreement, such as the Secured Overnight Financing Rate (“S”) or the U.S. Prime Rate (“P”). The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. S loans are typically indexed to 30-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) as defined in the Loan Service Agreements. As of December 31, 2024, rates for 1M S, 3M S and 6M S are 4.53%, 4.69%, and 5.03%, respectively. As of December 31, 2024, the P was 7.50%. |
| (4) | All investments were valued at fair value. See Note 4 — Fair Value of Financial Instruments in the accompanying notes to the financial statements. |
| (5) | The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies, excluding any portfolio company operating in the cannabis industry. |
| (6) | Indicates a non-income producing investment. As of December 31, 2024, no debt investments are deemed as non-income producing. |
| (7) | Geographic regions are determined by the respective portfolio company’s headquarters’ location. |
| (8) | The respective portfolio company’s headquarters’ is located outside of the United States. |
| (9) | Portfolio company located in the Northeast. |
| (10) | Portfolio company located in the Midwest. |
| (11) | Portfolio company located in the West. |
| (12) | Portfolio company located in the Southeast. |
| (13) | Portfolio company located in the Southwest. |
| (14) | The investment is a “non-qualifying asset.” Under the Investment Company Act of 1940, as amended (the “1940 Act”), a business development company (“BDC”) may not acquire any “non-qualifying asset” (i.e., an asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets”), unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. As of December 31, 2024 the aggregate fair value of non-qualifying assets is $59,263,833 or 19.14% of the Company’s total assets. |
| (15) | The rate shown is the annualized seven-day yield as of December 31, 2024. |
| (16) | Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities. |
| (17) | The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends. |
F - Fixed
P - Prime
PIK - Payment-In-Kind
S - SOFR
See accompanying notes to financial statements.
December 31, 2023
| Portfolio Company · Facility Type · All-in Rate · Bench-mark (3) · Spread · PIK · Floor · Initial Acquisition Date · Maturity · Par (2) · Amortized Cost (14) · Fair Value (4) · % of Net Assets · Tickmark |
|---|
| Investments at Fair Value | | (1)(5) | |
|---|
| US Corporate Debt |
|---|
| First Lien Senior Secured U.S. Debt |
|---|
| Cannabis |
|---|
| Dreamfields Brands, Inc. (d/b/a Jeeter) | Delayed Draw Term Loan | 17.25% | P | 8.75% | 0.00% | 7.50% | 5/3/2023 | 5/3/2026 | | $4,320 | | $4,229 | | $4,320 | | 5.05% | (10) |
|---|
| STIIIZY, Inc (f/k/a) Shryne Group, Inc | Term Loan | 17.00% | P | 8.50% | 1.00% | 4.00% | 5/26/2022 | 5/26/2026 | | 21,065 | | 20,682 | | 20,749 | | 24.25% | (10) |
|---|
| Verano Holdings Corp. | Term Loan | 15.00% | P | 6.50% | 0.00% | 6.25% | 10/27/2022 | 10/30/2026 | | 20,937 | | 20,462 | | 20,937 | | 24.47% | (9)(11) |
|---|
| Total Cannabis | | 45,373 | | 46,006 | | 53.77% | |
|---|
| Total First Lien Senior Secured U.S. Debt | | 45,373 | | 46,006 | | 53.77% | |
|---|
| Senior Secured U.S. Notes |
|---|
| Cannabis |
|---|
| Curaleaf Holdings, Inc. | Senior Secured Note | 8.00% | F | 8.00% | 0.00% | 0.00% | 10/11/2022 | 12/15/2026 | | 4,500 | | 3,989 | | 4,140 | | 4.84% | (8)(11) |
|---|
| PharmaCann, Inc | Senior Secured Note | 12.00% | F | 12.00% | 0.00% | 0.00% | 6/30/2022 | 6/30/2025 | | 4,250 | | 4,109 | | 3,974 | | 4.65% | (9) |
|---|
| Total Cannabis | | 8,098 | | 8,114 | | 9.49% | |
|---|
| Total Senior Secured U.S. Notes | | 8,098 | | 8,114 | | 9.49% | |
|---|
| Total U.S. Corporate Debt | | 53,471 | | 54,120 | | 63.26% | |
|---|
| Total Debt Investments | | $53,471 | | $54,120 | | 63.26% | |
|---|
| Portfolio Company | | Yield | | Cost | | Fair Value | | % of Net Assets | Tickmark | |
|---|
| Cash & Cash Equivalents |
|---|
| State Street Institutional US Government Money Market Fund | | 5.32% | | 32,612 | | 32,612 | | 38.12% | (12)(13) |
|---|
| Total Cash & Cash Equivalents | | 32,612 | | 32,612 | | 38.12% | |
|---|
| Total Portfolio Investments and Cash & Cash Equivalents | | $86,083 | | $86,732 | | 101.38% | |
|---|
Tickmark Legend
| (1) | Unless otherwise indicated, all securities are valued using significant unobservable inputs, which are categorized as Level 3 assets under the definition of Financial Accounting Standards Board’s Accounting Standards Codification 820 Fair Value Hierarchy. |
| (2) | Par is net of repayments, if any, as per the terms of the debt instrument’s contract. |
| (3) | Generally, the interest rate on floating interest rate investments is at benchmark rate plus spread, subject to an benchmark interest rate floor. The benchmark rate is determined via the Credit or Loan Service Agreement, such as the Secured Overnight Financing Rate (“S”) or the U.S. Prime Rate (“P”). The terms in the Schedule of Investments disclose the actual interest rate in effect as of the reporting period. S loans are typically indexed to 30-day, 90-day or 180-day rates (1M, 3M or 6M, respectively) as defined in the Loan Service Agreements. As of December 31, 2023, rates for 1M S, 3M S and 6M S are 5.34%, 5.36%, and 5.35%, respectively. As of December 31, 2023, the P was 8.50% |
| (4) | All investments were valued at fair value. See Note 4 — Fair Value of Financial Instruments in the accompanying notes to the financial statements. |
| (5) | The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies, excluding any portfolio company operating in the cannabis industry. |
| (6) | Indicates a non-income producing investment. As of December 31, 2023, no investments are deemed as non-income producing. All equity and warrant investments are non-income producing as of December 31, 2023 unless otherwise noted |
| (7) | Geographic regions are determined by the respective portfolio company’s headquarters’ location. |
| (8) | Portfolio company located in the Northeast. |
| (9) | Portfolio company located in the Midwest. |
| (10) | Portfolio company located in the West. |
| (11) | The investment is a “non-qualifying asset.” Under the Investment Company Act of 1940, as amended (the “1940 Act”), a business development company (“BDC”) may not acquire any “non-qualifying asset” (i.e., an asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets”), unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. As of December 31, 2023 the aggregate fair value of non-qualifying assets is $25,077 or 29.3% of the Company’s total assets. |
| (12) | The rate shown is the annualized seven-day yield as of December 31, 2023. |
| (13) | Included within ‘Cash and cash equivalents’ on the Consolidated Statements of Assets and Liabilities. |
| (14) | The amortized cost represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest or dividends. |
F - Fixed
P - Prime
PIK - Payment-In-Kind
S - SOFR
