How does investing in notes affect investor accreditation?

[Kurt Granroth]

Investing in certain types of private notes requires an investor to be accredited.  I'll go with the simple definition of a net worth of $1m (not including primary residence).

The calculation of the $1m net worth is straightforward enough if the money is in stocks or if it's used to buy homes.  But how does notes investing come into play?

That is, say I did have $1m in stocks and I used some of that money to invest in three 2nd position private notes for $100k each.  That leaves me with $700k in stocks and $300k in 2nd position notes.  Is my net worth still considered to be $1m?

I'm going with the assumption that my 2nd position would mean that I don't have any ownership of the physical property itself.  Thus, if I can still consider those in my net worth calculation, would it be because the note itself is the asset worth $100k and is thus countable?