v3.22.2

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended | 12 Months Ended
--- | --- | ---
Mar. 31, 2022 | Dec. 31, 2021
FAIR VALUE OF FINANCIAL INSTRUMENTS |  |
Schedule of fair value measurements of our investments by major class according to the fair value hierarchy | The following table presents the fair value measurements of our portfolio investments by major class, as of March 31, 2022, according to the fair value hierarchy: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of March 31, 2022
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Short-term Non-banking Loans | ​ | $ | — | ​ | $ | — | ​ | $ | 18,075,000 | ​ | $ | 18,075,000
Preferred Stock | ​ |  | — | ​ |  | — | ​ |  | 1,200,000 | ​ |  | 1,200,000
Other Equity | ​ |  | — | ​ |  | — | ​ |  | 812,500 | ​ |  | 812,500
Total | ​ | $ | — | ​ | $ | — | ​ | $ | 20,087,500 | ​ | $ | 20,087,500
​ The following table presents the fair value measurements of our portfolio investments by major class, as of December 31, 2021, according to the fair value hierarchy: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2021
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Short-term Non-banking Loans | ​ | $ | — | ​ | $ | — | ​ | $ | 11,650,000 | ​ | $ | 11,650,000
Preferred Stock | ​ |  | — | ​ |  | — | ​ |  | 1,200,000 | ​ |  | 1,200,000
Common Stock | ​ |  | 436,175 | ​ |  | — | ​ |  | — | ​ |  | 436,175
Other Equity | ​ |  | — | ​ |  | — | ​ |  | 812,500 | ​ |  | 812,500
Total | ​ | $ | 436,175 | ​ | $ | — | ​ | $ | 13,662,500 | ​ | $ | 14,098,675
| The following table presents the fair value measurements of our portfolio investments by major class, as of December 31, 2021, according to the fair value hierarchy: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2021
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Short-term Non-banking Loans | ​ | $ | — | ​ | $ | — | ​ | $ | 11,650,000 | ​ | $ | 11,650,000
Preferred Stock | ​ |  | — | ​ |  | — | ​ |  | 1,200,000 | ​ |  | 1,200,000
Common Stock | ​ |  | 436,175 | ​ |  | — | ​ |  | — | ​ |  | 436,175
Other Equity | ​ |  | — | ​ |  | — | ​ |  | 812,500 | ​ |  | 812,500
Total | ​ | $ | 436,175 | ​ | $ | — | ​ | $ | 13,662,500 | ​ | $ | 14,098,675
​ The following table presents the fair value measurements of our portfolio investments by major class, as of December 31, 2020, according to the fair value hierarchy: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, 2020
​ |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Short-term Non-banking Loans | ​ | $ | — | ​ | $ | — | ​ | $ | 2,789,000 | ​ | $ | 2,789,000
Preferred Stock | ​ |  | — | ​ |  | — | ​ |  | 300,000 | ​ |  | 300,000
Common Stock | ​ |  | 3,300,000 | ​ |  | — | ​ |  | — | ​ |  | 3,300,000
Other Equity | ​ |  | — | ​ |  | — | ​ |  | 278,897 | ​ |  | 278,897
Total | ​ | $ | 3,300,000 | ​ | $ | — | ​ | $ | 3,367,897 | ​ | $ | 6,667,897
Schedule of reconciliation of the beginning and ending fair value balances for our Level 3 investment assets | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | For the three months ended March 31, 2022
​ | ​ | ST Non-banking | ​ | ​ | ​ | ​ | Common | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Loans | ​ | Preferred Stock | ​ | Stock | ​ | Warrants | ​ | Other Equity
Balance as of January 1, 2022 |  | $ | 11,650,000 |  | $ | 1,200,000 |  | $ | — |  | $ | — |  | $ | 812,500
Net change in unrealized appreciation | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Purchases and other adjustments to cost | ​ |  | 7,025,000 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Sales and redemptions | ​ |  | (600,000) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Net realized loss | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Balance as of March 31, 2022 | ​ | $ | 18,075,000 | ​ | $ | 1,200,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 812,500
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 2021 | ​ | ​ | ​
​ |  | ST |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ |  | Non-banking |  | Preferred |  | Common | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Loans | ​ | Stock | ​ | Stock | ​ | Warrants | ​ | Other Equity
Balance as of January 1, 2021 | ​ | $ | 2,789,000 | ​ | $ | 300,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 278,897
Net change in unrealized appreciation | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Purchases and other adjustments to cost | ​ |  | 24,765,333 | ​ |  | 900,000 | ​ |  | — | ​ |  | — | ​ |  | 812,500
Sales and redemptions | ​ |  | (15,904,333) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (278,897)
Net realized loss | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Balance as of December 31, 2021 | ​ | $ | 11,650,000 | ​ | $ | 1,200,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 812,500
| The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 portfolio investment assets for the year ended December 31, 2021:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 2021 | ​ | ​ | ​
​ |  | ST |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​
​ |  | Non-banking |  | Preferred |  | Common | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Loans | ​ | Stock | ​ | Stock | ​ | Warrants | ​ | Other Equity
Balance as of January 1, 2021 | ​ | $ | 2,789,000 | ​ | $ | 300,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 278,897
Net change in unrealized appreciation | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Purchases and other adjustments to cost | ​ |  | 24,765,333 | ​ |  | 900,000 | ​ |  | — | ​ |  | — | ​ |  | 812,500
Sales and redemptions | ​ |  | (15,904,333) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (278,897)
Net realized loss | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Balance as of December 31, 2021 | ​ | $ | 11,650,000 | ​ | $ | 1,200,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 812,500
The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 portfolio investment assets for the year ended December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the year ended December 31, 2020 | ​ | ​ | ​
​ |  | ST Non-banking |  | Preferred |  | Common |  | ​ |  | ​
​ | ​ | Loans | ​ | Stock | ​ | Stock | ​ | Warrants | ​ | Other Equity
Balance as of January 1, 2020 | ​ | $ | — | ​ | $ | 300,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 534,200
Net change in unrealized appreciation | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | 486,018
Purchases and other adjustments to cost | ​ |  | 7,543,000 | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | —
Sales and redemptions | ​ |  | (4,754,000) | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (91,313)
Net realized loss | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | — | ​ |  | (650,008)
Balance as of December 31, 2020 | ​ | $ | 2,789,000 | ​ | $ | 300,000 | ​ | $ | — | ​ | $ | — | ​ | $ | 278,897
​
Schedule of Level 3 investments held and the unobservable inputs used to determine their valuation | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Security Type |  | 12/31/21 FMV |  | Valuation Technique |  | Unobservable Inputs |  | Range |
ST Non-banking Loans | ​ | $ | 11,650,000 | ​ | discounted cash flow | ​ | determining private company interest rate based on credit | ​ | 12-44 | %
Other Equity |  | ​ | 812,500 |  | last secured funding known by company |  | economic changes since last funding |  |  | ​
Preferred Stock |  | ​ | 1,200,000 |  | last funding secured by company |  | economic changes since last funding |  |  | ​
​ | ​ | $ | 13,662,500 |  |  |  |  |  |  | ​
| The following table lists our Level 3 investments held as of December 31, 2021 and the unobservable inputs used to determine their valuation: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Security Type |  | 12/31/21 FMV |  | Valuation Technique |  | Unobservable Inputs |  | Range |
ST Non-banking Loans | ​ | $ | 11,650,000 | ​ | discounted cash flow | ​ | determining private company interest rate based on credit | ​ | 12-44 | %
Other Equity |  | ​ | 812,500 |  | last secured funding known by company |  | economic changes since last funding |  |  | ​
Preferred Stock |  | ​ | 1,200,000 |  | last funding secured by company |  | economic changes since last funding |  |  | ​
​ | ​ | $ | 13,662,500 |  |  |  |  |  |  | ​
​ The following table presents a reconciliation of the beginning and ending fair value balances for our Level 3 portfolio investment assets for the year ended December 31, 2020: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Security Type |  | 12/31/20 FMV |  | Valuation Technique |  | Unobservable Inputs |  | Range |
ST Non-banking Loans | ​ | $ | 2,789,000 |  | discounted cash flow |  | determining private company interest rate based on credit |  | 14-44 | %
Other Equity | ​ |  | 278,897 |  | last secured funding known by company |  | economic changes since purchase |  |  | ​
Preferred Stock | ​ |  | 300,000 |  | last funding secured by company |  | economic changes since last funding |  |  | ​
​ | ​ | $ | 3,367,897 | ​ | ​ | ​ | ​ | ​ | ​ | ​

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=123874694&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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