v3.24.1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of fair value measurements of our investments by major class according to the fair value hierarchy

		As of December 31, 2023
		Level 1				Level 2				Level 3				Total
Short-term Non-banking Loans		$	—			$	—			$	16,961,766			$	16,961,766
Preferred Stock			—				—				265,000				265,000
Common Stock			47,910				—				—				47,910
Warrants			—				—				—				—
Other Equity			—				—				10,000				10,000
Total		$	47,910			$	—			$	17,236,766			$	17,284,676

		As of December 31, 2022
		Level 1				Level 2				Level 3				Total
Short-term Non-banking Loans		$	—			$	—			$	15,285,932			$	15,285,932
Preferred Stock			—				—				1,200,000				1,200,000
Warrants			—				—				—				—
Other Equity			—				—				222,500				222,500
Total		$	—			$	—			$	16,708,432			$	16,708,432

Schedule of reconciliation of the beginning and ending fair value balances for our Level 3 investment assets

		For the year ended December 31, 2023
		ST Non-banking Loans				Preferred Stock				Other Equity
Balance as of January 1, 2023		$	15,285,932			$	1,200,000			$	222,500
Net change in unrealized depreciation			(195,041	)			(935,000	)			600,000
Purchases and other adjustments to cost			12,900,500				—				—
Sales and redemptions			(11,029,625	)			—				—
Realized gain (loss)			—				—				(600,000	)
Transfers between level 3 and level 1			—				—				(212,500	)
Balance as of December 31, 2023		$	16,961,766			$	265,000			$	10,000

		For the year ended December 31, 2022
		ST Non-banking Loans				Preferred Stock				Other Equity
Balance as of January 1, 2022		$	11,650,000			$	1,200,000			$	812,500
Net change in unrealized depreciation			(200,693	)			—				(600,000	)
Purchases and other adjustments to cost			23,548,458				—				10,000
Sales and redemptions			(19,711,833	)			—				—
Balance as of December 31, 2022		$	15,285,932			$	1,200,000			$	222,500

Schedule of Level 3 investments held and the unobservable inputs used to determine their valuation

Security Type		12/31/23 FMV				Valuation Technique		Unobservable Inputs		Range
ST Non-banking Loans		$	16,961,766			discounted cash flow		determining private company interest rate based on changes in market rates of instruments with comparable creditworthiness		12-23%
Other Equity			10,000			last secured funding known by company
Preferred Stock			265,000			last funding secured by company		economic changes since last funding
		$	17,236,766

Security Type		12/31/22 FMV				Valuation Technique		Unobservable Inputs		Range
ST Non-banking Loans		$	15,285,932			discounted cash flow		determining private company interest rate based on changes in market rates of instruments with comparable creditworthiness		12-33%
Other Equity			222,500			last secured funding known by company
Preferred Stock			1,200,000			last funding secured by company		economic changes since last funding
		$	16,708,432

X

- 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.

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

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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.

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