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INVESTMENTS (Tables) | 3 Months Ended
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Mar. 31, 2026
INVESTMENTS |
Schedule of investments |
|  | As of March 31, 2026 |  |  | As of December 31, 2025 |
Debt security investments measured at fair value |  |  |  |  |  |
Short-term Non-banking Loans |  |  | 1,250,000 |  |  |  | 3,413,975 |
Commercial Business Loans |  |  | - |  |  |  | 10,244,122 |
Equity investments at fair value |  |  | 1,239,864 |  |  |  | 955,747 |
Equity investments at measurement alternative |  |  | 6,030,000 |  |  |  | - |
Total Investments |  | $ | 8,519,864 |  |  | $ | 14,613,844 |
Schedule of fair value measurements of our investments by major class according to the fair value hierarchy |
|  | As of March 31, 2026 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Short-term non-banking loans |  | $ | — |  |  | $ | — |  |  | $ | 1,250,000 |  |  | $ | 1,250,000 |
Commercial business loans |  |  | — |  |  |  | — |  |  |  | - |  |  |  | - |
Equity investments |  |  | 1,239,864 |  |  |  | — |  |  |  | — |  |  |  | 1,239,864 |
Total |  | $ | 1,239,864 |  |  | $ | — |  |  | $ | 1,250,000 |  |  | $ | 2,489,864 |
|  | As of December 31, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Short-term non-banking loans |  | $ | — |  |  | $ | — |  |  | $ | 3,413,975 |  |  | $ | 3,413,975 |
Commercial business loans |  |  | — |  |  |  | — |  |  |  | 10,244,122 |  |  |  | 10,244,122 |
Equity investments |  |  | 955,747 |  |  |  | — |  |  |  | — |  |  |  | 955,747 |
Total |  | $ | 955,747 |  |  | $ | — |  |  | $ | 13,658,097 |  |  | $ | 14,613,844 |
Schedule of reconciliation of the beginning and ending fair value balances for our Level 3 investment assets |
|  | Balance |
Balance as of January 1, 2026 |  | $ | 13,658,097 |
Net change in unrealized depreciation |  |  | (11,508,097 | )
Purchases and other adjustments to cost |  |  | — |
Sales and redemptions |  |  | (900,000 | )
Balance as of March 31, 2026 |  | $ | 1,250,000 |
|  | Balance |
Balance as of January 1, 2025 |  | $ | 13,006,231 |
Net change in unrealized depreciation |  |  | (2,748,134 | )
Purchases and other adjustments to cost |  |  | 7,900,100 |
Sales and redemptions |  |  | (4,500,100 | )
Balance as of December 31, 2025 |  | $ | 13,658,097 |
Schedule of level 3 investments held and the unobservable inputs used to determine their valuation |
Security Type |  | 03/31/26 FMV |  |  | Valuation Technique |  | Unobservable Inputs |  | Range |
Short-term non-banking loans |  | $ | 1,250,000 |  |  | discounted cash flow |  | determining private company interest rate based on changes in market rates of instruments with comparable creditworthiness, including assessment related to individual note creditworthiness |  | 24-73% |
Commercial business loans |  |  | - |  |  | discounted cash flow |  | forecasted cash flows available to creditors in a foreclosure sale |  | 18-24% |
Total |  | $ | 1,250,000 |  |  |  |  |  |  |  |
Security Type |  | 12/31/25 FMV |  |  | Valuation Technique |  | Unobservable Inputs |  | Range |
Short-term non-banking loans |  | $ | 3,413,975 |  |  | discounted cash flow |  | determining private company interest rate based on changes in market rates of instruments with comparable creditworthiness, including assessment related to individual note creditworthiness |  | 18-24% |
Commercial business loans |  |  | 10,244,122 |  |  | discounted cash flow |  | determining private company interest rate based on changes in market rates of instruments with comparable creditworthiness |  | 18-24% |
Total |  | $ | 13,658,097 |  |  |  |  |  |  |  |

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