As of December 31, 2025

Outstanding Principal

Original Issue Discount

Carrying
Value

Weighted Average Remaining Life (Years) (1)

Loans held for investment

$

411,075,088

$

(2,119,521

)

$

408,955,567

2.2

Current expected credit loss reserve

-

-

(5,062,785

)

Total loans held at carrying value, net

$

411,075,088

$

(2,119,521

)

$

403,892,782

As of December 31, 2024

Outstanding Principal

Original Issue Discount

Carrying
Value

Weighted Average Remaining Life (Years) (1)

Loans held for investment

$

404,721,554

$

(2,244,508

)

$

402,477,046

2.2

Current expected credit loss reserve

-

-

(4,346,869

)

Total loans held at carrying value, net

$

404,721,554

$

(2,244,508

)

$

398,130,177

Initial Funding

Maturity

Principal

Original Issue

Carrying

Percent of Loans held

Future

Periodic

YTM

Loan

Location(s)

Date (1)

Date (2)

Balance

Premium/(Discount)

Value

for investment

Fundings

Interest Rate (3)

Payment (4)

IRR (5)

1

Various

10/27/2022

10/30/2026

$

15,771,067

$

(97,600

)

$

15,673,467

3.8

%

$

-

P+6.5% Cash  (8)

P&I

17.0%

2a

Michigan

12/31/2021

12/31/2026

27,110,506

(1,513

)

27,108,993

6.6

%

-

P+3% Cash  (12)

P&I

16.8%

2b

Michigan

12/16/2025

12/31/2026

969,406

(9,286

)

960,120

0.2

%

-

0% Cash, 10% PIK

I/O

9.7%

4

Arizona

6/1/2024

6/17/2026

6,626,809

-

6,626,809

1.6

%

-

11.91% Cash  (18)

I/O

17.0%

6

Michigan

8/20/2021

1/30/2026

3,157,129

(1,537

)

3,155,592

0.8

%

-

P+6.5% Cash  (12)(17)

P&I

17.2%

7

Illinois, Arizona

6/30/2025

6/30/2028

36,130,667

(447,376

)

35,683,291

8.8

%

-

P+5.75% Cash  (9)

P&I

15.0%

8

West Virginia

8/30/2024

6/30/2026

8,491,943

-

8,491,943

2.1

%

-

12% Cash

I/O

15.0%

9a

Pennsylvania

3/31/2025

3/31/2028

14,576,987

(55,030

)

14,521,957

3.5

%

-

9% Cash  (13)

I/O

9.7%

9b

Pennsylvania

3/31/2025

3/31/2028

14,550,000

(53,007

)

14,496,993

3.5

%

-

9% Cash  (13)

I/O

9.7%

12

Various

11/8/2021

10/31/2027

15,681,730

(81,354

)

15,600,376

3.8

%

-

P+7% Cash, 2% PIK (10)

P&I

19.8%

16

Florida

6/1/2025

1/29/2027

10,957,500

(98,309

)

10,859,191

2.7

%

-

16.75% Cash

P&I

26.9%

18

Ohio

12/31/2025

12/31/2026

47,164,373

-

47,164,373

11.5

%

-

P+1.75% Cash, 5% PIK (9)(14)

I/O

17.9%

19

Florida

3/11/2022

12/31/2027

21,359,272

(37,269

)

21,322,003

5.2

%

-

11% Cash, 5% PIK

P&I

17.5%

21

Illinois

7/1/2022

7/29/2026

6,557,301

(10,107

)

6,547,194

1.6

%

-

P+7% Cash, 2% PIK (9)

P&I

23.3%

23

Arizona

3/27/2023

3/31/2027

1,380,000

(16,516

)

1,363,484

0.3

%

-

P+7.5% Cash  (11)

P&I

18.7%

25

New York

7/1/2023

6/29/2036

22,068,401

-

22,068,401

5.4

%

-

15% Cash

P&I

16.6%

27

Nebraska

8/15/2023

6/30/2027

17,200,000

-

17,200,000

4.2

%

-

P+6.5% Cash  (15)

I/O

15.5%

30

Missouri, Arizona

12/19/2023

12/31/2026

14,374,936

(49,431

)

14,325,505

3.5

%

-

P+7.75% Cash  (12)

P&I

18.6%

31

California, Illinois

5/3/2023

9/30/2028

7,439,091

(156,626

)

7,282,465

1.8

%

-

P+8.75% Cash  (10)

I/O

18.7%

34

Arizona

6/17/2024

5/29/2026

10,000,000

-

10,000,000

2.4

%

-

11.91% Cash  (18)

I/O

12.8%

35

California

8/23/2024

9/30/2028

24,941,850

(227,306

)

24,714,544

6.1

%

-

12% Cash, 3% PIK

P&I

16.6%

36

Illinois

10/28/2024

1/1/2027

27,150,398

(63,038

)

27,087,360

6.6

%

2,355,293

P+6.25% Cash  (10)

P&I

15.0%

37

Various

11/26/2024

11/24/2028

16,961,689

(243,483

)

16,718,206

4.1

%

10,000,000

12% Cash, 1% PIK (16)

P&I

15.2%

38a

Various

12/13/2024

6/12/2026

2,065,000

(52,809

)

2,012,191

0.5

%

2,095,000

10% Cash  (16)

I/O

15.3%

38b

Various

1/15/2025

6/12/2026

840,000

(21,600

)

818,400

0.2

%

-

10% Cash  (16)

I/O

15.3%

40

Various

3/28/2025

7/28/2028

427,778

(19,837

)

407,941

0.1

%

-

SOFR +10.25% Cash (6)

P&I

20.4%

41

Ohio

3/1/2025

3/13/2027

271,429

(4,920

)

266,509

0.1

%

-

14.5% Cash

P&I

16.1%

42

Various

9/30/2025

2/28/2029

20,000,000

(83,881

)

19,916,119

4.9

%

16,666,667

SOFR +8.33% Cash (6)

P&I

15.3%

43

Missouri

8/20/2025

8/20/2028

11,849,826

(157,805

)

11,692,021

2.9

%

-

P+5.75% Cash  (10)

P&I

15.4%

44

Various

12/31/2025

12/31/2028

5,000,000

(129,881

)

4,870,119

1.2

%

-

SOFR+10.24% Cash (7)

I/O

16.0%

Subtotal

$

411,075,088

$

(2,119,521

)

$

408,955,567

100

%

$

31,116,960

16.3%

Rating

Definition

1

Very low risk

2

Low risk

3

Moderate/average risk

4

High risk/potential for loss: a loan that has a risk of realizing a principal loss

5

Impaired/loss likely: a loan that has a high risk of realizing principal loss, has incurred principal loss or an impairment has been recorded

As of December 31, 2025 (1)

< 1.0x

1.0x – 1.25x

1.25x – 1.5x

1.50x – 1.75x

1.75x – 2.0x

> 2.0x

Total

Fixed-rate

$

79,144,978

$

24,714,544

$

41,525,802

$

8,491,943

$

-

$

-

$

153,877,267

Floating-rate

118,379,752

6,547,194

35,683,291

27,087,360

-

67,380,703

255,078,300

$

197,524,730

$

31,261,738

$

77,209,093

$

35,579,303

$

-

$

67,380,703

$

408,955,567

As of December 31, 2024 (1)

< 1.0x

1.0x – 1.25x

1.25x – 1.5x

1.50x – 1.75x

1.75x – 2.0x

> 2.0x

Total

Fixed-rate

$

45,029,665

$

48,900,184

$

43,750,558

$

9,603,167

$

-

$

1,943,216

$

149,226,790

Floating-rate

155,364,941

16,402,488

6,549,135

-

24,885,063

50,048,629

253,250,256

$

200,394,606

$

65,302,672

$

50,299,693

$

9,603,167

$

24,885,063

$

51,991,845

$

402,477,046

Funded

Unfunded

Total

Balance at December 31, 2024

$

4,346,869

$

45,572

$

4,392,441

Provision (benefit) for current expected credit losses

715,916

15,135

731,051

Balance at December 31, 2025

$

5,062,785

$

60,707

$

5,123,492

Funded

Unfunded

Total

Balance at December 31, 2023

$

4,972,647

$

3,092

$