INVESTMENTS (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| INVESTMENTS |
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| 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 | |
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| 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 | |
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| 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 | |
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| 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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