As of June 30, 2026

Outstanding Principal

Original Issue Discount

Carrying
Value

Weighted Average Remaining Life (Years) (1)

Loans held for investment

$

412,125,652

$

(4,225,835

)

$

407,899,817

2.2

Current expected credit loss reserve

-

-

(9,370,918

)

Total loans held at carrying value, net

$

412,125,652

$

(4,225,835

)

$

398,528,899

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

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)

2b

Michigan

12/16/2025

12/31/2026

$

3,084,858

$

(16,927

)

$

3,067,931

0.7

%

$

-

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  (14)

I/O

17.0%

7

Illinois, Arizona

6/30/2025

6/30/2028

36,130,667

(358,490

)

35,772,177

8.8

%

-

P+5.75% Cash  (9)

P&I

15.0%

8

West Virginia

8/30/2024

9/30/2026

8,491,943

-

8,491,943

2.1

%

-

13% Cash

I/O

14.4%

9a

Pennsylvania

3/31/2025

3/31/2028

14,576,987

(48,170

)

14,528,817

3.5

%

-

9% Cash  (13)

I/O

9.7%

9b

Pennsylvania

3/31/2025

3/31/2028

14,550,000

(46,399

)

14,503,601

3.5

%

-

9% Cash  (13)

I/O

9.7%

12

Various

11/8/2021

10/31/2027

14,919,970

(88,857

)

14,831,113

3.6

%

-

P+7% Cash, 2% PIK (10)

P&I

19.8%

18

Ohio

2/3/2022

12/31/2026

48,369,208

-

48,369,208

11.7

%

-

P+1.75% Cash, 5% PIK (9)(13)

P&I

17.9%

19

Florida

3/11/2022

12/31/2027

20,835,799

(26,648

)

20,809,151

5.1

%

-

11% Cash, 5% PIK

P&I

17.5%

21

Illinois

7/1/2022

7/29/2026

8,112,025

33,699

8,145,724

2.0

%

-

P+7% Cash, 2% PIK (9)(16)

P&I

23.3%

23

Arizona

3/27/2023

3/31/2027

1,260,000

(9,068

)

1,250,932

0.3

%

-

P+7.5% Cash  (11)

P&I

18.7%

25

New York

7/1/2023

6/29/2036

20,555,804

-

20,555,804

5.0

%

-

15% Cash

P&I

16.6%

31

California, Illinois

5/3/2023

9/30/2028

10,782,841

(160,621

)

10,622,220

2.6

%

-

P+8.75% Cash  (10)

P&I

18.7%

34

Arizona

6/17/2024

5/29/2026

9,900,765

-

9,900,765

2.4

%

-

11.91% Cash  (14)

I/O

12.8%

35

California

8/23/2024

9/30/2028

24,417,992

(179,632

)

24,238,360

5.9

%

-

12% Cash, 3% PIK

P&I

16.6%

36

Illinois

10/28/2024

1/1/2027

27,776,155

(29,352

)

27,746,803

6.7

%

2,355,293

0% Cash, 13.75% PIK (15)

P&I

15.0%

40

Various

3/28/2025

7/28/2028

676,676

(17,631

)

659,045

0.2

%

-

SOFR +10.25% Cash (6)

P&I

20.4%

41

Ohio

3/1/2025

3/13/2027

271,429

(2,878

)

268,551

0.1

%

-

14.5% Cash

P&I

16.1%

42

Various

9/30/2025

2/28/2029

53,333,333

(257,450

)

53,075,883

12.9

%

SOFR +6.88% Cash (6)

P&I

13.2%

43

Missouri

8/20/2025

8/20/2028

12,537,130

(150,405

)

12,386,725

3.0

%

-

P+5.75% Cash  (10)

P&I

15.4%

44

Missouri

12/31/2025

12/31/2028

4,504,048

(97,659

)

4,406,389

1.1

%

-

SOFR+10.24% Cash (7)

P&I

16.0%

45

Canada

1/8/2026

1/31/2031

16,211,500

(2,300,521

)

13,910,979

3.9

%

-

SOFR+6.25% Cash

I/O

18.7%

46a

Various

11/26/2024

11/24/2028

17,050,336

(201,828

)

16,848,508

4.1

%

-

12% Cash, 1% PIK

P&I

15.2%

46b

Various

3/17/2026

12/31/2026

1,724,787

-

1,724,787

0.4

%

-

0% Cash, 13% PIK

I/O

12.7%

47

Nevada

4/23/2026

4/23/2029

2,003,251

-

2,003,251

0.5

%

P+5.75% Cash, 1.5% PIK (8)

P&I

15.6%

48

Pennsylvania

4/8/2026

4/8/2030

13,221,830

-

13,221,830

3.2

%

-

P+4.5% Cash, 4% PIK (9)(13)

P&I

18.5%

49

California

7/7/2025

7/31/2029

7,277,263

(141,768

)

7,135,495

1.8

%

-

P+6.5% Cash (9)

P&I

16.1%

50

Michigan, Maryland

1/27/2026

1/27/2029

12,922,246

(125,230

)

12,797,016

3.1

%

-

P+3% Cash (8) (13)

P&I

11.7%

Subtotal

$

412,125,652

$

(4,225,835

)

$

407,899,817

100

%

$

2,355,293

15.6%

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 June 30, 2026 (1)

< 1.0x

1.0x – 1.25x

1.25x – 1.5x

1.50x – 1.75x

1.75x – 2.0x

> 2.0x

Total

Fixed-rate

$

68,683,414

$

68,512,737

$

-

$

29,047,747

$

-

$

3,067,931

$

169,311,829

Floating-rate

112,882,955

-

109,790,803

-

-

15,914,230

238,587,988

$

181,566,369

$

68,512,737

$

109,790,803

$

29,047,747

$

-

$

18,982,161

$

407,899,817

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

Funded

Unfunded

Total

Balance at December 31, 2025

$

5,062,785

$

60,707

$

5,123,492

Provision for current expected credit losses

4,308,133

81,012

4,389,145

Balance at June 30, 2026

$

9,370,918

$

141,719

$

9,512,637

Funded

Unfunded

Total

Balance at December 31, 2024

$

4,346,869

$

45,572

$

4,392,441

Provision (benefit) for current expected credit losses

74,479

(465

)

74,014

Balance at June 30, 2025

$

4,421,348

$

45,107

$

4,466,455