FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 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 September 30, 2023
	Level 1		Level 2		Level 3		Total
Short-term Non-banking Loans	$	—	$	—	$	16,296,986	$	16,296,986
Preferred Stock						1,200,000		1,200,000
Common Stock		48,615		—		—		48,615
Warrants		—		—		—		—
Other Equity		—		—		10,000		10,000
Total	$	48,615	$	—	$	17,506,986	$	17,555,601

	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
Common Stock		—		—		—		—
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 nine months ended September 30, 2023
	ST Non-banking Loans			Preferred Stock		Common Stock		Warrants		Other Equity
Balance as of January 1, 2023	$	15,285,932		$	1,200,000	$	—	$	—	$	222,500
Net change in unrealized appreciation		140,179			—		—		—		600,000
Purchases and other adjustments to cost		11,900,500			—		—		—		—
Sales and redemptions		(11,029,625	)		—		—		—		—
Net realized loss		—			—		—		—		(600,000	)
Transfers out of level 3		—			—		—		—		(212,500	)
Balance as of September 30, 2023	$	16,296,986		$	1,200,000	$	—	$	—	$	10,000

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

Investement Type	9/30/23 FMV		Valuation Technique	Unobservable Inputs	Range
ST Non-banking Loans	$	16,296,986	discounted cash flow	determining private company interest rate based on changes in market rates of instruments with comparable creditworthiness	12-18	%
Other Equity		10,000	last secured funding known by company	data obtained from issuer, and stated value of instrument (if any), less assumed transaction costs.
Preferred Stock		1,200,000	last funding secured by company	data obtained from issuer, and stated value of instrument (if any), less assumed transaction costs.
	$	17,506,986

	For the year ended December 31, 2022
	ST Non-banking Loans			Preferred Stock		Common Stock		Warrants		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

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