CURRENT EXPECTED CREDIT LOSSES (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Financing Receivable, Allowance for Credit Loss

Activity related to the CECL Reserve for outstanding balances and unfunded commitments on the Company’s loans held at carrying value as of and for the years ended December 31, 2025 and 2024 was as follows:


	Outstanding(1)		Unfunded(2)		Total
Balance at December 31, 2024	$	21,782	$	18,398	$	40,180
Provision for current expected credit losses	1,869,388		159,668		2,029,056
Write-offs	—		—		—
Recoveries	—		—		—
Balance at December 31, 2025	$	1,891,170	$	178,066	$	2,069,236


	Outstanding(1)		Unfunded(2)		Total
Balance at December 31, 2023	$	—	$	—	$	—
Provision for current expected credit losses	21,782		18,398		40,180
Write-offs	—		—		—
Recoveries	—		—		—
Balance at December 31, 2024	$	21,782	$	18,398	$	40,180

(1)As of December 31, 2025 and 2024, the CECL Reserve related to outstanding balances on loans held at carrying value is recorded within current expected credit loss reserve in the Company’s consolidated balance sheets.

(2)As of December 31, 2025 and 2024, the CECL Reserve related to unfunded commitments on loans held at carrying value is recorded within current expected credit loss reserve as a liability in the Company’s consolidated balance sheets.

Schedule of Financing Receivable Credit Quality Indicators

Based on a 5-point scale, the Company’s loans are rated “1” through “5,” from less risk to greater risk, which ratings are defined as follows:


Rating			Definition
1			Very Low Risk — Investment exceeds performance expectations. Trends and risk factors since time of investment are favorable.
2			Low Risk — Investment performing consistent with expectations and a full return of principal and interest expected. Trends and risk factors are neutral to favorable.
3			Medium Risk — Performing investments requiring closer monitoring. Trends and risk factors show some deterioration.
4			High Risk/ Potential for Loss — Investment underperforming with the potential of some interest loss. Trends and risk factors are negative.
5			Impaired/ Loss Likely — Investment underperforming with expected loss of interest, and full recovery of principal is unlikely.

As of December 31, 2025, the carrying value, excluding the CECL Reserve, of the Company’s loans held at carrying value within each risk rating by year of origination is as follows:


Risk Rating:	2025		2024		Total
1	$	—	$	—	$	—
2	150,887,840		125,573,996		276,461,836
3	—		—		—
4	—		—		—
5	—		26,212,907		26,212,907
Total	$	150,887,840	$	151,786,903	$	302,674,743