Investments

3 Months Ended

Mar. 31, 2023

Investments [Abstract]

Investments

Note 3. Investments

The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio investments):

	March 31, 2023
	Amortized Cost				Fair Value
First Lien Senior Secured Loan	$	288,040,562	88.3	%	$	282,089,870	86.2	%
Second Lien Senior Secured Loan		6,480,090	2.0			6,241,109	1.9
Senior Unsecured Notes		1,803,397	0.5			1,628,075	0.5
Preferred Equity Securities		24,387,367	7.5			28,600,750	8.7
Warrants and Other Equity Securities		2,447,879	0.8			6,013,657	1.8
Fund Investments		2,855,855	0.9			3,097,561	0.9
Total	$	326,015,150	100.0	%	$	327,671,022	100.0	%

	December 31, 2022
	Amortized Cost				Fair Value
First Lien Senior Secured Loan	$	265,743,871	88.4	%	$	260,982,122	86.1	%
Second Lien Senior Secured Loan		6,522,877	2.2			6,250,270	2.1
Preferred Equity Securities		23,263,729	7.7			27,088,732	8.9
Warrants and Other Equity Securities		2,447,879	0.8			5,829,429	1.9
Fund Investments		2,855,855	0.9			3,045,128	1.0
Total	$	300,834,211	100.0	%	$	303,195,681	100.0	%

The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage of total portfolio investments). The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business:

	March 31, 2023
	Amortized Cost				Fair Value
Southeast	$	96,788,600	29.6	%	$	96,034,144	29.3	%
Midwest		59,183,186	18.2			59,763,613	18.2
West		52,502,438	16.1			51,629,664	15.8
Northeast		44,407,577	13.6			46,271,082	14.1
Southwest		26,714,599	8.2			27,383,929	8.4
East		23,091,148	7.1			22,179,373	6.8
South		23,327,602	7.2			24,409,217	7.4
Total	$	326,015,150	100.0	%	$	327,671,022	100.0	%

	December 31, 2022
	Amortized Cost				Fair Value
Southeast	$	85,623,345	28.4	%	$	85,292,317	28.1	%
Midwest		59,467,806	19.8			59,601,511	19.7
West		52,326,463	17.4			52,216,550	17.2
Northeast		44,592,174	14.8			46,433,182	15.3
Southwest		26,959,274	9.0			27,810,986	9.2
East		23,143,747	7.7			22,594,017	7.5
South		8,721,402	2.9			9,247,118	3.0
Total	$	300,834,211	100.0	%	$	303,195,681	100.0	%

The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total portfolio investments):

	March 31, 2023
	Amortized Cost				Fair Value
Aerospace & Defense	$	7,511,659	2.3	%	$	7,190,415	2.3	%
Commercial Services & Supplies		10,582,687	3.2			10,658,764	3.3
Construction & Engineering		38,589,927	11.8			36,839,778	11.2
Consumer Finance		3,452,533	1.1			3,777,148	1.2
Distributors		14,415,337	4.4			14,365,313	4.4
Diversified Consumer Services		14,144,741	4.3			14,351,460	4.4
Diversified Financials		2,855,855	0.9			3,097,561	0.9
Diversified Telecommunication Services		26,330,379	8.1			27,922,808	8.5
Electrical Equipment		9,878,810	3			9,854,971	3.0
Entertainment		18,477,258	5.7			18,934,275	5.8
Food Products		6,853,725	2.1			6,665,190	2.0
Healthcare Providers & Services		30,605,861	9.4			29,306,643	8.9
Hotels, Restaurants & Leisure		4,943,848	1.5			4,851,506	1.5
Household Durables		4,454,388	1.4			2,259,394	0.7
Household Products		4,862,671	1.5			3,934,477	1.2
IT Services		13,656,612	4.2			13,907,974	4.2
Leisure Products		4,644,399	1.4			4,679,751	1.4
Machinery		5,843,860	1.8			6,575,941	2.0
Media		23,404,836	7.2			25,200,889	7.7
Personal Products		4,515,269	1.4			4,422,428	1.3
Professional Services		32,152,577	9.9			34,829,798	10.6
Road & Rail		14,539,235	4.5			14,802,131	4.5
Software		6,005,769	1.8			6,100,140	1.9
Specialty Retail		6,320,697	1.9			6,176,596	1.9
Trading Companies & Distributors		16,972,217	5.2			16,965,671	5.2
Total	$	326,015,150	100.0	%	$	327,671,022	100.0	%

	December 31, 2022
	Amortized Cost				Fair Value
Aerospace & Defense	$	6,236,534	2.0	%	$	5,877,696	1.8	%
Commercial Services & Supplies		10,581,492	3.5			10,629,012	3.5
Construction & Engineering		38,854,336	12.9			36,895,770	12.2
Consumer Finance		3,460,009	1.2			3,836,822	1.3
Distributors		14,383,702	4.8			14,383,702	4.7
Diversified Consumer Services		14,281,403	4.7			14,502,291	4.8
Diversified Financials		2,855,855	0.9			3,045,128	1.0
Diversified Telecommunication Services		16,003,601	5.3			17,241,546	5.7
Electrical Equipment		9,836,785	3.3			9,836,785	3.2
Entertainment		18,531,121	6.2			19,165,339	6.3
Food Products		6,858,124	2.3			6,953,360	2.3
Healthcare Providers & Services		16,015,128	5.3			15,185,883	5.0
Hotels, Restaurants & Leisure		4,948,532	1.6			4,919,446	1.6
Household Durables		4,380,844	1.5			2,586,687	0.9
Household Products		4,855,599	1.6			4,073,972	1.3
IT Services		13,842,228	4.6			14,001,990	4.6
Leisure Products		4,751,059	1.6			4,793,707	1.6
Machinery		5,983,378	2.0			6,635,785	2.2
Media		23,427,497	7.8			25,659,236	8.5
Personal Products		4,480,452	1.5			4,335,304	1.4
Professional Services		32,279,702	10.7			34,425,860	11.4
Road & Rail		14,612,085	4.9			14,752,716	4.9
Software		6,017,290	2.0			5,961,468	2.0
Specialty Retail		6,314,472	2.1			6,318,303	2.1
Trading Companies & Distributors		17,042,983	5.7			17,177,873	5.7
Total	$	300,834,211	100.0	%	$	303,195,681	100.0	%