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Investments
 6 Months Ended
Jun. 30, 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):

   
June 30, 2023
  
   
Amortized Cost
    
Fair Value
  
First Lien Senior Secured Loan
  
$
306,665,032
      
88.4
%
  
$
300,442,483
      
85.5
%
Second Lien Senior Secured Loan
    
6,442,027
      
1.9
   
6,201,918
      
1.8
Senior Unsecured Notes
    
1,873,094
      
0.5
   
1,594,222
      
0.5
Preferred Equity Securities
    
26,487,843
      
7.6
   
31,765,981
      
9.1
Warrants and Other Equity Securities
    
2,867,756
      
0.8
   
7,584,040
      
2.2
Fund Investments
    
2,855,855
      
0.8
   
3,170,166
      
0.9
Total
  
$
347,191,607
      
100.0
%
  
$
350,758,810
      
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:

   
June 30, 2023
  
   
Amortized Cost
    
Fair Value
  
Southeast
  
$
111,023,605
      
31.9
%
  
$
110,903,782
      
31.6
%
Midwest
    
58,906,441
      
17.0
   
58,650,722
      
16.7
Northeast
    
52,996,176
      
15.3
   
56,335,783
      
16.1
West
    
52,681,770
      
15.2
   
51,262,056
      
14.6
Southwest
    
26,492,300
      
7.6
   
27,370,472
      
7.8
East
    
23,474,857
      
6.8
   
22,435,485
      
6.4
South
    
21,616,458
      
6.2
   
23,800,510
      
6.8
Total
  
$
347,191,607
      
100.0
%
  
$
350,758,810
      
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):

   
June 30, 2023
  
   
Amortized Cost
    
Fair Value
  
Aerospace & Defense
  
$
7,529,026
      
2.1
%
  
$
7,256,383
      
2.0
%
Commercial Services & Supplies
    
10,980,025
      
3.2
      
10,981,482
      
3.1
Construction & Engineering
    
44,719,866
      
12.9
      
43,199,794
      
12.3
Consumer Finance
    
3,462,993
      
1.0
      
3,759,253
      
1.1
Distributors
    
14,379,819
      
4.1
      
14,606,914
      
4.2
Diversified Consumer Services
    
15,280,461
      
4.4
      
15,544,019
      
4.4
Diversified Financials
    
2,855,855
      
0.8
      
3,170,166
      
0.9
Diversified Telecommunication Services
    
26,897,454
      
7.7
      
30,256,719
      
8.6
Electrical Equipment
    
9,961,291
      
2.9
      
9,762,733
      
2.8
Entertainment
    
18,373,888
      
5.3
      
18,858,980
      
5.4
Food Products
    
6,813,086
      
2.0
      
7,252,503
      
2.1
Healthcare Providers & Services
    
45,217,330
      
13.0
      
43,545,953
      
12.4
Hotels, Restaurants & Leisure
    
4,939,724
      
1.4
      
4,945,967
      
1.4
Household Durables
    
4,523,030
      
1.3
      
2,293,714
      
0.7
Household Products
    
4,861,049
      
1.4
      
4,199,934
      
1.2
IT Services
    
13,475,127
      
3.9
      
13,715,253
      
3.9
Leisure Products
    
4,538,604
      
1.3
      
4,520,564
      
1.3
Machinery
    
5,774,114
      
1.7
      
6,774,726
      
1.9
Media
    
23,481,204
      
6.8
      
24,681,686
      
7.0
Personal Products
    
4,476,011
      
1.3
      
4,430,367
      
1.3
Professional Services
    
31,697,688
      
9.1
      
35,096,119
      
10.0
Software
    
6,152,776
      
1.8
      
6,442,718
      
1.8
Specialty Retail
    
6,327,521
      
1.8
      
5,968,838
      
1.7
Trading Companies & Distributors
    
16,003,706
      
4.6
      
14,922,613
      
4.3
Transportation Infrastructure
     14,469,959       4.2       14,571,412       4.2
Total
  
$
347,191,607
      
100.0
%
  
$
350,758,810
      
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
%