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Investments
 12 Months Ended
Dec. 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):

   
December 31, 2023
  
   
Amortized Cost
    
Fair Value
  
First Lien Senior Secured Loan
  
$
332,292,188
      
87.8
%
  
$
319,229,009
      
84.7
%
Second Lien Senior Secured Loan
    
6,305,249
      
1.7
      
6,059,372
      
1.6
  
Senior Unsecured Notes
     2,033,098       0.5       1,384,446       0.4  
Preferred Equity Securities
    
31,684,552
      
8.4
      
41,804,395
      
11.1
  
Warrants and Other Equity Securities
    
2,867,756
      
0.8
      
5,706,423
      
1.5
  
Fund Investments
    
2,898,305
      
0.8
      
2,809,327
      
0.7
  
Total
  
$
378,081,148
      
100.0
%
  
$
376,992,972
      
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:

   
December 31, 2023
  
   
Amortized Cost
    
Fair Value
  
Southeast
  
$
117,249,715
      
31.0
%
  
$
112,796,734
      
29.8
%
Midwest
    
72,946,758
      
19.3
      
72,951,802
      
19.4
  
Northeast
    
53,801,241
      
14.2
      
55,247,793
      
14.7
  
West
    
53,349,023
      
14.1
      
51,488,613
      
13.7
  
East
    
33,935,529
      
9.0
      
33,986,375
      
9.0
  
Southwest
    
25,324,544
      
6.7
      
24,996,508
      
6.6
  
South
    
21,474,338
      
5.7
      
25,525,147
      
6.8
  
Total
  
$
378,081,148
      
100.0
%
  
$
376,992,972
      
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):

   
December 31, 2023
  
   
Amortized Cost
    
Fair Value
  
Aerospace & Defense
  
$
7,903,421
      
2.1
%
  
$
7,394,163
      
2.0
%
Chemicals
     14,538,407       3.8       14,538,407       3.9  
Commercial Services & Supplies
    
11,312,244
      
3.0
      
11,282,346
      
2.9
  
Construction & Engineering
    
58,140,914
      
15.4
      
55,540,524
      
14.7
  
Consumer Finance
    
3,407,754
      
0.9
      
3,617,879
      
1.0
  
Distributors
    
14,299,832
      
3.8
      
13,807,774
      
3.7
  
Diversified Consumer Services
    
14,905,882
      
3.9
      
15,182,176
      
4.0
  
Diversified Financials
    
2,898,305
      
0.8
      
2,809,327
      
0.7
  
Diversified Telecommunication Services
    
27,384,130
      
7.2
      
30,834,843
      
8.2
  
Electrical Equipment
    
10,390,564
      
2.7
      
8,320,050
      
2.2
  
Entertainment
    
18,257,039
      
4.8
      
18,478,875
      
4.9
  
Food Products
    
9,847,037
      
2.6
      
11,682,654
      
3.1
  
Healthcare Providers & Services
    
44,285,303
      
11.7
      
43,324,687
      
11.5
  
Hotels, Restaurants & Leisure
    
4,910,858
      
1.3
      
4,909,528
      
1.3
  
Household Durables
    
4,618,637
      
1.2
      
2,341,518
      
0.6
  
Household Products
    
4,871,468
      
1.3
      
4,465,076
      
1.2
  
IT Services
    
18,368,354
      
4.9
      
18,406,891
      
4.9
  
Leisure Products
    
4,727,860
      
1.3
      
3,852,760
      
1.0
  
Machinery
    
4,832,798
      
1.3
      
4,687,302
      
1.2
  
Media
    
23,580,771
      
6.2
      
25,870,278
      
6.9
  
Personal Products
    
4,451,581
      
1.2
      
4,457,979
      
1.2
  
Professional Services
    
31,270,864
      
8.3
      
36,611,515
      
9.7
  
Software
    
6,082,519
      
1.6
      
7,590,857
      
2.0
  
Specialty Retail
     6,333,920       1.7       6,367,578       1.7  
Trading Companies & Distributors
    
15,986,679
      
4.2
      
10,144,017
      
2.7
  
Transportation Infrastructure
     10,474,007       2.8       10,473,968       2.8  
Total
  
$
378,081,148
      
100.0
%
  
$
376,992,972
      
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
%