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Investments
 3 Months Ended
Mar. 31, 2024
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, 2024
  
   
Amortized Cost
    
Fair Value
  
First Lien Senior Secured Loan
  
$
311,129,060
      
86.9
%
  
$
294,455,581
      
83.2
%
Second Lien Senior Secured Loan
    
6,248,112
      
1.7
   
6,067,024
      
1.7
Senior Unsecured Notes
    
2,033,098
      
0.6
   
1,265,130
      
0.4
Preferred Equity Securities
    
32,906,278
      
9.2
   
43,031,287
      
12.2
Warrants and Other Equity Securities
    
2,867,756
      
0.8
   
6,039,575
      
1.7
Fund Investments
    
2,898,305
      
0.8
   
2,818,111
      
0.8
Total
  
$
358,082,609
      
100.0
%
  
$
353,676,708
      
100.0
%

   
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
%

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, 2024
  
   
Amortized Cost
    
Fair Value
  
Southeast
  
$
112,046,102
      
31.3
%
  
$
105,477,235
      
29.9
%
Midwest
    
64,421,858
      
18.0
   
66,105,019
      
18.7
West
    53,734,976       15.0       52,581,652       14.9  
Northeast
    
46,882,211
      
13.1
   
43,861,988
      
12.4
East
    
34,389,298
      
9.6
   
34,746,311
      
9.8
Southwest
    
25,203,934
      
7.0
   
25,631,795
      
7.2
South
    
21,404,230
      
6.0
   
25,272,708
      
7.1
Total
  
$
358,082,609
      
100.0
%
  
$
353,676,708
      
100.0
%

   
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
%

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, 2024
  
   
Amortized Cost
    
Fair Value
  
Aerospace & Defense
  
$
8,053,828
      
2.2
%
  
$
7,617,318
      
2.2
%
Chemicals
    14,560,767       4.1       14,695,154       4.2  
Commercial Services & Supplies
    
4,114,403
      
1.1
      
3,909,167
      
1.1
Construction & Engineering
    
58,212,904
      
16.4
      
57,290,515
      
16.1
Consumer Finance
    
3,418,199
      
1.0
      
3,745,556
      
1.1
Distributors
    
14,268,603
      
4
      
13,654,534
      
3.9
Diversified Consumer Services
    
14,834,632
      
4.1
      
15,168,714
      
4.3
Diversified Financials
    
2,898,305
      
0.8
      
2,818,111
      
0.8
Diversified Telecommunication Services
    
27,943,116
      
7.8
      
30,774,511
      
8.6
Electrical Equipment
    
10,709,696
      
3
      
8,294,272
      
2.3
Entertainment
    
18,259,275
      
5.1
      
15,926,614
      
4.5
Food Products
    
9,810,595
      
2.7
      
11,442,184
      
3.2
Healthcare Providers & Services
    
44,559,565
      
12.4
      
43,441,537
      
12.2
Hotels, Restaurants & Leisure
    
4,907,184
      
1.4
      
4,933,128
      
1.4
Household Durables
    
4,618,637
      
1.3
      
2,341,518
      
0.7
Household Products
    
4,876,915
      
1.4
      
4,746,300
      
1.3
IT Services
    
12,972,100
      
3.6
      
13,152,856
      
3.7
Leisure Products
    
4,758,643
      
1.3
      
2,342,286
      
0.7
Machinery
    
4,763,104
      
1.3
      
4,435,767
      
1.3
Media
    
23,597,949
      
6.6
      
26,543,977
      
7.5
Personal Products
    
4,442,180
      
1.2
      
4,539,782
      
1.3
Professional Services
    
31,136,292
      
8.7
      
36,621,006
      
10.4
Software
    
6,049,249
      
1.7
      
8,123,945
      
2.3
Specialty Retail
    
6,397,426
      
1.8
      
6,207,441
      
1.8
Trading Companies & Distributors
    
7,500,300
      
2.1
      
268,292
      
0.1
Transportation Infrastructure
     10,418,742       2.9       10,642,223       3.0
Total
  
$
358,082,609
      
100.0
%
  
$
353,676,708
      
100.0
%

   
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
%