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Investments
 12 Months Ended
Dec. 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):

   
December 31, 2024
  
   
Amortized Cost
    
Fair Value
  
First Lien Senior Secured Loan
  
$
316,588,427
      
83.7
%
  
$
304,120,042
      
80.5
%
Second Lien Senior Secured Loan
    
6,148,061
      
1.6
      
6,034,048
      
1.6
  
Senior Secured Notes     341,103       0.1       341,103       0.1  
Senior Unsecured Notes
     5,460,171       1.4       3,427,073       0.9  
Preferred Equity Securities
    
43,141,500
      
11.4
      
53,603,056
      
14.2
  
Warrants and Other Equity Securities
    
3,598,027
      
1.0
      
7,426,377
      
2.0
  
Fund Investments
    
2,898,305
      
0.8
      
2,688,619
      
0.7
  
Total
  
$
378,175,594
      
100.0
%
  
$
377,640,318
      
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:

   
December 31, 2024
  
   
Amortized Cost
    
Fair Value
  
Southeast
  
$
117,080,225
      
30.9
%
  
$
117,034,924
      
31.1
%
West
    
82,054,389
      
21.7
      
79,102,675
      
20.9
  
Southwest
    
24,839,939
      
6.6
      
26,915,726
      
7.1
  
Northeast
    
46,304,903
      
12.2
      
40,825,353
      
10.8
  
Midwest
    
51,256,396
      
13.6
      
55,040,086
      
14.6
  
South
    
21,269,446
      
5.6
      
25,378,672
      
6.7
  
East
    
35,370,296
      
9.4
      
33,342,882
      
8.8
  
Total
  
$
378,175,594
      
100.0
%
  
$
377,640,318
      
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):

   
December 31, 2024
  
   
Amortized Cost
    
Fair Value
  
Aerospace & Defense
  
$
8,918,780
      
2.4
%
  
$
8,103,579
      
2.1
%
Chemicals
     14,623,342       3.9       14,812,499       3.9  
Commercial Services & Supplies
    
4,118,722
      
1.1
      
3,908,639
      
1.0
  
Construction & Engineering
    
75,685,424
      
19.9
      
83,705,436
      
22.3
  
Consumer Finance
    
3,427,073
      
0.9
      
3,427,073
      
0.9
  
Distributors
    
14,323,723
      
3.8
      
13,163,459
      
3.5
  
Diversified Financials
    
2,898,305
      
0.8
      
2,688,619
      
0.7
  
Diversified Telecommunication Services
    
22,915,391
      
6.1
      
23,137,607
      
6.1
  
Electrical Equipment
    
11,231,435
      
3
      
5,729,737
      
1.5
  
Entertainment
    
18,324,745
      
4.8
      
14,317,635
      
3.8
  
Food Products
    
9,662,293
      
2.6
      
11,608,503
      
3.1
  
Healthcare Providers & Services
    
43,990,733
      
11.6
      
41,162,604
      
10.9
  
Hotels, Restaurants & Leisure
    
4,891,016
      
1.3
      
4,910,952
      
1.3
  
Household Durables
    
4,534,757
      
1.2
      
3,057,209
      
0.8
  
Household Products
    
4,875,685
      
1.3
      
4,990,960
      
1.3
  
IT Services
    
12,433,640
      
3.3
      
12,558,929
      
3.3
  
Leisure Products
    
5,449,787
      
1.4
      
3,230,877
      
0.9
  
Machinery
    
4,547,261
      
1.2
      
4,217,950
      
1.1
  
Media
    
22,096,440
      
5.8
      
26,926,042
      
7.1
  
Personal Products
    
4,360,968
      
1.2
      
4,404,301
      
1.2
  
Professional Services
    
51,365,785
      
13.5
      
58,307,390
      
15.4
  
Software
    
997,284
      
0.3
      
965,151
      
0.3
  
Specialty Retail
     6,609,366       1.7       6,703,118       1.8  
Trading Companies & Distributors
    
15,699,920
      
4.2
      
11,262,596
      
3.0
  
Transportation Infrastructure
     10,193,719       2.7       10,339,453       2.7  
Total
  
$
378,175,594
      
100.0
%
  
$
377,640,318
      
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
%