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Investments
 3 Months Ended
Mar. 31, 2025
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, 2025
  
   
Amortized Cost
    
Fair Value
  
First Lien Senior Secured Loan
  
$
320,949,728
      
84.2
%
  
$
302,968,264
      
80.6
%
Second Lien Senior Secured Loan
    
6,075,937
      
1.6
   
6,044,612
      
1.6
Senior Secured Notes
     429,780       0.1       417,402       0.1  
Senior Unsecured Notes
    
5,722,843
      
1.5
   
3,699,200
      
1.0
Preferred Equity Securities
    
41,564,803
      
10.9
   
50,798,894
      
13.5
Warrants and Other Equity Securities
    
3,598,027
      
0.9
   
9,021,488
      
2.4
Fund Investments
    
2,898,305
      
0.8
   
2,873,702
      
0.8
Total
  
$
381,239,423
      
100.0
%
  
$
375,823,562
      
100.0
%

   
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
%

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, 2025
  
   
Amortized Cost
    
Fair Value
  
Southeast
  
$
114,976,011
      
30.2
%
  
$
114,482,721
      
30.5
%
Midwest
    
63,685,155
      
16.6
   
67,577,103
      
18.0
West
    76,730,247       20.2       69,635,170       18.5  
Northeast
    
51,767,733
      
13.6
   
46,022,213
      
12.2
East
    
31,434,505
      
8.2
   
29,169,204
      
7.8
Southwest
    
24,732,784
      
6.5
   
26,990,067
      
7.2
South
    
17,912,988
      
4.7
   
21,947,084
      
5.8
Total
  
$
381,239,423
      
100.0
%
  
$
375,823,562
      
100.0
%

   
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  
M idwest
     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
%

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, 2025
  
   
Amortized Cost
    
Fair Value
  
Aerospace & Defense
  
$
8,998,881
      
2.4
%
  
$
8,040,539
      
2.1
%
Chemicals
    14,655,180       3.8       14,775,000       3.9  
Commercial Services & Supplies
    
4,120,866
      
1.1
      
4,020,613
      
1.1
Construction & Engineering
    
85,415,026
      
22.3
      
94,163,254
      
25.0
Consumer Finance
    
3,689,745
      
1.0
      
3,699,200
      
1.0
Distributors
    
14,695,849
      
3.9
      
11,503,094
      
3.1
Diversified Financials
    
2,898,305
      
0.8
      
2,873,702
      
0.8
Diversified Telecommunication Services
    
23,123,220
      
6.1
      
24,004,234
      
6.4
Electrical Equipment
    
11,231,594
      
2.9
      
2,232,912
      
0.6
Entertainment
    
18,798,687
      
4.9
      
14,922,154
      
4.0
Food Products
    
9,655,157
      
2.5
      
11,790,320
      
3.1
Healthcare Providers & Services
    
38,436,305
      
10.1
      
35,613,111
      
9.5
Hotels, Restaurants & Leisure
    
4,872,413
      
1.3
      
4,910,624
      
1.3
Household Durables
    
4,534,241
      
1.2
      
3,723,819
      
1.0
Household Products
    
4,884,839
      
1.3
      
5,268,460
      
1.4
IT Services
    
12,256,920
      
3.2
      
12,366,208
      
3.3
Leisure Products
    
5,493,980
      
1.4
      
3,558,876
      
0.9
Machinery
    
4,481,482
      
1.2
      
4,412,647
      
1.2
Media
    
19,790,178
      
5.2
      
22,017,301
      
5.9
Personal Products
    
4,336,026
      
1.1
      
4,374,124
      
1.2
Professional Services
    
51,155,828
      
13.4
      
58,051,414
      
15.3
Software
    
997,284
      
0.3
      
1,009,349
      
0.3
Specialty Retail
    
6,729,601
      
1.8
      
6,814,742
      
1.8
Trading Companies & Distributors
    
15,774,059
      
4.1
      
11,338,412
      
3.0
Transportation Infrastructure
     10,213,757       2.7       10,339,453       2.8
Total
  
$
381,239,423
      
100.0
%
  
$
375,823,562
      
100.0
%

   
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
      
3.0
      
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
%