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Investments
 9 Months Ended
Sep. 30, 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):

   
September 30, 2025
  
   
Amortized Cost
    
Fair Value
  
First Lien Senior Secured Loan
  
$
314,386,934
      
83.7
%
  
$
291,349,481
      
79.9
%
Senior Unsecured Notes
    
5,726,623
      
1.5
      
3,762,345
      
1.0
  
Preferred Equity Securities
    
48,007,727
      
12.8
      
61,501,032
      
16.9
  
Warrants and Other Equity Securities
    
5,058,455
      
1.3
      
5,786,103
      
1.6
  
Fund Investments
    
2,529,567
      
0.7
      
2,120,558
      
0.6
  
Total
  
$
375,709,306
      
100.0
%
  
$
364,519,519
      
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:

   
September 30, 2025
  
   
Amortized Cost
    
Fair Value
  
Southeast
  
$
114,579,360
      
30.5
%
  
$
113,476,788
      
31.2
%
Midwest
    
68,501,816
      
18.2
   
73,015,675
      
20.0
West
     79,461,940       21.1       70,999,402       19.5  
Northeast
    
56,648,743
      
15.1
   
49,309,465
      
13.5
East
    
31,423,397
      
8.4
   
29,210,284
      
8.0
Southwest
    
5,835,340
      
1.6
   
4,677,889
      
1.3
South
    
19,258,710
      
5.1
   
23,830,016
      
6.5
Total
  
$
375,709,306
      
100.0
%
  
$
364,519,519
      
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  
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
%
 
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):

   
September 30, 2025
  
   
Amortized Cost
    
Fair Value
  
Aerospace & Defense
  
$
9,325,376
      
2.4
%
  
$
9,351,999
      
2.6
%
Chemicals
     19,518,108       5.1       19,949,257       5.5  
Commercial Services & Supplies
    
13,863,932
      
3.6
      
14,173,293
      
3.8
Construction & Engineering
    
60,262,828
      
16.0
      
68,840,605
      
18.9
Consumer Finance
    
3,693,524
      
1.0
      
3,762,345
      
1.0
Distributors
    
14,851,256
      
4.0
      
7,325,655
      
2.0
Diversified Financials
    
2,529,567
      
0.7
      
2,120,558
      
0.6
Diversified Telecommunication Services
    
23,196,134
      
6.2
      
22,443,390
      
6.2
Electrical Equipment
    
11,231,595
      
3.0
      
1,324,251
      
0.4
Entertainment
    
18,918,490
      
5.0
      
15,891,665
      
4.4
Food Products
    
9,649,254
      
2.6
      
11,914,587
      
3.3
Healthcare Providers & Services
    
40,222,139
      
10.7
      
38,142,056
      
10.5
Hotels, Restaurants & Leisure
    
7,327,357
      
2.0
      
7,434,846
      
2.0
Household Durables
    
4,534,395
      
1.2
      
3,867,034
      
1.1
Household Products
    
4,074,100
      
1.1
      
4,758,213
      
1.3
IT Services
    
11,937,533
      
3.2
      
11,980,766
      
3.3
Leisure Products
    
5,610,023
      
1.5
      
3,713,764
      
1.0
Machinery
    
4,429,955
      
1.2
      
3,691,347
      
1.0
Media
    
19,878,897
      
5.3
      
20,898,139
      
5.7
Personal Products
    
4,520,876
      
1.2
      
4,518,336
      
1.2
Professional Services
    
50,578,705
      
13.5
      
56,655,467
      
15.5
Software
    
997,283
      
0.3
      
598,549
      
0.2
Specialty Retail
    
6,961,886
      
1.9
      
7,027,968
      
1.9
Trading Companies & Distributors
    
17,704,887
      
4.7
      
14,281,613
      
3.9
Transportation Infrastructure
     9,891,206       2.6       9,853,816       2.7
Total
  
$
375,709,306
      
100.0
%
  
$
364,519,519
      
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
%