Fair Value Measurements Investments (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurements Investments [Abstract]

Fair Value Measurements of Investments, by Major Class

The following tables present fair value measurements of investments, by major class according to the fair value hierarchy.

	Fair Value Measurements
December 31, 2025	Level 1		Level 2		Level 3		Total
First Lien Senior Secured Loan	$	-	$	-	$	300,852,563	$	300,852,563
Senior Unsecured Notes		-		-		3,763,831		3,763,831
Preferred Equity Securities		-		-		62,479,421		62,479,421
Warrants and Other Equity Securities		-		-		6,022,684		6,022,684
Total	$	-	$	-	$	373,118,499	$	373,118,499

	Fair Value Measurements
December 31, 2024	Level 1		Level 2		Level 3		Total
First Lien Senior Secured Loan	$	-	$	-	$	304,120,042	$	304,120,042
Senior Secured Notes		-		-		341,103		341,103
Second Lien Senior Secured Loan		-		-		6,034,048		6,034,048
Senior Unsecured Notes		-		-		3,427,073		3,427,073
Preferred Equity Securities		-		-		53,603,056		53,603,056
Warrants and Other Equity Securities		-		-		7,426,377		7,426,377
Total	$	-	$	-	$	374,951,699	$	374,951,699

Changes in Fair Value of Investments that Use Level 3 Inputs

The following table provides a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the year ended December 31, 2025:

	Investments
	First Lien Senior Secured Loan			Second Lien Senior Secured Loan			Senior Secured Notes			Senior Unsecured Notes		Preferred Equity Securities			Warrants and Other Equity Securities			Fund Investments			Total Investments
Balance as of December 31, 2024	$	304,120,042		$	6,034,048		$	341,103		$	3,427,073	$	53,603,056		$	7,426,377		$	2,688,619		$	377,640,318
Net realized gain/loss on investments		-			-			-			-		1,863,881			2,488,217			-			4,352,098
Net change in unrealized gain (loss) on investments		(11,442,809	)		114,013			-			67,980		549,527			(321,257	)		(394,635	)		(11,427,181	)
Purchases of investments and other adjustments to cost ⁽¹⁾		78,110,127			1,388,643			88,677			268,778		1,623,105			-			-			81,479,330
Proceeds from sales of investments		-			-			-			-		(4,333,421	)		(3,428,168	)		-			(7,761,589	)
Proceeds from principal repayments⁽²⁾		(68,758,118	)		(101,070	)		-			-		-			-			(368,738	)		(69,227,926	)
Lien status change ⁽³⁾		6,371,567			(7,435,634	)		(429,780	)		-		1,493,847			-			-			-
Transfer/Restructuring of Investments		(7,548,246	)		-			-			-		7,679,426			(142,485	)		-			(11,305	)
Balance as of December 31, 2025	$	300,852,563		$	-		$	-		$	3,763,831	$	62,479,421		$	6,022,684		$	1,925,246		$	375,043,745

(1)

Includes purchases of new investments, premium and discount accretion and amortization and PIK interest.

(2)

Includes paydowns receivable included in the Consolidated Statements of Assets and Liabilities.

(3)

Lien conversions are fair valued at beginning of period or at time of restructure.

The following table provides a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the year ended December 31, 2024:

	Investments
	First Lien Senior Secured Loan			Second Lien Senior Secured Loan			Senior Secured Notes		Senior Unsecured Notes			Preferred Equity Securities			Warrants and Other Equity Securities			Fund Investments			Total Investments
Balance as of December 31, 2023	$	319,229,009		$	6,059,372		$	-	$	1,384,446		$	41,804,395		$	5,706,423		$	2,809,327		$	376,992,972
Net realized gain (loss) on investments		-			-			-		-			3,244,977			655,013			-			3,899,990
Net change in unrealized gain (loss) on investments		594,794			131,864			-		(1,384,446	)		341,713			989,683			(120,708	)		552,900
Purchases of investments and other adjustments to cost ⁽¹⁾		51,996,143			52,643			341,103		8,874			4,232,554			-			-			56,631,317
Proceeds from sales of investments		(116,674	)		-			-		-			(4,523,942	)		(655,013	)		-			(5,295,629	)
Proceeds from principal repayments⁽²⁾		(54,914,362	)		(209,831	)		-		-			(17,039	)		-			-			(55,141,232	)
Lien status change ⁽³⁾		(12,668,868	)		-			-		3,418,199			8,520,398			730,271			-			-
Balance as of December 31, 2024	$	304,120,042		$	6,034,048		$	341,103	$	3,427,073		$	53,603,056		$	7,426,377		$	2,688,619		$	377,640,318

(1)

Includes purchases of new investments, premium and discount accretion and amortization and PIK interest.

(2)

Includes paydowns receivable included in the Consolidated Statements of Assets and Liabilities.

(3)

Lien conversions are fair valued at beginning of period or at time of restructure.

Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3

The table below summarizes the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of December 31, 2025.

								Range
	Fair Value		Valuation Technique	Unobservable Input	Weighted Average Mean			Minimum			Maximum
Assets:
First Lien Senior Secured Loans	$	278,977,857	Discounted Cash Flow	Discount Rate		13.7	%		5.9	%		23.9	%
First Lien Senior Secured Loans		23,143,096	Guideline Public Company Method	Revenue Multiple		0.5	x		0.2	x		0.9	x
			Guideline Public Company Method	EBITDA Multiple		11.0	x		10.5	x		11.5	x
First Lien Senior Secured Loans		2,267,252	Transaction Price	N/A		N/A			N/A			N/A
Senior Unsecured Notes		228,189	Discounted Cash Flow	Discount Rate		13.3	%		12.1	%		14.6	%
Preferred Equity Securities		23,887,117	Discounted Cash Flow	Discount Rate		22.8	%		13.0	%		31.5	%
Preferred Equity Securities		28,548,928	Guideline Public Company Method	Revenue Multiple		1.4	x		0.5	x		4.5	x
			Guideline Public Company Method	EBITDA Multiple		8.9	x		4.8	x		25.1	x
Preferred Equity Securities		9,828,998	Guideline Merged & Acquired Company Method	Revenue Multiple		1.7	x		0.5	x		2.5	x
			Guideline Merged & Acquired Company Method	EBITDA Multiple		9.9	x		7.5	x		14.4	x
Preferred Equity Securities		214,378	Transaction Price	N/A		N/A			N/A			N/A
Warrants and Other Equity Securities		203,603	Discounted Cash Flow	Discount Rate		24.0	%		15.5	%		31.5	%
Warrants and Other Equity Securities		5,819,080	Guideline Public Company Method	Revenue Multiple		1.0	x		0.2	x		2.5	x
			Guideline Public Company Method	EBITDA Multiple		9.3	x		4.8	x		13.5	x
Total Level 3 Assets	$	373,118,499

The table below summarizes the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of December 31, 2024.

								Range
	Fair Value		Valuation Technique	Unobservable Input	Weighted Average Mean			Minimum			Maximum
Assets:
First Lien Senior Secured Loan	$	265,968,375	Discounted Cash Flow	Discount Rate		15.1	%		7.7	%		27.5	%
First Lien Senior Secured Loan		14,268,323	Guideline Public Company Method	Revenue Multiple		0.91	x		0.65	x		1.17	x
				EBITDA Multiple		8.74	x		0.53	x		11.24	x
First Lien Senior Secured Loan		23,883,344	Transaction Price	N/A		N/A			N/A			N/A
Second Lien Senior Secured Loan		6,034,048	Discounted Cash Flow	Discount Rate		16.7	%		15.4	%		18.0	%
Senior Secured Note		341,103	Transaction Price	N/A		N/A			N/A			N/A
Senior Unsecured Note		3,427,073	Discounted Cash Flow	Discount Rate		13.8	%		12.5	%		15.0	%
Preferred Equity Securities		16,391,316	Discounted Cash Flow	Discount Rate		23.9	%		15.0	%		44.5	%
Preferred Equity Securities		26,931,469	Guideline Public Company Method	Revenue Multiple		1.42	x		0.40	x		4.60	x
				EBITDA Multiple		10.12	x		6.25	x		16.00	x
				Gross Profit Multiple		2.76	x		2.38	x		3.14	x
Preferred Equity Securities		8,741,809	Guideline Merged & Acquired Company Method	Revenue Multiple		1.69	x		0.50	x		2.50	x
				EBITDA Multiple		9.46	x		7.50	x		12.50	x
Preferred Equity Securities		1,538,462	Transaction Price	N/A		N/A			N/A			N/A
Warrants and Other Equity Securities		214,733	Discounted Cash Flow	Discount Rate		22.9	%		20.0	%		32.5	%
Warrants and Other Equity Securities		7,211,644	Guideline Public Company Method	Revenue Multiple		1.05	x		0.65	x		3.01	x
Total Level 3 Assets	$	374,951,699

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details