Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments [Abstract]

Portfolio 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, 2026
	Amortized Cost				Fair Value
First Lien Senior Secured Loan	$	319,324,997	82.8	%	$	302,130,532	79.1	%
Senior Unsecured Notes		5,708,334	1.5			3,698,085	1.0
Preferred Equity Securities		55,646,337	14.4			67,974,382	17.8
Warrants and Other Equity Securities		2,515,593	0.7			6,281,368	1.6
Fund Investments		2,448,669	0.6			1,925,246	0.5
Total	$	385,643,930	100.0	%	$	382,009,613	100.0	%

	December 31, 2025
	Amortized Cost				Fair Value
First Lien Senior Secured Loan	$	324,763,756	83.8	%	$	300,852,563	80.2	%
Senior Unsecured Notes		5,728,949	1.5			3,763,831	1.0
Preferred Equity Securities		51,468,339	13.3			62,479,421	16.7
Warrants and Other Equity Securities		2,515,593	0.7			6,022,684	1.6
Fund Investments		2,529,567	0.7			1,925,246	0.5
Total	$	387,006,204	100.0	%	$	375,043,745	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, 2026
	Amortized Cost				Fair Value
Southeast	$	101,536,129	26.3	%	$	109,565,719	28.7	%
Midwest		63,588,068	16.5			68,062,389	17.8
West		102,295,678	26.5			93,384,317	24.4
Northeast		59,169,112	15.3			51,430,101	13.5
East		31,441,055	8.2			29,099,221	7.6
Southwest		8,040,827	2.1			6,572,864	1.7
South		19,573,061	5.1			23,895,002	6.3
Total	$	385,643,930	100.0	%	$	382,009,613	100.0	%

	December 31, 2025
	Amortized Cost				Fair Value
Southeast	$	105,532,002	27.2	%	$	103,998,979	27.7	%
Midwest		60,910,065	15.7			64,907,855	17.3
West		103,275,095	26.8			94,822,761	25.3
Northeast		58,378,552	15.1			50,530,770	13.5
East		31,403,307	8.1			29,612,464	7.9
Southwest		7,836,636	2.0			6,830,412	1.8
South		19,670,547	5.1			24,340,504	6.5
Total	$	387,006,204	100.0	%	$	375,043,745	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, 2026
	Amortized Cost				Fair Value
Aerospace & Defense	$	9,322,266	2.4	%	$	9,428,950	2.5	%
Building Products		2,057,903	0.5			2,126,879	0.6
Chemicals		19,467,289	5.0			19,848,031	5.2
Commercial Services & Supplies		13,905,644	3.6			14,063,487	3.7
Construction & Engineering		69,097,029	18.0			81,054,857	21.2
Consumer Finance		3,675,236	1.0			3,698,085	1.0
Distributors		7,013,952	1.8			7,013,954	1.8
Diversified Financials		2,448,669	0.6			1,925,246	0.5
Diversified Telecommunication Services		23,315,782	6			20,514,218	5.4
Electrical Equipment		11,202,756	2.9			-	0.0
Entertainment		33,120,128	8.7			31,282,035	8.2
Food Products		9,627,806	2.5			11,976,037	3.1
Healthcare Providers & Services		42,019,005	10.9			40,190,344	10.5
Hotels, Restaurants & Leisure		8,103,205	2.1			8,402,226	2.2
Household Durables		4,534,395	1.2			3,867,034	1.0
Household Products		13,146,291	3.4			14,085,320	3.7
Leisure Products		5,730,322	1.5			3,379,042	0.9
Machinery		4,382,029	1.1			2,942,355	0.8
Media		19,025,011	4.9			20,423,991	5.3
Personal Products		4,520,496	1.2			4,522,415	1.2
Professional Services		43,541,682	11.3			49,217,599	12.9
Software		997,284	0.3			417,215	0.1
Specialty Retail		6,987,462	1.8			7,035,076	1.8
Trading Companies & Distributors		18,598,542	4.8			15,238,852	4.0
Transportation Infrastructure		9,803,746	2.5			9,356,365	2.4
Total	$	385,643,930	100.0	%	$	382,009,613	100.0	%