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PORTFOLIO INVESTMENTS AND FAIR VALUE (Tables)
12 Months Ended
Dec. 31, 2025
PORTFOLIO INVESTMENTS AND FAIR VALUE  
Schedule of total fair value and cost of investments

At December 31, 2025, the Company had investments in 74 portfolio companies. The total cost and fair value of the investments were $396,791,982, and $400,131,924, respectively. The composition of our investments as of December 31, 2025 is as follows:

  ​ ​ ​

Cost

  ​ ​ ​

Fair Value

Senior Secured – First Lien(1)

$

378,828,458

$

376,249,762

Unsecured Debt

27,731

30,447

Equity

 

17,935,793

23,851,715

Total Investments

$

396,791,982

$

400,131,924

(1)Includes unitranche investments, which may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. Our unitranche loans may expose us to certain risk associated with second lien and subordinated loans to the extent we invest in the “last-out” portion of the unitranche loans which account for 6.4% of our portfolio at fair value.

At December 31, 2024, the Company had investments in 59 portfolio companies. The total cost and fair value of the investments were $297,791,269, and $300,732,065, respectively. The composition of our investments as of December 31, 2024 is as follows:

  ​ ​ ​

Cost

  ​ ​ ​

Fair Value

Senior Secured – First Lien(1)

$

284,068,534

$

283,482,729

Unsecured Debt

96,106

90,413

Equity

 

13,626,629

17,158,923

Total Investments

$

297,791,269

$

300,732,065

(1)Includes unitranche investments, which may combine characteristics of first lien senior secured, as well as second lien and/or subordinated loans. Our unitranche loans may expose us to certain risk associated with second lien and
subordinated loans to the extent we invest in the “last-out” portion of the unitranche loans which account for 3.1% of our portfolio at fair value.
Schedule of fair values of investments disaggregated into three levels of fair value hierarchy

The fair values of our investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of December 31, 2025 were as follows:

  ​ ​ ​

Quoted Prices

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

in Active

Markets

Significant Other

Significant

for Identical

Observable

Unobservable

Securities

Inputs

Inputs

(Level 1)

(Level 2)

(Level 3)

Total

Senior Secured – First Lien

$

$

$

376,249,762

$

376,249,762

Unsecured Debt

30,447

30,447

Equity

 

 

 

23,851,715

 

23,851,715

Total Investments

$

$

$

400,131,924

$

400,131,924

The fair values of our investments disaggregated into the three levels of the fair value hierarchy based upon the lowest level of significant input used in the valuation as of December 31, 2024 were as follows:

  ​ ​ ​

Quoted Prices

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

in Active

Markets

Significant Other

Significant

for Identical

Observable

Unobservable

Securities

Inputs

Inputs

(Level 1)

(Level 2)

(Level 3)

Total

Senior Secured – First Lien

$

$

$

283,482,729

$

283,482,729

Unsecured Debt

90,413

90,413

Equity

 

 

 

17,158,923

 

17,158,923

Total Investments

$

$

$

300,732,065

$

300,732,065

Schedule of aggregate values of Level 3 portfolio investments change

The aggregate values of Level 3 portfolio investments change during the year ended December 31, 2025 were as follows:

  ​ ​ ​

Senior Secured

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Loans-First

Unsecured

Total

Lien

Debt

Equity

Investments

Fair value at December 31, 2024

$

283,482,729

$

90,413

$

17,158,923

$

300,732,065

Purchases of investments

 

130,233,400

 

27,731

 

5,395,417

 

135,656,548

Payment-in-kind interest

 

304,661

 

8,349

 

 

313,010

Sales and Redemptions

 

(36,799,976)

 

(104,456)

 

(2,553,430)

 

(39,457,862)

Realized gain on investment

 

 

1,467,178

 

1,467,178

Change in unrealized (depreciation) appreciation on investments included in earnings

 

(1,992,891)

 

545

 

2,371,177

 

378,831

Change in unrealized appreciation on foreign currency translation included in earnings

 

 

7,865

 

12,450

 

20,315

Amortization of premium and accretion of discount, net

 

1,021,839

 

 

 

1,021,839

Fair value at December 31, 2025

$

376,249,762

$

30,447

$

23,851,715

$

400,131,924

There were no transfers into or out of Level 3 during the year ended December 31, 2025.

The aggregate values of Level 3 portfolio investments change during the year ended December 31, 2024 were as follows:

  ​ ​ ​

Senior Secured

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

Loans-First

Unsecured

Total

Lien

Debt

Equity

Investments

Fair value at December 31, 2023

$

197,292,058

$

17,730

$

11,264,290

$

208,574,078

Purchases of investments

 

115,327,846

 

77,120

 

4,400,217

 

119,805,183

Payment-in-kind interest

 

1,058,247

 

1,569

 

 

1,059,816

Sales and Redemptions

 

(30,024,338)

 

 

(241,720)

 

(30,266,058)

Realized gain on investment

 

 

 

Change in unrealized (depreciation) appreciation on investments included in earnings

 

(849,653)

 

(787)

 

1,756,674

 

906,234

Change in unrealized depreciation on foreign currency translation included in earnings

 

 

(5,219)

 

(20,538)

 

(25,757)

Amortization of premium and accretion of discount, net

 

678,569

 

 

 

678,569

Fair value at December 31, 2024

$

283,482,729

$

90,413

$

17,158,923

$

300,732,065

Summary of geographical concentration of investment portfolio

The following is a summary of geographical concentration of our investment portfolio as of December 31, 2025:

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

% of Total

 

Investments at

Cost

Fair Value

Fair Value

 

Florida

$

57,346,045

$

56,972,075

 

14.24

%

Texas

46,485,820

48,069,165

 

12.01

%

New York

46,235,480

47,639,398

 

11.91

%

California

36,369,556

36,736,941

 

9.18

%

Pennsylvania

20,165,108

21,484,667

 

5.37

%

Colorado

16,762,744

16,813,411

 

4.20

%

Canada

15,116,097

15,040,778

 

3.76

%

Illinois

17,990,126

14,729,856

 

3.68

%

Iowa

12,312,643

12,336,066

 

3.08

%

Virginia

11,786,284

11,958,881

 

2.99

%

United Kingdom

12,111,013

11,899,148

 

2.97

%

Arizona

10,470,434

11,317,450

 

2.83

%

Ohio

9,659,944

10,861,854

 

2.71

%

Maryland

10,030,046

9,851,468

 

2.46

%

North Carolina

9,039,546

9,223,446

 

2.31

%

Tennessee

9,983,962

9,098,223

 

2.27

%

Massachusetts

7,698,233

7,730,587

 

1.93

%

Minnesota

7,537,398

7,648,754

 

1.91

%

Oregon

7,281,723

7,589,802

 

1.90

%

Michigan

7,270,222

7,392,085

 

1.85

%

Missouri

5,046,536

5,139,186

 

1.28

%

Louisiana

4,487,910

4,553,598

 

1.14

%

District of Columbia

4,151,925

4,389,381

 

1.10

%

Idaho

4,218,163

4,235,256

 

1.06

%

Georgia

2,389,702

2,431,144

 

0.61

%

South Carolina

2,223,836

2,282,058

 

0.57

%

New Jersey

2,290,508

2,262,230

 

0.57

%

Wisconsin

330,978

445,016

 

0.11

%

Total Investments

$

396,791,982

$

400,131,924

 

100.00

%

The following is a summary of geographical concentration of our investment portfolio as of December 31, 2024:

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

% of Total

 

Investments at

Cost

Fair Value

Fair Value

 

Florida

$

57,653,478

$

55,449,024

 

18.44

%

Texas

39,654,155

41,816,027

 

13.90

%

New York

32,574,086

33,418,762

 

11.11

%

Illinois

16,351,628

16,234,004

 

5.40

%

California

14,388,867

14,576,642

 

4.85

%

Pennsylvania

13,383,388

14,037,912

 

4.67

%

Canada

12,303,300

12,339,763

 

4.10

%

United Kingdom

12,153,794

12,093,869

 

4.02

%

Tennessee

9,981,310

10,070,962

 

3.35

%

Colorado

9,759,942

9,834,101

 

3.27

%

Arizona

8,870,299

9,287,842

 

3.09

%

Maryland

9,297,302

9,134,501

 

3.04

%

Ohio

8,373,385

8,775,516

 

2.92

%

Wisconsin

6,453,254

6,734,750

 

2.24

%

Iowa

6,282,877

6,282,877

 

2.09

%

Massachusetts

5,954,032

5,927,889

 

1.97

%

Michigan

5,255,092

5,295,406

 

1.76

%

Idaho

5,234,830

5,264,442

 

1.75

%

Louisiana

4,520,330

4,590,651

 

1.53

%

District of Columbia

4,177,673

4,177,673

 

1.39

%

Missouri

4,058,101

4,101,329

 

1.36

%

Virginia

3,718,318

3,738,884

 

1.24

%

North Carolina

3,307,812

3,307,813

 

1.10

%

South Carolina

2,219,069

2,292,030

 

0.76

%

Georgia

1,533,969

1,539,843

 

0.51

%

Indiana

330,978

409,553

 

0.14

%

Total Investments

$

297,791,269

$

300,732,065

 

100.00

%

Summary of industry concentration of investment portfolio

The following is a summary of industry concentration of our investment portfolio as of December 31, 2025:

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

% of Total

 

Investments at

Cost

Fair Value

Fair Value

 

Services: Business

$

89,567,846

$

88,693,867

 

22.18

%

High Tech Industries

49,010,176

50,269,878

 

12.56

%

Healthcare & Pharmaceuticals

48,453,123

49,442,697

 

12.36

%

Capital Equipment

39,615,369

41,025,852

 

10.25

%

Media: Advertising, Printing & Publishing

25,391,544

24,600,455

 

6.15

%

Construction & Building

22,265,430

22,580,411

 

5.64

%

Services: Consumer

20,534,718

20,334,410

 

5.08

%

Consumer Goods: Non-Durable

17,729,105

19,164,105

 

4.79

%

Beverage & Food

16,571,541

16,445,790

 

4.11

%

Chemicals, Plastics, & Rubber

14,236,397

14,131,809

 

3.53

%

Media: Diversified & Production

12,111,013

11,899,148

 

2.97

%

Consumer Goods: Durable

8,379,684

8,649,708

 

2.16

%

Energy: Oil & Gas

8,144,225

8,500,887

 

2.12

%

Environmental Industries

7,603,889

7,162,621

 

1.79

%

Retail

6,547,870

6,545,924

 

1.64

%

Wholesale

5,886,684

5,873,214

 

1.47

%

Hotel, Gaming, & Leisure

4,743,368

4,811,148

 

1.20

%

Total Investments

$

396,791,982

$

400,131,924

 

100.00

%

The following is a summary of industry concentration of our investment portfolio as of December 31, 2024:

  ​ ​ ​

  ​ ​ ​

  ​ ​ ​

% of Total

 

Investments at

Cost

Fair Value

Fair Value

 

Services: Business

$

50,117,721

$

51,333,196

 

17.06

%

High Tech Industries

37,580,707

38,418,760

 

12.78

%

Healthcare & Pharmaceuticals

33,078,396

33,123,393

 

11.01

%

Capital Equipment

26,634,637

27,544,790

 

9.16

%

Consumer Goods: Non-Durable

19,459,391

20,424,922

 

6.79

%

Media: Advertising, Printing & Publishing

19,321,733

19,051,900

 

6.34

%

Services: Consumer

19,416,695

17,380,571

 

5.78

%

Chemicals, Plastics, & Rubber

17,043,322

17,041,973

 

5.67

%

Beverage & Food

13,801,250

13,952,930

 

4.64

%

Construction & Building

13,290,426

13,638,879

 

4.54

%

Media: Diversified & Production

12,153,794

12,093,869

 

4.02

%

Environmental Industries

9,482,195

9,782,473

 

3.25

%

Consumer Goods: Durable

8,562,343

8,638,156

 

2.87

%

Energy: Oil & Gas

7,800,160

8,232,957

 

2.74

%

Retail

6,293,227

6,252,832

 

2.08

%

Hotel, Gaming, & Leisure

3,755,272

3,820,464

 

1.27

%

Total Investments

$

297,791,269

$

300,732,065

 

100.00

%

Schedule of quantitative information about Level 3 fair value measurements

The following provides quantitative information about Level 3 fair value measurements as of December 31, 2025. During the year ended December 31, 2025, investments valued at $38,232,306 changed valuation methods from transaction value to the income and market approaches due to the transaction price no longer being reflective of current market conditions.

Description:

  ​ ​ ​

Fair Value

  ​ ​ ​

Valuation Technique

  ​ ​ ​

Unobservable Inputs

  ​ ​ ​

Range (Average)(1)(3)

First lien debt

$

344,531,359

Income approach(2)

 

HY credit spreads

-1.89% to 11.20% (-0.22%)

 

 

Risk free rates

-1.00% to 1.71% (-0.31%)

$

12,586,559

Market approach(2)

 

Market multiples

8.0x to 8.4x (8.2x)(4)

$

19,131,844

Transaction value

Transaction price

N/A

Unsecured debt

$

30,447

Income approach

HY credit spreads

-0.59% to -0.59% (-0.59%)

Risk free rates

-0.31% to -0.31% (-0.31%)

Equity investments

$

19,439,073

 

Market approach(5)

 

EBITDA multiple

3.2x to 18.2x (10.8x)

Revenue multiple

7.5x to 7.5x (7.5x)

$

4,412,642

Transaction value

Transaction price

N/A

Total Long Term Level 3 Investments

$

400,131,924

(1)Weighted average based on fair value as of December 31, 2025.
(2)Income approach is based on discounting future cash flows using an appropriate market yield.
(3)The Company calculates the price of the loan by discounting future cash flows, which include forecasted future rates based on the published forward curve at the valuation date, using an appropriate yield calculated as of the valuation date. This yield is calculated based on the loan’s yield at the original investment and is adjusted as of the valuation date based on changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors could result in a significantly lower or higher fair value measurement. As an example, the “Range (Average)” for first lien debt instruments in the table above indicates that the change in the HY spreads between the date a loan closed, and the valuation date ranged from (1.89)% ( (189) basis points) to 11.20% (1120 basis points). The weighted average of all changes was (0.22)% ( (22) basis points).
(4)Median of LTM (last twelve months) EBITDA multiples of comparable companies.
(5)The primary significant unobservable input used in the fair value measurement of the Company’s equity investments is the EBITDA multiple (the “Multiple”). Significant increases (decreases) in the Multiple in isolation could result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiple, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach.

The following provides quantitative information about Level 3 fair value measurements as of December 31, 2024:

Description:

  ​ ​ ​

Fair Value

  ​ ​ ​

Valuation Technique

  ​ ​ ​

Unobservable Inputs

  ​ ​ ​

Range (Average)(1)(3)

First lien debt

$

247,874,246

Income approach(2)

 

HY credit spreads

-2.58% to 7.72% (-0.66%)

 

 

Risk free rates

-0.41% to 2.38% (0.36%)

Market approach(2)

 

Market multiples

4.6x to 23.4x (13.4x)(4)

$

35,608,483

Transaction value

Transaction price

N/A

Unsecured debt

$

90,413

Transaction value

Transaction price

N/A

Equity investments

$

14,923,447

 

Market approach(5)

 

EBITDA multiple

5.2x to 18.3x (11.1x)

$

2,235,476

Transaction value

Transaction price

N/A

 

Total Long Term Level 3 Investments

$

300,732,065

(1)Weighted average based on fair value as of December 31, 2024.
(2)Income approach is based on discounting future cash flows using an appropriate market yield.
(3)The Company calculates the price of the loan by discounting future cash flows, which include forecasted future rates based on the published forward curve at the valuation date, using an appropriate yield calculated as of the valuation date. This yield is calculated based on the loan’s yield at the original investment and is adjusted as of the valuation date based on changes in comparable credit spreads, changes in risk free interest rates (per swap rates), and changes in credit quality (via an estimated shadow rating). Significant movements in any of these factors could result in a significantly lower or higher fair value measurement. As an example, the “Range (Average)” for first lien debt instruments in the table above indicates that the change in the HY spreads between the date a loan closed, and the valuation date ranged from (2.58)% ( (258) basis points) to 7.72% (772 basis points). The average of all changes was (0.66)% ( (66) basis points).
(4)Median of LTM (last twelve months) EBITDA multiples of comparable companies.
(5)The primary significant unobservable input used in the fair value measurement of the Company’s equity investments is the EBITDA multiple (the “Multiple”). Significant increases (decreases) in the Multiple in isolation could result in a significantly higher (lower) fair value measurement. To determine the Multiple for the market approach, the Company considers current market trading and/or transaction multiple, portfolio company performance (financial ratios) relative to public and private peer companies and leverage levels, among other
factors. Changes in one or more of these factors can have a similar directional change on other factors in determining the appropriate Multiple to use in the market approach.