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Investments (Tables) | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments | The composition of the Company’s investments as of March 31, 2025, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:
Investment Type |  | Investments at Amortized Cost |  | Percentage of Total Portfolio |  | Investments at Fair Value |  | Percentage of Total Portfolio
Senior Secured First Lien Debt Investments |  | $148,444,949 |  | 74.93% |  | $148,269,027 |  | 77.04%
Unsecured Debt Investments |  | — |  | —% |  | — |  | —%
Equity, Warrants and Other Investments |  | 49,661,822 |  | 25.07% |  | 44,178,843 |  | 22.96%
Total |  | $198,106,771 |  | 100.00% |  | $192,447,870 |  | 100.00%
The composition of the Company’s investments as of December 31, 2024, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:
Investment Type |  | Investments at Amortized Cost |  | Percentage of Total Portfolio |  | Investments at Fair Value |  | Percentage of Total Portfolio
Senior Secured First Lien Debt Investments |  | $156,688,970 |  | 78.15% |  | $155,530,390 |  | 81.17%
Unsecured Debt Investments |  | — |  | —% |  | — |  | —%
Equity, Warrants and Other Investments |  | 43,816,937 |  | 21.85% |  | 36,086,568 |  | 18.83%
Total |  | $200,505,907 |  | 100.00% |  | $191,616,958 |  | 100.00%
Schedule of Portfolio Composition by Industry Grouping at Fair Value | The Company uses Global Industry Classification Standard (“GICS”) codes to identify the industry groupings in its portfolio. The following table shows the portfolio composition by industry grouping at fair value at March 31, 2025 and December 31, 2024:
|  | March 31, 2025 |  | December 31, 2024
Industry Classification |  | Investments at Fair Value |  | Percentage of Total Portfolio |  | Investments at Fair Value |  | Percentage of Total Portfolio
Professional Services |  | $29,780,170 |  | 15.47% |  | $27,542,249 |  | 14.37%
Containers & Packaging |  | 17,612,750 |  | 9.15% |  | 20,159,439 |  | 10.52%
Trading Companies & Distributors |  | 16,454,772 |  | 8.55% |  | 16,550,362 |  | 8.64%
Commercial Services & Supplies |  | 15,383,792 |  | 7.99% |  | 12,778,427 |  | 6.67%
IT Services |  | 15,189,781 |  | 7.89% |  | 13,677,485 |  | 7.14%
Insurance |  | 14,748,835 |  | 7.66% |  | 14,883,386 |  | 7.77%
Diversified Consumer Services |  | 13,348,517 |  | 6.94% |  | 13,555,936 |  | 7.07%
Specialty Retail |  | 10,327,633 |  | 5.37% |  | 13,645,186 |  | 7.12%
Food Products |  | 8,862,563 |  | 4.61% |  | 8,948,000 |  | 4.67%
Entertainment |  | 7,793,784 |  | 4.05% |  | 6,356,272 |  | 3.32%
Household Durables |  | 7,587,065 |  | 3.94% |  | 7,664,219 |  | 4.00%
Software |  | 7,561,611 |  | 3.93% |  | 7,130,522 |  | 3.72%
Health Care Providers & Services |  | 6,000,000 |  | 3.12% |  | 6,000,000 |  | 3.13%
Interactive Media & Services |  | 5,444,688 |  | 2.83% |  | 5,472,222 |  | 2.86%
Consumer Staples Distribution & Retail |  | 4,886,653 |  | 2.54% |  | 5,794,191 |  | 3.02%
Construction & Engineering |  | 3,814,036 |  | 1.98% |  | 3,698,210 |  | 1.93%
Hotels, Restaurants & Leisure |  | 2,962,575 |  | 1.54% |  | 2,977,500 |  | 1.56%
Automobile Components |  | 2,887,891 |  | 1.50% |  | 3,014,929 |  | 1.57%
Electronic Equipment, Instruments & Components |  | 1,800,754 |  | 0.94% |  | 1,768,423 |  | 0.92%
Total |  | $192,447,870 |  | 100.00% |  | $191,616,958 |  | 100.00%
Schedule of Portfolio Composition by Geographic Grouping at Fair Value | The following table shows the portfolio composition by geographic grouping at fair value at March 31, 2025 and December 31, 2024:
|  | March 31, 2025 |  | December 31, 2024
Geographic Region |  | Investments at Fair Value |  | Percentage of Total Portfolio |  | Investments at Fair Value |  | Percentage of Total Portfolio
U.S. Northeast |  | $56,115,872 |  | 29.16% |  | $57,924,569 |  | 30.23%
U.S. West |  | 53,369,830 |  | 27.73% |  | 50,821,899 |  | 26.52%
U.S. Southeast |  | 28,895,264 |  | 15.02% |  | 32,190,267 |  | 16.80%
U.S. Midwest |  | 27,040,067 |  | 14.05% |  | 24,291,767 |  | 12.68%
U.S. Southwest |  | 19,383,594 |  | 10.07% |  | 7,712,299 |  | 4.02%
U.S. Mid-Atlantic |  | 7,643,243 |  | 3.97% |  | 14,594,690 |  | 7.62%
International |  | — |  | —% |  | 4,081,467 |  | 2.13%
Total |  | $192,447,870 |  | 100.00% |  | $191,616,958 |  | 100.00%
Schedule of Fair Value Measurements of Assets | The following table summarizes the classifications within the fair value hierarchy of the Company’s assets and liabilities measured at fair value as of March 31, 2025:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |
Senior Secured First Lien Debt Investments |  | $— |  | $14,122,511 |  | $134,146,516 |  | $148,269,027
Unsecured Debt Investments |  | — |  | — |  | — |  | —
Equity, Warrants and Other Investments |  | — |  | — |  | 44,178,843 |  | 44,178,843
Total Investments |  | $— |  | $14,122,511 |  | $178,325,359 |  | $192,447,870
The following table summarizes the classifications within the fair value hierarchy of the Company’s assets and liabilities measured at fair value as of December 31, 2024:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |
Senior Secured First Lien Debt Investments |  | $— |  | $18,255,412 |  | $137,274,978 |  | $155,530,390
Unsecured Debt Investments |  | — |  | — |  | — |  | —
Equity, Warrants and Other Investments |  | — |  | — |  | 36,086,568 |  | 36,086,568
Total Investments |  | $— |  | $18,255,412 |  | $173,361,546 |  | $191,616,958
Reconciliation of Investments Measured at Fair value on a recurring basis using Level 3 inputs | The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2025:
|  | Senior Secured First Lien Debt Investments |  | Equity, Warrants and Other Investments |  | Total Investments
Fair value at December 31, 2024 |  | $137,274,978 |  | $36,086,568 |  | $173,361,546
Purchases (including PIK interest) |  | 5,382,651 |  | 895,696 |  | 6,278,347
Sales and repayments |  | (4,083,820) |  | — |  | (4,083,820)
Amortization |  | 281,197 |  | — |  | 281,197
Net realized gains (losses) |  | (1,627,282) |  | — |  | (1,627,282)
Transfers in |  | — |  | 4,949,189 |  | 4,949,189
Transfers out |  | (4,949,189) |  | — |  | (4,949,189)
Net change in unrealized (depreciation) appreciation |  | 1,867,981 |  | 2,247,390 |  | 4,115,371
Fair value at March 31, 2025 |  | $134,146,516 |  | $44,178,843 |  | $178,325,359
Change in unrealized appreciation (depreciation) relating to assets still held as of March 31, 2025 |  | $346,345 |  | $2,247,391 |  | $2,593,736
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended March 31, 2024:
|  | Senior Secured First Lien Debt Investments |  | Equity, Warrants and Other Investments |  | Total Investments
Fair value at December 31, 2023 |  | $176,208,787 |  | $31,172,766 |  | $207,381,553
Purchases (including PIK interest) |  | 10,026,039 |  | 198,122 |  | 10,224,161
Sales and repayments |  | (26,658,550) |  | — |  | (26,658,550)
Amortization |  | 922,739 |  | — |  | 922,739
Net realized gains (losses) |  | (6,271,968) |  | — |  | (6,271,968)
Transfers in |  | — |  | — |  | —
Transfers out |  | — |  | — |  | —
Net change in unrealized (depreciation) appreciation |  | 6,871,111 |  | (265,765) |  | 6,605,346
Fair value at March 31, 2024 |  | $161,098,158 |  | $31,105,123 |  | $192,203,281
Change in unrealized appreciation (depreciation) relating to assets still held as of March 31, 2024 |  | $(2,413,463) |  | $(1,606,082) |  | $(4,019,545)
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs | In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.
|  | Fair Value as of March 31, 2025 |  | Valuation Methodology |  | Unobservable Input(s) |  | Weighted Average (2) |  | Range
Senior Secured First Lien Debt Investments |  | $118,833,921 |  | Income Approach |  | Market Yields |  | 11.2% |  | 7.8%-18.1%
Senior Secured First Lien Debt Investments |  | 5,351,003 |  | Market Comparable Approach |  | EBITDA Multiple |  | 5.6 x |  | 2.1 x - 7.9 x
Senior Secured First Lien Debt Investments |  | 9,961,592 |  | Recent Transaction |  | Recent Transaction |  | N/A |  | N/A
Unsecured Debt Investments |  | — |  | Recovery Analysis |  | Recovery Amount (1) |  | N/A |  | N/A
Equity, Warrants and Other Investments |  | 7,016,197 |  | Income Approach |  | Market Yields |  | 21.4% |  | 21.4%
Equity, Warrants and Other Investments |  | 32,223,395 |  | Market Comparable Approach |  | EBITDA multiple |  | 14.1 x |  | 4.5 x - 30.3 x
Equity, Warrants and Other Investments |  | 4,939,251 |  | Recent Transaction |  | Recent Transaction |  | N/A |  | N/A
|  | $178,325,359 |  |  |  |  |  |  |  |
(1) Recovery amounts involve various unobservable inputs including probabilities of different recovery scenarios, valuation multiples under such scenarios, and the timing to realize the associated recovery values. (2) Weighted by fair value.
|  | Fair Value as of December 31, 2024 |  | Valuation Methodology |  | Unobservable Input(s) |  | Weighted Average (2) |  | Range
Senior Secured First Lien Debt Investments |  | $102,502,885 |  | Income Approach |  | Market Yields |  | 11.8% |  | 8.7%-18.0%
Senior Secured First Lien Debt Investments |  | 6,080,589 |  | Market Comparable Approach |  | EBITDA Multiple |  | 18.4 x |  | 11.5 x - 28.4 x
Senior Secured First Lien Debt Investments |  | — |  | Market Comparable Approach |  | Revenue Multiple |  | N/A |  | N/A
Senior Secured First Lien Debt Investments |  | 25,611,612 |  | Recent Transaction |  | Recent Transaction |  | N/A |  | N/A
Senior Secured First Lien Debt Investments |  | 3,079,892 |  | Recovery Analysis |  | Recovery Amount (1) |  | N/A |  | N/A
Unsecured Debt Investments |  | — |  | Recovery Analysis |  | Recovery Amount (1) |  | N/A |  | N/A
Equity, Warrants and Other Investments |  | 6,666,774 |  | Income Approach |  | Market Yields |  | 17.4% |  | 17.4%
Equity, Warrants and Other Investments |  | 24,915,384 |  | Market Comparable Approach |  | EBITDA multiple |  | 12.6 x |  | 4.7 x - 28.4 x
Equity, Warrants and Other Investments |  | 4,504,410 |  | Recent Transaction |  | Recent Transaction |  | N/A |  | N/A
|  | $173,361,546 |  |  |  |  |  |  |  |
(1) Recovery amounts involve various unobservable inputs including probabilities of different recovery scenarios, valuation multiples under such scenarios, and the timing to realize the associated recovery values. (2) Weighted by fair value.

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