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Investments (Tables)

3 Months Ended

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		5.6x		2.1x - 7.9x
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		14.1x		4.5x - 30.3x
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		18.4x		11.5x - 28.4x
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		12.6x		4.7x - 28.4x
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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