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Investments (Tables) | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Schedule of Investments | The composition of the Company’s investments as of September 30, 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 |  | $157,420,420 |  | 76.12% |  | $153,618,607 |  | 78.32%
Unsecured Debt Investments |  | — |  | —% |  | — |  | —%
Equity, Warrants and Other Investments |  | 49,389,594 |  | 23.88% |  | 42,516,440 |  | 21.68%
Total |  | $206,810,014 |  | 100.00% |  | $196,135,047 |  | 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 September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |  | December 31, 2024
Industry Classification |  | Investments at Fair Value |  | Percentage of Total Portfolio |  | Investments at Fair Value |  | Percentage of Total Portfolio
Professional Services |  | $26,894,151 |  | 13.71% |  | $27,542,249 |  | 14.37%
Insurance |  | 20,359,926 |  | 10.38% |  | 14,883,386 |  | 7.77%
Containers & Packaging |  | 17,383,189 |  | 8.86% |  | 20,159,439 |  | 10.52%
IT Services |  | 16,740,132 |  | 8.53% |  | 13,677,485 |  | 7.14%
Trading Companies & Distributors |  | 16,431,838 |  | 8.38% |  | 16,550,362 |  | 8.64%
Commercial Services & Supplies |  | 15,269,250 |  | 7.78% |  | 12,778,427 |  | 6.67%
Diversified Consumer Services |  | 13,323,763 |  | 6.79% |  | 13,555,936 |  | 7.07%
Specialty Retail |  | 11,775,944 |  | 6.00% |  | 13,645,186 |  | 7.12%
Food Products |  | 11,661,877 |  | 5.95% |  | 8,948,000 |  | 4.67%
Software |  | 8,609,784 |  | 4.39% |  | 7,130,522 |  | 3.72%
Entertainment |  | 8,095,833 |  | 4.13% |  | 6,356,272 |  | 3.32%
Household Durables |  | 7,556,595 |  | 3.85% |  | 7,664,219 |  | 4.00%
Health Care Providers & Services |  | 6,000,000 |  | 3.06% |  | 6,000,000 |  | 3.13%
Interactive Media & Services |  | 5,444,965 |  | 2.78% |  | 5,472,222 |  | 2.86%
Consumer Staples Distribution & Retail |  | 4,763,724 |  | 2.43% |  | 5,794,191 |  | 3.02%
Construction & Engineering |  | 3,660,265 |  | 1.87% |  | 3,698,210 |  | 1.93%
Automobile Components |  | 2,032,904 |  | 1.04% |  | 3,014,929 |  | 1.57%
Electronic Equipment, Instruments & Components |  | 130,907 |  | 0.07% |  | 1,768,423 |  | 0.92%
Hotels, Restaurants & Leisure |  | — |  | —% |  | 2,977,500 |  | 1.56%
Total |  | $196,135,047 |  | 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 September 30, 2025 and December 31, 2024:
|  | September 30, 2025 |  | December 31, 2024
Geographic Region |  | Investments at Fair Value |  | Percentage of Total Portfolio |  | Investments at Fair Value |  | Percentage of Total Portfolio
U.S. West |  | $55,669,474 |  | 28.38% |  | $50,821,899 |  | 26.52%
U.S. Northeast |  | 54,514,042 |  | 27.80% |  | 57,924,569 |  | 30.23%
U.S. Southwest |  | 32,054,819 |  | 16.34% |  | 14,594,690 |  | 7.62%
U.S. Southeast |  | 23,164,955 |  | 11.81% |  | 32,190,267 |  | 16.80%
U.S. Midwest |  | 22,052,937 |  | 11.24% |  | 24,291,767 |  | 12.68%
U.S. Mid-Atlantic |  | 8,678,820 |  | 4.43% |  | 7,712,299 |  | 4.02%
International |  | — |  | —% |  | 4,081,467 |  | 2.13%
Total |  | $196,135,047 |  | 100.00% |  | $191,616,958 |  | 100.00%
Schedule of Fair Value Measurements of Assets | The following tabl e summarizes the classifications within the fair value hierarchy of the Company’s assets and liabilities measured at fair value as of September 30, 2025:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |
Senior Secured First Lien Debt Investments |  | $— |  | $34,520,607 |  | $119,098,000 |  | $153,618,607
Unsecured Debt Investments |  | — |  | — |  | — |  | —
Equity, Warrants and Other Investments |  | — |  | — |  | 42,516,440 |  | 42,516,440
Total Investments |  | $— |  | $34,520,607 |  | $161,614,440 |  | $196,135,047
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 tabl e provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended September 30, 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) |  | 23,231,946 |  | 1,151,716 |  | 24,383,662
Sales and repayments |  | (18,949,926) |  | (2,729,290) |  | (21,679,216)
Amortization |  | 921,839 |  | — |  | 921,839
Net realized gains (losses) |  | (1,619,698) |  | 2,201,041 |  | 581,343
Transfers in |  | — |  | 4,949,189 |  | 4,949,189
Transfers out |  | (19,707,858) |  | — |  | (19,707,858)
Net change in unrealized (depreciation) appreciation |  | (2,053,281) |  | 857,216 |  | (1,196,065)
Fair value at September 30, 2025 |  | $119,098,000 |  | $42,516,440 |  | $161,614,440
Change in unrealized appreciation (depreciation) relating to assets still held as of September 30, 2025 |  | $(3,153,562) |  | $2,432,636 |  | $(720,926)
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended September 30, 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) |  | 43,582,141 |  | 674,117 |  | 44,256,258
Sales and repayments |  | (64,430,793) |  | — |  | (64,430,793)
Amortization |  | 1,582,325 |  | — |  | 1,582,325
Net realized gains (losses) |  | (12,157,003) |  | — |  | (12,157,003)
Transfers in |  | — |  | — |  | —
Transfers out |  | — |  | — |  | —
Net change in unrealized (depreciation) appreciation |  | 12,033,374 |  | 1,476,445 |  | 13,509,819
Fair value at September 30, 2024 |  | $156,818,831 |  | $33,323,328 |  | $190,142,159
Change in unrealized appreciation (depreciation) relating to assets still held as of September 30, 2024 |  | $12,033,377 |  | $1,476,444 |  | $13,509,821
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 September 30, 2025 |  | Valuation Methodology |  | Unobservable Input(s) |  | Weighted Average (2) |  | Range
Senior Secured First Lien Debt Investments |  | $116,928,979 |  | Income Approach |  | Market Yields |  | 11.4% |  | 7.8% - 17.3%
Senior Secured First Lien Debt Investments |  | 1,584,560 |  | Market Comparable Approach |  | Revenue Multiple |  | 0.21 x |  | 0.21 x
Senior Secured First Lien Debt Investments |  | — |  | Recent Transaction |  | Recent Transaction |  | N/A |  | N/A
Senior Secured First Lien Debt Investments |  | 584,461 |  | 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 |  | 6,451,129 |  | Income Approach |  | Market Yields |  | 19.6% |  | 19.6%
Equity, Warrants and Other Investments |  | 29,590,939 |  | Market Comparable Approach |  | EBITDA multiple |  | 13.1 x |  | 4.0 x - 34.4 x
Equity, Warrants and Other Investments |  | 6,474,372 |  | Market Comparable Approach |  | Revenue Multiple |  | 1.78 x |  | 0.21 x - 1.90 x
Equity, Warrants and Other Investments |  | — |  | Recovery Analysis |  | Recovery Amount (1) |  | N/A |  | N/A
|  | $161,614,440 |  |  |  |  |  |  |  |
(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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