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Investments (Tables)

9 Months Ended

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 table 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 table 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		0.21x		0.21x
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		13.1x		4.0x - 34.4x
Equity, Warrants and Other Investments		6,474,372		Market Comparable Approach		Revenue Multiple		1.78x		0.21x - 1.90x
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		18.4x		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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