Investments (Tables)
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3 Months Ended |
Mar. 31, 2026 |
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| Investments, Debt and Equity Securities [Abstract] |
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| Schedule of Investments |
The composition of the Company’s investments as of March 31, 2026 by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:
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Investment Type |
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Investments at
Amortized Cost |
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Percentage of
Total Portfolio |
|
Investments at
Fair Value |
|
Percentage of
Total Portfolio |
Senior Secured First Lien Debt Investments |
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$129,654,689 |
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72.82% |
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$124,975,214 |
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82.54% |
Unsecured Debt Investments |
|
— |
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—% |
|
— |
|
—% |
Equity, Warrants and Other Investments |
|
48,389,594 |
|
27.18% |
|
26,444,093 |
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17.46% |
Total |
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$178,044,283 |
|
100.00% |
|
$151,419,307 |
|
100.00% |
The composition of the Company’s investments as of December 31, 2025, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:
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Investment Type |
|
Investments at
Amortized Cost |
|
Percentage of
Total Portfolio |
|
Investments at
Fair Value |
|
Percentage of
Total Portfolio |
Senior Secured First Lien Debt Investments |
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$142,061,165 |
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74.59% |
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$139,440,786 |
|
80.76% |
Unsecured Debt Investments |
|
— |
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—% |
|
— |
|
—% |
Equity, Warrants and Other Investments |
|
48,389,594 |
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25.41% |
|
33,218,076 |
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19.24% |
Total |
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$190,450,759 |
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100.00% |
|
$172,658,862 |
|
100.00% |
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| 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 in accordance with the GICS codes at fair value at March 31, 2026 and December 31, 2025:
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March 31, 2026 |
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December 31, 2025 |
Industry Classification |
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Investments at
Fair Value |
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Percentage of
Total Portfolio |
|
Investments at
Fair Value |
|
Percentage of
Total Portfolio |
Professional Services |
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$23,773,287 |
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15.70% |
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$25,034,204 |
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14.50% |
Commercial Services & Supplies |
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17,009,994 |
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11.23% |
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13,625,742 |
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7.89% |
Diversified Consumer Services |
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14,698,114 |
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9.71% |
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14,796,609 |
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8.57% |
IT Services |
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13,955,923 |
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9.22% |
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15,852,380 |
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9.18% |
Specialty Retail |
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11,536,688 |
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7.62% |
|
11,534,603 |
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6.68% |
Containers & Packaging |
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11,183,148 |
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7.39% |
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11,412,949 |
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6.61% |
Insurance |
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10,300,644 |
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6.80% |
|
15,311,902 |
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8.87% |
Trading Companies & Distributors |
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9,643,330 |
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6.37% |
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13,507,873 |
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7.82% |
Entertainment |
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6,739,350 |
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4.45% |
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8,050,639 |
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4.66% |
Food Products |
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6,502,338 |
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4.29% |
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10,131,045 |
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5.87% |
Household Durables |
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5,403,688 |
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3.57% |
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6,094,086 |
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3.53% |
Interactive Media & Services |
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5,390,104 |
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3.56% |
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5,445,000 |
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3.15% |
Consumer Staples Distribution & Retail |
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4,672,317 |
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3.09% |
|
4,622,506 |
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2.68% |
Software |
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4,636,538 |
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3.06% |
|
4,430,155 |
|
2.57% |
Construction & Engineering |
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3,957,780 |
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2.61% |
|
3,844,332 |
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2.23% |
Automobile Components |
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1,737,242 |
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1.15% |
|
1,809,086 |
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1.05% |
Electronic Equipment, Instruments & Components |
|
278,822 |
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0.18% |
|
155,751 |
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0.09% |
Health Care Providers & Services |
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— |
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—% |
|
7,000,000 |
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4.05% |
Total |
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$151,419,307 |
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100.00% |
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$172,658,862 |
|
100.00% |
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| 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, 2026 and December 31, 2025:
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March 31, 2026 |
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December 31, 2025 |
Geographic Region |
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Investments at
Fair Value |
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Percentage of
Total Portfolio |
|
Investments at
Fair Value |
|
Percentage of
Total Portfolio |
U.S. West |
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$48,974,626 |
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32.34% |
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$53,471,338 |
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30.97% |
U.S. Northeast |
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45,374,709 |
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29.97% |
|
48,984,997 |
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28.37% |
U.S. Southwest |
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29,481,198 |
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19.47% |
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29,287,714 |
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16.96% |
U.S. Midwest |
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15,939,889 |
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10.53% |
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16,472,314 |
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9.54% |
U.S. Mid-Atlantic |
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6,258,781 |
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4.13% |
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6,306,512 |
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3.65% |
U.S. Southeast |
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5,390,104 |
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3.56% |
|
18,135,987 |
|
10.51% |
Total |
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$151,419,307 |
|
100.00% |
|
$172,658,862 |
|
100.00% |
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| Schedule of Fair Value Measurements of Assets |
The following table summarizes the classifications within the fair value hierarchy of the Company’s assets and liabilities measured at fair value as of March 31, 2026:
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
Assets |
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Investments |
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Senior Secured First Lien Debt Investments |
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$— |
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$18,826,549 |
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$106,148,665 |
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$124,975,214 |
Unsecured Debt Investments |
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— |
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— |
|
— |
|
— |
Equity, Warrants and Other Investments |
|
— |
|
— |
|
26,444,093 |
|
26,444,093 |
Total Investments |
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$— |
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$18,826,549 |
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$132,592,758 |
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$151,419,307 |
The following table summarizes the classifications within the fair value hierarchy of the Company’s assets and liabilities measured at fair value as of December 31, 2025:
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
Assets |
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Investments |
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Senior Secured First Lien Debt Investments |
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$— |
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$23,462,060 |
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$115,978,726 |
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$139,440,786 |
Unsecured Debt Investments |
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— |
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— |
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— |
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— |
Equity, Warrants and Other Investments |
|
— |
|
— |
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33,218,076 |
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33,218,076 |
Total Investments |
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$— |
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$23,462,060 |
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$149,196,802 |
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$172,658,862 |
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| 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, 2026:
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Senior Secured
First Lien
Debt Investments |
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Unsecured
Debt
Investments |
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Equity, Warrants
and Other
Investments |
|
Total
Investments |
Fair value at December 31, 2025 |
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$115,978,726 |
|
$— |
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$33,218,076 |
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$149,196,802 |
Purchases (including PIK interest) |
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1,189,845 |
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— |
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— |
|
1,189,845 |
Sales and repayments |
|
(9,063,510) |
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— |
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— |
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(9,063,510) |
Amortization |
|
397,429 |
|
— |
|
— |
|
397,429 |
Net realized gains (losses) |
|
— |
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— |
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— |
|
— |
Transfers in |
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— |
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— |
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— |
|
— |
Transfers out |
|
— |
|
— |
|
— |
|
— |
Net change in unrealized (depreciation) appreciation |
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(2,353,825) |
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— |
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(6,773,983) |
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(9,127,808) |
Fair value at March 31, 2026 |
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$106,148,665 |
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$— |
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$26,444,093 |
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$132,592,758 |
Change in unrealized appreciation (depreciation) relating to assets still held as of March 31, 2026 |
|
$(327,467) |
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$— |
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$(6,773,984) |
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$(7,101,451) |
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:
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Senior Secured
First Lien
Debt Investments |
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Unsecured
Debt
Investments |
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Equity, Warrants
and Other
Investments |
|
Total
Investments |
Fair value at December 31, 2024 |
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$137,274,978 |
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$— |
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$36,086,568 |
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$173,361,546 |
Purchases (including PIK interest) |
|
5,382,651 |
|
— |
|
895,696 |
|
6,278,347 |
Sales and repayments |
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(4,083,820) |
|
— |
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— |
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(4,083,820) |
Amortization |
|
281,197 |
|
— |
|
— |
|
281,197 |
Net realized gains (losses) |
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(1,627,282) |
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— |
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— |
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(1,627,282) |
Transfers in |
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— |
|
— |
|
4,949,189 |
|
4,949,189 |
Transfers out |
|
(4,949,189) |
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— |
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— |
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(4,949,189) |
Net change in unrealized (depreciation) appreciation |
|
1,867,981 |
|
— |
|
2,247,390 |
|
4,115,371 |
Fair value at March 31, 2025 |
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$134,146,516 |
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$— |
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$44,178,843 |
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$178,325,359 |
Change in unrealized appreciation (depreciation) relating to assets still held as of March 31, 2025 |
|
$346,345 |
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$— |
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$2,247,391 |
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$2,593,736 |
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| 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.
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Fair Value as of
March 31, 2026 |
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Valuation
Methodology |
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Unobservable
Input(s) |
|
Weighted
Average (2) |
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Range |
Senior Secured First Lien Debt Investments |
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$89,121,309 |
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Income Approach |
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Market Yields |
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11.7% |
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8.00% - 19.87% |
Senior Secured First Lien Debt Investments |
|
1,656,160 |
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Market Comparable Approach |
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EBITDA Multiple |
|
0.3x |
|
0.3x |
Senior Secured First Lien Debt Investments |
|
9,967,508 |
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Recent Transaction |
|
Recent Transaction |
|
N/A |
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N/A |
Senior Secured First Lien Debt Investments |
|
5,403,688 |
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Recovery Analysis |
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Recovery Amount (1) |
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N/A |
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N/A |
Unsecured Debt Investments |
|
— |
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Recovery Analysis |
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Recovery Amount (1) |
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N/A |
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N/A |
Equity, Warrants and Other Investments |
|
26,332,329 |
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Market Comparable Approach |
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EBITDA multiple |
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7.6x |
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0.3x - 17.7x |
Equity, Warrants and Other Investments |
|
111,764 |
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Recent Transaction |
|
Recent Transaction |
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N/A |
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N/A |
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$132,592,758 |
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(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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Fair Value as of
December 31, 2025 |
|
Valuation
Methodology |
|
Unobservable
Input(s) |
|
Weighted
Average (2) |
|
Range |
Senior Secured First Lien Debt Investments |
|
$108,159,290 |
|
Income Approach |
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Market Yields |
|
11.9% |
|
4.6% - 19.59% |
Senior Secured First Lien Debt Investments |
|
1,725,350 |
|
Market Comparable Approach |
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Revenue Multiple |
|
0.35x |
|
0.35x |
Senior Secured First Lien Debt Investments |
|
6,094,086 |
|
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 |
|
4,148,090 |
|
Income Approach |
|
Market Yields |
|
24.1% |
|
24.1% |
Equity, Warrants and Other Investments |
|
23,061,586 |
|
Market Comparable Approach |
|
EBITDA multiple |
|
10.5x |
|
6.1x - 18.2x |
Equity, Warrants and Other Investments |
|
6,008,400 |
|
Market Comparable Approach |
|
Revenue Multiple |
|
1.53x |
|
0.35x - 1.55x |
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|
$149,196,802 |
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(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.
|