v3.25.1
Investments
 3 Months Ended
Mar. 31, 2025
Investments, All Other Investments [Abstract]  
Investments

Note 4. Investments

 

In accordance with the provisions of the 1940 Act, the Company classifies investments by level of control. As defined in the 1940 Act, “Controlled Investments” are investments in those companies that the Company is deemed to “Control.” “Affiliated Investments” are investments in those companies that are “Affiliated Persons” of the Company, as defined in the 1940 Act, other than Control Investments. “Non-Controlled / Non-Affiliated Investments” are those that are neither Controlled Investments nor Affiliated Investments. Generally, under the 1940 Act, the Company is deemed to control a company in which it has invested if the Company owns more than 25.0% of the voting securities (i.e., securities with the right to elect directors) and/or has the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Affiliated Investments” that are not otherwise “Controlled Investments” are defined as investments in which the Company owns at least 5.0%, up to 25.0% (inclusive), of the voting securities and does not have the power to exercise control over the management or policies of such portfolio company. Generally, under the 1940 Act, “Non-Controlled / Non-Affiliated Investments” are defined as investments in which the Company owns less than 5.0% of the voting securities of such portfolio company. All of the Company’s investments are deemed Non-Controlled / Non-Affiliated as of March 31, 2025.

 

The composition of the Company’s investment portfolio at cost and fair value was as follows:

 

                       
    March 31, 2025  
    Cost     Fair Value     % of Total
Investments
at Fair Value		  
First lien senior secured term loans   $ 50,344,414     $ 50,344,414       92.7 %
Warrants     3,972,834       3,961,525       7.3 %
Total   $ 54,317,248     $ 54,305,939       100.0 %

 

Refer to Note 5 – Fair Value Measurements for additional information on the fair value of the Company’s investments.

 

The industry composition of investments at fair value was as follows:

 

                       
    March 31, 2025  
    Cost     Fair Value     % of Total
Investments
at Fair Value		  
Education   $ 5,899,908     $ 5,899,908       10.9 %
Food & Beverage     2,972,500       2,972,500       5.5 %
Health & Wellness     12,644,179       12,644,179       23.3 %
Technology – Aerospace     4,460,924       4,460,924       8.2 %
Technology – Business     8,498,429       8,487,120       15.6 %
Technology – Consumer     4,022,087       4,022,087       7.4 %
Technology – Health & Wellness     2,951,688       2,951,688       5.4 %
Technology – Marketplace     12,867,533       12,867,533       23.7 %
Total   $ 54,317,248       54,305,939       100.0 %

 

 

As of March 31, 2025 and for the period from the Commencement of Operations through March 31, 2025, the Company had the following portfolio companies that individually accounted for 10% or more of the Company’s aggregate total assets or investment income:

 

               
Portfolio Company  

Percentage of
Total Investment Income for period from

the Commencement of Operations through March 31,
2025

     Percentage of
Total Assets as of
March 31,
2025		  
Youth Opportunity Investments, LLC     22.3 %     10.7 %
FanFixApp, LLC     19.4 %     15.9 %

 

There were no transactions related to investments in controlled / affiliated or non-controlled / affiliated companies for the period from the Commencement of Operations through March 31, 2025.