v3.25.2
Condensed Consolidated Statements of Assets and Liabilities - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Investments at fair value:    
Total Investments (cost of $243,500,957 and $256,809,654, respectively) $ 243,798,547 $ 209,380,742
Cash 49,852,801 20,035,640
Restricted cash 38,741
Escrow proceeds receivable 45,298
Interest and dividends receivable 104,098 756,022
Deferred financing costs 555,688 526,261
Prepaid expenses and other assets [1] 703,349 855,630
Total Assets 295,053,224 231,599,593
LIABILITIES    
6.00% Notes due December 30, 2026 [2] 39,354,847 44,198,838
6.50% Convertible Notes due August 14, 2029 [3] 34,010,638 29,051,408
Accounts payable and accrued expenses [1] 2,278,144 768,394
Dividends payable 8,867
Total Liabilities 75,643,629 74,027,507
Net Assets 219,409,595 157,572,086
NET ASSETS    
Common stock, par value $0.01 per share (100,000,000 authorized; 23,888,107 and 23,601,566 issued and outstanding, respectively) 238,881 236,016
Paid-in capital in excess of par 226,892,721 226,579,432
Accumulated net investment loss (11,686,121) (4,302,192)
Accumulated net realized gain/(loss) on investments, net of distributions 3,769,690 (17,409,097)
Accumulated net unrealized appreciation/(depreciation) of investments 194,424 (47,532,073)
Net Assets $ 219,409,595 $ 157,572,086
NAV Per Share $ 9.18 $ 6.68
Non Controlled Non Affiliate Investments [Member]    
Investments at fair value:    
Total Investments (cost of $243,500,957 and $256,809,654, respectively) $ 215,044,675 $ 198,511,915
Non-Controlled Affiliate Investments [Member]    
Investments at fair value:    
Total Investments (cost of $243,500,957 and $256,809,654, respectively) 8,456,422 9,268,827
Controlled Investments [Member]    
Investments at fair value:    
Total Investments (cost of $243,500,957 and $256,809,654, respectively) $ 20,297,450 $ 1,600,000
[1] This balance includes a right of use asset and corresponding operating lease liability, respectively. Refer to “Note 7—Commitments and Contingencies—Operating Leases and Related Deposits” for more detail.
[2] As of June 30, 2025, the 6.00% Notes due December 30, 2026 (the “6.00% Notes due 2026”) (effective interest rate of 6.52%) had a face value $39,667,650. As of December 31, 2024, the 6.00% Notes due 2026 (effective interest rate of 6.48%) had a face value $44,667,400. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.
[3] As of June 30, 2025, the 6.50% Convertible Notes due August 14, 2029 (the “6.50% Convertible Notes due 2029”) (effective interest rate of 7.17%) had a face value $35,000,000. As of December 31, 2024, the 6.50% Convertible Notes due 2029 (effective interest rate of 7.06%) had a face value $30,000,000. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.