The following table summarizes the composition of the Company’s investment portfolio at amortized cost and fair value as of June 30, 2025 and December 31, 2024:


	June 30, 2025				December 31, 2024
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Senior Secured Loans	$	481,739,699	$	460,499,922	$	521,570,752	$	511,948,518
Equity		12,078,810		7,588,875		9,748,921		5,961,599
Total Investments	$	493,818,509	$	468,088,797	$	531,319,673	$	517,910,117

Generally, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities. As of June 30, 2025 and December 31, 2024, the Company did not “control” and was not an “affiliated person” of any of its portfolio companies, each as defined in the 1940 Act.

The following tables summarize the industry and geographic composition of the Company’s investment portfolio based on fair value as of June 30, 2025 and December 31, 2024:


	June 30, 2025					December 31, 2024
	Fair Value		Percentage			Fair Value		Percentage
Aerospace & Defense	$	—		—	%	$	811,879		0.2	%
Automotive		16,664,025		3.6	%		5,368,036		1.0	%
Beverage, Food & Tobacco		15,334,510		3.3	%		13,466,798		2.6	%
Business Services		75,079,144		16.0	%		99,980,747		19.3	%
Chemicals		2,974,701		0.6	%		7,829,040		1.5	%
Construction & Building		21,147,575		4.5	%		13,408,154		2.6	%
Consumer Goods: Durable		43,061,142		9.2	%		46,159,906		8.9	%
Consumer Goods: Non-durable		15,021,087		3.2	%		25,889,462		5.0	%
Consumer Services		8,636,958		1.8	%		9,112,325		1.8	%
Containers, Packaging & Glass		236,397		0.1	%		241,948	— (1)
Environmental Industries		2,511,894		0.5	%		—		—	%
Financial Services		11,944,777		2.6	%		11,871,330		2.3	%
Forest Products & Paper		10,646,389		2.3	%		10,668,898		2.1	%
Healthcare & Pharmaceuticals		86,959,574		18.6	%		86,537,327		16.7	%
High Tech Industries		86,108,990		18.4	%		97,769,103		18.9	%
Insurance		32,915,791		7.0	%		34,162,653		6.6	%
Sovereign & Public Finance		4,918,290		1.1	%		19,955,019		3.9	%
Telecommunications		1,005,172		0.2	%		—		—	%
Transportation: Cargo		24,147,133		5.2	%		24,351,758		4.7	%
Wholesale		8,775,248		1.8	%		10,325,734		1.9	%
Total Investments	$	468,088,797		100.0	%	$	517,910,117		100.0	%

(1)

Represents less than 0.1%.


	June 30, 2025					December 31, 2024
	Fair Value		Percentage			Fair Value		Percentage
United States	$	460,312,346		98.3	%	$	517,910,117		100.0	%
United Kingdom		3,763,931		0.8	%		—		—	%
Canada		4,012,520		0.9	%		—		—	%
Total Investments	$	468,088,797		100.0	%	$	517,910,117		100.0	%

The following table summarizes the fair value hierarchy of the Company’s investment portfolio as of June 30, 2025:


	Level 1		Level 2		Level 3		Total
Senior Secured Loans	$	—	$	129,460,295	$	331,039,627	$	460,499,922
Equity		—		—		7,588,875		7,588,875
Total Investments	$	—	$	129,460,295	$	338,628,502	$	468,088,797

The following table summarizes the fair value hierarchy of the Company’s investment portfolio as of December 31, 2024:


	Level 1		Level 2		Level 3		Total
Senior Secured Loans	$	—	$	107,813,248	$	404,135,270	$	511,948,518
Equity		—		—		5,961,599		5,961,599
Total Investments	$	—	$	107,813,248	$	410,096,869	$	517,910,117

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2025:


	Senior Secured Loans			Equity			Total
Balance as of January 1, 2025	$	404,135,270		$	5,961,599		$	410,096,869
Purchases and drawdowns of investments		17,346,181			3,309,552			20,655,733
Proceeds from principal pre-payments and sales of investments		(84,588,036	)		(897,022	)		(85,485,058	)
Payment-in-kind		1,450,593			—			1,450,593
Net accretion of discount on investments		1,284,446			—			1,284,446
Net change in unrealized appreciation (depreciation) on investments		(8,350,040	)		(702,614	)		(9,052,654	)
Net realized gain (loss) on investments		(238,787	)		(82,640	)		(321,427	)
Transfers into Level 3 (1)		—			—			—
Transfers out of Level 3 (1)		—			—			—
Balance as of June 30, 2025	$	331,039,627		$	7,588,875		$	338,628,502
Net change in unrealized appreciation (depreciation) on Level 3 investments still held	$	(8,778,266	)	$	(622,070	)	$	(9,400,336	)

(1)

Transfers into Level 3, if any, are due to a decrease in the quantity and reliability of broker quotes obtained and transfers out of Level 3, if any, are due to an increase in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers between levels, if any, are recognized at the beginning of the year in which the transfer occurs.

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the six months ended June 30, 2024:


	Senior Secured Loans			Equity			Total
Balance as of January 1, 2024	$	509,110,614		$	7,033,311		$	516,143,925
Purchases and drawdowns of investments		27,326,871			163,748			27,490,619
Proceeds from principal pre-payments and sales of investments		(103,028,457	)		—			(103,028,457	)
Payment-in-kind		1,205,072			—			1,205,072
Net accretion of discount on investments		806,497			—			806,497
Net change in unrealized appreciation (depreciation) on investments		1,762,934			(642,003	)		1,120,931
Net realized gain (loss) on investments		(1,649,285	)		—			(1,649,285	)
Transfers into Level 3 (1)		—			—			—
Transfers out of Level 3 (1)		—			—			—
Balance as of June 30, 2024	$	435,534,246		$	6,555,056		$	442,089,302
Net change in unrealized appreciation (depreciation) on Level 3 investments still held	$	40,478		$	(642,003	)	$	(601,525	)

The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of June 30, 2025 were as follows:

         Investment type

         Fair Value

         Valuation Technique

         Unobservable
Input

         Range (Weighted Average)

         Impact to Valuation from an Increase in Input

Senior Secured Loans

265,617,594

Discounted cash flow

Discount rate

4.5% - 11.5% (6.6%)

Decrease

32,212,100

Yield analysis

Market yield

9.9% - 20.4% (13.6%)

Decrease

10,681,863

Enterprise value waterfall

EBITDA multiple

8.2x - 9.8x (9.7x)

Increase

22,528,070

Recent transactions

Transaction price

N/A

N/A

Equity

7,588,875

Enterprise value waterfall

EBITDA multiple

8.2x - 14.4x (12.3x)

Increase

338,628,502

The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of December 31, 2024 were as follows:

         Investment type

         Fair Value

         Valuation Technique

         Unobservable
Input

         Range (Weighted Average)

         Impact to Valuation from an Increase in Input

Senior Secured Loans

327,406,701

Discounted cash flow

Discount rate

4.8% - 9.2% (6.3%)

Decrease

49,361,964

Yield analysis

Market yield

10.3% - 13.3% (12.3%)

Decrease

25,468,528

Enterprise value waterfall

EBITDA multiple

9.8x - 13.1x (12.3x)

Increase

1,898,077

Recent transactions

Transaction price

N/A

N/A

Equity

5,961,599

Enterprise value waterfall

EBITDA multiple

8.6x - 14.6x (12.2x)

Increase

410,096,869

As of December 31, 2024, the valuation method used for certain investments classified as “Consumer Services,” “Healthcare & Pharmaceuticals” and “Wholesale” amounting to $25.5 million changed from the discounted cash flow or yield analysis valuation method to the enterprise value waterfall valuation method. The change was due to changing market conditions and is intended to more accurately reflect the go forward performance of such investments.

The Company typically determines the fair value of its performing Level 3 debt investments utilizing a discounted cash flow analysis or yield analysis. To conduct a discounted cash flow analysis, a price is ascribed for each investment based upon projected cash flows in the valuation models. The significant unobservable inputs used in the fair value measurement of the Level 3 investments include the discount rate applied in the valuation models to determine the present value of the projected cash flows. Increases in the discount rate can significantly lower the fair value of an investment; conversely, decreases in the discount rate can significantly increase the fair value of an investment. The discount rate is determined based on the market rates an investor would expect for a similar investment with similar risks. To conduct a yield analysis, a price is ascribed for each investment based upon an assessment of current and expected market yields for similar investments and investments with similar risk profiles. Additional consideration is given to the expected life of the investment, portfolio company performance since the date of investment, and other terms and risks associated with the investment. Among other factors, a determinant of risk is the amount of leverage used by the portfolio company relative to its total enterprise value, and the rights and remedies of the Company’s investment within the portfolio company’s capital structure.

When the debtor is not performing or when there is insufficient value to cover the investment, the Company may utilize an enterprise value waterfall approach to determine the fair value of debt investments in the applicable portfolio companies. An enterprise value waterfall analysis typically consists of two steps. First, the total enterprise value for the portfolio company is estimated using standard valuation approaches, most commonly the market approach. Second, the fair value for each investment in the portfolio company is then estimated by allocating the portfolio company’s total enterprise value to the outstanding securities in the capital structure based upon various factors, including seniority, preferences, and other features if deemed relevant to each security in the capital structure.

Significant unobservable quantitative inputs typically used in the fair value measurement of the Company’s Level 3 debt investments primarily include discount rates and current market yields, including relevant market indices, but may also include quotes from brokers, dealers, and pricing services as indicated by comparable investments. For the Company’s Level 3 equity investments, an enterprise value analysis, based on comparable financial performance multiples such as publicly-traded company and comparable market transaction multiples of revenues, earnings before income taxes, depreciation and amortization (“EBITDA”), or some combination thereof and comparable market transactions typically would be used.