v3.25.2
Consolidated Statements of Assets and Liabilities (Unaudited) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
Assets:    
Non-controlled/non-affiliated investments, at fair value (amortized cost of $493,818,509 and $531,319,673, respectively) $ 468,088,797 $ 517,910,117
Cash and cash equivalents 21,210,038 23,631,682
Restricted cash 1,017,658 667,501
Interest and other receivables 4,123,305 8,289,523
Prefunded purchases of investments 4,274,887  
Receivable for investments sold 10,491,875 7,990,278
Deferred financing costs (net of $395,889 and $131,476 in amortized expenses, respectively) 2,271,611 2,536,024
Prepaid expenses 108,482 266,057
Total Assets 511,586,653 561,291,182
Liabilities:    
Credit facility (Note 5) 259,000,000 249,000,000
Payable for investments purchased 15,503,369 39,386,337
Management fee payable (Note 3) 725,870 830,616
Incentive fee payable (Note 3) 744,134 1,037,239
Administration fee payable (Note 3) 666,111 1,054,592
Interest payable 2,921,379 4,055,888
Accrued expenses and other liabilities 578,333 3,419,449
Total Liabilities 280,139,196 298,784,121
Commitments and Contingencies (Note 10)
Total Net Assets 231,447,457 [1],[2] 262,507,061 [3],[4]
Net Assets:    
Common shares, $0.001 par value (unlimited shares authorized, 10,295,385 and 11,221,763 shares issued and outstanding, respectively) 10,295 11,223
Additional paid-in capital 259,747,541 281,147,301
Accumulated distributable earnings (losses) (28,310,379) (18,651,463)
Net Assets $ 231,447,457 $ 262,507,061
Net Asset Value Per Share $ 22.48 $ 23.39
[1] All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), unless otherwise noted.
[2] Unless otherwise noted, the fair value of the Company’s investments is determined using significant unobservable inputs (classified as Level 3 within the fair value hierarchy) by the Adviser in its role as "valuation designee" in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company's board of trustees (the "Board"). Although the Board designated the Adviser as "valuation designee," the Board ultimately is responsible for fair value determinations under the 1940 Act. (See Note 2 to the consolidated financial statements).
[3] All of the Company’s investments are issued by eligible portfolio companies, as defined in the 1940 Act, unless otherwise noted.
[4] Unless otherwise noted, the fair value of the Company’s investments is determined using significant unobservable inputs (classified as Level 3 within the fair value hierarchy) by the Adviser in its role as "valuation designee" in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Board. Although the Board designated the Adviser as "valuation designee," the Board ultimately is responsible for fair value determinations under the 1940 Act. See Note 2 to the consolidated financial statements.