v3.25.2
CONDENSED STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) - USD ($)
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Loans, at estimated fair value $ 104,793,954 [1] $ 151,064,673 [2]
Cash and cash equivalents 3,853,450 5,083,701
Dividend and interest receivables 748,404 1,424,095
Other assets 1,343,193 2,394,009
Total assets 110,739,001 159,966,478
LIABILITIES    
Borrowings under debt facility 11,500,000 39,500,000
Accrued management fees 690,000 690,000
Accounts payable and other accrued liabilities 348,098 430,267
Total liabilities 12,538,098 40,620,267
NET ASSETS 98,200,903 119,346,211
Analysis of Net Assets:    
Capital paid in on shares of capital stock 407,125,000 407,125,000
Cumulative return of capital distributions (257,016,838) (243,161,880)
Total distributable losses (51,907,259) (44,616,909)
Net assets (equivalent to $982.01 and $1,193.46 per share based on 100,000 shares of capital stock outstanding - See Note 5 and Note 12) $ 98,200,903 $ 119,346,211
[1] There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a most advantageous market and the estimates may include the use of significant unobservable inputs.
[2] There is no readily available market price or secondary market for the Fund’s loan investments, hence the Manager determines fair value of all loan investments presented in the Condensed Schedule of Investments based on a most advantageous market and the estimates may include the use of significant unobservable inputs.