v3.25.2
Consolidated Statements of Assets and Liabilities - USD ($)
Jun. 30, 2025
Dec. 31, 2024
ASSETS    
Investments at fair value [1] $ 356,307,066 $ 377,640,318
Cash 7,880,983 4,028,665
Interest receivable 4,714,443 3,887,028
Deferred financing cost 1,845,836 2,169,211
Paydown receivable 1,828,526 341,471
Other receivable 1,182,154 0
Receivable for investments sold 367,810 0
Prepaid expenses 34,638 6,748
Total assets 374,161,456 388,073,441
LIABILITIES    
Credit facility payable 108,700,000 122,500,000
Redemptions payable 5,955,830 5,637,890
Incentive fees payable (Note 6) 4,955,762 2,813,724
Deferred tax liabilities 4,384,229 6,094,196
Credit facility interest payable 2,307,297 2,267,199
Management fees payable (Note 6) 1,460,804 1,157,509
Professional fees payable 624,732 434,744
Taxes payable 391,259 0
Reimbursement expense payable 156,006 77,275
Distributions payable 78,358 5,322,771
Legal fees payable 66,935 37,883
Subscriptions received in advance 32,500 0
Other payable 0 900,145
Total liabilities 129,113,712 147,243,336
Commitments and contingencies (Note 11)
NET ASSETS    
Common shares, $0.001 par value (200,000,000 shares authorized, 10,026,343 and 9,857,301 shares issued and outstanding as of June 30, 2025 and December 31, 2024 respectively) 10,027 9,858
Additional paid-in capital 250,792,551 246,622,366
Accumulated undistributed (overdistributed) earnings (5,754,834) (5,802,119)
Total net assets $ 245,047,744 $ 240,830,105
Net asset value per share (in dollars per share) $ 24.44 $ 24.43
Non-controlled/Non-affiliated Investments [Member]    
ASSETS    
Investments at fair value $ 303,816,494 $ 326,959,520
Controlled/Affiliate Investments [Member]    
ASSETS    
Investments at fair value $ 52,490,572 $ 50,680,798
[1] Because there is no readily available market value for these investments, the fair value of each of these investments is determined in good faith using significant unobservable inputs by the Company’s board of directors (the “Board”) as required by the 1940 Act. See Note 4 “Fair Value Measurements” in the accompanying notes to the consolidated financial statements.