| Portfolio Investments |
The following tables show the composition of the Company’s investment portfolio, at amortized cost and fair value (with corresponding percentage of total portfolio
investments):
| |
|
June 30, 2025
|
|
| |
|
Amortized Cost
|
|
|
Fair Value
|
|
|
First Lien Senior Secured Loan
|
|
$
|
312,921,404
|
|
|
|
85.3
|
%
|
|
$
|
289,806,939
|
|
|
|
81.4
|
%
|
|
Senior Unsecured Notes
|
|
|
5,724,728
|
|
|
|
1.6
|
|
|
|
3,733,001
|
|
|
|
1.0
|
|
|
Preferred Equity Securities
|
|
|
43,512,926
|
|
|
|
11.8
|
|
|
|
54,383,715
|
|
|
|
15.3
|
|
|
Warrants and Other Equity Securities
|
|
|
2,658,077
|
|
|
|
0.7
|
|
|
|
6,217,841
|
|
|
|
1.7
|
|
|
Fund Investments
|
|
|
2,529,567
|
|
|
|
0.6
|
|
|
|
2,165,570
|
|
|
|
0.6
|
|
|
Total
|
|
$
|
367,346,702
|
|
|
|
100.0
|
%
|
|
$
|
356,307,066
|
|
|
|
100.0
|
%
|
| |
|
December 31, 2024
|
|
| |
|
Amortized Cost
|
|
|
Fair Value
|
|
|
First Lien Senior Secured Loan
|
|
$
|
316,588,427
|
|
|
|
83.7
|
%
|
|
$
|
304,120,042
|
|
|
|
80.5
|
%
|
|
Second Lien Senior Secured Loan
|
|
|
6,148,061
|
|
|
|
1.6
|
|
|
|
6,034,048
|
|
|
|
1.6
|
|
| Senior Secured Notes |
|
|
341,103 |
|
|
|
0.1 |
|
|
|
341,103 |
|
|
|
0.1 |
|
Senior Unsecured Notes
|
|
|
5,460,171 |
|
|
|
1.4 |
|
|
|
3,427,073 |
|
|
|
0.9 |
|
|
Preferred Equity Securities
|
|
|
43,141,500
|
|
|
|
11.4
|
|
|
|
53,603,056
|
|
|
|
14.2
|
|
|
Warrants and Other Equity Securities
|
|
|
3,598,027
|
|
|
|
1.0
|
|
|
|
7,426,377
|
|
|
|
2.0
|
|
|
Fund Investments
|
|
|
2,898,305
|
|
|
|
0.8
|
|
|
|
2,688,619
|
|
|
|
0.7
|
|
|
Total
|
|
$
|
378,175,594
|
|
|
|
100.0
|
%
|
|
$
|
377,640,318
|
|
|
|
100.0
|
%
|
The following tables show the composition of the Company’s investment portfolio by geographic region, at amortized cost and fair value (with corresponding percentage
of total portfolio investments). The geographic composition is determined by the location of the corporate headquarters of the portfolio company, which may not be indicative of the primary source of the portfolio company’s business:
| |
|
June 30, 2025
|
|
| |
|
Amortized Cost
|
|
|
Fair Value
|
|
|
Southeast
|
|
$
|
116,857,367
|
|
|
|
31.8
|
%
|
|
$
|
114,384,347
|
|
|
|
32.1
|
%
|
|
Midwest
|
|
|
63,494,275
|
|
|
|
17.3
|
|
|
|
67,031,056
|
|
|
|
18.8
|
|
West
|
|
|
76,276,853 |
|
|
|
20.8 |
|
|
|
68,734,948 |
|
|
|
19.3 |
|
|
Northeast
|
|
|
54,203,767
|
|
|
|
14.8
|
|
|
|
47,884,789
|
|
|
|
13.4
|
|
|
East
|
|
|
31,424,852
|
|
|
|
8.6
|
|
|
|
29,315,066
|
|
|
|
8.2
|
|
|
Southwest
|
|
|
5,816,476
|
|
|
|
1.6
|
|
|
|
5,037,291
|
|
|
|
1.4
|
|
|
South
|
|
|
19,273,112
|
|
|
|
5.1
|
|
|
|
23,919,569
|
|
|
|
6.8
|
|
|
Total
|
|
$
|
367,346,702
|
|
|
|
100.0
|
%
|
|
$
|
356,307,066
|
|
|
|
100.0
|
%
|
| |
|
December 31, 2024
|
|
| |
|
Amortized Cost
|
|
|
Fair Value
|
|
|
Southeast
|
|
$
|
117,080,225
|
|
|
|
30.9
|
%
|
|
$
|
117,034,924
|
|
|
|
31.1
|
%
|
|
West
|
|
|
82,054,389
|
|
|
|
21.7
|
|
|
|
79,102,675
|
|
|
|
20.9
|
|
|
Southwest
|
|
|
24,839,939
|
|
|
|
6.6
|
|
|
|
26,915,726
|
|
|
|
7.1
|
|
Northeaast
|
|
|
46,304,903 |
|
|
|
12.2 |
|
|
|
40,825,353 |
|
|
|
10.8 |
|
Midwest
|
|
|
51,256,396 |
|
|
|
13.6 |
|
|
|
55,040,086 |
|
|
|
14.6 |
|
|
South
|
|
|
21,269,446
|
|
|
|
5.6
|
|
|
|
25,378,672
|
|
|
|
6.7
|
|
|
East
|
|
|
35,370,296
|
|
|
|
9.4
|
|
|
|
33,342,882
|
|
|
|
8.8
|
|
|
Total
|
|
$
|
378,175,594
|
|
|
|
100.0
|
%
|
|
$
|
377,640,318
|
|
|
|
100.0
|
%
|
The following tables show the composition of the Company’s investment portfolio by industry, at amortized cost and fair value (with corresponding percentage of total
portfolio investments):
| |
|
June 30, 2025
|
|
| |
|
Amortized Cost
|
|
|
Fair Value
|
|
|
Aerospace & Defense
|
|
$
|
9,222,823
|
|
|
|
2.5
|
%
|
|
$
|
8,426,398
|
|
|
|
2.4
|
%
|
Chemicals
|
|
|
14,683,685 |
|
|
|
4.0 |
|
|
|
14,737,500 |
|
|
|
4.1 |
|
|
Commercial Services & Supplies
|
|
|
4,122,825
|
|
|
|
1.1
|
|
|
|
4,087,202
|
|
|
|
1.1
|
|
|
Construction & Engineering
|
|
|
67,400,398
|
|
|
|
18.3
|
|
|
|
73,998,283
|
|
|
|
20.8
|
|
|
Consumer Finance
|
|
|
3,691,630
|
|
|
|
1.0
|
|
|
|
3,733,001
|
|
|
|
1.0
|
|
|
Distributors
|
|
|
14,831,512
|
|
|
|
4.0
|
|
|
|
7,861,976
|
|
|
|
2.2
|
|
|
Diversified Financials
|
|
|
2,529,567
|
|
|
|
0.7
|
|
|
|
2,165,570
|
|
|
|
0.6
|
|
|
Diversified Telecommunication Services
|
|
|
23,161,080
|
|
|
|
6.3
|
|
|
|
24,070,751
|
|
|
|
6.8
|
|
|
Electrical Equipment
|
|
|
11,231,594
|
|
|
|
3.1
|
|
|
|
1,535,419
|
|
|
|
0.4
|
|
|
Entertainment
|
|
|
18,356,097
|
|
|
|
5.0
|
|
|
|
14,674,974
|
|
|
|
4.1
|
|
|
Food Products
|
|
|
9,661,534
|
|
|
|
2.6
|
|
|
|
11,870,427
|
|
|
|
3.3
|
|
|
Healthcare Providers & Services
|
|
|
40,224,629
|
|
|
|
11.0
|
|
|
|
38,289,120
|
|
|
|
10.7
|
|
|
Hotels, Restaurants & Leisure
|
|
|
6,520,577
|
|
|
|
1.8
|
|
|
|
6,588,824
|
|
|
|
1.8
|
|
|
Household Durables
|
|
|
4,534,241
|
|
|
|
1.2
|
|
|
|
3,804,272
|
|
|
|
1.1
|
|
|
Household Products
|
|
|
4,071,501
|
|
|
|
1.1
|
|
|
|
4,564,284
|
|
|
|
1.3
|
|
|
IT Services
|
|
|
12,099,611
|
|
|
|
3.3
|
|
|
|
12,173,487
|
|
|
|
3.4
|
|
|
Leisure Products
|
|
|
5,550,106
|
|
|
|
1.5
|
|
|
|
3,614,288
|
|
|
|
1.0
|
|
|
Machinery
|
|
|
4,411,751
|
|
|
|
1.2
|
|
|
|
4,050,749
|
|
|
|
1.1
|
|
|
Media
|
|
|
19,895,915
|
|
|
|
5.4
|
|
|
|
21,874,583
|
|
|
|
6.1
|
|
|
Personal Products
|
|
|
4,312,101
|
|
|
|
1.2
|
|
|
|
4,311,712
|
|
|
|
1.2
|
|
|
Professional Services
|
|
|
52,198,727
|
|
|
|
14.2
|
|
|
|
59,216,453
|
|
|
|
16.6
|
|
|
Software
|
|
|
997,284
|
|
|
|
0.3
|
|
|
|
683,169
|
|
|
|
0.2
|
|
|
Specialty Retail
|
|
|
6,853,185
|
|
|
|
1.9
|
|
|
|
6,929,067
|
|
|
|
2.0
|
|
|
Trading Companies & Distributors
|
|
|
16,815,960
|
|
|
|
4.6
|
|
|
|
13,017,063
|
|
|
|
3.8
|
|
Transportation Infrastructure
|
|
|
9,968,369 |
|
|
|
2.7 |
|
|
|
10,028,494 |
|
|
|
2.9 |
|
|
Total
|
|
$
|
367,346,702
|
|
|
|
100.0
|
%
|
|
$
|
356,307,066
|
|
|
|
100.0
|
%
|
| |
|
December 31, 2024
|
|
| |
|
Amortized Cost
|
|
|
Fair Value
|
|
|
Aerospace & Defense
|
|
$
|
8,918,780
|
|
|
|
2.4
|
%
|
|
$
|
8,103,579
|
|
|
|
2.1
|
%
|
Chemicals
|
|
|
14,623,342 |
|
|
|
3.9 |
|
|
|
14,812,499 |
|
|
|
3.9 |
|
|
Commercial Services & Supplies
|
|
|
4,118,722
|
|
|
|
1.1
|
|
|
|
3,908,639
|
|
|
|
1.0
|
|
|
Construction & Engineering
|
|
|
75,685,424
|
|
|
|
19.9
|
|
|
|
83,705,436
|
|
|
|
22.3
|
|
|
Consumer Finance
|
|
|
3,427,073
|
|
|
|
0.9
|
|
|
|
3,427,073
|
|
|
|
0.9
|
|
|
Distributors
|
|
|
14,323,723
|
|
|
|
3.8
|
|
|
|
13,163,459
|
|
|
|
3.5
|
|
|
Diversified Financials
|
|
|
2,898,305
|
|
|
|
0.8
|
|
|
|
2,688,619
|
|
|
|
0.7
|
|
|
Diversified Telecommunication Services
|
|
|
22,915,391
|
|
|
|
6.1
|
|
|
|
23,137,607
|
|
|
|
6.1
|
|
|
Electrical Equipment
|
|
|
11,231,435
|
|
|
|
3.0
|
|
|
|
5,729,737
|
|
|
|
1.5
|
|
|
Entertainment
|
|
|
18,324,745
|
|
|
|
4.8
|
|
|
|
14,317,635
|
|
|
|
3.8
|
|
|
Food Products
|
|
|
9,662,293
|
|
|
|
2.6
|
|
|
|
11,608,503
|
|
|
|
3.1
|
|
|
Healthcare Providers & Services
|
|
|
43,990,733
|
|
|
|
11.6
|
|
|
|
41,162,604
|
|
|
|
10.9
|
|
|
Hotels, Restaurants & Leisure
|
|
|
4,891,016
|
|
|
|
1.3
|
|
|
|
4,910,952
|
|
|
|
1.3
|
|
|
Household Durables
|
|
|
4,534,757
|
|
|
|
1.2
|
|
|
|
3,057,209
|
|
|
|
0.8
|
|
|
Household Products
|
|
|
4,875,685
|
|
|
|
1.3
|
|
|
|
4,990,960
|
|
|
|
1.3
|
|
|
IT Services
|
|
|
12,433,640
|
|
|
|
3.3
|
|
|
|
12,558,929
|
|
|
|
3.3
|
|
|
Leisure Products
|
|
|
5,449,787
|
|
|
|
1.4
|
|
|
|
3,230,877
|
|
|
|
0.9
|
|
|
Machinery
|
|
|
4,547,261
|
|
|
|
1.2
|
|
|
|
4,217,950
|
|
|
|
1.1
|
|
|
Media
|
|
|
22,096,440
|
|
|
|
5.8
|
|
|
|
26,926,042
|
|
|
|
7.1
|
|
|
Personal Products
|
|
|
4,360,968
|
|
|
|
1.2
|
|
|
|
4,404,301
|
|
|
|
1.2
|
|
|
Professional Services
|
|
|
51,365,785
|
|
|
|
13.5
|
|
|
|
58,307,390
|
|
|
|
15.4
|
|
|
Software
|
|
|
997,284
|
|
|
|
0.3
|
|
|
|
965,151
|
|
|
|
0.3
|
|
|
Specialty Retail
|
|
|
6,609,366
|
|
|
|
1.7
|
|
|
|
6,703,118
|
|
|
|
1.8
|
|
|
Trading Companies & Distributors
|
|
|
15,699,920
|
|
|
|
4.2
|
|
|
|
11,262,596
|
|
|
|
3.0
|
|
Transportation Infrastructure
|
|
|
10,193,719 |
|
|
|
2.7 |
|
|
|
10,339,453 |
|
|
|
2.7 |
|
|
Total
|
|
$
|
378,175,594
|
|
|
|
100.0
|
%
|
|
$
|
377,640,318
|
|
|
|
100.0
|
%
|
|