| INVESTMENT PORTFOLIO |
INVESTMENT PORTFOLIO The original cost basis of debt and equity securities acquired, including follow-on investments for existing portfolio companies, payment-in-kind interest, and structuring fees, totaled $49,036,002 and $49,475,658 during the years ended June 30, 2025 and 2024, respectively. The original cost basis of debt and equity securities disposed from noncash restructured investments totaled $5,279,071 and $997,560 during the years ended June 30, 2025 and 2024, respectively. Debt repayments and considerations from sales of debt and equity securities, excluding noncash restructured investments, of approximately $20,414,660 and $7,966,315 were received during the years ended June 30, 2025 and 2024, respectively. Debt repayments and considerations from sales of debt and equity securities, including noncash restructured investments, of approximately $26,402,278 and $8,963,875 were received during the years ended June 30, 2025 and 2024, respectively. As of June 30, 2025 and June 30, 2024, 91% and 99%, respectively, of the Company's portfolio was invested in floating rate investments based on fair value, totaling $77,277,488 and $58,611,709, respectively. As of June 30, 2025 and June 30, 2024, 90% and 97% respectively, of the Company's portfolio was invested in floating rate investments based on amortized cost, totaling $79,308,649 and $60,779,947, respectively. The following tables summarize the composition of the Company’s investment portfolio at amortized cost and fair value as of June 30, 2025 and June 30, 2024: | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | | Investments at Amortized Cost(1) | | Investments at Fair Value | | Fair Value Percentage of Total Portfolio | | Senior Secured Loans-First Lien | | $ | 79,543,576 | | | $ | 77,495,655 | | | 91 | % | | Senior Secured Loans-Second Lien | | 4,339,325 | | | 4,249,570 | | | 5 | % | | Structured Subordinated Notes | | 864,921 | | | 709,261 | | | 1 | % | | Common Equity/Other | | 3,279,862 | | | 2,061,100 | | | 2 | % | | Preferred Equity | | 377,122 | | | 501,010 | | | 1 | % | | Total Portfolio Investments | | $ | 88,404,806 | | | $ | 85,016,596 | | | 100 | % | | | | | | | | | | June 30, 2024 | | | Investments at Amortized Cost(1) | | Investments at Fair Value | | Fair Value Percentage of Total Portfolio | | Senior Secured Loans-First Lien | | $ | 55,535,790 | | | $ | 54,095,336 | | | 91 | % | | Senior Secured Loans-Second Lien | | 1,800,331 | | | 1,559,701 | | | 3 | % | | Structured Subordinated Notes | | 3,443,826 | | | 2,956,672 | | | 5 | % | | Common Equity/Other | | 1,717,943 | | | 743,301 | | | 1 | % | | Preferred Equity | | 50,000 | | | 100,000 | | | — | % | | Total Portfolio Investments | | $ | 62,547,890 | | | $ | 59,455,010 | | | 100 | % | | | | | | | | | (1) Amortized cost represents the original cost adjusted for PIK interest and the amortization of premiums and/or accretion of discounts, as applicable, on investments. |
The table below describes investments by industry classification and enumerates the percentage, by fair value, of the total portfolio assets in such industries as of June 30, 2025 and June 30, 2024: | | | | | | | | | | | | | | | | | | | June 30, 2025 | | | Industry | | Investments at Fair Value | | Percentage of Portfolio | | | Healthcare & Pharmaceuticals | | $ | 22,902,129 | | | 27 | % | | | Automotive | | 8,145,766 | | | 10 | % | | | Telecommunications | | 7,355,550 | | | 9 | % | | | Consumer Goods: Non-Durable | | 5,069,461 | | | 6 | % | | | Beverage, Food & Tobacco | | 4,954,278 | | | 6 | % | | | High Tech Industries | | 4,915,366 | | | 6 | % | | | Services: Consumer | | 4,655,664 | | | 5 | % | | | Transportation: Cargo | | 4,466,250 | | | 5 | % | | | Consumer Goods: Durable | | 4,296,202 | | | 5 | % | | | Services: Business | | 4,184,835 | | | 5 | % | | | Media: Advertising, Printing & Publishing | | 3,413,576 | | | 4 | % | | | Wholesale | | 2,916,144 | | | 3 | % | | | Banking | | 2,682,544 | | | 3 | % | | | Finance | | 2,600,000 | | | 3 | % | | | Media: Diversified and Production | | 1,749,570 | | | 2 | % | | | Structured Finance | | 709,261 | | | 1 | % | | | Total | | $ | 85,016,596 | | | 100 | % | | | | | | | | | | June 30, 2024 | | | Industry | | Investments at Fair Value | | Percentage of Portfolio | | | Healthcare & Pharmaceuticals | | $ | 19,061,883 | | | 32 | % | | | Automotive | | 5,943,941 | | | 10 | % | | | Services: Consumer | | 5,470,250 | | | 9 | % | | | Hotel, Gaming & Leisure | | 4,806,257 | | | 8 | % | | | Services: Business | | 4,286,146 | | | 7 | % | | | Media: Broadcasting & Subscription | | 3,451,274 | | | 6 | % | | | Telecommunications | | 3,031,539 | | | 5 | % | | | Banking | | 2,991,303 | | | 5 | % | | | High Tech Industries | | 2,985,077 | | | 5 | % | | | Structured Finance | | 2,956,672 | | | 5 | % | | | Beverage, Food & Tobacco | | 2,876,123 | | | 5 | % | | | Media: Diversified and Production | | 1,559,701 | | | 3 | % | | | Consumer goods: Non-Durable | | 28,375 | | | — | % | | | Retail | | 6,469 | | | — | % | | | Total | | $ | 59,455,010 | | | 100 | % | | | | | | | |
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