v3.25.4
Consolidated Statements of Assets and Liabilities - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Investments at fair value:    
Total Investments (cost of $240,825,785 and $256,809,654, respectively) $ 225,511,505 $ 209,380,742
Cash 49,034,154 20,035,640
Restricted cash 38,741
Escrow proceeds receivable 45,298
Interest and dividends receivable 118,710 756,022
Deferred financing costs 508,310 526,261
Prepaid expenses and other assets [1] 807,302 855,630
Total Assets 276,018,722 231,599,593
LIABILITIES    
6.00% Notes due December 30, 2026 [2] 35,642,149 44,198,838
6.50% Convertible Notes due August 14, 2029 [3] 34,131,509 29,051,408
Accounts payable and accrued expenses [1] 627,522 768,394
Dividends payable 301,291 8,867
Total Liabilities 70,702,471 74,027,507
Commitments and contingencies (Notes 7 and 10)
Net Assets 205,316,251 157,572,086
NET ASSETS    
Common stock, par value $0.01 per share (100,000,000 authorized; 25,377,756 and 23,601,566 issued and outstanding, respectively) 253,778 236,016
Paid-in capital in excess of par 217,470,613 226,579,432
Accumulated net investment loss (3,967,932) (4,302,192)
Accumulated net realized gain/(loss) on investments, net of distributions 6,874,070 (17,409,097)
Accumulated net unrealized appreciation/(depreciation) of investments (15,314,278) (47,532,073)
Net Assets $ 205,316,251 $ 157,572,086
Net Asset Value Per Share $ 8.09 $ 6.68
Non Controlled Non Affiliate Investments [Member]    
Investments at fair value:    
Total Investments (cost of $240,825,785 and $256,809,654, respectively) $ 217,304,138 $ 198,511,915
Non Controlled Affiliate Investments [Member]    
Investments at fair value:    
Total Investments (cost of $240,825,785 and $256,809,654, respectively) 8,207,367 9,268,827
Controlled Investments [Member]    
Investments at fair value:    
Total Investments (cost of $240,825,785 and $256,809,654, respectively) $ 1,600,000
[1] This balance includes a right of use asset and corresponding operating lease liability, respectively. Refer to “Note 7—Commitments and Contingencies—Operating Leases and Related Deposits” for more detail.
[2] As of December 31, 2025, the 6.00% Notes due December 30, 2026 (the “6.00% Notes due 2026”) (effective interest rate of 7.08%) had a face value $35,829,825. As of December 31, 2024, the 6.00% Notes due 2026 (effective interest rate of 6.48%) had a face value $44,667,400. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.
[3] As of December 31, 2025, the 6.50% Convertible Notes due August 14, 2029 (the “6.50% Convertible Notes due 2029”) (effective interest rate of 7.17%) had a face value $35,000,000. As of December 31, 2024, the 6.50% Convertible Notes due 2029 (effective interest rate of 7.06%) had a face value $30,000,000. Refer to “Note 10—Debt Capital Activities” for a reconciliation of the carrying value to the face value.