v3.26.1
Consolidated Statements of Assets and Liabilities - USD ($)
Dec. 31, 2025
Dec. 31, 2024
Assets    
Non-Control/Non-Affiliate investments (Cost of $420,392,905 and $416,973,715, respectively) $ 407,509,401 [1],[2],[3],[4],[5],[6],[7],[8] $ 410,031,275 [9],[10],[11],[12],[13],[14],[15]
Cash and cash equivalents 12,817,052 19,737,091
Interest receivable 2,414,958 2,867,021
Receivable from investments sold 80,570 412,083
Receivable from bank loan repayment 49,640 110,318
Total Assets 422,871,621 433,157,788
Liabilities    
Payable for investments purchased 2,600,667 4,820,442
Fees due to investment advisor, net of waivers [16] 987,597 1,196,448
Fee due to administrator [16] 66,250 66,250
Accrued expenses and other liabilities 661,759 432,243
Total Liabilities 4,316,273 6,515,383
Commitments and contingencies
Net Assets    
Common stock, $0.001 par value per share, 100,000,000 shares authorized, 47,020,468 and 47,020,454 shares issued and outstanding, respectively 47,020 47,020
Capital in excess of par value 442,003,508 442,395,577
Total distributable earnings (loss) (23,495,180) (15,800,192)
Total Net Assets $ 418,555,348 $ 426,642,405
Net Asset Value per Share of Common Stock at End of Period $ 8.9 $ 9.07
Shares Outstanding 47,020,468 47,020,454
[1] All companies are located in the United States of America, unless otherwise noted.
[2] All investments acquired in transactions are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.
[3] All investments are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act") unless otherwise noted.
[4] All loans are income-producing, unless otherwise noted.
[5] As defined in 1940 Act, the Company is not deemed to be an “Affiliated Person” of or “Control” this portfolio company because it neither owns 5% or more of the portfolio company’s outstanding voting securities nor has the power to exercise control over the management or policies of such portfolio company (including through a management agreement).
[6] At December 31, 2025, the cost of investments for income tax purposes was $420,039,897, the gross unrealized depreciation for federal tax purposes was $18,605,180, the gross unrealized appreciation for federal income tax purposes was $6,074,684, and the net unrealized depreciation was $12,530,496.
[7] Interest rate percentages represent actual interest rates as of December 31, 2025, which are indexed to the noted reference rate. The referenced rates are subject to interest floors which can vary based on contractual agreements with the borrower.
[8] Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Consolidated Financial Statements for additional information.
[9] All companies are located in the United States of America, unless otherwise noted.
[10] All investments acquired in transactions are exempt from registration under the Securities Act of 1933 (the “Securities Act”), and may be deemed to be “restricted securities” under the Securities Act.
[11] All investments are qualifying assets under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act") unless otherwise noted.
[12] All loans are income-producing, unless otherwise noted.
[13] At December 31, 2024, the cost of investments for income tax purposes was $416,783,126, the gross unrealized depreciation for federal tax purposes was $12,102,270, the gross unrealized appreciation for federal income tax purposes was $5,350,419, and the net unrealized depreciation was $6,751,851.
[14] Interest rate percentages represent actual interest rates as of December 31, 2024, which are indexed to the noted reference rate. The referenced rates are subject to interest floors which can vary based on contractual agreements with the borrower.
[15] Unless indicated otherwise, all of our investments are valued using Level 3 inputs within the FASB Accounting Standard Codification (“ASC”) Topic 820, “Fair Value Measurements and Disclosures” (“ASC 820”) fair value hierarchy. Refer to Note 3 – Investments in the accompanying Notes to Financial Statements for additional information.
[16] Refer to Note 4-Related Party Transactions for additional information