v3.26.1
Fair Value Measurements (Details 1) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Short-Term Debt [Line Items]        
Fair value, beginning of period [1],[2],[3]     $ 132,220,501  
Amortization of deferred loan fees     1,804 $ 762
Net change in unrealized gain (loss) on investments $ 6,985,126 $ 8,977,223 (76,078) 13,930,533
Fair value, end of period [4],[5],[6] 157,635,546   157,635,546  
Level 3 [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period 130,160,199 95,562,442 132,220,501 85,859,132
Purchases of investments 20,487,714 14,999,999 25,487,714 19,749,999
Conversion of convertible notes to preferred stock 1,604   1,604  
Proceeds from deferred loan fees   (18,000)   (18,000)
Amortization of deferred loan fees 902 762 1,804 762
Net change in unrealized gain (loss) on investments 6,985,127 8,977,223 (76,077) 13,930,533
Fair value, end of period 157,635,546 119,522,426 157,635,546 119,522,426
Net change in unrealized gain (loss) included in earnings related to financial instruments 6,985,127 8,977,223 (76,077) 13,930,533
Junior Secured Convertible Notes [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period     2,984,566  
Fair value, end of period 2,986,370   2,986,370  
Junior Secured Convertible Notes [Member] | Level 3 [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period 2,985,468 0 2,984,566 0
Purchases of investments 0 3,000,000 0 3,000,000
Conversion of convertible notes to preferred stock 0   0  
Proceeds from deferred loan fees   (18,000)   (18,000)
Amortization of deferred loan fees 902 762 1,804 762
Net change in unrealized gain (loss) on investments 0 0 0 0
Fair value, end of period 2,986,370 2,982,762 2,986,370 2,982,762
Net change in unrealized gain (loss) included in earnings related to financial instruments 0 0 0 0
Senior Secured Convertible Notes [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period     63,321,632  
Fair value, end of period 55,183,987   55,183,987  
Senior Secured Convertible Notes [Member] | Level 3 [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period 55,319,697 59,291,281 63,321,632 54,401,998
Purchases of investments 975,610 1,000,000 975,610 1,500,000
Conversion of convertible notes to preferred stock (975,610)   (975,610)  
Proceeds from deferred loan fees   0   0
Amortization of deferred loan fees 0 0 0 0
Net change in unrealized gain (loss) on investments (135,710) 2,851,295 (8,137,645) 7,240,578
Fair value, end of period 55,183,987 63,142,576 55,183,987 63,142,576
Net change in unrealized gain (loss) included in earnings related to financial instruments (135,710) 2,851,295 (8,137,645) 7,240,578
Unsecured Convertible Notes [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period     4,535,559  
Fair value, end of period 14,684,723   14,684,723  
Unsecured Convertible Notes [Member] | Level 3 [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period 9,680,812 4,250,000 4,535,559 0
Purchases of investments 4,487,714 0 9,487,714 4,250,000
Conversion of convertible notes to preferred stock 0   0  
Proceeds from deferred loan fees   0   0
Amortization of deferred loan fees 0 0 0 0
Net change in unrealized gain (loss) on investments 516,197 63,720 661,450 63,720
Fair value, end of period 14,684,723 4,313,720 14,684,723 4,313,720
Net change in unrealized gain (loss) included in earnings related to financial instruments 516,197 63,720 661,450 63,720
Preferred Stock Investments [Member] | Level 3 [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period 60,389,828 30,722,433 59,821,668 30,158,406
Purchases of investments 15,024,390 10,999,999 15,024,390 10,999,999
Conversion of convertible notes to preferred stock 977,214   977,214  
Proceeds from deferred loan fees   0   0
Amortization of deferred loan fees   0 0 0
Net change in unrealized gain (loss) on investments 6,375,204 5,894,008 6,943,364 6,458,035
Fair value, end of period 82,766,636 47,616,440 82,766,636 47,616,440
Net change in unrealized gain (loss) included in earnings related to financial instruments 6,375,204 5,894,008 6,943,364 6,458,035
Common Stock Investments [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period     341,733  
Fair value, end of period 217,100   217,100  
Common Stock Investments [Member] | Level 3 [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period 211,086 796,904 341,733 796,904
Purchases of investments 0 0 0 0
Conversion of convertible notes to preferred stock 0   0  
Proceeds from deferred loan fees   0   0
Amortization of deferred loan fees 0 0 0 0
Net change in unrealized gain (loss) on investments 6,014 (488,819) (124,633) (488,819)
Fair value, end of period 217,100 308,085 217,100 308,085
Net change in unrealized gain (loss) included in earnings related to financial instruments 6,014 (488,819) (124,633) (488,819)
Warrant [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period     1,215,343  
Fair value, end of period 1,796,730   1,796,730  
Warrant [Member] | Level 3 [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period 1,573,308 501,824 1,215,343 501,824
Purchases of investments   0 0 0
Conversion of convertible notes to preferred stock 0   0  
Proceeds from deferred loan fees   0   0
Amortization of deferred loan fees 0 0 0 0
Net change in unrealized gain (loss) on investments 223,422 657,019 581,387 657,019
Fair value, end of period 1,796,730 1,158,843 1,796,730 1,158,843
Net change in unrealized gain (loss) included in earnings related to financial instruments $ 223,422 $ 657,019 $ 581,387 $ 657,019
[1] All investments are domiciled in the United States unless otherwise noted.
[2] Securities exempt from registration under the Securities Act (as defined in Note 1), and are deemed to be “restricted securities”. As of December 31, 2025, the aggregate fair value of these securities is $132.2 million or 84.4% of the Company’s net assets.
[3] Unless otherwise indicated, these investments were valued using unobservable inputs and are considered Level 3 investments.
[4] All investments are domiciled in the United States unless otherwise noted.
[5] Securities exempt from registration under the Securities Act (as defined in Note 1), and are deemed to be “restricted securities”. As of June 30, 2026, the aggregate fair value of these securities is $157.6 million or 89.2% of the Company’s net assets.
[6] Unless otherwise indicated, these investments were valued using unobservable inputs and are considered Level 3 investments.