v3.26.1
Consolidated Statements of Assets and Liabilities (Unaudited) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Assets:    
Non-controlled/non-affiliated investments, at fair value (amortized cost of $323,273,856 and $438,839,857, respectively) $ 287,774,870 [1] $ 395,375,030
Cash and cash equivalents 9,727,106 9,776,258
Restricted cash 623,791 1,976,387
Interest and other receivables 7,811,687 3,593,687
Receivable for investments sold 6,476,451 4,852,353
Deferred financing costs (net of $929,096 and $664,684 in amortized expenses, respectively) 1,738,404 2,002,816
Prepaid expenses 109,956 271,099
Total Assets 314,262,265 417,847,630
Liabilities:    
Credit facility (Note 5) 162,000,000 219,000,000
Payable for investments purchased 2,363,082 0
Management fee payable (Note 3) 456,709 613,484
Administration fee payable (Note 3) 650,562 918,514
Interest payable 1,982,189 2,392,591
Accrued expenses and other liabilities 711,858 821,253
Total Liabilities 168,164,400 223,745,842
Commitments and Contingencies (Note 10)
Total Net Assets 146,097,865 [1] 194,101,788 [2],[3]
Net Assets:    
Common shares, $0.001 par value (unlimited shares authorized, 8,438,260 and 9,326,142 shares issued and outstanding, respectively) 8,438 9,326
Additional paid-in capital 221,867,319 239,453,143
Accumulated distributable earnings (losses) (75,777,892) (45,360,681)
Net Assets $ 146,097,865 $ 194,101,788
Net Asset Value Per Share $ 17.31 $ 20.81
[1] All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), unless otherwise noted.
[2] All of the Company’s investments are issued by eligible portfolio companies, as defined in the 1940 Act, unless otherwise noted.
[3] Unless otherwise noted, the fair value of the Company’s investments is determined using significant unobservable inputs (classified as Level 3 within the fair value hierarchy) by the Adviser in its role as “valuation designee” in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Board. Although the Board designated the Adviser as “valuation designee,” the Board ultimately is responsible for fair value determinations under the 1940 Act. (See Note 2 to the consolidated financial statements).