v3.26.1
Consolidated Statements of Assets and Liabilities (unaudited) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Assets:    
Non-control/non-affiliate investments, at fair value (amortized cost of $28,969,386 and $36,287,372, respectively) $ 19,858,407 [1],[2] $ 29,768,535 [3],[4],[5]
Cash and cash equivalents 3,937,891 493,834
Interest receivable 97,948 105,708
Receivable for investments sold 132,410 0
Prepaid expenses and other assets 4,000 45,995
Total assets 24,030,656 30,414,072
Liabilities:    
Revolving line of credit 0 2,650,000
Unsecured note (net of discount and deferred debt issuance costs of $30,286 and $66,630, respectively) 14,969,714 14,933,370
Payable for repurchases of common stock 98,298 253,479
Distributions payable 44,706 200,208
Interest payable 77,960 78,680
Total liabilities 16,016,962 18,895,059
Commitments and contingencies (Notes 3 and 6)
Net assets:    
Common stock, par value of $0.001 per share; 20,000,000 shares authorized, 1,474,525 and 1,506,301 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 1,474 1,506
Paid-in capital in excess of par 20,312,288 20,525,979
Total accumulated losses (12,300,068) (9,008,472)
Total net assets 8,013,694 11,519,013
Total liabilities and net assets $ 24,030,656 $ 30,414,072
Number of common shares outstanding 1,474,525 1,506,301
Net asset value per share $ 5.43 $ 7.65
Affiliated Entity    
Liabilities:    
Other liabilities $ 271,603 $ 388,139
Other liabilities 271,603 388,139
Non-related party    
Liabilities:    
Other liabilities 554,681 391,183
Other liabilities $ 554,681 $ 391,183
[1] Equity ownership may be held in shares or units of companies affiliated with the portfolio company. The Company’s investments are generally classified as “restricted securities” as such term is defined under Rule 6-03(f) of Regulation S-X or Rule 144 of the Securities Act.
[2] Unless otherwise noted in footnote 9, fair value was determined using significant unobservable inputs for all of the Company’s investments and are considered Level 3 under GAAP. See Note 5 for further details.
[3] Investments pledged as collateral under the Banc of California Credit Facility.
[4] The Company's investments are generally classified as “restricted securities” as such term is defined under Rule 6-03(f) of Regulation S-X or Rule 144 of the Securities Act. Equity ownership may be held in shares or units of companies affiliated with the portfolio company.
[5] Unless otherwise noted in footnote 9, fair value was determined using significant unobservable inputs for all of the Company’s investments and are considered Level 3 under GAAP. See Note 5 for further details.