v3.26.1
Statements of Assets and Liabilities - USD ($)
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Non-affiliated/non-control investments (cost: $386,379,336 and $390,403,599, respectively) [1],[2],[3],[4],[5],[6],[7],[8],[9] $ 15,409,950  
Cash equivalents (cost of $32,770,267 and $51,236,068, respectively) 32,770,267 $ 51,236,068
Cash 1,837,775 698,579
Interest and distributions receivable 1,933,335 2,002,161
Other assets 1,220,982 1,070,958
Total assets 290,605,053 306,739,111
LIABILITIES    
Accrued interest payable 1,703,438 1,703,438
Base Fee and Net Investment Income Incentive Fee payable to affiliate 961,643 1,036,058
Accrued expenses 804,942 1,017,581
Securities purchased not settled 5,944,969
Total liabilities 155,577,108 161,334,309
COMMITMENTS AND CONTINGENCIES (Note 13)
NET ASSETS    
Common stock, $0.01 par value, 300,000,000 shares authorized; 105,058,242 and 86,060,964 shares issued and outstanding, respectively 1,050,583 860,610
Capital in excess of par value 553,787,659 523,040,484
Total distributable earnings/(accumulated losses) (419,810,297) (378,496,292)
Total net assets 135,027,945 145,404,802
Total liabilities and net assets $ 290,605,053 $ 306,739,111
Net asset value per common share (in Dollars per share) $ 1.29 $ 1.69
Notes payable – 5.50%    
LIABILITIES    
Notes payable $ 79,695,112 $ 79,503,925
Notes payable – 7.75%    
LIABILITIES    
Notes payable 72,411,973 72,128,338
Non-affiliated/non-control investments    
ASSETS    
Non-affiliated/non-control investments (cost: $386,379,336 and $390,403,599, respectively) $ 252,842,694 $ 251,731,345
[1] Aggregate investments represent greater than 5% of net assets.
[2] Cost reflects accretion of effective yield less any cash distributions received or entitled to be received from collateralized loan obligation (“CLO”) equity investments.
[3] Fair value is determined in good faith by the Board of Directors of the Company.
[4] Indicates assets that the Company believes do not represent “qualifying assets” under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may include CLO equity side letter related investments within CLO equity subordinated notes line items, and those side letter related investments may represent qualifying assets under Section 55(a) of the 1940 Act. Qualifying assets must represent at least 70% of the Company’s total assets at the time of acquisition of any additional non-qualifying assets. As of June 30, 2026, the Company held qualifying assets that represented 69.4% of its total assets.
[5] Investment not domiciled in the United States, however, the principal country of risk where this investment primarily has exposure is the United States.
[6] The CLO subordinated notes and income notes are considered equity positions in CLO vehicles. Equity investments are entitled to recurring distributions which are generally equal to the remaining cash flow of the payments made by the underlying fund’s securities less contractual payments to debt holders and fund expenses. The estimated yield indicated is based on the prior quarters ending investment cost (for previously existing portfolio investments) or the original cost for those investments made during the current quarter, as well as, a current projection of the future cash flows. Such projections are periodically reviewed and adjusted, and the estimated yield may not ultimately be realized.
[7] The Company generally acquires its investments in transactions not subject to registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to restrictions as “restricted securities” (within the meaning of the Securities Act). Unless otherwise noted, all securities were acquired in transactions not subject to registration under the Securities Act.
[8] The fair value of the investment was determined using significant unobservable inputs. See “Note 4. Fair Value.”
[9] The investment is co-invested with the Company’s affiliates. See “Note 7. Related Party Transactions.”