v3.26.1
Consolidated Statement of Assets and Liabilities (unaudited) - USD ($)
Jun. 30, 2026
Dec. 31, 2025
Investments    
Total investments, at fair value [1],[2] $ 235,487,656 $ 185,613,878
Cash and cash equivalents 1,265,079 571,695
Restricted cash 2,746,491 2,708,324
Interest receivable 2,355,819 1,899,745
Prepaid expenses and other assets 113,852 87,402
Total assets 241,968,897 190,881,044
Liabilities    
Line of credit (net of deferred financing costs of $1,384,683 and $1,552,114 at June 30, 2026 and December 31, 2025, respectively) 91,519,185 65,243,355
Base Management Fees payable 802,436 583,413
Income Incentive Fees payable 855,326 691,016
Capital Gains Incentive Fees payable 0 371,182
Accrued Board of Trustees' fees 38,000 38,000
Accrued audit and tax fees 173,500 233,999
Organizational costs payable to the Investment Adviser 103,462 68,975
Offering costs payable to the Investment Adviser 46,538 31,025
Interest payable 471,044 402,209
Accrued expenses and other liabilities 149,833 153,114
Distribution payable 4,899,879 3,937,553
Total liabilities 99,059,203 71,753,841
Commitments and contingencies (Note 6)  
Net assets    
Common shares, par value $0.01 per share, unlimited shares authorized (5,632,045 and 4,687,563 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively) 56,321 46,876
Paid-in-capital in excess of par value 141,603,146 117,536,141
Total distributable earnings (loss) 1,250,227 1,544,186
Total net assets 142,909,694 119,127,203
Total liabilities and net assets $ 241,968,897 $ 190,881,044
Net asset value per share $ 25.37 $ 25.41
Non-controlled / non-affiliated investments [Member]    
Investments    
Total investments, at fair value $ 221,398,969 $ 185,613,878
Non-controlled / affiliated investments [Member]    
Investments    
Total investments, at fair value $ 14,088,687 $ 0
[1] All investments are domiciled in the United States unless otherwise noted. The Company generally acquires its investments in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). These investments are generally subject to certain limitations on resale and are deemed to be “restricted securities” under the Securities Act.
[2] Unless otherwise indicated, these investments were valued using unobservable inputs and are considered Level 3 investments.