| Schedule of investment portfolio at cost and fair value |
The composition of the Company’s investment portfolio at cost and fair value was as follows:
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|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
|
Cost |
|
|
Fair Value |
|
|
% of Total
Investments
at Fair
Value |
|
|
Cost |
|
|
Fair Value |
|
|
% of Total
Investments
at Fair
Value |
|
First lien senior secured term loans |
|
$ |
217,529,477 |
|
|
$ |
216,706,457 |
|
|
|
92.0 |
% |
|
$ |
165,755,050 |
|
|
$ |
167,303,857 |
|
|
|
90.1 |
% |
Second lien senior secured term loans |
|
|
4,454,058 |
|
|
|
4,454,058 |
|
|
|
1.9 |
% |
|
|
9,605,804 |
|
|
|
9,605,804 |
|
|
|
5.2 |
% |
Equity |
|
|
3,066,668 |
|
|
|
3,066,668 |
|
|
|
1.3 |
% |
|
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- |
|
|
|
- |
|
|
|
— |
|
Warrants |
|
|
11,146,573 |
|
|
|
11,260,473 |
|
|
|
4.8 |
% |
|
|
8,397,115 |
|
|
|
8,704,217 |
|
|
|
4.7 |
% |
Total |
|
$ |
236,196,776 |
|
|
$ |
235,487,656 |
|
|
|
100.0 |
% |
|
$ |
183,757,969 |
|
|
$ |
185,613,878 |
|
|
|
100.0 |
% |
|
| Schedule of investments at fair value |
The industry composition of investments at fair value was as follows:
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|
|
June 30, 2026 |
|
|
December 31, 2025 |
|
|
|
Cost |
|
|
Fair Value |
|
|
% of Total
Investments
at Fair
Value |
|
|
Cost |
|
|
Fair Value |
|
|
% of Total
Investments
at Fair
Value |
|
Application Software |
|
$ |
17,071,053 |
|
|
$ |
16,943,281 |
|
|
|
7.2 |
% |
|
$ |
10,201,918 |
|
|
$ |
10,184,487 |
|
|
|
5.5 |
% |
Automotive Services |
|
|
1,994,498 |
|
|
|
1,994,498 |
|
|
|
0.8 |
% |
|
|
1,193,420 |
|
|
|
1,193,420 |
|
|
|
0.6 |
% |
Business Services |
|
|
29,207,036 |
|
|
|
28,929,319 |
|
|
|
12.3 |
% |
|
|
22,648,734 |
|
|
|
22,648,734 |
|
|
|
12.2 |
% |
Consumer Discretionary |
|
|
6,637,392 |
|
|
|
6,655,955 |
|
|
|
2.8 |
% |
|
|
- |
|
|
|
- |
|
|
|
— |
|
Consumer Finance |
|
|
7,974,939 |
|
|
|
8,057,603 |
|
|
|
3.4 |
% |
|
|
3,985,680 |
|
|
|
3,996,494 |
|
|
|
2.2 |
% |
Consumer Services |
|
|
2,436,855 |
|
|
|
2,436,855 |
|
|
|
1.0 |
% |
|
|
2,393,090 |
|
|
|
2,393,090 |
|
|
|
1.3 |
% |
Data Processing |
|
|
8,941,795 |
|
|
|
9,562,163 |
|
|
|
4.1 |
% |
|
|
18,393,085 |
|
|
|
19,558,615 |
|
|
|
10.6 |
% |
Ecommerce – CPG |
|
|
17,961,916 |
|
|
|
18,392,534 |
|
|
|
7.8 |
% |
|
|
17,618,056 |
|
|
|
17,618,056 |
|
|
|
9.5 |
% |
Ecommerce – Apparel |
|
|
11,142,420 |
|
|
|
11,068,166 |
|
|
|
4.7 |
% |
|
|
11,100,234 |
|
|
|
11,100,234 |
|
|
|
6.0 |
% |
Education |
|
|
7,934,672 |
|
|
|
7,886,663 |
|
|
|
3.3 |
% |
|
|
7,892,849 |
|
|
|
7,854,920 |
|
|
|
4.2 |
% |
Food & Beverage |
|
|
15,380,250 |
|
|
|
15,443,900 |
|
|
|
6.6 |
% |
|
|
2,983,750 |
|
|
|
3,047,400 |
|
|
|
1.6 |
% |
Health & Wellness |
|
|
15,751,903 |
|
|
|
16,353,350 |
|
|
|
7.1 |
% |
|
|
13,025,430 |
|
|
|
14,062,825 |
|
|
|
7.6 |
% |
Technology – Aerospace |
|
|
5,125,238 |
|
|
|
5,397,884 |
|
|
|
2.3 |
% |
|
|
3,354,590 |
|
|
|
3,377,019 |
|
|
|
1.8 |
% |
Technology – Agriculture |
|
|
3,124,189 |
|
|
|
3,124,189 |
|
|
|
1.3 |
% |
|
|
3,118,623 |
|
|
|
3,118,623 |
|
|
|
1.7 |
% |
Technology – Business |
|
|
18,521,090 |
|
|
|
18,238,736 |
|
|
|
7.7 |
% |
|
|
15,529,561 |
|
|
|
15,554,042 |
|
|
|
8.4 |
% |
Technology – Communication |
|
|
3,946,463 |
|
|
|
3,946,463 |
|
|
|
1.7 |
% |
|
|
2,750,038 |
|
|
|
2,750,038 |
|
|
|
1.5 |
% |
Technology – Consumer |
|
|
13,832,005 |
|
|
|
12,617,905 |
|
|
|
5.4 |
% |
|
|
6,264,345 |
|
|
|
6,020,281 |
|
|
|
3.2 |
% |
Technology – Cybersecurity |
|
|
5,786,947 |
|
|
|
5,985,296 |
|
|
|
2.5 |
% |
|
|
9,552,539 |
|
|
|
9,552,539 |
|
|
|
5.1 |
% |
Technology – Health & Wellness |
|
|
15,236,778 |
|
|
|
14,894,759 |
|
|
|
6.3 |
% |
|
|
9,249,642 |
|
|
|
9,080,676 |
|
|
|
4.9 |
% |
Technology – Marketplace |
|
|
13,436,621 |
|
|
|
12,805,421 |
|
|
|
5.4 |
% |
|
|
13,198,711 |
|
|
|
13,198,711 |
|
|
|
7.1 |
% |
Technology – Property |
|
|
4,386,304 |
|
|
|
4,386,304 |
|
|
|
1.9 |
% |
|
|
2,402,326 |
|
|
|
2,402,326 |
|
|
|
1.3 |
% |
Transportation |
|
|
10,366,412 |
|
|
|
10,366,412 |
|
|
|
4.4 |
% |
|
|
6,901,348 |
|
|
|
6,901,348 |
|
|
|
3.7 |
% |
Total |
|
$ |
236,196,776 |
|
|
$ |
235,487,656 |
|
|
|
100.0 |
% |
|
$ |
183,757,969 |
|
|
$ |
185,613,878 |
|
|
|
100.0 |
% |
|
| Schedule of transactions related to investments in non-controlled / affiliated |
Transactions related to investments in non-controlled / affiliated companies for the three and six months ended June 30, 2026 were as follows:
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|
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|
Portfolio Company |
|
Fair Value as of March 31, 2026 |
|
|
Gross Additions(a) |
|
|
Gross Reductions(b) |
|
|
Net Change in Unrealized Gains (Losses) |
|
|
Fair Value as of June 30, 2026 |
|
|
Interest Income |
|
Non-Controlled / Affiliated Investments |
|
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|
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|
|
|
|
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|
|
|
|
|
|
Roq.Ad, Inc. |
|
$ |
— |
|
|
$ |
14,168,411 |
|
|
$ |
— |
|
|
$ |
(79,724 |
) |
|
$ |
14,088,687 |
|
|
$ |
427,041 |
|
Total Investments |
|
$ |
— |
|
|
$ |
14,168,411 |
|
|
$ |
— |
|
|
$ |
(79,724 |
) |
|
$ |
14,088,687 |
|
|
$ |
427,041 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Company |
|
Fair Value as of December 31, 2025 |
|
|
Gross Additions(a) |
|
|
Gross Reductions(b) |
|
|
Net Change in Unrealized Gains (Losses) |
|
|
Fair Value as of June 30, 2026 |
|
|
Interest Income |
|
Non-Controlled / Affiliated Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Roq.Ad, Inc. |
|
$ |
— |
|
|
$ |
14,168,411 |
|
|
$ |
— |
|
|
$ |
(79,724 |
) |
|
$ |
14,088,687 |
|
|
$ |
427,041 |
|
Total Investments |
|
$ |
— |
|
|
$ |
14,168,411 |
|
|
$ |
— |
|
|
$ |
(79,724 |
) |
|
$ |
14,088,687 |
|
|
$ |
427,041 |
|
a.Gross additions may include increases in the cost basis of investments resulting from new investments, amount related to payment-in-kind ("PIK") interest capitalized and added to the principal balance of the respective loans, the accretion of discounts, the exchange of one or more existing investments for one or more new investments and the movement at fair value of an existing portfolio company into this affiliated category from a different category. b.Gross reductions may include decreases in the cost basis of investments resulting from principal collections related to investment repayments and sales, return of capital, the amortization of premiums and the exchange of one or more existing securities for one or more new securities.
|