| Fair Value Disclosures [Text Block] |
Note 4. Fair Value Measurements
The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820, Fair Value Measurement ("ASC 820") as of June 30, 2026:
| | | Fair | | | | | | | | | | | | | |
| | | Value | | | Level 1 | | | Level 2 | | | Level 3 | |
| Senior secured term loans | | $ | 128,864,890 | | | $ | — | | | $ | — | | | $ | 128,864,890 | |
| Senior secured term loan participations | | | 66,297,945 | | | | — | | | | — | | | | 66,297,945 | |
| Senior secured trade finance participations | | | 24,859,079 | | | | — | | | | — | | | | 24,859,079 | |
| Convertible notes | | | 30,806,874 | | | | — | | | | — | | | | 30,806,874 | |
| Other investments | | | 11,816,853 | | | | — | | | | — | | | | 11,816,853 | |
| Equity warrants | | | — | | | | — | | | | — | | | | — | |
| Total | | $ | 262,645,641 | | | $ | — | | | $ | — | | | $ | 262,645,641 | |
The following table summarizes the valuation of the Company’s investments by the fair value hierarchy levels required under ASC 820 as of December 31, 2025:
| | | Fair | | | | | | | | | | | | | |
| | | Value | | | Level 1 | | | Level 2 | | | Level 3 | |
| Senior secured term loans | | $ | 123,807,284 | | | $ | — | | | $ | — | | | $ | 123,807,284 | |
| Senior secured term loan participations | | | 71,371,727 | | | | — | | | | — | | | | 71,371,727 | |
| Senior secured trade finance participations | | | 26,493,018 | | | | — | | | | — | | | | 26,493,018 | |
| Convertible notes | | | 29,092,471 | | | | — | | | | — | | | | 29,092,471 | |
| Other investments | | | 11,451,817 | | | | — | | | | — | | | | 11,451,817 | |
| Equity warrants | | | — | | | | — | | | | — | | | | — | |
| Total | | $ | 262,216,317 | | | $ | — | | | $ | — | | | $ | 262,216,317 | |
The fair value of the repurchase obligation as of June 30, 2026, is $2,876,926, which equals the principal amount outstanding (see Note 5. Contingencies and Related Parties for additional information).
The following is a reconciliation of activity for the six months ended June 30, 2026, of investments classified as Level 3:
| | | Fair Value at December 31, 2025 | | | Purchases | | | Proceeds from disposition and paydowns of investments | | | Reclassifications | | | | Capitalized payment-in-kind interest income | | | Net change in unrealized appreciation (depreciation) | | | Net realized gains (losses) | | | Fair Value at June 30, 2026 | |
| Senior secured term loans | | $ | 123,807,284 | | | $ | — | | | $ | — | | | $ | — | | | | $ | 7,333,443 | | | $ | (2,275,837 | ) | | $ | — | | | $ | 128,864,890 | |
| Senior secured term loan participations | | | 71,371,727 | | | | — | | | | (5,652,998 | ) | | | — | | | | | 732,561 | | | | (153,345 | ) | | | — | | | | 66,297,945 | |
| Senior secured trade finance participations | | | 26,493,018 | | | | — | | | | (60,874 | ) | | | 381,883 | | (1) | | | — | | | | (1,954,948 | ) | | | — | | | | 24,859,079 | |
| Convertible notes | | | 29,092,471 | | | | — | | | | — | | | | — | | | | | 1,714,403 | | | | — | | | | — | | | | 30,806,874 | |
| Other investments | | | 11,451,817 | | | | — | | | | (274,146 | ) | | | — | | | | | — | | | | 639,182 | | | | — | | | | 11,816,853 | |
| Equity warrants | | | — | | | | — | | | | — | | | | — | | | | | — | | | | — | | | | — | | | | — | |
| Total | | $ | 262,216,317 | | | $ | — | | | $ | (5,988,018 | ) | | $ | 381,883 | | | | $ | 9,780,407 | | | $ | (3,744,948 | ) | | $ | — | | | $ | 262,645,641 | |
(1) The amount represents principal repayments received during the year ended December 31, 2025 that were inadvertently overallocated to the Company by the agent responsible for administering payments related to the settlement with CAGSA. See the Watch List Investments section below for more information regarding the settlement. As of June 30, 2026, the overallocated amount was reclassified from principal repayments to a payable account to reflect the Company's obligation to remit the excess funds to the appropriate parties.
The following is a reconciliation of activity for the year ended December 31, 2025, of investments classified as Level 3:
| | | Fair Value at December 31, 2024 | | | Purchases | | | Proceeds from disposition and paydowns of investments | | | Reclassifications | | | | Capitalized payment-in-kind interest income | | | Net change in unrealized appreciation (depreciation) | | | Net realized gains (losses) | | | Fair Value at December 31, 2025 | |
| Senior secured term loans | | $ | 121,679,322 | | | $ | — | | | $ | — | | | $ | (3,904,117 | ) | (1) | | $ | 14,872,272 | | | $ | (8,840,193 | ) | | $ | — | | | $ | 123,807,284 | |
| Senior secured term loan participations | | | 78,156,693 | | | | — | | | | (6,632,559 | ) | | | — | | | | | 1,852,138 | | | | (2,004,545 | ) | | | — | | | | 71,371,727 | |
| Senior secured trade finance participations | | | 27,665,139 | | | | — | | | | (776,478 | ) | | | — | | | | | — | | | | 5,625,010 | | | | (6,020,653 | ) | | | 26,493,018 | |
| Convertible notes | | | 25,387,189 | | | | — | | | | — | | | | — | | | | | 3,178,475 | | | | 526,807 | | | | — | | | | 29,092,471 | |
| Other investments | | | 13,054,395 | | | | — | | | | (1,326,315 | ) | | | — | | | | | — | | | | (202,392 | ) | | | (73,871 | ) | | | 11,451,817 | |
| Equity warrants | | | 2,466,534 | | | | — | | | | — | | | | — | | | | | — | | | | (2,466,534 | ) | | | — | | | | — | |
| Total | | $ | 268,409,272 | | | $ | — | | | $ | (8,735,352 | ) | | $ | (3,904,117 | ) | | | $ | 19,902,885 | | | $ | (7,361,847 | ) | | $ | (6,094,524 | ) | | $ | 262,216,317 | |
(1) The total amount pertains to the repurchase obligation (see Note 5. Contingencies and Related Parties for additional information) and the reversion to the original contractual terms of the debt agreement for a specific investment following a failure to reach an agreement on the investment's restructuring.
Net change in unrealized depreciation for the six months ended June 30, 2026 and for the year ended December 31, 2025 reported in the Company’s consolidated statements of operations attributable to the Company’s Level 3 assets still held at period end were $3,744,948 and $7,361,847, respectively.
As of June 30, 2026, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of June 30, 2026:
| | | Fair value | | Valuation technique | | Unobservable input | | Range (weighted average) (4) |
| Senior secured trade finance participations (1) | | $ | 6,310,193 | | Collateral based approach | | Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5) | | 1.65x - 6.45x, 11.75% - 17.67% (15.43%), 1.0 - 3.0 years |
| Senior secured trade finance participations (2) | | $ | 18,548,886 | | Income approach (DCF) | | Discount rate, Estimated duration period (5) | | 15.0% - 21.50% (19.42%), 4.0 - 13.1 years |
| Senior secured term loans (2) | | $ | 114,035,365 | | Income approach (DCF) | | Discount rate, Estimated duration period (5) | | 15.50% - 21.50% (17.93%), 0.8 - 24.5 years |
| Senior secured term loans (3) | | $ | 14,829,525 | | A hybrid of the collateral based or conversion approach and the income approach (DCF) | | Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5) | | 0.60x - 1.18x, 19.0% - 35.0% (23.23%), 1.0 - 6.8 years |
| Senior secured term loan participations (1) | | $ | 21,573,387 | | Collateral based approach | | Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5) | | 0.35x - 2.60x, 13.50% - 19.0% (18.21%), 1.0 - 3.5 years |
| Senior secured term loan participations (2) | | $ | 36,425,260 | | Income approach (DCF) | | Discount rate, EBITDA multiple, Estimated duration period (5) | | 5.03% - 17.0% (11.40%), 7x, 0.1 - 8.0 years |
| Senior secured term loan participations (3) | | $ | 8,299,298 | | A hybrid of the collateral based approach and the income approach (DCF) | | Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5) | | 0.36x - 4.52x, 22.50% - 22.75% (22.55%), 1.5 - 3.2 years |
| Other investments (1) | | $ | 7,872,732 | | Collateral based approach | | Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5) | | 0.53x - 1.02x, 20.0% - 30.0% (26.03%), 0.5 - 3.0 years |
| Other investments (2) | | $ | 3,944,121 | | Income approach (DCF) | | Discount rate, Estimated duration period (5) | | 6.63% - 13.25% (8.10%), 0.5 - 3.5 years |
| Convertible notes (2) | | $ | 30,806,874 | | Income approach (DCF) | | Discount rate, Estimated duration period (5) | | 15.75% - 18.0% (17.95%), 0.5 years |
| Equity warrants | | $ | — | | Option Pricing Method | | Risk free rate, volatility, time to liquidity | | 3.7%, 90.6%, 5 years |
| (1) | The Company used a collateral based approach for the following Watch List investments: MICD, Trustco, Sancor, WinRep, IIG TOF B.V., Algodonera, and Frigorifico. |
| (2) | The Company used the income approach for the following Watch List investments: Grupo Surpapel, Limas, Triton, Dock Brasil, Agilis Partners, Agilis Partners Holding, CAGSA, Producam, Itelecom and Equity Participation in Cocoa Transaction. |
| (3) | The Company used a hybrid of the collateral or the conversion approach and the income approach for the following Watch List investments: PT Citra, Vikudha, Ecsponent and Lidas. |
| (4) | The inputs were weighted based on the fair value of the investments included in the range. |
| (5) | Represents estimated period from June 30, 2026 to receipt date of final payment for investments under the income approach or estimated period from June 30, 2026 to collection date of proceeds from liquidation of collateral for investments under the liquidation approach. |
As of December 31, 2025, all of the Company’s portfolio investments utilized Level 3 inputs. The following table presents the quantitative information about Level 3 fair value measurements of the Company’s investments as of December 31, 2025:
| | | Fair value | | Valuation technique | | Unobservable input | | Range (weighted average) (4) |
| Senior secured trade finance participations (1) | | $ | 6,926,432 | | Collateral based approach | | Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5) | | 1.24x - 1.65x, 11.75% - 17.67% (15.38%), 1.0 - 3.3 years |
| Senior secured trade finance participations (2) | | $ | 19,566,586 | | Income approach (DCF) | | Discount rate, Estimated duration period (5) | | 15.0% - 20.50% (18.80%), 4.0 - 13.6 years |
| Senior secured term loans (2) | | $ | 106,838,273 | | Income approach (DCF) | | Discount rate, Estimated duration period (5) | | 15.50% - 21.0% (19.13%), 0.8 - 25.0 years |
| Senior secured term loans (3) | | $ | 16,969,011 | | A hybrid of the collateral based approach and the income approach (DCF) | | Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5) | | 0.74x - 1.18x, 19.0% - 35.0% (22.79%), 1.0 - 4.0 years |
| Senior secured term loan participations (1) | | $ | 21,129,236 | | Collateral based approach | | Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5) | | 0.37x - 2.73x, 13.50% - 19.0% (18.19%), 1.0 - 3.5 years |
| Senior secured term loan participations (2) | | $ | 48,465,183 | | Income approach (DCF) | | Discount rate, EBITDA multiple, Estimated duration period (5) | | 11.0% - 22.5% (14.48%), 7x, 0.2 - 8.5 years |
| Senior secured term loan participations (3) | | $ | 1,777,308 | | A hybrid of the collateral based approach and the income approach (DCF) | | Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5) | | 0.37x, 22.75%, 2.9 - 3.0 years |
| Other investments (1) | | $ | 8,637,158 | | Collateral based approach | | Value of collateral (collateral coverage ratio), Discount rate, Estimated duration period (5) | | 0.53x - 1.32x, 5.18% - 30.0% (24.19%), 0.5 - 4.0 years |
| Other investments (2) | | $ | 2,814,659 | | Income approach (DCF) | | Discount rate, Estimated duration period (5) | | 8.0% - 13.25% (9.23%), 0.5 - 2.0 years |
| Convertible notes (2) | | $ | 29,092,471 | | Income approach (DCF) | | Discount rate | | 15.75% - 17.0% (16.97%) |
| Equity warrants | | $ | — | | Option Pricing Method | | Risk free rate, volatility, time to liquidity | | 3.7%, 90.6%, 5 years |
| (1) | The Company used a collateral based approach for the following Watch List investments: MICD, Trustco, Sancor, WinRep, IIG TOF B.V., Itelecom, Algodonera, and Frigorifico. |
| (2) | The Company used the income approach for the following Watch List investments: Grupo Surpapel, Limas, Triton, Dock Brasil, Cevher, Maritime One, Lidas, Agilis Partners, Agilis Partners Holding, CAGSA, and Producam. |
| (3) | The Company used a hybrid of the collateral or the conversion approach and the income approach for the following Watch List investments: PT Citra, Vikudha and Ecsponent. |
| (4) | The inputs were weighted based on the fair value of the investments included in the range. |
| (5) | Represents estimated period from December 31, 2025 to receipt date of final payment for investments under the income approach or estimated period from December 31, 2025 to collection date of proceeds from liquidation of collateral for investments under the liquidation approach. |
The significant unobservable Level 3 inputs used in the fair value measurement of the Company’s investments are market yields used to discount the estimated future cash flows expected to be received from the underlying investments, which include both future principal and interest payments. Significant increases in market yields would result in significantly lower fair value measurements. In addition, a significant decrease in future cash flows is expected to be received from the underlying investments due to a projected decrease in results of operations and cash flows from the underlying investments, would result in significantly lower fair value measurements.
For additional information concerning the country-specific risk concentrations for the Company’s investments, refer to the Consolidated Schedule of Investments and Note 3.
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