| Investments |
5. Investments
As of June 30, 2026 and December 31, 2025, the
Company had investments in 70 and 67 portfolio companies, respectively. The following table presents the composition of the Company’s
investment portfolio at amortized cost and fair value as of June 30, 2026 and December 31, 2025:
| | |
June 30, 2026 | | |
December 31, 2025 | |
| | |
Amortized | | |
Fair | | |
Amortized | | |
Fair | |
| | |
Cost | | |
Value | | |
Cost | | |
Value | |
| Corporate Bond Investments | |
$ | 29,355,860 | | |
$ | 29,520,346 | | |
$ | 40,723,252 | | |
$ | 41,486,860 | |
| Senior Secured Loan Debt Investments | |
| 54,217,373 | | |
| 54,608,546 | | |
| 42,778,592 | | |
| 43,344,626 | |
| Equity Investments – Preferred Stock | |
| 3,779,028 | | |
| 3,938,257 | | |
| 3,131,028 | | |
| 3,197,792 | |
| Warrants | |
| - | | |
| 256,052 | | |
| - | | |
| 8,102 | |
| Money Market Funds | |
| 14,045,778 | | |
| 14,045,778 | | |
| 6,217,008 | | |
| 6,217,008 | |
| Total Investments | |
$ | 101,398,039 | | |
$ | 102,368,979 | | |
$ | 92,849,880 | | |
$ | 94,254,388 | |
100% of the Company’s investments as of
June 30, 2026 and December 31, 2025 were within the United States. The industry composition of investments based on fair value, as a
percentage of net assets, as of June 30, 2026 and December 31, 2025 was as follows:
| Industry | |
June 30,
2026 | | |
December 31,
2025 | |
| Transportation Excluding Air/Rail | |
| 20.6 | % | |
| 13.6 | % |
| Homebuilders/Real Estate | |
| 9.3 | % | |
| 3.5 | % |
| Health Care Services | |
| 6.8 | % | |
| 7.3 | % |
| Diversified Financial Services | |
| 7.1 | % | |
| 4.8 | % |
| Building Materials | |
| 4.7 | % | |
| 4.8 | % |
| Services | |
| 4.2 | % | |
| 4.2 | % |
| Diversified Support Services | |
| 6.0 | % | |
| 4.5 | % |
| Healthcare | |
| 3.0 | % | |
| 2.6 | % |
| Containers | |
| 2.3 | % | |
| 3.4 | % |
| Super Retail | |
| 3.4 | % | |
| 3.2 | % |
| Consumer Products | |
| 2.6 | % | |
| 2.7 | % |
| Utilities | |
| 1.8 | % | |
| 2.9 | % |
| Energy | |
| 2.5 | % | |
| 2.7 | % |
| Technology | |
| 2.3 | % | |
| 4.2 | % |
| Airlines | |
| 1.5 | % | |
| 2.0 | % |
| Publishing/Printing | |
| 1.6 | % | |
| 2.8 | % |
| Chemicals | |
| 1.5 | % | |
| 4.6 | % |
| Food/Beverage/Tobacco | |
| 1.0 | % | |
| 0.1 | % |
| Railroads | |
| 0.0 | % | |
| 1.1 | % |
| Gaming | |
| 0.5 | % | |
| 1.2 | % |
| Insurance | |
| 0.7 | % | |
| 0.5 | % |
| Capital Goods | |
| 0.8 | % | |
| 1.8 | % |
| Broadcasting | |
| 0.0 | % | |
| 0.5 | % |
| Telecommunications | |
| 0.3 | % | |
| 0.0 | % |
| Automotive & Auto Parts | |
| 0.5 | % | |
| 0.5 | % |
| Metals/Mining | |
| 0.5 | % | |
| 0.5 | % |
| Cable/Satellite TV | |
| 0.4 | % | |
| 0.0 | % |
| Transportation Infrastructure | |
| 0.0 | % | |
| 11.0 | % |
| Collateralized Debt Obligation | |
| 0.0 | % | |
| 0.5 | % |
| Total | |
| 85.9 | % | |
| 91.5 | % |
|