| Investments |
6. Investments
As of both June 30, 2026 and December 31, 2025,
the Company had investments in 10 portfolio companies. 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 | |
| Senior Secured Loan Debt Investments | |
$ | 89,698,072 | | |
$ | 73,646,067 | | |
$ | 133,165,847 | | |
$ | 103,743,544 | |
| Equity Investments - Common Stock | |
| 5,120,001 | | |
| 3,964,196 | | |
| 6,179,944 | | |
| 4,459,016 | |
| Equity Investments - Preferred Stock | |
| 28,071,878 | | |
| 23,059,768 | | |
| 5,988,431 | | |
| 3,743,867 | |
| Money Market Funds | |
| 4,925,914 | | |
| 4,925,914 | | |
| - | | |
| - | |
| United States Treasury Bill | |
| 108,489,232 | | |
| 108,489,232 | | |
| 105,317,160 | | |
| 105,317,160 | |
| Total Investments | |
$ | 236,305,097 | | |
$ | 214,085,177 | | |
$ | 250,651,382 | | |
$ | 217,263,587 | |
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 (excluding short-term investments and money market funds):
| | |
June 30,
2026 | | |
December 31,
2025 | |
| Leisure Products | |
| 16.8 | % | |
| 12.9 | % |
| Packaged Foods & Meats | |
| 13.4 | % | |
| 12.8 | % |
| Automotive | |
| 12.0 | % | |
| 11.5 | % |
| Commercial Building Products | |
| 10.9 | % | |
| 10.6 | % |
| Industrial Machinery | |
| 10.1 | % | |
| 10.0 | % |
| IT Consulting | |
| 8.0 | % | |
| 9.6 | % |
| Leisure Facilities | |
| 3.7 | % | |
| 7.8 | % |
| Apparel, Accessories & Luxury Goods | |
| 1.0 | % | |
| 5.2 | % |
| Diversified Support Services | |
| 0.6 | % | |
| 1.1 | % |
| Total | |
| 76.5 | % | |
| 81.5 | % |
|