v3.26.1
Fair Value of Investments (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value of Investments [Abstract]  
Schedule of Fair Value Hierarchy

The following tables present the fair value hierarchy of the Company’s investments as of June 30, 2026 and December 31, 2025:

 

   Fair Value Hierarchy as of June 30, 2026 
Description  Level 1   Level 2   Level 3   Total 
Senior Secured Loan Debt Investments  $
-
   $
-
   $73,646,067   $73,646,067 
Equity Investments – Common Stock   
-
    
-
    3,964,196    3,964,196 
Equity Investments – Preferred Stock   
-
    
-
    23,059,768    23,059,768 
Money Market Funds   4,925,914    
-
    
-
    4,925,914 
United States Treasury Bill   
-
    108,489,232    
-
    108,489,232 
Total  $4,925,914   $108,489,232   $100,670,031   $214,085,177 
   Fair Value Hierarchy as of December 31, 2025 
Description  Level 1   Level 2   Level 3   Total 
Senior Secured Loan Debt Investments  $
-
   $
-
   $103,743,544   $103,743,544 
Equity Investments – Common Stock   
-
    
-
    4,459,016    4,459,016 
Equity Investments – Preferred Stock   
-
    
-
    3,743,867    3,743,867 
Money Market Funds   4,134    
-
    
-
    4,134 
Short-Term Investments   
-
    105,317,160    
-
    105,317,160 
Total  $4,134   $105,317,160   $111,946,427   $217,267,721 
Schedule of Changes in the Fair Value of the Company’s Investments

The following tables present changes in the fair value of the Company’s investments for which Level 3 inputs were used to determine the fair value of such investments as of and for the six months ended June 30, 2026, and 2025: 

 

   For the six months ended
June 30,		 
Senior Secured Loan Debt Investments  2026   2025 
Fair value, beginning of period  $103,743,544   $139,921,361 
Purchases of investments   4,587,770    1,670,250 
Proceeds from principal pre-payments and sales of investments   (34,198,407)   (17,804,798)
Net realized loss   (15,635,565)   
-
 
Net change in unrealized appreciation/(depreciation)   13,370,297    (9,012,248)
Payment-in-kind interest   1,864,234    
-
 
Net accretion of discount (amortization of premium) on investments   (85,806)   3,458,217 
Fair value, end of period  $73,646,067   $118,232,782 

 

   For the six months ended
June 30,		 
Equity Investments - Common Stock  2026   2025 
Fair value, beginning of period  $4,459,016   $3,957,055 
Purchases of investments   
-
    
-
 
Proceeds from sales of investments   
-
    
-
 
Net realized loss   (900,000)   
-
 
Net change in unrealized appreciation/(depreciation)   904,038    457,263 
Transfers into (out of) Level 3(1)   (498,858)   
-
 
Fair value, end of period  $3,964,196   $4,414,318 

 

   For the six months ended
June 30,		 
Equity Investments - Preferred Stock  2026   2025 
Fair value, beginning of period  $3,743,867   $3,656,818 
Purchases of investments   24,608,324    231,646 
Proceeds from sales of investments   (848,934)   (55,201)
Net realized loss   (1,835,887)   
-
 
Net change in unrealized appreciation/(depreciation)   (3,106,460)   (93,343)
Transfers into (out of) Level 3(1)   498,858    
-
 
Fair value, end of period  $23,059,768   $3,739,920 

 

(1)During the six months ended June 30, 2026, transfers into and out of Level 3 were attributable to the observability of market data and resulted from decreases in liquidity, security restructurings, reclassification, or corporate actions.
Schedule of Net Change in Unrealized Appreciation (Depreciation)

The following table presents the net change in unrealized appreciation/(depreciation) of the Company’s investments for the period relating to these Level 3 assets that were still held by the Company as of and for the six months ended June 30, 2026 and 2025:

 

   For the six months ended
June 30,		 
Net Change in Unrealized Appreciation/(Depreciation)  2026   2025 
Senior Secured Loan Debt Investments  $13,370,297   $(9,012,248)
Equity Investments - Common Stock   904,038    457,263 
Equity Investments - Preferred Stock   (3,106,460)   (93,343)
Total  $11,167,875   $(8,648,328)
Schedule of Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs of the Company’s Level 3 investments as of June 30, 2026 and December 31, 2025. The tables are not intended to be all-inclusive, but instead capture the significant unobservable inputs relevant to the Adviser’s determination of fair value.

 

   Fair Value as of
June 30,
2026		   Valuation
Technique		  Unobservable
Input		  Range/Input  Weighted
Average
Inputs		 
Senior Secured Loan Debt Investments  $71,652,318   Discounted cash flow  Discount rate  4.59 - 16.72%  10.06%
Senior Secured Loan Debt Investments   1,993,750   Recent Transaction Price(1)  N/A 
N/A
   N/A 
Equity Investments - Common Stock  $3,964,196   Market Approach  EBITDA multiples  4.36x – 6.98x   5.59x 
Equity Investments - Preferred Stock  $848,933   Contingent Payment(2)  N/A 
N/A
   N/A 
Equity Investments - Preferred Stock  $2,059,460   Market approach  EBITDA multiples  6.43x - 7.91x   7.81x 
Equity Investments - Preferred Stock  $20,151,374   Recent Transaction Price(1)  N/A 
N/A
   N/A 
Total  $100,670,031               

 

(1)Transaction price consists of securities recently purchased. The Company determined that there was no change to the valuation based on the underlying assumptions made at the closing of such transactions.
(2)Expected distribution of proceeds after estimated transaction expenses.

 

   Fair Value
as of
December 31,
2025		   Valuation
Technique		  Unobservable
Input		  Range/Input  Weighted
Average
Inputs		 
Senior Secured Loan Debt Investments  $103,743,544   Discounted cash flow  Discount rate  4.24% - 31.47%   13.05%
Equity Investments - Common Stock  $4,459,016   Market approach  EBITDA multiples  3.53x - 6.94x   5.64x
Equity Investments - Preferred Stock  $3,743,867   Market approach  EBITDA multiples  6.43x - 6.80x   7.22x
Total  $111,946,427