v3.26.3
Fair Value Measurements (Details 1) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Sep. 30, 2026
Sep. 30, 2025
Short-Term Debt [Line Items]        
Fair value, beginning of period [1],[2],[3]     $ 132,220,501  
Amortization of deferred loan fees     2,706 $ 1,664
Net change in unrealized gain (loss) on investments $ 917,673 $ 1,954,827 841,596 15,885,361
Fair value, end of period [4],[5],[6] 162,554,122   162,554,122  
Level 3 [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period 157,635,546 119,522,426 132,220,501 85,859,132
Purchases of investments 4,000,001 5,466,827 29,487,715 25,216,826
Conversion of convertible notes to preferred stock     1,604  
Proceeds from deferred loan fees   0   (18,000)
Amortization of deferred loan fees 902 902 2,706 1,664
Net change in unrealized gain (loss) on investments 917,673 1,954,828 (841,596) 15,885,361
Fair value, end of period 162,554,122 126,944,983 162,554,122 126,944,983
Net change in unrealized gain (loss) included in earnings related to financial instruments 917,673 1,954,828 (841,596) 15,885,361
Junior Secured Convertible Notes [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period     2,984,566  
Fair value, end of period 2,987,272   2,987,272  
Junior Secured Convertible Notes [Member] | Level 3 [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period 2,986,370 2,982,762 2,984,566 0
Purchases of investments 0 0 0 3,000,000
Conversion of convertible notes to preferred stock     0  
Proceeds from deferred loan fees   0   (18,000)
Amortization of deferred loan fees 902 902 2,706 1,664
Net change in unrealized gain (loss) on investments 0 0 0 0
Fair value, end of period 2,987,272 2,983,664 2,987,272 2,983,664
Net change in unrealized gain (loss) included in earnings related to financial instruments 0 0 0 0
Senior Secured Convertible Notes [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period     63,321,632  
Fair value, end of period 51,384,308   51,384,308  
Senior Secured Convertible Notes [Member] | Level 3 [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period 55,183,987 63,142,576 63,321,632 54,401,998
Purchases of investments 0 0 975,610 1,500,000
Conversion of convertible notes to preferred stock     (975,610)  
Proceeds from deferred loan fees   0   0
Amortization of deferred loan fees 0 0 0 0
Net change in unrealized gain (loss) on investments (3,799,679) 381,241 (11,937,324) 7,621,819
Fair value, end of period 51,384,308 63,523,817 51,384,308 63,523,817
Net change in unrealized gain (loss) included in earnings related to financial instruments (3,799,679) 381,241 (11,937,324) 7,621,819
Unsecured Convertible Notes [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period     4,535,559  
Fair value, end of period 19,372,582   19,372,582  
Unsecured Convertible Notes [Member] | Level 3 [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period 14,684,723 4,313,720 4,535,559 0
Purchases of investments 4,000,001 0 13,487,715 4,250,000
Conversion of convertible notes to preferred stock     0  
Proceeds from deferred loan fees   0   0
Amortization of deferred loan fees 0 0 0 0
Net change in unrealized gain (loss) on investments 687,858 200,005 1,349,308 263,725
Fair value, end of period 19,372,582 4,513,725 19,372,582 4,513,725
Net change in unrealized gain (loss) included in earnings related to financial instruments 687,858 200,005 1,349,308 263,725
Preferred Stock Investments [Member] | Level 3 [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period 82,766,636 47,616,440 59,821,668 30,158,406
Purchases of investments 0 5,466,827 15,024,390 16,466,826
Conversion of convertible notes to preferred stock     977,214  
Proceeds from deferred loan fees   0   0
Amortization of deferred loan fees   0 0 0
Net change in unrealized gain (loss) on investments 3,460,335 1,392,712 10,403,699 7,850,747
Fair value, end of period 86,226,971 54,475,979 86,226,971 54,475,979
Net change in unrealized gain (loss) included in earnings related to financial instruments 3,460,335 1,392,712 10,403,699 7,850,747
Common Stock Investments [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period     341,733  
Fair value, end of period 227,830   227,830  
Common Stock Investments [Member] | Level 3 [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period 217,100 308,085 341,733 796,904
Purchases of investments 0 0 0 0
Conversion of convertible notes to preferred stock     0  
Proceeds from deferred loan fees   0   0
Amortization of deferred loan fees 0 0 0 0
Net change in unrealized gain (loss) on investments 10,730 (2,731) (113,903) (491,550)
Fair value, end of period 227,830 305,354 227,830 305,354
Net change in unrealized gain (loss) included in earnings related to financial instruments 10,730 (2,731) (113,903) (491,550)
Warrant [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period     1,215,343  
Fair value, end of period 2,355,159   2,355,159  
Warrant [Member] | Level 3 [Member]        
Short-Term Debt [Line Items]        
Fair value, beginning of period 1,796,730 1,158,843 1,215,343 501,824
Purchases of investments   0 0 0
Conversion of convertible notes to preferred stock 0   0  
Proceeds from deferred loan fees   0   0
Amortization of deferred loan fees 0 0 0 0
Net change in unrealized gain (loss) on investments 558,429 16,399 1,139,816 640,620
Fair value, end of period 2,355,159 1,142,444 2,355,159 1,142,444
Net change in unrealized gain (loss) included in earnings related to financial instruments $ 558,429 $ 16,399 $ 1,139,816 $ 640,620
[1] All investments are domiciled in the United States unless otherwise noted.
[2] Securities exempt from registration under the Securities Act (as defined in Note 1), and are deemed to be “restricted securities.” As of December 31, 2025, the aggregate fair value of these securities is $132.2 million or 84.4% of the Company’s net assets.
[3] Unless otherwise indicated, these investments were valued using unobservable inputs and are considered Level 3 investments.
[4] All investments are domiciled in the United States unless otherwise noted.
[5] Securities exempt from registration under the Securities Act (as defined in Note 1), and are deemed to be “restricted securities.” As of September 30, 2026, the aggregate fair value of these securities is $162.6 million or 89.7% of the Company’s net assets.
[6] Unless otherwise indicated, these investments were valued using unobservable inputs and are considered Level 3 investments.