| Portfolio Investments |
The following tables summarize the composition of the Company’s portfolio investments by investment type as of September 30, 2026 and December 31, 2025.
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As of September 30, 2026 |
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Investment Type |
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Principal
Balance |
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Percentage
at Principal
Balance |
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Amortized
Cost |
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Percentage at
Amortized
Cost |
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Fair
Value |
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Percentage
at Fair
Value |
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First Lien Senior Secured Loans(1) |
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$ |
370,271,537 |
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92.0 |
% |
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$ |
366,141,101 |
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91.1 |
% |
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$ |
364,030,020 |
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91.2 |
% |
Senior Secured Notes |
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31,023,281 |
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7.7 |
% |
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30,899,264 |
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7.8 |
% |
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30,910,898 |
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7.7 |
% |
Second Lien Senior Secured Loans |
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1,304,067 |
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0.3 |
% |
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1,304,066 |
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0.3 |
% |
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1,317,108 |
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0.3 |
% |
Warrants |
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- |
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0.0 |
% |
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2,916,757 |
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0.7 |
% |
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2,860,000 |
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0.7 |
% |
Preferred Stock |
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- |
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0.0 |
% |
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500,000 |
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0.1 |
% |
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500,000 |
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0.1 |
% |
Total |
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$ |
402,598,885 |
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100.0 |
% |
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$ |
401,761,188 |
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100.0 |
% |
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$ |
399,618,026 |
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100.0 |
% |
(1) We consider 36.0%, 36.4% and 36.4% of first lien senior secured loans at principal balance, amortized cost and fair value, respectively, to be unitranche loans (including "last out" portions of such loans) as of September 30, 2026.
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As of December 31, 2025 |
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Investment Type |
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Principal
Balance |
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Percentage
at Principal
Balance |
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Amortized
Cost |
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Percentage
at Amortized
Cost |
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Fair
Value |
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Percentage at
Fair Value |
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First Lien Senior Secured Loans |
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$ |
295,145,971 |
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88.3 |
% |
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$ |
291,918,975 |
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87.9 |
% |
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$ |
292,719,497 |
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87.8 |
% |
Senior Secured Notes |
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37,642,786 |
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11.3 |
% |
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37,030,961 |
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11.1 |
% |
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37,473,499 |
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11.2 |
% |
Second Lien Senior Secured Loans |
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1,425,799 |
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0.4 |
% |
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1,425,798 |
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0.4 |
% |
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1,447,186 |
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0.4 |
% |
Warrants |
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- |
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0.0 |
% |
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1,333,436 |
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0.4 |
% |
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1,171,605 |
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0.4 |
% |
Preferred Stock |
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- |
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0.0 |
% |
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500,000 |
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0.2 |
% |
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500,000 |
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0.2 |
% |
Total |
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$ |
334,214,556 |
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100.0 |
% |
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$ |
332,209,170 |
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100.0 |
% |
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$ |
333,311,787 |
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100.0 |
% |
The following tables summarize the composition of the Company’s debt portfolio based on rate characteristics as of September 30, 2026 and December 31, 2025.
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As of September 30, 2026 |
Rate Type |
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Principal
Balance |
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Amortized
Cost |
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Fair
Value |
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Time to
Maturity |
Fixed-rate debt |
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$ |
63,981,764 |
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$ |
63,262,244 |
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$ |
63,337,688 |
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2.0 years |
Floating-rate debt (SOFR) |
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177,173,353 |
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174,622,262 |
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174,147,046 |
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3.0 years |
Floating-rate debt (PRIME) |
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161,443,768 |
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160,459,925 |
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158,773,292 |
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2.2 years |
Total Debt Instruments |
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$ |
402,598,885 |
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$ |
398,344,431 |
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$ |
396,258,026 |
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2.5 years |
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As of December 31, 2025 |
Rate Type |
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Principal
Balance |
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Amortized
Cost |
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Fair
Value |
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Time to
Maturity |
Fixed-rate debt |
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$ |
94,255,821 |
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$ |
92,862,392 |
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$ |
93,187,170 |
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2.7 years |
Floating-rate debt (SOFR) |
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57,002,436 |
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56,470,076 |
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56,660,443 |
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2.5 years |
Floating-rate debt (PRIME) |
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182,956,299 |
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181,043,266 |
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181,792,569 |
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2.0 years |
Total Debt Instruments |
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$ |
334,214,556 |
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$ |
330,375,734 |
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$ |
331,640,182 |
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2.3 years |
The following tables summarize the composition of the Company’s portfolio investments by industry as of September 30, 2026 and December 31, 2025.
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As of September 30, 2026 |
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Industry |
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Amortized
Cost |
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Percentage at
Amortized
Cost |
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Fair
Value |
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Percentage at
Fair Value |
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Cannabis |
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$ |
314,638,054 |
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78.3 |
% |
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$ |
312,260,390 |
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78.2 |
% |
Finance and Insurance |
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27,501,806 |
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6.9 |
% |
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27,550,898 |
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6.9 |
% |
Information |
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15,353,658 |
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3.8 |
% |
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15,298,158 |
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3.8 |
% |
Manufacturing |
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13,546,824 |
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3.4 |
% |
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13,670,622 |
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3.4 |
% |
Public Administration |
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10,965,893 |
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2.7 |
% |
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10,927,897 |
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2.7 |
% |
Retail Trade |
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8,963,037 |
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2.2 |
% |
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8,852,658 |
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2.2 |
% |
Educational Services |
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5,008,334 |
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1.3 |
% |
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4,942,000 |
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1.3 |
% |
Real Estate and Rental and Leasing |
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2,971,079 |
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0.7 |
% |
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3,302,900 |
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0.8 |
% |
Administrative and Support and Waste Management and Remediation Services |
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2,812,503 |
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0.7 |
% |
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2,812,503 |
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0.7 |
% |
Total |
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$ |
401,761,188 |
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100.0 |
% |
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$ |
399,618,026 |
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100.0 |
% |
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As of December 31, 2025 |
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Industry |
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Amortized
Cost |
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Percentage at
Amortized
Cost |
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Fair
Value |
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Percentage at
Fair Value |
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Cannabis |
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$ |
248,441,479 |
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74.8 |
% |
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$ |
249,130,462 |
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74.7 |
% |
Finance and Insurance |
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25,609,187 |
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7.7 |
% |
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25,660,999 |
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7.7 |
% |
Information |
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19,595,501 |
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5.9 |
% |
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20,011,566 |
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6.0 |
% |
Public Administration |
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11,407,386 |
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3.4 |
% |
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11,504,108 |
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3.5 |
% |
Retail Trade |
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8,896,598 |
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2.7 |
% |
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8,914,151 |
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2.7 |
% |
Manufacturing |
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7,441,941 |
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2.2 |
% |
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7,441,941 |
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2.2 |
% |
Educational Services |
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5,001,681 |
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1.5 |
% |
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5,001,681 |
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1.5 |
% |
Administrative and Support and Waste Management and Remediation Services |
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3,000,000 |
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0.9 |
% |
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3,000,000 |
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0.9 |
% |
Real Estate and Rental and Leasing |
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2,815,397 |
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0.9 |
% |
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2,646,879 |
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0.8 |
% |
Total |
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$ |
332,209,170 |
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100.0 |
% |
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$ |
333,311,787 |
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100.0 |
% |
The following tables summarize the composition of the Company’s portfolio investments by geographic region as of September 30, 2026 and December 31, 2025.
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As of September 30, 2026 |
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Geographic Region |
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Amortized
Cost |
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Percentage at
Amortized
Cost |
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Fair
Value |
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Percentage at
Fair Value |
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United States: |
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Midwest |
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$ |
145,850,419 |
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36.3 |
% |
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$ |
145,123,313 |
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36.3 |
% |
West |
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121,823,473 |
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30.3 |
% |
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120,484,098 |
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30.2 |
% |
Southwest |
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52,005,678 |
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13.0 |
% |
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51,953,111 |
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13.0 |
% |
Northeast |
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32,526,635 |
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8.1 |
% |
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32,463,320 |
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8.1 |
% |
Southeast |
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28,263,815 |
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7.0 |
% |
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28,760,865 |
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7.2 |
% |
International: |
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Canada |
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21,291,168 |
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5.3 |
% |
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20,833,319 |
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5.2 |
% |
Total |
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$ |
401,761,188 |
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100.0 |
% |
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$ |
399,618,026 |
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100.0 |
% |
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As of December 31, 2025 |
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Geographic Region |
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Amortized
Cost |
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Percentage at
Amortized Cost |
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Fair
Value |
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Percentage at
Fair Value |
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United States: |
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Midwest |
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$ |
138,071,134 |
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41.6 |
% |
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$ |
138,912,130 |
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41.7 |
% |
Northeast |
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66,803,146 |
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20.1 |
% |
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67,247,357 |
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20.2 |
% |
West |
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65,511,094 |
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19.7 |
% |
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65,410,158 |
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19.6 |
% |
Southeast |
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28,827,032 |
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8.7 |
% |
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28,750,558 |
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8.6 |
% |
Southwest |
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26,982,778 |
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8.1 |
% |
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27,001,681 |
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8.1 |
% |
International: |
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Canada |
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6,013,986 |
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1.8 |
% |
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5,989,903 |
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1.8 |
% |
Total |
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$ |
332,209,170 |
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100.0 |
% |
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$ |
333,311,787 |
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100.0 |
% |
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