| Investments |
5. Investments
As of September 30, 2026 and December 31, 2025,
the Company had investments in 61 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 September 30, 2026 and December 31, 2025:
| | |
September 30, 2026 | | |
December 31, 2025 | |
| | |
Amortized | | |
Fair | | |
Amortized | | |
Fair | |
| | |
Cost | | |
Value | | |
Cost | | |
Value | |
| Corporate Bond Investments | |
$ | 24,747,273 | | |
$ | 24,349,708 | | |
$ | 40,723,252 | | |
$ | 41,486,860 | |
| Senior Secured Loan Debt Investments | |
| 65,704,377 | | |
| 66,349,688 | | |
| 42,778,592 | | |
| 43,344,626 | |
| Equity Investments – Preferred Stock | |
| 3,779,028 | | |
| 4,509,301 | | |
| 3,131,028 | | |
| 3,197,792 | |
| Equity Investments – Common Stock | |
| 1,221,516 | | |
| 1,547,892 | | |
| - | | |
| - | |
| Warrants | |
| - | | |
| 433,063 | | |
| - | | |
| 8,102 | |
| Short-Term Investments | |
| 5,853,734 | | |
| 5,853,734 | | |
| 6,217,008 | | |
| 6,217,008 | |
| Total Investments | |
$ | 101,305,928 | | |
$ | 103,043,386 | | |
$ | 92,849,880 | | |
$ | 94,254,388 | |
100% of the Company’s investments as of
September 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 September 30, 2026 and December 31, 2025 was as follows (excluding short-term investments and money
market funds):
| Industry | |
September 30,
2026 | | |
December 31,
2025 | |
| Transportation Excluding Air/Rail | |
| 27.3 | % | |
| 13.6 | % |
| Homebuilders/Real Estate | |
| 9.4 | % | |
| 3.5 | % |
| Healthcare | |
| 7.1 | % | |
| 2.6 | % |
| Health Care Services | |
| 6.9 | % | |
| 7.3 | % |
| Diversified Financial Services | |
| 6.7 | % | |
| 4.8 | % |
| Diversified Support Services | |
| 6.0 | % | |
| 4.5 | % |
| Environmental & Facilities Services | |
| 3.8 | % | |
| 0.0 | % |
| Building Materials | |
| 3.2 | % | |
| 4.8 | % |
| Services | |
| 2.6 | % | |
| 4.2 | % |
| Super Retail | |
| 2.6 | % | |
| 3.2 | % |
| Consumer Products | |
| 2.5 | % | |
| 2.7 | % |
| Energy | |
| 2.4 | % | |
| 2.7 | % |
| Technology | |
| 2.1 | % | |
| 4.2 | % |
| Utilities | |
| 1.8 | % | |
| 2.9 | % |
| Publishing/Printing | |
| 1.6 | % | |
| 2.8 | % |
| Containers | |
| 1.5 | % | |
| 3.4 | % |
| Airlines | |
| 1.5 | % | |
| 2.0 | % |
| Food/Beverage/Tobacco | |
| 1.0 | % | |
| 0.1 | % |
| Metals/Mining | |
| 1.0 | % | |
| 0.5 | % |
| Capital Goods | |
| 0.8 | % | |
| 1.8 | % |
| Gaming | |
| 0.5 | % | |
| 1.2 | % |
| Insurance | |
| 0.5 | % | |
| 0.5 | % |
| Automotive & Auto Parts | |
| 0.5 | % | |
| 0.5 | % |
| Cable/Satellite TV | |
| 0.4 | % | |
| 0.0 | % |
| Telecommunications | |
| 0.3 | % | |
| 0.0 | % |
| Chemicals | |
| 0.2 | % | |
| 4.6 | % |
| Railroads | |
| 0.0 | % | |
| 1.1 | % |
| Broadcasting | |
| 0.0 | % | |
| 0.5 | % |
| Transportation Infrastructure | |
| 0.0 | % | |
| 11.0 | % |
| Collateralized Debt Obligation | |
| 0.0 | % | |
| 0.5 | % |
| Total | |
| 94.2 | % | |
| 91.5 | % |
|