| Portfolio Investments |
The following tables summarize the composition of the Company’s portfolio investments by investment type as of September 30, 2025 and December 31, 2024.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2025 |
|
Investment Type |
|
Principal
Balance |
|
|
Percentage
at Principal
Balance |
|
|
Amortized
Cost |
|
|
Percentage at
Amortized
Cost |
|
|
Fair
Value |
|
|
Percentage
at Fair
Value |
|
First Lien Senior Secured Loans |
|
$ |
271,676,674 |
|
|
|
86.9 |
% |
|
$ |
268,576,152 |
|
|
|
86.5 |
% |
|
$ |
269,334,628 |
|
|
|
86.5 |
% |
Senior Secured Notes |
|
|
39,321,781 |
|
|
|
12.6 |
% |
|
|
38,581,332 |
|
|
|
12.4 |
% |
|
|
39,040,890 |
|
|
|
12.5 |
% |
Second Lien Senior Secured Loans |
|
|
1,465,697 |
|
|
|
0.5 |
% |
|
|
1,465,696 |
|
|
|
0.5 |
% |
|
|
1,473,025 |
|
|
|
0.5 |
% |
Warrants |
|
|
- |
|
|
|
0.0 |
% |
|
|
1,147,081 |
|
|
|
0.4 |
% |
|
|
1,044,939 |
|
|
|
0.3 |
% |
Preferred Stock |
|
|
- |
|
|
|
0.0 |
% |
|
|
500,000 |
|
|
|
0.2 |
% |
|
|
500,000 |
|
|
|
0.2 |
% |
Total |
|
$ |
312,464,152 |
|
|
|
100.0 |
% |
|
$ |
310,270,261 |
|
|
|
100.0 |
% |
|
$ |
311,393,482 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
Investment Type |
|
Principal
Balance |
|
|
Percentage
at Principal
Balance |
|
|
Amortized
Cost |
|
|
Percentage
at Amortized
Cost |
|
|
Fair
Value |
|
|
Percentage at
Fair Value |
|
First Lien Senior Secured Loans |
|
$ |
242,269,725 |
|
|
|
87.3 |
% |
|
$ |
239,036,463 |
|
|
|
87.1 |
% |
|
$ |
239,860,206 |
|
|
|
87.1 |
% |
Senior Secured Notes |
|
|
35,147,669 |
|
|
|
12.7 |
% |
|
|
34,567,422 |
|
|
|
12.6 |
% |
|
|
34,656,192 |
|
|
|
12.6 |
% |
Preferred Stock |
|
|
- |
|
|
|
0.0 |
% |
|
|
500,000 |
|
|
|
0.2 |
% |
|
|
500,000 |
|
|
|
0.2 |
% |
Warrants |
|
|
- |
|
|
|
0.0 |
% |
|
|
242,826 |
|
|
|
0.1 |
% |
|
|
225,000 |
|
|
|
0.1 |
% |
Total |
|
$ |
277,417,394 |
|
|
|
100.0 |
% |
|
$ |
274,346,711 |
|
|
|
100.0 |
% |
|
$ |
275,241,398 |
|
|
|
100.0 |
% |
The following tables summarize the composition of the Company’s debt portfolio based on rate characteristics as of September 30, 2025 and December 31, 2024.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2025 |
Rate Type |
|
Principal
Balance |
|
|
Amortized
Cost |
|
|
Fair
Value |
|
|
Time to
Maturity |
Fixed-rate debt |
|
$ |
96,968,593 |
|
|
$ |
95,363,231 |
|
|
$ |
95,727,796 |
|
|
3.0 years |
Floating-rate debt (SOFR) |
|
|
35,052,066 |
|
|
|
34,924,985 |
|
|
|
35,116,259 |
|
|
2.0 years |
Floating-rate debt (PRIME) |
|
|
180,443,493 |
|
|
|
178,334,964 |
|
|
|
179,004,488 |
|
|
1.7 years |
Total Debt Instruments |
|
$ |
312,464,152 |
|
|
$ |
308,623,180 |
|
|
$ |
309,848,543 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
Rate Type |
|
Principal
Balance |
|
|
Amortized
Cost |
|
|
Fair
Value |
|
|
Time to
Maturity |
Fixed-rate debt |
|
$ |
56,819,862 |
|
|
$ |
55,954,923 |
|
|
$ |
56,158,027 |
|
|
2.6 years |
Floating-rate debt (SOFR) |
|
|
15,543,708 |
|
|
|
15,134,388 |
|
|
|
15,209,230 |
|
|
1.5 years |
Floating-rate debt (PRIME) |
|
|
205,053,824 |
|
|
|
202,514,574 |
|
|
|
203,149,141 |
|
|
1.8 years |
Total Debt Instruments |
|
$ |
277,417,394 |
|
|
$ |
273,603,885 |
|
|
$ |
274,516,398 |
|
|
|
The following tables summarize the composition of the Company’s portfolio investments by industry as of September 30, 2025 and December 31, 2024.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2025 |
|
Industry |
|
Amortized
Cost |
|
|
Percentage at
Amortized
Cost |
|
|
Fair
Value |
|
|
Percentage at
Fair Value |
|
Cannabis |
|
$ |
234,372,073 |
|
|
|
75.5 |
% |
|
$ |
235,218,000 |
|
|
|
75.5 |
% |
Finance and Insurance |
|
|
27,839,521 |
|
|
|
9.0 |
% |
|
|
27,909,690 |
|
|
|
9.0 |
% |
Information |
|
|
19,474,988 |
|
|
|
6.3 |
% |
|
|
19,667,570 |
|
|
|
6.3 |
% |
Public Administration |
|
|
11,547,379 |
|
|
|
3.7 |
% |
|
|
11,659,571 |
|
|
|
3.7 |
% |
Retail Trade |
|
|
11,277,093 |
|
|
|
3.6 |
% |
|
|
11,337,888 |
|
|
|
3.6 |
% |
Manufacturing |
|
|
2,994,731 |
|
|
|
1.0 |
% |
|
|
2,994,731 |
|
|
|
1.0 |
% |
Real Estate and Rental and Leasing |
|
|
2,764,476 |
|
|
|
0.9 |
% |
|
|
2,606,032 |
|
|
|
0.9 |
% |
Total |
|
$ |
310,270,261 |
|
|
|
100.0 |
% |
|
$ |
311,393,482 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
Industry |
|
Amortized
Cost |
|
|
Percentage at
Amortized
Cost |
|
|
Fair
Value |
|
|
Percentage at
Fair Value |
|
Cannabis |
|
$ |
210,144,841 |
|
|
|
76.6 |
% |
|
$ |
211,007,307 |
|
|
|
76.7 |
% |
Finance and Insurance |
|
|
30,866,942 |
|
|
|
11.3 |
% |
|
|
30,907,369 |
|
|
|
11.2 |
% |
Information |
|
|
14,873,810 |
|
|
|
5.4 |
% |
|
|
14,754,624 |
|
|
|
5.4 |
% |
Public Administration |
|
|
10,273,444 |
|
|
|
3.7 |
% |
|
|
10,322,928 |
|
|
|
3.8 |
% |
Retail Trade |
|
|
3,285,390 |
|
|
|
1.2 |
% |
|
|
3,275,125 |
|
|
|
1.2 |
% |
Health Care and Social Assistance |
|
|
2,753,852 |
|
|
|
1.0 |
% |
|
|
2,796,946 |
|
|
|
1.0 |
% |
Real Estate and Rental and Leasing |
|
|
2,148,432 |
|
|
|
0.8 |
% |
|
|
2,177,099 |
|
|
|
0.7 |
% |
Total |
|
$ |
274,346,711 |
|
|
|
100.0 |
% |
|
$ |
275,241,398 |
|
|
|
100.0 |
% |
The following tables summarize the composition of the Company’s portfolio investments by geographic region as of September 30, 2025 and December 31, 2024.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of September 30, 2025 |
|
Geographic Region |
|
Amortized
Cost |
|
|
Percentage at
Amortized
Cost |
|
|
Fair
Value |
|
|
Percentage at
Fair Value |
|
United States: |
|
|
|
|
|
|
|
|
|
|
|
|
Midwest |
|
$ |
122,055,582 |
|
|
|
39.3 |
% |
|
$ |
122,676,344 |
|
|
|
39.4 |
% |
Northeast |
|
|
68,514,604 |
|
|
|
22.1 |
% |
|
|
68,926,063 |
|
|
|
22.1 |
% |
West |
|
|
59,696,233 |
|
|
|
19.2 |
% |
|
|
59,835,851 |
|
|
|
19.2 |
% |
Southeast |
|
|
31,987,492 |
|
|
|
10.3 |
% |
|
|
31,933,619 |
|
|
|
10.3 |
% |
Southwest |
|
|
21,979,366 |
|
|
|
7.1 |
% |
|
|
22,000,000 |
|
|
|
7.1 |
% |
International: |
|
|
|
|
|
|
|
|
|
|
|
|
Canada |
|
|
6,036,984 |
|
|
|
2.0 |
% |
|
|
6,021,605 |
|
|
|
1.9 |
% |
Total |
|
$ |
310,270,261 |
|
|
|
100 |
% |
|
$ |
311,393,482 |
|
|
|
100.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
Geographic Region |
|
Amortized
Cost |
|
|
Percentage at
Amortized Cost |
|
|
Fair
Value |
|
|
Percentage at
Fair Value |
|
United States: |
|
|
|
|
|
|
|
|
|
|
|
|
Midwest |
|
$ |
88,999,405 |
|
|
|
32.4 |
% |
|
$ |
89,624,122 |
|
|
|
32.6 |
% |
West |
|
|
86,686,279 |
|
|
|
31.6 |
% |
|
|
86,660,218 |
|
|
|
31.5 |
% |
Northeast |
|
|
52,963,212 |
|
|
|
19.3 |
% |
|
|
53,223,047 |
|
|
|
19.3 |
% |
Southwest |
|
|
21,980,052 |
|
|
|
8.0 |
% |
|
|
22,000,000 |
|
|
|
8.0 |
% |
Southeast |
|
|
20,703,496 |
|
|
|
7.6 |
% |
|
|
20,749,887 |
|
|
|
7.5 |
% |
International: |
|
|
|
|
|
|
|
|
|
|
|
|
Canada |
|
|
3,014,267 |
|
|
|
1.1 |
% |
|
|
2,984,124 |
|
|
|
1.1 |
% |
Total |
|
$ |
274,346,711 |
|
|
|
100.0 |
% |
|
$ |
275,241,398 |
|
|
|
100.0 |
% |
|