Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Company's Investment

At March 31, 2023, the Company's investments were categorized as follows:

Level	Basis for Determining Fair Value	Bank Debt (1)		Other Corporate Debt (2)		Equity Securities		Total
1	Quoted prices in active markets for identical    assets	$	—	$	—	$	769,671	$	769,671
2	Other direct and indirect observable market    inputs (3)		91,302,599		—		—		91,302,599
3	Independent third-party valuation sources    that employ significant unobservable inputs		1,309,686,377		69,351,439		193,386,333		1,572,424,149
3	Valuation Designee valuations with significant unobservable inputs		—		390,944		842,739		1,233,683
Total		$	1,400,988,976	$	69,742,383	$	194,998,743	$	1,665,730,102

(1)Includes senior secured loans

(2)Includes senior secured notes, unsecured debt and subordinated debt

(3)For example, quoted prices in inactive markets or quotes for comparable investments

At December 31, 2022, the Company’s investments were categorized as follows:

Level	Basis for Determining Fair Value	Bank Debt (1)		Other Corporate Debt (2)		Equity Securities		Total
1	Quoted prices in active markets for identical   assets	$	—	$	—	$	781,051	$	781,051
2	Other direct and indirect observable market   inputs (3)		91,977,164		—		—		91,977,164
3	Independent third-party valuation sources that   employ significant unobservable inputs		1,258,052,376		68,451,437		187,504,790		1,514,008,603
3	Advisor valuations with significant unobservable inputs		531,024		1,415,738		874,061		2,820,823
Total		$	1,350,560,564	$	69,867,175	$	189,159,902	$	1,609,587,641

(1)Includes senior secured loans

(2)Includes senior secured notes, unsecured debt and subordinated debt

(3)For example, quoted prices in inactive markets or quotes for comparable investments

Schedule of Unobservable Inputs

Unobservable inputs used in the fair value measurement of Level 3 investments as of March 31, 2023 included the following:

Asset Type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Avg.) (1)
Bank Debt	$	1,199,685,742	Income approach	Discount rate	10.2% - 22.4% (13.7%)
		66,639,441	Market quotations	Indicative bid/ask quotes	1 (1)
		36,972,946	Market comparable companies	Revenue multiples	1.1x - 1.6x (1.2x)
		1,324,140	Market comparable companies	EBITDA multiples	3.5x (3.5x)
		5,064,108	Option Pricing Model	EBITDA/Revenue multiples	2.0x (2.0x)
				Implied volatility	65.0% (65.0%)
				Term	2.0 years (2.0 years)
Other Corporate Debt		50,131,438	Market comparable companies	Book value multiples	1.5x (1.5x)
		19,220,001	Income approach	Discount rate	12.8% (12.8%)
		390,944	Market quotations	Indicative bid/ask quotes	1 (1)
Equity		6,876,066	Income approach	Discount rate	13.7% (13.7%)
		23,344,584	Option Pricing Model	EBITDA/Revenue multiples	0.8x - 10.5x (2.7x)
				Implied volatility	45.0% - 70.0% (50.0%)
				Term	1.0 years - 8.0 years (1.2 years)
		10,690,121	Market comparable companies	Revenue multiples	0.8x - 8.7x (1.4x)
		78,040,587	Market comparable companies	EBITDA multiples	3.0x - 13.5x (12.3x)
		70,400,544	Market comparable companies	Book value multiples	0.9x - 1.5x (1.4x)
		4,877,170	Other (2)	N/A	N/A
	$	1,573,657,832

(1)Weighted by fair value

(2)Fair value was determined based on the most recently available net asset value of the issuer adjusted for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date.

2. Summary of Significant Accounting Policies — (continued)

Certain fair value measurements may employ more than one valuation technique, with each valuation technique receiving a relative weight between 0% and 100%. Generally, a change in an unobservable input may result in a change to the value of an investment as follows:

Input	Impact to Value if Input Increases	Impact to Value if Input Decreases
Discount rate	Decrease	Increase
Revenue multiples	Increase	Decrease
EBITDA multiples	Increase	Decrease
Book value multiples	Increase	Decrease
Implied volatility	Increase	Decrease
Term	Increase	Decrease
Yield	Increase	Decrease

Unobservable inputs used in the fair value measurement of Level 3 investments as of December 31, 2022 included the following:

Asset Type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Avg.) (1)
Bank Debt	$	1,143,846,175	Income approach	Discount rate	9.4% - 19.5% (13.8%)
		82,058,774	Market quotations	Indicative bid/ask quotes	1 (1)
		26,289,104	Market comparable companies	Revenue multiples	1.0x - 1.4x (1.2x)
		1,324,140	Market comparable companies	EBITDA multiples	3.8x (3.8x)
		5,065,205	Option Pricing Model	EBITDA/Revenue multiples	2.8x (2.8x)
				Implied volatility	20.0% - 65.0% (64.5%)
				Term	1.8 years - 2.3 years (2.2 years)
Other Corporate Debt		25,065,719	Market comparable companies	Book value multiples	1.5x (1.5x)
		18,320,000	Income approach	Discount rate	15.3% (15.3%)
		26,481,456	Market quotations	Indicative bid/ask quotes	1 (1)
Equity		6,752,959	Income approach	Discount rate	13.9% (13.9%)
		30,823,071	Market quotations	Indicative bid/ask quotes	1 (1)
		19,060,180	Option Pricing Model	EBITDA/Revenue multiples	2.5x - 12.5x (5.7x)
				Implied volatility	40.0% - 70.0% (59.7%)
				Term	0.3 years - 4.3 years (1.4 years)
		1,878,874	Market comparable companies	Revenue multiples	0.8x - 2.8x (1.3x)
		80,651,665	Market comparable companies	EBITDA multiples	3.0x - 13.5x (12.0x)
		44,282,544	Market comparable companies	Book value multiples	0.9x - 1.5x (1.3x)
		4,929,560	Other (2)	N/A	N/A
	$	1,516,829,426

(1)Weighted by fair value

(2)Fair value was determined based on the most recently available net asset value of the issuer adjusted for identified changes in the valuations of the underlying portfolio of the issuer through the measurement date.

Schedule of Changes in Investments

Changes in investments categorized as Level 3 during the three months ended March 31, 2023 were as follows:

	Independent Third-Party Valuation
	Bank Debt			Other Corporate Debt		Equity Securities			Total
Beginning balance	$	1,258,052,376		$	68,451,437	$	187,504,790		$	1,514,008,603
Net realized and unrealized gains (losses)		3,018,083			862,966		(4,018,114	)		(137,065	)
Acquisitions (1)		74,099,564			37,036		9,928,017			84,064,617
Dispositions		(25,483,646	)		—		(28,360	)		(25,512,006	)
Ending balance	$	1,309,686,377		$	69,351,439	$	193,386,333		$	1,572,424,149
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(3,125,051	)	$	862,965	$	(4,016,421	)	$	(6,278,507	)

(1)Includes payments received in kind and accretion of original issue and market discounts

2. Summary of Significant Accounting Policies — (continued)

	Valuation Designee Valuation
	Bank Debt			Other Corporate Debt			Equity Securities			Total
Beginning balance	$	531,024		$	1,415,738		$	874,061		$	2,820,823
Net realized and unrealized gains (losses)		(1,400	)		157,305			(31,323	)		124,582
Acquisitions (1)		1,400			—			605,266			606,666
Dispositions		(531,024	)		(1,182,099	)		(605,265	)		(2,318,388	)
Ending balance	$	—		$	390,944		$	842,739		$	1,233,683
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—		$	157,304		$	(375,150	)	$	(217,846	)

(1)Includes payments received in kind and accretion of original issue and market discounts

2. Summary of Significant Accounting Policies — (continued)

Changes in investments categorized as Level 3 during the three months ended March 31, 2022 were as follows:

	Independent Third-Party Valuation
	Bank Debt			Other Corporate Debt			Equity Securities		Total
Beginning balance	$	1,453,211,129		$	61,266,010		$	201,713,142	$	1,716,190,281
Net realized and unrealized gains (losses)		(5,268,842	)		(1,474,524	)		499,533		(6,243,833	)
Acquisitions (1)		114,307,153			29,951			949,633		115,286,737
Dispositions		(152,384,418	)		—			751,802		(151,632,616	)
Ending balance	$	1,409,865,022		$	59,821,437		$	203,914,110	$	1,673,600,569
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(9,356,124	)	$	(1,689,951	)	$	624,336	$	(10,421,738	)

(1) Includes payments received in kind and accretion of original issue and market discounts

	Advisor Valuation
	Bank Debt		Other Corporate Debt			Equity Securities			Total
Beginning balance	$	—	$	2,888,000		$	2,197,030		$	5,085,030
Net realized and unrealized gains (losses)		—		(15,341	)		(599,819	)		(615,160	)
Dispositions		—		(1,456,920	)		(188,406	)		(1,645,326	)
Ending balance	$	—	$	1,415,739		$	1,408,805		$	2,824,544
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	—	$	(5,304	)	$	2,124		$	(3,180	)

Schedule of Cost for U.S. Federal Income Tax

As of December 31, 2022, gross unrealized appreciation and depreciation for investments and derivatives based on cost for U.S. federal income tax purposes were as follows:

	December 31, 2022
Tax basis of investments	$	1,656,032,096
Unrealized appreciation	$	100,832,690
Unrealized depreciation		(147,277,145	)
Net unrealized appreciation (depreciation)	$	(46,444,455	)