SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2023

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS

NOTE 12 — SUBSEQUENT EVENTS

The Company’s management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that require recognition or disclosure in these financial statements except for the following described below.

Investment Portfolio

The Company invested in the following portfolio companies subsequent to March 31, 2023:

Activity Type	Date	Company Name	Company Description	Investment Amount		Instrument Type
Add-On Investment	April 3, 2023	EH Real Estate Services, LLC*	Offers residential property brokerage, title & settlement, and property and casualty insurance brokerage services to home buyers and sellers	$	570,279	Senior Secured – First Lien
Add-On Investment	April 11, 2023	ADS Group Opco, LLC*	Full-service manufacturer for original equipment manufacturers, prime contractors, and Tier I suppliers across the defense, space, and aerospace industries	$	88,733	Equity
Add-On Investment	April 13, 2023	Tower Arch Infolinks Media, LP*	Advertising placement partner for small to mid-sized publishers	$	1,093	Equity
Add-On Investment	April 14, 2023	BLP Buyer, Inc.*	Distributor of lifting solutions	$	1,729,958	Senior Secured – First Lien
				$	229,010	Equity
Add-On Investment	April 17, 2023	Axis Portable Air, LLC*	Air conditioning, heating, and air quality equipment rental company	$	1,893,610	Senior Secured – First Lien
Add-On Investment	April 27, 2023	CompleteCase, LLC*	Provider of online uncontested divorce solutions	$	66,667	Revolver commitment
				$	111,408	Equity
New Investment	April 28, 2023	Impact Home Services, LLC	Residential, garage door, electrical, and plumbing services provider	$	5,936,899	Senior Secured – First Lien
				$	100,000	Revolver commitment
				$	310,844	Equity
New Investment	May 1, 2023	RIA Advisory, LLC	Provider of Oracle software implementation services	$	6,000,000	Senior Secured – First Lien
				$	100,000	Revolver commitment
				$	243,467	Equity

* Existing portfolio company

ATM Program

Since March 31, 2023, the Company issued 587,363 shares under the ATM Program, for gross proceeds of $8,149,469 and underwriting and other expenses of $122,307. The average per share offering price of shares issued under the ATM Program subsequent to March 31, 2023 was $13.87. The Advisor agreed to reimburse the Company for underwriting fees and expenses to the extent the issuance of shares would be dilutive in nature. As such, the Advisor reimbursed the Company $207,668 which resulted in net proceeds of $8,234,829, or $14.02 per share.

Credit Facility

The outstanding balance under the Credit Facility as of May 9, 2023 was $200,422,000.

Dividends Declared

On April 19, 2023, the Board declared a regular monthly dividend for each of April 2023, May 2023, and June 2023 as follows:

	Ex-Dividend	Record	Payment	Amount per
Declared	Date	Date	Date	Share
4/19/2023	4/28/2023	5/1/2023	5/15/2023	$	0.1333
4/19/2023	5/30/2023	5/31/2023	6/15/2023	$	0.1333
4/19/2023	6/29/2023	6/30/2023	7/14/2023	$	0.1333