10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 814-01054

INVESTCORP CREDIT MANAGEMENT BDC, INC.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	46-2883380
(State or other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

280 Park Avenue

39th Floor

New York, NY 10017

(Address of Principal Executive Offices) (Zip Code)

(212) 599-4700

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	ICMB	The NASDAQ Global Select Market

The number of shares of the issuer’s Common Stock, $0.001 par value per share, outstanding as of November 13, 2023 was 14,394,916.

		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of September 30, 2023 (unaudited) and June 30, 2023	1
	Consolidated Statements of Operations for the three months ended September 30, 2023 (unaudited) and September 30, 2022 (unaudited)	2
	Consolidated Statements of Changes in Net Assets for the three months ended September 30, 2023 (unaudited) and September 30, 2022 (unaudited)	3
	Consolidated Statements of Cash Flows for the three months ended September 30, 2023 (unaudited) and September 30, 2022 (unaudited)	4
	Consolidated Schedule of Investments as of September 30, 2023 (unaudited)	5
	Consolidated Schedule of Investments as of June 30, 2023	9
	Notes to Unaudited Consolidated Financial Statements	13
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	33
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	43
Item 4.	Controls and Procedures	44
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	45
Item 1A.	Risk Factors	45
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	45
Item 3.	Defaults Upon Senior Securities	45
Item 4.	Mine Safety Disclosures	45
Item 5.	Other Information	45
Item 6.	Exhibits	46
SIGNATURES		47

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Statements of Assets and Liabilities

	September 30, 2023
	(Unaudited)		June 30, 2023
Assets
Non-controlled, non-affiliated investments, at fair value (amortized cost of    $225,962,819 and $219,319,251, respectively)	$	214,626,088	$	210,150,018
Affiliated investments, at fair value (amortized cost of $23,940,980 and    $23,979,565, respectively)		8,778,195		9,961,311
Total investments, at fair value (amortized cost of $249,903,799 and $243,298,816,    respectively)		223,404,283		220,111,329
Cash		90,773		1,093,758
Cash, restricted		14,204,127		8,057,458
Principal receivable		191,298		93,581
Interest receivable		1,615,135		2,041,877
Payment-in-kind interest receivable		25,738		46,088
Other receivables		1,050		1,050
Prepaid expenses and other assets		225,456		361,719
Total Assets	$	239,757,860	$	231,806,860
Liabilities
Notes payable:
Revolving credit facility	$	69,000,000	$	71,900,000
2026 Notes payable		65,000,000		65,000,000
Deferred debt issuance costs		(1,047,222)		(1,220,556)
Unamortized discount		(177,775)		(195,553)
Notes payable, net		132,775,003		135,483,891
Payable for investments purchased		14,841,875		1,795,297
Dividend payable		2,158,926		2,590,520
Income-based incentive fees payable		576,023		576,023
Base management fees payable		1,798,508		906,218
Interest payable		3,007,074		2,293,766
Directors' fees payable		5,130		15,755
Accrued expenses and other liabilities		734,504		445,082
Total Liabilities		155,897,043		144,106,552
Net Assets
Common stock, par value $0.001 per share (100,000,000 shares authorized 14,392,841     and 14,391,775 shares issued and outstanding, respectively)		14,393		14,392
Additional paid-in capital		203,331,510		203,327,714
Distributable earnings (loss)		(119,485,086)		(115,641,798)
Total Net Assets		83,860,817		87,700,308
Total Liabilities and Net Assets	$	239,757,860	$	231,806,860
Net Asset Value Per Share	$	5.83	$	6.09

See notes to unaudited consolidated financial statements.

1

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (Unaudited)

	For the three months ended September 30,
	2023		2022
Investment Income:
Interest income
Non-controlled, non-affiliated investments	$	5,465,288	$	5,609,112
Affiliated investments		—		(20,611)
Total interest income		5,465,288		5,588,501
Payment in-kind interest income
Non-controlled, non-affiliated investments		81,381		164,734
Affiliated investments		18,800		17,004
Total payment-in-kind interest income		100,181		181,738
Dividend income
Non-controlled, non-affiliated investments		—		—
Affiliated investments		—		—
Total dividend income		—		—
Payment in-kind dividend income
Non-controlled, non-affiliated investments		188,251		166,449
Affiliated investments		—		—
Total payment-in-kind dividend income		188,251		166,449
Other fee income
Non-controlled, non-affiliated investments		143,986		361,850
Affiliated investments		—		—
Total other fee income		143,986		361,850
Total investment income		5,897,706		6,298,538
Expenses:
Interest expense		2,215,183		1,792,008
Base management fees		978,919		1,103,981
Income-based incentive fees		—		(147,145)
Provision for tax expense		100,747		44,330
Professional fees		227,407		271,781
Allocation of administrative costs from Adviser		263,375		375,900
Amortization of deferred debt issuance costs		173,333		173,333
Amortization of original issue discount - 2026 Notes		17,777		17,777
Insurance expense		112,984		137,821
Directors' fees		73,375		75,625
Custodian and administrator fees		69,292		71,688
Other expenses		124,277		139,481
Total expenses		4,356,669		4,056,580
Waiver of base management fees		(86,630)		(94,146)
Waiver of income-based incentive fees		—		—
Net expenses		4,270,039		3,962,434
Net investment income		1,627,667		2,336,104
Net realized and unrealized gain/(loss) on investments:
Net realized gain (loss) from investments
Non-controlled, non-affiliated investments		—		—
Affiliated investments		—		—
Net realized gain (loss) from investments		—		—
Net change in unrealized appreciation (depreciation) in value of investments
Non-controlled, non-affiliated investments		(2,167,498)		(464,275)
Affiliated investments		(1,144,531)		(214,322)
Net change in unrealized appreciation (depreciation) on investments		(3,312,029)		(678,597)
Total realized gain (loss) and change in unrealized appreciation (depreciation) on investments		(3,312,029)		(678,597)
Net increase (decrease) in net assets resulting from operations	$	(1,684,362)	$	1,657,507
Basic and diluted:
Net investment income per share	$	0.11	$	0.16
Earnings per share	$	(0.12)	$	0.12
Weighted average shares of common stock outstanding		14,392,714		14,386,809
Distributions paid per common share	$	0.15	$	0.15

See notes to unaudited consolidated financial statements.

2

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (Unaudited)

	For the three months ended September 30,
	2023		2022
Net assets at beginning of period	$	87,700,308	$	93,509,392
Net increase (decrease) in net assets resulting from operations:
Net investment income		1,627,667		2,336,104
Net realized gain (loss) from investments		—		—
Net change in unrealized appreciation (depreciation) on investments		(3,312,029)		(678,597)
Net increase (decrease) in net assets resulting from operations		(1,684,362)		1,657,507
Stockholder distributions:
Distributions from net investment income		(2,158,926)		(2,158,042)
Distributions from capital gains		—		—
Net decrease in net assets resulting from stockholder distributions		(2,158,926)		(2,158,042)
Capital transactions:
Issuance of common shares ($0 and $0, respectively)		—		—
Reinvestments of stockholder distributions		3,797		4,763
Net increase (decrease) in net assets resulting from capital transactions		3,797		4,763
Net increase (decrease) in net assets		(3,839,491)		(495,772)
Net assets at end of period	$	83,860,817	$	93,013,620

See notes to unaudited consolidated financial statements.

3

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)

	For the three months ended September 30,
	2023		2022
Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations	$	(1,684,362)	$	1,657,507
Adjustments to reconcile net increase (decrease) in net assets resulting from    operations to net cash provided by (used in) operating activities:
Origination and purchase of investments		(16,226,507)		(21,814,275)
Payment in-kind interest and dividends		(308,782)		(333,580)
Sales and repayments of investments		10,317,357		16,476,699
Net realized (gain) loss on investments		—		—
Net change in unrealized appreciation/depreciation on investments		3,312,029		678,597
Amortization of discount/premium on investments		(387,051)		(501,016)
Amortization of deferred debt issuance costs		173,334		173,333
Amortization of original issue discount		17,778		17,778
Net (increase) decrease in operating assets:
Interest receivable		426,742		366,854
Payment-in-kind interest receivable		20,350		(14,607)
Receivable for investments sold		—		(3,790,703)
Principal receivable		(97,717)		—
Prepaid expenses and other assets		136,263		144,719
Net increase (decrease) in operating liabilities:
Payable for investments purchased		13,046,578		(221,531)
Interest payable		713,308		1,009,235
Directors fees payable		(10,625)		(875)
Accrued expenses and other liabilities		289,422		222,344
Base management fees payable		892,290		1,009,835
Income-based incentive fees payable		—		(147,145)
Net cash (used in) provided by operating activities		10,630,407		(5,066,831)
Cash Flows from Financing Activities:
Distributions to stockholders		(2,586,723)		(2,153,109)
Proceeds from borrowing on revolving financing facility		3,600,000		19,500,000
Repayments of borrowing on revolving financing facility		(6,500,000)		(14,000,000)
Net cash (used in) provided by financing activities		(5,486,723)		3,346,891
Net change in cash		5,143,684		(1,719,940)
Cash:
Cash and restricted cash at beginning of period(1)		9,151,216		9,155,077
Cash and restricted cash at end of period(2)	$	14,294,900	$	7,435,137
Supplemental and non-cash financing cash flow information:
Cash paid for interest	$	1,501,875	$	782,733
Cash paid for taxes	$	2,150	$	4,330
Issuance of shares pursuant to Dividend Reinvestment Plan	$	3,797	$	4,763
Non-cash purchase of investments	$	(890,312)	$	65,281
Non-cash sale of investments	$	890,312	$	(65,281)

(1)Represents $1,093,758 and $2,550,021 of unrestricted cash as of June 30, 2023 and June 30, 2022, respectively, and $8,057,458 and $6,605,056 of restricted cash for the same periods .

(2)Represents $90,773 and $963,649 of unrestricted cash as of September 30, 2023 and September 30, 2022, respectively, and $14,204,127 and $6,471,488 of restricted cash for the same periods .

See notes to unaudited consolidated financial statements.

4

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

(Unaudited)

September 30, 2023

Investments*(1)(2)		Industry	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares(3)		Amortized Cost		Fair Value		% of Net Assets
Non-Controlled/Non-Affiliated Investments
Senior Secured First Lien Debt Investments
4L Technologies, Inc.		Electronic Equipment, Instruments & Components	3M S + 7.50% + 1.50% PIK (1.00% Floor)	2/4/2020	6/30/2025	$	1,138,303	$	1,138,303	$	1,175,298	1.40	%
Advanced Solutions International	(10)	Software	3M S + 6.00% (1.00% Floor)	9/1/2020	9/16/2025		6,656,250		6,590,499		6,656,250	7.94	%
AHF Parent Holding, Inc.	(10)	Building Products	3M S + 6.25% (0.75% Floor)	2/9/2022	2/1/2028		4,625,000		4,595,898		4,474,688	5.34	%
ALCV Purchaser, Inc.	(10)	Specialty Retail	1M S + 6.75% (1.00% Floor)	3/1/2021	4/15/2026		5,150,000		5,106,141		5,059,875	6.03	%
AMCP Clean Acquisition Company, LLC	(10)	Hotels, Restaurants, and Leisure	3M S + 4.25%	4/6/2023	7/10/2025		7,711,459		7,023,148		7,171,658	8.55	%
Amerequip, LLC	(10)	Machinery	6M S + 7.40% (1.00% Floor)	9/1/2022	8/31/2027		4,304,516		4,268,664		4,347,561	5.18	%
American Auto Auction Group, LLC	(10)	Automotive Retail	3M S + 5.00% (1.00% Floor)	4/12/2023	12/30/2027		4,228,481		3,892,953		4,017,057	4.79	%
American Nuts Holdings, LLC - Term Loan A	(3)(9)(10)	Consumer Staples Distribution & Retail	3M S + 6.75% + 3.00% PIK (1.00% Floor)	4/4/2022	4/10/2026		3,788,372		3,760,262		2,803,395	3.34	%
American Nuts Holdings, LLC - Term Loan B	(3)(9)(10)	Consumer Staples Distribution & Retail	3M S + 8.75% + 3.00% PIK (1.00% Floor)	4/4/2022	4/10/2026		3,788,372		3,759,975		2,803,395	3.34	%
American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) - Revolver	(6)(9)	Software	P + 5.50% (1.00% Floor)	5/6/2016	4/7/2023		1,736,618		1,718,794		247,468	0.30	%
Arborworks Acquisition LLC	(6)(9)(10)	Commercial Services & Supplies	1M S + 7.00% + 3.00% PIK (1.00% Floor)	11/24/2021	11/9/2026		8,026,560		7,971,487		5,056,733	6.03	%
Arborworks Acquisition LLC - Revolver	(4)(6)(9)	Commercial Services & Supplies	3M L + 7.00% (1.00% Floor)	11/24/2021	11/9/2026		1,854,991		1,854,991		1,168,644	1.39	%
Archer Systems, LLC	(10)	Professional Services	3M S + 6.00% (1.00% Floor)	8/11/2022	8/11/2027		4,615,040		4,577,192		4,661,190	5.56	%
Axiom Global Inc.	(10)	Consumer Services	1M S + 4.75% (0.75% Floor)	9/12/2023	10/1/2026		4,987,047		4,915,981		4,915,732	5.86	%
Bioplan USA, Inc. - Take-Back Term Loan	(3)	Containers & Packaging	3M S + 3.25% + 5.00% PIK (4.00% Floor)	3/8/2023	3/8/2028		5,678,667		5,389,020		5,380,537	6.42	%
Bioplan USA, Inc. - Priority Term Loan		Containers & Packaging	3M S + 10.00% (4.00% Floor)	2/28/2023	3/8/2027		3,367,275		3,431,785		3,602,984	4.30	%
CareerBuilder, LLC	(9)(10)	Professional Services	6M S + 6.75% (1.00% Floor)	7/27/2017	7/31/2026		5,826,767		5,818,693		2,418,108	2.88	%
Congruex Group LLC	(10)	Construction & Engineering	3M S + 5.75% (0.75% Floor)	9/27/2023	5/3/2029		3,989,899		3,935,038		3,937,532	4.69	%
Cook & Boardman Group, LLC	(10)	Trading Companies & Distributors	1M S + 5.75% (1.00% Floor)	10/12/2018	10/17/2025		9,522,126		9,486,949		9,474,516	11.30	%
Crafty Apes, LLC	(10)(13)	Entertainment	6M S + 7.06% (1.00% Floor)	12/23/2021	11/1/2024		8,000,000		7,966,479		7,600,000	9.06	%
Easy Way Leisure Corporation	(10)	Household Durables	3M S + 7.00% (1.00% Floor)	8/2/2021	1/15/2026		7,785,555		7,721,873		7,766,091	9.26	%
Empire Office Inc.	(10)	Trading Companies & Distributors	1M S + 6.75% (1.50% Floor)	3/28/2019	4/12/2024		11,770,853		11,734,027		11,770,853	14.04	%
Evergreen North America Acquisitions, LLC	(10)	Machinery	1M S + 6.75% (1.00% Floor)	7/26/2022	8/13/2026		4,455,992		4,388,427		4,411,432	5.26	%
Evergreen North America Acquisitions, LLC - Revolver	(4)	Machinery	3M S + 6.75% (1.00% Floor)	7/26/2022	8/13/2026		211,107		211,107		208,996	0.25	%
Flatworld Intermediate Corporation	(10)	IT Services	3M S + 6.50% (1.00% Floor)	10/3/2022	10/1/2027		2,252,027		2,213,570		2,139,426	2.55	%
Fleetpride, Inc.	(10)	Trading Companies & Distributors	3M S + 4.50% (5.00% Floor)	9/27/2023	9/1/2028		3,000,000		2,968,125		3,000,000	3.58	%

See notes to unaudited consolidated financial statements.

5

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

(Unaudited)

September 30, 2023

Investments*(1)(2)		Industry	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares(3)		Amortized Cost		Fair Value		% of Net Assets
Senior Secured First Lien Debt Investments, continued
INW Manufacturing, LLC	(10)	Food Products	3M S + 5.75% (0.75% Floor)	5/5/2021	3/25/2027	$	4,500,000	$	4,411,663	$	4,005,000	4.78	%
Klein Hersh, LLC	(3)(9)(10)(11)	Professional Services	3M S + 4.63% + 6.77% PIK (0.50% Floor)	4/21/2022	4/27/2027		10,180,038		10,067,405		6,617,024	7.89	%
LABL, INC.	(10)	Paper Packaging	1M S + 5.00% (0.50% Floor)	9/27/2023	10/29/2028		3,000,000		3,000,000		3,000,000	3.58	%
LaserAway Intermediate Holdings II, LLC	(10)	Diversified Consumer Services	3M S + 5.75% (0.75% Floor)	10/12/2021	10/14/2027		7,250,052		7,173,152		7,250,052	8.65	%
NWN Parent Holdings LLC	(10)	IT Services	3M S + 8.00% (1.00% Floor)	5/5/2021	5/7/2026		8,402,893		8,354,088		8,486,922	10.12	%
Potpourri Group, Inc.	(10)	Internet & Direct Marketing Retail	1M S + 8.25% (1.50% Floor)	6/27/2019	7/3/2024		8,907,439		8,886,521		8,907,439	10.62	%
PVI Holdings, Inc.	(10)(12)	Trading Companies & Distributors	3M S + 6.67% (1.00% Floor)	7/29/2022	1/18/2028		3,960,000		3,927,667		3,960,000	4.72	%
Retail Services WIS Corporation	(10)	Commercial Services & Supplies	3M S + 7.75% (1.00% Floor)	5/20/2021	5/20/2025		6,420,279		6,361,192		6,388,178	7.62	%
Sandvine Corporation	(5)(7)(10)	Software	1M S + 4.50%	2/3/2023	10/31/2025		5,284,642		5,093,971		4,967,563	5.92	%
South Coast Terminals, LLC	(10)	Chemicals	3M S + 5.75% (1.00% Floor)	12/21/2021	12/10/2026		7,584,070		7,531,101		7,527,189	8.98	%
Work Genius Holdings, Inc	(10)	Professional Services	3M S + 7.50% (1.00% Floor)	6/6/2022	6/7/2027		9,876,923		9,799,003		9,704,077	11.57	%
Work Genius Holdings, Inc - Revolver	(4)	Professional Services	3M S + 7.50% (1.00% Floor)	12/28/2022	6/7/2027		750,000		750,000		736,875	0.88	%
Xenon Arc, Inc.	(10)	Trading Companies & Distributors	3M S + 5.25% (0.75% Floor)	12/27/2021	12/17/2027		8,872,500		8,798,256		8,872,500	10.58	%
Xenon Arc, Inc. - Revolver	(4)	Trading Companies & Distributors	1M S + 5.25% (0.75% Floor)	12/27/2021	12/17/2026		320,000		320,000		320,000	0.38	%
Total Senior Secured First Lien Debt Investments									210,913,400		197,012,238	234.93	%
Equity, Warrants and Other Investments
4L Technologies, Inc. Common Stock	(8)	Electronic Equipment, Instruments & Components					149,918	$	2,171,581	$	74,959	0.09	%
4L Technologies, Inc. Preferred Stock	(8)	Electronic Equipment, Instruments & Components					2,289		209,004		1,602,370	1.92	%
Advanced Solutions International Preferred Equity		Software					888,170		1,000,000		1,865,157	2.22	%
Arborworks Acquisition LLC (Equity Interest)	(8)	Commercial Services & Supplies					62		62,112		—	—	%
Bioplan USA, Inc. - Common Stock	(8)	Containers & Packaging					292,150		1,708,941		4,575,069	5.46	%
CF Arch Holdings LLC (Equity Interest)	(8)	Professional Services					200,000		200,000		320,000	0.38	%
Flatworld Intermediate Corporation - Equity Interest	(8)	IT Services					4,405		100,000		17,048	0.02	%
Fusion Connect, Inc. - Backstop Warrants	(8)	IT Services					89,046		—		79,251	0.09	%
Fusion Connect, Inc. - Common Stock	(8)	IT Services					230,209		1,184,606		435,095	0.52	%
Fusion Connect, Inc - Equity Investor Warrants	(8)	IT Services					13,457		—		—	—	%
Fusion Connect, Inc. - Investor Warrants	(8)	IT Services					89,046		—		79,251	0.09	%
Fusion Connect, Inc. - Series A Preferred	(3)	IT Services	12.50% PIK				61,632		6,163,175		5,593,082	6.67	%
Investcorp Transformer Aggregator LP	(8)	Commercial Services & Supplies					500,000		500,000		880,000	1.05	%
Pegasus Aggregator Holdings LP	(8)	Trading Companies & Distributors					9		750,000		821,813	0.98	%
Victors CCC Aggregator LP	(8)	Professional Services					500,000		500,000		630,000	0.75	%
Work Genius Holdings, Inc (Equity Interest)	(8)	Professional Services					500		500,000		640,755	0.76	%
Total Equity, Warrants and Other Investments									15,049,419		17,613,850	21.00	%
Total Non-Controlled/Non-Affiliated Investments								$	225,962,819	$	214,626,088	255.93	%

See notes to unaudited consolidated financial statements.

6

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

(Unaudited)

September 30, 2023

Investments*(1)(2)		Industry	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares(3)		Amortized Cost		Fair Value		% of Net Assets
Affiliated Investments (14)
Senior Secured First Lien Debt Investments
1888 Industrial Services, LLC - Term A	(3)(9)	Energy Equipment & Services	3M S + 5.00% PIK (1.00% Floor)	9/30/2016	8/31/2024	$	5,911,230		5,911,230		1,403,326	1.68	%
1888 Industrial Services, LLC - Term C	(9)	Energy Equipment & Services	3M S + 5.00% (1.00% Floor)	6/25/2019	8/31/2024	$	596,742		596,742		678,795	0.81	%
1888 Industrial Services, LLC - Revolver	(4)(9)	Energy Equipment & Services	3M S + 5.00% (1.00% Floor)	10/11/2016	8/31/2024	$	2,342,391		2,342,392		537,579	0.64	%
Techniplas Foreign Holdco LP	(3)	Automobile Components	10.00% PIK	6/19/2020	6/18/2027	$	753,825		753,825		687,638	0.82	%
Total Senior Secured First Lien Debt Investments									9,604,189		3,307,338	3.95	%
Equity, Warrants and Other Investments
1888 Industrial Services, LLC (Equity Interest)	(8)	Energy Equipment & Services					11,881		—		—	—	%
Techniplas Foreign Holdco LP Common Stock		Automobile Components					879,559		14,336,791		5,470,857	6.52	%
Total Equity, Warrants and Other Investments									14,336,791		5,470,857	6.52	%
Total Affiliated Investments								$	23,940,980	$	8,778,195	10.47	%
Total Investments								$	249,903,799	$	223,404,283	266.40	%
Liabilities in excess of other assets											(139,543,466)	(166.40)	%
Net Assets										$	83,860,817	100.00	%

* All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted.

(1)The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of September 30, 2023, the Company’s portfolio company investments that were subject to restrictions on sales totaled $223,404,283 at fair value and represented 266.40% of the Company’s net assets.

(2)All investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors.

(3)Principal amount includes capitalized PIK interest unless otherwise noted.

(4)Refer to Note 6 for more detail on the unfunded commitments.

(5)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2023, non-qualifying assets represented 2.03%% of the Company’s total assets, at fair value.

(6)Security in default.

(7)A portfolio company domiciled in Canada. The jurisdiction of the security issuer may be a different country than the domicile of the portfolio company.

(8)Securities are non-income producing.

(9)Classified as non-accrual asset.

(10)A portion or all is held by the Company indirectly through Investcorp Credit Management BDC SPV, LLC and pledged as collateral for the revolving credit facility held through Capital One, N.A.

(11)The Company has entered into an Agreement Amongst Lenders that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 7.50% plus 3.00% PIK (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(12)The Company has entered into an Agreement Among Lenders with the "first out" lenders, whereby the “first out” tranche will receive priority ahead of the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder in certain circumstances. Therefore, the Company receives a higher interest rate than the contractually stated interest rate of SOFR plus 6.00% subject to a grid (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(13)The Company has entered into an Agreement Amongst Lenders that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 6.25% (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

See notes to unaudited consolidated financial statements.

7

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

(Unaudited)

September 30, 2023

(14)As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of this portfolio company because it owns 5% or more, up to 25% (inclusive), of the portfolio company’s outstanding voting securities (“non-controlled affiliate”). As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” a portfolio company if it owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). As of September 30, 2023, the Company had no “Control Investments.”

Transactions related to investments in non-controlled “Affiliate Investments” for the nine months ended September 30, 2023 were as follows:

Portfolio Company	Type of Investment(a)	June 30, 2023 Value		Gross Additions (b)		Gross Reductions (c)		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		September 30, 2023 Value		Amount of Interest or Dividends Credited to Income(d)
1888 Industrial Services, LLC	Senior Secured First Lien Term Loan A (3M LIBOR + 5.00% PIK)	$	1,477,807	$	—	$	—	$	—	$	(74,481)	$	1,403,326	$	—
	Senior Secured First Lien Term Loan C (3M LIBOR + 5.00%)		630,870		—		(34,127)		—		82,052		678,795		—
	Revolver (3M LIBOR + 5.00%)		591,359		—		(23,042)		—		(30,738)		537,579		—
	Common Equity Interest(e)		—		—		—		—		—		—		—
Techniplas Foreign Holdco LP	Senior Secured First Lien Term Loan (10.00% PIK)		827,410		18,584		—		—		(158,356)		687,638		18,800
	Common Stock(e)		6,433,865		—		—		—		(963,008)		5,470,857		—
		$	9,961,311	$	18,584	$	(57,169)	$	—	$	(1,144,531)	$	8,778,195	$	18,800

(a)The fair value of all investments were determined using significant unobservable inputs.

(b)Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.

(c)Gross reductions include decreases in the total cost basis of investment repayments from principal repayments or sales.

(d)Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the Affiliate category.

(e)Investment is non-income producing.

1M L — 1-month LIBOR (5.43% as of September 30, 2023)

3M L — 3-month LIBOR (5.66% as of September 30, 2023)

6M L — 6-month LIBOR (5.90% as of September 30, 2023)

PRIME — 8.50% as of September 30, 2023

PIK — Payment-In-Kind

1M S — 1-month SOFR (5.32% as of September 30, 2023)

3M S — 3-month SOFR (5.40% as of September 30, 2023)

6M S — 6-month SOFR (5.47% as of September 30, 2023)

See notes to unaudited consolidated financial statements.

8

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

June 30, 2023

Investments*(1)(2)		Industry	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares(3)	Amortized Cost	Fair Value	% of Net Assets
Non-Controlled/Non-Affiliated Investments
Senior Secured First Lien Debt Investments
4L Technologies, Inc.		Electronic Equipment, Instruments & Components	3M S + 7.50% (1.00% Floor)	2/4/2020	6/30/2025	$1,132,352	$1,132,352	$1,132,352	1.29%
Advanced Solutions International	(10)	Software	3M S + 6.00% (1.00% Floor)	9/1/2020	9/16/2025	6,750,000	6,675,818	6,750,000	7.70%
AHF Parent Holding, Inc.	(10)	Building Products	3M S + 6.25% (0.75% Floor)	2/9/2022	2/1/2028	4,687,500	4,656,726	4,511,719	5.14%
ALCV Purchaser, Inc.	(10)	Specialty Retail	3M S + 6.75% (1.00% Floor)	3/1/2021	4/15/2026	5,200,000	5,152,059	5,148,000	5.87%
AMCP Clean Acquisition Company, LLC	(10)	Hotels, Restaurants, and Leisure	3M S + 4.25%	4/6/2023	7/10/2025	6,981,712	6,304,958	6,283,541	7.16%
Amerequip, LLC	(10)	Machinery	6M S + 7.40% (1.00% Floor)	9/1/2022	8/31/2027	4,994,516	4,950,906	4,994,516	5.69%
American Auto Auction Group, LLC	(10)	Automotive Retail	3M S + 5.00% (1.00% Floor)	4/12/2023	12/30/2027	4,239,241	3,888,170	3,878,905	4.42%
American Nuts Holdings, LLC - Term Loan A	(3)(9)(10)	Consumer Staples Distribution & Retail	3M S + 6.75% + 3.00% PIK (1.00% Floor)	4/4/2022	4/10/2026	3,788,372	3,760,262	3,030,698	3.46%
American Nuts Holdings, LLC - Term Loan B	(3)(9)(10)	Consumer Staples Distribution & Retail	3M S + 8.75% + 3.00% PIK (1.00% Floor)	4/4/2022	4/10/2026	3,788,372	3,759,975	3,030,698	3.46%
American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) - Revolver	(6)(9)	Software	P + 5.50% (1.00% Floor)	5/6/2016	4/7/2023	1,736,618	1,718,794	217,077	0.25%
Arborworks Acquisition LLC	(6)(10)	Commercial Services & Supplies	3M L + 7.00% + 3.00% PIK (1.00% Floor)	11/24/2021	11/9/2026	8,033,532	7,976,037	6,025,149	6.87%
Arborworks Acquisition LLC - Revolver	(4)(6)	Commercial Services & Supplies	3M L + 7.00% (1.00% Floor)	11/24/2021	11/9/2026	1,308,407	1,308,407	981,305	1.12%
Archer Systems, LLC	(10)	Professional Services	3M S + 6.00% (1.00% Floor)	8/11/2022	8/11/2027	5,414,246	5,367,591	5,441,317	6.20%
Bioplan USA, Inc. - Take-Back Term Loan	(3)	Containers & Packaging	3M S + 3.25% + 5.00% PIK (4.00% Floor)	3/8/2023	3/8/2028	5,605,485	5,303,003	5,213,101	5.94%
Bioplan USA, Inc. - Priority Term Loan	(10)	Containers & Packaging	3M S + 10.00% (4.00% Floor)	2/28/2023	3/8/2027	3,367,275	3,435,421	3,602,984	4.11%
CareerBuilder, LLC	(10)	Professional Services	3M L + 6.75% (1.00% Floor)	7/27/2017	7/31/2026	6,017,119	6,008,781	2,572,318	2.93%
Cook & Boardman Group, LLC	(10)	Trading Companies & Distributors	3M S + 5.75% (1.00% Floor)	10/12/2018	10/17/2025	9,547,181	9,508,116	9,213,030	10.51%
Crafty Apes, LLC	(10)(13)	Entertainment	1M S + 7.06% (1.00% Floor)	12/23/2021	11/1/2024	8,000,000	7,959,319	7,640,000	8.71%
Easy Way Leisure Corporation	(10)	Household Durables	3M S + 7.00% (1.00% Floor)	8/2/2021	1/15/2026	7,805,376	7,735,660	7,610,242	8.68%
Empire Office Inc.	(10)	Trading Companies & Distributors	1M L + 6.75% (1.50% Floor)	3/28/2019	4/12/2024	11,976,967	11,923,473	11,947,025	13.62%
Evergreen North America Acquisitions, LLC	(10)	Machinery	3M S + 6.75% (1.00% Floor)	7/26/2022	8/13/2026	4,467,360	4,394,797	4,400,349	5.02%
Evergreen North America Acquisitions, LLC - Revolver	(4)	Machinery	3M S + 6.75% (1.00% Floor)	7/26/2022	8/13/2026	211,107	211,107	207,941	0.24%
Flatworld Intermediate Corporation	(10)	IT Services	3M S + 6.50% (1.00% Floor)	10/3/2022	10/1/2027	2,420,270	2,376,950	2,359,764	2.69%

See notes to unaudited consolidated financial statements.

9

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

June 30, 2023

Investments*(1)(2)		Industry	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares(3)	Amortized Cost	Fair Value	% of Net Assets
Senior Secured First Lien Debt Investments, continued
Fusion Connect, Inc. - 2022 Term Loan	(3)(10)	IT Services	3M S + 7.50% + 1.00% PIK (1.00% Floor)	1/12/2022	1/18/2027	$6,838,831	$6,684,667	$6,684,957	7.62%
INW Manufacturing, LLC	(10)	Food Products	3M S + 5.75% (0.75% Floor)	5/5/2021	3/25/2027	4,562,500	4,467,824	4,288,750	4.89%
Klein Hersh, LLC	(3)(10)(11)	Professional Services	3M S + 4.63% + 6.77% PIK (0.50% Floor)	4/21/2022	4/27/2027	10,390,813	10,275,044	8,078,857	9.21%
LaserAway Intermediate Holdings II, LLC	(10)	Diversified Consumer Services	3M S + 5.75% (0.75% Floor)	10/12/2021	10/14/2027	7,268,500	7,187,704	7,268,500	8.29%
NWN Parent Holdings LLC	(10)	IT Services	3M S + 8.00% (1.00% Floor)	5/5/2021	5/7/2026	8,402,893	8,350,223	8,423,901	9.61%
NWN Parent Holdings LLC - Revolver	(4)	IT Services	3M S + 8.00% (1.00% Floor)	5/5/2021	5/7/2026	400,000	400,000	401,000	0.46%
Potpourri Group, Inc.	(10)	Internet & Direct Marketing Retail	1M S + 8.25% (1.50% Floor)	6/27/2019	7/3/2024	8,969,729	8,942,153	8,969,729	10.23%
PVI Holdings, Inc.	(10)(12)	Trading Companies & Distributors	3M S + 5.94% (1.00% Floor)	7/29/2022	7/16/2027	3,970,000	3,935,901	3,970,000	4.53%
Retail Services WIS Corporation	(10)	Commercial Services & Supplies	3M S + 7.75% (1.00% Floor)	5/20/2021	5/20/2025	6,508,087	6,440,129	6,443,006	7.35%
Sandvine Corporation	(5)(7)(10)	Software	3M S + 4.50%	2/3/2023	10/31/2025	5,284,642	5,074,088	5,046,833	5.75%
South Coast Terminals, LLC	(10)	Chemicals	1M L + 5.75% (1.00% Floor)	12/21/2021	12/10/2026	7,606,650	7,550,110	7,568,617	8.63%
Work Genius Holdings, Inc	(10)	Professional Services	3M S + 7.50% (1.00% Floor)	6/6/2022	6/7/2027	9,901,923	9,819,740	9,629,620	10.98%
Work Genius Holdings, Inc - Revolver	(4)	Professional Services	3M S + 7.50% (1.00% Floor)	12/28/2022	6/7/2027	750,000	750,000	729,375	0.83%
Xenon Arc, Inc.	(10)	Trading Companies & Distributors	6M L + 5.25% (0.75% Floor)	12/27/2021	12/17/2027	8,895,000	8,818,485	8,895,000	10.14%
Xenon Arc, Inc. - Revolver	(4)	Trading Companies & Distributors	6M L + 5.25% (0.75% Floor)	12/27/2021	12/17/2026	253,333	253,333	253,333	0.29%
Total Senior Secured First Lien Debt Investments							204,458,083	192,843,509	219.89%
Equity, Warrants and Other Investments
4L Technologies, Inc. Common Stock	(8)	Electronic Equipment, Instruments & Components				$149,918	$2,171,581	$95,947	0.11%
4L Technologies, Inc. Preferred Stock	(8)	Electronic Equipment, Instruments & Components				2,289	209,004	2,037,299	2.33%
Advanced Solutions International Preferred Equity		Software				888,170	1,000,000	1,758,577	2.01%
Arborworks Acquisition LLC (Equity Interest)	(8)	Commercial Services & Supplies				62	62,112	—	—
Bioplan USA, Inc. - Common Stock	(8)	Containers & Packaging				292,150	1,708,941	4,142,687	4.72%
CF Arch Holdings LLC (Equity Interest)	(8)	Professional Services				200,000	200,000	318,000	0.36%
Flatworld Intermediate Corporation - Equity Interest	(8)	IT Services				4,405	100,000	38,722	0.04%
Fusion Connect, Inc. - Backstop Warrants	(8)	IT Services				89,046	0	133,720	0.15%
Fusion Connect, Inc. - Common Stock	(8)	IT Services				230,209	1,184,606	575,914	0.66%
Fusion Connect, Inc - Equity Investor Warrants	(8)	IT Services				13,457	—	—	—
Fusion Connect, Inc. - Investor Warrants	(8)	IT Services				89,046	—	133,720	0.15%
Fusion Connect, Inc. - Series A Preferred	(3)	IT Services	12.50% PIK			59,749	5,974,924	4,824,752	5.50%
Investcorp Transformer Aggregator LP	(8)	Commercial Services & Supplies				500,000	500,000	880,000	1.01%
Pegasus Aggregator Holdings LP	(8)	Trading Companies & Distributors				9	750,000	898,491	1.02%
Victors CCC Aggregator LP	(8)	Professional Services				500,000	500,000	635,000	0.72%
Work Genius Holdings, Inc (Equity Interest)	(8)	Professional Services				500	500,000	833,680	0.95%
Total Equity, Warrants and Other Investments							14,861,168	17,306,509	19.73%
Total Non-Controlled/Non-Affiliates Investments							$219,319,251	$210,150,018	239.62%

See notes to unaudited consolidated financial statements.

10

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

June 30, 2023

Investments*(1)(2)		Industry	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares(3)	Amortized Cost	Fair Value	% of Net Assets
Affiliated Investments(14)
Senior Secured First Lien Debt Investments
1888 Industrial Services, LLC - Term A	(3)(9)	Energy Equipment & Services	3M L + 5.00% PIK (1.00% Floor)	9/30/2016	8/31/2024	$5,911,230	$5,911,230	$1,477,807	1.69%
1888 Industrial Services, LLC - Term C	(9)	Energy Equipment & Services	3M L + 5.00% (1.00% Floor)	6/25/2019	8/31/2024	$630,870	630,870	630,870	0.72%
1888 Industrial Services, LLC - Revolver	(4)(9)	Energy Equipment & Services	3M L + 5.00% (1.00% Floor)	10/11/2016	8/31/2024	$2,365,434	2,365,434	591,359	0.67%
Techniplas Foreign Holdco LP	(3)	Automobile Components	10.00% PIK	6/19/2020	6/18/2027	$735,240	735,240	827,410	0.94%
Total Senior Secured First Lien Debt Investments							9,642,774	3,527,446	4.02%
Equity, Warrants and Other Investments
1888 Industrial Services, LLC (Equity Interest)	(8)	Energy Equipment & Services				11,881	—	—	0.00%
Techniplas Foreign Holdco LP Common Stock		Auto Components				879,559	14,336,791	6,433,865	7.34%
Total Equity, Warrants and Other Investments							14,336,791	6,433,865	7.34%
Total Affiliated Investments							$23,979,565	$9,961,311	11.36%
Total Investments							$243,298,816	$220,111,329	250.98%
Liabilities in excess of other assets								(132,411,021)	(150.98)%
Net Assets								$87,700,308	100.00%

* All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted.

(1)The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”.) Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of June 30, 2023, the Company’s portfolio company investments that were subject to restrictions on sales totaled $220,111,329 at fair value and represented 250.98% of the Company’s net assets.

(2)All investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company's board of directors.

(3)Principal amount includes capitalized PIK interest unless otherwise noted.

(4)Refer to Note 6 for more detail on the unfunded commitments.

(5)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2023, non-qualifying assets represented 2.12% of the Company’s total assets, at fair value.

(6)Security in default.

(7)A portfolio company domiciled in Canada. The jurisdiction of the security issuer may be a different country than the domicile of the portfolio company.

(8)Securities are non-income producing.

(9)Classified as non-accrual asset.

(10)A portion or all is held by the Company indirectly through Investcorp Credit Management BDC SPV, LLC and pledged as collateral for the revolving credit facility held through Capital One, N.A.

(11)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 4.63% (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(12)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 5.75% (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(13)The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 6.25% (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

See notes to unaudited consolidated financial statements.

11

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

June 30, 2023

(14)As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of this portfolio company because it owns 5% or more, up to 25% (inclusive), of the portfolio company’s outstanding voting securities (“non-controlled affiliate”.). As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” a portfolio company if it owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over the management or policies of such portfolio company (including through a management agreement.) As of June 30, 2023, the Company had no “Control Investments.”

Transactions related to investment in non-controlled “Affiliated Investments” for the year ended June 30, 2023 were as follows:

Portfolio Company	Type of Investment(a)	June 30, 2022 Value		Gross Additions(b)		Gross Reductions(c)		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		June 30, 2023 Value		Amount of Interest or Dividends Credited to Income(d)
1888 Industrial Services, LLC	Senior Secured First Lien Term Loan A (3M LIBOR + 5.00% PIK)	$	1,477,807	$	—	$	—	$	—	$	—	$	1,477,807	$	—
	Senior Secured First Lien Term Loan C (3M LIBOR + 5.00%)		678,820		—		(47,950)		—		—		630,870		(20,611)
	Revolver (3M LIBOR + 5.00%)		556,152		140,826		—		—		(105,619)		591,359		—
	Common Equity Interest(e)		—		—		—		—		—		—		—
Techniplas Foreign Holdco LP	Senior Secured First Lien Term Loan (10.00% PIK)		931,265		70,051		—		—		(173,906)		827,410		70,070
	Common Stock(e)		7,002,759		421,396		—		—		(990,290)		6,433,865		—
		$	10,646,803	$	632,273	$	(47,950)	$	—	$	(1,269,815)	$	9,961,311	$	49,459

(a)The fair value of all investments were determined using significant unobservable inputs.

(b)Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.

(b)Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.

(c)Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the Affiliate category.

(d)Investment is non-income producing.

1M L — 1-month LIBOR (5.22% as of June 30, 2023)

3M L — 3-month LIBOR (5.55% as of June 30, 2023)

6M L — 6-month LIBOR (5.76% as of June 30, 2023)

PRIME — 8.25% as of June 30, 2023

PIK — Payment-In-Kind

1M S — 1-month SOFR (5.14% as of June 30, 2023)

3M S — 3-month SOFR (5.27% as of June 30, 2023)

6M S — 6-month SOFR (5.39% as of June 30, 2023)

See notes to unaudited consolidated financial statements.

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Investcorp Credit Management BDC, Inc. and subsidiaries

Notes to Consolidated Financial Statements (unaudited)

September 30, 2023

Note 1. Organization

Investcorp Credit Management BDC, Inc. (“ICMB” or the “Company”), a Maryland corporation formed in May 2013, is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”) for U.S. federal income tax purposes. The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services – Investment Companies.

On February 11, 2014, the Company completed its initial public offering (the “Offering”), selling 7,666,666 shares of its common stock, par value $0.001, including the underwriters’ over-allotment, at a price of $15.00 per share with net proceeds of approximately $111.5 million.

CM Finance LLC, a Maryland limited liability company, commenced operations in March 2012. Immediately prior to the Offering, CM Finance LLC was merged with and into the Company (the “Merger”). In connection with the Merger, the Company issued 6,000,000 shares of common stock and $39.8 million in debt to the pre-existing CM Finance LLC investors, consisting of funds managed by Cyrus Capital Partners, L.P. (the “Original Investors” or the “Cyrus Funds”). The Company had no assets or operations prior to completion of the Merger and, as a result, the books and records of CM Finance LLC became the books and records of the Company, as the surviving entity. Immediately after the Merger, the Company issued 2,181,818 shares of its common stock to Stifel Venture Corp. (“Stifel”) in exchange for $32.7 million in cash. The Company used all of the proceeds of the sale of shares to Stifel to repurchase 2,181,818 shares of common stock from the Original Investors. Immediately after the completion of the Offering, the Company had 13,666,666 shares outstanding. The Company used a portion of the net proceeds of the Offering to repay 100% of the debt issued to the Original Investors in connection with the Merger.

CM Investment Partners LLC (the “Adviser”) serves as the Company’s investment adviser. On August 30, 2019, Investcorp Credit Management US LLC (“Investcorp”), a subsidiary of Investcorp Bank Holdings B.S.C., acquired the interests in the Adviser, which were previously held by the Cyrus Funds and Stifel and paid off certain debt owed by the Adviser, resulting in Investcorp having a majority ownership interest in the Adviser (the “Investcorp Transaction”). On August 30, 2019, CM Finance, Inc. changed its name to Investcorp Credit Management BDC, Inc.

In connection with the Investcorp Transaction, on June 26, 2019, the Company entered into a definitive stock purchase and transaction agreement with Investcorp BDC Holdings Limited (“Investcorp BDC”), an affiliate of Investcorp (the “Stock Purchase Agreement”). Under the Stock Purchase Agreement, Investcorp BDC was required by August 30, 2021 to purchase (i) 680,985 newly issued shares of the Company’s common stock, par value $0.001 per share, at the most recently determined net asset value per share of the Company’s common stock at the time of such purchase, as adjusted as necessary to comply with Section 23 of the 1940 Act, and (ii) 680,985 shares of the Company’s common stock in open-market or secondary transactions. Investcorp BDC has completed all required purchases under the Stock Purchase Agreement.

In connection with the Investcorp Transaction, on June 26, 2019, the Company’s board of directors, including all of the directors who are not “interested persons” of the Company, as defined in Section 2(a)(19) of the 1940 Act (each, an “Independent Director”), unanimously approved a new investment advisory agreement (the “Advisory Agreement”) which was subsequently approved by the Company’s stockholders at a special meeting of stockholders held on August 28, 2019. In connection with the closing of the Investcorp Transaction, on August 30, 2019, the Company entered into the Advisory Agreement and a new administration agreement (the “Administration Agreement”) with the Adviser as its investment adviser and administrator, respectively. The Advisory Agreement and the Administration Agreement are substantially similar to the Company’s prior investment advisory agreement between the Company and the Adviser and the Company’s prior administration agreement, respectively.

The Company’s primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing directly in debt and related equity of privately held middle-market companies to help these companies fund acquisitions, growth or refinancing. The Company invests primarily in middle-market companies in the form of standalone first and second lien loans, unitranche loans and mezzanine loans. The Company may also invest in unsecured debt, bonds and in the equity of portfolio companies through warrants and other instruments.

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As a BDC, the Company is required to comply with certain regulatory requirements. For instance, as a BDC, the Company must not acquire any assets other than “qualifying assets,” as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70% of total assets are qualifying assets. Qualifying assets generally include investments in “eligible portfolio companies,” which, under the 1940 Act, are generally defined as any issuer that (1) is organized under the laws of, and has its principal place of business, in the United States; (2) is not an investment company (other than a small business investment company wholly-owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and (3) either does not have any class of securities listed on a national securities exchange or has any class of securities listed on a national securities exchange and have a market capitalization of less than $250 million, in each case organized and with their principal of business in the United States.

From time-to-time, the Company may form taxable subsidiaries that are taxed as corporations for U.S. federal income tax purposes (the “Taxable Subsidiaries”). At September 30, 2023 and June 30, 2023, the Company had no Taxable Subsidiaries. The Taxable Subsidiaries, if any, allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements applicable to a RIC under the Code.

Note 2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company.

a. Basis of Presentation

The accompanying consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended June 30, 2023. All values are stated in U.S. dollars, unless noted otherwise. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the periods included herein as required by U.S. GAAP. These adjustments are normal and recurring in nature.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments and other amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates utilized in preparing the Company’s consolidated financial statements are reasonable and prudent. Actual results could differ materially from these estimates. All material inter-company balances and transactions have been eliminated.

As permitted under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing all or substantially all of its services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, CM Finance SPV Ltd. (“SPV”), CM Finance SPV LLC (“LLC”) and Investcorp Credit Management BDC SPV, LLC (“SPV LLC”), which are special purpose vehicles used to finance certain investments in its consolidated financial statements. The effects of all material intercompany balances and transactions have been eliminated in consolidation.

The Company reclassified prior period affiliate and other information in the accompanying consolidated balance sheet and income statements to conform to its current period presentation. These reclassifications had no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.

b. Revenue Recognition, Security Transactions, and Realized/Unrealized Gains or Losses

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Origination, closing, commitment, and amendment fees, and purchase and original issue discounts (“OID”) associated with loans to portfolio companies are accreted into interest income over the respective terms of the applicable loans. Accretion of discounts or premiums is calculated by the effective interest or straight-line method, as applicable, as of the purchase date and adjusted only for material amendments or prepayments. Upon the prepayment of a loan or debt security, any prepayment penalties are included in other fee income and unamortized fees and discounts are recorded as interest income and are non-recurring in nature. During the three months ended September 30, 2023, $174,454 of prepayment penalties and unamortized discounts upon prepayment were recorded as investment income. During the three months ended September 30, 2022, $155,038 of prepayment penalties and unamortized discounts upon prepayment were recorded as interest income.

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Structuring fees and similar fees are recognized as income as earned, usually when received. Structuring fees, excess deal deposits, net profits interests and overriding royalty interests are included in other fee income.

Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. However, capitalized PIK interest will not be reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. As of September 30, 2023, the Company had ten loans on non-accrual status, 1888 Industrial Services, LLC – Term A, Term C and Revolver, American Nuts Holdings, LLC - Term A and Term B, American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, Arborworks Acquisition LLC - Term Loan and Revolver, CareerBuilder, LLC and Klein Hersh, LLC, which collectively represented 10.62% of the Company’s portfolio at fair value. As of June 30, 2023, the Company had six loans on non-accrual status, 1888 Industrial Services, LLC – Term A, Term C and Revolver, American Nuts Holdings, LLC - Term A and Term B, and American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, which collectively represented 4.08% of the Company’s portfolio at fair value.

Dividend income is recorded on the ex-dividend date.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are determined by calculating the difference between the net proceeds from the disposition and the amortized cost basis of the investments, without regard to unrealized gains or losses previously recognized. Realized gains or losses on the sale of investments are calculated using the specific identification method. The Company reports changes in fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the Unaudited Consolidated Statements of Operations.

The Company holds debt investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on an accrual basis to the extent that such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. The Company earned PIK interest of $100,181 during the three months ended September 30, 2023. The Company earned PIK interest of $181,738 during the three months ended September 30, 2022.

The Company may hold equity investments in its portfolio that contain a PIK dividend provision. PIK dividends, which represent contractual dividend payments added to the investment balance, are recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company earned PIK dividends of $188,251 during the three months ended September 30, 2023. The Company earned PIK dividends of $166,449 during the three months ended September 30, 2022.

c. Paid In Capital

The Company records the proceeds from the sale of its common stock to common stock and additional paid-in capital, net of commissions and marketing support fees.

d. Net Increase (Decrease) in Net Assets Resulting from Operations per Share

The net increase (decrease) in net assets resulting from operations per share is calculated based upon the weighted average number of shares of common stock outstanding during the reporting period.

e. Distributions

Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Company’s board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are generally distributed annually, although the Company may decide to retain such capital gains for investment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s board of directors authorizes, and the Company declares, a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution.

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f. Cash and Restricted Cash

Cash and restricted cash consist of bank demand deposits. The Company deposits its cash in financial institutions and, at times, such balance may be in excess of the Federal Deposit Insurance Corporation insurance limits. All of the Company’s cash deposits are held at what management believes to be large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote. The Company has restrictions on the uses of the cash held by SPV, LLC and SPV LLC based on the terms of the relevant financing arrangement. For more information on the Company’s financing arrangements and borrowings, see Note 5.

g. Deferred Offering Costs

Deferred offering costs consist of fees and expenses incurred in connection with the offer and sale of the Company’s common stock and bonds, including legal, accounting, printing fees, and other related expenses, as well as costs incurred in connection with the filing of a shelf registration statement. These costs are capitalized when incurred and recognized as a reduction of offering proceeds when the offering is completed.

h. Investment Transactions and Expenses

Purchases of loans, including revolving credit agreements, are recorded on a fully committed basis until the funded and unfunded portions are known or estimable, which in many cases may not be until settlement.

Expenses are accrued as incurred.

Deferred debt issuance costs and deferred financing costs, incurred in connection with the Company’s financing arrangements and borrowings, are amortized using the straight-line method which approximates the effective interest method over the life of the debt.

i. Investment Valuation

The Company applies fair value accounting to all of its financial instruments in accordance with ASC Topic 820 – Fair Value Measurements and Disclosures (“ASC 820”) and Rule 2a-5 under the 1940 Act. ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its investments and financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

Fair value is defined as the price that would be received upon a sale of an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Securities that are traded on securities exchanges (including such securities traded in the afterhours market) are valued on the basis of the closing price on the valuation date (if such prices are available). Securities that are traded on more than one securities exchange are valued at the closing price on the primary securities exchange on which such securities are traded on the valuation date (or if reported on the consolidated tape, then their last sales price on the consolidated tape). Listed options for which the last sales price falls between the last “bid” and “ask” prices for such options are valued at their last sales price on the date of the valuation on the primary securities exchange on which such options are traded. Options for which the last sales price on the valuation date does not fall between the last “bid” and “ask” prices are valued at the average of the last “bid” and “ask” prices for such options on that date. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. The Company held no Level 1 investments as of September 30, 2023 or June 30, 2023.

Investments that are not traded on securities exchanges but are traded on the over-the-counter (“OTC”) markets (such as term loans, notes and warrants) are valued using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable) and fundamental data relating to the issuer. These

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investments are categorized in Level 2 of the fair value hierarchy, or in instances when lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Investments for which market quotations are not readily available or may be considered unreliable are fair valued, in good faith, using a method determined to be appropriate in the given circumstances. The valuation methods used include the Cost Approach, the Market Approach and the Income Approach. Inputs used in these approaches may include, but are not limited to, interest rate yield curves, credit spreads, recovery rates, comparable company transactions, trading multiples, and volatilities. The valuation method the Company uses may change as changes in the underlying portfolio company dictates, such as moving from the Cost Approach to Market Approach when underlying conditions change at the company. Because of the inherent uncertainty of valuation in these circumstances, the fair values for the aforementioned investments may differ significantly from values that would have been used had a ready and liquid market for such investments existed or from the amounts that might ultimately be realized, and such differences could be material.

The Adviser seeks to ensure that the Company’s valuation policies and procedures, as approved by the Company’s board of directors, are consistently applied across all investments of the Company. The valuations are continuously monitored and the valuation process for Level 3 investments is completed on a quarterly basis and is designed to subject the valuation of Level 3 investments to an appropriate level of consistency, oversight and review. The valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Adviser responsible for the portfolio investment. These investment professionals prepare the preliminary valuations based on their evaluation of financial and operating data, company specific developments, market valuations of comparable securities from the same company or that of comparable companies as well as any other relevant factors including recent purchases and sales that may have occurred preceding month-end.

Valuation models are typically calibrated upon initial funding and are re-calibrated as necessary upon subsequent material events (including, but not limited to additional financing activity, changes in comparable companies, and recent trades). The preliminary valuation conclusions are then documented and discussed with senior management of the Adviser. On a periodic basis and at least once annually, one or more third-party independent valuation firm(s) engaged by the Company conduct independent appraisals and review the Adviser’s preliminary valuations and make their own independent assessment. The Valuation Committee of the Company’s board of directors then reviews the preliminary valuations of the Adviser and, as applicable, that of any independent valuation firms. The Valuation Committee discusses the valuations and makes a recommendation to the Company’s board of directors regarding the fair value of each investment in good faith based on the input of the Adviser and the independent valuation firm(s). Upon recommendation by the Valuation Committee and a review of the valuation materials of the Adviser and the third-party independent valuation firm(s), the board of directors of the Company determines, in good faith, the fair value of each investment.

For more information on the classification of the Company’s investments by major categories, see Note 4.

The fair value of the Company’s assets and liabilities that qualify as financial instruments under U.S. GAAP approximates the carrying amounts presented in the Unaudited Consolidated Statements of Assets and Liabilities.

j. Income Taxes

The Company has elected to be treated, for U.S. federal income tax purposes, as a RIC under Subchapter M of the Code. To maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements and distribute to stockholders, for each taxable year, at least 90% of the Company’s “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. If the Company continues to qualify as a RIC and continues to satisfy the annual distribution requirement, the Company will not have to pay corporate level U.S. federal income taxes on any income that the Company distributes to its stockholders. The Company intends to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. The Company will also be subject to nondeductible U.S. federal excise taxes if the Company does not distribute to its stockholders at least 98% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no U.S. federal income taxes. Additionally, certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes. At September 30, 2023 and September 30, 2022, the Company had no Taxable Subsidiaries. The Company incurred excise tax expenses, which are included in the provision for tax expense of $100,747 for the three months ended September 30, 2023, and $44,330 for the three months ended September 30, 2022.

Book and tax basis differences that are permanent differences are reclassified among the Company’s capital accounts, as appropriate at year-end. Additionally, the tax character of distributions is determined in accordance with the Code, which differs from U.S. GAAP. During the three months ended September 30, 2023, the Company recorded distributions of $2.2 million. During the three months ended September 30, 2022, the Company recorded distributions of $2.2 million. For certain periods, the tax character of a portion of distributions may be return of capital.

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U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Company’s policy is to recognize accrued interest and penalties associated with uncertain tax positions as part of the tax provision.

The Company has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions for any tax year since inception. The tax years ended June 30, 2020 through present remain subject to examinations by taxing authorities. This conclusion may be subject to review and adjustment at a later date based on factors, including but not limited to, ongoing analysis and changes to laws, regulations, and interpretations thereof.

Permanent differences between investment company taxable income and net investment income for financial reporting purposes are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. During the year ended June 30, 2023, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of paydown gains and losses, Taxable Subsidiary partnership investments, nondeductible taxes paid and income/(loss) from wholly owned subsidiaries as follows:

	As of June 30, 2023
Additional paid-in capital	$	(284,155)
Distributable earnings		284,155

The tax character of all distributions paid by the Company during the year ended June 30, 2023 was ordinary income.

At June 30, 2023, the components of distributable earnings on a tax basis were as follows:

	As of June 30, 2023
Undistributed net investment income	$	11,648,379
Accumulated capital gains (losses) and other		(27,970,779)
Capital loss carryover		(73,713,555)
Unrealized appreciation (depreciation)		(23,015,323)
Distributions payable		(2,590,520)
Distributable earnings (loss)	$	(115,641,798)

For U.S. federal income tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. These capital losses can be carried forward for an indefinite period and will retain their character as either short-term or long-term capital losses. As of June 30, 2023, the Company had a net short-term capital loss carryforward of $1,971,187 and a net long-term capital loss carryforward of $71,742,368 available to be carried forward for an indefinite period.

A RIC may elect to defer any capital losses incurred after October 31 of a taxable year (“post-October”) to the beginning of the following fiscal year. As of June 30, 2023, the Company had a post-October short-term capital loss deferral of $41,242 and a post-October long-term capital loss deferral of $27,178,811. These losses were deemed to arise on July 1, 2023.

k. Capital Gains Incentive Fee

Under the Advisory Agreement, the Company has agreed to pay the Adviser a fee for investment advisory and management services consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee (the “Incentive Fee”). The Incentive Fee has two components: one based on the Company’s pre-Incentive Fee net investment income (the “Income-Based Fee”) and one based on capital gains (the “Capital Gains Fee”). Under U.S. GAAP, the Company calculates the Capital Gains Fee payable to the Adviser as if the Company had realized all investments at their fair values as of the reporting date. Accordingly, the Company accrues a provisional Capital Gains Fee taking into account any unrealized gains or losses. As the provisional Capital Gains Fee is subject to the performance of investments until there is a realization event, the amount of provisional Capital Gains Fee accrued at a reporting date may vary from the incentive fee that is ultimately realized and the differences could be material.

Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date) commencing with the Company’s fiscal year ending on June 30, 2021, and is calculated at the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in each case calculated from June 30, 2020. If the amount so calculated is positive, then the Capital Gains Fee for such year is equal to 20% of such amount, less the aggregate amount of Capital Gains Fees paid in all prior years under the Advisory Agreement. If such amount is negative, then no Capital Gains Fee will be payable for such year. Under the Advisory Agreement, the Capital Gains

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Fee was not charged until the fiscal year ended June 30, 2023. As of September 30, 2023 and June 30, 2023, there was no Capital Gains Fee payable to the Adviser under the Advisory Agreement.

Note 3. Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial statements upon adoption.

In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions", which was issued to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The new guidance is effective for interim and annual periods beginning after December 15, 2023. The Company does not anticipate the new standard will have a material impact to the consolidated financial statements and related disclosures.

Note 4. Investments

The Company’s investments, at any time, may include securities and other financial instruments, including, without limitation, corporate and government bonds, convertible securities, collateralized loan obligations, term loans, revolvers and delayed draw facilities, trade claims, equity securities, privately negotiated securities, direct placements, working interests, warrants and investment derivatives (such as credit default swaps, recovery swaps, total return swaps, options, forward contracts, and futures) (all of the foregoing collectively referred to in these financial statements as “investments”).

a. Certain Risk Factors

In the ordinary course of business, the Company manages a variety of risks including market risk, liquidity risk and credit risk. The Company identifies, measures and monitors risk through various control mechanisms, including trading limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.

Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, including as a result of changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities. In particular, the Company may invest in issuers that are experiencing or have experienced financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy proceedings), which involves significant risks. The Company manages its exposure to market risk through the use of risk management strategies and various analytical monitoring techniques.

With respect to liquidity risk, the Company’s assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making the purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Credit risk is the potential loss the Company may incur from a failure of an issuer to make payments according to the terms of a contract. The Company is subject to credit risk because of its strategy of investing in the debt of leveraged companies and its involvement in derivative instruments. The Company’s exposure to credit risk on its investments is limited to the fair value of the investments. With regard to derivatives, the Company attempts to limit its credit risk by considering its counterparty’s (or its guarantor’s) credit rating.

b. Investments

Investment purchases, sales and principal payments/paydowns are summarized below for the three months ended September 30, 2023 and September 30, 2022, respectively. These purchase and sale amounts exclude derivative instruments as well as non-cash restructurings.

	For the three months ended September 30,
	2023		2022
Investment purchases, at cost (including PIK interest)	$	16,535,289	$	22,147,855
Investment sales and repayments		10,317,357		16,476,699

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The composition of the Company’s investments as of September 30, 2023, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:

Investment Type	Investments at Amortized Cost		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
Senior Secured First Lien Debt Investments	$	220,517,589	88.24	%	$	200,319,576	89.67	%
Equity, Warrants and Other Investments		29,386,210	11.76			23,084,707	10.33
Total	$	249,903,799	100.00	%	$	223,404,283	100.00	%

The composition of the Company’s investments as of June 30, 2023, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:

Investment Type	Investments at     Amortized Cost		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
Senior Secured First Lien Debt Investments	$	214,100,857	88.00	%	$	196,370,955	89.21	%
Equity, Warrants and Other Investments		29,197,959	12.00			23,740,374	10.79
Total	$	243,298,816	100.00	%	$	220,111,329	100.00	%

The Company uses Global Industry Classification Standard (“GICS”) codes to identify the industry groupings in its portfolio. The following table shows the portfolio composition by industry grouping at fair value at September 30, 2023:

Industry Classification	Investments at Fair Value		Percentage of Total Portfolio
Trading Companies & Distributors	$	38,219,681	17.11	%
Professional Services		25,728,030	11.52
IT Services		16,830,075	7.53
Software		13,736,438	6.15
Containers & Packaging		13,558,591	6.07
Commercial Services & Supplies		13,493,554	6.04
Machinery		8,967,989	4.01
Internet & Direct Marketing Retail		8,907,439	3.99
Household Durables		7,766,091	3.48
Entertainment		7,600,000	3.40
Chemicals		7,527,189	3.37
Diversified Consumer Services		7,250,052	3.25
Hotels, Restaurants, and Leisure		7,171,656	3.21
Automobile Components		6,158,497	2.76
Consumer Staples Distribution & Retail		5,606,790	2.51
Specialty Retail		5,059,875	2.26
Consumer Services		4,915,732	2.20
Building Products		4,474,688	2.00
Automotive Retail		4,017,057	1.80
Food Products		4,005,000	1.79
Construction & Engineering		3,937,532	1.76
Paper Packaging		3,000,000	1.34
Electronic Equipment, Instruments & Components		2,852,627	1.28
Energy Equipment & Services		2,619,700	1.17
Total	$	223,404,283	100.00	%

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The following table shows the portfolio composition by industry grouping at fair value at June 30, 2023:

Industry Classification	Investments at Fair Value		Percentage of Total Portfolio
Trading Companies & Distributors	$	35,176,879	15.98	%
Professional Services		28,238,167	12.83
IT Services		23,576,450	10.71
Commercial Services & Supplies		14,329,460	6.51
Software		13,772,487	6.26
Containers & Packaging		12,958,772	5.89
Machinery		9,602,806	4.36
Internet & Direct Marketing Retail		8,969,729	4.08
Entertainment		7,640,000	3.47
Household Durables		7,610,242	3.46
Chemicals		7,568,617	3.44
Diversified Consumer Services		7,268,500	3.30
Automobile Components		7,261,275	3.30
Hotels, Restaurants, and Leisure		6,283,541	2.85
Consumer Staples Distribution & Retail		6,061,396	2.75
Specialty Retail		5,148,000	2.34
Building Products		4,511,719	2.05
Food Products		4,288,750	1.95
Automotive Retail		3,878,905	1.76
Electronic Equipment, Instruments & Components		3,265,598	1.48
Energy Equipment & Services		2,700,036	1.23
Total	$	220,111,329	100.00	%

The following table shows the portfolio composition by geographic grouping at fair value at September 30, 2023:

Geographic Region	Investments at Fair Value		Percentage of Total Portfolio
U.S. Northeast	$	86,530,253	38.73	%
U.S. West		48,391,784	21.66
U.S. Midwest		27,364,696	12.25
U.S. Mid-Atlantic		22,911,655	10.26
U.S. Southeast		20,636,714	9.24
U.S. Southwest		12,601,618	5.64
International		4,967,563	2.22
Total	$	223,404,283	100.00	%

The following table shows the portfolio composition by geographic grouping at fair value at June 30, 2023:

Geographic Region	Investments at Fair Value		Percentage of Total Portfolio
U.S. Northeast	$	94,658,227	43.00	%
U.S. West		44,911,266	20.40
U.S. Midwest		26,602,440	12.09
U.S. Southeast		20,803,349	9.45
U.S. Mid-Atlantic		17,721,607	8.05
U.S. Southwest		10,367,607	4.71
International		5,046,833	2.30
Total	$	220,111,329	100.00	%

The Company’s primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing directly in debt and related equity of privately held middle-market companies to help these companies fund acquisitions, growth or refinancing. During the three months ended September 30, 2023, the Company made investments in new and existing portfolio companies of approximately $15.5 million, to which it was not previously contractually committed to provide financial support. During the three months ended September 30, 2023, the Company made investments of approximately $0.7 million in companies to which it was previously committed to provide financial support through the terms of the revolvers and delayed draw term loans. The details of the Company’s investments have been disclosed on the Unaudited Consolidated Schedule of Investments.

c. Derivatives

Derivative contracts include total return swaps and embedded derivatives in the Company’s borrowings. The Company may enter into derivative contracts as part of its investment strategies. On October 28, 2020, the SEC adopted a rule that modifies the conditions by which BDCs can enter into, or “cover” open positions pursuant to, certain derivatives contracts that involve potential

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future payment obligations (the “Derivatives Rule”). The Derivatives Rule requires a BDC entering into a derivatives contract to develop and implement a derivatives risk management program, to comply with an outer limit on asset coverage ratio based on the VaR (“value-at-risk”) test, and to report its derivative activity to its board of directors on a regular basis. The Derivatives Rule also contains exceptions to these conditions for any fund that limits its exposure to derivatives positions to 10 percent of its net assets. At September 30, 2023 and June 30, 2023, the Company held no derivative contracts.

d. Fair Value Measurements

ASC 820 defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a framework for measuring fair value and a valuation hierarchy that prioritizes the inputs used in the valuation of an asset or liability based upon their transparency. The valuation hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assets and liabilities measured at fair value have been classified in the following three categories:

Level 1 – valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 – valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; or (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 – valuation is based on unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. However, the fair value measurement objective remains the same, that is, an exit price from the perspective of a market participant that holds the asset or owes the liability. Therefore, unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Unobservable inputs are developed based on the best information available under the circumstances, which might include the Company’s own data. The Company’s own data used to develop unobservable inputs is adjusted if information is reasonably available without undue cost and effort that indicates that market participants would use different assumptions.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the market and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Estimates of fair value for cash and restricted cash are measured using observable, quoted market prices, or Level 1 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs.

The following table summarizes the classifications within the fair value hierarchy of the Company’s assets measured at fair value as of September 30, 2023:

	Level 1		Level 2		Level 3		Total
Assets
Investments
Senior Secured First Lien Debt Investments	$	—	$	—	$	200,319,576	$	200,319,576
Equity, Warrants and Other Investments		—		—		23,084,707		23,084,707
Total Investments	$	—	$	—	$	223,404,283	$	223,404,283

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The following table summarizes the classifications within the fair value hierarchy of the Company’s assets measured at fair value as of June 30, 2023:

	Level 1		Level 2		Level 3		Total
Assets
Investments
Senior Secured First Lien Debt Investments	$	—	$	—	$	196,370,955	$	196,370,955
Equity, Warrants and Other Investments		—		—		23,740,374		23,740,374
Total Investments	$	—	$	—	$	220,111,329	$	220,111,329

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended September 30, 2023:

	Senior Secured First Lien Debt Investments		Senior Secured Second Lien Debt Investments		Unsecured Debt Investments		Equity, Warrants and Other Investments		Total Investments
Fair value at September 30, 2022	$	196,370,955	$	—	$	—	$	23,740,374	$	220,111,329
Purchases (including PIK interest)		16,347,037		—		—		188,252		16,535,289
Sales and repayments		(10,317,357)		—		—		—		(10,317,357)
Amortization		387,051		—		—		—		387,051
Net realized gains (losses)		—		—		—		—		—
Transfers in		—		—		—		—		—
Transfers out		—		—		—		—		—
Net change in unrealized appreciation (depreciation)		(2,468,110)		—		—		(843,919)		(3,312,029)
Fair value at September 30, 2023	$	200,319,576	$	—	$	—	$	23,084,707	$	223,404,283
Change in unrealized appreciation (depreciation) relating to assets still held as of September 30, 2023	$	(2,468,109)	$	—	$	—	$	(843,919)	$	(3,312,028)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended September 30, 2022:

	Senior Secured First Lien Debt Investments		Senior Secured Second Lien Debt Investments		Unsecured Debt Investments		Equity, Warrants and Other Investments		Total Investments
Fair value at June 30, 2022	$	214,858,036	$	—	$	—	$	18,825,950	$	233,683,986
Purchases (including PIK interest)		21,781,406		—		—		366,449		22,147,855
Sales and repayments		(16,476,699)		—		—		—		(16,476,699)
Amortization		501,016		—		—		—		501,016
Net realized gains (losses)		—		—		—		—		—
Transfers in		—		—		—		—		—
Transfers out		—		—		—		—		—
Net change in unrealized (depreciation) appreciation		(1,130,564)		—		—		451,967		(678,597)
Fair value at September 30, 2022	$	219,533,195	$	—	$	—	$	19,644,366	$	239,177,561
Change in unrealized appreciation (depreciation) relating to assets still held as of September 30, 2022	$	(1,022,903)	$	—	$	—	$	451,968	$	(570,935)

Transfers into Level 3 during or at the end of the reporting period are reported under Level 1 or Level 2 as of the beginning of the period. Transfers out of Level 3 during or at the end of the reporting period are reported under Level 3 as of the beginning of the period. Changes in unrealized gains (losses) relating to Level 3 instruments are included in net change in unrealized (depreciation) appreciation on investments and derivatives on the Unaudited Consolidated Statements of Operations.

During the three months ended September 30, 2023 and three months ended September 30, 2022, the Company did not transfer any investments among Levels 1, 2 and 3.

The following tables provide quantitative information regarding the Company’s Level 3 fair value measurements as of September 30, 2023 and June 30, 2023. This information presents the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured notes is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

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	Fair Value  as of September 30, 2023		Valuation Methodology	Unobservable Input(s)	Weighted Average	Range
Senior Secured First Lien Debt Investments	$	167,661,231	Income Approach	Market Yields	13.4%		9.9%-18.1%
Senior Secured First Lien Debt Investments		6,294,430	Market Comparable Approach	EBITDA Multiple	5.3x		5.2x-5.8x
Senior Secured First Lien Debt Investments		2,418,108	Market Comparable Approach	Revenue Multiple	0.27x		0.27x
Senior Secured First Lien Debt Investments		14,853,263	Recent Transaction	Recent Transaction	N/A		N/A
Senior Secured First Lien Debt Investments		9,092,544	Recovery Analysis	Recovery Amount	N/A		N/A
Equity, Warrants, and Other Investments		5,593,082	Income Approach	Market Yields	17.1%		17.1%
Equity, Warrants, and Other Investments		17,491,625	Market Comparable Approach	EBITDA multiple	8.9x		4.7x-21.9x

	Fair Value as of June 30, 2023		Valuation Methodology	Unobservable Input(s)	Weighted Average	Range
Senior Secured First Lien Debt Investments	$	161,776,983	Income Approach	Market Yields	13.3%	10.1% - 18.0%
Senior Secured First Lien Debt Investments		13,895,260	Market Comparable Approach	EBITDA Multiple	17.3x	5.7x – 21.2x
Senior Secured First Lien Debt Investments		5,272,355	Market Comparable Approach	Revenue Multiple	0.3x	0.30x – 0.38x
Senior Secured First Lien Debt Investments		15,209,280	Recent Transaction	Recent Transaction	N/A	N/A
Senior Secured First Lien Debt Investments		217,077	Recovery Analysis	Recovery Amount	N/A	N/A
Equity, Warrants and Other Investments		4,824,752	Income Approach	Market Yields	18.0%	18.0%
Equity, Warrants and Other Investments		18,915,622	Market Comparable Approach	EBITDA multiple	8.7x	5.7x – 24.2x
Equity, Warrants and Other Investments		—	Market Comparable Approach	Revenue Multiple	0.3x	0.3x

Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value and such changes could result in a significant increase or decrease in the fair value. Significant increases in illiquidity discounts, PIK discounts and market yields would result in significantly lower fair value measurements.

Note 5. Borrowings

On August 23, 2021, the Company, through SPV LLC entered into a five-year, $115 million senior secured revolving credit facility (the “Capital One Revolving Financing”) with Capital One, N.A. (“Capital One”), which is secured by collateral consisting primarily of loans in the Company’s investment portfolio. On June 14, 2023, we amended the Capital One Revolving Financing to decrease the facility size from $115 million to $100 million. The Capital One Revolving Financing, which will expire on August 22, 2026 (the “Maturity Date”), features a three-year reinvestment period and a two-year amortization period.

Effective November 18, 2022, borrowings under the Capital One Revolving Financing generally bear interest at a rate per annum equal to the Secured Overnight Financing Rate (”SOFR”) plus 2.50%. The default interest rate will be equal to the interest rate then in effect plus 2.00%. The Capital One Revolving Financing required the payment of an upfront fee of 1.125% ($1.3 million) of the available borrowings under the Capital One Revolving Financing at the closing, and requires the payment of an unused fee of (i) 0.75% annually for any undrawn amounts below 50% of the Capital One Revolving Financing, (ii) 0.50% annually for any undrawn amounts between 50% and 75% of the Capital One Revolving Financing, and (iii) 0.25% annually for any undrawn amounts above 75% of the Capital One Revolving Financing. Borrowings under the Capital One Revolving Financing are based on a borrowing base. The Capital One Revolving Financing generally requires payment of interest and fees on a quarterly basis. All outstanding principal is due on the Maturity Date. The Capital One Revolving Financing also requires mandatory prepayment of interest and principal upon certain events.

As of September 30, 2023 and June 30, 2023, there were $69.0 million and $71.9 million in borrowings outstanding under the Capital One Revolving Financing, respectively.

Restricted cash (as shown on the Unaudited Consolidated Statements of Assets and Liabilities) is held by the trustee of the Capital One Revolving Financing and is restricted to purchases of investments by SPV LLC that must meet certain eligibility criteria identified by the loan, security and investment management agreement governing the Capital One Revolving Financing. As of September 30, 2023, SPV LLC had a notional amount of $200.0 million, which included $185.5 million of the Company’s portfolio investments at fair value, no accrued interest receivable and $14.2 million in cash held by the trustees of the Capital One Revolving Financing. As of June 30, 2023, SPV and LLC had a notional amount of $194.0 million in assets with a fair value of $181.5 million, no accrued interest receivable and $8.1 million in cash held by the trustee of the Capital One Revolving Financing. For the three months ended September 30, 2023, the weighted average outstanding debt balance and the weighted average stated interest rate under the Capital One Revolving Financing was $70.0 million and 7.75%, respectively. For the three months ended September 30, 2022, the

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weighted average outstanding debt balance and the weighted average stated interest rate under the Capital One Revolving Financing was $81.9 million and 4.56%, respectively.

The fair value of the Company’s borrowings is estimated based on the rate at which similar credit facilities or debentures would be priced. At September 30, 2023 and June 30, 2023, the fair value of the Company’s total borrowings under the Capital One Revolving Financing, was estimated at $69.0 million and $71.9 million respectively, which the Company concluded was a Level 3 fair value.

On March 31, 2021, the Company closed the public offering of $65 million in aggregate principal amount of 4.875% notes due 2026 (the “2026 Notes”). The total net proceeds to the Company from the sale of the 2026 Notes, after deducting the underwriting discounts and commissions of approximately $1.3 million and estimated offering expenses of approximately $215,000, were approximately $63.1 million.

The 2026 Notes will mature on April 1, 2026, unless previously redeemed or repurchased in accordance with their terms, and bear interest at a rate of 4.875%. The 2026 Notes are direct unsecured obligations and rank pari passu, which means equal in right of payment, with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. Because the 2026 Notes are not secured by any of the Company’s assets, they are effectively subordinated to all of the Company’s existing and future secured unsubordinated indebtedness (or any indebtedness that is initially unsecured as to which the Company subsequently grants a security interest), to the extent of the value of the assets securing such indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries and financing vehicles, including, without limitation, borrowings under the Capital One Revolving Financing. The 2026 Notes are obligations exclusively of the Company and not of any of the Company’s subsidiaries. None of the Company’s subsidiaries is a guarantor of the 2026 Notes and the 2026 Notes will not be required to be guaranteed by any subsidiary the Company may acquire or create in the future.

The 2026 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price (as determined by the Company) equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the redemption date: (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided, however, that if the Company redeems any 2026 Notes on or after January 1, 2026 (the date falling three months prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption; provided, further, that no such partial redemption shall reduce the portion of the principal amount of a 2026 Note not redeemed to less than $2,000. Interest on the 2026 Notes is payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2021. The Company may from time to time repurchase 2026 Notes in accordance with the 1940 Act and the rules promulgated thereunder.

As of September 30, 2023, the carrying amount of the 2026 Notes was $64.8 million on an aggregate principal balance of $65.0 million at an effective yield of 5.33%. As of September 30, 2023, the fair value of the 2026 Notes was $58.2 million. The Company concluded that this was Level 3 fair value under ASC 820.

Long-Term Debt Maturities

Set forth below is the aggregate principal amount of our long-term debt as of September 30, 2023 (excluding unamortized premiums, net, unamortized debt issuance costs and note payable) maturing during the following years:

2024	$	—
2025		—
2026		134,000,000
Total long-term debt	$	134,000,000

Note 6. Indemnification, Guarantees, Commitments and Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of representations and warranties and general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

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The Company’s board of directors declared the following quarterly distributions during the three months ended September 30, 2023:

Declared	Ex-Date	Record Date	Pay Date	Amount	Fiscal Quarter
September 14, 2023	October 11, 2023	October 12, 2023	November 2, 2023	$0.1500	1st 2024

Loans purchased by the Company may include revolving credit agreements or other financing commitments obligating the Company to advance additional amounts on demand. The Company generally sets aside sufficient liquid assets to cover its unfunded commitments, if any.

The following table details the Company’s unfunded commitments to portfolio companies as of September 30, 2023:

Investments	Unfunded Commitment		Fair Value		Annual Non-use Fee	Expiration Date
1888 Industrial Services, LLC – Revolver	$	210,033	$	—	0.50%	8/31/24
Amerequip, LLC – Revolver		967,742		—	0.50%	8/31/27
Arborworks Acquisition LLC – Revolver		8,363		—	0.50%	11/9/26
Archer Systems, LLC – Revolver		603,175		—	0.50%	8/11/27
Evergreen North America Acquisitions, LLC – Revolver		276,064		—	0.50%	8/13/26
Flatworld Intermediate Corporation – Revolver		567,568		—	0.50%	10/1/27
NWN Parent Holdings LLC – Revolver		1,200,000		—	0.50%	5/7/26
South Coast Terminals LLC – Revolver		967,742		—	0.50%	12/10/26
Xenon Arc, Inc. – Revolver		680,000		—	0.50%	12/17/26
Total Unfunded Commitments	$	5,480,687	$	—

The following table details the Company’s unfunded commitments to portfolio companies as of June 30, 2023:

Investments	Unfunded Commitment		Fair Value		Annual Non-use Fee	Expiration Date
1888 Industrial Services, LLC – Revolver	$	186,990	$	—	0.50%	8/31/24
Amerequip, LLC – Revolver		967,742		—	0.50%	8/31/27
Arborworks Acquisition LLC – Revolver		554,947		—	0.50%	11/9/26
Archer Systems, LLC – Revolver		603,175		—	0.50%	8/11/27
Evergreen North America Acquisitions, LLC – Revolver		276,064		—	0.50%	8/13/26
Flatworld Intermediate Corporation – Revolver		567,567		—	0.50%	10/1/27
NWN Parent Holdings LLC – Revolver		800,000		—	0.50%	5/7/26
South Coast Terminals LLC – Revolver		967,742		—	0.50%	12/10/26
Xenon Arc, Inc. – Revolver		746,667		—	0.50%	12/17/26
Total Unfunded Commitments	$	5,670,894	$	—

Note 7. Agreements and Related Party Transactions

Advisory Agreement

The Company is party to the Advisory Agreement with the Adviser. Under the Advisory Agreement, the Base Management Fee is calculated at an annual rate of 1.75% of the Company’s gross assets, including assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents (such amount, “Gross Assets”).

For the three months ended September 30, 2023, $978,919 in Base Management Fees were earned by the Adviser, of which $86,630 was voluntarily waived. As of September 30, 2023, $1,798,508 of such fees were payable. For the three months ended September 30, 2022, $1,103,981 in Base Management Fees were earned by the Adviser, of which $94,146 was voluntarily waived. As of June 30, 2023, $906,218 of such fees were payable. There is no guarantee that the Adviser will waive Base Management Fees in the future. Any portion of the Base Management Fee waived is not subject to recapture.

The Base Management Fee is calculated based on the average value of the Company’s Gross Assets at the end of the two most recently completed fiscal quarters prior to the quarter for which such fees are being calculated. The Base Management Fee is payable quarterly in arrears and the Base Management Fees for any partial month or quarter will be appropriately pro-rated.

Under the Advisory Agreement, the Income-Based Fee is calculated and payable quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding fiscal quarter, subject to a total return requirement (the “Total Return Requirement”) and deferral of non-cash amounts, and is 20.0% of the amount, if any, by which the Company’s Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets attributable to its

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common stock, for the immediately preceding fiscal quarter, exceeds a 2.0% (which is 8.0% annualized) hurdle rate and a “catch-up” provision measured as of the end of each fiscal quarter. Under this provision, in any fiscal quarter, the Adviser receives no Income-Based Fee until the Company’s Pre-Incentive Fee Net Investment Income exceeds the hurdle rate of 2.0%, but then receives, as a “catch-up,” 100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% (which is 10.0% annualized). The effect of the “catch-up” provision is that, subject to the Total Return Requirement and deferral provisions discussed below, if Pre-Incentive Fee Net Investment Income exceeds 2.5% in any fiscal quarter, the Adviser receives 20.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply.

“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial assistance and consulting fees or other fees that we receive from portfolio companies) accrued during the fiscal quarter, minus the Company’s operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement and any interest expense and any distributions paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash.

Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

No Income-Based Fee is payable under the Advisory Agreement except to the extent 20.0% of the cumulative net increase in net assets resulting from operations over the fiscal quarter for which fees are being calculated and the Lookback Period (as defined below) exceeds the cumulative Incentive Fees accrued and/or paid for the Lookback Period. The “cumulative net increase in net assets resulting from operations” is the amount, if positive, of the sum of Pre-Incentive Fee Net Investment Income, realized gains and losses and unrealized appreciation and depreciation of the Company for the then current fiscal quarter and the Lookback Period. The “Lookback Period” means (1) through June 30, 2022, the period that commences on the last day of the fiscal quarter in which the Advisory Agreement became effective and ends on the last day of the fiscal quarter immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated, and (2) after June 30, 2022, the eleven fiscal quarters immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated.

For the three months ended September 30, 2023, the Company incurred no Income-Based Fees. As of September 30, 2023, $576,023 in incentive fees related to Income-Based Fees incurred by the Company are currently payable to the Adviser and $201,817 in incentive fees related to Income-Based Fees incurred by the Company were generated from deferred interest (i.e., PIK and certain discount accretion) and are not payable until such amounts are received in cash. For the three months ended September 30, 2022, the Company wrote off $147,145 in previously deferred Income-Based Fees and incurred no additional Income-Based Fees. As of June 30, 2023, $201,817 of Income-Based Fees incurred by the Company were generated from deferred interest (i.e., PIK and certain discount accretion) and are not payable until such amounts are received in cash. Any voluntary waivers of the incentive fee in no way implies that the Adviser will agree to waive any incentive fee in any future period. Any portion of the incentive fees waived are not subject to recapture.

Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), commencing with the fiscal year ended June 30, 2021, and is equal to 20.0% of our cumulative aggregate realized capital gains from the Commencement Date through the end of that fiscal year, computed net of the Company’s aggregate cumulative realized capital losses and our aggregate cumulative unrealized capital depreciation through the end of such year, less the aggregate amount of any previously paid Capital Gains Fees. If such amount is negative, then no Capital Gains Fee will be payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a fiscal year end, the termination date will be treated as though it were a fiscal year end for purposes of calculating and paying the Capital Gains Fee. Under the Advisory Agreement, the Capital Gains Fee was not charged until the fiscal year ending June 30, 2023.

Under U.S. GAAP, the Company calculates the Capital Gains Fee as if it had realized all assets at their fair values as of the reporting date. Accordingly, the Company accrues a provisional Capital Gains Fee taking into account any unrealized gains or losses. As the provisional Capital Gains Fee is subject to the performance of investments until there is a realization event, the amount of the provisional Capital Gains Fee accrued at a reporting date may vary from the Capital Gains Fee that is ultimately realized and the differences could be material.

As of September 30, 2023, there was no Capital Gains Fee accrued, earned or payable to the Adviser under the Advisory Agreement. As of June 30, 2023, there was no Capital Gains Fee accrued, earned or payable to the Adviser under the Advisory Agreement.

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The Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of its duties and obligations under the Advisory Agreement, the Adviser and its officers, managers, partners, agents, employees, controlling persons and members, and any other person or entity affiliated with it, are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser’s services under the Advisory Agreement or otherwise as the Adviser.

Mr. Mauer holds an approximate 17% interest in the Adviser. Investcorp holds an approximate 83% ownership interest in the Adviser. Pursuant to the Advisory Agreement, the Company has agreed to pay to the Adviser a Base Management Fee and an Incentive Fee. Mr. Mauer, an interested member of the Board, has a direct or indirect pecuniary interest in the Adviser. The Incentive Fee will be computed and paid on income that we may not have yet received in cash at the time of payment. This fee structure may create an incentive for the Adviser to invest in certain types of speculative securities. Additionally, the Company will rely on investment professionals from the Adviser to assist the Board with the valuation of the Company’s portfolio investments. The Adviser’s Base Management Fee and Incentive Fee is based on the value of our investments and, therefore, there may be a conflict of interest when personnel of the Adviser are involved in the valuation process for the Company’s portfolio investments.

Administration Agreement

Pursuant to the Administration Agreement, the Adviser furnishes the Company with office facilities and equipment and provides it with the clerical, bookkeeping, recordkeeping and other administrative services necessary to conduct day-to-day operations. Under the Administration Agreement, the Adviser performs, or oversees the performance of the Company’s required administrative services, which includes, among other things, being responsible for the financial records which it is required to maintain and preparing reports to its stockholders and reports filed with the SEC. In addition, the Adviser assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports and other materials to its stockholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to it by others. Under the Administration Agreement, the Adviser also provides managerial assistance on the Company’s behalf to those portfolio companies that have accepted its offer to provide such assistance. In addition, the Adviser may satisfy certain of its obligations to the Company under the Administration Agreement through the services agreement with Investcorp International Inc., an affiliate of Investcorp, including supplying the Company with accounting and back-office professionals upon the request of the Adviser. The Company incurred costs of $263,375 under the Administration Agreement for the three months ended September 30, 2023. The Company incurred costs of $375,900 under the Administration Agreement for the three months ended September 30, 2022.

As of September 30, 2023 and June 30, 2023, the Company recorded no accrued expenses or other liabilities for reimbursement of expenses owed to the Adviser under the Administration Agreement.

Stock Purchase Agreement

In connection with the Investcorp Transaction, on June 26, 2019, the Company entered into a definitive stock purchase and transaction agreement with Investcorp BDC Holdings Limited (“Investcorp BDC”), an affiliate of Investcorp (the “Stock Purchase Agreement”), pursuant to which Investcorp BDC was required by August 30, 2021, to purchase (i) 680,985 newly issued shares of the Company’s common stock, at the most recently determined net asset value per share of the Company’s common stock at the time of such purchase, as adjusted as necessary to comply with Section 23 of the 1940 Act, and (ii) 680,985 shares of the Company’s common stock in open-market or secondary transactions. Investcorp BDC completed all remaining required purchases under the Stock Purchase Agreement during the quarter ended September 30, 2021.

Co-investment Exemptive Relief

On July 20, 2021, the SEC issued an order, which superseded a prior order issued on March 19, 2019, granting the Company’s application for exemptive relief to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions with other funds managed by the Adviser or its affiliates and any future funds that are advised by the Adviser or its affiliated investment advisers (the “Exemptive Relief”). Under the terms of the Exemptive Relief, in order for the Company to participate in a co-investment transaction a “required majority” (as defined in Section 57(o) of the 1940 Act) of the directors who are not “interested persons” of the Company, as defined in Section 2(a)(19) of the 1940 Act (each, an “Independent Director”) must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s investment objectives and strategies.

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License Agreement

The Company has entered into a license agreement with the Adviser under which the Adviser has agreed to grant the Company a non-exclusive, royalty-free license to use the name “Investcorp.” Under this agreement, the Company has a right to use the “Investcorp” name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company has no legal right to the “Investcorp” name. This license agreement will remain in effect for so long as the Advisory Agreement with the Adviser is in effect and Investcorp is the majority owner of the Adviser.

Note 8. Directors’ Fees

Each Independent Director receives (i) an annual fee of $75,000, and (ii) $2,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending in person or telephonically each regular board of directors meeting and each special telephonic meeting. Each Independent Director also receives $1,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with each committee meeting attended in person and each telephonic committee meeting. The chairperson of the audit committee receives an additional annual fee of $7,500. The chairperson(s) of the valuation committee, the nominating and corporate governance committee and the compensation committee receives an additional annual fee of $2,500, $2,500 and $2,500, respectively. The Company has obtained directors’ and officers’ liability insurance on behalf of the Company’s directors and officers. For the three months ended September 30, 2023, the Company recorded directors’ fees of $73,375, of which $5,130 were payable at September 30, 2023. For the three months ended September 30, 2022, the Company recorded directors’ fees of $75,625, of which $15,755 were payable at June 30, 2023.

Note 9. Net Change in Net Assets Resulting from Operations Per Share

Basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.

The following table sets forth the computation of the weighted average basic and diluted net increase in net assets per share from operations:

Basic and Diluted Net Increase (Decrease) in Net Assets Per Share	Three months ended September 30,
	2023		2022
Net increase (decrease) in net assets resulting from operations	$	(1,684,362)	$	1,657,507
Weighted average shares of common stock outstanding		14,392,714		14,386,809
Basic/diluted net increase (decrease) in net assets from operations per share	$	(0.12)	$	0.12

On September 3, 2021, the Company issued 453,985 shares of common stock, par value $0.001 per share to Investcorp BDC at a price of $6.92 per share for an aggregate offering price of $3,141,576. The sale of the Company’s common stock to Investcorp BDC was made pursuant to the Stock Purchase Agreement and the issuance of the Company’s common stock was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. Investcorp BDC is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the Securities Act.

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Note 10. Distributions

The following table reflects the distributions declared on shares of the Company’s common stock since the Offering in February 2014. Stockholders of record as of each respective record date were entitled to receive the distribution:

Declaration Date	Record Date	Payment Date	Amount Per Share
March 14, 2014	March 24, 2014	March 31, 2014	$	0.1812
May 14, 2014	June 16, 2014	July 1, 2014	$	0.3375
September 4, 2014	September 18, 2014	October 1, 2014	$	0.3375
November 6, 2014	December 18, 2014	January 5, 2015	$	0.3375
January 28, 2015	March 18, 2015	April 2, 2015	$	0.3469
May 6, 2015	June 8, 2015	July 5, 2015	$	0.3469
June 10, 2015#	September 1, 2015	September 15, 2015	$	0.4300
June 10, 2015	September 18, 2015	October 2, 2015	$	0.3469
November 3, 2015	December 18, 2015	January 5, 2016	$	0.3469
February 2, 2016	March 18, 2016	April 7, 2016	$	0.3516
April 28, 2016	June 17, 2016	July 7, 2016	$	0.3516
August 25, 2016	September 16, 2016	October 6, 2016	$	0.3516
November 3, 2016	December 16, 2016	January 5, 2017	$	0.3516
November 3, 2016	March 17, 2017	April 6, 2017	$	0.2500
May 2, 2017	June 16, 2017	July 6, 2017	$	0.2500
August 24, 2017	September 8, 2017	October 5, 2017	$	0.2500
November 7, 2017	March 16, 2018	April 5, 2018	$	0.2500
May 2, 2018	June 15, 2018	July 5, 2018	$	0.2500
August 23, 2018	September 18, 2018	October 5, 2018	$	0.2500
November 6, 2018	December 14, 2018	January 3, 2019	$	0.2500
February 5, 2019	March 15, 2019	April 4, 2019	$	0.2500
May 1, 2019	June 14, 2019	July 5, 2019	$	0.2500
August 28, 2019	September 26, 2019	October 16, 2019	$	0.2500
November 6, 2019	December 13, 2019	January 2, 2020	$	0.2500
February 4, 2020	March 13, 2020	April 2, 2020	$	0.2500
May 7, 2020	June 19, 2020	July 10, 2020	$	0.1500
May 7, 2020*	June 19, 2020	July 10, 2020	$	0.0300
August 26, 2020	September 25, 2020	October 15, 2020	$	0.1500
August 26, 2020*	September 25, 2020	October 15, 2020	$	0.0300
November 3, 2020	December 10, 2020	January 4, 2021	$	0.1500
November 3, 2020*	December 10, 2020	January 4, 2021	$	0.0300
February 3, 2021	March 12, 2021	April 1, 2021	$	0.1500
February 3, 2021*	March 12, 2021	April 1, 2021	$	0.0300
May 6, 2021	June 18, 2021	July 9, 2021	$	0.1500
August 25, 2021	September 24, 2021	October 14, 2021	$	0.1500
November 3, 2021	December 10, 2021	January 4, 2022	$	0.1500
February 3, 2022	March 11, 2022	March 31, 2022	$	0.1500
May 5, 2022	June 17, 2022	July 8, 2022	$	0.1500
August 25, 2022	September 23, 2022	October 14, 2022	$	0.1500
November 11, 2022	December 16, 2022	January 10, 2023	$	0.1300
November 11, 2022*	December 16, 2022	January 10, 2023	$	0.0200
February 2, 2023	March 10, 2023	March 30, 2023	$	0.1300
February 2, 2023*	March 10, 2023	March 30, 2023	$	0.0200
May 4, 2023	June 16, 2023	July 7, 2023	$	0.1300
May 4, 2023*	June 16, 2023	July 7, 2023	$	0.0500
September 14, 2023	October 12, 2023	November 2, 2023	$	0.1300
September 14, 2023*	October 12, 2023	November 2, 2023	$	0.0200

# Special distribution

* Supplemental distribution

The following table reflects, for U.S. federal income tax purposes, the sources of the cash dividend distributions that the Company has paid on its common stock during the three months ended September 30, 2023 and September 30, 2022:

	Three months ended September 30,
	2023			2022
		Distribution Amount	Percentage		Distribution Amount	Percentage
Ordinary income and short-term capital gains	$	2,158,926	100%	$	2,158,042	100%
Long-term capital gains		—	—		—	—
Total	$	2,158,926	100%	$	2,158,042	100%

The 2023-2024 figures in the above table are estimates based on the Company’s year-to-date activity. The tax status of distributions for a tax year depends on the Company’s total amount of taxable income for the entire year, therefore, the tax status

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cannot be confirmed until after the end of the tax year. Accordingly, the Company’s distributions for the tax year may be re-characterized later based upon subsequent events. As applicable, the Company reports the actual tax character of its distributions for U.S. federal income tax purposes annually to stockholders on Internal Revenue Service Form 1099-DIV issued after the end of the year. The Company’s Form 10-K for the year ending June 30, 2024 will also include information regarding the actual components and tax treatment of all the Company’s distributions for the fiscal year 2023-2024. Because each stockholder’s tax status is unique, stockholders should consult their tax advisor regarding this distribution notice.

Note 11. Share Transactions

The following table summarizes the total shares issued for the three months ended September 30, 2023 and September 30, 2022.

	Three months ended September 30,
	2023			2022
	Shares	Amount		Shares	Amount
Balance at beginning of period	14,391,775	$	205,812,251	14,385,810	$	205,790,502
Issuance of common shares	—		—	—		—
Reinvestments of stockholder distributions	1,066		3,797	1,135		4,763
Balance at end of period	14,392,841	$	205,816,048	14,386,945	$	205,795,265

Note 12. Financial Highlights

The following represents the per share data and the ratios to average net assets for the Company:

	For the three months ended September 30,
	2023			2022
Per Share Data:(1)
Net asset value, beginning of period	$	6.09		$	6.50
Net investment income		0.11			0.16
Net realized and unrealized gains (losses)		(0.22)			(0.04)
Net increase (decrease) in net assets resulting from operations		(0.11)			0.12
Capital transactions(2)
Dividends from net investment income		(0.15)			(0.15)
Distributions from net realized gains		—			—
Net decrease in net assets resulting from capital transactions		(0.15)			(0.15)
Offering costs		—			—
Net asset value, end of period	$	5.83		$	6.47
Market value per share, end of period	$	3.99		$	3.58
Total return based on market value(3)(4)		15.05	%		(11.94)	%
Shares outstanding at end of period		14,392,841			14,386,945
Ratio/Supplemental Data:
Net assets, at end of period	$	83,860,817		$	93,013,620
Ratio of total expenses to average net assets(5)		20.67	%		17.30	%
Ratio of net expenses to average net assets(5)		20.26	%		16.90	%
Ratio of interest expense and fees and amortization of deferred debt issuance costs to average net assets(5)		11.33	%		8.38	%
Ratio of net investment income before fee waiver to average net assets(5)		8.13	%		10.37	%
Ratio of net investment income after fee waiver to average net assets(5)		7.72	%		9.96	%
Total Borrowings	$	134,000,000		$	154,500,000
Asset Coverage Ratio(6)		1.63			1.60
Portfolio Turnover Rate(4)		5	%		7	%

(1)All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

(2)The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period.

(3)Total returns are historical and are calculated by determining the percentage change in the market value with all dividends distributions, if any, reinvested. Dividends and distributions are assumed to be reinvested at prices obtained under the company’s dividend reinvestment plan. Total investment return does not reflect sales load.

(4)Not annualized.

(5)Annualized.

(6)Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

Total return is calculated based on a time-weighted rate of return methodology for the stockholders and is not annualized. Total return is reflected after all investment-related and operating expenses. An individual stockholder’s return may vary from these returns based on the timing of capital transactions.

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The ratios to average stockholders’ capital are calculated based on the monthly average stockholders’ capital during the period. Credit facility related expenses include interest expense and amortization of deferred debt issuance costs.

Note 13. Other Fee Income

The other fee income consists of structuring fee income, amendment fee income and royalty income. The following tables summarize the Company’s other fee income for the three months ended September 30, 2023 and September 30, 2022:

	For the three months ended September 30,
		2023		2022
Amendment Fee	$	51,904	$	60,338
Prepayment Fee Income		87,158		187,720
Other Fees		4,924		113,792
Other Fee Income	$	143,986	$	361,850

Note 14. Tax Information

As of September 30, 2023, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	249,731,637
Gross unrealized appreciation		7,592,020
Gross unrealized depreciation		(33,919,374)
Net unrealized investment depreciation	$	(26,327,354)

As of June 30, 2023, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	243,126,654
Gross unrealized appreciation		7,371,220
Gross unrealized depreciation		(30,386,545)
Net unrealized investment depreciation	$	(23,015,325)

Note 15. Subsequent Events

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued.

From October 1, 2023 through November 13, 2023, the Company invested $10.6 million in three new portfolio companies.

The Company’s dividend framework provides a quarterly base dividend and may be supplemented, at the discretion of the Company’s board of directors, by additional dividends as determined to be available by the Company’s net investment income and performance during the quarter.

On November 9, 2023, the Company’s board of directors declared a distribution for the quarter ended December 31, 2023 of $0.12 per share payable on January 8, 2024, to stockholders of record as of December 14, 2023 and a supplemental distribution of $0.03 per share, payable on January 8, 2024, to stockholders of record as of December 14, 2023.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements, which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation the risks, uncertainties and other factors we identify in “Risk Factors” in this Quarterly Report on Form 10-Q, in our most recent Annual Report on Form 10-K under Part I, Item 1A, and in our other filings with the SEC that we make from time to time. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties, and include statements regarding the following, without limitation:

•our, or our portfolio companies’, future business, operations, operating results or prospects;

•our business prospects and the prospects of our portfolio companies;

•the return or impact of current and future investments;

•the impact of global health pandemics, such as the coronavirus pandemic or other large scale events, on our portfolio companies’ business and the global economy;

•our contractual arrangements and relationships with Investcorp and its affiliates;

•our contractual arrangements and relationships with lenders and other third parties;

•actual and potential conflicts of interest with the Adviser (as defined below);

•the dependence of our future success on the general economy, interest rates and the effects of each on the industries in which we invest;

•the impact of fluctuations in interest rates on our business;

•the elevating levels of inflation and its impact on our investment activities and the industries in which we invest;

•the ability of our portfolio companies to achieve their objectives or service their debt obligations to us;

•the use of borrowed money to finance a portion of our investments;

•the adequacy of our financing sources and working capital;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;

•the ability of the Adviser to attract and retain highly talented professionals;

•our ability to qualify and maintain our qualification as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”) and as a business development company (“BDC");

•the effect of changes to tax legislation and our tax position and other legislative and regulatory changes; and

•the effect of new or modified laws or regulations governing our operations.

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words.

We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of filing of this report. Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, actual results and/or events could differ materially from those anticipated in our forward-looking statements, and future results could differ materially from historical performance. Important assumptions include, without limitation, our ability to originate new loans and investments, borrowing costs and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q.

We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law or Securities and Exchange Commission (“SEC”) rule or regulation. You are

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advised to consult any additional disclosures that we may make directly to you or through reports that we file from time to time with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

Investcorp Credit Management BDC, Inc. (“ICMB,” the “Company”, “us”, “we” or “our”), a Maryland corporation formed in May 2013, is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we have elected to be treated and intend to continue to qualify as a RIC under Subchapter M of the Code. On August 30, 2019, we changed our name from CM Finance Inc. to Investcorp Credit Management BDC, Inc.

Our primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing directly in debt and related equity of privately held middle market companies to help these companies fund acquisitions, growth or refinancing. We invest primarily in middle-market companies in the form of standalone first and second lien loans, unitranche loans and mezzanine loans. We may also invest in unsecured debt, bonds and in the equity of portfolio companies through warrants and other instruments.

CM Investment Partners LLC (the “Adviser”) serves as our investment adviser. On August 30, 2019, Investcorp Credit Management US LLC (“Investcorp”) acquired an approximate 76% ownership interest in the Adviser through the acquisition of the interests held by Stifel Venture Corp. (“Stifel”) and certain funds managed by Cyrus Capital and through a direct purchase of equity from the Adviser. Investcorp is a leading global credit investment platform with assets under management of $22.0 billion as of September 30, 2023. Investcorp manages funds which invest primarily in senior secured corporate debt issued by mid and large-cap corporations in Western Europe and the United States. The business has a strong track record of consistent performance and growth, employing approximately 45 investment professionals in London and New York. Investcorp is a subsidiary of Investcorp Holdings B.S.C. (“Investcorp Holdings”). Investcorp Holdings and its consolidated subsidiaries, including Investcorp, are referred to as “Investcorp Group”. Investcorp Group is a global provider and manager of alternative investments, offering such investments to its high-net-worth private and institutional clients on a global basis.

We have entered into an investment advisory agreement (the “Advisory Agreement”) and an administration agreement (the “Administration Agreement”) with the Adviser, pursuant to which the Adviser provides us with investment advisory and the administrative services necessary for our operations. See “Note 7. Agreements and Related Party Transactions” in the notes to our consolidated financial statements in this Quarterly Report on Form 10-Q for more information regarding the Advisory Agreement and Administration Agreement and the fees and expenses paid or reimbursed by us thereunder.

From time to time, we may form taxable subsidiaries (the “Taxable Subsidiaries”), which are taxed as corporations for federal income tax purposes, to allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements applicable to a RIC under the Code. As of each of September 30, 2023 and June 30, 2023, we had no Taxable Subsidiaries.

We are generally permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance.

On July 20, 2021, the SEC issued an order, which superseded a prior order issued on March 19, 2019, granting our application for exemptive relief to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions with other funds managed by the Adviser or its affiliates and any future funds that are advised by the Adviser or its affiliated investment advisers (the “Exemptive Relief”). Under the terms of the Exemptive Relief, in order for us to participate in a co-investment transaction a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to us and our shareholders and do not involve overreaching in respect of us or our shareholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of our shareholders and is consistent with our investment objectives and strategies.

Market Developments

The current inflationary environment and uncertainty as to the probability of, and length and depth of a global recession could affect our portfolio companies. Government spending, government policies, including recent increases in certain interest rates by the U.S. Federal Reserve and other global central banks, the failures of certain regional banks earlier this year and the potential for disruptions in the availability of credit in the United States and elsewhere, in conjunction with other factors, including those described elsewhere in this Quarterly Report and in other filings we have made with the SEC, could affect our portfolio companies, our financial condition and our results of operations. We will continue to monitor the evolving market environment. In these circumstances,

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developments outside our control could require us to adjust our plan of operations and could impact our financial condition, results of operations or cash flows in the future. Despite these factors, we believe we and our portfolio are well positioned to manage the current environment. For additional information, see Part I, Item 1A. Risk Factors in our most recently filed Annual Report on Form 10-K, as well as the risk factors listed in our subsequently filed Quarterly Reports on Form 10-Q.

Critical accounting estimates

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ.

Understanding our accounting policies and the extent to which we use management’s judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in “Note 2. Significant Accounting Policies” in our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023 and in this Quarterly Report on Form 10-Q. Critical accounting policies are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. Management has utilized available information, including our past history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. We have identified the valuation of our portfolio investments, including our investment valuation policy (which has been approved by our board of directors), as our critical accounting policy and estimates. The critical accounting policies should be read in conjunction with our risk factors in our Annual Report on Form10-K for the fiscal year ended June 30, 2023 and our subsequently filed Quarterly Reports on Form 10-Q. In addition to the discussion below, our critical accounting policies are further described in the notes to our consolidated financial statements.

Valuation of portfolio investments

We value our portfolio investments at fair value based upon the principles and methods of valuation set forth in policies adopted by our board of directors. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. We generally obtain market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker dealers or market makers.

Debt and equity securities for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued at fair value as determined in good faith by our board of directors. Because a readily available market value for many of the investments in our portfolio is often not available, we value many of our portfolio investments at fair value as determined in good faith by our board of directors using a consistently applied valuation process in accordance with a documented valuation policy that has been reviewed and approved by our board of directors. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that we may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of our investments than on the fair values of our investments for which market quotations are not readily available. Market quotations may also be deemed not to represent fair value in certain circumstances where we believe that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a particular security causes current market quotations not to reflect the fair value of the security. Examples of these events could include cases where a security trades infrequently, causing a quoted purchase or sale price to become stale, where there is a “forced” sale by a distressed seller, where market quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid ask spread.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or

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liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, our principal market (as the reporting entity) and enterprise values.

With respect to investments for which market quotations are not readily available, our board of directors undertakes a multi-step valuation process each quarter, as described below:

•our quarterly valuation process begins with each portfolio company or investment being initially valued by the members of the Adviser’s investment team responsible for the portfolio investment;

•preliminary valuation conclusions are then documented and discussed by senior management and the Adviser;

•on a periodic basis, at least once annually, the valuation for each portfolio investment is reviewed by an independent valuation firm engaged by our board of directors;

•the valuation committee of our board of directors then reviews these preliminary valuations and makes a recommendation to our board of directors regarding the fair value of each investment; and

•the board of directors then reviews and discusses these preliminary valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of the Adviser, the independent valuation firm and the valuation committee.

When valuing all of our investments, we strive to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available under the circumstances. The availability of observable inputs can vary depending on the financial instrument and is affected by a variety of factors. To the extent the valuation is based on models or inputs that are less observable, the determination of fair value requires more judgment. As markets change, new types of investments are made, or pricing for certain investments becomes more or less observable, management, with oversight from our board of directors, may refine our valuation methodologies to best reflect the fair value of our investments appropriately.

As of September 30, 2023, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 93.2% of our total assets, as compared to 95.0% of our total assets as of June 30, 2023.

See Note 2.i “Significant Accounting Policies – Investment Valuation” and Note 4. “Investments” in the notes to the consolidated financial statements included in our most recent Annual Report on Form 10-K and in this Quarterly Report on Form 10-Q for more information on our valuation process.

Financing Facility

On August 23, 2021, we, through Investcorp Credit Management BDC SPV, LLC, our wholly-owned subsidiary, entered into a five-year, $115 million senior secured revolving credit facility (the “Capital One Revolving Financing”) with Capital One, N.A. (“Capital One”), which is secured by collateral consisting primarily of loans in our investment portfolio. On June 14, 2023, we amended the Capital One Revolving Financing to decrease the facility size from $115 million to $100 million. The Capital One Revolving Financing, which will expire on August 22, 2026 (the “Maturity Date”), features a three-year reinvestment period and a two-year amortization period.

Effective November 18, 2022, borrowings under the Capital One Revolving Financing generally bear interest at a rate per annum equal to Secured Overnight Financing Rate ("SOFR") plus 2.50%. The default interest rate will be equal to the interest rate then in effect plus 2.00%. The Capital One Revolving Financing required the payment of an upfront fee of 1.125% ($1.3 million) of the available borrowings under the Capital One Revolving Financing at the closing, and requires the payment of an unused fee of (i) 0.75% annually for any undrawn amounts below 50% of the Capital One Revolving Financing, (ii) 0.50% annually for any undrawn amounts between 50% and 75% of the Capital One Revolving Financing, and (iii) 0.25% annually for any undrawn amounts above 75% of the Capital One Revolving Financing. Borrowings under the Capital One Revolving Financing are based on a borrowing base.

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The Capital One Revolving Financing generally requires payment of interest and fees on a quarterly basis. All outstanding principal is due on the Maturity Date. The Capital One Revolving Financing also requires mandatory prepayment of interest and principal upon certain events.

As of September 30, 2023 and June 30, 2023, there were $69.0 million and $71.9 million in borrowings outstanding under the Capital One Revolving Financing, respectively.

Notes due 2026

On March 31, 2021, we closed the public offering of $65.0 million in aggregate principal amount of 4.875% notes due 2026 (the “2026 Notes”). The total net proceeds to us from the 2026 Notes after deducting underwriting discounts and commissions of approximately $1.3 million and offering expenses of approximately $215,000, were approximately $63.1 million.

The 2026 Notes will mature on April 1, 2026, unless previously redeemed or repurchased in accordance with their terms, and bear interest at a rate of 4.875%. The 2026 Notes are our direct unsecured obligations and rank pari passu, which means equal in right of payment, with all of our outstanding and future unsecured, unsubordinated indebtedness. Because the 2026 Notes are not secured by any of our assets, they are effectively subordinated to all of our existing and future secured indebtedness (including indebtedness that is initially unsecured as to which we subsequently grant a security interest), to the extent of the value of the assets securing such indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of our existing or future subsidiaries and financing vehicles, including, without limitation, borrowings under the Capital One Revolving Financing. The 2026 Notes are exclusively our obligations and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the 2026 Notes and the 2026 Notes will not be required to be guaranteed by any subsidiary we may acquire or create in the future.

The 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price (as determined by us) equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the redemption date: (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate (as defined in the 2026 Notes Indenture (as defined below)) plus 50 basis points; provided, however, that if we redeem any 2026 Notes on or after January 1, 2026 (the date falling three months prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption; provided, further, that no such partial redemption shall reduce the portion of the principal amount of a 2026 Note not redeemed to less than $2,000. Interest on the 2026 Notes is payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2021. We may from time to time repurchase 2026 Notes in accordance with the 1940 Act and the rules promulgated thereunder. As of September 30, 2023, the outstanding principal balance of the 2026 Notes was approximately $65.0 million.

The indenture under which the 2026 Notes are issued (the “2026 Notes Indenture”) contains certain covenants, including covenants requiring us to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of 1940 Act, or any successor provisions, to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions but giving effect to any no-action relief granted by the SEC to another BDC and upon which we may reasonably rely (or to us if we determine to seek such similar no-action or other relief), and to provide financial information to the holders of the 2026 Notes and the trustee if we should no longer be subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) These covenants are subject to important limitations and exceptions that are set forth in the 2026 Notes Indenture.

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount we have available to invest as well as the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity, the general economic environment and the competitive environment for the types of investments we make.

As a BDC, we are required to comply with certain regulatory requirements. For instance, as a BDC, we may not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Under the relevant SEC rules, the term “eligible portfolio company” includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities

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exchange and have a market capitalization of less than $250 million. In each case, the company must be organized in the United States. As of September 30, 2023, approximately 2.03% of our total assets were non-qualifying assets.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. As a RIC, we generally will not have to pay corporate-level U.S. federal income taxes on any income we distribute to our stockholders.

Revenues

We generate revenues primarily in the form of interest on the debt we hold. We also generate revenue from royalty income, dividends on our equity interests and capital gains on the sale of warrants and other debt or equity interests that we acquire. Our investments in fixed income instruments generally have an expected maturity of three to five years, although we have no lower or upper constraint on maturity. Interest on our debt investments is generally payable quarterly or semi-annually. Payments of principal of our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments and preferred stock investments may defer payments of cash interest or dividends or PIK interest. Any outstanding principal amount of our debt investments and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of prepayment fees, commitment, origination, structuring or due diligence fees, fees for providing significant managerial assistance, consulting fees and other investment related income.

Expenses

Our primary operating expenses include the payment of the base management fee (the “Base Management Fee”) and, depending on our operating results, the incentive fees (the “Incentive Fee”) under the Advisory Agreement, as well as the payment of reimbursable expenses to the Adviser for the costs and expenses incurred by the Adviser in performing its obligations and providing personnel and facilities under the Administration Agreement, such as our allocable portion of overhead expenses, including rent and the allocable portion of the cost of our chief financial officer and chief compliance officer and their respective staffs. The Base Management Fee and Incentive Fee compensation under the Advisory Agreement remunerates the Adviser for work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other out-of-pocket costs and expenses of our operations and transactions, including, without limitation, those relating to:

•our organization and our offering;

•valuing our assets and calculating our net asset value per share (including the cost and expenses of any independent valuation firm(s));

•fees and expenses incurred by the Adviser or payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments;

•interest payable on debt, if any, incurred to finance our investments and expenses related to unsuccessful portfolio acquisition efforts;

•offerings of our common stock and other securities;

•administration fees and expenses, if any, payable under the Administration Agreement (including our allocable portion of the Adviser’s overhead in performing its obligations under the Administration Agreement, including rent, equipment and the allocable portion of the cost of our chief compliance officer, chief financial officer and his staffs’ compensation and compensation-related expenses);

•transfer agent and custody fees and expenses;

•federal and state registration fees;

•costs of registration and listing our shares on any securities exchange;

•federal, state and local taxes;

•independent directors’ fees and expenses;

•costs of preparing and filing reports or other documents required by the SEC or other regulators;

•costs of any reports, proxy statements or other notices to stockholders including printing costs;

•costs associated with individual or group stockholders;

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•our allocable portion of the costs and fees associated with any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and

•all other non-investment advisory expenses incurred by us or the Adviser in connection with administering our business.

Portfolio and Investment Activity

Portfolio composition

We invest primarily in middle-market companies in the form of standalone first and second lien loans, unitranche loans and mezzanine loans. We may also invest in unsecured debt, bonds and in the equity of portfolio companies through warrants and other instruments.

As of September 30, 2023, our investment portfolio of $223.4 million (at fair value) consisted of debt and equity investments in 40 portfolio companies, of which 89.67% were first lien investments and 10.33% were in equities, warrants and other positions. At September 30, 2023, our average and largest portfolio company investment at fair value was $5.6 million and $13.6 million, respectively.

As of June 30, 2023, our investment portfolio of $220.1 million (at fair value) consisted of debt and equity investments in 36 portfolio companies, of which 89.21% were first lien investments and 10.79% were in equities, warrants and other positions. At June 30, 2023, our average and largest portfolio company investment at fair value was $6.1 million and $13.0 million, respectively.

As of September 30, 2023 and June 30, 2023, our weighted average total yield of debt and income producing securities at amortized cost (which includes interest income and amortization of fees and discounts) was 11.14% and 12.46% respectively. As of September 30, 2023 and June 30, 2023, our weighted average total yield on investments at amortized cost (which includes interest income and amortization of fees and discounts) was 10.15% and 11.32%, respectively. The weighted average total yield was computed using an internal rate of return calculation of our debt investments based on contractual cash flows, including interest and amortization payments, and, for floating rate investments, the spot LIBOR or SOFR, as applicable, as of September 30, 2023 of all of our debt investments. The weighted average total yield of our debt investments is not the same as a return on investment for our stockholders but, rather, relates to a portion of our investment portfolio and is calculated before payment of all of our fees and expenses, including any sales load paid in connection with an offering of our securities. There can be no assurance that the weighted average total yield will remain at its current level.

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We use Global Industry Classification Standard (“GICS”) codes to identify the industry groupings of our portfolio companies. At September 30, 2023 and June 30, 2023, respectively, the industry composition of our portfolio in accordance with the GICS codes at fair value, as a percentage of our total portfolio, was as follows:

	Percentage of Total Portfolio at September 30, 2023		Percentage of Total Portfolio at June 30, 2023
Trading Companies & Distributors	17.11	%	15.98	%
Professional Services	11.52		12.83
IT Services	7.53		10.71
Software	6.15		6.26
Containers & Packaging	6.07		5.89
Commercial Services & Supplies	6.04		6.51
Machinery	4.01		4.36
Internet & Direct Marketing Retail	3.99		4.08
Household Durables	3.48		3.46
Entertainment	3.40		3.47
Chemicals	3.37		3.44
Diversified Consumer Services	3.25		3.30
Hotels, Restaurants, and Leisure	3.21		2.85
Automobile Components	2.76		3.30
Consumer Staples Distribution & Retail	2.51		2.75
Specialty Retail	2.26		2.34
Consumer Services	2.20		—
Building Products	2.00		2.05
Automotive Retail	1.80		1.76
Food Products	1.79		1.95
Construction & Engineering	1.76		—
Paper Packaging	1.34		—
Electronic Equipment, Instruments & Components	1.28		1.48
Energy Equipment & Services	1.17		1.23
	100.00	%	100.00	%

During the three months ended September 30, 2023, we made investments in four new portfolio companies and one existing portfolio company totaling approximately $15.5 million, at cost. Of the new investments, 100.0% consisted of first lien investments.

At September 30, 2023, 99.7% of our debt investments bore interest based on floating rates based on indices such as LIBOR, SOFR, the Euro Interbank Offered Rate, the Federal Funds Rate of the Prime Rate (in certain cases, subject to interest rate floors), and 0.3% bore interest at fixed rates. At June 30, 2023, 99.6% of our debt investments bore interest based on floating rates based on indices such as LIBOR, SOFR, the Euro Interbank Offered Rate, the Federal Funds Rate or the Prime Rate (in certain cases, subject to interest rate floors), and 0.4% bore interest at fixed rates.

Our investment portfolio may contain loans that are in the form of lines of credit or revolving credit facilities, which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. As of September 30, 2023, we had nine investments with aggregate unfunded commitments of $5.5 million, and as of June 30, 2023, we had nine investments with aggregate unfunded commitments of $5.7 million. As of September 30, 2023, we had sufficient liquidity (through cash on hand and available borrowings under our Capital One Revolving Financing) to fund such unfunded loan commitments should the need arise.

Asset Quality

In addition to various risk management and monitoring tools, we use the Adviser’s investment rating system to characterize and monitor the credit profile and expected level of returns on each investment in our portfolio. This investment rating system uses a five-level numeric rating scale. The following is a description of the conditions associated with each investment rating:

Investment Rating 1	Investments that are performing above expectations, and whose risks remain favorable compared to the expected risk at the time of the original investment.
Investment Rating 2	Investments that are performing within expectations and whose risks remain neutral compared to the expected risk at the time of the original investment. Generally, all new loans are initially rated 2.
Investment Rating 3	Investments that are performing below expectations and that require closer monitoring, but where no loss of return or principal is expected. Portfolio companies with a rating of 3 may be out of compliance with their financial covenants.
Investment Rating 4	Investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are often in workout. Investments with a rating of 4 will be those for which some loss of return but no loss of principal is expected.

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Investment Rating 5 Investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are almost always in workout. Investments with a rating of 5 will be those for which some loss of return and principal is expected.

If the Adviser determines that an investment is underperforming, or circumstances suggest that the risk associated with a particular investment has significantly increased, the Adviser will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions. While the investment rating system identifies the relative risk for each investment, the rating alone does not dictate the scope and/or frequency of any monitoring that will be performed. The frequency of the Adviser’s monitoring of an investment will be determined by a number of factors, including, but not limited to, the trends in the financial performance of the portfolio company, the investment structure and the type of collateral securing the investment.

The following table shows the investment rankings of the investments in our portfolio, according to the Adviser’s investment rating system:

	As of September 30, 2023						As of June 30, 2023
Investment Rating	Fair Value		% of Portfolio		Number of Investments(1)		Fair Value		% of Portfolio		Number of Investments(1)
1	$	21,955,923	9.8	%		4	$	16,538,345	7.5	%	3
2		132,759,445	59.4			36		114,979,324	52.2		32
3		45,633,242	20.4			17		62,588,392	28.4		19
4		11,832,167	5.4			5		13,067,850	6.0		5
5		11,223,506	5.0			6		12,937,418	5.9		6
Total	$	223,404,283	100.0	%		68	$	220,111,329	100.0	%	65

Results of Operations

Comparison of the three months ended September 30, 2023 and September 30, 2022

Investment income

Investment income, attributable primarily to interest and fees on our debt investments, for the three months ended September 30, 2023 decreased to $5.9 million from $6.3 million for the three months ended September 30, 2022, primarily related to the repayment of one portfolio company and the addition of three portfolio companies on non-accrual status.

Expenses

Total expenses for the three months ended September 30, 2023 increased to $4.3 million, compared to $4.0 million for the three months ended September 30, 2022, primarily due to the increase in interest expense with the Capital One Revolving Financing associated with the increase in SOFR rates and borrowing activities.

Net investment income

Net investment income decreased to $1.6 million for the three months ended September 30, 2023 from $2.3 million for the three months ended September 30, 2022, primarily due to the decrease in total investment income primarily related to the repayment of one portfolio company and the addition of three portfolio companies on non-accrual status and the increase in interest expense with the Capital One Revolving Financing associated with the increase in SOFR rates and borrowing activities.

Net realized gain or loss

There was no net realized gain or loss on investments for the three months ended September 30, 2023. There was also no net realized gain or loss on investments for the three months ended September 30, 2022.

Net change in unrealized (depreciation) appreciation on investments

We recorded a net change in unrealized depreciation of $3.3 million for the three months ended September 30, 2023, primarily due to the write down of our investments in American Nuts Holdings, LLC and Techniplas Foreign Holdco LP.

During the three months ended September 30, 2022, we recorded a net change in unrealized depreciation of $0.7 million, primarily due to the decrease in the fair value of our investments in BioPlan USA, Inc. and Arborworks Acquisition LLC, which was offset by the increase in the fair value of our investments in the Fusion Connect, Inc. - Series B Preferred and Barri Financial Group, LLC.

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Liquidity and Capital Resources

Our primary liquidity needs include interest and principal repayments under the Capital One Revolving Financing, interest payments on the 2026 Notes, our unfunded loan commitments (if any), investments in portfolio companies, dividend distributions to our stockholders and operating expenses. We believe that our current cash on hand and our anticipated cash flows from operations, including from contractual monthly portfolio company payments and prepayments, will be adequate to meet our cash needs for our daily operations. This “Liquidity and Capital Resources” section should be read in conjunction with “Market Developments” above and the risk factors referenced in our most recent Annual Report on Form 10-K.

Cash flows

For the three months ended September 30, 2023, our total cash balance increased by $5.1 million. During that period, cash increased by $10.6 million from operating activities, primarily due to proceeds from sales and repayments of portfolio companies of $10.3 million and payables for investments purchased of $13.0 million, partially offset by a decrease in net assets resulting from operations of $1.7 million and payments for the purchase of investments in portfolio companies of $16.2 million. During the same period, net cash used in financing activities totaled $5.5 million, consisting primarily of $2.6 million of distributions paid to our stockholders and repayments of $6.5 million to paydown the Capital One Revolving Facility, offset by proceeds of $3.6 million from borrowing under the Capital One Revolving Facility.

Capital resources

As of September 30, 2023, we had $0.1 million of cash as well as $14.2 million in restricted cash and $31.0 million of capacity under the Capital One Revolving Financing. We intend to generate additional cash primarily from future offerings of equity and/or debt securities, future borrowings or debt issuances, as well as cash flows from operations, including income earned from investments in our portfolio companies and, to a lesser extent, from the temporary investment of cash in U.S. government securities and other high-quality debt investments that mature in one year or less.

As discussed below in further detail, we have elected to be treated as a RIC under the Code. To maintain our RIC status, we generally must distribute substantially all of our net taxable income to stockholders in the form of dividends. Our net taxable income does not necessarily equal our net income as calculated in accordance with U.S. GAAP.

Asset Coverage Requirements

On May 2, 2018, our board of directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of the board of directors, approved the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, effective May 2, 2019, our applicable minimum asset coverage ratio under the 1940 Act was decreased to 150% from 200%. Thus, we are permitted under the 1940 Act, under specified conditions, to issue multiple classes of debt and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. As of September 30, 2023, our asset coverage for borrowed amounts was 162.6%.

Regulated Investment Company Status and Distributions

We have elected to be treated as a RIC under Subchapter M of the Code. If we continue to qualify as a RIC for a taxable years, we will not be subject to corporate-level U.S. federal income tax on our investment company taxable income or realized net capital gains, to the extent that such taxable income or gains are distributed, or deemed to be distributed, to stockholders on a timely basis.

Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation until realized. Dividends declared and paid by us in a year may differ from taxable income for that year as such dividends may include the distribution of current year taxable income or the distribution of prior year taxable income carried forward into and distributed in the current year. Distributions also may include returns of capital.

To continue to qualify for RIC tax treatment, we must, among other things, distribute to our stockholders, with respect to each taxable year, at least 90% of our investment company net taxable income (i.e., our net ordinary income and our realized net short-term capital gains in excess of realized net long-term capital losses, if any). We will also be subject to a federal excise tax, based on distributive requirements of our taxable income on a calendar year basis.

42

We intend to distribute to our stockholders between 90% and 100% of our annual taxable income (which includes our taxable interest and fee income). However, the covenants contained in the Capital One Revolving Financing and any other borrowing or financing arrangement we or our subsidiaries may have may prohibit us from making distributions to our stockholders, and, as a result, could hinder our ability to satisfy the distribution requirement. In addition, we may retain for investment some or all of our net taxable capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) and treat such amounts as deemed distributions to our stockholders. If we do this, our stockholders will be treated as if they received actual distributions of the capital gains we retained and then reinvested the net after-tax proceeds in our common stock. Our stockholders also may be eligible to claim tax credits (or, in certain circumstances, tax refunds) equal to their allocable share of the tax we paid on the capital gains deemed distributed to them. To the extent our taxable earnings for a fiscal taxable year fall below the total amount of our dividends for that fiscal year, a portion of those dividend distributions may be deemed a return of capital to our stockholders.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage test for borrowings applicable to us as a BDC under the 1940 Act and due to provisions in the agreements governing our borrowing or financial arrangements. We cannot assure stockholders that they will receive any distributions or distributions at a particular level.

In accordance with certain applicable U.S. Department of Treasury (“Treasury”) regulations and a revenue procedure issued by the Internal Revenue Service, a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder elects to receive his or her entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. If too many stockholders elect to receive cash, each stockholder electing to receive cash must receive a pro rata amount of cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than 20% of his or her entire distribution in cash. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock. We have no current intention of paying dividends in shares of our stock in accordance with these Treasury regulations or private letter rulings.

Off-Balance Sheet Arrangements

We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of September 30, 2023, our off-balance sheet arrangements consisted of $5.5 million in unfunded commitments to nine of our portfolio companies. As of September 30, 2023, we had sufficient liquidity (through cash on hand and available borrowings under our Capital One Revolving Financing) to fund such unfunded loan commitments should the need arise. As of June 30, 2023, our off-balance arrangements consisted of $5.7 million in unfunded commitments to nine of our portfolio companies.

Recent Developments

From October 1, 2023 through November 13, 2023, the Company invested $10.6 million in three new portfolio companies.

On November 9, 2023, the Company’s board of directors declared a distribution for the quarter ended December 31, 2023 of $0.12 per share payable on January 8, 2024 to stockholders of record as of December 14, 2023 and a supplemental distribution of $0.03 per share, payable on January 8, 2024 to stockholders of record as of December 14, 2023.

Item 3. Quantitative and Qualitative Disclosure About Market Risk

We are subject to financial market risks, including changes in interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a change in market interest rates will not have a material adverse effect on our net investment income.

Generally, we believe higher yielding assets such as those in our investment portfolio do not necessarily follow a linear interest rate relationship and are less sensitive in price-to-interest rate changes than many other debt investments. Our investments in fixed-rate assets are generally exposed to changes in value due to interest rate fluctuations, and our floating-rate assets are generally exposed to cash-flow variability from fluctuation in rates. At September 30, 2023, 99.7% of our debt investments bore interest based on floating rates, such as LIBOR, SOFR, the Euro Interbank Offered Rate, the Federal Funds Rate or the Prime Rate. The interest rates on such investments generally reset by reference to the current market index after one to three months.

43

Consequently, our net interest income (interest income less interest expense) is exposed to risks related to interest-rate fluctuations. Variable-rate instruments subject to a floor generally reset periodically to the applicable floor and, in the case of investments in our portfolio, quarterly to a floor based on LIBOR or SOFR, only if the index exceeds the floor. As of September 30, 2023, 100.0% of our floating-rate portfolio was subject to interest-rate floors set at or below the current applicable rate. Under these loans, we do not benefit from increases in interest rates until such rates exceed the floor and thereafter benefit from market rates above any such floor. In addition, our interest expense will be affected by changes in the published interest rates in connection with the Capital One Revolving Financing to the extent it goes above the floor; however, our 2026 Notes bear interest at a fixed rate. As of September 30, 2023, our floating rate borrowings totaled $69.0 million in principal amount, which represented 51.5% of our outstanding debt.

Based on our investment portfolio as of September 30, 2023, with certain interest rate floors and our financing arrangements at September 30, 2023, a 1.00% increase in interest rates would increase our net interest income by approximately 5.68% and a 2.00% increase in interest rates would increase our net interest income by approximately 13.93%.

Although management believes that this analysis is indicative of our existing sensitivity as of September 30, 2023, to interest rate changes, it does not adjust for changes in the credit markets, the size, credit quality or composition of the assets in our portfolio and other business developments, including borrowing, that could affect the net increase in net assets resulting from operations or net income. It also does not adjust for the effect of the time lag between a change in the relevant interest rate index and the rate adjustment under the applicable loans or borrowings. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis included herein.

Because it is our intention to hold loans to maturity, the fluctuating relative value of these loans that may occur due to changes in interest rates may have an impact on unrealized gains and losses during quarterly reporting periods. Based on our assessment of the interest rate risk, as of September 30, 2023, we had no hedging transactions in place as we deemed the risk acceptable, and we did not believe it was necessary to mitigate this risk at that time.

Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of September 30, 2023 (the end of the period covered by this report), our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and our management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. The design of disclosure controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2023, our disclosure controls and procedures were designed at a reasonable assurance level and were effective to provide reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

Management did not identify any change in the Company’s internal control over financial reporting that occurred during the quarter ended September 30, 2023 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

44

PART II—OTHER INFORMATION

Item 1. Legal Proceedings

Neither we, the Adviser, nor our subsidiaries, nor any of our respective property, are currently subject to any material legal proceedings, other than ordinary routine litigation incidental to our businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these matters will materially affect our financial condition or results of operations. There can be no assurance whether any current or future legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

Item 1A. Risk Factors

You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. Any such risks and uncertainties are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.

There have been no material changes during the three months ended September 30, 2023 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended June 30, 2023 (filed with the SEC on September 21, 2023). If any of such changes or risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the value of our securities could decline, and you may lose all or part of your investment.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

During the three months ended September 30, 2023, we issued 1,066 shares of common stock under our dividend reinvestment plan. These issuances were not subject to the registration requirements under the Securities Act. The cash paid for shares of common stock issued under our dividend reinvestment plan during the three months ended September 30, 2023 was $3,797.

Issuer Purchases of Equity Securities

None.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended September 30, 2023, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non Rule 10b5-1 trading arrangement.”

45

Item 6. Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

3.1	Articles of Amendment and Restatement(1)
3.1.1	Articles of Amendment(2)
3.2	Bylaws(3)
31.1	Chief Executive Officer Certification Pursuant to Exchange Act Rule 13a-14 (a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2	Chief Financial Officer Certification Pursuant to Exchange Act Rule 13a-14 (a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1	Chief Executive Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
32.2	Chief Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith

** The certifications attached as Exhibit 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q, are deemed furnished and not filed with the SEC and are not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.

(1)Incorporated by reference to Exhibit (a)(1) to the Registrant’s Registration Statement on Form N-2 (File No. 333-192370), filed with the SEC on November 15, 2013.

(2)Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01054), filed on September 3, 2019.

(3)Incorporated by reference to Exhibit (b)(1) to the Registrant’s Registration Statement on Form N-2 (File No. 333-192370), filed with the SEC on November 15, 2013.

46

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: November 13, 2023

INVESTCORP CREDIT MANAGEMENT BDC, INC.
By:	/s/ Michael C. Mauer
	Michael C. Mauer
	Chief Executive Officer
By:	/s/ Rocco DelGuercio
	Rocco DelGuercio
	Chief Financial Officer

47

EX-31.1

Exhibit 31.1

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Michael C. Mauer, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Investcorp Credit Management BDC, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 13, 2023

/s/ Michael C. Mauer

Michael C. Mauer

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Rocco DelGuercio, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Investcorp Credit Management BDC, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 13, 2023

/s/ Rocco DelGuercio

Rocco DelGuercio

Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of Chief Executive Officer Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

In connection with this Quarterly Report on Form 10-Q for the three months ended September 30, 2023 (the “Report”) of Investcorp Credit Management BDC, Inc. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Michael C. Mauer, the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Michael C. Mauer

Name: Michael C. Mauer

Date: November 13, 2023

EX-32.2

Exhibit 32.2

Certification of Chief Financial Officer Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

In connection with this Quarterly Report on Form 10-Q for the three months ended September 30, 2023 (the “Report”) of Investcorp Credit Management BDC, Inc. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Rocco DelGuercio, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Rocco DelGuercio

Name: Rocco DelGuercio

Date: November 13, 2023

XML

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2023	Nov. 13, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	INVESTCORP CREDIT MANAGEMENT BDC, INC.
Entity Central Index Key	0001578348
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		14,394,916
Entity Shell Company	false
Entity File Number	814-01054
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2883380
Entity Address, Address Line One	280 Park Avenue 39th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	599-4700
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ICMB
Security Exchange Name	NASDAQ

XML

Consolidated Statements of Assets and Liabilities - USD ($)		Sep. 30, 2023		Jun. 30, 2023	Jun. 30, 2022
Assets
Non-controlled, non-affiliated investments, at fair value (amortized cost of $225,962,819 and $219,319,251, respectively)		$ 214,626,088		$ 210,150,018
Affiliated investments, at fair value (amortized cost of $23,940,980 and $23,979,565, respectively)		8,778,195		9,961,311
Total investments, at fair value (amortized cost of $249,903,799 and $243,298,816, respectively)		223,404,283		220,111,329
Cash		90,773		1,093,758
Cash, restricted		14,204,127		8,057,458
Principal receivable		191,298			$ 93,581
Interest receivable		1,615,135		2,041,877
Payment-in-kind interest receivable		25,738		46,088
Other receivables		1,050		1,050
Prepaid expenses and other assets		225,456		361,719
Total Assets		239,757,860		231,806,860
Notes payable:
Revolving credit facility		69,000,000		71,900,000
2026 Notes payable		65,000,000		65,000,000
Deferred debt issuance costs		(1,047,222)		(1,220,556)
Unamortized discount		(177,775)		(195,553)
Notes payable, net		132,775,003		135,483,891
Payable for investments purchased		14,841,875		1,795,297
Dividend payable		2,158,926		2,590,520
Income-based incentive fees payable		576,023		576,023
Base management fees payable		1,798,508		906,218
Interest payable		3,007,074		2,293,766
Directors' fees payable		5,130		15,755
Accrued expenses and other liabilities		734,504		445,082
Total Liabilities		155,897,043		144,106,552
Net Assets
Common stock, par value $0.001 per share (100,000,000 shares authorized 14,392,841 and 14,391,775 shares issued and outstanding, respectively)		14,393		14,392
Additional paid-in capital		203,331,510		203,327,714
Distributable earnings (loss)		(119,485,086)		(115,641,798)
Total Net Assets		83,860,817		87,700,308
Total Liabilities and Net Assets		$ 239,757,860		$ 231,806,860
Net Asset Value Per Share	[1]	$ 5.83	[2]	$ 6.09	$ 6.5

[1] All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

[2] The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period.

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Statement of Financial Position [Abstract]
Non-controlled non-affiliated investments at amortized cost	$ 225,962,819	$ 219,319,251
Affiliated investment at amortized cost	23,940,980	23,979,565
Investments at amortized cost	$ 249,903,799	$ 243,298,816
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	14,392,841	14,391,775
Common stock, shares outstanding	14,392,841	14,391,775

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Investment Income:
Total interest income	$ 5,465,288	$ 5,588,501
Total payment-in-kind interest income	100,181	181,738
Total dividend income	0	0
Total payment-in-kind dividend income	188,251	166,449
Total other fee income	143,986	361,850
Total investment income	5,897,706	6,298,538
Expenses:
Interest expense	2,215,183	1,792,008
Base management fees	978,919	1,103,981
Income-based incentive fees	0	(147,145)
Provision for tax expense	100,747	44,330
Professional fees	227,407	271,781
Allocation of administrative costs from Adviser	263,375	375,900
Amortization of deferred debt issuance costs	173,333	173,333
Amortization of original issue discount - 2026 Notes	17,777	17,777
Insurance expense	112,984	137,821
Directors' fees	73,375	75,625
Custodian and administrator fees	69,292	71,688
Other expenses	124,277	139,481
Total expenses	4,356,669	4,056,580
Waiver of base management fees	(86,630)	(94,146)
Waiver of income-based incentive fees	0	0
Net expenses	4,270,039	3,962,434
Net Investment Income	1,627,667	2,336,104
Net realized gain (loss) from investments
Net realized gain (loss) from investments	0	0
Net change in unrealized appreciation (depreciation) in value of investments
Net change in unrealized appreciation (depreciation) on investments	(3,312,029)	(678,597)
Total realized gain (loss) and change in unrealized appreciation (depreciation) on investments	(3,312,029)	(678,597)
Net increase (decrease) in net assets resulting from operations	$ (1,684,362)	$ 1,657,507
Net investment income per share - basic	$ 0.11	$ 0.16
Net investment income per share - diluted	0.11	0.16
Earnings per share - basic	(0.12)	0.12
Earnings per share - diluted	$ (0.12)	$ 0.12
Weighted average shares of common stock outstanding - basic	14,392,714	14,386,809
Weighted average shares of common stock outstanding - diluted	14,392,714	14,386,809
Distributions paid per common share	$ 0.15	$ 0.15
Non-controlled, non-affiliated investments
Investment Income:
Total interest income	$ 5,465,288	$ 5,609,112
Total payment-in-kind interest income	81,381	164,734
Total dividend income	0	0
Total payment-in-kind dividend income	188,251	166,449
Total other fee income	143,986	361,850
Net realized gain (loss) from investments
Net realized gain (loss) from investments	0	0
Net change in unrealized appreciation (depreciation) in value of investments
Net change in unrealized appreciation (depreciation) on investments	(2,167,498)	(464,275)
Affiliate investments
Investment Income:
Total interest income	0	(20,611)
Total payment-in-kind interest income	18,800	17,004
Total dividend income	0	0
Total payment-in-kind dividend income	0	0
Total other fee income	0	0
Net realized gain (loss) from investments
Net realized gain (loss) from investments	0	0
Net change in unrealized appreciation (depreciation) in value of investments
Net change in unrealized appreciation (depreciation) on investments	$ (1,144,531)	$ (214,322)

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Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Net assets at beginning of period	$ 87,700,308	$ 93,509,392
Net increase (decrease) in net assets resulting from operations:
Net investment income	1,627,667	2,336,104
Net realized gain (loss) from investments	0	0
Net change in unrealized appreciation (depreciation) on investments	(3,312,029)	(678,597)
Net Income (Loss)	(1,684,362)	1,657,507
Stockholder distributions:
Distributions from net investment income	(2,158,926)	(2,158,042)
Distributions from capital gains	0	0
Net decrease in net assets resulting from stockholder distributions	(2,158,926)	(2,158,042)
Capital transactions:
Issuance of common shares ($0 and $0, respectively)	0	0
Reinvestments of stockholder distributions	3,797	4,763
Net increase (decrease) in net assets resulting from capital transactions	3,797	4,763
Net increase (decrease) in net assets	(3,839,491)	(495,772)
Net assets at end of period	$ 83,860,817	$ 93,013,620

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Consolidated Statements of Changes in Net Assets (Unaudited) (Parenthetical) - shares		3 Months Ended
	Sep. 03, 2021	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Issuance of common shares	453,985	0	0

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Consolidated Statements of Cashflows (Unaudited) - USD ($)		3 Months Ended				12 Months Ended
		Sep. 30, 2023		Sep. 30, 2022		Jun. 30, 2023
Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations		$ (1,684,362)		$ 1,657,507
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Origination and purchase of investments		(16,226,507)		(21,814,275)
Payment in-kind interest and dividends		(308,782)		(333,580)
Sales and repayments of investments		10,317,357		16,476,699
Net realized (gain) loss on investments		0		0
Net change in unrealized appreciation/depreciation on investments		3,312,029		678,597
Amortization of discount/premium on investments		(387,051)		(501,016)
Amortization of deferred debt issuance costs		173,334		173,333
Amortization of original issue discount		17,778		17,778
Net (increase) decrease in operating assets:
Interest receivable		426,742		366,854
Payment-in-kind interest receivable		20,350		(14,607)
Receivable for investments sold		0		(3,790,703)
Principal receivable		(97,717)		0
Prepaid expenses and other assets		136,263		144,719
Net increase (decrease) in operating liabilities:
Payable for investments purchased		13,046,578		(221,531)
Interest payable		713,308		1,009,235
Directors fees payable		(10,625)		(875)
Accrued expenses and other liabilities		289,422		222,344
Base management fees payable		892,290		1,009,835
Income-based incentive fees payable		0		(147,145)
Net cash (used in) provided by operating activities		10,630,407		(5,066,831)
Cash Flows from Financing Activities:
Distributions to stockholders		(2,586,723)		(2,153,109)
Proceeds from borrowing on revolving financing facility		3,600,000		19,500,000
Repayments of borrowing on revolving financing facility		(6,500,000)		(14,000,000)
Net cash (used in) provided by financing activities		(5,486,723)		3,346,891
Net change in cash		5,143,684		(1,719,940)
Cash and restricted cash at beginning of year	[1]	9,151,216		9,155,077		$ 9,155,077
Cash and restricted cash at end of period		14,294,900	[2]	7,435,137	[2]	$ 9,151,216	[1]
Supplemental and non-cash financing cash flow information:
Cash paid for interest		1,501,875		782,733
Cash paid for taxes		2,150		4,330
Issuance of shares pursuant to Dividend Reinvestment Plan		3,797		4,763
Non-cash purchase of investments		(890,312)		(65,281)
Non-cash sale of investments		$ 890,312		$ 65,281

[1] Represents $1,093,758 and $2,550,021 of unrestricted cash as of June 30, 2023 and June 30, 2022, respectively, and $8,057,458 and $6,605,056 of restricted cash for the same periods .

[2] Represents $90,773 and $963,649 of unrestricted cash as of September 30, 2023 and September 30, 2022, respectively, and $14,204,127 and $6,471,488 of restricted cash for the same periods .

XML

Statement - Consolidated Statements of Cashflows (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022
Statement of Cash Flows [Abstract]
Unrestricted Cash at Beginning of Year		$ 1,093,758		$ 2,550,021
Restricted Cash at Beginning of Year		$ 8,057,458		$ 6,605,056
Restricted Cash at End of Period	$ 14,204,127		$ 6,471,488
Unrestricted Cash at End of Period	$ 90,773		$ 963,649

XML

Consolidated Schedule of Investments (Unaudited) - USD ($)		3 Months Ended			12 Months Ended
		Sep. 30, 2023		Sep. 30, 2022	Jun. 30, 2023
Schedule Of Investments [Line Items]
Amortized Cost		$ 23,940,980			$ 23,979,565
Investments at Fair Value		$ 8,778,195			$ 9,961,311
Percentage of Net Assets		100.00%			100.00%
Investment at Fair Value, Beginning Balance		$ 9,961,311
Net Realized Gains (Losses)		0		$ 0
Investment at Fair Value, Ending Balance		8,778,195			$ 9,961,311
Amount of Interest or Dividends Credited to Income		0		0
Investment, Identifier [Axis]: Affiliated Investments
Schedule Of Investments [Line Items]
Amortized Cost		23,940,980	[1],[2],[3],[4]		23,979,565	[5],[6],[7],[8]
Investments at Fair Value		$ 8,778,195	[1],[2],[3],[4]		$ 9,961,311	[5],[6],[7],[8]
Percentage of Net Assets		10.47%	[1],[2],[3],[4]		11.36%	[5],[6],[7],[8]
Investment at Fair Value, Beginning Balance	[5],[6],[7],[8]	$ 9,961,311
Investment at Fair Value, Ending Balance		8,778,195	[1],[2],[3],[4]		$ 9,961,311	[5],[6],[7],[8]
Investment, Identifier [Axis]: Affiliated Investments, Equity, Warrants and Other Investments
Schedule Of Investments [Line Items]
Amortized Cost		14,336,791	[1],[2],[3],[4]		14,336,791	[5],[6],[7],[8]
Investments at Fair Value		$ 5,470,857	[1],[2],[3],[4]		$ 6,433,865	[5],[6],[7],[8]
Percentage of Net Assets		6.52%	[1],[2],[3],[4]		7.34%	[5],[6],[7],[8]
Investment at Fair Value, Beginning Balance	[5],[6],[7],[8]	$ 6,433,865
Investment at Fair Value, Ending Balance		5,470,857	[1],[2],[3],[4]		$ 6,433,865	[5],[6],[7],[8]
Investment, Identifier [Axis]: Affiliated Investments, Equity, Warrants and Other Investments, 1888 Industrial Services, LLC (Equity Interest), Energy Equipment & Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		11,881	[1],[2],[3],[4],[9],[10]		11,881	[5],[6],[7],[8],[11]
Amortized Cost		0	[1],[2],[3],[4],[10]		0	[5],[6],[7],[8],[11]
Investments at Fair Value		$ 0	[1],[2],[3],[4],[10]		$ 0	[5],[6],[7],[8],[11]
Percentage of Net Assets		0.00%	[1],[2],[3],[4],[10]		0.00%	[5],[6],[7],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[7],[8],[11]	$ 0
Investment at Fair Value, Ending Balance		0	[1],[2],[3],[4],[10]		$ 0	[5],[6],[7],[8],[11]
Investment, Identifier [Axis]: Affiliated Investments, Equity, Warrants and Other Investments, Techniplas Foreign Holdco LP Common Stock, Automobile Components
Schedule Of Investments [Line Items]
Principal Amount/ Shares		879,559	[1],[2],[3],[4],[9]		879,559	[5],[6],[7],[8]
Amortized Cost		14,336,791	[1],[2],[3],[4]		14,336,791	[5],[6],[7],[8]
Investments at Fair Value		$ 5,470,857	[1],[2],[3],[4]		$ 6,433,865	[5],[6],[7],[8]
Percentage of Net Assets		6.52%	[1],[2],[3],[4]		7.34%	[5],[6],[7],[8]
Investment at Fair Value, Beginning Balance	[5],[6],[7],[8]	$ 6,433,865
Investment at Fair Value, Ending Balance		5,470,857	[1],[2],[3],[4]		$ 6,433,865	[5],[6],[7],[8]
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments
Schedule Of Investments [Line Items]
Amortized Cost		9,604,189	[1],[2],[3],[4]		9,642,774	[5],[6],[7],[8]
Investments at Fair Value		$ 3,307,338	[1],[2],[3],[4]		$ 3,527,446	[5],[6],[7],[8]
Percentage of Net Assets		3.95%	[1],[2],[3],[4]		4.02%	[5],[6],[7],[8]
Investment at Fair Value, Beginning Balance	[5],[6],[7],[8]	$ 3,527,446
Investment at Fair Value, Ending Balance		$ 3,307,338	[1],[2],[3],[4]		$ 3,527,446	[5],[6],[7],[8]
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, 1888 Industrial Services, LLC - Revolver, Energy Equipment & Services, 3M S + 5.00% (1.00% Floor), Initial Acquisition Date 10/11/2016, Maturity Date 8/31/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4],[12],[13]	5.00%
Investment, Interest Rate, Floor	[1],[2],[3],[4],[12],[13]	1.00%
Investment, Acquisition Date	[1],[2],[3],[4],[12],[13]	Oct. 11, 2016
Maturity Date	[1],[2],[3],[4],[12],[13]	Aug. 31, 2024
Principal Amount/ Shares	[1],[2],[3],[4],[9],[12],[13]	$ 2,342,391
Amortized Cost	[1],[2],[3],[4],[12],[13]	2,342,392
Investments at Fair Value	[1],[2],[3],[4],[12],[13]	$ 537,579
Percentage of Net Assets	[1],[2],[3],[4],[12],[13]	0.64%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4],[12],[13]	$ 537,579
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, 1888 Industrial Services, LLC - Revolver, Energy Equipment & Services, 3ML + 5.00% (1.00% Floor), Initial Acquisition Date 10/11/2016, Maturity Date 8/31/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[7],[8],[14],[15]				5.00%
Investment, Interest Rate, Floor	[5],[6],[7],[8],[14],[15]				1.00%
Investment, Acquisition Date	[5],[6],[7],[8],[14],[15]				Oct. 11, 2016
Maturity Date	[5],[6],[7],[8],[14],[15]				Aug. 31, 2024
Principal Amount/ Shares	[5],[6],[7],[8],[14],[15]				$ 2,365,434
Amortized Cost	[5],[6],[7],[8],[14],[15]				2,365,434
Investments at Fair Value	[5],[6],[7],[8],[14],[15]				$ 591,359
Percentage of Net Assets	[5],[6],[7],[8],[14],[15]				0.67%
Investment at Fair Value, Beginning Balance	[5],[6],[7],[8],[14],[15]	$ 591,359
Investment at Fair Value, Ending Balance	[5],[6],[7],[8],[14],[15]				$ 591,359
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, 1888 Industrial Services, LLC - Term C, Energy Equipment & Services, 3M S + 5.00% (1.00% Floor), Initial Acquisition Date 6/25/2019, Maturity Date 8/31/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4],[12]	5.00%
Investment, Interest Rate, Floor	[1],[2],[3],[4],[12]	1.00%
Investment, Acquisition Date	[1],[2],[3],[4],[12]	Jun. 25, 2019
Maturity Date	[1],[2],[3],[4],[12]	Aug. 31, 2024
Principal Amount/ Shares	[1],[2],[3],[4],[9],[12]	$ 596,742
Amortized Cost	[1],[2],[3],[4],[12]	596,742
Investments at Fair Value	[1],[2],[3],[4],[12]	$ 678,795
Percentage of Net Assets	[1],[2],[3],[4],[12]	0.81%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4],[12]	$ 678,795
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, 1888 Industrial Services, LLC - Term C, Energy Equipment & Services, 3ML + 5.00% (1.00% Floor), Initial Acquisition Date 6/25/2019, Maturity Date 8/31/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[7],[8],[14]				5.00%
Investment, Interest Rate, Floor	[5],[6],[7],[8],[14]				1.00%
Investment, Acquisition Date	[5],[6],[7],[8],[14]				Jun. 25, 2019
Maturity Date	[5],[6],[7],[8],[14]				Aug. 31, 2024
Principal Amount/ Shares	[5],[6],[7],[8],[14]				$ 630,870
Amortized Cost	[5],[6],[7],[8],[14]				630,870
Investments at Fair Value	[5],[6],[7],[8],[14]				$ 630,870
Percentage of Net Assets	[5],[6],[7],[8],[14]				0.72%
Investment at Fair Value, Beginning Balance	[5],[6],[7],[8],[14]	$ 630,870
Investment at Fair Value, Ending Balance	[5],[6],[7],[8],[14]				$ 630,870
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, 1888 Industrial Services, LLC – Term A, Energy Equipment & Services, 3M S +5.00% PIK (1.00% Floor), Initial Acquisition Date 9/30/2016, Maturity Date 8/31/2024
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind	[1],[2],[3],[4],[9],[12]	5.00%
Investment, Interest Rate, Floor	[1],[2],[3],[4],[9],[12]	1.00%
Investment, Acquisition Date	[1],[2],[3],[4],[9],[12]	Sep. 30, 2016
Maturity Date	[1],[2],[3],[4],[9],[12]	Aug. 31, 2024
Principal Amount/ Shares	[1],[2],[3],[4],[9],[12]	$ 5,911,230
Amortized Cost	[1],[2],[3],[4],[9],[12]	5,911,230
Investments at Fair Value	[1],[2],[3],[4],[9],[12]	$ 1,403,326
Percentage of Net Assets	[1],[2],[3],[4],[9],[12]	1.68%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4],[9],[12]	$ 1,403,326
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, 1888 Industrial Services, LLC – Term A, Energy Equipment & Services, 3ML +5.00% PIK (1.00% Floor), Initial Acquisition Date 9/30/2016, Maturity Date 8/31/2024
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind	[5],[6],[7],[8],[14],[16]				5.00%
Investment, Interest Rate, Floor	[5],[6],[7],[8],[14],[16]				1.00%
Investment, Acquisition Date	[5],[6],[7],[8],[14],[16]				Sep. 30, 2016
Maturity Date	[5],[6],[7],[8],[14],[16]				Aug. 31, 2024
Principal Amount/ Shares	[5],[6],[7],[8],[14],[16]				$ 5,911,230
Amortized Cost	[5],[6],[7],[8],[14],[16]				5,911,230
Investments at Fair Value	[5],[6],[7],[8],[14],[16]				$ 1,477,807
Percentage of Net Assets	[5],[6],[7],[8],[14],[16]				1.69%
Investment at Fair Value, Beginning Balance	[5],[6],[7],[8],[14],[16]	$ 1,477,807
Investment at Fair Value, Ending Balance	[5],[6],[7],[8],[14],[16]				$ 1,477,807
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, Techniplas Foreign Holdco LP, Automobile Components, 10.00% PIK, Initial Acquisition Date 6/19/2020, Maturity Date 6/18/2027
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind		10.00%	[1],[2],[3],[4],[9]		10.00%	[5],[6],[7],[8],[16]
Investment, Acquisition Date		Jun. 19, 2020	[1],[2],[3],[4],[9]		Jun. 19, 2020	[5],[6],[7],[8],[16]
Maturity Date		Jun. 18, 2027	[1],[2],[3],[4],[9]		Jun. 18, 2027	[5],[6],[7],[8],[16]
Principal Amount/ Shares		$ 753,825	[1],[2],[3],[4],[9]		$ 735,240	[5],[6],[7],[8],[16]
Amortized Cost		753,825	[1],[2],[3],[4],[9]		735,240	[5],[6],[7],[8],[16]
Investments at Fair Value		$ 687,638	[1],[2],[3],[4],[9]		$ 827,410	[5],[6],[7],[8],[16]
Percentage of Net Assets		0.82%	[1],[2],[3],[4],[9]		0.94%	[5],[6],[7],[8],[16]
Investment at Fair Value, Beginning Balance	[5],[6],[7],[8],[16]	$ 827,410
Investment at Fair Value, Ending Balance		687,638	[1],[2],[3],[4],[9]		$ 827,410	[5],[6],[7],[8],[16]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments
Schedule Of Investments [Line Items]
Investments at Fair Value		8,778,195			9,961,311
Investment at Fair Value, Beginning Balance		9,961,311		10,646,803	10,646,803
Gross Additions		18,584	[17]		632,273	[18]
Gross Reductions		(57,169)	[19]		(47,950)	[20]
Net Realized Gains (Losses)		0			0
Net Unrealized Gains (Losses)		(1,144,531)			(1,269,815)
Investment at Fair Value, Ending Balance		8,778,195			9,961,311
Amount of Interest or Dividends Credited to Income		18,800	[21]		49,459	[22]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, 1888 Industrial Services, LLC, Common Equity Interest
Schedule Of Investments [Line Items]
Investments at Fair Value	[19]	0			0	[23]
Investment at Fair Value, Beginning Balance	[23]	0	[19]	0	0
Gross Additions		0	[17],[19]		0	[18],[23]
Gross Reductions		0	[19]		0	[20],[23]
Net Realized Gains (Losses)		0	[19]		0	[23]
Net Unrealized Gains (Losses)		0	[19]		0	[23]
Investment at Fair Value, Ending Balance	[19]	0			0	[23]
Amount of Interest or Dividends Credited to Income		0	[19],[21]		0	[22],[23]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, 1888 Industrial Services, LLC, Revolver (3M LIBOR +5.00%)
Schedule Of Investments [Line Items]
Investments at Fair Value		$ 537,579			$ 591,359
Interest Rate		5.00%	[24]		5.00%	[25]
Investment at Fair Value, Beginning Balance		$ 591,359		556,152	$ 556,152
Gross Additions		0	[17]		140,826	[18]
Gross Reductions		(23,042)	[19]		0	[20]
Net Realized Gains (Losses)		0			0
Net Unrealized Gains (Losses)		(30,738)			(105,619)
Investment at Fair Value, Ending Balance		537,579			591,359
Amount of Interest or Dividends Credited to Income		0	[21]		0	[22]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, 1888 Industrial Services, LLC, Senior Secured First Lien Term Loan A (3M LIBOR +5.00% PIK)
Schedule Of Investments [Line Items]
Investments at Fair Value		$ 1,403,326			$ 1,477,807
Interest Rate		5.00%	[24]		5.00%	[25]
Investment at Fair Value, Beginning Balance		$ 1,477,807		1,477,807	$ 1,477,807
Gross Additions		0	[17]		0	[18]
Gross Reductions		0	[19]		0	[20]
Net Realized Gains (Losses)		0			0
Net Unrealized Gains (Losses)		(74,481)			0
Investment at Fair Value, Ending Balance		1,403,326			1,477,807
Amount of Interest or Dividends Credited to Income		0	[21]		0	[22]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, 1888 Industrial Services, LLC, Senior Secured First Lien Term Loan C (3M LIBOR +5.00%)
Schedule Of Investments [Line Items]
Investments at Fair Value		$ 678,795			$ 630,870
Interest Rate		5.00%	[24]		5.00%	[25]
Investment at Fair Value, Beginning Balance		$ 630,870		678,820	$ 678,820
Gross Additions		0	[17]		0	[18]
Gross Reductions		(34,127)	[19]		(47,950)	[20]
Net Realized Gains (Losses)		0			0
Net Unrealized Gains (Losses)		82,052			0
Investment at Fair Value, Ending Balance		678,795			630,870
Amount of Interest or Dividends Credited to Income		0	[21]		20,611	[22]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, Techniplas Foreign Holdco LP, Common Stock
Schedule Of Investments [Line Items]
Investments at Fair Value	[26]	5,470,857			6,433,865
Investment at Fair Value, Beginning Balance		6,433,865	[26]	7,002,759	7,002,759
Gross Additions		0	[17],[26]		421,396	[18]
Gross Reductions		0	[19],[26]		0	[20]
Net Realized Gains (Losses)		0	[19],[26]		0
Net Unrealized Gains (Losses)		(963,008)	[26]		(990,290)
Investment at Fair Value, Ending Balance	[26]	5,470,857			6,433,865
Amount of Interest or Dividends Credited to Income		0	[21],[26]		0	[22]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, Techniplas Foreign Holdco LP, Senior Secured First Lien Term Loan (10.00% PIK)
Schedule Of Investments [Line Items]
Investments at Fair Value		$ 687,638			$ 827,410
Interest Rate		10.00%	[24]		10.00%	[25]
Investment at Fair Value, Beginning Balance		$ 827,410		$ 931,265	$ 931,265
Gross Additions		18,584	[17]		70,051	[18]
Gross Reductions		0	[19]		0	[20]
Net Realized Gains (Losses)		0			0
Net Unrealized Gains (Losses)		(158,356)			(173,906)
Investment at Fair Value, Ending Balance		687,638			827,410
Amount of Interest or Dividends Credited to Income		18,800	[21]		70,070	[22]
Investment, Identifier [Axis]: Investments
Schedule Of Investments [Line Items]
Amortized Cost		249,903,799	[1],[2],[4]		243,298,816	[5],[6],[8]
Investments at Fair Value		$ 223,404,283	[1],[2],[4]		$ 220,111,329	[5],[6],[8]
Percentage of Net Assets		266.40%	[1],[2],[4]		250.98%	[5],[6],[8]
Investment at Fair Value, Beginning Balance	[5],[6],[8]	$ 220,111,329
Investment at Fair Value, Ending Balance		223,404,283	[1],[2],[4]		$ 220,111,329	[5],[6],[8]
Investment, Identifier [Axis]: Liabilities in excess of other assets
Schedule Of Investments [Line Items]
Investments at Fair Value		$ (139,543,466)	[1],[2],[4]		$ (132,411,021)	[5],[6],[8]
Percentage of Net Assets		(166.40%)	[1],[2],[4]		(150.98%)	[5],[6],[8]
Investment at Fair Value, Beginning Balance	[5],[6],[8]	$ (132,411,021)
Investment at Fair Value, Ending Balance		(139,543,466)	[1],[2],[4]		$ (132,411,021)	[5],[6],[8]
Investment, Identifier [Axis]: Net Assets
Schedule Of Investments [Line Items]
Investments at Fair Value		$ 83,860,817	[1],[2],[4]		$ 87,700,308	[5],[6],[8]
Percentage of Net Assets		100.00%	[1],[2],[4]		100.00%	[5],[6],[8]
Investment at Fair Value, Beginning Balance	[5],[6],[8]	$ 87,700,308
Investment at Fair Value, Ending Balance		83,860,817	[1],[2],[4]		$ 87,700,308	[5],[6],[8]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments
Schedule Of Investments [Line Items]
Amortized Cost		225,962,819	[1],[2],[4]		219,319,251	[5],[6],[8]
Investments at Fair Value		$ 214,626,088	[1],[2],[4]		$ 210,150,018	[5],[6],[8]
Percentage of Net Assets		255.93%	[1],[2],[4]		239.62%	[5],[6],[8]
Investment at Fair Value, Beginning Balance	[5],[6],[8]	$ 210,150,018
Investment at Fair Value, Ending Balance		214,626,088	[1],[2],[4]		$ 210,150,018	[5],[6],[8]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments
Schedule Of Investments [Line Items]
Amortized Cost		15,049,419	[1],[2],[4]		14,861,168	[5],[6],[8]
Investments at Fair Value		$ 17,613,850	[1],[2],[4]		$ 17,306,509	[5],[6],[8]
Percentage of Net Assets		21.00%	[1],[2],[4]		19.73%	[5],[6],[8]
Investment at Fair Value, Beginning Balance	[5],[6],[8]	$ 17,306,509
Investment at Fair Value, Ending Balance		17,613,850	[1],[2],[4]		$ 17,306,509	[5],[6],[8]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, 4L Technologies, Inc. Common Stock, Electronic Equipment, Instruments & Components
Schedule Of Investments [Line Items]
Principal Amount/ Shares		149,918	[1],[2],[4],[9],[10]		149,918	[5],[6],[8],[11],[16]
Amortized Cost		2,171,581	[1],[2],[4],[10]		2,171,581	[5],[6],[8],[11]
Investments at Fair Value		$ 74,959	[1],[2],[4],[10]		$ 95,947	[5],[6],[8],[11]
Percentage of Net Assets		0.09%	[1],[2],[4],[10]		0.11%	[5],[6],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[11]	$ 95,947
Investment at Fair Value, Ending Balance		74,959	[1],[2],[4],[10]		$ 95,947	[5],[6],[8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, 4L Technologies, Inc. Preferred Stock, Electronic Equipment, Instruments & Components
Schedule Of Investments [Line Items]
Principal Amount/ Shares		2,289	[1],[2],[4],[9],[10]		2,289	[5],[6],[8],[11],[16]
Amortized Cost		209,004	[1],[2],[4],[10]		209,004	[5],[6],[8],[11]
Investments at Fair Value		$ 1,602,370	[1],[2],[4],[10]		$ 2,037,299	[5],[6],[8],[11]
Percentage of Net Assets		1.92%	[1],[2],[4],[10]		2.33%	[5],[6],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[11]	$ 2,037,299
Investment at Fair Value, Ending Balance		1,602,370	[1],[2],[4],[10]		$ 2,037,299	[5],[6],[8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Advanced Solutions International Preferred Equity, Software
Schedule Of Investments [Line Items]
Principal Amount/ Shares		888,170	[1],[2],[4],[9],[10]		888,170	[5],[6],[8],[11],[16]
Amortized Cost		1,000,000	[1],[2],[4],[10]		1,000,000	[5],[6],[8],[11]
Investments at Fair Value		$ 1,865,157	[1],[2],[4],[10]		$ 1,758,577	[5],[6],[8],[11]
Percentage of Net Assets		2.22%	[1],[2],[4],[10]		2.01%	[5],[6],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[11]	$ 1,758,577
Investment at Fair Value, Ending Balance		1,865,157	[1],[2],[4],[10]		$ 1,758,577	[5],[6],[8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Arborworks Acquisition LLC (Equity Interest), Commercial Services & Supplies
Schedule Of Investments [Line Items]
Principal Amount/ Shares		62	[1],[2],[4],[9],[10]		62	[5],[6],[8],[11],[16]
Amortized Cost		62,112	[1],[2],[4],[10]		62,112	[5],[6],[8],[11]
Investments at Fair Value		$ 0	[1],[2],[4],[10]		$ 0	[5],[6],[8],[11]
Percentage of Net Assets		0.00%	[1],[2],[4],[10]		0.00%	[5],[6],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[11]	$ 0
Investment at Fair Value, Ending Balance		0	[1],[2],[4],[10]		$ 0	[5],[6],[8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Bioplan USA, Inc. - Common Stock, Containers & Packaging
Schedule Of Investments [Line Items]
Principal Amount/ Shares		292,150	[1],[2],[4],[9],[10]		292,150	[5],[6],[8],[11],[16]
Amortized Cost		1,708,941	[1],[2],[4],[10]		1,708,941	[5],[6],[8],[11]
Investments at Fair Value		$ 4,575,069	[1],[2],[4],[10]		$ 4,142,687	[5],[6],[8],[11]
Percentage of Net Assets		5.46%	[1],[2],[4],[10]		4.72%	[5],[6],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[11]	$ 4,142,687
Investment at Fair Value, Ending Balance		4,575,069	[1],[2],[4],[10]		$ 4,142,687	[5],[6],[8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, CF Arch Holdings LLC (Equity Interest), Professional Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		200,000	[1],[2],[4],[9],[10]		200,000	[5],[6],[8],[11],[16]
Amortized Cost		200,000	[1],[2],[4],[10]		200,000	[5],[6],[8],[11]
Investments at Fair Value		$ 320,000	[1],[2],[4],[10]		$ 318,000	[5],[6],[8],[11]
Percentage of Net Assets		0.38%	[1],[2],[4],[10]		0.36%	[5],[6],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[11]	$ 318,000
Investment at Fair Value, Ending Balance		320,000	[1],[2],[4],[10]		$ 318,000	[5],[6],[8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Flatworld Intermediate Corporation - Equity Interest, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		4,405	[1],[2],[4],[9],[10]		4,405	[5],[6],[8],[11],[16]
Amortized Cost		100,000	[1],[2],[4],[10]		100,000	[5],[6],[8],[11]
Investments at Fair Value		$ 17,048	[1],[2],[4],[10]		$ 38,722	[5],[6],[8],[11]
Percentage of Net Assets		0.02%	[1],[2],[4],[10]		0.04%	[5],[6],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[11]	$ 38,722
Investment at Fair Value, Ending Balance		17,048	[1],[2],[4],[10]		$ 38,722	[5],[6],[8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect, Inc - Equity Investor Warrants, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		13,457	[1],[2],[4],[9],[10]		13,457	[5],[6],[8],[11],[16]
Amortized Cost		0	[1],[2],[4],[10]		0	[5],[6],[8],[11]
Investments at Fair Value		$ 0	[1],[2],[4],[10]		$ 0	[5],[6],[8],[11]
Percentage of Net Assets		0.00%	[1],[2],[4],[10]		0.00%	[5],[6],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[11]	$ 0
Investment at Fair Value, Ending Balance		0	[1],[2],[4],[10]		$ 0	[5],[6],[8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect, Inc. - Backstop Warrants, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		89,046	[1],[2],[4],[9],[10]		89,046	[5],[6],[8],[11],[16]
Amortized Cost		0	[1],[2],[4],[10]		0	[5],[6],[8],[11]
Investments at Fair Value		$ 79,251	[1],[2],[4],[10]		$ 133,720	[5],[6],[8],[11]
Percentage of Net Assets		0.09%	[1],[2],[4],[10]		0.15%	[5],[6],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[11]	$ 133,720
Investment at Fair Value, Ending Balance		79,251	[1],[2],[4],[10]		$ 133,720	[5],[6],[8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect, Inc. - Common Stock, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		230,209	[1],[2],[4],[9],[10]		230,209	[5],[6],[8],[11],[16]
Amortized Cost		1,184,606	[1],[2],[4],[10]		1,184,606	[5],[6],[8],[11]
Investments at Fair Value		$ 435,095	[1],[2],[4],[10]		$ 575,914	[5],[6],[8],[11]
Percentage of Net Assets		0.52%	[1],[2],[4],[10]		0.66%	[5],[6],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[11]	$ 575,914
Investment at Fair Value, Ending Balance		435,095	[1],[2],[4],[10]		$ 575,914	[5],[6],[8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect, Inc. - Investor Warrants, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		89,046	[1],[2],[4],[9],[10]		89,046	[5],[6],[8],[11],[16]
Amortized Cost		0	[1],[2],[4],[10]		0	[5],[6],[8],[11]
Investments at Fair Value		$ 79,251	[1],[2],[4],[10]		$ 133,720	[5],[6],[8],[11]
Percentage of Net Assets		0.09%	[1],[2],[4],[10]		0.15%	[5],[6],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[11]	$ 133,720
Investment at Fair Value, Ending Balance		$ 79,251	[1],[2],[4],[10]		$ 133,720	[5],[6],[8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect, Inc. - Series A Preferred, IT Services, 12.50% PIK
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind		12.50%	[1],[2],[4],[9]		12.50%	[5],[6],[8],[16]
Principal Amount/ Shares		$ 61,632	[1],[2],[4],[9]		$ 59,749	[5],[6],[8],[16]
Amortized Cost		6,163,175	[1],[2],[4],[9]		5,974,924	[5],[6],[8],[16]
Investments at Fair Value		$ 5,593,082	[1],[2],[4],[9]		$ 4,824,752	[5],[6],[8],[16]
Percentage of Net Assets		6.67%	[1],[2],[4],[9]		5.50%	[5],[6],[8],[16]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[16]	$ 4,824,752
Investment at Fair Value, Ending Balance		5,593,082	[1],[2],[4],[9]		$ 4,824,752	[5],[6],[8],[16]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Investcorp Transformer Aggregator LP, Commercial Services & Supplies
Schedule Of Investments [Line Items]
Principal Amount/ Shares		500,000	[1],[2],[4],[9],[10]		500,000	[5],[6],[8],[11],[16]
Amortized Cost		500,000	[1],[2],[4],[10]		500,000	[5],[6],[8],[11]
Investments at Fair Value		$ 880,000	[1],[2],[4],[10]		$ 880,000	[5],[6],[8],[11]
Percentage of Net Assets		1.05%	[1],[2],[4],[10]		1.01%	[5],[6],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[11]	$ 880,000
Investment at Fair Value, Ending Balance		880,000	[1],[2],[4],[10]		$ 880,000	[5],[6],[8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Pegasus Aggregator Holdings LP, Trading Companies & Distributors
Schedule Of Investments [Line Items]
Principal Amount/ Shares		9	[1],[2],[4],[9],[10]		9	[5],[6],[8],[11],[16]
Amortized Cost		750,000	[1],[2],[4],[10]		750,000	[5],[6],[8],[11]
Investments at Fair Value		$ 821,813	[1],[2],[4],[10]		$ 898,491	[5],[6],[8],[11]
Percentage of Net Assets		0.98%	[1],[2],[4],[10]		1.02%	[5],[6],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[11]	$ 898,491
Investment at Fair Value, Ending Balance		821,813	[1],[2],[4],[10]		$ 898,491	[5],[6],[8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Victors CCC Aggregator LP, Professional Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		500,000	[1],[2],[4],[9],[10]		500,000	[5],[6],[8],[11],[16]
Amortized Cost		500,000	[1],[2],[4],[10]		500,000	[5],[6],[8],[11]
Investments at Fair Value		$ 630,000	[1],[2],[4],[10]		$ 635,000	[5],[6],[8],[11]
Percentage of Net Assets		0.75%	[1],[2],[4],[10]		0.72%	[5],[6],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[11]	$ 635,000
Investment at Fair Value, Ending Balance		630,000	[1],[2],[4],[10]		$ 635,000	[5],[6],[8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Work Genius Holdings, Inc (Equity Interest), Professional Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		500	[1],[2],[4],[9],[10]		500	[5],[6],[8],[11],[16]
Amortized Cost		500,000	[1],[2],[4],[10]		500,000	[5],[6],[8],[11]
Investments at Fair Value		$ 640,755	[1],[2],[4],[10]		$ 833,680	[5],[6],[8],[11]
Percentage of Net Assets		0.76%	[1],[2],[4],[10]		0.95%	[5],[6],[8],[11]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[11]	$ 833,680
Investment at Fair Value, Ending Balance		640,755	[1],[2],[4],[10]		$ 833,680	[5],[6],[8],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments
Schedule Of Investments [Line Items]
Amortized Cost		210,913,400	[1],[2],[4]		204,458,083	[5],[6],[8]
Investments at Fair Value		$ 197,012,238	[1],[2],[4]		$ 192,843,509	[5],[6],[8]
Percentage of Net Assets		234.93%	[1],[2],[4]		219.89%	[5],[6],[8]
Investment at Fair Value, Beginning Balance	[5],[6],[8]	$ 192,843,509
Investment at Fair Value, Ending Balance		197,012,238	[1],[2],[4]		$ 192,843,509	[5],[6],[8]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, 4L Technologies, Inc. Electronic Equipment, Instruments & Components, 3M S + 7.50% (1.00% Floor), Initial Acquisition Date 2/4/2020, Maturity Date 6/30/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8]				7.50%
Investment, Interest Rate, Floor	[5],[6],[8]				1.00%
Investment, Acquisition Date	[5],[6],[8]				Feb. 04, 2020
Maturity Date	[5],[6],[8]				Jun. 30, 2025
Principal Amount/ Shares	[5],[6],[8],[16]				$ 1,132,352
Amortized Cost	[5],[6],[8]				1,132,352
Investments at Fair Value	[5],[6],[8]				$ 1,132,352
Percentage of Net Assets	[5],[6],[8]				1.29%
Investment at Fair Value, Beginning Balance	[5],[6],[8]	$ 1,132,352
Investment at Fair Value, Ending Balance	[5],[6],[8]				$ 1,132,352
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, 4L Technologies, Inc. Electronic Equipment, Instruments & Components, 3M S + 7.50% 1.50%PIK (1.00% Floor), Initial Acquisition Date 2/4/2020, Maturity Date 6/30/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4]	7.50%
Investment, Interest Rate, Paid in Kind	[2],[4]	1.50%
Investment, Interest Rate, Floor	[1],[2],[4]	1.00%
Investment, Acquisition Date	[1],[2],[4]	Feb. 04, 2020
Maturity Date	[1],[2],[4]	Jun. 30, 2025
Principal Amount/ Shares	[1],[2],[4],[9]	$ 1,138,303
Amortized Cost	[1],[2],[4]	1,138,303
Investments at Fair Value	[1],[2],[4]	$ 1,175,298
Percentage of Net Assets	[1],[2],[4]	1.40%
Investment at Fair Value, Ending Balance	[1],[2],[4]	$ 1,175,298
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, AHF Parent Holding, Inc. Building Products, 3M S + 6.25% (0.75% Floor), Initial Acquisition Date 2/9/2022, Maturity Date 2/1/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		6.25%	[1],[2],[4],[27]		6.25%	[5],[6],[8],[28]
Investment, Interest Rate, Floor		0.75%	[1],[2],[4],[27]		0.75%	[5],[6],[8],[28]
Investment, Acquisition Date		Feb. 09, 2022	[1],[2],[4],[27]		Feb. 09, 2022	[5],[6],[8],[28]
Maturity Date		Feb. 01, 2028	[1],[2],[4],[27]		Feb. 01, 2028	[5],[6],[8],[28]
Principal Amount/ Shares		$ 4,625,000	[1],[2],[4],[9],[27]		$ 4,687,500	[5],[6],[8],[16],[28]
Amortized Cost		4,595,898	[1],[2],[4],[27]		4,656,726	[5],[6],[8],[28]
Investments at Fair Value		$ 4,474,688	[1],[2],[4],[27]		$ 4,511,719	[5],[6],[8],[28]
Percentage of Net Assets		5.34%	[1],[2],[4],[27]		5.14%	[5],[6],[8],[28]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 4,511,719
Investment at Fair Value, Ending Balance		$ 4,474,688	[1],[2],[4],[27]		$ 4,511,719	[5],[6],[8],[28]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, ALCV Purchaser, Inc. Specialty Retail, 1M S + 6.75% (1.00% Floor), Initial Acquisition Date 3/1/2021, Maturity Date 4/15/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[27]	6.75%
Investment, Interest Rate, Floor	[1],[2],[4],[27]	1.00%
Investment, Acquisition Date	[1],[2],[4],[27]	Mar. 01, 2021
Maturity Date	[1],[2],[4],[27]	Apr. 15, 2026
Principal Amount/ Shares	[1],[2],[4],[9],[27]	$ 5,150,000
Amortized Cost	[1],[2],[4],[27]	5,106,141
Investments at Fair Value	[1],[2],[4],[27]	$ 5,059,875
Percentage of Net Assets	[1],[2],[4],[27]	6.03%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27]	$ 5,059,875
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, ALCV Purchaser, Inc. Specialty Retail, 3M S + 6.75% (1.00% Floor), Initial Acquisition Date 3/1/2021, Maturity Date 4/15/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[28]				6.75%
Investment, Interest Rate, Floor	[5],[6],[8],[28]				1.00%
Investment, Acquisition Date	[5],[6],[8],[28]				Mar. 01, 2021
Maturity Date	[5],[6],[8],[28]				Apr. 15, 2026
Principal Amount/ Shares	[5],[6],[8],[16],[28]				$ 5,200,000
Amortized Cost	[5],[6],[8],[28]				5,152,059
Investments at Fair Value	[5],[6],[8],[28]				$ 5,148,000
Percentage of Net Assets	[5],[6],[8],[28]				5.87%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 5,148,000
Investment at Fair Value, Ending Balance	[5],[6],[8],[28]				$ 5,148,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, AMCP Clean Acquisition Company, LLC, Hotels, Restaurants, and Leisure, 3M S + 4.25%, Initial Acquisition Date 4/6/2023, Maturity Date 7/10/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		4.25%	[1],[2],[4],[27]		4.25%	[5],[6],[8],[28]
Investment, Acquisition Date		Apr. 06, 2023	[1],[2],[4],[27]		Apr. 06, 2023	[5],[6],[8],[28]
Maturity Date		Jul. 10, 2025	[1],[2],[4],[27]		Jul. 10, 2025	[5],[6],[8],[28]
Principal Amount/ Shares		$ 7,711,459	[1],[2],[4],[9],[27]		$ 6,981,712	[5],[6],[8],[16],[28]
Amortized Cost		7,023,148	[1],[2],[4],[27]		6,304,958	[5],[6],[8],[28]
Investments at Fair Value		$ 7,171,658	[1],[2],[4],[27]		$ 6,283,541	[5],[6],[8],[28]
Percentage of Net Assets		8.55%	[1],[2],[4],[27]		7.16%	[5],[6],[8],[28]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 6,283,541
Investment at Fair Value, Ending Balance		$ 7,171,658	[1],[2],[4],[27]		$ 6,283,541	[5],[6],[8],[28]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Advanced Solutions International, Software, 3M S + 6.00% (1.00% Floor), Initial Acquisition Date 9/1/2020, Maturity Date 9/16/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		6.00%	[1],[2],[4],[27]		6.00%	[5],[6],[8],[28]
Investment, Interest Rate, Floor		1.00%	[1],[2],[4],[27]		1.00%	[5],[6],[8],[28]
Investment, Acquisition Date		Sep. 01, 2020	[1],[2],[4],[27]		Sep. 01, 2020	[5],[6],[8],[28]
Maturity Date		Sep. 16, 2025	[1],[2],[4],[27]		Sep. 16, 2025	[5],[6],[8],[28]
Principal Amount/ Shares		$ 6,656,250	[1],[2],[4],[9],[27]		$ 6,750,000	[5],[6],[8],[16],[28]
Amortized Cost		6,590,499	[1],[2],[4],[27]		6,675,818	[5],[6],[8],[28]
Investments at Fair Value		$ 6,656,250	[1],[2],[4],[27]		$ 6,750,000	[5],[6],[8],[28]
Percentage of Net Assets		7.94%	[1],[2],[4],[27]		7.70%	[5],[6],[8],[28]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 6,750,000
Investment at Fair Value, Ending Balance		$ 6,656,250	[1],[2],[4],[27]		$ 6,750,000	[5],[6],[8],[28]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Amerequip, LLC, Machinery, 6M S + 7.40% (1.00% Floor), Initial Acquisition Date 9/1/2022, Maturity Date 8/31/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		7.40%	[1],[2],[4],[27]		7.40%	[5],[6],[8],[28]
Investment, Interest Rate, Floor		1.00%	[1],[2],[4],[27]		1.00%	[5],[6],[8],[28]
Investment, Acquisition Date		Sep. 01, 2022	[1],[2],[4],[27]		Sep. 01, 2022	[5],[6],[8],[28]
Maturity Date		Aug. 31, 2027	[1],[2],[4],[27]		Aug. 31, 2027	[5],[6],[8],[28]
Principal Amount/ Shares		$ 4,304,516	[1],[2],[4],[9],[27]		$ 4,994,516	[5],[6],[8],[16],[28]
Amortized Cost		4,268,664	[1],[2],[4],[27]		4,950,906	[5],[6],[8],[28]
Investments at Fair Value		$ 4,347,561	[1],[2],[4],[27]		$ 4,994,516	[5],[6],[8],[28]
Percentage of Net Assets		5.18%	[1],[2],[4],[27]		5.69%	[5],[6],[8],[28]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 4,994,516
Investment at Fair Value, Ending Balance		$ 4,347,561	[1],[2],[4],[27]		$ 4,994,516	[5],[6],[8],[28]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Auto Auction Group, LLC, Automotive Retail, 3M S + 5.00% (1.00% Floor), Initial Acquisition Date 4/12/2023, Maturity Date 12/30/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		5.00%	[1],[2],[4],[27]		5.00%	[5],[6],[8],[28]
Investment, Interest Rate, Floor		1.00%	[1],[2],[4],[27]		1.00%	[5],[6],[8],[28]
Investment, Acquisition Date		Apr. 12, 2023	[1],[2],[4],[27]		Apr. 12, 2023	[5],[6],[8],[28]
Maturity Date		Dec. 30, 2027	[1],[2],[4],[27]		Dec. 30, 2027	[5],[6],[8],[28]
Principal Amount/ Shares		$ 4,228,481	[1],[2],[4],[9],[27]		$ 4,239,241	[5],[6],[8],[16],[28]
Amortized Cost		3,892,953	[1],[2],[4],[27]		3,888,170	[5],[6],[8],[28]
Investments at Fair Value		$ 4,017,057	[1],[2],[4],[27]		$ 3,878,905	[5],[6],[8],[28]
Percentage of Net Assets		4.79%	[1],[2],[4],[27]		4.42%	[5],[6],[8],[28]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 3,878,905
Investment at Fair Value, Ending Balance		$ 4,017,057	[1],[2],[4],[27]		$ 3,878,905	[5],[6],[8],[28]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Nuts Holdings, LLC - Term Loan A, Consumer Staples Distribution & Retail, 3M S + 6.75% 3.00% PIK (1.00% Floor), Initial Acquisition Date 4/4/2022, Maturity Date 4/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		6.75%	[1],[2],[4],[9],[12],[27]		6.75%	[5],[6],[8],[14],[16],[28]
Investment, Interest Rate, Paid in Kind		3.00%	[1],[2],[4],[9],[12],[27]		3.00%	[5],[6],[8],[14],[16],[28]
Investment, Interest Rate, Floor		1.00%	[1],[2],[4],[9],[12],[27]		1.00%	[5],[6],[8],[14],[16],[28]
Investment, Acquisition Date		Apr. 04, 2022	[1],[2],[4],[9],[12],[27]		Apr. 04, 2022	[5],[6],[8],[14],[16],[28]
Maturity Date		Apr. 10, 2026	[1],[2],[4],[9],[12],[27]		Apr. 10, 2026	[5],[6],[8],[14],[16],[28]
Principal Amount/ Shares		$ 3,788,372	[1],[2],[4],[9],[12],[27]		$ 3,788,372	[5],[6],[8],[14],[16],[28]
Amortized Cost		3,760,262	[1],[2],[4],[9],[12],[27]		3,760,262	[5],[6],[8],[14],[16],[28]
Investments at Fair Value		$ 2,803,395	[1],[2],[4],[9],[12],[27]		$ 3,030,698	[5],[6],[8],[14],[16],[28]
Percentage of Net Assets		3.34%	[1],[2],[4],[9],[12],[27]		3.46%	[5],[6],[8],[14],[16],[28]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[14],[16],[28]	$ 3,030,698
Investment at Fair Value, Ending Balance		$ 2,803,395	[1],[2],[4],[9],[12],[27]		$ 3,030,698	[5],[6],[8],[14],[16],[28]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Nuts Holdings, LLC - Term Loan B, Consumer Staples Distribution & Retail, 3M S + 8.75% 3.00% PIK (1.00% Floor), Initial Acquisition Date 4/4/2022, Maturity Date 4/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		8.75%	[1],[2],[4],[9],[12],[27]		8.75%	[5],[6],[8],[14],[15],[16],[28],[29]
Investment, Interest Rate, Paid in Kind		3.00%	[1],[2],[4],[9],[12],[27]		3.00%	[5],[6],[8],[14],[15],[16],[28],[29]
Investment, Interest Rate, Floor		1.00%	[1],[2],[4],[9],[12],[27]		1.00%	[5],[6],[8],[14],[15],[16],[28],[29]
Investment, Acquisition Date		Apr. 04, 2022	[1],[2],[4],[9],[12],[27]		Apr. 04, 2022	[5],[6],[8],[14],[15],[16],[28],[29]
Maturity Date		Apr. 10, 2026	[1],[2],[4],[9],[12],[27]		Apr. 10, 2026	[5],[6],[8],[14],[15],[16],[28],[29]
Principal Amount/ Shares		$ 3,788,372	[1],[2],[4],[9],[12],[27]		$ 3,788,372	[5],[6],[8],[14],[15],[16],[28],[29]
Amortized Cost		3,759,975	[1],[2],[4],[9],[12],[27]		3,759,975	[5],[6],[8],[14],[15],[16],[28],[29]
Investments at Fair Value		$ 2,803,395	[1],[2],[4],[9],[12],[27]		$ 3,030,698	[5],[6],[8],[14],[15],[16],[28],[29]
Percentage of Net Assets		3.34%	[1],[2],[4],[9],[12],[27]		3.46%	[5],[6],[8],[14],[15],[16],[28],[29]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[14],[15],[16],[28],[29]	$ 3,030,698
Investment at Fair Value, Ending Balance		$ 2,803,395	[1],[2],[4],[9],[12],[27]		$ 3,030,698	[5],[6],[8],[14],[15],[16],[28],[29]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) - Revolver, Software, P + 5.50% (1.00% Floor), Initial Acquisition Date 5/6/2016, Maturity Date 4/7/2023
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		5.50%	[1],[2],[4],[12],[30]		5.50%	[5],[6],[8],[14],[29]
Investment, Interest Rate, Floor		1.00%	[1],[2],[4],[12],[30]		1.00%	[5],[6],[8],[14],[29]
Investment, Acquisition Date		May 06, 2016	[1],[2],[4],[12],[30]		May 06, 2016	[5],[6],[8],[14],[29]
Maturity Date		Apr. 07, 2023	[1],[2],[4],[12],[30]		Apr. 07, 2023	[5],[6],[8],[14],[29]
Principal Amount/ Shares		$ 1,736,618	[1],[2],[4],[9],[12],[30]		$ 1,736,618	[5],[6],[8],[14],[16],[29]
Amortized Cost		1,718,794	[1],[2],[4],[12],[30]		1,718,794	[5],[6],[8],[14],[29]
Investments at Fair Value		$ 247,468	[1],[2],[4],[12],[30]		$ 217,077	[5],[6],[8],[14],[29]
Percentage of Net Assets		0.30%	[1],[2],[4],[12],[30]		0.25%	[5],[6],[8],[14],[29]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[14],[29]	$ 217,077
Investment at Fair Value, Ending Balance		$ 247,468	[1],[2],[4],[12],[30]		$ 217,077	[5],[6],[8],[14],[29]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Arborworks Acquisition LLC - Revolver, Commercial Services & Supplies, 3M L + 7.00% (1.00% Floor), Initial Acquisition Date 11/24/2021, Maturity Date 11/9/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		7.00%	[1],[2],[4],[12],[13],[30]		7.00%	[5],[6],[8],[15],[29]
Investment, Interest Rate, Floor		1.00%	[1],[2],[4],[12],[13],[30]		1.00%	[5],[6],[8],[15],[29]
Investment, Acquisition Date		Nov. 24, 2021	[1],[2],[4],[12],[13],[30]		Nov. 24, 2021	[5],[6],[8],[15],[29]
Maturity Date		Nov. 09, 2026	[1],[2],[4],[12],[13],[30]		Nov. 09, 2026	[5],[6],[8],[15],[29]
Principal Amount/ Shares		$ 1,854,991	[1],[2],[4],[9],[12],[13],[30]		$ 1,308,407	[5],[6],[8],[15],[16],[29]
Amortized Cost		1,854,991	[1],[2],[4],[12],[13],[30]		1,308,407	[5],[6],[8],[15],[29]
Investments at Fair Value		$ 1,168,644	[1],[2],[4],[12],[13],[30]		$ 981,305	[5],[6],[8],[15],[29]
Percentage of Net Assets		1.39%	[1],[2],[4],[12],[13],[30]		1.12%	[5],[6],[8],[15],[29]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[15],[29]	$ 981,305
Investment at Fair Value, Ending Balance		$ 1,168,644	[1],[2],[4],[12],[13],[30]		$ 981,305	[5],[6],[8],[15],[29]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Arborworks Acquisition LLC, Commercial Services & Supplies, 1MS + 7.00% 3.00% PIK (1.00% Floor), Initial Acquisition Date 11/24/2021, Maturity Date 11/9/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[12],[27],[30]	7.00%
Investment, Interest Rate, Paid in Kind	[1],[2],[4],[12],[27],[30]	3.00%
Investment, Interest Rate, Floor	[1],[2],[4],[12],[27],[30]	1.00%
Investment, Acquisition Date	[1],[2],[4],[12],[27],[30]	Nov. 24, 2021
Maturity Date	[1],[2],[4],[12],[27],[30]	Nov. 09, 2026
Principal Amount/ Shares	[1],[2],[4],[9],[12],[27],[30]	$ 8,026,560
Amortized Cost	[1],[2],[4],[12],[27],[30]	7,971,487
Investments at Fair Value	[1],[2],[4],[12],[27],[30]	$ 5,056,733
Percentage of Net Assets	[1],[2],[4],[12],[27],[30]	6.03%
Investment at Fair Value, Ending Balance	[1],[2],[4],[12],[27],[30]	$ 5,056,733
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Arborworks Acquisition LLC, Commercial Services & Supplies, 3M L + 7.00% 3.00% PIK (1.00% Floor), Initial Acquisition Date 11/24/2021, Maturity Date 11/9/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[28],[29]				7.00%
Investment, Interest Rate, Paid in Kind	[5],[6],[8],[28],[29]				3.00%
Investment, Interest Rate, Floor	[5],[6],[8],[28],[29]				1.00%
Investment, Acquisition Date	[5],[6],[8],[28],[29]				Nov. 24, 2021
Maturity Date	[5],[6],[8],[28],[29]				Nov. 09, 2026
Principal Amount/ Shares	[5],[6],[8],[16],[28],[29]				$ 8,033,532
Amortized Cost	[5],[6],[8],[28],[29]				7,976,037
Investments at Fair Value	[5],[6],[8],[28],[29]				$ 6,025,149
Percentage of Net Assets	[5],[6],[8],[28],[29]				6.87%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28],[29]	6,025,149
Investment at Fair Value, Ending Balance	[5],[6],[8],[28],[29]				$ 6,025,149
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Archer Systems, LLC, Professional Services, 3M S + 6.00% (1.00% Floor), Initial Acquisition Date 8/11/2022, Maturity Date 8/11/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[28]				6.00%
Investment, Interest Rate, Floor	[5],[6],[8],[28]				1.00%
Investment, Acquisition Date	[5],[6],[8],[28]				Aug. 11, 2022
Maturity Date	[5],[6],[8],[28]				Aug. 11, 2027
Principal Amount/ Shares	[5],[6],[8],[16],[28]				$ 5,414,246
Amortized Cost	[5],[6],[8],[28]				5,367,591
Investments at Fair Value	[5],[6],[8],[28]				$ 5,441,317
Percentage of Net Assets	[5],[6],[8],[28]				6.20%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 5,441,317
Investment at Fair Value, Ending Balance	[5],[6],[8],[28]				$ 5,441,317
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Axiom Global Inc., Consumer Services,1MS +4.75%(0.75% Floor) Initial Acquisition Date 9/12/2023, Maturity Date 10/01/1926
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[2],[4],[27]	4.75%
Investment, Interest Rate, Floor	[2],[4],[27]	0.75%
Investment, Acquisition Date	[1],[2],[4],[27]	Sep. 12, 2023
Maturity Date	[1],[2],[4],[27]	Oct. 01, 2026
Principal Amount/ Shares	[1],[2],[4],[9],[27]	$ 4,987,047
Amortized Cost	[1],[2],[4],[27]	4,915,981
Investments at Fair Value	[1],[2],[4],[27]	$ 4,915,732
Percentage of Net Assets	[1],[2],[4],[27]	5.86%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27]	$ 4,915,732
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Bioplan USA, Inc. - Priority Term Loan, Containers & Packaging, 3M S + 10.00% (4.00% Floor), Initial Acquisition Date 2/28/2023, Maturity Date 3/8/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		10.00%	[1],[2],[4]		10.00%	[5],[6],[8],[28]
Investment, Interest Rate, Floor		4.00%	[1],[2],[4]		4.00%	[5],[6],[8],[28]
Investment, Acquisition Date		Feb. 28, 2023	[1],[2],[4]		Feb. 28, 2023	[5],[6],[8],[28]
Maturity Date		Mar. 08, 2027	[1],[2],[4]		Mar. 08, 2027	[5],[6],[8],[28]
Principal Amount/ Shares		$ 3,367,275	[1],[2],[4],[9]		$ 3,367,275	[5],[6],[8],[16],[28]
Amortized Cost		3,431,785	[1],[2],[4]		3,435,421	[5],[6],[8],[28]
Investments at Fair Value		$ 3,602,984	[1],[2],[4]		$ 3,602,984	[5],[6],[8],[28]
Percentage of Net Assets		4.30%	[1],[2],[4]		4.11%	[5],[6],[8],[28]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 3,602,984
Investment at Fair Value, Ending Balance		$ 3,602,984	[1],[2],[4]		$ 3,602,984	[5],[6],[8],[28]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Bioplan USA, Inc. - Take-Back Term Loan, Containers & Packaging, 3M S + 3.25% + 5.00% PIK (4.00% Floor), Initial Acquisition Date 3/8/2023, Maturity Date 3/8/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[9]	3.25%
Investment, Interest Rate, Paid in Kind	[1],[2],[4],[9]	5.00%
Investment, Interest Rate, Floor	[1],[2],[4],[9]	4.00%
Investment, Acquisition Date	[1],[2],[4],[9]	Mar. 08, 2023
Maturity Date	[1],[2],[4],[9]	Mar. 08, 2028
Principal Amount/ Shares	[1],[2],[4],[9]	$ 5,678,667
Amortized Cost	[1],[2],[4],[9]	5,389,020
Investments at Fair Value	[1],[2],[4],[9]	$ 5,380,537
Percentage of Net Assets	[1],[2],[4],[9]	6.42%
Investment at Fair Value, Ending Balance	[1],[2],[4],[9]	$ 5,380,537
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Bioplan USA, Inc. - Take-Back Term Loan, Containers & Packaging, 3M S + 3.25% 5.00% PIK (4.00% Floor), Initial Acquisition Date 3/8/2023, Maturity Date 3/8/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[16]				3.25%
Investment, Interest Rate, Paid in Kind	[5],[6],[8],[16]				5.00%
Investment, Interest Rate, Floor	[5],[6],[8],[16]				4.00%
Investment, Acquisition Date	[5],[6],[8],[16]				Mar. 08, 2023
Maturity Date	[5],[6],[8],[16]				Mar. 08, 2028
Principal Amount/ Shares	[5],[6],[8],[16]				$ 5,605,485
Amortized Cost	[5],[6],[8],[16]				5,303,003
Investments at Fair Value	[5],[6],[8],[16]				$ 5,213,101
Percentage of Net Assets	[5],[6],[8],[16]				5.94%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[16]	$ 5,213,101
Investment at Fair Value, Ending Balance	[5],[6],[8],[16]				$ 5,213,101
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, CareerBuilder, LLC, - Priority Term Loan, Professional Services, 6M S + 6.75% (1.00% Floor), Initial Acquisition Date 7/27/2017, Maturity Date 7/31/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[27]	6.00%
Investment, Interest Rate, Floor	[1],[2],[4],[27]	1.00%
Investment, Acquisition Date	[1],[2],[4],[27]	Aug. 11, 2022
Maturity Date	[1],[2],[4],[27]	Aug. 11, 2027
Principal Amount/ Shares	[1],[2],[4],[9],[27]	$ 4,615,040
Amortized Cost	[1],[2],[4],[27]	4,577,192
Investments at Fair Value	[1],[2],[4],[27]	$ 4,661,190
Percentage of Net Assets	[1],[2],[4],[27]	5.56%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27]	$ 4,661,190
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, CareerBuilder, LLC, - Priority Term Loan, Professional Services, 6MS + 6.75% (1.00% Floor), Initial Acquisition Date 7/27/2017, Maturity Date 7/31/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[12],[27]	6.75%
Investment, Interest Rate, Floor	[1],[2],[4],[12],[27]	1.00%
Investment, Acquisition Date	[1],[2],[4],[12],[27]	Jul. 27, 2017
Maturity Date	[1],[2],[4],[12],[27]	Jul. 31, 2026
Principal Amount/ Shares	[1],[2],[4],[9],[12],[27]	$ 5,826,767
Amortized Cost	[1],[2],[4],[12],[27]	5,818,693
Investments at Fair Value	[1],[2],[4],[12],[27]	$ 2,418,108
Percentage of Net Assets	[1],[2],[4],[12],[27]	2.88%
Investment at Fair Value, Ending Balance	[1],[2],[4],[12],[27]	$ 2,418,108
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, CareerBuilder, LLC, Professional Services, 3M L + 6.75% (1.00% Floor), Initial Acquisition Date 7/27/2017, Maturity Date 7/31/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[28]				6.75%
Investment, Interest Rate, Floor	[5],[6],[8],[28]				1.00%
Investment, Acquisition Date	[5],[6],[8],[28]				Jul. 27, 2017
Maturity Date	[5],[6],[8],[28]				Jul. 31, 2026
Principal Amount/ Shares	[5],[6],[8],[16],[28]				$ 6,017,119
Amortized Cost	[5],[6],[8],[28]				6,008,781
Investments at Fair Value	[5],[6],[8],[28]				$ 2,572,318
Percentage of Net Assets	[5],[6],[8],[28]				2.93%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 2,572,318
Investment at Fair Value, Ending Balance	[5],[6],[8],[28]				$ 2,572,318
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Congruex Group LLC, Construction & Engineering, 3MS+5.75%(0.75% Floor) Initial Acquisition Date 9/27/2023, Maturity Date 5/3/2029
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[2],[4],[27]	5.75%
Investment, Interest Rate, Floor	[2],[4],[27]	0.75%
Investment, Acquisition Date	[1],[2],[4],[27]	Sep. 27, 2023
Maturity Date	[1],[2],[4],[27]	May 03, 2029
Principal Amount/ Shares	[1],[2],[4],[9],[27]	$ 3,989,899
Amortized Cost	[1],[2],[4],[27]	3,935,038
Investments at Fair Value	[1],[2],[4],[27]	$ 3,937,532
Percentage of Net Assets	[1],[2],[4],[27]	4.69%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27]	$ 3,937,532
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Cook & Boardman Group, LLC, Trading Companies & Distributors, 1M S + 5.75% (1.00% Floor), Initial Acquisition Date 10/12/2018, Maturity Date 10/17/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[27]	5.75%
Investment, Interest Rate, Floor	[1],[2],[4],[27]	1.00%
Investment, Acquisition Date	[1],[2],[4],[27]	Oct. 12, 2018
Maturity Date	[1],[2],[4],[27]	Oct. 17, 2025
Principal Amount/ Shares	[1],[2],[4],[9],[27]	$ 9,522,126
Amortized Cost	[1],[2],[4],[27]	9,486,949
Investments at Fair Value	[1],[2],[4],[27]	$ 9,474,516
Percentage of Net Assets	[1],[2],[4],[27]	11.30%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27]	$ 9,474,516
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Cook & Boardman Group, LLC, Trading Companies & Distributors, 3M S + 5.75% (1.00% Floor), Initial Acquisition Date 10/12/2018, Maturity Date 10/17/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[28]				5.75%
Investment, Interest Rate, Floor	[5],[6],[8],[28]				1.00%
Investment, Acquisition Date	[5],[6],[8],[28]				Oct. 12, 2018
Maturity Date	[5],[6],[8],[28]				Oct. 17, 2025
Principal Amount/ Shares	[5],[6],[8],[16],[28]				$ 9,547,181
Amortized Cost	[5],[6],[8],[28]				9,508,116
Investments at Fair Value	[5],[6],[8],[28]				$ 9,213,030
Percentage of Net Assets	[5],[6],[8],[28]				10.51%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	9,213,030
Investment at Fair Value, Ending Balance	[5],[6],[8],[28]				$ 9,213,030
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Crafty Apes, LLC, Entertainment, 1M S + 7.06% (1.00% Floor),Initial Acquisition Date 12/23/2021, Maturity Date 11/1/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[28],[31]				7.06%
Investment, Interest Rate, Floor	[5],[6],[8],[28],[31]				1.00%
Investment, Acquisition Date	[5],[6],[8],[28],[31]				Dec. 23, 2021
Maturity Date	[5],[6],[8],[28],[31]				Nov. 01, 2024
Principal Amount/ Shares	[5],[6],[8],[16],[28],[31]				$ 8,000,000
Amortized Cost	[5],[6],[8],[28],[31]				7,959,319
Investments at Fair Value	[5],[6],[8],[28],[31]				$ 7,640,000
Percentage of Net Assets	[5],[6],[8],[28],[31]				8.71%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28],[31]	$ 7,640,000
Investment at Fair Value, Ending Balance	[5],[6],[8],[28],[31]				$ 7,640,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Crafty Apes, LLC, Entertainment, 6M S + 7.06% (1.00% Floor), Initial Acquisition Date 12/23/2021, Maturity Date 11/1/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[27],[32]	7.06%
Investment, Interest Rate, Floor	[1],[2],[4],[27],[32]	1.00%
Investment, Acquisition Date	[1],[2],[4],[27],[32]	Dec. 23, 2021
Maturity Date	[1],[2],[4],[27],[32]	Nov. 01, 2024
Principal Amount/ Shares	[1],[2],[4],[9],[27],[32]	$ 8,000,000
Amortized Cost	[1],[2],[4],[27],[32]	7,966,479
Investments at Fair Value	[1],[2],[4],[27],[32]	$ 7,600,000
Percentage of Net Assets	[1],[2],[4],[27],[32]	9.06%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27],[32]	$ 7,600,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Easy Way Leisure Corporation, Household Durables, 3M S + 7.00% (1.00% Floor), Initial Acquisition Date 8/2/2021, Maturity Date 1/15/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		7.00%	[1],[2],[4],[27]		7.00%	[5],[6],[8],[28]
Investment, Interest Rate, Floor		1.00%	[1],[2],[4],[27]		1.00%	[5],[6],[8],[28]
Investment, Acquisition Date		Aug. 02, 2021	[1],[2],[4],[27]		Aug. 02, 2021	[5],[6],[8],[28]
Maturity Date		Jan. 15, 2026	[1],[2],[4],[27]		Jan. 15, 2026	[5],[6],[8],[28]
Principal Amount/ Shares		$ 7,785,555	[1],[2],[4],[9],[27]		$ 7,805,376	[5],[6],[8],[16],[28]
Amortized Cost		7,721,873	[1],[2],[4],[27]		7,735,660	[5],[6],[8],[28]
Investments at Fair Value		$ 7,766,091	[1],[2],[4],[27]		$ 7,610,242	[5],[6],[8],[28]
Percentage of Net Assets		9.26%	[1],[2],[4],[27]		8.68%	[5],[6],[8],[28]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 7,610,242
Investment at Fair Value, Ending Balance		7,766,091	[1],[2],[4],[27]		$ 7,610,242	[5],[6],[8],[28]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Empire Office Inc., Trading Companies & Distributors, 1M L + 6.75% (1.50% Floor), Initial Acquisition Date 3/28/2019, Maturity Date 4/12/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[28]				6.75%
Investment, Interest Rate, Floor	[5],[6],[8],[28]				1.50%
Investment, Acquisition Date	[5],[6],[8],[28]				Mar. 28, 2019
Maturity Date	[5],[6],[8],[28]				Apr. 12, 2024
Principal Amount/ Shares	[5],[6],[8],[16],[28]				$ 11,976,967
Amortized Cost	[5],[6],[8],[28]				11,923,473
Investments at Fair Value	[5],[6],[8],[28]				$ 11,947,025
Percentage of Net Assets	[5],[6],[8],[28]				13.62%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 11,947,025
Investment at Fair Value, Ending Balance	[5],[6],[8],[28]				$ 11,947,025
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Empire Office Inc., Trading Companies & Distributors, 1MS+ 6.75% (1.50% Floor), Initial Acquisition Date 3/28/2019, Maturity Date 4/12/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[27]	6.75%
Investment, Interest Rate, Floor	[1],[2],[4],[27]	1.50%
Investment, Acquisition Date	[1],[2],[4],[27]	Mar. 28, 2019
Maturity Date	[1],[2],[4],[27]	Apr. 12, 2024
Principal Amount/ Shares	[1],[2],[4],[9],[27]	$ 11,770,853
Amortized Cost	[1],[2],[4],[27]	11,734,027
Investments at Fair Value	[1],[2],[4],[27]	$ 11,770,853
Percentage of Net Assets	[1],[2],[4],[27]	14.04%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27]	$ 11,770,853
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Evergreen North America Acquisitions, LLC - Revolver, Machinery, 3M S + 6.75% (1.00% Floor), Initial Acquisition Date 7/26/2022, Maturity Date 8/13/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		6.75%	[1],[2],[4],[13]		6.75%	[5],[6],[8],[15]
Investment, Interest Rate, Floor		1.00%	[1],[2],[4],[13]		1.00%	[5],[6],[8],[15]
Investment, Acquisition Date		Jul. 26, 2022	[1],[2],[4],[13]		Jul. 26, 2022	[5],[6],[8],[15]
Maturity Date		Aug. 13, 2026	[1],[2],[4],[13]		Aug. 13, 2026	[5],[6],[8],[15]
Principal Amount/ Shares		$ 211,107	[1],[2],[4],[9],[13]		$ 211,107	[5],[6],[8],[15],[16]
Amortized Cost		211,107	[1],[2],[4],[13]		211,107	[5],[6],[8],[15]
Investments at Fair Value		$ 208,996	[1],[2],[4],[13]		$ 207,941	[5],[6],[8],[15]
Percentage of Net Assets		0.25%	[1],[2],[4],[13]		0.24%	[5],[6],[8],[15]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[15]	$ 207,941
Investment at Fair Value, Ending Balance		$ 208,996	[1],[2],[4],[13]		$ 207,941	[5],[6],[8],[15]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Evergreen North America Acquisitions, LLC, Machinery, 1MS + 6.75% (1.00% Floor), Initial Acquisition Date 7/26/2022, Maturity Date 8/13/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[27]	6.75%
Investment, Interest Rate, Floor	[1],[2],[4],[27]	1.00%
Investment, Acquisition Date	[1],[2],[4],[27]	Jul. 26, 2022
Maturity Date	[1],[2],[4],[27]	Aug. 13, 2026
Principal Amount/ Shares	[1],[2],[4],[9],[27]	$ 4,455,992
Amortized Cost	[1],[2],[4],[27]	4,388,427
Investments at Fair Value	[1],[2],[4],[27]	$ 4,411,432
Percentage of Net Assets	[1],[2],[4],[27]	5.26%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27]	$ 4,411,432
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Evergreen North America Acquisitions, LLC, Machinery, 3M S + 6.75% (1.00% Floor), Initial Acquisition Date 7/26/2022, Maturity Date 8/13/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[28]				6.75%
Investment, Interest Rate, Floor	[5],[6],[8],[28]				1.00%
Investment, Acquisition Date	[5],[6],[8],[28]				Jul. 26, 2022
Maturity Date	[5],[6],[8],[28]				Aug. 13, 2026
Principal Amount/ Shares	[5],[6],[8],[16],[28]				$ 4,467,360
Amortized Cost	[5],[6],[8],[28]				4,394,797
Investments at Fair Value	[5],[6],[8],[28]				$ 4,400,349
Percentage of Net Assets	[5],[6],[8],[28]				5.02%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 4,400,349
Investment at Fair Value, Ending Balance	[5],[6],[8],[28]				$ 4,400,349
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Flatworld Intermediate Corporation, IT Services, 3M S + 6.50% (1.00% Floor), Initial Acquisition Date 10/3/2022, Maturity Date 10/1/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		6.50%	[1],[2],[4],[27]		6.50%	[5],[6],[8],[28]
Investment, Interest Rate, Floor		1.00%	[1],[2],[4],[27]		1.00%	[5],[6],[8],[28]
Investment, Acquisition Date		Oct. 03, 2022	[1],[2],[4],[27]		Oct. 03, 2022	[5],[6],[8],[28]
Maturity Date		Oct. 01, 2027	[1],[2],[4],[27]		Oct. 01, 2027	[5],[6],[8],[28]
Principal Amount/ Shares		$ 2,252,027	[1],[2],[4],[9],[27]		$ 2,420,270	[5],[6],[8],[16],[28]
Amortized Cost		2,213,570	[1],[2],[4],[27]		2,376,950	[5],[6],[8],[28]
Investments at Fair Value		$ 2,139,426	[1],[2],[4],[27]		$ 2,359,764	[5],[6],[8],[28]
Percentage of Net Assets		2.55%	[1],[2],[4],[27]		2.69%	[5],[6],[8],[28]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 2,359,764
Investment at Fair Value, Ending Balance		$ 2,139,426	[1],[2],[4],[27]		$ 2,359,764	[5],[6],[8],[28]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Fleetpride Inc., Trading Companies & Distributors,3MS+4.50%(5.00% Floor Initial Acquisition Date 9/27/2023, Maturity Date 9/01/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[27]	4.50%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Fleetpride Inc., Trading Companies & Distributors,3MS+4.50%(5.00% Floor) Initial Acquisition Date 9/27/2023, Maturity Date 9/01/2028
Schedule Of Investments [Line Items]
Investment, Interest Rate, Floor	[1],[2],[27]	5.00%
Investment, Acquisition Date	[1],[2],[4],[27]	Sep. 27, 2023
Maturity Date	[1],[2],[4],[27]	Sep. 01, 2028
Principal Amount/ Shares	[1],[2],[4],[9],[27]	$ 3,000,000
Amortized Cost	[1],[2],[4],[27]	2,968,125
Investments at Fair Value	[1],[2],[4],[27]	$ 3,000,000
Percentage of Net Assets	[1],[2],[4],[27]	3.58%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27]	$ 3,000,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Fusion Connect, Inc. - 2022 Term Loan, IT Services, 3M S + 7.50% 1.00% PIK (1.00% Floor), Initial Acquisition Date 1/12/2022, Maturity Date 1/18/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[16],[28]				7.50%
Investment, Interest Rate, Paid in Kind	[5],[6],[8],[16],[28]				1.00%
Investment, Interest Rate, Floor	[5],[6],[8],[16],[28]				1.00%
Investment, Acquisition Date	[5],[6],[8],[16],[28]				Jan. 12, 2022
Maturity Date	[5],[6],[8],[16],[28]				Jan. 18, 2027
Principal Amount/ Shares	[5],[6],[8],[16],[28]				$ 6,838,831
Amortized Cost	[5],[6],[8],[16],[28]				6,684,667
Investments at Fair Value	[5],[6],[8],[16],[28]				$ 6,684,957
Percentage of Net Assets	[5],[6],[8],[16],[28]				7.62%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[16],[28]	$ 6,684,957
Investment at Fair Value, Ending Balance	[5],[6],[8],[16],[28]				$ 6,684,957
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, INW Manufacturing, LLC, Food Products, 3M S + 5.75% (0.75% Floor), Initial Acquisition Date 5/5/2021, Maturity Date 3/25/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		5.75%	[1],[2],[4],[27]		5.75%	[5],[6],[8],[28]
Investment, Interest Rate, Floor		0.75%	[1],[2],[4],[27]		0.75%	[5],[6],[8],[28]
Investment, Acquisition Date		May 05, 2021	[1],[2],[4],[27]		May 05, 2021	[5],[6],[8],[28]
Maturity Date		Mar. 25, 2027	[1],[2],[4],[27]		Mar. 25, 2027	[5],[6],[8],[28]
Principal Amount/ Shares		$ 4,500,000	[1],[2],[4],[9],[27]		$ 4,562,500	[5],[6],[8],[16],[28]
Amortized Cost		4,411,663	[1],[2],[4],[27]		4,467,824	[5],[6],[8],[28]
Investments at Fair Value		$ 4,005,000	[1],[2],[4],[27]		$ 4,288,750	[5],[6],[8],[28]
Percentage of Net Assets		4.78%	[1],[2],[4],[27]		4.89%	[5],[6],[8],[28]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 4,288,750
Investment at Fair Value, Ending Balance		$ 4,005,000	[1],[2],[4],[27]		$ 4,288,750	[5],[6],[8],[28]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Klein Hersh, LLC, Professional Services, 3M S + 4.63% + 6.77% PIK (0.50% Floor), Initial Acquisition Date 4/21/2022, Maturity Date 4/27/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[9],[27],[33]	4.63%
Investment, Interest Rate, Paid in Kind	[1],[2],[4],[9],[27],[33]	6.77%
Investment, Interest Rate, Floor	[1],[2],[4],[9],[27],[33]	0.50%
Investment, Acquisition Date	[1],[2],[4],[9],[27],[33]	Apr. 21, 2022
Maturity Date	[1],[2],[4],[9],[27],[33]	Apr. 27, 2027
Principal Amount/ Shares	[1],[2],[4],[9],[27],[33]	$ 10,180,038
Amortized Cost	[1],[2],[4],[9],[27],[33]	10,067,405
Investments at Fair Value	[1],[2],[4],[9],[27],[33]	$ 6,617,024
Percentage of Net Assets	[1],[2],[4],[9],[27],[33]	7.89%
Investment at Fair Value, Ending Balance	[1],[2],[4],[9],[27],[33]	$ 6,617,024
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Klein Hersh, LLC, Professional Services, 3M S + 4.63% 6.77% PIK (0.50% Floor), Initial Acquisition Date 4/21/2022, Maturity Date 4/27/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[16],[28],[34]				4.63%
Investment, Interest Rate, Paid in Kind	[5],[6],[8],[16],[28],[34]				6.77%
Investment, Interest Rate, Floor	[5],[6],[8],[16],[28],[34]				0.50%
Investment, Acquisition Date	[5],[6],[8],[16],[28],[34]				Apr. 21, 2022
Maturity Date	[5],[6],[8],[16],[28],[34]				Apr. 27, 2027
Principal Amount/ Shares	[5],[6],[8],[16],[28],[34]				$ 10,390,813
Amortized Cost	[5],[6],[8],[16],[28],[34]				10,275,044
Investments at Fair Value	[5],[6],[8],[16],[28],[34]				$ 8,078,857
Percentage of Net Assets	[5],[6],[8],[16],[28],[34]				9.21%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[16],[28],[34]	$ 8,078,857
Investment at Fair Value, Ending Balance	[5],[6],[8],[16],[28],[34]				$ 8,078,857
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, LABL, INC. Paper Packaging, 1MS+5.00%(0.50% Floor) Initial Acquisition Date 9/27/2023, Maturity Date 10/29/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[27]	5.00%
Investment, Interest Rate, Floor	[2],[4],[27]	0.50%
Investment, Acquisition Date	[1],[2],[4],[27]	Sep. 27, 2023
Maturity Date	[1],[2],[4],[27]	Oct. 29, 2028
Principal Amount/ Shares	[1],[2],[4],[9],[27]	$ 3,000,000
Amortized Cost	[1],[2],[4],[27]	3,000,000
Investments at Fair Value	[1],[2],[4],[27]	$ 3,000,000
Percentage of Net Assets	[1],[2],[4],[27]	3.58%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27]	$ 3,000,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, LaserAway Intermediate Holdings II, LLC, Diversified Consumer Services, 3M S + 5.75% (0.75% Floor), Initial Acquisition Date 10/12/2021, Maturity Date 10/14/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		5.75%	[1],[2],[4],[27]		5.75%	[5],[6],[8],[28]
Investment, Interest Rate, Floor		0.75%	[1],[2],[4],[27]		0.75%	[5],[6],[8],[28]
Investment, Acquisition Date		Oct. 12, 2021	[1],[2],[4],[27]		Oct. 12, 2021	[5],[6],[8],[28]
Maturity Date		Oct. 14, 2027	[1],[2],[4],[27]		Oct. 14, 2027	[5],[6],[8],[28]
Principal Amount/ Shares		$ 7,250,052	[1],[2],[4],[9],[27]		$ 7,268,500	[5],[6],[8],[16],[28]
Amortized Cost		7,173,152	[1],[2],[4],[27]		7,187,704	[5],[6],[8],[28]
Investments at Fair Value		$ 7,250,052	[1],[2],[4],[27]		$ 7,268,500	[5],[6],[8],[28]
Percentage of Net Assets		8.65%	[1],[2],[4],[27]		8.29%	[5],[6],[8],[28]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 7,268,500
Investment at Fair Value, Ending Balance		7,250,052	[1],[2],[4],[27]		$ 7,268,500	[5],[6],[8],[28]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, NWN Parent Holdings LLC - Revolver, IT Services, 3M S + 8.00% (1.00% Floor), Initial Acquisition Date 5/5/2021, Maturity Date 5/7/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[15],[28]				8.00%
Investment, Interest Rate, Floor	[5],[6],[8],[15],[28]				1.00%
Investment, Acquisition Date	[5],[6],[8],[15],[28]				May 05, 2021
Maturity Date	[5],[6],[8],[15],[28]				May 07, 2026
Principal Amount/ Shares	[5],[6],[8],[15],[16]				$ 400,000
Amortized Cost	[5],[6],[8],[15]				400,000
Investments at Fair Value	[5],[6],[8],[15]				$ 401,000
Percentage of Net Assets	[5],[6],[8],[15]				0.46%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[15]	$ 401,000
Investment at Fair Value, Ending Balance	[5],[6],[8],[15]				$ 401,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, NWN Parent Holdings LLC, IT Services, 3M S + 8.00% (1.00% Floor), Initial Acquisition Date 5/5/2021, Maturity Date 5/7/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		8.00%	[1],[2],[4],[27]		8.00%	[5],[6],[8],[28]
Investment, Interest Rate, Floor		1.00%	[1],[2],[4],[27]		1.00%	[5],[6],[8],[28]
Investment, Acquisition Date		May 05, 2021	[1],[2],[4],[27]		May 05, 2021	[5],[6],[8],[28]
Maturity Date		May 07, 2026	[1],[2],[4],[27]		May 07, 2026	[5],[6],[8],[28]
Principal Amount/ Shares		$ 8,402,893	[1],[2],[4],[9],[27]		$ 8,402,893	[5],[6],[8],[16],[28]
Amortized Cost		8,354,088	[1],[2],[4],[27]		8,350,223	[5],[6],[8],[28]
Investments at Fair Value		$ 8,486,922	[1],[2],[4],[27]		$ 8,423,901	[5],[6],[8],[28]
Percentage of Net Assets		10.12%	[1],[2],[4],[27]		9.61%	[5],[6],[8],[28]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 8,423,901
Investment at Fair Value, Ending Balance		$ 8,486,922	[1],[2],[4],[27]		$ 8,423,901	[5],[6],[8],[28]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, PVI Holdings, Inc., Trading Companies & Distributors, 3M S + 6.67% (1.00% Floor), Initial Acquisition Date 7/29/2022, Maturity Date 1/18/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[27],[35]	6.67%
Investment, Interest Rate, Floor	[1],[2],[4],[27],[35]	1.00%
Investment, Acquisition Date	[1],[2],[4],[27],[35]	Jul. 29, 2022
Maturity Date	[1],[2],[4],[27],[35]	Jan. 18, 2028
Principal Amount/ Shares	[1],[2],[4],[9],[27],[35]	$ 3,960,000
Amortized Cost	[1],[2],[4],[27],[35]	3,927,667
Investments at Fair Value	[1],[2],[4],[27],[35]	$ 3,960,000
Percentage of Net Assets	[1],[2],[4],[27],[35]	4.72%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27],[35]	$ 3,960,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Potpourri Group, Inc., Internet & Direct Marketing Retail, 1M S + 8.25% (1.50% Floor), Initial Acquisition Date 6/27/2019, Maturity Date 7/3/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		8.25%	[1],[2],[4],[27]		8.25%	[5],[6],[8],[28]
Investment, Interest Rate, Floor		1.50%	[1],[2],[4],[27]		1.50%	[5],[6],[8],[28]
Investment, Acquisition Date		Jun. 27, 2019	[1],[2],[4],[27]		Jun. 27, 2019	[5],[6],[8],[28]
Maturity Date		Jul. 03, 2024	[1],[2],[4],[27]		Jul. 03, 2024	[5],[6],[8],[28]
Principal Amount/ Shares		$ 8,907,439	[1],[2],[4],[9],[27]		$ 8,969,729	[5],[6],[8],[16],[28]
Amortized Cost		8,886,521	[1],[2],[4],[27]		8,942,153	[5],[6],[8],[28]
Investments at Fair Value		$ 8,907,439	[1],[2],[4],[27]		$ 8,969,729	[5],[6],[8],[28]
Percentage of Net Assets		10.62%	[1],[2],[4],[27]		10.23%	[5],[6],[8],[28]
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 8,969,729
Investment at Fair Value, Ending Balance		$ 8,907,439	[1],[2],[4],[27]		$ 8,969,729	[5],[6],[8],[28]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Retail Services WIS Corporation, Commercial Services & Supplies, 3M S + 7.75% (1.00% Floor), Initial Acquisition Date 5/20/2021, Maturity Date 5/20/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[27]	7.75%
Investment, Interest Rate, Floor	[1],[2],[4],[27]	1.00%
Investment, Acquisition Date	[1],[2],[4],[27]	May 20, 2021
Maturity Date	[1],[2],[4],[27]	May 20, 2025
Principal Amount/ Shares	[1],[2],[4],[9],[27]	$ 6,420,279
Amortized Cost	[1],[2],[4],[27]	6,361,192
Investments at Fair Value	[1],[2],[4],[27]	$ 6,388,178
Percentage of Net Assets	[1],[2],[4],[27]	7.62%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27]	$ 6,388,178
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Sandvine Corporation, Software, 1MS + 4.50%, Initial Acquisition Date 2/3/2023, Maturity Date 10/31/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[27],[36],[37]	4.50%
Investment, Acquisition Date	[1],[2],[4],[27],[36],[37]	Feb. 03, 2023
Maturity Date	[1],[2],[4],[27],[36],[37]	Oct. 31, 2025
Principal Amount/ Shares	[1],[2],[4],[9],[27],[36],[37]	$ 5,284,642
Amortized Cost	[1],[2],[4],[27],[36],[37]	5,093,971
Investments at Fair Value	[1],[2],[4],[27],[36],[37]	$ 4,967,563
Percentage of Net Assets	[1],[2],[4],[27],[36],[37]	5.92%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27],[36],[37]	$ 4,967,563
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, South Coast Terminals, LLC, Chemicals, 1M L + 5.75% (1.00% Floor), Initial Acquisition Date 12/21/2021, Maturity Date 12/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[27]	5.75%
Investment, Interest Rate, Floor	[1],[2],[4],[27]	1.00%
Investment, Acquisition Date	[1],[2],[4],[27]	Dec. 21, 2021
Maturity Date	[1],[2],[4],[27]	Dec. 10, 2026
Principal Amount/ Shares	[1],[2],[4],[9],[27]	$ 7,584,070
Amortized Cost	[1],[2],[4],[27]	7,531,101
Investments at Fair Value	[1],[2],[4],[27]	$ 7,527,189
Percentage of Net Assets	[1],[2],[4],[27]	8.98%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27]	$ 7,527,189
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Work Genius Holdings, Inc - Revolver, Professional Services, 3M S + 7.50% (1.00% Floor), Initial Acquisition Date 12/28/2022, Maturity Date 6/7/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[13]	7.50%
Investment, Interest Rate, Floor	[1],[2],[4],[13]	1.00%
Investment, Acquisition Date	[1],[2],[4],[13]	Dec. 28, 2022
Maturity Date	[1],[2],[4],[13]	Jun. 07, 2027
Principal Amount/ Shares	[1],[2],[4],[9],[13]	$ 750,000
Amortized Cost	[1],[2],[4],[13]	750,000
Investments at Fair Value	[1],[2],[4],[13]	$ 736,875
Percentage of Net Assets	[1],[2],[4],[13]	0.88%
Investment at Fair Value, Ending Balance	[1],[2],[4],[13]	$ 736,875
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Work Genius Holdings, Inc, Professional Services, 3M S + 7.50% (1.00% Floor), Initial Acquisition Date 6/6/2022, Maturity Date 6/7/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[27]	7.50%
Investment, Interest Rate, Floor	[1],[2],[4],[27]	1.00%
Investment, Acquisition Date	[1],[2],[4],[27]	Jun. 06, 2022
Maturity Date	[1],[2],[4],[27]	Jun. 07, 2027
Principal Amount/ Shares	[1],[2],[4],[9],[27]	$ 9,876,923
Amortized Cost	[1],[2],[4],[27]	9,799,003
Investments at Fair Value	[1],[2],[4],[27]	$ 9,704,077
Percentage of Net Assets	[1],[2],[4],[27]	11.57%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27]	$ 9,704,077
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Xenon Arc, Inc. - Revolver, Trading Companies & Distributors, 1M S + 5.25% (0.75% Floor), Initial Acquisition Date 12/27/2021, Maturity Date 12/17/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[13]	5.25%
Investment, Interest Rate, Floor	[1],[2],[4],[13]	0.75%
Investment, Acquisition Date	[1],[2],[4],[13]	Dec. 27, 2021
Maturity Date	[1],[2],[4],[13]	Dec. 17, 2026
Principal Amount/ Shares	[1],[2],[4],[9],[13]	$ 320,000
Amortized Cost	[1],[2],[4],[13]	320,000
Investments at Fair Value	[1],[2],[4],[13]	$ 320,000
Percentage of Net Assets	[1],[2],[4],[13]	0.38%
Investment at Fair Value, Ending Balance	[1],[2],[4],[13]	$ 320,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Xenon Arc, Inc., Trading Companies & Distributors, 3MS + 5.25% (0.75% Floor), Initial Acquisition Date 12/27/2021, Maturity Date 12/17/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[4],[27]	5.25%
Investment, Interest Rate, Floor	[1],[2],[4],[27]	0.75%
Investment, Acquisition Date	[1],[2],[4],[27]	Dec. 27, 2021
Maturity Date	[1],[2],[4],[27]	Dec. 17, 2027
Principal Amount/ Shares	[1],[2],[4],[9],[27]	$ 8,872,500
Amortized Cost	[1],[2],[4],[27]	8,798,256
Investments at Fair Value	[1],[2],[4],[27]	$ 8,872,500
Percentage of Net Assets	[1],[2],[4],[27]	10.58%
Investment at Fair Value, Ending Balance	[1],[2],[4],[27]	$ 8,872,500
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, PVI Holdings, Inc., Trading Companies & Distributors, 3M S + 5.94% (1.00% Floor), Initial Acquisition Date 7/29/2022, Maturity Date 7/16/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[28],[38]				5.94%
Investment, Interest Rate, Floor	[5],[6],[8],[28],[38]				1.00%
Investment, Acquisition Date	[5],[6],[8],[28],[38]				Jul. 29, 2022
Maturity Date	[5],[6],[8],[28],[38]				Jul. 16, 2027
Principal Amount/ Shares	[5],[6],[8],[16],[28],[38]				$ 3,970,000
Amortized Cost	[5],[6],[8],[28],[38]				3,935,901
Investments at Fair Value	[5],[6],[8],[28],[38]				$ 3,970,000
Percentage of Net Assets	[5],[6],[8],[28],[38]				4.53%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28],[38]	3,970,000
Investment at Fair Value, Ending Balance	[5],[6],[8],[28],[38]				$ 3,970,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Retail Services WIS Corporation, Commercial Services & Supplies, 3M S + 7.75% (1.00% Floor), Initial Acquisition Date 5/20/2021, Maturity Date 5/20/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[28]				7.75%
Investment, Interest Rate, Floor	[5],[6],[8],[28]				1.00%
Investment, Acquisition Date	[5],[6],[8],[28]				May 20, 2021
Maturity Date	[5],[6],[8],[28]				May 20, 2025
Principal Amount/ Shares	[5],[6],[8],[16],[28]				$ 6,508,087
Amortized Cost	[5],[6],[8],[28]				6,440,129
Investments at Fair Value	[5],[6],[8],[28]				$ 6,443,006
Percentage of Net Assets	[5],[6],[8],[28]				7.35%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	6,443,006
Investment at Fair Value, Ending Balance	[5],[6],[8],[28]				$ 6,443,006
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Sandvine Corporation, Software, 3M S + 4.50%, Initial Acquisition Date 2/3/2023, Maturity Date 10/31/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[28],[39],[40]				4.50%
Investment, Acquisition Date	[5],[6],[8],[28],[39],[40]				Feb. 03, 2023
Maturity Date	[5],[6],[8],[28],[39],[40]				Oct. 31, 2025
Principal Amount/ Shares	[5],[6],[8],[16],[28],[39],[40]				$ 5,284,642
Amortized Cost	[5],[6],[8],[28],[39],[40]				5,074,088
Investments at Fair Value	[5],[6],[8],[28],[39],[40]				$ 5,046,833
Percentage of Net Assets	[5],[6],[8],[28],[39],[40]				5.75%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28],[39],[40]	5,046,833
Investment at Fair Value, Ending Balance	[5],[6],[8],[28],[39],[40]				$ 5,046,833
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, South Coast Terminals, LLC, Chemicals, 1M L + 5.75% (1.00% Floor), Initial Acquisition Date 12/21/2021, Maturity Date 12/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[28]				5.75%
Investment, Interest Rate, Floor	[5],[6],[8],[28]				1.00%
Investment, Acquisition Date	[5],[6],[8],[28]				Dec. 21, 2021
Maturity Date	[5],[6],[8],[28]				Dec. 10, 2026
Principal Amount/ Shares	[5],[6],[8],[16]				$ 7,606,650
Amortized Cost	[5],[6],[8],[28]				7,550,110
Investments at Fair Value	[5],[6],[8],[28]				$ 7,568,617
Percentage of Net Assets	[5],[6],[8],[28]				8.63%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	7,568,617
Investment at Fair Value, Ending Balance	[5],[6],[8],[28]				$ 7,568,617
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Work Genius Holdings, Inc - Revolver, Professional Services, 3M S + 7.50% (1.00% Floor), Initial Acquisition Date 12/28/2022, Maturity Date 6/7/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[15]				7.50%
Investment, Interest Rate, Floor	[5],[6],[8],[15]				1.00%
Investment, Acquisition Date	[5],[6],[8],[15]				Dec. 28, 2022
Maturity Date	[5],[6],[8],[15]				Jun. 07, 2027
Principal Amount/ Shares	[5],[6],[8],[15],[16],[28]				$ 750,000
Amortized Cost	[5],[6],[8],[15]				750,000
Investments at Fair Value	[5],[6],[8],[15]				$ 729,375
Percentage of Net Assets	[5],[6],[8],[15]				0.83%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[15]	729,375
Investment at Fair Value, Ending Balance	[5],[6],[8],[15]				$ 729,375
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Work Genius Holdings, Inc, Professional Services, 3M S + 7.50% (1.00% Floor), Initial Acquisition Date 6/6/2022, Maturity Date 6/7/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[28]				7.50%
Investment, Interest Rate, Floor	[5],[6],[8],[28]				1.00%
Investment, Acquisition Date	[5],[6],[8],[28]				Jun. 06, 2022
Maturity Date	[5],[6],[8],[28]				Jun. 07, 2027
Principal Amount/ Shares	[5],[6],[8],[16]				$ 9,901,923
Amortized Cost	[5],[6],[8],[28]				9,819,740
Investments at Fair Value	[5],[6],[8],[28]				$ 9,629,620
Percentage of Net Assets	[5],[6],[8],[28]				10.98%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	9,629,620
Investment at Fair Value, Ending Balance	[5],[6],[8],[28]				$ 9,629,620
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Xenon Arc, Inc. - Revolver, Trading Companies & Distributors, 6M L + 5.25% (0.75% Floor), Initial Acquisition Date 12/27/2021, Maturity Date 12/17/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[15]				5.25%
Investment, Interest Rate, Floor	[5],[6],[8],[15]				0.75%
Investment, Acquisition Date	[5],[6],[8],[15]				Dec. 27, 2021
Maturity Date	[5],[6],[8],[15]				Dec. 17, 2026
Principal Amount/ Shares	[5],[6],[8],[15],[16]				$ 253,333
Amortized Cost	[5],[6],[8],[15]				253,333
Investments at Fair Value	[5],[6],[8],[15]				$ 253,333
Percentage of Net Assets	[5],[6],[8],[15]				0.29%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[15]	253,333
Investment at Fair Value, Ending Balance	[5],[6],[8],[15]				$ 253,333
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Xenon Arc, Inc., Trading Companies & Distributors, 6M L + 5.25% (0.75% Floor), Initial Acquisition Date 12/27/2021, Maturity Date 12/17/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[5],[6],[8],[28]				5.25%
Investment, Interest Rate, Floor	[5],[6],[8],[28]				0.75%
Investment, Acquisition Date	[5],[6],[8],[28]				Dec. 27, 2021
Maturity Date	[5],[6],[8],[28]				Dec. 17, 2027
Principal Amount/ Shares	[5],[6],[8],[16]				$ 8,895,000
Amortized Cost	[5],[6],[8],[28]				8,818,485
Investments at Fair Value	[5],[6],[8],[28]				$ 8,895,000
Percentage of Net Assets	[5],[6],[8],[28]				10.14%
Investment at Fair Value, Beginning Balance	[5],[6],[8],[28]	$ 8,895,000
Investment at Fair Value, Ending Balance	[5],[6],[8],[28]				$ 8,895,000

[1] All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted.

[2] All investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors.

[3] As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of this portfolio company because it owns 5% or more, up to 25% (inclusive), of the portfolio company’s outstanding voting securities (“non-controlled affiliate”). As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” a portfolio company if it owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). As of September 30, 2023, the Company had no “Control Investments.”

[4] The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of September 30, 2023, the Company’s portfolio company investments that were subject to restrictions on sales totaled $223,404,283 at fair value and represented 266.40% of the Company’s net assets.

[5] All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted.

[6] All investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company's board of directors.

[7] As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of this portfolio company because it owns 5% or more, up to 25% (inclusive), of the portfolio company’s outstanding voting securities (“non-controlled affiliate”.). As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” a portfolio company if it owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over the management or policies of such portfolio company (including through a management agreement.) As of June 30, 2023, the Company had no “Control Investments.”

[8] The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”.) Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of June 30, 2023, the Company’s portfolio company investments that were subject to restrictions on sales totaled $220,111,329 at fair value and represented 250.98% of the Company’s net assets.

[9] Principal amount includes capitalized PIK interest unless otherwise noted.

[10] Securities are non-income producing.

[11] Securities are non-income producing.

[12] Classified as non-accrual asset.

[13] Refer to Note 6 for more detail on the unfunded commitments.

[14] Classified as non-accrual asset.

[15] Refer to Note 6 for more detail on the unfunded commitments.

[16] Principal amount includes capitalized PIK interest unless otherwise noted.

[17] Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.

[18] Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.

[19] Gross reductions include decreases in the total cost basis of investment repayments from principal repayments or sales.

[20] Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.

[21] Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the Affiliate category.

[22] Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the Affiliate category.

[23] Investment is non-income producing.

[24] The fair value of all investments were determined using significant unobservable inputs.

[25] The fair value of all investments were determined using significant unobservable inputs.

[26] Investment is non-income producing.

[27] A portion or all is held by the Company indirectly through Investcorp Credit Management BDC SPV, LLC and pledged as collateral for the revolving credit facility held through Capital One, N.A.

[28] A portion or all is held by the Company indirectly through Investcorp Credit Management BDC SPV, LLC and pledged as collateral for the revolving credit facility held through Capital One, N.A.

[29] Security in default.

[30] Security in default.

[31] The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 6.25% (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

[32] The Company has entered into an Agreement Amongst Lenders that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 6.25% (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

[33] The Company has entered into an Agreement Amongst Lenders that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 7.50% plus 3.00% PIK (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

[34] The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 4.63% (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

[35] The Company has entered into an Agreement Among Lenders with the "first out" lenders, whereby the “first out” tranche will receive priority ahead of the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder in certain circumstances. Therefore, the Company receives a higher interest rate than the contractually stated interest rate of SOFR plus 6.00% subject to a grid (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

[36] A portfolio company domiciled in Canada. The jurisdiction of the security issuer may be a different country than the domicile of the portfolio company.

[37] The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of September 30, 2023, non-qualifying assets represented 2.03%% of the Company’s total assets, at fair value.

[38] The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 5.75% (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

[39] A portfolio company domiciled in Canada. The jurisdiction of the security issuer may be a different country than the domicile of the portfolio company.

[40] The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2023, non-qualifying assets represented 2.12% of the Company’s total assets, at fair value.

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Consolidated Schedule of Investments (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Schedule Of Investments [Line Items]
Investments at fair value	$ 223,404,283	$ 220,111,329
Percentage of net assets	100.00%	100.00%
Percentage of voting interests acquired in portfolio	25.00%	25.00%
Tranche One | Professional Services | PIK [Member]
Schedule Of Investments [Line Items]
Debt instrument, interest rate, higher than stated percentage	3.00%
SOFR | Tranche One | Professional Services
Schedule Of Investments [Line Items]
Debt instrument, interest rate, higher than stated percentage	7.50%	4.63%
SOFR | Tranche Two | Professional Services
Schedule Of Investments [Line Items]
Debt instrument, interest rate, higher than stated percentage	6.00%	5.75%
SOFR | Tranche Three | Professional Services
Schedule Of Investments [Line Items]
Debt instrument, interest rate, higher than stated percentage	6.25%	6.25%
Interest Rate Floor | Tranche One | Professional Services
Schedule Of Investments [Line Items]
Debt instrument, interest rate, higher than stated percentage	0.50%	0.50%
Interest Rate Floor | Tranche Two | Professional Services
Schedule Of Investments [Line Items]
Debt instrument, interest rate, higher than stated percentage	1.00%	0.50%
Interest Rate Floor | Tranche Three | Professional Services
Schedule Of Investments [Line Items]
Debt instrument, interest rate, higher than stated percentage	1.00%	0.50%
1-month LIBOR | London Interbank Offered Rates (LIBOR)
Schedule Of Investments [Line Items]
Investment percentage	5.43%	5.22%
3-month LIBOR | London Interbank Offered Rates (LIBOR)
Schedule Of Investments [Line Items]
Investment percentage	5.66%	5.55%
6-month LIBOR | London Interbank Offered Rates (LIBOR)
Schedule Of Investments [Line Items]
Investment percentage	5.90%	5.76%
PRIME Interest Rate | London Interbank Offered Rates (LIBOR)
Schedule Of Investments [Line Items]
Investment percentage	8.50%	8.25%
1-month SOFR | SOFR
Schedule Of Investments [Line Items]
Investment percentage	5.32%	5.14%
3-month SOFR | SOFR
Schedule Of Investments [Line Items]
Investment percentage	5.40%	5.27%
6-month SOFR | SOFR
Schedule Of Investments [Line Items]
Investment percentage	5.47%	5.39%
Minimum
Schedule Of Investments [Line Items]
Percentage of voting interests acquired in portfolio	5.00%	5.00%
Maximum
Schedule Of Investments [Line Items]
Percentage of voting interests acquired in portfolio	25.00%	25.00%
Investment | Portfolio
Schedule Of Investments [Line Items]
Investments at fair value	$ 223,404,283	$ 220,111,329
Percentage of net assets	266.40%	250.98%
Qualifying Assets
Schedule Of Investments [Line Items]
Percentage of net assets	70.00%	70.00%
Non Qualifying Assets
Schedule Of Investments [Line Items]
Percentage of net assets	2.03%	2.12%

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Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (1,684,362)	$ 1,657,507

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Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

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N-2 - $ / shares

3 Months Ended

Sep. 30, 2023

Jun. 30, 2023

Sep. 30, 2022

Jun. 30, 2022

Cover [Abstract]

Entity Central Index Key

0001578348

Amendment Flag

false

Securities Act File Number

814-01054

Document Type

10-Q

Entity Registrant Name

INVESTCORP CREDIT MANAGEMENT BDC, INC.

Entity Address, Address Line One

280 Park Avenue 39th Floor

Entity Address, City or Town

New York

Entity Address, State or Province

NY

Entity Address, Postal Zip Code

10017

City Area Code

212

Local Phone Number

599-4700

Entity Emerging Growth Company

false

General Description of Registrant [Abstract]

Risk Factors [Table Text Block]

Item 1A. Risk Factors

You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. Any such risks and uncertainties are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.

There have been no material changes during the three months ended September 30, 2023 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended June 30, 2023 (filed with the SEC on September 21, 2023). If any of such changes or risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the value of our securities could decline, and you may lose all or part of your investment.

Share Price

^[1]

$ 3.99

$ 3.58

NAV Per Share

^[2]

$ 5.83

^[1]

$ 6.09

$ 6.47

^[1]

$ 6.5

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Security Dividends [Text Block]

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

During the three months ended September 30, 2023, we issued 1,066 shares of common stock under our dividend reinvestment plan. These issuances were not subject to the registration requirements under the Securities Act. The cash paid for shares of common stock issued under our dividend reinvestment plan during the three months ended September 30, 2023 was $3,797.

Issuer Purchases of Equity Securities

None.

[1] The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period.

[2] All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

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Organization

3 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1. Organization

Investcorp Credit Management BDC, Inc. (“ICMB” or the “Company”), a Maryland corporation formed in May 2013, is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”) for U.S. federal income tax purposes. The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services – Investment Companies.

On February 11, 2014, the Company completed its initial public offering (the “Offering”), selling 7,666,666 shares of its common stock, par value $0.001, including the underwriters’ over-allotment, at a price of $15.00 per share with net proceeds of approximately $111.5 million.

CM Finance LLC, a Maryland limited liability company, commenced operations in March 2012. Immediately prior to the Offering, CM Finance LLC was merged with and into the Company (the “Merger”). In connection with the Merger, the Company issued 6,000,000 shares of common stock and $39.8 million in debt to the pre-existing CM Finance LLC investors, consisting of funds managed by Cyrus Capital Partners, L.P. (the “Original Investors” or the “Cyrus Funds”). The Company had no assets or operations prior to completion of the Merger and, as a result, the books and records of CM Finance LLC became the books and records of the Company, as the surviving entity. Immediately after the Merger, the Company issued 2,181,818 shares of its common stock to Stifel Venture Corp. (“Stifel”) in exchange for $32.7 million in cash. The Company used all of the proceeds of the sale of shares to Stifel to repurchase 2,181,818 shares of common stock from the Original Investors. Immediately after the completion of the Offering, the Company had 13,666,666 shares outstanding. The Company used a portion of the net proceeds of the Offering to repay 100% of the debt issued to the Original Investors in connection with the Merger.

CM Investment Partners LLC (the “Adviser”) serves as the Company’s investment adviser. On August 30, 2019, Investcorp Credit Management US LLC (“Investcorp”), a subsidiary of Investcorp Bank Holdings B.S.C., acquired the interests in the Adviser, which were previously held by the Cyrus Funds and Stifel and paid off certain debt owed by the Adviser, resulting in Investcorp having a majority ownership interest in the Adviser (the “Investcorp Transaction”). On August 30, 2019, CM Finance, Inc. changed its name to Investcorp Credit Management BDC, Inc.

In connection with the Investcorp Transaction, on June 26, 2019, the Company entered into a definitive stock purchase and transaction agreement with Investcorp BDC Holdings Limited (“Investcorp BDC”), an affiliate of Investcorp (the “Stock Purchase Agreement”). Under the Stock Purchase Agreement, Investcorp BDC was required by August 30, 2021 to purchase (i) 680,985 newly issued shares of the Company’s common stock, par value $0.001 per share, at the most recently determined net asset value per share of the Company’s common stock at the time of such purchase, as adjusted as necessary to comply with Section 23 of the 1940 Act, and (ii) 680,985 shares of the Company’s common stock in open-market or secondary transactions. Investcorp BDC has completed all required purchases under the Stock Purchase Agreement.

In connection with the Investcorp Transaction, on June 26, 2019, the Company’s board of directors, including all of the directors who are not “interested persons” of the Company, as defined in Section 2(a)(19) of the 1940 Act (each, an “Independent Director”), unanimously approved a new investment advisory agreement (the “Advisory Agreement”) which was subsequently approved by the Company’s stockholders at a special meeting of stockholders held on August 28, 2019. In connection with the closing of the Investcorp Transaction, on August 30, 2019, the Company entered into the Advisory Agreement and a new administration agreement (the “Administration Agreement”) with the Adviser as its investment adviser and administrator, respectively. The Advisory Agreement and the Administration Agreement are substantially similar to the Company’s prior investment advisory agreement between the Company and the Adviser and the Company’s prior administration agreement, respectively.

The Company’s primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing directly in debt and related equity of privately held middle-market companies to help these companies fund acquisitions, growth or refinancing. The Company invests primarily in middle-market companies in the form of standalone first and second lien loans, unitranche loans and mezzanine loans. The Company may also invest in unsecured debt, bonds and in the equity of portfolio companies through warrants and other instruments.

As a BDC, the Company is required to comply with certain regulatory requirements. For instance, as a BDC, the Company must not acquire any assets other than “qualifying assets,” as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70% of total assets are qualifying assets. Qualifying assets generally include investments in “eligible portfolio companies,” which, under the 1940 Act, are generally defined as any issuer that (1) is organized under the laws of, and has its principal place of business, in the United States; (2) is not an investment company (other than a small business investment company wholly-owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and (3) either does not have any class of securities listed on a national securities exchange or has any class of securities listed on a national securities exchange and have a market capitalization of less than $250 million, in each case organized and with their principal of business in the United States.

From time-to-time, the Company may form taxable subsidiaries that are taxed as corporations for U.S. federal income tax purposes (the “Taxable Subsidiaries”). At September 30, 2023 and June 30, 2023, the Company had no Taxable Subsidiaries. The Taxable Subsidiaries, if any, allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements applicable to a RIC under the Code.

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Significant Accounting Policies

3 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company.

a. Basis of Presentation

The accompanying consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended June 30, 2023. All values are stated in U.S. dollars, unless noted otherwise. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the periods included herein as required by U.S. GAAP. These adjustments are normal and recurring in nature.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments and other amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates utilized in preparing the Company’s consolidated financial statements are reasonable and prudent. Actual results could differ materially from these estimates. All material inter-company balances and transactions have been eliminated.

As permitted under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing all or substantially all of its services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, CM Finance SPV Ltd. (“SPV”), CM Finance SPV LLC (“LLC”) and Investcorp Credit Management BDC SPV, LLC (“SPV LLC”), which are special purpose vehicles used to finance certain investments in its consolidated financial statements. The effects of all material intercompany balances and transactions have been eliminated in consolidation.

The Company reclassified prior period affiliate and other information in the accompanying consolidated balance sheet and income statements to conform to its current period presentation. These reclassifications had no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.

b. Revenue Recognition, Security Transactions, and Realized/Unrealized Gains or Losses

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Origination, closing, commitment, and amendment fees, and purchase and original issue discounts (“OID”) associated with loans to portfolio companies are accreted into interest income over the respective terms of the applicable loans. Accretion of discounts or premiums is calculated by the effective interest or straight-line method, as applicable, as of the purchase date and adjusted only for material amendments or prepayments. Upon the prepayment of a loan or debt security, any prepayment penalties are included in other fee income and unamortized fees and discounts are recorded as interest income and are non-recurring in nature. During the three months ended September 30, 2023, $174,454 of prepayment penalties and unamortized discounts upon prepayment were recorded as investment income. During the three months ended September 30, 2022, $155,038 of prepayment penalties and unamortized discounts upon prepayment were recorded as interest income.

Structuring fees and similar fees are recognized as income as earned, usually when received. Structuring fees, excess deal deposits, net profits interests and overriding royalty interests are included in other fee income.

Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. However, capitalized PIK interest will not be reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. As of September 30, 2023, the Company had ten loans on non-accrual status, 1888 Industrial Services, LLC – Term A, Term C and Revolver, American Nuts Holdings, LLC - Term A and Term B, American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, Arborworks Acquisition LLC - Term Loan and Revolver, CareerBuilder, LLC and Klein Hersh, LLC, which collectively represented 10.62% of the Company’s portfolio at fair value. As of June 30, 2023, the Company had six loans on non-accrual status, 1888 Industrial Services, LLC – Term A, Term C and Revolver, American Nuts Holdings, LLC - Term A and Term B, and American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, which collectively represented 4.08% of the Company’s portfolio at fair value.

Dividend income is recorded on the ex-dividend date.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are determined by calculating the difference between the net proceeds from the disposition and the amortized cost basis of the investments, without regard to unrealized gains or losses previously recognized. Realized gains or losses on the sale of investments are calculated using the specific identification method. The Company reports changes in fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the Unaudited Consolidated Statements of Operations.

The Company holds debt investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on an accrual basis to the extent that such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. The Company earned PIK interest of $100,181 during the three months ended September 30, 2023. The Company earned PIK interest of $181,738 during the three months ended September 30, 2022.

The Company may hold equity investments in its portfolio that contain a PIK dividend provision. PIK dividends, which represent contractual dividend payments added to the investment balance, are recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company earned PIK dividends of $188,251 during the three months ended September 30, 2023. The Company earned PIK dividends of $166,449 during the three months ended September 30, 2022.

c. Paid In Capital

The Company records the proceeds from the sale of its common stock to common stock and additional paid-in capital, net of commissions and marketing support fees.

d. Net Increase (Decrease) in Net Assets Resulting from Operations per Share

The net increase (decrease) in net assets resulting from operations per share is calculated based upon the weighted average number of shares of common stock outstanding during the reporting period.

e. Distributions

Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Company’s board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are generally distributed annually, although the Company may decide to retain such capital gains for investment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s board of directors authorizes, and the Company declares, a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution.

f. Cash and Restricted Cash

Cash and restricted cash consist of bank demand deposits. The Company deposits its cash in financial institutions and, at times, such balance may be in excess of the Federal Deposit Insurance Corporation insurance limits. All of the Company’s cash deposits are held at what management believes to be large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote. The Company has restrictions on the uses of the cash held by SPV, LLC and SPV LLC based on the terms of the relevant financing arrangement. For more information on the Company’s financing arrangements and borrowings, see Note 5.

g. Deferred Offering Costs

Deferred offering costs consist of fees and expenses incurred in connection with the offer and sale of the Company’s common stock and bonds, including legal, accounting, printing fees, and other related expenses, as well as costs incurred in connection with the filing of a shelf registration statement. These costs are capitalized when incurred and recognized as a reduction of offering proceeds when the offering is completed.

h. Investment Transactions and Expenses

Purchases of loans, including revolving credit agreements, are recorded on a fully committed basis until the funded and unfunded portions are known or estimable, which in many cases may not be until settlement.

Expenses are accrued as incurred.

Deferred debt issuance costs and deferred financing costs, incurred in connection with the Company’s financing arrangements and borrowings, are amortized using the straight-line method which approximates the effective interest method over the life of the debt.

i. Investment Valuation

The Company applies fair value accounting to all of its financial instruments in accordance with ASC Topic 820 – Fair Value Measurements and Disclosures (“ASC 820”) and Rule 2a-5 under the 1940 Act. ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its investments and financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

Fair value is defined as the price that would be received upon a sale of an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Securities that are traded on securities exchanges (including such securities traded in the afterhours market) are valued on the basis of the closing price on the valuation date (if such prices are available). Securities that are traded on more than one securities exchange are valued at the closing price on the primary securities exchange on which such securities are traded on the valuation date (or if reported on the consolidated tape, then their last sales price on the consolidated tape). Listed options for which the last sales price falls between the last “bid” and “ask” prices for such options are valued at their last sales price on the date of the valuation on the primary securities exchange on which such options are traded. Options for which the last sales price on the valuation date does not fall between the last “bid” and “ask” prices are valued at the average of the last “bid” and “ask” prices for such options on that date. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. The Company held no Level 1 investments as of September 30, 2023 or June 30, 2023.

Investments that are not traded on securities exchanges but are traded on the over-the-counter (“OTC”) markets (such as term loans, notes and warrants) are valued using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable) and fundamental data relating to the issuer. These

investments are categorized in Level 2 of the fair value hierarchy, or in instances when lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Investments for which market quotations are not readily available or may be considered unreliable are fair valued, in good faith, using a method determined to be appropriate in the given circumstances. The valuation methods used include the Cost Approach, the Market Approach and the Income Approach. Inputs used in these approaches may include, but are not limited to, interest rate yield curves, credit spreads, recovery rates, comparable company transactions, trading multiples, and volatilities. The valuation method the Company uses may change as changes in the underlying portfolio company dictates, such as moving from the Cost Approach to Market Approach when underlying conditions change at the company. Because of the inherent uncertainty of valuation in these circumstances, the fair values for the aforementioned investments may differ significantly from values that would have been used had a ready and liquid market for such investments existed or from the amounts that might ultimately be realized, and such differences could be material.

The Adviser seeks to ensure that the Company’s valuation policies and procedures, as approved by the Company’s board of directors, are consistently applied across all investments of the Company. The valuations are continuously monitored and the valuation process for Level 3 investments is completed on a quarterly basis and is designed to subject the valuation of Level 3 investments to an appropriate level of consistency, oversight and review. The valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Adviser responsible for the portfolio investment. These investment professionals prepare the preliminary valuations based on their evaluation of financial and operating data, company specific developments, market valuations of comparable securities from the same company or that of comparable companies as well as any other relevant factors including recent purchases and sales that may have occurred preceding month-end.

Valuation models are typically calibrated upon initial funding and are re-calibrated as necessary upon subsequent material events (including, but not limited to additional financing activity, changes in comparable companies, and recent trades). The preliminary valuation conclusions are then documented and discussed with senior management of the Adviser. On a periodic basis and at least once annually, one or more third-party independent valuation firm(s) engaged by the Company conduct independent appraisals and review the Adviser’s preliminary valuations and make their own independent assessment. The Valuation Committee of the Company’s board of directors then reviews the preliminary valuations of the Adviser and, as applicable, that of any independent valuation firms. The Valuation Committee discusses the valuations and makes a recommendation to the Company’s board of directors regarding the fair value of each investment in good faith based on the input of the Adviser and the independent valuation firm(s). Upon recommendation by the Valuation Committee and a review of the valuation materials of the Adviser and the third-party independent valuation firm(s), the board of directors of the Company determines, in good faith, the fair value of each investment.

For more information on the classification of the Company’s investments by major categories, see Note 4.

The fair value of the Company’s assets and liabilities that qualify as financial instruments under U.S. GAAP approximates the carrying amounts presented in the Unaudited Consolidated Statements of Assets and Liabilities.

j. Income Taxes

The Company has elected to be treated, for U.S. federal income tax purposes, as a RIC under Subchapter M of the Code. To maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements and distribute to stockholders, for each taxable year, at least 90% of the Company’s “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. If the Company continues to qualify as a RIC and continues to satisfy the annual distribution requirement, the Company will not have to pay corporate level U.S. federal income taxes on any income that the Company distributes to its stockholders. The Company intends to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. The Company will also be subject to nondeductible U.S. federal excise taxes if the Company does not distribute to its stockholders at least 98% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no U.S. federal income taxes. Additionally, certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes. At September 30, 2023 and September 30, 2022, the Company had no Taxable Subsidiaries. The Company incurred excise tax expenses, which are included in the provision for tax expense of $100,747 for the three months ended September 30, 2023, and $44,330 for the three months ended September 30, 2022.

Book and tax basis differences that are permanent differences are reclassified among the Company’s capital accounts, as appropriate at year-end. Additionally, the tax character of distributions is determined in accordance with the Code, which differs from U.S. GAAP. During the three months ended September 30, 2023, the Company recorded distributions of $2.2 million. During the three months ended September 30, 2022, the Company recorded distributions of $2.2 million. For certain periods, the tax character of a portion of distributions may be return of capital.

U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Company’s policy is to recognize accrued interest and penalties associated with uncertain tax positions as part of the tax provision.

The Company has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions for any tax year since inception. The tax years ended June 30, 2020 through present remain subject to examinations by taxing authorities. This conclusion may be subject to review and adjustment at a later date based on factors, including but not limited to, ongoing analysis and changes to laws, regulations, and interpretations thereof.

Permanent differences between investment company taxable income and net investment income for financial reporting purposes are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. During the year ended June 30, 2023, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of paydown gains and losses, Taxable Subsidiary partnership investments, nondeductible taxes paid and income/(loss) from wholly owned subsidiaries as follows:

	As of June 30, 2023
Additional paid-in capital	$	(284,155)
Distributable earnings		284,155

The tax character of all distributions paid by the Company during the year ended June 30, 2023 was ordinary income.

At June 30, 2023, the components of distributable earnings on a tax basis were as follows:

	As of June 30, 2023
Undistributed net investment income	$	11,648,379
Accumulated capital gains (losses) and other		(27,970,779)
Capital loss carryover		(73,713,555)
Unrealized appreciation (depreciation)		(23,015,323)
Distributions payable		(2,590,520)
Distributable earnings (loss)	$	(115,641,798)

For U.S. federal income tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. These capital losses can be carried forward for an indefinite period and will retain their character as either short-term or long-term capital losses. As of June 30, 2023, the Company had a net short-term capital loss carryforward of $1,971,187 and a net long-term capital loss carryforward of $71,742,368 available to be carried forward for an indefinite period.

A RIC may elect to defer any capital losses incurred after October 31 of a taxable year (“post-October”) to the beginning of the following fiscal year. As of June 30, 2023, the Company had a post-October short-term capital loss deferral of $41,242 and a post-October long-term capital loss deferral of $27,178,811. These losses were deemed to arise on July 1, 2023.

k. Capital Gains Incentive Fee

Under the Advisory Agreement, the Company has agreed to pay the Adviser a fee for investment advisory and management services consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee (the “Incentive Fee”). The Incentive Fee has two components: one based on the Company’s pre-Incentive Fee net investment income (the “Income-Based Fee”) and one based on capital gains (the “Capital Gains Fee”). Under U.S. GAAP, the Company calculates the Capital Gains Fee payable to the Adviser as if the Company had realized all investments at their fair values as of the reporting date. Accordingly, the Company accrues a provisional Capital Gains Fee taking into account any unrealized gains or losses. As the provisional Capital Gains Fee is subject to the performance of investments until there is a realization event, the amount of provisional Capital Gains Fee accrued at a reporting date may vary from the incentive fee that is ultimately realized and the differences could be material.

Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date) commencing with the Company’s fiscal year ending on June 30, 2021, and is calculated at the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in each case calculated from June 30, 2020. If the amount so calculated is positive, then the Capital Gains Fee for such year is equal to 20% of such amount, less the aggregate amount of Capital Gains Fees paid in all prior years under the Advisory Agreement. If such amount is negative, then no Capital Gains Fee will be payable for such year. Under the Advisory Agreement, the Capital Gains

Fee was not charged until the fiscal year ended June 30, 2023. As of September 30, 2023 and June 30, 2023, there was no Capital Gains Fee payable to the Adviser under the Advisory Agreement.

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Recent Accounting Pronouncements

3 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Note 3. Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial statements upon adoption.

In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions", which was issued to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The new guidance is effective for interim and annual periods beginning after December 15, 2023. The Company does not anticipate the new standard will have a material impact to the consolidated financial statements and related disclosures.

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Investments

3 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Note 4. Investments

The Company’s investments, at any time, may include securities and other financial instruments, including, without limitation, corporate and government bonds, convertible securities, collateralized loan obligations, term loans, revolvers and delayed draw facilities, trade claims, equity securities, privately negotiated securities, direct placements, working interests, warrants and investment derivatives (such as credit default swaps, recovery swaps, total return swaps, options, forward contracts, and futures) (all of the foregoing collectively referred to in these financial statements as “investments”).

a. Certain Risk Factors

In the ordinary course of business, the Company manages a variety of risks including market risk, liquidity risk and credit risk. The Company identifies, measures and monitors risk through various control mechanisms, including trading limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.

Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, including as a result of changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities. In particular, the Company may invest in issuers that are experiencing or have experienced financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy proceedings), which involves significant risks. The Company manages its exposure to market risk through the use of risk management strategies and various analytical monitoring techniques.

With respect to liquidity risk, the Company’s assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making the purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Credit risk is the potential loss the Company may incur from a failure of an issuer to make payments according to the terms of a contract. The Company is subject to credit risk because of its strategy of investing in the debt of leveraged companies and its involvement in derivative instruments. The Company’s exposure to credit risk on its investments is limited to the fair value of the investments. With regard to derivatives, the Company attempts to limit its credit risk by considering its counterparty’s (or its guarantor’s) credit rating.

b. Investments

Investment purchases, sales and principal payments/paydowns are summarized below for the three months ended September 30, 2023 and September 30, 2022, respectively. These purchase and sale amounts exclude derivative instruments as well as non-cash restructurings.

	For the three months ended September 30,
	2023		2022
Investment purchases, at cost (including PIK interest)	$	16,535,289	$	22,147,855
Investment sales and repayments		10,317,357		16,476,699

The composition of the Company’s investments as of September 30, 2023, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:

Investment Type	Investments at Amortized Cost		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
Senior Secured First Lien Debt Investments	$	220,517,589	88.24	%	$	200,319,576	89.67	%
Equity, Warrants and Other Investments		29,386,210	11.76			23,084,707	10.33
Total	$	249,903,799	100.00	%	$	223,404,283	100.00	%

The composition of the Company’s investments as of June 30, 2023, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:

Investment Type	Investments at     Amortized Cost		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
Senior Secured First Lien Debt Investments	$	214,100,857	88.00	%	$	196,370,955	89.21	%
Equity, Warrants and Other Investments		29,197,959	12.00			23,740,374	10.79
Total	$	243,298,816	100.00	%	$	220,111,329	100.00	%

The Company uses Global Industry Classification Standard (“GICS”) codes to identify the industry groupings in its portfolio. The following table shows the portfolio composition by industry grouping at fair value at September 30, 2023:

Industry Classification	Investments at Fair Value		Percentage of Total Portfolio
Trading Companies & Distributors	$	38,219,681	17.11	%
Professional Services		25,728,030	11.52
IT Services		16,830,075	7.53
Software		13,736,438	6.15
Containers & Packaging		13,558,591	6.07
Commercial Services & Supplies		13,493,554	6.04
Machinery		8,967,989	4.01
Internet & Direct Marketing Retail		8,907,439	3.99
Household Durables		7,766,091	3.48
Entertainment		7,600,000	3.40
Chemicals		7,527,189	3.37
Diversified Consumer Services		7,250,052	3.25
Hotels, Restaurants, and Leisure		7,171,656	3.21
Automobile Components		6,158,497	2.76
Consumer Staples Distribution & Retail		5,606,790	2.51
Specialty Retail		5,059,875	2.26
Consumer Services		4,915,732	2.20
Building Products		4,474,688	2.00
Automotive Retail		4,017,057	1.80
Food Products		4,005,000	1.79
Construction & Engineering		3,937,532	1.76
Paper Packaging		3,000,000	1.34
Electronic Equipment, Instruments & Components		2,852,627	1.28
Energy Equipment & Services		2,619,700	1.17
Total	$	223,404,283	100.00	%

The following table shows the portfolio composition by industry grouping at fair value at June 30, 2023:

Industry Classification	Investments at Fair Value		Percentage of Total Portfolio
Trading Companies & Distributors	$	35,176,879	15.98	%
Professional Services		28,238,167	12.83
IT Services		23,576,450	10.71
Commercial Services & Supplies		14,329,460	6.51
Software		13,772,487	6.26
Containers & Packaging		12,958,772	5.89
Machinery		9,602,806	4.36
Internet & Direct Marketing Retail		8,969,729	4.08
Entertainment		7,640,000	3.47
Household Durables		7,610,242	3.46
Chemicals		7,568,617	3.44
Diversified Consumer Services		7,268,500	3.30
Automobile Components		7,261,275	3.30
Hotels, Restaurants, and Leisure		6,283,541	2.85
Consumer Staples Distribution & Retail		6,061,396	2.75
Specialty Retail		5,148,000	2.34
Building Products		4,511,719	2.05
Food Products		4,288,750	1.95
Automotive Retail		3,878,905	1.76
Electronic Equipment, Instruments & Components		3,265,598	1.48
Energy Equipment & Services		2,700,036	1.23
Total	$	220,111,329	100.00	%

The following table shows the portfolio composition by geographic grouping at fair value at September 30, 2023:

Geographic Region	Investments at Fair Value		Percentage of Total Portfolio
U.S. Northeast	$	86,530,253	38.73	%
U.S. West		48,391,784	21.66
U.S. Midwest		27,364,696	12.25
U.S. Mid-Atlantic		22,911,655	10.26
U.S. Southeast		20,636,714	9.24
U.S. Southwest		12,601,618	5.64
International		4,967,563	2.22
Total	$	223,404,283	100.00	%

The following table shows the portfolio composition by geographic grouping at fair value at June 30, 2023:

Geographic Region	Investments at Fair Value		Percentage of Total Portfolio
U.S. Northeast	$	94,658,227	43.00	%
U.S. West		44,911,266	20.40
U.S. Midwest		26,602,440	12.09
U.S. Southeast		20,803,349	9.45
U.S. Mid-Atlantic		17,721,607	8.05
U.S. Southwest		10,367,607	4.71
International		5,046,833	2.30
Total	$	220,111,329	100.00	%

The Company’s primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing directly in debt and related equity of privately held middle-market companies to help these companies fund acquisitions, growth or refinancing. During the three months ended September 30, 2023, the Company made investments in new and existing portfolio companies of approximately $15.5 million, to which it was not previously contractually committed to provide financial support. During the three months ended September 30, 2023, the Company made investments of approximately $0.7 million in companies to which it was previously committed to provide financial support through the terms of the revolvers and delayed draw term loans. The details of the Company’s investments have been disclosed on the Unaudited Consolidated Schedule of Investments.

c. Derivatives

Derivative contracts include total return swaps and embedded derivatives in the Company’s borrowings. The Company may enter into derivative contracts as part of its investment strategies. On October 28, 2020, the SEC adopted a rule that modifies the conditions by which BDCs can enter into, or “cover” open positions pursuant to, certain derivatives contracts that involve potential

future payment obligations (the “Derivatives Rule”). The Derivatives Rule requires a BDC entering into a derivatives contract to develop and implement a derivatives risk management program, to comply with an outer limit on asset coverage ratio based on the VaR (“value-at-risk”) test, and to report its derivative activity to its board of directors on a regular basis. The Derivatives Rule also contains exceptions to these conditions for any fund that limits its exposure to derivatives positions to 10 percent of its net assets. At September 30, 2023 and June 30, 2023, the Company held no derivative contracts.

d. Fair Value Measurements

ASC 820 defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a framework for measuring fair value and a valuation hierarchy that prioritizes the inputs used in the valuation of an asset or liability based upon their transparency. The valuation hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assets and liabilities measured at fair value have been classified in the following three categories:

Level 1 – valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 – valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; or (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 – valuation is based on unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. However, the fair value measurement objective remains the same, that is, an exit price from the perspective of a market participant that holds the asset or owes the liability. Therefore, unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Unobservable inputs are developed based on the best information available under the circumstances, which might include the Company’s own data. The Company’s own data used to develop unobservable inputs is adjusted if information is reasonably available without undue cost and effort that indicates that market participants would use different assumptions.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the market and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Estimates of fair value for cash and restricted cash are measured using observable, quoted market prices, or Level 1 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs.

The following table summarizes the classifications within the fair value hierarchy of the Company’s assets measured at fair value as of September 30, 2023:

	Level 1		Level 2		Level 3		Total
Assets
Investments
Senior Secured First Lien Debt Investments	$	—	$	—	$	200,319,576	$	200,319,576
Equity, Warrants and Other Investments		—		—		23,084,707		23,084,707
Total Investments	$	—	$	—	$	223,404,283	$	223,404,283

The following table summarizes the classifications within the fair value hierarchy of the Company’s assets measured at fair value as of June 30, 2023:

	Level 1		Level 2		Level 3		Total
Assets
Investments
Senior Secured First Lien Debt Investments	$	—	$	—	$	196,370,955	$	196,370,955
Equity, Warrants and Other Investments		—		—		23,740,374		23,740,374
Total Investments	$	—	$	—	$	220,111,329	$	220,111,329

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended September 30, 2023:

	Senior Secured First Lien Debt Investments		Senior Secured Second Lien Debt Investments		Unsecured Debt Investments		Equity, Warrants and Other Investments		Total Investments
Fair value at September 30, 2022	$	196,370,955	$	—	$	—	$	23,740,374	$	220,111,329
Purchases (including PIK interest)		16,347,037		—		—		188,252		16,535,289
Sales and repayments		(10,317,357)		—		—		—		(10,317,357)
Amortization		387,051		—		—		—		387,051
Net realized gains (losses)		—		—		—		—		—
Transfers in		—		—		—		—		—
Transfers out		—		—		—		—		—
Net change in unrealized appreciation (depreciation)		(2,468,110)		—		—		(843,919)		(3,312,029)
Fair value at September 30, 2023	$	200,319,576	$	—	$	—	$	23,084,707	$	223,404,283
Change in unrealized appreciation (depreciation) relating to assets still held as of September 30, 2023	$	(2,468,109)	$	—	$	—	$	(843,919)	$	(3,312,028)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended September 30, 2022:

	Senior Secured First Lien Debt Investments		Senior Secured Second Lien Debt Investments		Unsecured Debt Investments		Equity, Warrants and Other Investments		Total Investments
Fair value at June 30, 2022	$	214,858,036	$	—	$	—	$	18,825,950	$	233,683,986
Purchases (including PIK interest)		21,781,406		—		—		366,449		22,147,855
Sales and repayments		(16,476,699)		—		—		—		(16,476,699)
Amortization		501,016		—		—		—		501,016
Net realized gains (losses)		—		—		—		—		—
Transfers in		—		—		—		—		—
Transfers out		—		—		—		—		—
Net change in unrealized (depreciation) appreciation		(1,130,564)		—		—		451,967		(678,597)
Fair value at September 30, 2022	$	219,533,195	$	—	$	—	$	19,644,366	$	239,177,561
Change in unrealized appreciation (depreciation) relating to assets still held as of September 30, 2022	$	(1,022,903)	$	—	$	—	$	451,968	$	(570,935)

Transfers into Level 3 during or at the end of the reporting period are reported under Level 1 or Level 2 as of the beginning of the period. Transfers out of Level 3 during or at the end of the reporting period are reported under Level 3 as of the beginning of the period. Changes in unrealized gains (losses) relating to Level 3 instruments are included in net change in unrealized (depreciation) appreciation on investments and derivatives on the Unaudited Consolidated Statements of Operations.

During the three months ended September 30, 2023 and three months ended September 30, 2022, the Company did not transfer any investments among Levels 1, 2 and 3.

The following tables provide quantitative information regarding the Company’s Level 3 fair value measurements as of September 30, 2023 and June 30, 2023. This information presents the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured notes is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

	Fair Value  as of September 30, 2023		Valuation Methodology	Unobservable Input(s)	Weighted Average	Range
Senior Secured First Lien Debt Investments	$	167,661,231	Income Approach	Market Yields	13.4%		9.9%-18.1%
Senior Secured First Lien Debt Investments		6,294,430	Market Comparable Approach	EBITDA Multiple	5.3x		5.2x-5.8x
Senior Secured First Lien Debt Investments		2,418,108	Market Comparable Approach	Revenue Multiple	0.27x		0.27x
Senior Secured First Lien Debt Investments		14,853,263	Recent Transaction	Recent Transaction	N/A		N/A
Senior Secured First Lien Debt Investments		9,092,544	Recovery Analysis	Recovery Amount	N/A		N/A
Equity, Warrants, and Other Investments		5,593,082	Income Approach	Market Yields	17.1%		17.1%
Equity, Warrants, and Other Investments		17,491,625	Market Comparable Approach	EBITDA multiple	8.9x		4.7x-21.9x

	Fair Value as of June 30, 2023		Valuation Methodology	Unobservable Input(s)	Weighted Average	Range
Senior Secured First Lien Debt Investments	$	161,776,983	Income Approach	Market Yields	13.3%	10.1% - 18.0%
Senior Secured First Lien Debt Investments		13,895,260	Market Comparable Approach	EBITDA Multiple	17.3x	5.7x – 21.2x
Senior Secured First Lien Debt Investments		5,272,355	Market Comparable Approach	Revenue Multiple	0.3x	0.30x – 0.38x
Senior Secured First Lien Debt Investments		15,209,280	Recent Transaction	Recent Transaction	N/A	N/A
Senior Secured First Lien Debt Investments		217,077	Recovery Analysis	Recovery Amount	N/A	N/A
Equity, Warrants and Other Investments		4,824,752	Income Approach	Market Yields	18.0%	18.0%
Equity, Warrants and Other Investments		18,915,622	Market Comparable Approach	EBITDA multiple	8.7x	5.7x – 24.2x
Equity, Warrants and Other Investments		—	Market Comparable Approach	Revenue Multiple	0.3x	0.3x

Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value and such changes could result in a significant increase or decrease in the fair value. Significant increases in illiquidity discounts, PIK discounts and market yields would result in significantly lower fair value measurements.

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Borrowings

3 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Borrowings

Note 5. Borrowings

On August 23, 2021, the Company, through SPV LLC entered into a five-year, $115 million senior secured revolving credit facility (the “Capital One Revolving Financing”) with Capital One, N.A. (“Capital One”), which is secured by collateral consisting primarily of loans in the Company’s investment portfolio. On June 14, 2023, we amended the Capital One Revolving Financing to decrease the facility size from $115 million to $100 million. The Capital One Revolving Financing, which will expire on August 22, 2026 (the “Maturity Date”), features a three-year reinvestment period and a two-year amortization period.

Effective November 18, 2022, borrowings under the Capital One Revolving Financing generally bear interest at a rate per annum equal to the Secured Overnight Financing Rate (”SOFR”) plus 2.50%. The default interest rate will be equal to the interest rate then in effect plus 2.00%. The Capital One Revolving Financing required the payment of an upfront fee of 1.125% ($1.3 million) of the available borrowings under the Capital One Revolving Financing at the closing, and requires the payment of an unused fee of (i) 0.75% annually for any undrawn amounts below 50% of the Capital One Revolving Financing, (ii) 0.50% annually for any undrawn amounts between 50% and 75% of the Capital One Revolving Financing, and (iii) 0.25% annually for any undrawn amounts above 75% of the Capital One Revolving Financing. Borrowings under the Capital One Revolving Financing are based on a borrowing base. The Capital One Revolving Financing generally requires payment of interest and fees on a quarterly basis. All outstanding principal is due on the Maturity Date. The Capital One Revolving Financing also requires mandatory prepayment of interest and principal upon certain events.

As of September 30, 2023 and June 30, 2023, there were $69.0 million and $71.9 million in borrowings outstanding under the Capital One Revolving Financing, respectively.

Restricted cash (as shown on the Unaudited Consolidated Statements of Assets and Liabilities) is held by the trustee of the Capital One Revolving Financing and is restricted to purchases of investments by SPV LLC that must meet certain eligibility criteria identified by the loan, security and investment management agreement governing the Capital One Revolving Financing. As of September 30, 2023, SPV LLC had a notional amount of $200.0 million, which included $185.5 million of the Company’s portfolio investments at fair value, no accrued interest receivable and $14.2 million in cash held by the trustees of the Capital One Revolving Financing. As of June 30, 2023, SPV and LLC had a notional amount of $194.0 million in assets with a fair value of $181.5 million, no accrued interest receivable and $8.1 million in cash held by the trustee of the Capital One Revolving Financing. For the three months ended September 30, 2023, the weighted average outstanding debt balance and the weighted average stated interest rate under the Capital One Revolving Financing was $70.0 million and 7.75%, respectively. For the three months ended September 30, 2022, the

weighted average outstanding debt balance and the weighted average stated interest rate under the Capital One Revolving Financing was $81.9 million and 4.56%, respectively.

The fair value of the Company’s borrowings is estimated based on the rate at which similar credit facilities or debentures would be priced. At September 30, 2023 and June 30, 2023, the fair value of the Company’s total borrowings under the Capital One Revolving Financing, was estimated at $69.0 million and $71.9 million respectively, which the Company concluded was a Level 3 fair value.

On March 31, 2021, the Company closed the public offering of $65 million in aggregate principal amount of 4.875% notes due 2026 (the “2026 Notes”). The total net proceeds to the Company from the sale of the 2026 Notes, after deducting the underwriting discounts and commissions of approximately $1.3 million and estimated offering expenses of approximately $215,000, were approximately $63.1 million.

The 2026 Notes will mature on April 1, 2026, unless previously redeemed or repurchased in accordance with their terms, and bear interest at a rate of 4.875%. The 2026 Notes are direct unsecured obligations and rank pari passu, which means equal in right of payment, with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. Because the 2026 Notes are not secured by any of the Company’s assets, they are effectively subordinated to all of the Company’s existing and future secured unsubordinated indebtedness (or any indebtedness that is initially unsecured as to which the Company subsequently grants a security interest), to the extent of the value of the assets securing such indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries and financing vehicles, including, without limitation, borrowings under the Capital One Revolving Financing. The 2026 Notes are obligations exclusively of the Company and not of any of the Company’s subsidiaries. None of the Company’s subsidiaries is a guarantor of the 2026 Notes and the 2026 Notes will not be required to be guaranteed by any subsidiary the Company may acquire or create in the future.

The 2026 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price (as determined by the Company) equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the redemption date: (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided, however, that if the Company redeems any 2026 Notes on or after January 1, 2026 (the date falling three months prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption; provided, further, that no such partial redemption shall reduce the portion of the principal amount of a 2026 Note not redeemed to less than $2,000. Interest on the 2026 Notes is payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2021. The Company may from time to time repurchase 2026 Notes in accordance with the 1940 Act and the rules promulgated thereunder.

As of September 30, 2023, the carrying amount of the 2026 Notes was $64.8 million on an aggregate principal balance of $65.0 million at an effective yield of 5.33%. As of September 30, 2023, the fair value of the 2026 Notes was $58.2 million. The Company concluded that this was Level 3 fair value under ASC 820.

Long-Term Debt Maturities

Set forth below is the aggregate principal amount of our long-term debt as of September 30, 2023 (excluding unamortized premiums, net, unamortized debt issuance costs and note payable) maturing during the following years:

2024	$	—
2025		—
2026		134,000,000
Total long-term debt	$	134,000,000

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Indemnification, Guarantees, Commitments and Contingencies

3 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Indemnification, Guarantees, Commitments and Contingencies

Note 6. Indemnification, Guarantees, Commitments and Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of representations and warranties and general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

The Company’s board of directors declared the following quarterly distributions during the three months ended September 30, 2023:

Declared	Ex-Date	Record Date	Pay Date	Amount	Fiscal Quarter
September 14, 2023	October 11, 2023	October 12, 2023	November 2, 2023	$0.1500	1st 2024

Loans purchased by the Company may include revolving credit agreements or other financing commitments obligating the Company to advance additional amounts on demand. The Company generally sets aside sufficient liquid assets to cover its unfunded commitments, if any.

The following table details the Company’s unfunded commitments to portfolio companies as of September 30, 2023:

Investments	Unfunded Commitment		Fair Value		Annual Non-use Fee	Expiration Date
1888 Industrial Services, LLC – Revolver	$	210,033	$	—	0.50%	8/31/24
Amerequip, LLC – Revolver		967,742		—	0.50%	8/31/27
Arborworks Acquisition LLC – Revolver		8,363		—	0.50%	11/9/26
Archer Systems, LLC – Revolver		603,175		—	0.50%	8/11/27
Evergreen North America Acquisitions, LLC – Revolver		276,064		—	0.50%	8/13/26
Flatworld Intermediate Corporation – Revolver		567,568		—	0.50%	10/1/27
NWN Parent Holdings LLC – Revolver		1,200,000		—	0.50%	5/7/26
South Coast Terminals LLC – Revolver		967,742		—	0.50%	12/10/26
Xenon Arc, Inc. – Revolver		680,000		—	0.50%	12/17/26
Total Unfunded Commitments	$	5,480,687	$	—

The following table details the Company’s unfunded commitments to portfolio companies as of June 30, 2023:

Investments	Unfunded Commitment		Fair Value		Annual Non-use Fee	Expiration Date
1888 Industrial Services, LLC – Revolver	$	186,990	$	—	0.50%	8/31/24
Amerequip, LLC – Revolver		967,742		—	0.50%	8/31/27
Arborworks Acquisition LLC – Revolver		554,947		—	0.50%	11/9/26
Archer Systems, LLC – Revolver		603,175		—	0.50%	8/11/27
Evergreen North America Acquisitions, LLC – Revolver		276,064		—	0.50%	8/13/26
Flatworld Intermediate Corporation – Revolver		567,567		—	0.50%	10/1/27
NWN Parent Holdings LLC – Revolver		800,000		—	0.50%	5/7/26
South Coast Terminals LLC – Revolver		967,742		—	0.50%	12/10/26
Xenon Arc, Inc. – Revolver		746,667		—	0.50%	12/17/26
Total Unfunded Commitments	$	5,670,894	$	—

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Agreements and Related Party Transactions

3 Months Ended

Sep. 30, 2023

Related Party Transactions [Abstract]

Agreements and Related Party Transactions

Note 7. Agreements and Related Party Transactions

Advisory Agreement

The Company is party to the Advisory Agreement with the Adviser. Under the Advisory Agreement, the Base Management Fee is calculated at an annual rate of 1.75% of the Company’s gross assets, including assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents (such amount, “Gross Assets”).

For the three months ended September 30, 2023, $978,919 in Base Management Fees were earned by the Adviser, of which $86,630 was voluntarily waived. As of September 30, 2023, $1,798,508 of such fees were payable. For the three months ended September 30, 2022, $1,103,981 in Base Management Fees were earned by the Adviser, of which $94,146 was voluntarily waived. As of June 30, 2023, $906,218 of such fees were payable. There is no guarantee that the Adviser will waive Base Management Fees in the future. Any portion of the Base Management Fee waived is not subject to recapture.

The Base Management Fee is calculated based on the average value of the Company’s Gross Assets at the end of the two most recently completed fiscal quarters prior to the quarter for which such fees are being calculated. The Base Management Fee is payable quarterly in arrears and the Base Management Fees for any partial month or quarter will be appropriately pro-rated.

Under the Advisory Agreement, the Income-Based Fee is calculated and payable quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding fiscal quarter, subject to a total return requirement (the “Total Return Requirement”) and deferral of non-cash amounts, and is 20.0% of the amount, if any, by which the Company’s Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets attributable to its

common stock, for the immediately preceding fiscal quarter, exceeds a 2.0% (which is 8.0% annualized) hurdle rate and a “catch-up” provision measured as of the end of each fiscal quarter. Under this provision, in any fiscal quarter, the Adviser receives no Income-Based Fee until the Company’s Pre-Incentive Fee Net Investment Income exceeds the hurdle rate of 2.0%, but then receives, as a “catch-up,” 100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% (which is 10.0% annualized). The effect of the “catch-up” provision is that, subject to the Total Return Requirement and deferral provisions discussed below, if Pre-Incentive Fee Net Investment Income exceeds 2.5% in any fiscal quarter, the Adviser receives 20.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply.

“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial assistance and consulting fees or other fees that we receive from portfolio companies) accrued during the fiscal quarter, minus the Company’s operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement and any interest expense and any distributions paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash.

Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

No Income-Based Fee is payable under the Advisory Agreement except to the extent 20.0% of the cumulative net increase in net assets resulting from operations over the fiscal quarter for which fees are being calculated and the Lookback Period (as defined below) exceeds the cumulative Incentive Fees accrued and/or paid for the Lookback Period. The “cumulative net increase in net assets resulting from operations” is the amount, if positive, of the sum of Pre-Incentive Fee Net Investment Income, realized gains and losses and unrealized appreciation and depreciation of the Company for the then current fiscal quarter and the Lookback Period. The “Lookback Period” means (1) through June 30, 2022, the period that commences on the last day of the fiscal quarter in which the Advisory Agreement became effective and ends on the last day of the fiscal quarter immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated, and (2) after June 30, 2022, the eleven fiscal quarters immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated.

For the three months ended September 30, 2023, the Company incurred no Income-Based Fees. As of September 30, 2023, $576,023 in incentive fees related to Income-Based Fees incurred by the Company are currently payable to the Adviser and $201,817 in incentive fees related to Income-Based Fees incurred by the Company were generated from deferred interest (i.e., PIK and certain discount accretion) and are not payable until such amounts are received in cash. For the three months ended September 30, 2022, the Company wrote off $147,145 in previously deferred Income-Based Fees and incurred no additional Income-Based Fees. As of June 30, 2023, $201,817 of Income-Based Fees incurred by the Company were generated from deferred interest (i.e., PIK and certain discount accretion) and are not payable until such amounts are received in cash. Any voluntary waivers of the incentive fee in no way implies that the Adviser will agree to waive any incentive fee in any future period. Any portion of the incentive fees waived are not subject to recapture.

Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), commencing with the fiscal year ended June 30, 2021, and is equal to 20.0% of our cumulative aggregate realized capital gains from the Commencement Date through the end of that fiscal year, computed net of the Company’s aggregate cumulative realized capital losses and our aggregate cumulative unrealized capital depreciation through the end of such year, less the aggregate amount of any previously paid Capital Gains Fees. If such amount is negative, then no Capital Gains Fee will be payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a fiscal year end, the termination date will be treated as though it were a fiscal year end for purposes of calculating and paying the Capital Gains Fee. Under the Advisory Agreement, the Capital Gains Fee was not charged until the fiscal year ending June 30, 2023.

Under U.S. GAAP, the Company calculates the Capital Gains Fee as if it had realized all assets at their fair values as of the reporting date. Accordingly, the Company accrues a provisional Capital Gains Fee taking into account any unrealized gains or losses. As the provisional Capital Gains Fee is subject to the performance of investments until there is a realization event, the amount of the provisional Capital Gains Fee accrued at a reporting date may vary from the Capital Gains Fee that is ultimately realized and the differences could be material.

As of September 30, 2023, there was no Capital Gains Fee accrued, earned or payable to the Adviser under the Advisory Agreement. As of June 30, 2023, there was no Capital Gains Fee accrued, earned or payable to the Adviser under the Advisory Agreement.

The Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of its duties and obligations under the Advisory Agreement, the Adviser and its officers, managers, partners, agents, employees, controlling persons and members, and any other person or entity affiliated with it, are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser’s services under the Advisory Agreement or otherwise as the Adviser.

Mr. Mauer holds an approximate 17% interest in the Adviser. Investcorp holds an approximate 83% ownership interest in the Adviser. Pursuant to the Advisory Agreement, the Company has agreed to pay to the Adviser a Base Management Fee and an Incentive Fee. Mr. Mauer, an interested member of the Board, has a direct or indirect pecuniary interest in the Adviser. The Incentive Fee will be computed and paid on income that we may not have yet received in cash at the time of payment. This fee structure may create an incentive for the Adviser to invest in certain types of speculative securities. Additionally, the Company will rely on investment professionals from the Adviser to assist the Board with the valuation of the Company’s portfolio investments. The Adviser’s Base Management Fee and Incentive Fee is based on the value of our investments and, therefore, there may be a conflict of interest when personnel of the Adviser are involved in the valuation process for the Company’s portfolio investments.

Administration Agreement

Pursuant to the Administration Agreement, the Adviser furnishes the Company with office facilities and equipment and provides it with the clerical, bookkeeping, recordkeeping and other administrative services necessary to conduct day-to-day operations. Under the Administration Agreement, the Adviser performs, or oversees the performance of the Company’s required administrative services, which includes, among other things, being responsible for the financial records which it is required to maintain and preparing reports to its stockholders and reports filed with the SEC. In addition, the Adviser assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports and other materials to its stockholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to it by others. Under the Administration Agreement, the Adviser also provides managerial assistance on the Company’s behalf to those portfolio companies that have accepted its offer to provide such assistance. In addition, the Adviser may satisfy certain of its obligations to the Company under the Administration Agreement through the services agreement with Investcorp International Inc., an affiliate of Investcorp, including supplying the Company with accounting and back-office professionals upon the request of the Adviser. The Company incurred costs of $263,375 under the Administration Agreement for the three months ended September 30, 2023. The Company incurred costs of $375,900 under the Administration Agreement for the three months ended September 30, 2022.

As of September 30, 2023 and June 30, 2023, the Company recorded no accrued expenses or other liabilities for reimbursement of expenses owed to the Adviser under the Administration Agreement.

Stock Purchase Agreement

In connection with the Investcorp Transaction, on June 26, 2019, the Company entered into a definitive stock purchase and transaction agreement with Investcorp BDC Holdings Limited (“Investcorp BDC”), an affiliate of Investcorp (the “Stock Purchase Agreement”), pursuant to which Investcorp BDC was required by August 30, 2021, to purchase (i) 680,985 newly issued shares of the Company’s common stock, at the most recently determined net asset value per share of the Company’s common stock at the time of such purchase, as adjusted as necessary to comply with Section 23 of the 1940 Act, and (ii) 680,985 shares of the Company’s common stock in open-market or secondary transactions. Investcorp BDC completed all remaining required purchases under the Stock Purchase Agreement during the quarter ended September 30, 2021.

Co-investment Exemptive Relief

On July 20, 2021, the SEC issued an order, which superseded a prior order issued on March 19, 2019, granting the Company’s application for exemptive relief to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions with other funds managed by the Adviser or its affiliates and any future funds that are advised by the Adviser or its affiliated investment advisers (the “Exemptive Relief”). Under the terms of the Exemptive Relief, in order for the Company to participate in a co-investment transaction a “required majority” (as defined in Section 57(o) of the 1940 Act) of the directors who are not “interested persons” of the Company, as defined in Section 2(a)(19) of the 1940 Act (each, an “Independent Director”) must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s investment objectives and strategies.

License Agreement

The Company has entered into a license agreement with the Adviser under which the Adviser has agreed to grant the Company a non-exclusive, royalty-free license to use the name “Investcorp.” Under this agreement, the Company has a right to use the “Investcorp” name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company has no legal right to the “Investcorp” name. This license agreement will remain in effect for so long as the Advisory Agreement with the Adviser is in effect and Investcorp is the majority owner of the Adviser.

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Directors’ Fees

3 Months Ended

Sep. 30, 2023

Compensation Related Costs [Abstract]

Directors’ Fees

Note 8. Directors’ Fees

Each Independent Director receives (i) an annual fee of $75,000, and (ii) $2,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending in person or telephonically each regular board of directors meeting and each special telephonic meeting. Each Independent Director also receives $1,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with each committee meeting attended in person and each telephonic committee meeting. The chairperson of the audit committee receives an additional annual fee of $7,500. The chairperson(s) of the valuation committee, the nominating and corporate governance committee and the compensation committee receives an additional annual fee of $2,500, $2,500 and $2,500, respectively. The Company has obtained directors’ and officers’ liability insurance on behalf of the Company’s directors and officers. For the three months ended September 30, 2023, the Company recorded directors’ fees of $73,375, of which $5,130 were payable at September 30, 2023. For the three months ended September 30, 2022, the Company recorded directors’ fees of $75,625, of which $15,755 were payable at June 30, 2023.

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Net Change in Net Assets Resulting from Operations Per Share

3 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Net Change in Net Assets Resulting from Operations Per Share

Note 9. Net Change in Net Assets Resulting from Operations Per Share

Basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.

The following table sets forth the computation of the weighted average basic and diluted net increase in net assets per share from operations:

Basic and Diluted Net Increase (Decrease) in Net Assets Per Share	Three months ended September 30,
	2023		2022
Net increase (decrease) in net assets resulting from operations	$	(1,684,362)	$	1,657,507
Weighted average shares of common stock outstanding		14,392,714		14,386,809
Basic/diluted net increase (decrease) in net assets from operations per share	$	(0.12)	$	0.12

On September 3, 2021, the Company issued 453,985 shares of common stock, par value $0.001 per share to Investcorp BDC at a price of $6.92 per share for an aggregate offering price of $3,141,576. The sale of the Company’s common stock to Investcorp BDC was made pursuant to the Stock Purchase Agreement and the issuance of the Company’s common stock was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. Investcorp BDC is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the Securities Act.

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Distributions

3 Months Ended

Sep. 30, 2023

Distributions [Abstract]

Distributions

Note 10. Distributions

The following table reflects the distributions declared on shares of the Company’s common stock since the Offering in February 2014. Stockholders of record as of each respective record date were entitled to receive the distribution:

Declaration Date	Record Date	Payment Date	Amount Per Share
March 14, 2014	March 24, 2014	March 31, 2014	$	0.1812
May 14, 2014	June 16, 2014	July 1, 2014	$	0.3375
September 4, 2014	September 18, 2014	October 1, 2014	$	0.3375
November 6, 2014	December 18, 2014	January 5, 2015	$	0.3375
January 28, 2015	March 18, 2015	April 2, 2015	$	0.3469
May 6, 2015	June 8, 2015	July 5, 2015	$	0.3469
June 10, 2015#	September 1, 2015	September 15, 2015	$	0.4300
June 10, 2015	September 18, 2015	October 2, 2015	$	0.3469
November 3, 2015	December 18, 2015	January 5, 2016	$	0.3469
February 2, 2016	March 18, 2016	April 7, 2016	$	0.3516
April 28, 2016	June 17, 2016	July 7, 2016	$	0.3516
August 25, 2016	September 16, 2016	October 6, 2016	$	0.3516
November 3, 2016	December 16, 2016	January 5, 2017	$	0.3516
November 3, 2016	March 17, 2017	April 6, 2017	$	0.2500
May 2, 2017	June 16, 2017	July 6, 2017	$	0.2500
August 24, 2017	September 8, 2017	October 5, 2017	$	0.2500
November 7, 2017	March 16, 2018	April 5, 2018	$	0.2500
May 2, 2018	June 15, 2018	July 5, 2018	$	0.2500
August 23, 2018	September 18, 2018	October 5, 2018	$	0.2500
November 6, 2018	December 14, 2018	January 3, 2019	$	0.2500
February 5, 2019	March 15, 2019	April 4, 2019	$	0.2500
May 1, 2019	June 14, 2019	July 5, 2019	$	0.2500
August 28, 2019	September 26, 2019	October 16, 2019	$	0.2500
November 6, 2019	December 13, 2019	January 2, 2020	$	0.2500
February 4, 2020	March 13, 2020	April 2, 2020	$	0.2500
May 7, 2020	June 19, 2020	July 10, 2020	$	0.1500
May 7, 2020*	June 19, 2020	July 10, 2020	$	0.0300
August 26, 2020	September 25, 2020	October 15, 2020	$	0.1500
August 26, 2020*	September 25, 2020	October 15, 2020	$	0.0300
November 3, 2020	December 10, 2020	January 4, 2021	$	0.1500
November 3, 2020*	December 10, 2020	January 4, 2021	$	0.0300
February 3, 2021	March 12, 2021	April 1, 2021	$	0.1500
February 3, 2021*	March 12, 2021	April 1, 2021	$	0.0300
May 6, 2021	June 18, 2021	July 9, 2021	$	0.1500
August 25, 2021	September 24, 2021	October 14, 2021	$	0.1500
November 3, 2021	December 10, 2021	January 4, 2022	$	0.1500
February 3, 2022	March 11, 2022	March 31, 2022	$	0.1500
May 5, 2022	June 17, 2022	July 8, 2022	$	0.1500
August 25, 2022	September 23, 2022	October 14, 2022	$	0.1500
November 11, 2022	December 16, 2022	January 10, 2023	$	0.1300
November 11, 2022*	December 16, 2022	January 10, 2023	$	0.0200
February 2, 2023	March 10, 2023	March 30, 2023	$	0.1300
February 2, 2023*	March 10, 2023	March 30, 2023	$	0.0200
May 4, 2023	June 16, 2023	July 7, 2023	$	0.1300
May 4, 2023*	June 16, 2023	July 7, 2023	$	0.0500
September 14, 2023	October 12, 2023	November 2, 2023	$	0.1300
September 14, 2023*	October 12, 2023	November 2, 2023	$	0.0200

# Special distribution

* Supplemental distribution

The following table reflects, for U.S. federal income tax purposes, the sources of the cash dividend distributions that the Company has paid on its common stock during the three months ended September 30, 2023 and September 30, 2022:

	Three months ended September 30,
	2023			2022
		Distribution Amount	Percentage		Distribution Amount	Percentage
Ordinary income and short-term capital gains	$	2,158,926	100%	$	2,158,042	100%
Long-term capital gains		—	—		—	—
Total	$	2,158,926	100%	$	2,158,042	100%

The 2023-2024 figures in the above table are estimates based on the Company’s year-to-date activity. The tax status of distributions for a tax year depends on the Company’s total amount of taxable income for the entire year, therefore, the tax status

cannot be confirmed until after the end of the tax year. Accordingly, the Company’s distributions for the tax year may be re-characterized later based upon subsequent events. As applicable, the Company reports the actual tax character of its distributions for U.S. federal income tax purposes annually to stockholders on Internal Revenue Service Form 1099-DIV issued after the end of the year. The Company’s Form 10-K for the year ending June 30, 2024 will also include information regarding the actual components and tax treatment of all the Company’s distributions for the fiscal year 2023-2024. Because each stockholder’s tax status is unique, stockholders should consult their tax advisor regarding this distribution notice.

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Share Transactions

3 Months Ended

Sep. 30, 2023

Equity [Abstract]

Share Transactions

Note 11. Share Transactions

The following table summarizes the total shares issued for the three months ended September 30, 2023 and September 30, 2022.

	Three months ended September 30,
	2023			2022
	Shares	Amount		Shares	Amount
Balance at beginning of period	14,391,775	$	205,812,251	14,385,810	$	205,790,502
Issuance of common shares	—		—	—		—
Reinvestments of stockholder distributions	1,066		3,797	1,135		4,763
Balance at end of period	14,392,841	$	205,816,048	14,386,945	$	205,795,265

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Financial Highlights

3 Months Ended

Sep. 30, 2023

Investment Company, Financial Highlights [Abstract]

Financial Highlights

Note 12. Financial Highlights

The following represents the per share data and the ratios to average net assets for the Company:

	For the three months ended September 30,
	2023			2022
Per Share Data:(1)
Net asset value, beginning of period	$	6.09		$	6.50
Net investment income		0.11			0.16
Net realized and unrealized gains (losses)		(0.22)			(0.04)
Net increase (decrease) in net assets resulting from operations		(0.11)			0.12
Capital transactions(2)
Dividends from net investment income		(0.15)			(0.15)
Distributions from net realized gains		—			—
Net decrease in net assets resulting from capital transactions		(0.15)			(0.15)
Offering costs		—			—
Net asset value, end of period	$	5.83		$	6.47
Market value per share, end of period	$	3.99		$	3.58
Total return based on market value(3)(4)		15.05	%		(11.94)	%
Shares outstanding at end of period		14,392,841			14,386,945
Ratio/Supplemental Data:
Net assets, at end of period	$	83,860,817		$	93,013,620
Ratio of total expenses to average net assets(5)		20.67	%		17.30	%
Ratio of net expenses to average net assets(5)		20.26	%		16.90	%
Ratio of interest expense and fees and amortization of deferred debt issuance costs to average net assets(5)		11.33	%		8.38	%
Ratio of net investment income before fee waiver to average net assets(5)		8.13	%		10.37	%
Ratio of net investment income after fee waiver to average net assets(5)		7.72	%		9.96	%
Total Borrowings	$	134,000,000		$	154,500,000
Asset Coverage Ratio(6)		1.63			1.60
Portfolio Turnover Rate(4)		5	%		7	%

(1)All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

(2)The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period.

(3)Total returns are historical and are calculated by determining the percentage change in the market value with all dividends distributions, if any, reinvested. Dividends and distributions are assumed to be reinvested at prices obtained under the company’s dividend reinvestment plan. Total investment return does not reflect sales load.

(4)Not annualized.

(5)Annualized.

(6)Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

Total return is calculated based on a time-weighted rate of return methodology for the stockholders and is not annualized. Total return is reflected after all investment-related and operating expenses. An individual stockholder’s return may vary from these returns based on the timing of capital transactions.

The ratios to average stockholders’ capital are calculated based on the monthly average stockholders’ capital during the period. Credit facility related expenses include interest expense and amortization of deferred debt issuance costs.

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Other Fee Income

3 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Other Fee Income

Note 13. Other Fee Income

The other fee income consists of structuring fee income, amendment fee income and royalty income. The following tables summarize the Company’s other fee income for the three months ended September 30, 2023 and September 30, 2022:

	For the three months ended September 30,
		2023		2022
Amendment Fee	$	51,904	$	60,338
Prepayment Fee Income		87,158		187,720
Other Fees		4,924		113,792
Other Fee Income	$	143,986	$	361,850

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Tax Information

3 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Tax Information

Note 14. Tax Information

As of September 30, 2023, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	249,731,637
Gross unrealized appreciation		7,592,020
Gross unrealized depreciation		(33,919,374)
Net unrealized investment depreciation	$	(26,327,354)

As of June 30, 2023, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	243,126,654
Gross unrealized appreciation		7,371,220
Gross unrealized depreciation		(30,386,545)
Net unrealized investment depreciation	$	(23,015,325)

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Subsequent Events

3 Months Ended

Sep. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Note 15. Subsequent Events

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued.

From October 1, 2023 through November 13, 2023, the Company invested $10.6 million in three new portfolio companies.

The Company’s dividend framework provides a quarterly base dividend and may be supplemented, at the discretion of the Company’s board of directors, by additional dividends as determined to be available by the Company’s net investment income and performance during the quarter.

On November 9, 2023, the Company’s board of directors declared a distribution for the quarter ended December 31, 2023 of $0.12 per share payable on January 8, 2024, to stockholders of record as of December 14, 2023 and a supplemental distribution of $0.03 per share, payable on January 8, 2024, to stockholders of record as of December 14, 2023.

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Significant Accounting Policies (Policies)

3 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Basis of Presentation

a. Basis of Presentation

The accompanying consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended June 30, 2023. All values are stated in U.S. dollars, unless noted otherwise. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the periods included herein as required by U.S. GAAP. These adjustments are normal and recurring in nature.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments and other amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates utilized in preparing the Company’s consolidated financial statements are reasonable and prudent. Actual results could differ materially from these estimates. All material inter-company balances and transactions have been eliminated.

As permitted under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing all or substantially all of its services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, CM Finance SPV Ltd. (“SPV”), CM Finance SPV LLC (“LLC”) and Investcorp Credit Management BDC SPV, LLC (“SPV LLC”), which are special purpose vehicles used to finance certain investments in its consolidated financial statements. The effects of all material intercompany balances and transactions have been eliminated in consolidation.

The Company reclassified prior period affiliate and other information in the accompanying consolidated balance sheet and income statements to conform to its current period presentation. These reclassifications had no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.

Revenue Recognition, Security Transactions, and Realized/Unrealized Gains or Losses

b. Revenue Recognition, Security Transactions, and Realized/Unrealized Gains or Losses

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Origination, closing, commitment, and amendment fees, and purchase and original issue discounts (“OID”) associated with loans to portfolio companies are accreted into interest income over the respective terms of the applicable loans. Accretion of discounts or premiums is calculated by the effective interest or straight-line method, as applicable, as of the purchase date and adjusted only for material amendments or prepayments. Upon the prepayment of a loan or debt security, any prepayment penalties are included in other fee income and unamortized fees and discounts are recorded as interest income and are non-recurring in nature. During the three months ended September 30, 2023, $174,454 of prepayment penalties and unamortized discounts upon prepayment were recorded as investment income. During the three months ended September 30, 2022, $155,038 of prepayment penalties and unamortized discounts upon prepayment were recorded as interest income.

Structuring fees and similar fees are recognized as income as earned, usually when received. Structuring fees, excess deal deposits, net profits interests and overriding royalty interests are included in other fee income.

Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. However, capitalized PIK interest will not be reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. As of September 30, 2023, the Company had ten loans on non-accrual status, 1888 Industrial Services, LLC – Term A, Term C and Revolver, American Nuts Holdings, LLC - Term A and Term B, American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, Arborworks Acquisition LLC - Term Loan and Revolver, CareerBuilder, LLC and Klein Hersh, LLC, which collectively represented 10.62% of the Company’s portfolio at fair value. As of June 30, 2023, the Company had six loans on non-accrual status, 1888 Industrial Services, LLC – Term A, Term C and Revolver, American Nuts Holdings, LLC - Term A and Term B, and American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, which collectively represented 4.08% of the Company’s portfolio at fair value.

Dividend income is recorded on the ex-dividend date.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are determined by calculating the difference between the net proceeds from the disposition and the amortized cost basis of the investments, without regard to unrealized gains or losses previously recognized. Realized gains or losses on the sale of investments are calculated using the specific identification method. The Company reports changes in fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the Unaudited Consolidated Statements of Operations.

The Company holds debt investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on an accrual basis to the extent that such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. The Company earned PIK interest of $100,181 during the three months ended September 30, 2023. The Company earned PIK interest of $181,738 during the three months ended September 30, 2022.

The Company may hold equity investments in its portfolio that contain a PIK dividend provision. PIK dividends, which represent contractual dividend payments added to the investment balance, are recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company earned PIK dividends of $188,251 during the three months ended September 30, 2023. The Company earned PIK dividends of $166,449 during the three months ended September 30, 2022.

Paid In Capital

c. Paid In Capital

The Company records the proceeds from the sale of its common stock to common stock and additional paid-in capital, net of commissions and marketing support fees.

Net Increase (Decrease) in Net Assets Resulting from Operations per Share

d. Net Increase (Decrease) in Net Assets Resulting from Operations per Share

The net increase (decrease) in net assets resulting from operations per share is calculated based upon the weighted average number of shares of common stock outstanding during the reporting period.

Distributions

e. Distributions

Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Company’s board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are generally distributed annually, although the Company may decide to retain such capital gains for investment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s board of directors authorizes, and the Company declares, a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution.

Cash and Restricted Cash

f. Cash and Restricted Cash

Cash and restricted cash consist of bank demand deposits. The Company deposits its cash in financial institutions and, at times, such balance may be in excess of the Federal Deposit Insurance Corporation insurance limits. All of the Company’s cash deposits are held at what management believes to be large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote. The Company has restrictions on the uses of the cash held by SPV, LLC and SPV LLC based on the terms of the relevant financing arrangement. For more information on the Company’s financing arrangements and borrowings, see Note 5.

Deferred Offering Costs

g. Deferred Offering Costs

Deferred offering costs consist of fees and expenses incurred in connection with the offer and sale of the Company’s common stock and bonds, including legal, accounting, printing fees, and other related expenses, as well as costs incurred in connection with the filing of a shelf registration statement. These costs are capitalized when incurred and recognized as a reduction of offering proceeds when the offering is completed.

Investment Transactions and Expenses

h. Investment Transactions and Expenses

Purchases of loans, including revolving credit agreements, are recorded on a fully committed basis until the funded and unfunded portions are known or estimable, which in many cases may not be until settlement.

Expenses are accrued as incurred.

Deferred debt issuance costs and deferred financing costs, incurred in connection with the Company’s financing arrangements and borrowings, are amortized using the straight-line method which approximates the effective interest method over the life of the debt.

Investment Valuation

i. Investment Valuation

The Company applies fair value accounting to all of its financial instruments in accordance with ASC Topic 820 – Fair Value Measurements and Disclosures (“ASC 820”) and Rule 2a-5 under the 1940 Act. ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its investments and financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

Fair value is defined as the price that would be received upon a sale of an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Securities that are traded on securities exchanges (including such securities traded in the afterhours market) are valued on the basis of the closing price on the valuation date (if such prices are available). Securities that are traded on more than one securities exchange are valued at the closing price on the primary securities exchange on which such securities are traded on the valuation date (or if reported on the consolidated tape, then their last sales price on the consolidated tape). Listed options for which the last sales price falls between the last “bid” and “ask” prices for such options are valued at their last sales price on the date of the valuation on the primary securities exchange on which such options are traded. Options for which the last sales price on the valuation date does not fall between the last “bid” and “ask” prices are valued at the average of the last “bid” and “ask” prices for such options on that date. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. The Company held no Level 1 investments as of September 30, 2023 or June 30, 2023.

Investments that are not traded on securities exchanges but are traded on the over-the-counter (“OTC”) markets (such as term loans, notes and warrants) are valued using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable) and fundamental data relating to the issuer. These

investments are categorized in Level 2 of the fair value hierarchy, or in instances when lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Investments for which market quotations are not readily available or may be considered unreliable are fair valued, in good faith, using a method determined to be appropriate in the given circumstances. The valuation methods used include the Cost Approach, the Market Approach and the Income Approach. Inputs used in these approaches may include, but are not limited to, interest rate yield curves, credit spreads, recovery rates, comparable company transactions, trading multiples, and volatilities. The valuation method the Company uses may change as changes in the underlying portfolio company dictates, such as moving from the Cost Approach to Market Approach when underlying conditions change at the company. Because of the inherent uncertainty of valuation in these circumstances, the fair values for the aforementioned investments may differ significantly from values that would have been used had a ready and liquid market for such investments existed or from the amounts that might ultimately be realized, and such differences could be material.

The Adviser seeks to ensure that the Company’s valuation policies and procedures, as approved by the Company’s board of directors, are consistently applied across all investments of the Company. The valuations are continuously monitored and the valuation process for Level 3 investments is completed on a quarterly basis and is designed to subject the valuation of Level 3 investments to an appropriate level of consistency, oversight and review. The valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Adviser responsible for the portfolio investment. These investment professionals prepare the preliminary valuations based on their evaluation of financial and operating data, company specific developments, market valuations of comparable securities from the same company or that of comparable companies as well as any other relevant factors including recent purchases and sales that may have occurred preceding month-end.

Valuation models are typically calibrated upon initial funding and are re-calibrated as necessary upon subsequent material events (including, but not limited to additional financing activity, changes in comparable companies, and recent trades). The preliminary valuation conclusions are then documented and discussed with senior management of the Adviser. On a periodic basis and at least once annually, one or more third-party independent valuation firm(s) engaged by the Company conduct independent appraisals and review the Adviser’s preliminary valuations and make their own independent assessment. The Valuation Committee of the Company’s board of directors then reviews the preliminary valuations of the Adviser and, as applicable, that of any independent valuation firms. The Valuation Committee discusses the valuations and makes a recommendation to the Company’s board of directors regarding the fair value of each investment in good faith based on the input of the Adviser and the independent valuation firm(s). Upon recommendation by the Valuation Committee and a review of the valuation materials of the Adviser and the third-party independent valuation firm(s), the board of directors of the Company determines, in good faith, the fair value of each investment.

For more information on the classification of the Company’s investments by major categories, see Note 4.

The fair value of the Company’s assets and liabilities that qualify as financial instruments under U.S. GAAP approximates the carrying amounts presented in the Unaudited Consolidated Statements of Assets and Liabilities.

Income Taxes

j. Income Taxes

The Company has elected to be treated, for U.S. federal income tax purposes, as a RIC under Subchapter M of the Code. To maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements and distribute to stockholders, for each taxable year, at least 90% of the Company’s “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. If the Company continues to qualify as a RIC and continues to satisfy the annual distribution requirement, the Company will not have to pay corporate level U.S. federal income taxes on any income that the Company distributes to its stockholders. The Company intends to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. The Company will also be subject to nondeductible U.S. federal excise taxes if the Company does not distribute to its stockholders at least 98% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no U.S. federal income taxes. Additionally, certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes. At September 30, 2023 and September 30, 2022, the Company had no Taxable Subsidiaries. The Company incurred excise tax expenses, which are included in the provision for tax expense of $100,747 for the three months ended September 30, 2023, and $44,330 for the three months ended September 30, 2022.

Book and tax basis differences that are permanent differences are reclassified among the Company’s capital accounts, as appropriate at year-end. Additionally, the tax character of distributions is determined in accordance with the Code, which differs from U.S. GAAP. During the three months ended September 30, 2023, the Company recorded distributions of $2.2 million. During the three months ended September 30, 2022, the Company recorded distributions of $2.2 million. For certain periods, the tax character of a portion of distributions may be return of capital.

U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Company’s policy is to recognize accrued interest and penalties associated with uncertain tax positions as part of the tax provision.

The Company has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions for any tax year since inception. The tax years ended June 30, 2020 through present remain subject to examinations by taxing authorities. This conclusion may be subject to review and adjustment at a later date based on factors, including but not limited to, ongoing analysis and changes to laws, regulations, and interpretations thereof.

Permanent differences between investment company taxable income and net investment income for financial reporting purposes are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. During the year ended June 30, 2023, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of paydown gains and losses, Taxable Subsidiary partnership investments, nondeductible taxes paid and income/(loss) from wholly owned subsidiaries as follows:

	As of June 30, 2023
Additional paid-in capital	$	(284,155)
Distributable earnings		284,155

The tax character of all distributions paid by the Company during the year ended June 30, 2023 was ordinary income.

At June 30, 2023, the components of distributable earnings on a tax basis were as follows:

	As of June 30, 2023
Undistributed net investment income	$	11,648,379
Accumulated capital gains (losses) and other		(27,970,779)
Capital loss carryover		(73,713,555)
Unrealized appreciation (depreciation)		(23,015,323)
Distributions payable		(2,590,520)
Distributable earnings (loss)	$	(115,641,798)

For U.S. federal income tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. These capital losses can be carried forward for an indefinite period and will retain their character as either short-term or long-term capital losses. As of June 30, 2023, the Company had a net short-term capital loss carryforward of $1,971,187 and a net long-term capital loss carryforward of $71,742,368 available to be carried forward for an indefinite period.

A RIC may elect to defer any capital losses incurred after October 31 of a taxable year (“post-October”) to the beginning of the following fiscal year. As of June 30, 2023, the Company had a post-October short-term capital loss deferral of $41,242 and a post-October long-term capital loss deferral of $27,178,811. These losses were deemed to arise on July 1, 2023.

Capital Gains Incentive Fee

k. Capital Gains Incentive Fee

Under the Advisory Agreement, the Company has agreed to pay the Adviser a fee for investment advisory and management services consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee (the “Incentive Fee”). The Incentive Fee has two components: one based on the Company’s pre-Incentive Fee net investment income (the “Income-Based Fee”) and one based on capital gains (the “Capital Gains Fee”). Under U.S. GAAP, the Company calculates the Capital Gains Fee payable to the Adviser as if the Company had realized all investments at their fair values as of the reporting date. Accordingly, the Company accrues a provisional Capital Gains Fee taking into account any unrealized gains or losses. As the provisional Capital Gains Fee is subject to the performance of investments until there is a realization event, the amount of provisional Capital Gains Fee accrued at a reporting date may vary from the incentive fee that is ultimately realized and the differences could be material.

Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date) commencing with the Company’s fiscal year ending on June 30, 2021, and is calculated at the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in each case calculated from June 30, 2020. If the amount so calculated is positive, then the Capital Gains Fee for such year is equal to 20% of such amount, less the aggregate amount of Capital Gains Fees paid in all prior years under the Advisory Agreement. If such amount is negative, then no Capital Gains Fee will be payable for such year. Under the Advisory Agreement, the Capital Gains

Fee was not charged until the fiscal year ended June 30, 2023. As of September 30, 2023 and June 30, 2023, there was no Capital Gains Fee payable to the Adviser under the Advisory Agreement.

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Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Schedule of Reclassified for Book Purposes Amounts Arising from Permanent Book or Tax Differences Related to the Different Tax Treatment of Paydown Gains and Losses

During the year ended June 30, 2023, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of paydown gains and losses, Taxable Subsidiary partnership investments, nondeductible taxes paid and income/(loss) from wholly owned subsidiaries as follows:

	As of June 30, 2023
Additional paid-in capital	$	(284,155)
Distributable earnings		284,155

Schedule of Distributable Earnings on Tax Basis

At June 30, 2023, the components of distributable earnings on a tax basis were as follows:

	As of June 30, 2023
Undistributed net investment income	$	11,648,379
Accumulated capital gains (losses) and other		(27,970,779)
Capital loss carryover		(73,713,555)
Unrealized appreciation (depreciation)		(23,015,323)
Distributions payable		(2,590,520)
Distributable earnings (loss)	$	(115,641,798)

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Investments (Tables)

3 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Purchases Sales And Principal Payments

Investment purchases, sales and principal payments/paydowns are summarized below for the three months ended September 30, 2023 and September 30, 2022, respectively. These purchase and sale amounts exclude derivative instruments as well as non-cash restructurings.

	For the three months ended September 30,
	2023		2022
Investment purchases, at cost (including PIK interest)	$	16,535,289	$	22,147,855
Investment sales and repayments		10,317,357		16,476,699

Schedule of Investments

The composition of the Company’s investments as of September 30, 2023, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:

Investment Type	Investments at Amortized Cost		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
Senior Secured First Lien Debt Investments	$	220,517,589	88.24	%	$	200,319,576	89.67	%
Equity, Warrants and Other Investments		29,386,210	11.76			23,084,707	10.33
Total	$	249,903,799	100.00	%	$	223,404,283	100.00	%

The composition of the Company’s investments as of June 30, 2023, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:

Investment Type	Investments at     Amortized Cost		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
Senior Secured First Lien Debt Investments	$	214,100,857	88.00	%	$	196,370,955	89.21	%
Equity, Warrants and Other Investments		29,197,959	12.00			23,740,374	10.79
Total	$	243,298,816	100.00	%	$	220,111,329	100.00	%

Schedule of Portfolio Composition by Industry Grouping at Fair Value

The Company uses Global Industry Classification Standard (“GICS”) codes to identify the industry groupings in its portfolio. The following table shows the portfolio composition by industry grouping at fair value at September 30, 2023:

Industry Classification	Investments at Fair Value		Percentage of Total Portfolio
Trading Companies & Distributors	$	38,219,681	17.11	%
Professional Services		25,728,030	11.52
IT Services		16,830,075	7.53
Software		13,736,438	6.15
Containers & Packaging		13,558,591	6.07
Commercial Services & Supplies		13,493,554	6.04
Machinery		8,967,989	4.01
Internet & Direct Marketing Retail		8,907,439	3.99
Household Durables		7,766,091	3.48
Entertainment		7,600,000	3.40
Chemicals		7,527,189	3.37
Diversified Consumer Services		7,250,052	3.25
Hotels, Restaurants, and Leisure		7,171,656	3.21
Automobile Components		6,158,497	2.76
Consumer Staples Distribution & Retail		5,606,790	2.51
Specialty Retail		5,059,875	2.26
Consumer Services		4,915,732	2.20
Building Products		4,474,688	2.00
Automotive Retail		4,017,057	1.80
Food Products		4,005,000	1.79
Construction & Engineering		3,937,532	1.76
Paper Packaging		3,000,000	1.34
Electronic Equipment, Instruments & Components		2,852,627	1.28
Energy Equipment & Services		2,619,700	1.17
Total	$	223,404,283	100.00	%

The following table shows the portfolio composition by industry grouping at fair value at June 30, 2023:

Industry Classification	Investments at Fair Value		Percentage of Total Portfolio
Trading Companies & Distributors	$	35,176,879	15.98	%
Professional Services		28,238,167	12.83
IT Services		23,576,450	10.71
Commercial Services & Supplies		14,329,460	6.51
Software		13,772,487	6.26
Containers & Packaging		12,958,772	5.89
Machinery		9,602,806	4.36
Internet & Direct Marketing Retail		8,969,729	4.08
Entertainment		7,640,000	3.47
Household Durables		7,610,242	3.46
Chemicals		7,568,617	3.44
Diversified Consumer Services		7,268,500	3.30
Automobile Components		7,261,275	3.30
Hotels, Restaurants, and Leisure		6,283,541	2.85
Consumer Staples Distribution & Retail		6,061,396	2.75
Specialty Retail		5,148,000	2.34
Building Products		4,511,719	2.05
Food Products		4,288,750	1.95
Automotive Retail		3,878,905	1.76
Electronic Equipment, Instruments & Components		3,265,598	1.48
Energy Equipment & Services		2,700,036	1.23
Total	$	220,111,329	100.00	%

Schedule of Portfolio Composition by Geographic Grouping at Fair Value

The following table shows the portfolio composition by geographic grouping at fair value at September 30, 2023:

Geographic Region	Investments at Fair Value		Percentage of Total Portfolio
U.S. Northeast	$	86,530,253	38.73	%
U.S. West		48,391,784	21.66
U.S. Midwest		27,364,696	12.25
U.S. Mid-Atlantic		22,911,655	10.26
U.S. Southeast		20,636,714	9.24
U.S. Southwest		12,601,618	5.64
International		4,967,563	2.22
Total	$	223,404,283	100.00	%

The following table shows the portfolio composition by geographic grouping at fair value at June 30, 2023:

Geographic Region	Investments at Fair Value		Percentage of Total Portfolio
U.S. Northeast	$	94,658,227	43.00	%
U.S. West		44,911,266	20.40
U.S. Midwest		26,602,440	12.09
U.S. Southeast		20,803,349	9.45
U.S. Mid-Atlantic		17,721,607	8.05
U.S. Southwest		10,367,607	4.71
International		5,046,833	2.30
Total	$	220,111,329	100.00	%

Schedule of Fair Value Measurements of Assets

The following table summarizes the classifications within the fair value hierarchy of the Company’s assets measured at fair value as of September 30, 2023:

	Level 1		Level 2		Level 3		Total
Assets
Investments
Senior Secured First Lien Debt Investments	$	—	$	—	$	200,319,576	$	200,319,576
Equity, Warrants and Other Investments		—		—		23,084,707		23,084,707
Total Investments	$	—	$	—	$	223,404,283	$	223,404,283

The following table summarizes the classifications within the fair value hierarchy of the Company’s assets measured at fair value as of June 30, 2023:

	Level 1		Level 2		Level 3		Total
Assets
Investments
Senior Secured First Lien Debt Investments	$	—	$	—	$	196,370,955	$	196,370,955
Equity, Warrants and Other Investments		—		—		23,740,374		23,740,374
Total Investments	$	—	$	—	$	220,111,329	$	220,111,329

Reconciliation of Investments Measured at Fair value on a recurring basis using Level 3 inputs

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended September 30, 2023:

	Senior Secured First Lien Debt Investments		Senior Secured Second Lien Debt Investments		Unsecured Debt Investments		Equity, Warrants and Other Investments		Total Investments
Fair value at September 30, 2022	$	196,370,955	$	—	$	—	$	23,740,374	$	220,111,329
Purchases (including PIK interest)		16,347,037		—		—		188,252		16,535,289
Sales and repayments		(10,317,357)		—		—		—		(10,317,357)
Amortization		387,051		—		—		—		387,051
Net realized gains (losses)		—		—		—		—		—
Transfers in		—		—		—		—		—
Transfers out		—		—		—		—		—
Net change in unrealized appreciation (depreciation)		(2,468,110)		—		—		(843,919)		(3,312,029)
Fair value at September 30, 2023	$	200,319,576	$	—	$	—	$	23,084,707	$	223,404,283
Change in unrealized appreciation (depreciation) relating to assets still held as of September 30, 2023	$	(2,468,109)	$	—	$	—	$	(843,919)	$	(3,312,028)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended September 30, 2022:

	Senior Secured First Lien Debt Investments		Senior Secured Second Lien Debt Investments		Unsecured Debt Investments		Equity, Warrants and Other Investments		Total Investments
Fair value at June 30, 2022	$	214,858,036	$	—	$	—	$	18,825,950	$	233,683,986
Purchases (including PIK interest)		21,781,406		—		—		366,449		22,147,855
Sales and repayments		(16,476,699)		—		—		—		(16,476,699)
Amortization		501,016		—		—		—		501,016
Net realized gains (losses)		—		—		—		—		—
Transfers in		—		—		—		—		—
Transfers out		—		—		—		—		—
Net change in unrealized (depreciation) appreciation		(1,130,564)		—		—		451,967		(678,597)
Fair value at September 30, 2022	$	219,533,195	$	—	$	—	$	19,644,366	$	239,177,561
Change in unrealized appreciation (depreciation) relating to assets still held as of September 30, 2022	$	(1,022,903)	$	—	$	—	$	451,968	$	(570,935)

Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs

The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

	Fair Value  as of September 30, 2023		Valuation Methodology	Unobservable Input(s)	Weighted Average	Range
Senior Secured First Lien Debt Investments	$	167,661,231	Income Approach	Market Yields	13.4%		9.9%-18.1%
Senior Secured First Lien Debt Investments		6,294,430	Market Comparable Approach	EBITDA Multiple	5.3x		5.2x-5.8x
Senior Secured First Lien Debt Investments		2,418,108	Market Comparable Approach	Revenue Multiple	0.27x		0.27x
Senior Secured First Lien Debt Investments		14,853,263	Recent Transaction	Recent Transaction	N/A		N/A
Senior Secured First Lien Debt Investments		9,092,544	Recovery Analysis	Recovery Amount	N/A		N/A
Equity, Warrants, and Other Investments		5,593,082	Income Approach	Market Yields	17.1%		17.1%
Equity, Warrants, and Other Investments		17,491,625	Market Comparable Approach	EBITDA multiple	8.9x		4.7x-21.9x

	Fair Value as of June 30, 2023		Valuation Methodology	Unobservable Input(s)	Weighted Average	Range
Senior Secured First Lien Debt Investments	$	161,776,983	Income Approach	Market Yields	13.3%	10.1% - 18.0%
Senior Secured First Lien Debt Investments		13,895,260	Market Comparable Approach	EBITDA Multiple	17.3x	5.7x – 21.2x
Senior Secured First Lien Debt Investments		5,272,355	Market Comparable Approach	Revenue Multiple	0.3x	0.30x – 0.38x
Senior Secured First Lien Debt Investments		15,209,280	Recent Transaction	Recent Transaction	N/A	N/A
Senior Secured First Lien Debt Investments		217,077	Recovery Analysis	Recovery Amount	N/A	N/A
Equity, Warrants and Other Investments		4,824,752	Income Approach	Market Yields	18.0%	18.0%
Equity, Warrants and Other Investments		18,915,622	Market Comparable Approach	EBITDA multiple	8.7x	5.7x – 24.2x
Equity, Warrants and Other Investments		—	Market Comparable Approach	Revenue Multiple	0.3x	0.3x

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Borrowings (Tables)

3 Months Ended

Sep. 30, 2023

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt

Set forth below is the aggregate principal amount of our long-term debt as of September 30, 2023 (excluding unamortized premiums, net, unamortized debt issuance costs and note payable) maturing during the following years:

2024	$	—
2025		—
2026		134,000,000
Total long-term debt	$	134,000,000

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Indemnification, Guarantees, Commitments and Contingencies (Tables)

3 Months Ended

Sep. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Quarterly Distributions By Board Of Directors

The Company’s board of directors declared the following quarterly distributions during the three months ended September 30, 2023:

Declared	Ex-Date	Record Date	Pay Date	Amount	Fiscal Quarter
September 14, 2023	October 11, 2023	October 12, 2023	November 2, 2023	$0.1500	1st 2024

Summary of Unfunded Commitment

The following table details the Company’s unfunded commitments to portfolio companies as of September 30, 2023:

Investments	Unfunded Commitment		Fair Value		Annual Non-use Fee	Expiration Date
1888 Industrial Services, LLC – Revolver	$	210,033	$	—	0.50%	8/31/24
Amerequip, LLC – Revolver		967,742		—	0.50%	8/31/27
Arborworks Acquisition LLC – Revolver		8,363		—	0.50%	11/9/26
Archer Systems, LLC – Revolver		603,175		—	0.50%	8/11/27
Evergreen North America Acquisitions, LLC – Revolver		276,064		—	0.50%	8/13/26
Flatworld Intermediate Corporation – Revolver		567,568		—	0.50%	10/1/27
NWN Parent Holdings LLC – Revolver		1,200,000		—	0.50%	5/7/26
South Coast Terminals LLC – Revolver		967,742		—	0.50%	12/10/26
Xenon Arc, Inc. – Revolver		680,000		—	0.50%	12/17/26
Total Unfunded Commitments	$	5,480,687	$	—

The following table details the Company’s unfunded commitments to portfolio companies as of June 30, 2023:

Investments	Unfunded Commitment		Fair Value		Annual Non-use Fee	Expiration Date
1888 Industrial Services, LLC – Revolver	$	186,990	$	—	0.50%	8/31/24
Amerequip, LLC – Revolver		967,742		—	0.50%	8/31/27
Arborworks Acquisition LLC – Revolver		554,947		—	0.50%	11/9/26
Archer Systems, LLC – Revolver		603,175		—	0.50%	8/11/27
Evergreen North America Acquisitions, LLC – Revolver		276,064		—	0.50%	8/13/26
Flatworld Intermediate Corporation – Revolver		567,567		—	0.50%	10/1/27
NWN Parent Holdings LLC – Revolver		800,000		—	0.50%	5/7/26
South Coast Terminals LLC – Revolver		967,742		—	0.50%	12/10/26
Xenon Arc, Inc. – Revolver		746,667		—	0.50%	12/17/26
Total Unfunded Commitments	$	5,670,894	$	—

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Net Change in Net Assets Resulting from Operations Per Share (Tables)

3 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Schedule of Computation of the Weighted Average basic and Diluted Net Assets Per Share from Operations

The following table sets forth the computation of the weighted average basic and diluted net increase in net assets per share from operations:

Basic and Diluted Net Increase (Decrease) in Net Assets Per Share	Three months ended September 30,
	2023		2022
Net increase (decrease) in net assets resulting from operations	$	(1,684,362)	$	1,657,507
Weighted average shares of common stock outstanding		14,392,714		14,386,809
Basic/diluted net increase (decrease) in net assets from operations per share	$	(0.12)	$	0.12

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Distributions (Tables)

3 Months Ended

Sep. 30, 2023

Distributions [Abstract]

Schedule of Distributions Declared on Shares of Common Stock

The following table reflects the distributions declared on shares of the Company’s common stock since the Offering in February 2014. Stockholders of record as of each respective record date were entitled to receive the distribution:

Declaration Date	Record Date	Payment Date	Amount Per Share
March 14, 2014	March 24, 2014	March 31, 2014	$	0.1812
May 14, 2014	June 16, 2014	July 1, 2014	$	0.3375
September 4, 2014	September 18, 2014	October 1, 2014	$	0.3375
November 6, 2014	December 18, 2014	January 5, 2015	$	0.3375
January 28, 2015	March 18, 2015	April 2, 2015	$	0.3469
May 6, 2015	June 8, 2015	July 5, 2015	$	0.3469
June 10, 2015#	September 1, 2015	September 15, 2015	$	0.4300
June 10, 2015	September 18, 2015	October 2, 2015	$	0.3469
November 3, 2015	December 18, 2015	January 5, 2016	$	0.3469
February 2, 2016	March 18, 2016	April 7, 2016	$	0.3516
April 28, 2016	June 17, 2016	July 7, 2016	$	0.3516
August 25, 2016	September 16, 2016	October 6, 2016	$	0.3516
November 3, 2016	December 16, 2016	January 5, 2017	$	0.3516
November 3, 2016	March 17, 2017	April 6, 2017	$	0.2500
May 2, 2017	June 16, 2017	July 6, 2017	$	0.2500
August 24, 2017	September 8, 2017	October 5, 2017	$	0.2500
November 7, 2017	March 16, 2018	April 5, 2018	$	0.2500
May 2, 2018	June 15, 2018	July 5, 2018	$	0.2500
August 23, 2018	September 18, 2018	October 5, 2018	$	0.2500
November 6, 2018	December 14, 2018	January 3, 2019	$	0.2500
February 5, 2019	March 15, 2019	April 4, 2019	$	0.2500
May 1, 2019	June 14, 2019	July 5, 2019	$	0.2500
August 28, 2019	September 26, 2019	October 16, 2019	$	0.2500
November 6, 2019	December 13, 2019	January 2, 2020	$	0.2500
February 4, 2020	March 13, 2020	April 2, 2020	$	0.2500
May 7, 2020	June 19, 2020	July 10, 2020	$	0.1500
May 7, 2020*	June 19, 2020	July 10, 2020	$	0.0300
August 26, 2020	September 25, 2020	October 15, 2020	$	0.1500
August 26, 2020*	September 25, 2020	October 15, 2020	$	0.0300
November 3, 2020	December 10, 2020	January 4, 2021	$	0.1500
November 3, 2020*	December 10, 2020	January 4, 2021	$	0.0300
February 3, 2021	March 12, 2021	April 1, 2021	$	0.1500
February 3, 2021*	March 12, 2021	April 1, 2021	$	0.0300
May 6, 2021	June 18, 2021	July 9, 2021	$	0.1500
August 25, 2021	September 24, 2021	October 14, 2021	$	0.1500
November 3, 2021	December 10, 2021	January 4, 2022	$	0.1500
February 3, 2022	March 11, 2022	March 31, 2022	$	0.1500
May 5, 2022	June 17, 2022	July 8, 2022	$	0.1500
August 25, 2022	September 23, 2022	October 14, 2022	$	0.1500
November 11, 2022	December 16, 2022	January 10, 2023	$	0.1300
November 11, 2022*	December 16, 2022	January 10, 2023	$	0.0200
February 2, 2023	March 10, 2023	March 30, 2023	$	0.1300
February 2, 2023*	March 10, 2023	March 30, 2023	$	0.0200
May 4, 2023	June 16, 2023	July 7, 2023	$	0.1300
May 4, 2023*	June 16, 2023	July 7, 2023	$	0.0500
September 14, 2023	October 12, 2023	November 2, 2023	$	0.1300
September 14, 2023*	October 12, 2023	November 2, 2023	$	0.0200

# Special distribution

* Supplemental distribution

Schedule of Cash Dividend Distribution

The following table reflects, for U.S. federal income tax purposes, the sources of the cash dividend distributions that the Company has paid on its common stock during the three months ended September 30, 2023 and September 30, 2022:

	Three months ended September 30,
	2023			2022
		Distribution Amount	Percentage		Distribution Amount	Percentage
Ordinary income and short-term capital gains	$	2,158,926	100%	$	2,158,042	100%
Long-term capital gains		—	—		—	—
Total	$	2,158,926	100%	$	2,158,042	100%

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Share Transactions (Tables)

3 Months Ended

Sep. 30, 2023

Equity [Abstract]

Summary Of Shares Issued

The following table summarizes the total shares issued for the three months ended September 30, 2023 and September 30, 2022.

	Three months ended September 30,
	2023			2022
	Shares	Amount		Shares	Amount
Balance at beginning of period	14,391,775	$	205,812,251	14,385,810	$	205,790,502
Issuance of common shares	—		—	—		—
Reinvestments of stockholder distributions	1,066		3,797	1,135		4,763
Balance at end of period	14,392,841	$	205,816,048	14,386,945	$	205,795,265

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Financial Highlights (Tables)

3 Months Ended

Sep. 30, 2023

Investment Company, Financial Highlights [Abstract]

Schedule of Financial Highlights

The following represents the per share data and the ratios to average net assets for the Company:

	For the three months ended September 30,
	2023			2022
Per Share Data:(1)
Net asset value, beginning of period	$	6.09		$	6.50
Net investment income		0.11			0.16
Net realized and unrealized gains (losses)		(0.22)			(0.04)
Net increase (decrease) in net assets resulting from operations		(0.11)			0.12
Capital transactions(2)
Dividends from net investment income		(0.15)			(0.15)
Distributions from net realized gains		—			—
Net decrease in net assets resulting from capital transactions		(0.15)			(0.15)
Offering costs		—			—
Net asset value, end of period	$	5.83		$	6.47
Market value per share, end of period	$	3.99		$	3.58
Total return based on market value(3)(4)		15.05	%		(11.94)	%
Shares outstanding at end of period		14,392,841			14,386,945
Ratio/Supplemental Data:
Net assets, at end of period	$	83,860,817		$	93,013,620
Ratio of total expenses to average net assets(5)		20.67	%		17.30	%
Ratio of net expenses to average net assets(5)		20.26	%		16.90	%
Ratio of interest expense and fees and amortization of deferred debt issuance costs to average net assets(5)		11.33	%		8.38	%
Ratio of net investment income before fee waiver to average net assets(5)		8.13	%		10.37	%
Ratio of net investment income after fee waiver to average net assets(5)		7.72	%		9.96	%
Total Borrowings	$	134,000,000		$	154,500,000
Asset Coverage Ratio(6)		1.63			1.60
Portfolio Turnover Rate(4)		5	%		7	%

(1)All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

(2)The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period.

(3)Total returns are historical and are calculated by determining the percentage change in the market value with all dividends distributions, if any, reinvested. Dividends and distributions are assumed to be reinvested at prices obtained under the company’s dividend reinvestment plan. Total investment return does not reflect sales load.

(4)Not annualized.

(5)Annualized.

(6)Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

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Other Fee Income (Tables)

3 Months Ended

Sep. 30, 2023

Other Income and Expenses [Abstract]

Schedule of Other Fee Income

The following tables summarize the Company’s other fee income for the three months ended September 30, 2023 and September 30, 2022:

	For the three months ended September 30,
		2023		2022
Amendment Fee	$	51,904	$	60,338
Prepayment Fee Income		87,158		187,720
Other Fees		4,924		113,792
Other Fee Income	$	143,986	$	361,850

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Tax Information (Tables)

3 Months Ended

Sep. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Aggregate Investment Unrealized Appreciation and Depreciation Based on Cost for U.S. Federal Income Tax Purposes

As of September 30, 2023, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	249,731,637
Gross unrealized appreciation		7,592,020
Gross unrealized depreciation		(33,919,374)
Net unrealized investment depreciation	$	(26,327,354)

As of June 30, 2023, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	243,126,654
Gross unrealized appreciation		7,371,220
Gross unrealized depreciation		(30,386,545)
Net unrealized investment depreciation	$	(23,015,325)

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Organization - Additional Information (Details) - USD ($)			3 Months Ended
	Sep. 03, 2021	Feb. 11, 2014	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Aug. 30, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of common shares	453,985		0	0
Common stock, par value	$ 0.001		$ 0.001		$ 0.001
Shares offering, price per share	$ 6.92
Common stock, shares issued			14,392,841		14,391,775
Common stock, shares outstanding			14,392,841	14,386,945	14,391,775
Repayment of debt percentage			100.00%
Qualifying assets percentage			70.00%
Amount of market capitalization			$ 250,000,000
Taxable subsidiaries			$ 0		$ 0
CM Finance LLC
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, shares issued			6,000,000
Issuance of debt			$ 39,800,000
Stifel Venture Corp
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, shares issued						2,181,818
Issuance of common shares			$ 32,700,000
Number of common stock shares repurchased			2,181,818
Common stock, shares outstanding			13,666,666
Investcorp Credit Management
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, par value							$ 0.001
Common stock, shares issued							680,985
Common stock, shares outstanding							680,985
IPO | Investcorp Credit Management | Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of common shares		7,666,666
Common stock, par value		$ 0.001
Shares offering, price per share		$ 15
Proceeds from initial public offering		$ 111,500,000

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Significant Accounting Policies - Schedule of Reclassified for Book Purposes Amounts Arising from Permanent Book (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Sep. 30, 2023
Additional paid-in capital	$ 203,327,714	$ 203,331,510
Subsidiaries [Member]
Additional paid-in capital	(284,155)
Distributable earnings	$ 284,155

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Significant Accounting Policies - Schedule of Distributable Earnings on Tax Basis (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Accounting Policies [Abstract]
Undistributed net investment income		$ 11,648,379
Accumulated capital gains (losses) and other		(27,970,779)
Capital loss carryover		(73,713,555)
Unrealized appreciation (depreciation)		(23,015,323)
Distributions payable		(2,590,520)
Distributable earnings (loss)	$ (119,485,086)	$ (115,641,798)

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Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Interest income	$ 174,454	$ 155,038
Number of loans on non-accrual status | Loans			6
Percentage of portfolio at fair value	10.62%		4.08%
Investment company taxable income	90.00%
Percentage of net ordinary income	98.00%
Percentage of capital gain	98.20%
Excise tax	$ 100,747	44,330
Distributions	2,158,926	2,158,042
Short-term capital loss carryforward, net			$ 1,971,187
Long-term capital loss carryforward, net			71,742,368
Short-term capital loss deferral			41,242
Long-term capital loss deferral			$ 27,178,811
Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payment in kind, interest received	188,251	166,449
Debt investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payment in kind, interest received	$ 100,181	$ 181,738

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Investments - Schedule of Investment Purchases Sales And Principal Payments (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investment purchases, at cost (including PIK interest)	$ 16,535,289	$ 22,147,855
Sales and repayments	$ 10,317,357	$ 16,476,699

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Investments - Schedule of Investment (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Amortized Cost	$ 249,903,799	$ 243,298,816
Percentage of Total Portfolio	100.00%	100.00%
Investments at Fair Value	$ 223,404,283	$ 220,111,329
Percentage of Total Portfolio	100.00%	100.00%
Senior Secured First Lien Debt Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Amortized Cost	$ 220,517,589	$ 214,100,857
Percentage of Total Portfolio	88.24%	88.00%
Investments at Fair Value	$ 200,319,576	$ 196,370,955
Percentage of Total Portfolio	89.67%	89.21%
Equity, Warrants and Other Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Amortized Cost	$ 29,386,210	$ 29,197,959
Percentage of Total Portfolio	11.76%	12.00%
Investments at Fair Value	$ 23,084,707	$ 23,740,374
Percentage of Total Portfolio	10.33%	10.79%

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Investments - Schedule of Portfolio Composition by Industry Grouping at Fair Value (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 223,404,283	$ 220,111,329
Percentage of Net Assets	100.00%	100.00%
Trading Companies & Distributors
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 38,219,681	$ 35,176,879
Percentage of Net Assets	17.11%	15.98%
Professional Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 25,728,030	$ 28,238,167
Percentage of Net Assets	11.52%	12.83%
IT Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 16,830,075	$ 23,576,450
Percentage of Net Assets	7.53%	10.71%
Internet & Direct Marketing Retail
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 8,907,439	$ 8,969,729
Percentage of Net Assets	3.99%	4.08%
Commercial Services And Supplies
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 13,493,554	$ 14,329,460
Percentage of Net Assets	6.04%	6.51%
Chemicals
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 7,527,189	$ 7,568,617
Percentage of Net Assets	3.37%	3.44%
Energy Equipment & Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 2,619,700	$ 2,700,036
Percentage of Net Assets	1.17%	1.23%
Software
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 13,736,438	$ 13,772,487
Percentage of Net Assets	6.15%	6.26%
Entertainment
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 7,600,000	$ 7,640,000
Percentage of Net Assets	3.40%	3.47%
Household Durables
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 7,766,091	$ 7,610,242
Percentage of Net Assets	3.48%	3.46%
Automobile Components
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 6,158,497	$ 7,261,275
Percentage of Net Assets	2.76%	3.30%
Consumer Staples Distribution & Retail
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 5,606,790	$ 6,061,396
Percentage of Net Assets	2.51%	2.75%
Containers & Packaging
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 13,558,591	$ 12,958,772
Percentage of Net Assets	6.07%	5.89%
Diversified Consumer Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 7,250,052	$ 7,268,500
Percentage of Net Assets	3.25%	3.30%
Hotels, Restaurants, and Leisure
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 7,171,656	$ 6,283,541
Percentage of Net Assets	3.21%	2.85%
Specialty Retail
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 5,059,875	$ 5,148,000
Percentage of Net Assets	2.26%	2.34%
Consumer Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 4,915,732
Percentage of Net Assets	2.20%
Machinery
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 8,967,989	$ 9,602,806
Percentage of Net Assets	4.01%	4.36%
Building Products
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 4,474,688	$ 4,511,719
Percentage of Net Assets	2.00%	2.05%
Food Products
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 4,005,000	$ 4,288,750
Percentage of Net Assets	1.79%	1.95%
Automotive Retail
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 4,017,057	$ 3,878,905
Percentage of Net Assets	1.80%	1.76%
Construction & Engineering
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 3,937,532
Percentage of Net Assets	1.76%
Paper Packaging
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 3,000,000
Percentage of Net Assets	1.34%
Electronic Equipment Instruments And Components
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 2,852,627	$ 3,265,598
Percentage of Net Assets	1.28%	1.48%

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Investments - Schedule of Portfolio Composition by Geographic Grouping at Fair Value (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Investments at Fair Value	$ 223,404,283	$ 220,111,329
Percentage of Net Assets	100.00%	100.00%
U.S Northeast [Member]
Investments at Fair Value	$ 86,530,253	$ 94,658,227
Percentage of Net Assets	38.73%	43.00%
U.S. West [Member]
Investments at Fair Value	$ 48,391,784	$ 44,911,266
Percentage of Net Assets	21.66%	20.40%
U.S. Midwest [Member]
Investments at Fair Value	$ 27,364,696	$ 26,602,440
Percentage of Net Assets	12.25%	12.09%
U.S. Mid-Atlantic [Member]
Investments at Fair Value	$ 22,911,655	$ 17,721,607
Percentage of Net Assets	10.26%	8.05%
U.S. Southeast [Member]
Investments at Fair Value	$ 20,636,714	$ 20,803,349
Percentage of Net Assets	9.24%	9.45%
U.S. Southwest [Member]
Investments at Fair Value	$ 12,601,618	$ 10,367,607
Percentage of Net Assets	5.64%	4.71%
International [Member]
Investments at Fair Value	$ 4,967,563	$ 5,046,833
Percentage of Net Assets	2.22%	2.30%

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Investments - Additional Information (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Schedule Of Investments [Line Items]
Investments	$ 223,404,283	$ 220,111,329
Deposit Contracts, Assets	$ 0	$ 0
Description Of Derivatives	The Derivatives Rule also contains exceptions to these conditions for any fund that limits its exposure to derivatives positions to 10 percent of its net assets.
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member]
Schedule Of Investments [Line Items]
Investments Transfer	$ 0
New Portfolio Companies [Member]
Schedule Of Investments [Line Items]
Investments	15,500,000
Previously Committed Companies [Member]
Schedule Of Investments [Line Items]
Investments	$ 700,000

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Investments - Schedule of Fair Value Measurements of Assets (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Jun. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	$ 223,404,283	$ 220,111,329
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	223,404,283	220,111,329	$ 239,177,561	$ 233,683,986
Senior Secured First Lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	200,319,576	196,370,955
Senior Secured First Lien Debt Investments | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	200,319,576	196,370,955	219,533,195	214,858,036
Equity, Warrants and Other Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	23,084,707	23,740,374
Equity, Warrants and Other Investments | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	$ 23,084,707	$ 23,740,374	$ 19,644,366	$ 18,825,950

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Investments - Schedule of Reconciliation of Investments Measured at Fair value on a recurring basis using Level 3 inputs (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance	$ 220,111,329
Purchases (including PIK interest)	16,535,289	$ 22,147,855
Sales and repayments	10,317,357	16,476,699
Amortization	387,051	501,016
Net change in unrealized appreciation (depreciation)	(3,312,029)	(678,597)
Investment Owned, at Fair Value, Ending Balance	223,404,283
Senior Secured First Lien Debt Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance	196,370,955
Investment Owned, at Fair Value, Ending Balance	200,319,576
Equity, Warrants and Other Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance	23,740,374
Investment Owned, at Fair Value, Ending Balance	23,084,707
Level 3
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance	220,111,329	233,683,986
Purchases (including PIK interest)	16,535,289	22,147,855
Sales and repayments	(10,317,357)	(16,476,699)
Amortization	387,051	501,016
Net change in unrealized appreciation (depreciation)	(3,312,029)	(678,597)
Investment Owned, at Fair Value, Ending Balance	223,404,283	239,177,561
Change in unrealized appreciation (depreciation) relating to assets	(3,312,028)	(570,935)
Level 3 | Senior Secured First Lien Debt Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance	196,370,955	214,858,036
Purchases (including PIK interest)	16,347,037	21,781,406
Sales and repayments	(10,317,357)	(16,476,699)
Amortization	387,051	501,016
Net change in unrealized appreciation (depreciation)	(2,468,110)	(1,130,564)
Investment Owned, at Fair Value, Ending Balance	200,319,576	219,533,195
Change in unrealized appreciation (depreciation) relating to assets	(2,468,109)	(1,022,903)
Level 3 | Equity, Warrants and Other Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance	23,740,374	18,825,950
Purchases (including PIK interest)	188,252	366,449
Net change in unrealized appreciation (depreciation)	(843,919)	451,967
Investment Owned, at Fair Value, Ending Balance	23,084,707	19,644,366
Change in unrealized appreciation (depreciation) relating to assets	$ (843,919)	$ 451,968

XML

Investments - Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs (Details) - Level 3	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Senior Secured First Lien Debt Investments | Measurement Input Market Yields | Valuation, Income Approach [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 167,661,231	$ 161,776,983
Senior Secured First Lien Debt Investments | Measurement Input Market Yields | Valuation, Income Approach [Member] | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.134	0.133
Senior Secured First Lien Debt Investments | Measurement Input Market Yields | Valuation, Income Approach [Member] | Minimum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.099	0.101
Senior Secured First Lien Debt Investments | Measurement Input Market Yields | Valuation, Income Approach [Member] | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.181	0.18
Senior Secured First Lien Debt Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 6,294,430	$ 13,895,260
Senior Secured First Lien Debt Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.053	0.173
Senior Secured First Lien Debt Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Minimum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.052	0.057
Senior Secured First Lien Debt Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.058	0.212
Senior Secured First Lien Debt Investments | Measurement Input, Revenue Multiple | Market Comparable Approach
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 2,418,108	$ 5,272,355
Senior Secured First Lien Debt Investments | Measurement Input, Revenue Multiple | Market Comparable Approach | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.027	0.03
Senior Secured First Lien Debt Investments | Measurement Input, Revenue Multiple | Market Comparable Approach | Minimum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average		0.03
Senior Secured First Lien Debt Investments | Measurement Input, Revenue Multiple | Market Comparable Approach | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.027	0.038
Senior Secured First Lien Debt Investments | Measurement Input Recent Transaction | Recent Transaction
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 14,853,263	$ 15,209,280
Senior Secured First Lien Debt Investments | Measurement Input Recovery Amount | Recovery Analysis
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	9,092,544	217,077
Equity, Warrants and Other Investments | Measurement Input Market Yields | Valuation, Income Approach [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 5,593,082	$ 4,824,752
Equity, Warrants and Other Investments | Measurement Input Market Yields | Valuation, Income Approach [Member] | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.171	0.18
Equity, Warrants and Other Investments | Measurement Input Market Yields | Valuation, Income Approach [Member] | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.171	0.18
Equity, Warrants and Other Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 17,491,625	$ 18,915,622
Equity, Warrants and Other Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.089	0.87
Equity, Warrants and Other Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Minimum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.047	0.57
Equity, Warrants and Other Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.219	2.42
Equity, Warrants and Other Investments | Measurement Input, Revenue Multiple | Market Comparable Approach
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value		$ 0
Equity, Warrants and Other Investments | Measurement Input, Revenue Multiple | Market Comparable Approach | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average		0.003
Equity, Warrants and Other Investments | Measurement Input, Revenue Multiple | Market Comparable Approach | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average		0.003

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Borrowings - Additional Information (Details) - USD ($)				3 Months Ended		12 Months Ended
	Nov. 18, 2022	Aug. 23, 2021	Mar. 31, 2021	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Jun. 14, 2023
Debt Instrument [Line Items]
Revolving credit facility				$ 69,000,000		$ 71,900,000
Total borrowings				134,000,000
Redeemed principal amount				2,000
Capital One Revolving Finance
Debt Instrument [Line Items]
Debt instrument, maturity date		Aug. 22, 2026
Secured revolving credit facility		$ 115,000,000					$ 100,000,000
Debt outstanding amount				69,000,000		71,900,000
Reinvestment period		3 years
Amortization Period		2 years
Debt instrument, unused borrowing capacity, description	The Capital One Revolving Financing required the payment of an upfront fee of 1.125% ($1.3 million) of the available borrowings under the Capital One Revolving Financing at the closing, and requires the payment of an unused fee of (i) 0.75% annually for any undrawn amounts below 50% of the Capital One Revolving Financing, (ii) 0.50% annually for any undrawn amounts between 50% and 75% of the Capital One Revolving Financing, and (iii) 0.25% annually for any undrawn amounts above 75% of the Capital One Revolving Financing. Borrowings under the Capital One Revolving Financing are based on a borrowing base.
Accrued interest receivable				0		0
Capital One Revolving Finance | Level 3
Debt Instrument [Line Items]
Total borrowings				69,000,000		71,900,000
Capital One Revolving Finance | SPV LLC [Member]
Debt Instrument [Line Items]
Derivative, notional amount				200,000,000		194,000,000
Investments at Fair Value				185,500,000		181,500,000
Cash held by trustee				14,200,000		$ 8,100,000
Weighted average outstanding balance				$ 70,000,000	$ 81,900,000
Weighted average interest rate				7.75%	4.56%
Capital One Revolving Finance | SOFR
Debt Instrument [Line Items]
Borrowings interest rate spread (percent)	2.50%
Debt instrument, interest rate during period	2.00%
2026 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date			Apr. 01, 2026
Debt instrument, interest rate during period				5.33%
Proceeds from initial public offering			$ 65,000,000
Debt instrument interest rate			4.875%
Payments for underwriting expense			$ 1,300,000
Proceeds from sale of notes			63,100,000
Offering expense			$ 215,000
Aggregate principal amount				$ 65,000,000
Debt instrument, interest rate, stated percentage			4.875%
Debt instrument, description of variable rate basis				(1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided
Debt instrument, redemption price, percentage				100.00%
Redeemed principal amount				$ 64,800,000
2026 Notes [Member] | Minimum
Debt Instrument [Line Items]
Redemption notice period				30 days
2026 Notes [Member] | Maximum
Debt Instrument [Line Items]
Redemption notice period				60 days
2026 Notes [Member] | Level 3
Debt Instrument [Line Items]
Long-term debt, fair value				$ 58,200,000

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Borrowings - Schedule of Debt Maturity (Details)	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	0
2026	134,000,000
Total long-term debt	$ 134,000,000

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Indemnification, Guarantees, Commitments and Contingencies - Summary of Quarterly Distributions By Board Of Directors (Details)	3 Months Ended
	Sep. 30, 2023 $ / shares
Commitments and Contingencies Disclosure [Abstract]
Distributions Declared	Sep. 14, 2023
Distributions Ex-Date	Oct. 11, 2023
Distributions Record Date	Oct. 12, 2023
Distributions Pay Date	Nov. 02, 2023
Distributions Amount	$ 0.15

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Indemnification, Guarantees, Commitments and Contingencies - Summary of Unfunded Commitment (Details) - USD ($)	3 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	$ 5,480,687	$ 5,670,894
Unfunded Commitment, Fair Value	0	0
1888 Industrial Services, LLC - Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	210,033	186,990
Unfunded Commitment, Fair Value	$ 0	$ 0
Unfunded Commitment, Annual Non-use Fee	0.50%	0.50%
Unfunded Commitment, Expiration Date	Aug. 31, 2024	Aug. 31, 2024
Ameriquip, LLC – Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	$ 967,742	$ 967,742
Unfunded Commitment, Fair Value	$ 0	$ 0
Unfunded Commitment, Annual Non-use Fee	0.50%	0.50%
Unfunded Commitment, Expiration Date	Aug. 31, 2027	Aug. 31, 2027
Arborworks Acquisition LLC - Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	$ 8,363	$ 554,947
Unfunded Commitment, Fair Value	$ 0	$ 0
Unfunded Commitment, Annual Non-use Fee	0.50%	0.50%
Unfunded Commitment, Expiration Date	Nov. 09, 2026	Nov. 09, 2026
Archer Systems, LLC - Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	$ 603,175	$ 603,175
Unfunded Commitment, Fair Value	$ 0	$ 0
Unfunded Commitment, Annual Non-use Fee	0.50%	0.50%
Unfunded Commitment, Expiration Date	Aug. 11, 2027	Aug. 11, 2027
Evergreen North America Acquisitions, LLC - Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	$ 276,064	$ 276,064
Unfunded Commitment, Fair Value	$ 0	$ 0
Unfunded Commitment, Annual Non-use Fee	0.50%	0.50%
Unfunded Commitment, Expiration Date	Aug. 13, 2026	Aug. 13, 2026
Flatworld Intermediate Corporation Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	$ 567,568	$ 567,567
Unfunded Commitment, Fair Value	$ 0	$ 0
Unfunded Commitment, Annual Non-use Fee	0.50%	0.50%
Unfunded Commitment, Expiration Date	Oct. 01, 2027	Oct. 01, 2027
NWN Parent Holdings LLC - Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	$ 1,200,000	$ 800,000
Unfunded Commitment, Fair Value	$ 0	$ 0
Unfunded Commitment, Annual Non-use Fee	0.50%	0.50%
Unfunded Commitment, Expiration Date	May 07, 2026	May 07, 2026
South Coast Terminals LLC – Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	$ 967,742	$ 967,742
Unfunded Commitment, Fair Value	$ 0	$ 0
Unfunded Commitment, Annual Non-use Fee	0.50%	0.50%
Unfunded Commitment, Expiration Date	Dec. 10, 2026	Dec. 10, 2026
Xenon Arc, Inc. – Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	$ 680,000	$ 746,667
Unfunded Commitment, Fair Value	$ 0	$ 0
Unfunded Commitment, Annual Non-use Fee	0.50%	0.50%
Unfunded Commitment, Expiration Date	Dec. 17, 2026	Dec. 17, 2026

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Agreements and Related Party Transactions- Additional Information (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Jun. 26, 2019
Related Party Transaction [Line Items]
Base management fees	$ 978,919	$ 1,103,981
Base management fees payable	1,798,508		$ 906,218
Income-based incentive fees payable	576,023		576,023
Incurred costs	$ 263,375	375,900
Advisory Agreement
Related Party Transaction [Line Items]
Annual rate	1.75%
Base management fees	$ 978,919	1,103,981
Management fee expense voluntarily waived	86,630	94,146
Base management fees payable	$ 1,798,508		906,218
Deferral non cash amount percentage	20.00%
Annualized rate of return	10.00%
Pre investment fee hurdle rate	2.00%
Pre investment fee net investment income	100.00%
Pre-incentive fee net investment income	20.00%
Income based fee		0
Income-based incentive fees payable	$ 576,023
Cumulative net increase	20.00%
Income based fee from deferred interest	$ 201,817		201,817
Additional income based fees	2.50%
Deferred income based fees written off, percentage	2.50%
Deferred income based fees written off		$ 147,145
Percentage of cumulative aggregate capital gains	20.00%
Capital gain fees	$ 0		0
Adviser Interest	17.00%
Ownership interest in adviser	83.00%
Advisory Agreement | Minimum
Related Party Transaction [Line Items]
Net asset attributable to common stock	2.00%
Advisory Agreement | Maximum
Related Party Transaction [Line Items]
Annualized rate of return	8.00%
Administration Agreement
Related Party Transaction [Line Items]
Accrued expenses and other liabilities	$ 0		$ 0
Stock Purchase Agreement
Related Party Transaction [Line Items]
Newly issued shares of common stock				680,985
Open market or secondary transactions shares of common stock				680,985

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Directors Fees - Additional Information (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Directors' fees	$ 73,375	$ 75,625
Directors' fees payable	5,130		$ 15,755
Board of Directors Chairman
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Reimbursement expense	1,000
Independent Director
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Annual fees	75,000
Reimbursement expense	2,500
Chair Person Of Audit Committee
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Annual fees	7,500
Valuation Committee
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Annual fees	2,500
Nominating And Corporate Governance Committee
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Annual fees	2,500
Compensation Committee
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Annual fees	$ 2,500

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Net Change in Net Assets Resulting from Operations Per Share - Schedule of Computation of the Weighted Average basic and Diluted Net Assets Per Share from Operations (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share, Basic [Abstract]
Net increase (decrease) in net assets resulting from operations	$ (1,684,362)	$ 1,657,507
Weighted average shares of common stock outstanding - Basic	14,392,714	14,386,809
Weighted average shares of common stock outstanding - Diluted	14,392,714	14,386,809
Basic net increase (decrease) in net assets from operations per share	$ (0.12)	$ 0.12
Diluted net increase (decrease) in net assets from operations per share	$ (0.12)	$ 0.12

XML

Net Change in Net Assets Resulting from Operations Per Share - Additional Information (Details) - USD ($)		3 Months Ended
	Sep. 03, 2021	Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023
Earnings Per Share [Abstract]
Issuance of common shares	453,985	0	0
Common stock, par value	$ 0.001	$ 0.001		$ 0.001
Shares offering, price per share	$ 6.92
Issuance of common shares ($0 and $0, respectively)	$ 3,141,576	$ 0	$ 0

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Distributions - Schedule of Distributions Declared on Shares of Common Stock (Details)	3 Months Ended
	Sep. 30, 2023 $ / shares
Declared On March 14, 2014 [Member]
Dividends Payable [Line Items]
Declaration date	Mar. 14, 2014
Record date	Mar. 24, 2014
Payment date	Mar. 31, 2014
Amount per share	$ 0.1812
Declared On May 14, 2014 [Member]
Dividends Payable [Line Items]
Declaration date	May 14, 2014
Record date	Jun. 16, 2014
Payment date	Jul. 01, 2014
Amount per share	$ 0.3375
Declared On September 4, 2014 [Member]
Dividends Payable [Line Items]
Declaration date	Sep. 04, 2014
Record date	Sep. 18, 2014
Payment date	Oct. 01, 2014
Amount per share	$ 0.3375
Declared on November 6, 2014 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 06, 2014
Record date	Dec. 18, 2014
Payment date	Jan. 05, 2015
Amount per share	$ 0.3375
Declared On January 28, 2015 [Member]
Dividends Payable [Line Items]
Declaration date	Jan. 28, 2015
Record date	Mar. 18, 2015
Payment date	Apr. 02, 2015
Amount per share	$ 0.3469
Declared On May 6, 2015 [Member]
Dividends Payable [Line Items]
Declaration date	May 06, 2015
Record date	Jun. 08, 2015
Payment date	Jul. 05, 2015
Amount per share	$ 0.3469
Declared On June 10, 2015 Special Distribution [Member]
Dividends Payable [Line Items]
Declaration date	Jun. 10, 2015	[1]
Record date	Sep. 01, 2015	[1]
Payment date	Sep. 15, 2015	[1]
Amount per share	$ 0.43	[1]
Declared On June 10, 2015 [Member]
Dividends Payable [Line Items]
Declaration date	Jun. 10, 2015
Record date	Sep. 18, 2015
Payment date	Oct. 02, 2015
Amount per share	$ 0.3469
Declared On November 3, 2015 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 03, 2015
Record date	Dec. 18, 2015
Payment date	Jan. 05, 2016
Amount per share	$ 0.3469
Declared On February 2, 2016 [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 02, 2016
Record date	Mar. 18, 2016
Payment date	Apr. 07, 2016
Amount per share	$ 0.3516
Declared On April 28, 2016 [Member]
Dividends Payable [Line Items]
Declaration date	Apr. 28, 2016
Record date	Jun. 17, 2016
Payment date	Jul. 07, 2016
Amount per share	$ 0.3516
Declared On August 25, 2016 [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 25, 2016
Record date	Sep. 16, 2016
Payment date	Oct. 06, 2016
Amount per share	$ 0.3516
Declared On November 3, 2016 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 03, 2016
Record date	Dec. 16, 2016
Payment date	Jan. 05, 2017
Amount per share	$ 0.3516
Declared On November 3, 2016 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 03, 2016
Record date	Mar. 17, 2017
Payment date	Apr. 06, 2017
Amount per share	$ 0.25
Declared On May 2, 2017 [Member]
Dividends Payable [Line Items]
Declaration date	May 02, 2017
Record date	Jun. 16, 2017
Payment date	Jul. 06, 2017
Amount per share	$ 0.25
Declared On August 24, 2017 [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 24, 2017
Record date	Sep. 08, 2017
Payment date	Oct. 05, 2017
Amount per share	$ 0.25
Declared On November 7, 2017 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 07, 2017
Record date	Mar. 16, 2018
Payment date	Apr. 05, 2018
Amount per share	$ 0.25
Declared On May 2, 2018 [Member]
Dividends Payable [Line Items]
Declaration date	May 02, 2018
Record date	Jun. 15, 2018
Payment date	Jul. 05, 2018
Amount per share	$ 0.25
Declared On August 23, 2018 [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 23, 2018
Record date	Sep. 18, 2018
Payment date	Oct. 05, 2018
Amount per share	$ 0.25
Declared On November 6, 2018 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 06, 2018
Record date	Dec. 14, 2018
Payment date	Jan. 03, 2019
Amount per share	$ 0.25
Declared On February 5, 2019 [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 05, 2019
Record date	Mar. 15, 2019
Payment date	Apr. 04, 2019
Amount per share	$ 0.25
Declared On May 1, 2019 [Member]
Dividends Payable [Line Items]
Declaration date	May 01, 2019
Record date	Jun. 14, 2019
Payment date	Jul. 05, 2019
Amount per share	$ 0.25
Declared On August 28, 2019 [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 28, 2019
Record date	Sep. 26, 2019
Payment date	Oct. 16, 2019
Amount per share	$ 0.25
Declared On November 6, 2019 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 06, 2019
Record date	Dec. 13, 2019
Payment date	Jan. 02, 2020
Amount per share	$ 0.25
Declared On February 4, 2020 [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 04, 2020
Record date	Mar. 13, 2020
Payment date	Apr. 02, 2020
Amount per share	$ 0.25
Declared On May 7, 2020 [Member]
Dividends Payable [Line Items]
Declaration date	May 07, 2020
Record date	Jun. 19, 2020
Payment date	Jul. 10, 2020
Amount per share	$ 0.15
Declared On May 7, 2020 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	May 07, 2020	[2]
Record date	Jun. 19, 2020	[2]
Payment date	Jul. 10, 2020	[2]
Amount per share	$ 0.03	[2]
Declared On August 26, 2020 [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 26, 2020
Record date	Sep. 25, 2020
Payment date	Oct. 15, 2020
Amount per share	$ 0.15
Declared On August 26, 2020 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 26, 2020	[2]
Record date	Sep. 25, 2020	[2]
Payment date	Oct. 15, 2020	[2]
Amount per share	$ 0.03	[2]
Declared On November 3, 2020 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 03, 2020
Record date	Dec. 10, 2020
Payment date	Jan. 04, 2021
Amount per share	$ 0.15
Declared On November 3, 2020 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 03, 2020	[2]
Record date	Dec. 10, 2020	[2]
Payment date	Jan. 04, 2021	[2]
Amount per share	$ 0.03	[2]
Declared On February 3, 2021 [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 03, 2021
Record date	Mar. 12, 2021
Payment date	Apr. 01, 2021
Amount per share	$ 0.15
Declared On February 3, 2021 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 03, 2021	[2]
Record date	Mar. 12, 2021	[2]
Payment date	Apr. 01, 2021	[2]
Amount per share	$ 0.03	[2]
Declared On May 6, 2021 [Member]
Dividends Payable [Line Items]
Declaration date	May 06, 2021
Record date	Jun. 18, 2021
Payment date	Jul. 09, 2021
Amount per share	$ 0.15
Declared On August 25, 2021 [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 25, 2021
Record date	Sep. 24, 2021
Payment date	Oct. 14, 2021
Amount per share	$ 0.15
Declared On November 3, 2021 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 03, 2021
Record date	Dec. 10, 2021
Payment date	Jan. 04, 2022
Amount per share	$ 0.15
Declared On February 3, 2022 [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 03, 2022
Record date	Mar. 11, 2022
Payment date	Mar. 31, 2022
Amount per share	$ 0.15
Declared On May 5, 2022 [Member]
Dividends Payable [Line Items]
Declaration date	May 05, 2022
Record date	Jun. 17, 2022
Payment date	Jul. 08, 2022
Amount per share	$ 0.15
Declared On August 25, 2022 [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 25, 2022
Record date	Sep. 23, 2022
Payment date	Oct. 14, 2022
Amount per share	$ 0.15
Declared on November 11, 2022 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 11, 2022
Record date	Dec. 16, 2022
Payment date	Jan. 10, 2023
Amount per share	$ 0.13
Declared On November 11, 2022 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 11, 2022	[2]
Record date	Dec. 16, 2022	[2]
Payment date	Jan. 10, 2023	[2]
Amount per share	$ 0.02	[2]
Declared On February 2, 2023 [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 02, 2023
Record date	Mar. 10, 2023
Payment date	Mar. 30, 2023
Amount per share	$ 0.13
Declared On February 2, 2023 Supplemental distribution [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 02, 2023	[2]
Record date	Mar. 10, 2023	[2]
Payment date	Mar. 30, 2023	[2]
Amount per share	$ 0.02	[2]
Declared On May 4, 2023 [Member]
Dividends Payable [Line Items]
Declaration date	May 04, 2023
Record date	Jun. 16, 2023
Payment date	Jul. 07, 2023
Amount per share	$ 0.13
Declared On May 4, 2023 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	May 04, 2023	[2]
Record date	Jun. 16, 2023	[2]
Payment date	Jul. 07, 2023	[2]
Amount per share	$ 0.05	[2]
Declared On September 14, 2023 [Member]
Dividends Payable [Line Items]
Declaration date	Sep. 14, 2023
Record date	Oct. 12, 2023
Payment date	Nov. 02, 2023
Amount per share	$ 0.13
Declared On September 14, 2023 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	Sep. 14, 2023	[2]
Record date	Oct. 12, 2023	[2]
Payment date	Nov. 02, 2023	[2]
Amount per share	$ 0.02	[2]

[1] # Special distribution

[2] * Supplemental distribution

XML

Distributions - Schedule of Cash Dividend Distribution (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Distribution To Shareholders [Line Items]
Distributions	$ 2,158,926	$ 2,158,042
Percentage	100.00%	100.00%
Ordinary Income And Short-term Capital Gains [Member]
Distribution To Shareholders [Line Items]
Distributions	$ 2,158,926	$ 2,158,042
Percentage	100.00%	100.00%
Long-term Capital Gains [Member]
Distribution To Shareholders [Line Items]
Distributions	$ 0	$ 0
Percentage	0.00%	0.00%

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Share Transactions - Summary Of Shares Issued (Details) - USD ($)		3 Months Ended
	Sep. 03, 2021	Sep. 30, 2023	Sep. 30, 2022
Balance at beginning of period, Shares		14,391,775
Issuance of common shares	453,985	0	0
Balance at end of period, Shares		14,392,841
Balance at beginning of period, Value		$ 14,392
Issuance of common shares ($0 and $0, respectively)	$ 3,141,576	0	$ 0
Reinvestments of stockholder distributions, Value		3,797	$ 4,763
Balance at end of period, Value		$ 14,393
Share Transaction [Member]
Balance at beginning of period, Shares		14,391,775	14,385,810
Issuance of common shares		0	0
Reinvestments of stockholder distributions, Shares		1,066	1,135
Balance at end of period, Shares		14,392,841	14,386,945
Balance at beginning of period, Value		$ 205,812,251	$ 205,790,502
Issuance of common shares ($0 and $0, respectively)		0	0
Reinvestments of stockholder distributions, Value		3,797	4,763
Balance at end of period, Value		$ 205,816,048	$ 205,795,265

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Financial Highlights - Schedule of Financial Highlights (Details) - USD ($)		3 Months Ended
		Sep. 30, 2023	Sep. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Investment Company [Abstract]
Net Asset Value Per Share, Beginning Balance	[1]	$ 6.09	$ 6.5
Net investment income	[1]	0.11	0.16
Net realized and unrealized gains (losses)	[1]	(0.22)	(0.04)
Net increase (decrease) in net assets resulting from operations	[1]	(0.11)	0.12
Dividends from net investment income	[1],[2]	(0.15)	(0.15)
Distributions from net realized gains	[1],[2]	0	0
Net decrease in net assets resulting from capital transactions	[1],[2]	(0.15)	(0.15)
Offering costs	[1],[2]	0	0
Net Asset Value Per Share, Ending Balance	[1],[2]	5.83	6.47
Market value per share, end of period	[2]	$ 3.99	$ 3.58
Total return based on market value(3)(4)	[3],[4]	(15.05%)	(11.94%)
Shares outstanding at end of period		14,392,841	14,386,945
Net assets, at end of year		$ 83,860,817	$ 93,013,620	$ 87,700,308	$ 93,509,392
Ratio of total expenses to average net assets(5)	[5]	20.67%	17.30%
Ratio of net expenses to average net assets(5)	[5]	20.26%	16.90%
Ratio of interest expense and fees and amortization of deferred debt issuance costs to average net assets(5)	[5]	11.33%	8.38%
Ratio of net investment income before fee waiver to average net assets(5)	[5]	8.13%	10.37%
Ratio of net investment income after fee waiver to average net assets(5)	[5]	7.72%	9.96%
Total Borrowings		$ 134,000,000	$ 154,500,000
Asset Coverage Ratio(6)	[6]	1.63%	1.60%
Portfolio Turnover Rate(4)	[3]	5.00%	7.00%

[1] All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

[2] The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period.

[3] Not annualized.

[4] Total returns are historical and are calculated by determining the percentage change in the market value with all dividends distributions, if any, reinvested. Dividends and distributions are assumed to be reinvested at prices obtained under the company’s dividend reinvestment plan. Total investment return does not reflect sales load.

[5] Annualized.

[6] Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

XML

Other Fee Income - Schedule of Other Fee Income (Details) - USD ($)	3 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Other Income and Expenses [Abstract]
Loan Amendment/Consent Fee	$ 51,904	$ 60,338
Prepayment Fee Income	87,158	187,720
Facility Fee	4,924	113,792
Other Fee Income	$ 143,986	$ 361,850

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Tax Information - Schedule Of Aggregate Investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes (Details) - USD ($)	Sep. 30, 2023	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Tax cost	$ 249,731,637	$ 243,126,654
Gross unrealized appreciation	7,592,020	7,371,220
Gross unrealized depreciation	(33,919,374)	(30,386,545)
Net unrealized investment depreciation	$ (26,327,354)	$ (23,015,325)

XML

Subsequent Events - Additional Information (Details)		1 Months Ended
	Nov. 09, 2023 $ / shares	Nov. 13, 2023 USD ($) Company	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)
Dividends Payable [Line Items]
Affiliated investment at amortized cost | $			$ 23,940,980	$ 23,979,565
Subsequent Event [Member]
Dividends Payable [Line Items]
Affiliated investment at amortized cost | $		$ 10,600,000
Number Of New Portfolio Company | Company		3
Declaration date	Nov. 09, 2023
Amount per share | $ / shares	$ 0.12
Payment date	Jan. 08, 2024
Record date	Dec. 14, 2023
Subsequent Event [Member] | Supplemental Distribution [Member]
Dividends Payable [Line Items]
Amount per share | $ / shares	$ 0.03
Payment date	Jan. 08, 2024
Record date	Dec. 14, 2023