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Fair Value Measurements Investments (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value Measurements Investments [Abstract]  
Fair Value Measurements of Investments, by Major Class
The following tables present fair value measurements of investments, by major class according to the fair value hierarchy.

   
Fair Value Measurements
  
June 30, 2023
  
Level 1
    
Level 2
    
Level 3
    
Total
  
First Lien Senior Secured Loan
  
$
-
    
$
-
    
$
300,442,483
    
$
300,442,483
  
Second Lien Senior Secured Loan
    
-
      
-
      
6,201,918
      
6,201,918
  
Senior Unsecured Notes
    
-
      
-
      
1,594,222
      
1,594,222
  
Preferred Equity Securities
    
-
      
-
      
31,765,981
      
31,765,981
  
Warrants and Other Equity Securities
    
-
      
-
      
7,584,040
      
7,584,040
  
Total
   $ -     $ -     $ 347,588,644     $ 347,588,644  
Fund Investments
        
3,170,166
  
Total Investments
      
$
350,758,810
  

   
Fair Value Measurements
  
December 31, 2022
  
Level 1
    
Level 2
    
Level 3
    
Total
  
First Lien Senior Secured Loan
  
$
-
    
$
-
    
$
260,982,122
    
$
260,982,122
  
Second Lien Senior Secured Loan
    
-
      
-
      
6,250,270
      
6,250,270
  
Preferred Equity Securities
    
-
      
-
      
27,088,732
      
27,088,732
  
Warrants and Other Equity Securities
    
-
      
-
      
5,829,429
      
5,829,429
  
Total
   $ -     $ -     $ 300,150,553     $ 300,150,553  
Fund Investments
        
3,045,128
  
Total Investments
      
$
303,195,681
  
Changes in Fair Value of Investments that Use Level 3 Inputs
The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three and six months ended June 30, 2023 and 2022:

   
Investments
  
   
First Lien Senior
Secured Loan
    
Second Lien Senior
Secured Loan
    
Senior Unsecured
Notes
    
Preferred Equity
Securities
    
Warrants and Other
Equity Securities
    
Fund Investments
    
Total Investments
  
Balance as of March 31, 2023
  
$
282,089,870
    
$
6,241,109
    
$
1,628,075
    
$
28,600,750
    
$
6,013,657
    
$
3,097,561
    
$
327,671,022
  
Net realized gain on investments
    
45,283
      
-
      
-
      
-
      
-
      
-
      
45,283
  
Net change in unrealized gain (loss) on investments
     (271,857 )     (1,128 )     (103,550 )     1,064,755       1,150,506       72,605       1,911,331  
Purchases of investments and other adjustments to cost (1)
    
23,201,261
      
12,834
      
69,697
      
2,100,476
      
419,877
      
-
      
25,804,145
  
Proceeds from sales of investments
     (2,679,712 )     -       -       -       -       -       (2,679,712 )
Proceeds from principal repayments (2)
    
(1,942,362
)
    
(50,897
)
    
-
      
-
      
-
      
-
      
(1,993,259
)
Balance as of June 30, 2023
  
$
300,442,483
    
$
6,201,918
    
$
1,594,222
    
$
31,765,981
    
$
7,584,040
    
$
3,170,166
    
$
350,758,810
  


(1)
Includes purchases of new investments, premium and discount accretion and amortization and PIK interest.

(2)
Includes paydowns receivable from the Statements of Assets and Liabilities
 
   
Investments
  
   
First Lien Senior
Secured Loan
    
Second Lien Senior
Secured Loan
    
Senior Unsecured
Notes
    
Preferred Equity
Securities
    
Warrants and Other
Equity Securities
    
Fund Investments
    
Total Investments
  
Balance as of December 31, 2022
  
$
260,982,122
    
$
6,250,270
    
$
-
    
$
27,088,732
    
$
5,829,429
    
$
3,045,128
    
$
303,195,681
  
Net realized gain (loss) on investments
    
45,283
      
-
      
-
      
-
      
-
      
-
      
45,283
  
Net change in unrealized gain (loss) on investments
     (1,460,800 )     32,498       (103,550 )     1,277,813       1,334,734       125,038       1,205,733  
Purchases of investments and other adjustments to cost (1)
    
47,199,282
      
20,944
      
69,697
      
5,027,511
      
419,877
      
-
      
52,737,311
  
Proceeds from sales of investments
     (2,679,712 )     -       -       -       -       -       (2,679,712 )
Proceeds from principal repayments (2)
    
(3,643,692
)
    
(101,794
)
    
-
      
-
      
-
      
-
      
(3,745,486
)
Lien status change
     -       -       1,628,075       (1,628,075 )     -       -       -  
Balance as of June 30, 2023
  
$
300,442,483
    
$
6,201,918
    
$
1,594,222
    
$
31,765,981
    
$
7,584,040
    
$
3,170,166
    
$
350,758,810
  


(1) Includes purchases of new investments, premium and discount accretion and amortization and PIK interest.

(2) Includes paydowns receivable from the Statements of Assets and Liabilities

   
Investments
  
   
First Lien Senior
Secured Loan
    
Second Lien Senior
Secured Loan
    
Preferred Equity
Securities
    
Warrants and Other
Equity Securities
   
Fund Investments
    
Total Investments
  
Balance as of March 31, 2022
  
$
93,892,081
    
$
14,610,144
    
$
17,943,028
    
$
3,601,607
    
$
2,078,357
    
$
132,125,217
  
Net change in unrealized gain (loss) on investments
    
(1,173,151
)
    
(253,604
)
    
577,793
      
944,611
      
(27,362
)
    
68,287
  
Purchases of investments and other adjustments to cost (1)
    
69,238,294
      
41,564
      
2,166,680
      
60,000
      
10,843
      
71,517,381
  
Proceeds from principal repayments (2)
    
(2,477,007
)
    
(64,296
)
    
-
      
-
      
-
      
(2,541,303
)
Balance as of June 30, 2022
  
$
159,480,217
    
$
14,333,808
    
$
20,687,501
    
$
4,606,218
    
$
2,061,838
    
$
201,169,582
  


(1)
Includes purchases of new investments, premium and discount accretion and amortization and PIK interest.

(2)
Includes paydowns receivable from the Statements of Assets and Liabilities

   
Investments
  
   
First Lien Senior
Secured Loan
    
Second Lien Senior
Secured Loan
    
Preferred Equity
Securities
    
Warrants and Other
Equity Securities
   
Fund Investments
    
Total Investments
  
Balance as of December 31, 2021
  
$
79,686,882
    
$
9,748,549
    
$
10,604,516
    
$
3,600,418
    
$
-
    
$
103,640,365
  
Net realized gain on investments
     23,917       -       -       -       -       23,917  
Net change in unrealized gain (loss) on investments
    
(948,483
)
    
(364,794
)
    
373,814
      
945,800
      
(27,362
)
    
(21,025
)
Purchases of investments and other adjustments to cost (1)
    
88,827,251
      
5,050,105
      
9,709,171
      
60,000
      
2,089,200
      
105,735,727
  
Proceeds from sales of investments
     (2,803,043 )     -       -       -       -       (2,803,043 )
Proceeds from principal repayments (2)
    
(5,306,307
)
    
(100,052
)
    
-
      
-
      
-
      
(5,406,359
)
Balance as of June 30, 2022
  
$
159,480,217
    
$
14,333,808
    
$
20,687,501
    
$
4,606,218
    
$
2,061,838
    
$
201,169,582
  


(1)
Includes purchases of new investments, premium and discount accretion and amortization and PIK interest.

(2)
Includes paydowns receivable from the Statements of Assets and Liabilities
Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3
The table below summarizes the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of June 30, 2023.

                        Range  
   
Fair Value
  
Valuation Technique
  
Unobservable
Input
    
Weighted
Average Mean
    
Minimum
    
Maximum
  
Assets:
                                
Revolver
   $ 406,162   Discounted Cash Flow   Market Yields       11.2 %
     10.7 %
     11.8 %
 
             EBITDA Multiple       8.00 x
    7.50 x     8.50 x
First Lien Senior Secured Loan
  

264,449,297
  
Discounted Cash Flow
  
Market Yields
      
15.2
%
    
7.2
%
    
26.3
%
 
               
EBITDA Multiple
      
8.04
x
    
3.19
x
    
32.50
x
First Lien Senior Secured Loan
    
6,242,461
  
Discounted Cash Flow
  
Market Yields
      
29.9
%
    
17.2
%
    
33.2
%
 
               
Revenue Multiple
      
2.21
x
    
0.35
x
    
3.25
x
First Lien Senior Secured Loan
    
9,442,557
  
Enterprise Value Method
  
Revenue Multiple
      
0.45
x
    
0.35
 x
    
0.70
x
First Lien Senior Secured Loan
    
19,902,006
  
Recent Transaction
  
N/A
      
N/A
      
N/A
      
N/A
  
Second Lien Senior Secured Loan
    
6,201,918
  
Discounted Cash Flow
  
Market Yields
      
15.7
%
    
14.7
%
    
16.8
%
 
               
EBITDA Multiple
      
7.25
x
    
6.75
x
    
7.75
x
Senior Unsecured Note
    
1,594,222
  
Discounted Cash Flow
  
Market Yields
      
18.7
%
    
18.7
%
    
18.7
%
 
               
EBITDA Multiple
      
9.20
x
    
8.65
x
    
9.75
x
Preferred Equity Securities
    
1,837,234
  
Discounted Cash Flow
  
Market Yields
      
24.0
%
    
24.0
%
    
24.0
%
 
               
EBITDA Multiple
      
4.00
x
    
3.75
x
    
4.25
x
Preferred Equity Securities
    
27,083
  
Discounted Cash Flow
  
Market Yields
      
21.3
 %    
21.3
 %
 
21.3
 %
 
               
Revenue Multiple
      
0.45
x
    
0.35
x
    
0.55
x
Preferred Equity Securities
    
3,508,492
  
Enterprise Value Method
  
Revenue Multiple
      
0.53
x
    
0.35
x
    
0.63
x
 
               
EBITDA Multiple
      
12.00
x
    
5.75
x
    
12.50
x
Preferred Equity Securities
    
1,384,034
  
Enterprise Value Method
  
Revenue Multiple
      
2.66
x
    
0.35
x
    
3.25
x
Preferred Equity Securities
    
23,151,995
  
Enterprise Value Method
  
EBITDA Multiple
      
7.90
x
    
5.00
x
    
13.75
x
Preferred Equity Securities
    
1,857,143
  
Recent Transaction
  
N/A
      
N/A
      
N/A
      
N/A
  
Warrants and Other Equity Securities
    
1,617,731
  
Enterprise Value Method
  
Revenue Multiple
      
2.75
x
    
0.50
 x
    
3.25
x
Warrants and Other Equity Securities
    
5,546,432
  
Enterprise Value Method
  
EBITDA Multiple
      
6.69
x
    
3.75
x
    
32.50
x
Warrants and Other Equity Securities
    
419,877
   Recent Transaction   N/A       N/A       N/A
       N/A
  
Fund Investments
    
3,170,166
  
Other
  
N/A
      
N/A
      
N/A
      
N/A
  
Total Level 3 Assets
  
$
350,758,810
  
 
     
                 

The table below summarizes the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of December 31, 2022.

                       
Range
  
   
Fair Value
  
Valuation Technique
  
Unobservable
Input
    
Weighted
Average Mean
    
Minimum
    
Maximum
  
Assets:
                                
First Lien Senior Secured Loan
  
$
195,396,657
  
Discounted Cash Flow
  
Market Yields
      
15.0
%
    
6.5
%
    
27.0
%
 
               
EBITDA Multiple
      
8.06
x
    
3.50
x
    
34.75
x
First Lien Senior Secured Loan
    
9,996,357
  
Discounted Cash Flow
  
Market Yields
      
26.8
%
    
19.0
%
    
32.6
%
 
               
Revenue Multiple
      
1.33
x
    
0.23
x
    
3.00
x
First Lien Senior Secured Loan
    
9,212,424
  
Enterprise Value Method
  
Revenue Multiple
      
0.46
x
    
0.25
x
    
1.25
x
First Lien Senior Secured Loan
    
46,376,684
  
Recent Transaction
  
N/A
      
N/A
      
N/A
      
N/A
  
Second Lien Senior Secured Loan
    
6,250,270
  
Discounted Cash Flow
  
Market Yields
      
15.1
%
    
14.4
%
    
15.8
%
 
               
EBITDA Multiple
      
6.75
x
    
6.25
x
    
7.25
x
Preferred Equity Securities
    
2,165,391
  
Discounted Cash Flow
  
Market Yields
      
17.8
%
    
17.8
%
    
17.8
%
 
               
EBITDA Multiple
      
3.75
x
    
3.50
x
    
4.00
x
Preferred Equity Securities
    
26,528
  
Discounted Cash Flow
  
Market Yields
      
16.8
%
    
16.8
%
    
16.8
%
 
               
Revenue Multiple
      
0.55
x
    
0.44
x
    
0.65
  
Preferred Equity Securities
    
3,469,292
  
Enterprise Value Method
  
Revenue Multiple
      
0.60
x
    
0.30
x
    
0.70
x
 
               
EBITDA Multiple
      
10.75
x
    
5.75
x
    
11.25
x
Preferred Equity Securities
    
1,406,681
  
Enterprise Value Method
  
Revenue Multiple
      
2.42
x
    
0.44
x
    
3.00
x
Preferred Equity Securities
    
16,859,290
  
Enterprise Value Method
  
EBITDA Multiple
      
8.01
x
    
5.75
x
    
13.00
x
Preferred Equity Securities
    
3,161,550
  
Recent Transaction
  
N/A
      
N/A
      
N/A
      
N/A
  
Warrants and Other Equity Securities
        
Discounted Cash Flow
  
Market Yields
      
16.80
%
    
16.8
x
    
16.8
x
 
               
Revenue Multiple
      
0.55
x
    
0.44
x
    
0.65
x
Warrants and Other Equity Securities
    
1,890,932
  
Enterprise Value Method
  
Revenue Multiple
      
2.46
x
    
0.23
x
    
3.00
x
Warrants and Other Equity Securities
    
3,938,497
  
Enterprise Value Method
  
EBITDA Multiple
      
6.83
x
    
3.50
x
    
34.75
x
Warrants and Other Equity Securities
        
Recent Transaction
  
N/A
      
N/A
      
N/A
      
N/A
  
Fund Investments
    
3,045,128
  
Other
  
N/A
      
N/A
      
N/A
      
N/A
  
Total Level 3 Assets
  
$
303,195,681