Fair Value Measurements Investments (Tables)

12 Months Ended

Dec. 31, 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
December 31, 2023	Level 1		Level 2		Level 3		Total
First Lien Senior Secured Loan	$	-	$	-	$	319,229,009	$	319,229,009
Second Lien Senior Secured Loan		-		-		6,059,372		6,059,372
Senior Unsecured Notes		-		-		1,384,446		1,384,446
Preferred Equity Securities		-		-		41,804,395		41,804,395
Warrants and Other Equity Securities		-		-		5,706,423		5,706,423
Total	$	-	$	-	$	374,183,645	$	374,183,645
Fund Investments								2,809,327
Total Investments							$	376,992,972

	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 table provides a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the year ended December 31, 2023:

	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		(8,301,430	)		26,730			(648,652	)		6,294,840			(542,883	)		(278,251	)		(3,449,646	)
Purchases of investments and other adjustments to cost (1)		84,305,658			(14,038	)		229,700			10,224,221			419,877			42,450			95,207,868
Proceeds from sales of investments		(2,679,712	)		-			-			-			-			-			(2,679,712	)
Proceeds from principal repayments (2)		(15,122,912	)		(203,590	)		-			-			-			-			(15,326,502	)
Lien status change		-			-			1,803,398			(1,803,398	)		-			-			-
Balance as of December 31, 2023	$	319,229,009		$	6,059,372		$	1,384,446		$	41,804,395		$	5,706,423		$	2,809,327		$	376,992,972

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

(2) Includes paydowns receivable included in the Consolidated Statements of Assets and Liabilities.

The following table provides a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the year ended December 31, 2022:

	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		43,607			-			-		-		-		43,607
Net change in unrealized gain (loss) on investments		(4,927,777	)		(205,084	)		2,076,625		2,049,230		189,273		(817,733	)
Purchases of investments and other adjustments to cost (1)		185,559,090			15,868,326			14,407,591		179,781		2,855,855		218,870,643
Proceeds from sales of investments		(7,971,150	)		-			-		-		-		(7,971,150	)
Proceeds from principal repayments (2)		(10,246,750	)		(323,301	)		-		-		-		(10,570,051	)
Lien status change		18,838,220			(18,838,220	)		-		-		-		-
Balance as of December 31, 2022	$	260,982,122		$	6,250,270		$	27,088,732	$	5,829,429	$	3,045,128	$	303,195,681

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

(2) Includes paydowns receivable included in the Consolidated 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 December 31, 2023.

								Range
	Fair Value		Valuation Technique	Unobservable Input	Weighted Average Mean			Minimum			Maximum
Assets:
First Lien Senior Secured Loan	$	297,206,519	Discounted Cash Flow	Market Yields		15.3	%		7.0	%		27.0	%
				EBITDA Multiple		8.15	x		1.97	x		35.50	x
First Lien Senior Secured Loan		5,270,878	Discounted Cash Flow	Market Yields		21.8	%		19.0	%		25.9	%
				Revenue Multiple		0.62	x		0.30	x		0.80	x
First Lien Senior Secured Loan		15,201,958	Enterprise Value Method	Revenue Multiple		1.77	x		0.40	x		8.43	x
First Lien Senior Secured Loan		1,549,654	Enterprise Value Method	EBITDA Multiple		5.50	x		5.00	x		6.00	x
Second Lien Senior Secured Loan		6,059,372	Discounted Cash Flow	Market Yields		16.6	%		15.5	%		17.7	%
				EBITDA Multiple		7.50	x		7.00	x		8.00	x
Senior Unsecured Note		1,384,446	Discounted Cash Flow	Market Yields		26.7	%		26.7	%		26.7	%
				EBITDA Multiple		9.00	x		8.50	x		9.50	x
Preferred Equity Securities		26,528	Discounted Cash Flow	Market Yields		23.3	%		23.3	%		23.3	%
				Revenue Multiple		0.40	x		0.30	x		0.50	x
Preferred Equity Securities		4,154,769	Enterprise Value Method	Gross Profit Multiple		2.60	x		2.10	x		3.10	x
				EBITDA Multiple		12.50	x		12.00	x		13.00	x
Preferred Equity Securities		5,511,310	Enterprise Value Method	Revenue Multiple		2.49	x		0.30	x		3.00	x
Preferred Equity Securities		32,111,788	Enterprise Value Method	EBITDA Multiple		7.51	x		3.25	x		14.00	x
Warrants and Other Equity Securities		571,189	Enterprise Value Method	Revenue Multiple		2.50	x		2.00	x		8.43	x
Warrants and Other Equity Securities		5,135,234	Enterprise Value Method	EBITDA Multiple		6.58	x		3.25	x		35.50	x
Fund Investments		2,809,327	Other	N/A		N/A			N/A			N/A
Total Level 3 Assets	$	376,992,972

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		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
Fund Investments		3,045,128	Other	N/A			N/A			N/A			N/A
Total Level 3 Assets	$	303,195,681