Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Company's Investment

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

Level	Basis for Determining Fair Value	Bank Debt (1)		Equity Securities		Total
2	Other direct and indirect observable market inputs (2)	$	8,283,854	$	—	$	8,283,854
3	Independent third-party valuation sources that    employ significant unobservable inputs		219,500,190		426,727		219,926,917
Total		$	227,784,044	$	426,727	$	228,210,771

(1)Includes senior secured loans

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

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

Level	Basis for Determining Fair Value	Bank Debt (1)		Equity Securities		Total
2	Other direct and indirect observable market inputs (2)	$	10,005,500	$	—	$	10,005,500
3	Independent third-party valuation sources that    employ significant unobservable inputs		202,878,661		549,038		203,427,699
Total		$	212,884,161	$	549,038	$	213,433,199

(1)Includes senior secured loans

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

Schedule of Unobservable Inputs

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

Asset Type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Avg.) (1)
Bank Debt	$	210,296,263	Income approach	Discount rate	9.9% - 22.4% (12.5%)
		8,597,611	Market quotations	Indicative bid/ask quotes	1 (1)
		606,316	Option Pricing Model	EBITDA/Revenue multiples	2.0x (2.0x)
				Implied volatility	65.0% (65.0%)
				Term	2.0 years (2.0 years)
Equity		426,727	Option Pricing Model	EBITDA/Revenue multiples	0.8x - 5.3x (1.8x)
				Implied volatility	55.0% - 70.0% (54.3%)
				Term	1 year - 3.3 years (1.7 years)
	$	219,926,917

(1)Weighted by fair value

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

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

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

Asset Type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Avg.) (1)
Bank Debt	$	195,352,498	Income approach	Discount rate	9.4% - 17.9% (12.6%)
		6,926,778	Market quotations	Indicative bid/ask quotes	1 (1)
		599,385	Option Pricing Model	Implied volatility	65.0% (65.0%)
				Term	2.3 years (2.3 years)
Equity		103,803	Market comparable companies	Revenue Multiples	1.5x (1.5x)
		445,235	Option Pricing Model	EBITDA/Revenue multiples	2.5x-12.5x (4.4x )
				Implied volatility	55.0%-65.0% (63.8%)
				Term	1 year-4.3 years (2.4 years)
	$	203,427,699

(1)Weighted by fair value

Schedule of Changes in Investments

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

	Independent Third-Party Valuation
	Bank Debt			Equity Securities			Total
Beginning balance	$	202,878,661		$	549,038		$	203,427,699
Net realized and unrealized gains (losses)		(347,458	)		(122,311	)		(469,769	)
Acquisitions (1)		16,093,101			—			16,093,101
Dispositions		(959,815	)		—			(959,815	)
Transfers into Level 3		1,835,701			—			1,835,701
Ending balance	$	219,500,190		$	426,727		$	219,926,917
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(402,246	)	$	(122,310	)	$	(524,556	)

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

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

	Independent Third-Party Valuation
	Bank Debt			Equity Securities		Total
Beginning balance	$	108,058,825		$	650,891	$	108,709,716
Net realized and unrealized gains (losses)		(338,303	)		223,330		(114,973	)
Acquisitions(1)		20,600,867			—		20,600,867
Dispositions		(222,812	)		—		(222,812	)
Ending balance	$	128,098,577		$	874,221	$	128,972,798
Net change in unrealized appreciation/depreciation during the period on investments still held at period end (included in net realized and unrealized gains/losses, above)	$	(337,147	)	$	223,330	$	(113,817	)

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

Schedule of Cost for U.S. Federal Income Tax

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

	December 31, 2022
Tax basis of investments	$	218,927,365
Unrealized appreciation		958,845
Unrealized depreciation		(6,453,009	)
Net unrealized appreciation (depreciation)	$	(5,494,164	)