FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2023

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Investments Measured at Fair Value by Investment Type on Recurring Basis

The Company’s investments measured at fair value by investment type on a recurring basis as of December 31, 2023 and December 31, 2022 were as follows:

	Fair Value Measurements at December 31, 2023 Using
Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Senior Secured First Lien Term Loans	$	-	$	-	$	46,006,000	$	46,006,000
Senior Secured Notes		-		-		8,114,000		8,114,000
Total	$	-	$	-	$	54,120,000	$	54,120,000

	Fair Value Measurements at December 31, 2022 Using
Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Senior Secured First Lien Term Loans	$	-	$	-	$	40,660,633	$	40,660,633
Senior Secured Notes		-		-		9,593,917		9,593,917
Total	$	-	$	-	$	50,254,550	$	50,254,550

Significant Unobservable Inputs used in Fair Value Measurement Level 3 Portfolio Investments

The following tables provide a summary of the significant unobservable inputs used to fair value the Level 3 portfolio investments as of December 31, 2023 and December 31, 2022. The methodology for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Significant Accounting Policies”. Discount rate ranges are shown as spread over PRIME and Treasuries, respectively, for Senior Secured First Lien Term Loans, as of December 31, 2023 and December 31, 2022.

Investment Type	Fair Value as of December 31, 2023		Valuation Techniques/ Methodologies	Unobservable Input	Range			Weighted Average (1)
Senior Secured First Lien Term Loans	$	46,006,000	Discounted Cash Flow	Discount Rate		10.4% - 14.0	%		12.2	%
Senior Secured Notes		8,114,000	Discounted Cash Flow	Discount Rate		7.4% - 13.7	%		10.5	%
Total	$	54,120,000

Investment Type	Fair Value as of December 31, 2022		Valuation Techniques/ Methodologies	Unobservable Input	Range			Weighted Average (1)
Senior Secured First Lien Term Loans	$	40,660,633	Discounted Cash Flow	Discount Rate Volatility		7.2% - 9.6 20.0% - 20.0	% %		8.4 20.0	% %
Senior Secured Notes		9,593,917	Discounted Cash Flow	Discount Rate Volatility		11.6% - 18.7 7.0% - 20.0	% %		14.3 12.4	% %
Total	$	50,254,550

(1) The weighted average is calculated based on the fair value of each investment.

Changes in Fair Value of Level 3 Portfolio Investments

The following tables provide a summary of changes in the fair value of the Company’s Level 3 portfolio investments for the year ended December 31, 2023 and the period from April 1, 2022 through December 31, 2022:

	Senior Secured First Lien Term Loans			Senior Secured Notes			Total Investments
Fair Value as of December 31, 2022	$	40,660,633		$	9,593,917		$	50,254,550
Purchases		8,442,000			-			8,442,000
Accretion of discount and fees (amortization of premium), net		557,079			253,475			810,554
PIK interest		115,725			-			115,725
Proceeds from sales of investments and principal repayments		(4,614,093	)		(1,600,000	)		(6,214,093	)
Net realized gain (loss) on investments		-			(210,767	)		(210,767	)
Net change in unrealized appreciation (depreciation) from investments		844,656			77,375			922,031
Balance as of December 31, 2023	$	46,006,000		$	8,114,000		$	54,120,000
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of December 31, 2023	$	844,656		$	77,375		$	922,031

	Senior Secured First Lien Term Loans			Senior Secured Notes			Total Investments
Fair Value as of March 31, 2022	$	-		$	-		$	-
Purchases		40,792,500			9,570,000			50,362,500
Accretion of discount and fees (amortization of premium), net		79,414			85,984			165,398
PIK interest		-			-			-
Proceeds from sales of investments and principal repayments		-			-			-
Net realized gain (loss) on investments		-			-			-
Net change in unrealized appreciation (depreciation) from investments		(211,281	)		(62,067	)		(273,348	)
Balance as of December 31, 2022	$	40,660,633		$	9,593,917		$	50,254,550
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of December 31, 2022	$	(211,281	)	$	(62,067	)	$	(273,348	)