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PORTFOLIO INVESTMENTS AND FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2022

PORTFOLIO INVESTMENTS AND FAIR VALUE

Schedule of total fair value and cost of investments


		Cost			Fair Value
Senior Secured – First Lien		$	123,883,793		$	122,878,794
Equity			4,316,459			4,503,984
Total Investments		$	128,200,252		$	127,382,778

Schedule of aggregate gross unrealized appreciation and depreciation and aggregate cost and fair value of portfolio company securities


		September 30,
		2022
Aggregate cost of portfolio company securities		$	128,200,252
Gross unrealized appreciation of portfolio company securities			236,964
Gross unrealized depreciation of portfolio company securities			(949,977)
Gross unrealized depreciation on foreign currency translation			(104,461)
Aggregate fair value of portfolio company securities		$	127,382,778

Schedule of fair values of investments disaggregated into three levels of fair value hierarchy


		Quoted Prices
		in Active
		Markets			Significant Other			Significant
		for Identical			Observable			Unobservable
		Securities			Inputs			Inputs
		(Level 1)			(Level 2)			(Level 3)			Total
Senior Secured – First Lien		$	—		$	—		$	122,878,794		$	122,878,794
Equity			—			—			4,503,984			4,503,984
Total Investments		$	—		$	—		$	127,382,778		$	127,382,778

Schedule of aggregate values of Level 3 portfolio investments change


		Senior Secured
		Loans-First
		Lien			Equity			Total
Fair value at beginning of period		$	—		$	—		$	—
Purchases of investments			130,707,471			4,316,459			135,023,930
Sales and Redemptions			(6,938,245)			—			(6,938,245)
Change in unrealized depreciation on investments included in earnings			(900,538)			187,525			(713,013)
Change in unrealized depreciation on foreign currency translation included in earnings			(104,461)			—			(104,461)
Amortization of premium and accretion of discount, net			114,567			—			114,567
Fair value at end of period		$	122,878,794		$	4,503,984		$	127,382,778

Summary of geographical concentration of investment portfolio


								% of Total
		Cost			Fair Value			Investments
Texas		$	28,713,229		$	28,794,095		22.60	%
New York			19,566,570			19,526,010		15.33	%
Florida			16,366,334			16,277,231		12.78	%
Illinois			12,967,472			12,814,899		10.06	%
Michigan			9,940,463			9,857,470		7.74	%
United Kingdom			9,975,156			9,782,509		7.68	%
Washington			6,904,888			6,803,077		5.34	%
Indiana			6,378,931			6,378,931		5.01	%
Maryland			6,464,883			6,285,151		4.93	%
Idaho			4,653,069			4,556,019		3.58	%
Wisconsin			3,304,315			3,304,315		2.59	%
Arizona			2,964,942			3,003,071		2.36	%
		$	128,200,252		$	127,382,778		100.00	%

Summary of industry concentration of investment portfolio


								% of Total
		Cost			Fair Value			Investments
Services: Business		$	26,422,031		$	26,267,210		20.62	%
Consumer Goods: Non-Durable			19,168,202			19,049,673		14.95	%
Consumer Goods: Durable			13,612,273			13,590,949		10.67	%
Capital Equipment			12,558,540			12,578,402		9.87	%
Automotive			9,940,463			9,857,470		7.74	%
Media: Diversified & Production			9,975,156			9,782,509		7.68	%
High Tech Industries			8,469,468			8,585,259		6.74	%
Chemicals, Plastics, & Rubber			7,863,931			7,686,892		6.03	%
Construction & Building			7,360,229			7,247,011		5.69	%
Retail			5,757,998			5,717,736		4.49	%
Software			4,172,490			4,159,685		3.27	%
Services: Consumer			2,899,471			2,859,982		2.25	%
		$	128,200,252		$	127,382,778		100.00	%

Schedule of quantitative information about Level 3 fair value measurements


Description:		Fair Value			Valuation Technique		Unobservable Inputs		Range (Average)⁽¹⁾⁽³⁾
First lien debt		$	122,878,794		Income/Market		HY credit spreads,		0.91% to 1.90% (1.54%)
					approach⁽²⁾		Risk free rates		1.06% to 2.94% (1.82%)
							Market multiples		7.2x to 13.9x (10.5x)⁽⁴⁾

Equity investments		$	4,503,984		Market approach⁽⁵⁾		Underwriting multiple/
							EBITDA Multiple		5.9x to 15.6x (10.3x)
		$	127,382,778

Tabular disclosure of all significant concentrations of risk, including credit risk and market risk, arising from all financial instruments (as defined), whether from an individual counterparty or groups of counterparties. The disclosure concerning concentrations of risk may consist of the following information: (1) for concentrations of credit risk disclosure may include: (a) information about the (shared) activity, region, or economic characteristic that identifies the concentration, (b) the maximum amount of loss due to credit risk that, based on the gross fair value of the financial instrument, the entity would incur if parties to the financial instruments that make up the concentration failed completely to perform according to the terms of the contracts and the collateral or other security, if any, for the amount due proved to be of no value to the entity, (c) the policy of requiring collateral or other security to support financial instruments subject to credit risk, information about the entity's access to that collateral or other security, and the nature and a brief description of the collateral or other security supporting those financial instruments, and (d) the policy of entering into master netting arrangements to mitigate the credit risk of financial instruments, information about the arrangements for which the entity is a party, and a brief description of the terms of those arrangements, including the extent to which they would reduce the entity's maximum amount of loss due to credit risk and (2) for disclosure of quantitative information about the market risks of financial instruments that is consistent with the way the company manages or adjusts those risks, disclosure may include: (a) more details about current positions and perhaps activity during the period, (b) the hypothetical effects on comprehensive income (or net assets), or annual income, of several possible changes in market prices, (c) a gap analysis of interest rate re-pricing or maturity dates, (d) the duration of the financial instruments, (e) the entity's value at risk from derivatives and from other positions at the end of the reporting period and the average value at risk during the year, or (f) other ways of reporting quantitative information as internally developed.

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