Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of Investments

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

Level	Basis for Determining Fair Value	Bank Debt(1)		Total
1	Quoted prices in active markets for identical assets	$	—	$	—
2	Other direct and indirect observable market inputs(2)		125,621,675		125,621,675
3	Valuation sources that employ significant unobservable inputs		107,279,231		107,279,231
Total		$	232,900,906	$	232,900,906

______________________

(1)Includes senior secured loans

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

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

Level	Basis for Determining Fair Value	Bank Debt(1)		Total
1	Quoted prices in active markets for identical assets	$	—	$	—
2	Other direct and indirect observable market inputs(2)		130,768,540		130,768,540
3	Valuation sources that employ significant unobservable inputs		76,785,839		76,785,839
Total		$	207,554,379	$	207,554,379

______________________

(1)Includes senior secured loans

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

Schedule of Unobservable Inputs Used in Fair Value Measurement of Level 3 Investments

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	Weighted Average Range(1)  (Concluded Value)(2)
Bank Debt	$	80,184,572	Income approach	Discount rate	10.9% - 11.7% (11.4%)
		27,094,659	Market quotations	Indicative bid/ask quotes	1 (1)
	$	107,279,231

______________________

(1)Representing the weighted average of each significant unobservable input range at the investment level by fair value.

(2)Representing the weighted average of each significant unobservable input for concluded value at the investment level by fair value.

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	Weighted Average Range(1)  (Concluded Value)(2)
Bank Debt	$	65,553,615	Income approach	Discount rate	11.3% - 12.0% (11.7%)
		11,232,224	Market quotations	Indicative bid/ask quotes	1 (1)
	$	76,785,839

______________________

(1)Representing the weighted average of each significant unobservable input range at the investment level by fair value.

(2)Representing the weighted average of each significant unobservable input for concluded value at the investment level by fair value.

Schedule of Change in Value of Investment Over Change in Unobservable Input

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

Schedule of Changes in Investments Categorized as Level 3

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

	Independent Third-Party Valuation
	Bank Debt			Total
Beginning balance	$	76,785,839		$	76,785,839
Net realized and unrealized gains (losses)		594,600			594,600
Acquisitions(1)		27,177,985			27,177,985
Dispositions		(934,368	)		(934,368	)
Transfers into Level 3(2)		5,726,900			5,726,900
Transfers out Level 3(3)		(2,071,725	)		(2,071,725	)
Ending balance	$	107,279,231		$	107,279,231
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)	$	575,582		$	575,582

______________________

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

(2)Comprised of five investments that were transferred from Level 2 to Level 3 due to decreased observable market activity.

(3)Comprised of one investment that was transferred from Level 3 to Level 2 due to increased observable market activity.

Summary of Gross Unrealized Appreciation and Depreciation Based on Cost of Investments for U.S. Federal Income Tax Purposes

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

	December 31, 2022
Tax basis of investments	$	210,903,951
Unrealized appreciation		833,360
Unrealized depreciation		(4,182,932	)
Net unrealized appreciation (depreciation)	$	(3,349,572	)