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Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Schedule of Fund's Investments

At June 30, 2024, 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)			114,390,964				114,390,964
3		Valuation sources that employ significant unobservable inputs			401,161,249				401,161,249
Total				$	515,552,213			$	515,552,213

______________________

(1)

Includes senior secured loans

(2)

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

At December 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)			151,252,920				151,252,920
3		Valuation sources that employ significant unobservable inputs			249,673,453				249,673,453
Total				$	400,926,373			$	400,926,373

______________________

(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 June 30, 2024 included the following:


Asset Type		Fair Value				Valuation Technique		Unobservable Input		Weighted Average Range(1)
Bank Debt		$	331,883,961			Income approach		Discount rate		9.2% - 33.5% (11.9%)
			69,277,288			Market quotations		Indicative bid/ask quotes		1 (1)
		$	401,161,249

______________________

(1)

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

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


Asset Type		Fair Value				Valuation Technique		Unobservable Input		Weighted Average Range(1)
Bank Debt		$	209,935,097			Income approach		Discount rate		9.0% - 20.7% (11.5%)
			39,738,356			Market quotations		Indicative bid/ask quotes		1 (1)
		$	249,673,453

______________________

(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 for the three months ended June 30, 2024 were as follows:


		Independent Third-Party Valuation
		Bank Debt				Total
Beginning balance		$	281,937,320			$	281,937,320
Net realized and unrealized gains (losses)			(916,344	)			(916,344	)
Acquisitions(1)			107,417,382				107,417,382
Dispositions			(71,871	)			(71,871	)
Transfers into Level 3(2)			15,014,034				15,014,034
Transfers out Level 3(3)			(2,219,272	)			(2,219,272	)
Ending balance		$	401,161,249			$	401,161,249

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)		$	(777,907	)		$	(777,907	)

______________________

(1)

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

(2)

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

(3)

Comprised of two investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

Changes in investments categorized as Level 3 for the six months ended June 30, 2024 were as follows:


		Independent Third-Party Valuation
		Bank Debt				Total
Beginning balance		$	249,673,453			$	249,673,453
Net realized and unrealized gains (losses)			1,066,174				1,066,174
Acquisitions(1)			154,580,711				154,580,711
Dispositions			(737,479	)			(737,479	)
Transfers into Level 3(2)			10,212,328				10,212,328
Transfers out Level 3(3)			(13,633,938	)			(13,633,938	)
Ending balance		$	401,161,249			$	401,161,249

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)		$	1,395,230			$	1,395,230

______________________

(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 four investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

Changes in investments categorized as Level 3 during the three months ended June 30, 2023 were as follows:


		Independent Third-Party Valuation
		Bank Debt				Total
Beginning balance		$	107,279,231			$	107,279,231
Net realized and unrealized gains (losses)			826,650				826,650
Acquisitions(1)			23,633,028				23,633,028
Dispositions			(3,402,375	)			(3,402,375	)
Transfers into Level 3(2)			780,512				780,512
Transfers out Level 3(3)			(1,804,889	)			(1,804,889	)
Ending balance		$	127,312,157			$	127,312,157

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)		$	826,650			$	826,650

______________________

(1)

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

(2)

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

(3)

Comprised of three investments that were transferred from Level 3 to Level 2 due to increased observable market activity.

Changes in investments categorized as Level 3 during the six months ended June 30, 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)			1,315,431				1,315,431
Acquisitions(1)			50,767,725				50,767,725
Dispositions			(3,746,000	)			(3,746,000	)
Transfers into Level 3(2)			4,260,887				4,260,887
Transfers out Level 3(3)			(2,071,725	)			(2,071,725	)
Ending balance		$	127,312,157			$	127,312,157

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)		$	1,283,123			$	1,283,123

2. Summary of Significant Accounting Policies (Continued)

______________________

(1)

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

(2)

Comprised of three 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

As of December 31, 2023, gross unrealized appreciation and depreciation based on cost of investments (including short positions and derivatives, if any) for U.S. federal income tax purposes were as follows:


		December 31, 2023
Tax basis of investments		$	398,929,289

Unrealized appreciation			5,927,022
Unrealized depreciation			(3,929,938	)
Net unrealized appreciation (depreciation)		$	1,997,084

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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