Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Schedule of Fund's Investments

At December 31, 2024, the Fund’s investments were categorized as follows:

Level	Basis for Determining Fair Value	Bank Debt(1)		Equity Securities		Total
1	Quoted prices in active markets for identical assets	$	—	$	—	$	—
2	Other direct and indirect observable market inputs(2)		290,975,310		—		290,975,310
3	Valuation sources that employ significant unobservable inputs		749,010,523		407,753		749,418,276
Total		$	1,039,985,833	$	407,753	$	1,040,393,586

______________________

(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 December 31, 2024 included the following:

Asset Type	Fair Value		Valuation Technique	Unobservable Input	Weighted Average Range(1)
Bank Debt	$	610,403,131	Income Approach	Discount rate	8.6% - 14.0% (10.2%)
		4,388,593	Asset Approach	EBITDA Multiple	7.50x (7.50x)
		131,579,461	Market Quotations	Indicative bid/ask quotes	1 (1)
		2,639,338	Market Comparable Companies	Revenue Multiple	0.9x (0.9x)
Equity		—	Asset Approach	EBITDA Multiple	7.50x (7.50x)
		407,753	Market Quotations	Indicative bid/ask quotes	1 (1)
	$	749,418,276

______________________

(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.

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 year ended December 31, 2024 were as follows:

	Independent Third-Party Valuation
	Bank Debt			Equity Securities		Total
Beginning balance	$	249,673,453		$	—	$	249,673,453
Net realized and unrealized gains (losses)		3,010,451			5,721		3,016,172
Acquisitions(1)		575,294,446			402,032		575,696,478
Dispositions		(68,692,554	)		—		(68,692,554	)
Transfers into Level 3(2)		3,146,273			—		3,146,273
Transfers out Level 3(3)		(13,421,546	)		—		(13,421,546	)
Ending balance	$	749,010,523		$	407,753	$	749,418,276
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)	$	3,302,560		$	5,721	$	3,308,281

______________________

(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 two 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 year ended December 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)		2,142,650			2,142,650
Acquisitions(1)		184,007,546			184,007,546
Dispositions		(7,995,957	)		(7,995,957	)
Transfers into Level 3(2)		403,640			403,640
Transfers out Level 3(3)		(5,670,265	)		(5,670,265	)
Ending balance	$	249,673,453		$	249,673,453
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)	$	2,257,510		$	2,257,510

______________________

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

Schedule of Reclassification of Permanent Differences, Primary Attributable to Tax Return of Capital and Investments in Partnerships

As of December 31, 2024 and December 31, 2023, permanent difference attributable to non-deductible expenses were reclassified to the following accounts:

	December 31, 2024		December 31, 2023
Paid-in capital	$	—	$	(106,746	)
Accumulated earnings		—		106,746

Summary of Tax Character of Distributions Paid

The tax character of distributions paid were as follows:

	December 31, 2024		December 31, 2023
Ordinary income	$	46,687,309	$	21,171,862
Long Term Capital Gains		126,412		—
Total	$	46,813,721	$	21,171,862

Schedule of Tax-basis Components of Distributable Earnings (Accumulated Earnings) Applicable to Common Shareholders

As of December 31, 2024 and December 31, 2023, the tax components of accumulated net earnings (losses) were as follows:

	December 31, 2024			December 31, 2023
Undistributed ordinary income	$	—		$	2,300,637
Undistributed Capital Gains/Non-expiring capital loss carryforward (1)		(255,056	)		126,412
Net unrealized gains (losses)(2)		3,219,470			1,997,084
Total accumulated earnings (losses)	$	2,964,414			4,424,133

______________________

(1) Amount available to offset future realized capital gains.

(2) The difference between book-basis and tax-basis net unrealized gains (losses) was attributable primarily to amortization methods on fixed income securities and the accrual of income on securities in default.

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

As of December 31, 2024 and 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, 2024			December 31, 2023
Tax basis of investments	$	1,035,957,647		$	398,929,289
Unrealized appreciation		9,539,829			5,927,022
Unrealized depreciation		(5,103,890	)		(3,929,938	)
Net unrealized appreciation (depreciation)	$	4,435,939		$	1,997,084

Schedule of Ordinary Income Distributions Paid

The Fund hereby designates the following amount, or maximum amount allowable by law, as interest income eligible to be treated as a Section 163(j) interest dividend for the fiscal year ended December 31, 2024:

	December 31, 2024
Interest Dividends	$	42,903,189

The fund hereby designates the following amounts, or maximum amounts allowable by law, as interest-related dividends eligible for exemption from U.S. withholding tax for nonresident aliens and foreign corporations for the fiscal year ended December 31, 2024:

	December 31, 2024
Interest-Related Dividends	$	41,379,060