Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Investments and Fair Value Measurements [Abstract]

Investment Portfolio at Cost and Fair Value

The composition of the Company’s investment portfolio at cost and fair value as of March 31, 2024 and December 31, 2023 were as follows:

	March 31, 2024							December 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Amortized Cost		Fair Value		% of Total Investments at Fair Value
First lien debt	$	365,232,534	$	369,192,302		91.23	%	$	313,932,958	$	317,768,488		90.18	%
Second lien debt		17,293,298		19,803,414		4.89	%		16,498,048		19,050,076		5.41	%
Equity		14,792,309		15,715,487		3.88	%		14,792,309		15,559,956		4.41	%
Total investments	$	397,318,141	$	404,711,203		100.00	%	$	345,223,315	$	352,378,520		100.00	%

The industry composition of investments based on fair value as of March 31, 2024 and December 31, 2023 were as follows:

	March 31, 2024			December 31, 2023
Commercial Services & Supplies		13.02	%		15.33	%
Trading Companies & Distributors		8.27			9.52
Electrical Equipment		8.15			—
Oil, Gas & Consumable Fuels		7.91			—
Construction & Engineering		7.57			4.17
Health Care Providers & Services		7.36			7.37
Professional Services		5.67			6.33
Hotels, Restaurants & Leisure		4.89			5.69
Aerospace & Defense		4.84			—
Machinery		3.79			3.69
IT Services		2.90			3.63
Textiles, Apparel & Luxury Goods		2.79			3.21
Building Products		2.52			1.06
Electric Utilities		2.39			7.20
Energy Equipment & Services	—				1.41
Independent Power and Renewable Electricity Producers	—				0.80
Electronic Equipment, Instruments & Components	—				0.32
Insurance		2.39			3.16
Distributors		2.10			2.80
Household Products		1.96			4.20
Chemicals		1.61			2.55
Automobile Components		1.42			1.62
Containers & Packaging		1.34			1.98
Diversified Consumer Services		1.23			1.87
Automobiles	—				1.20
Air Freight & Logistics		1.20			1.36
Personal Care Products		0.99			1.12
Metals & Mining		0.74			0.85
Biotechnology		0.74			1.40
Software		0.58			3.48
Leisure Products		0.49			0.56
Health Care Equipment & Supplies		0.40			0.88
Ground Transportation		0.25			0.69
Health Care Technology		0.25			0.28
Gas Utilities		0.24			0.27
Total		100.00	%		100.00	%

The geographic composition of investments at cost and fair value was as follows:

	March 31, 2024										December 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets			Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	393,427,380	$	400,706,843		99.01	%		169.24	%	$	340,353,603	$	347,440,385		98.60	%		156.78	%
Canada		3,890,761		4,004,360		0.99	%		1.69	%		3,885,951		3,954,000		1.12	%		1.78	%
Luxembourg		—		—		—			—			983,761		984,135		0.28	%		0.44	%
Total	$	397,318,141	$	404,711,203		100.00	%		170.93	%	$	345,223,315	$	352,378,520		100.00	%		159.00	%

Fair Value Hierarchy of Investments

The following table presents the fair value hierarchy of the Company’s investment portfolio as of March 31, 2024 and December 31, 2023:

	March 31, 2024
Assets	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	153,252,802	$	215,939,500	$	369,192,302
Second Lien Debt		—		—		19,803,414		19,803,414
Subtotal	$	—	$	153,252,802	$	235,742,914	$	388,995,716
Investment measured at net asset value(1)								15,715,487
Total investments							$	404,711,203
	December 31, 2023
Assets	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	179,350,279	$	138,418,209	$	317,768,488
Second Lien Debt	—		—			19,050,076		19,050,076
Subtotal	$	—	$	179,350,279	$	157,468,285	$	336,818,564
Investment measured at net asset value(1)								15,559,956
Total investments							$	352,378,520

Fair Value of Investments

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2024 and March 31, 2023, respectively:

	First Lien Debt			Second Lien Debt			Total
Balance as of December 31, 2023	$	138,418,209		$	19,050,076		$	157,468,285
Purchases of investments		92,224,386			—			92,224,386
Proceeds from principal pre-payments and sales of investments		(1,505,724	)		—			(1,505,724	)
Payment-in-kind		301,018			681,397			982,415
Net accretion of discount on investments		402,040			113,852			515,892
Net realized gain (loss)		(33,566	)		—			(33,566	)
Net change in unrealized appreciation/(depreciation)		287,980			(41,911	)		246,069
Transfers into Level 3		960,175			—			960,175
Transfers out of Level 3		(15,115,018	)		—			(15,115,018	)
Balance as of March 31, 2024	$	215,939,500		$	19,803,414		$	235,742,914
Net change in unrealized appreciation (depreciation) on Level 3    investments still held at the end of the period	$	287,980		$	(41,911	)	$	246,069
	First Lien Debt			Second Lien Debt			Total
Balance as of February 1, 2023 (commencement of operations)	$	—		$	—		$	—
Purchases of investments		—			—			—
Proceeds from principal pre-payments and sales of investments		—			—			—
Payment-in-kind		—			—			—
Net accretion of discount on investments		—			—			—
Net realized gain (loss)		—			—			—
Net change in unrealized appreciation/(depreciation)		—			—			—
Transfers into Level 3					—			—
Transfers out of Level 3		—			—			—
Balance as of March 31, 2023	$	—		$	—		$	—
Net change in unrealized appreciation (depreciation) on Level 3    investments still held at the end of the period	$	—		$	—		$	—

Valuation Techniques and Significant Unobservable Inputs of Level 3 Investments

The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of March 31, 2024 and December 31, 2023 were as follows:

Investment Type	Fair Value as of March 31, 2024		Valuation Technique	Unobservable Input	Range	Weighted Average (2)
Second Lien Debt	$	19,803,414	Discounted cash flow	Discount rate	15.50%	15.50%
First Lien Debt		191,311,357	Discounted cash flow	Discount rate	10.15% - 15.00%	11.81%
		8,576,621	Market quotations	Broker quoted price	86.00 - 100.50		98.35
		16,051,522	Transactional Value (1)	N/A	N/A	N/A
	$	235,742,914

(1)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio companies since the transaction date.

(2)Unobservable inputs were weighted by the relative fair value of investments.

Investment Type	Fair Value as of December 31, 2023		Valuation Technique	Unobservable Input	Range	Weighted Average (2)
Second Lien Debt	$	19,050,076	Discounted cash flow	Discount rate	15.50%	15.50%
First Lien Debt		79,221,269	Discounted cash flow	Discount rate	9.86% - 13.44%	10.95%
		18,288,599	Market quotations	Broker quoted price	95.75 - 100.50		98.35
		40,908,341	Transactional Value(1)	N/A	N/A	N/A
	$	157,468,285

(1)Fair value was determined based on transaction pricing or recent acquisition or sale as the best measure of fair value with no material changes in operations of the related portfolio companies since the transaction date.

(2)Unobservable inputs were weighted by the relative fair value of investments.