Investments and Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Investments and Fair Value Measurements [Abstract]

Investments and Fair Value Measurements

Note 4. Investments and Fair Value Measurements

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

	March 31, 2023
	Amortized Cost		Fair value		% of Total Investments at Fair Value
First lien debt	$	94,622,339	$	93,651,260		100.00	%
Total investments	$	94,622,339	$	93,651,260		100.00	%

The industry composition of investments based on fair value as of March 31, 2023 was as follows:

	March 31, 2023
Services: Business		13.38	%
High Tech Industries		10.77
Banking, Finance, Insurance & Real Estate		10.56
Capital Equipment		7.14
Automotive		6.10
Media: Broadcasting & Subscription		5.56
Aerospace and Defense		5.21
Healthcare & Pharmaceuticals		5.08
Media: Advertising, Printing & Publishing		5.08
Containers, Packaging & Glass		4.69
Consumer Goods: Non-Durable		4.30
Services: Consumer		3.39
Transportation: Cargo		3.00
Utilities: Electric		2.98
Retail		2.94
Chemicals, Plastics & Rubber		2.09
Beverage, Food and Tobacco		1.05
Hotel, Gaming & Leisure		1.04
Energy: Electricity		1.03
Construction & Building		1.02
Metals & Mining		1.00
Consumer Goods: Durable		0.99
Environmental Industries		0.97
Transportation: Consumer		0.63
Total		100.00	%

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

	March 31, 2023
	Amortized Cost		Fair Value		% of Total Investments at Fair Value			Fair Value as % of Net Assets
United States	$	88,860,215	$	87,872,186		93.83	%		42.65	%
Luxembourg		2,873,339		2,912,325		3.11			1.41
Canada		1,892,520		1,885,877		2.01			0.92
Netherlands		996,265		980,872		1.05			0.48
Total	$	94,622,339	$	93,651,260		100.00	%		45.46	%

The following table presents the fair value hierarchy of investments as of March 31, 2023, categorized by the ASC 820 valuation hierarchy, as previously described:

	March 31, 2023
Assets	Level 1		Level 2		Level 3		Total
First Lien Debt	$	—	$	93,651,260	$	—	$	93,651,260
Total investments	$	—	$	93,651,260	$	—	$	93,651,260

Level 2 investments are valued using prices obtained from pricing services. For the three months ended March 31, 2023, there were no financial instruments for which Level 3 inputs were used to determine the fair value. Other assets and liabilities carrying amounts approximate fair value due to short term maturities.