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Investments and Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
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 June 30, 2023 was as follows:
 
   
June 30, 2023
  
   
Amortized
Cost
    
Fair
value
    
% of Total
Investments
at Fair
Value
  
                         
First lien debt
  
$
235,949,385
    
$
235,635,044
      
93.03
%
Second lien debt
     15,004,322       17,655,000       6.97 %
Total investments
  
$
250,953,707
    
$
253,290,044
      
100.00
%
 

The industry composition of investments based on fair value as of June 30, 2023 was as follows:
 
   
June 30, 2023
  
Services: Business
    
21.39
%
Capital Equipment
    
9.11
  
Hotel, Gaming & Leisure
    
8.24
  
High Tech Industries
    
6.50
  
Consumer Goods: Non-Durable
    
6.17
  
Automotive
    
6.14
  
Healthcare & Pharmaceuticals
    
6.08
  
Banking, Finance, Insurance & Real Estate
    
4.62
  
Energy: Electricity
    
4.02
  
Containers, Packaging & Glass
    
3.45
  
Media: Broadcasting & Subscription
    
3.38
  
Chemicals, Plastics & Rubber
    
2.72
  
Transportation: Cargo
    
2.62
  
Retail
    
2.18
  
Aerospace & Defense
    
2.18
  
Media: Advertising, Printing & Publishing
    
1.92
  
Construction & Building
    
1.72
  
Energy: Oil & Gas
    
1.50
  
Services: Consumer
    
1.33
  
Utilities: Electric
    
1.16
  
Environmental Industries
    
1.08
  
Transportation: Consumer
    
0.98
  
Beverage, Food and Tobacco
    
0.76
  
Consumer Goods: Durable
    
0.75
  
Total
    
100.00
%


The geographic composition of investments at cost and fair value was as follows:
 
   
June 30, 2023
  
   
Amortized
Cost
    
Fair
Value
    
% of Total
Investments
at
Fair Value
    
Fair
Value
as % of
Net
Assets
  
United States
  
$
248,070,364
    
$
250,373,354
      
98.85
%
    
117.45
%
Canada
    
1,894,865
      
1,938,928
      
0.76
      
0.91
  
Luxembourg
    
988,478
      
977,762
      
0.39
      
0.46
  
Total
  
$
250,953,707
    
$
253,290,044
      
100.00
%
    
118.82
%
Fair Value Hierarchy of Investments

The following table presents the fair value hierarchy of the Company’s investment portfolio as of June 30, 2023:

   
June 30, 2023
  
Assets
  
Level 1
    
Level 2
    
Level 3
    
Total
  
First Lien Debt
  
$
—
    
$
176,674,978
    
$
58,960,066
    
$
235,635,044
  
Second Lien Debt
     —       —       17,655,000       17,655,000  
Total investments
  
$
—
    
$
176,674,978
    
$
76,615,066
    
$
253,290,044
  
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 and six months ended June 30, 2023, respectively:


  
First Lien Debt
    Second Lien Debt
    
Total
  
Balance as of April 1, 2023
  
$
—
     $ —    
$
—
  
Purchases of investments
    
59,279,599
       13,500,000      
72,779,599
  
Proceeds from principal pre-payments and sales of investments
    
(325,927
)
     —      
(325,927
)
Payment-in-kind
    
—
       1,500,000      
1,500,000
  
Net accretion of discount on investments
    
15,365
       4,322      
19,687
  
Net change in unrealized appreciation/depreciation
    
(8,971
)
     2,650,678      
2,641,707
  
Transfers into Level 3
    
—
       —      
—
  
Transfers out of Level 3
    
—
       —      
—
  
Balance as of June 30, 2023
  
$
58,960,066
     $ 17,655,000    
$
76,615,066
  
 
                        
Net change in unrealized appreciation (depreciation) on Level 3 investments still held at the end of the period
  
$
(8,971
)
   $ 2,650,678    
$
2,641,707
  

 
  
First Lien Debt
     Second Lien Debt
    
Total
  
Balance as of February 1, 2023 (commencement of operations)
  
$
—
     $ —    
$
—
  
Purchases of investments
    
59,279,599
       13,500,000      
72,779,599
  
Proceeds from principal pre-payments and sales of investments
    
(325,927
)
     —      
(325,927
)
Payment-in-kind
    
—
       1,500,000      
1,500,000
  
Net accretion of discount on investments
    
15,365
       4,322      
19,687
  
Net change in unrealized appreciation/depreciation
    
(8,971
)
     2,650,678      
2,641,707
  
Transfers into Level 3
    
—
       —      
—
  
Transfers out of Level 3
    
—
       —      
—
  
Balance as of June 30, 2023
  
$
58,960,066
     $ 17,655,000    
$
76,615,066
  
 
                        
Net change in unrealized appreciation (depreciation) on Level 3 investments still held at the end of the period
  
$
(8,971
)
   $ 2,650,678    
$
2,641,707
  
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 June 30, 2023 were as follows:

    Investment
Type
  
Fair Value
  
Valuation
Technique
  
Unobservable
Input
    
Range
     Weighted Average (3)
 
Second Lien Debt
  
$
17,655,000
  
Discounted cash flow
  
Discount rate (1)
      
15%

    15%
First Lien Debt
   
58,960,066
  
Transactional Value (2)
    
N/A
      
N/A
       N/A  
 
    
76,615,066
  
 
                        
(1)
Significant increases in discount rates would result in a significantly lower fair value measurement.
(2)
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.
(3)
Unobservable inputs were weighted by the relative fair value of investments.