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Investments (Tables) | 6 Months Ended
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Dec. 31, 2022
Investments Debt And Equity Securities [Abstract] |
Schedule of Investment Purchases Sales And Principal Payments | Investment purchases, sales and principal payments/paydowns are summarized below for the three and six months ended December 31, 2022 and December 31, 2021, respectively. These purchase and sale amounts exclude derivative instruments as well as non-cash restructurings.
|  | For the three months ended December 31, |  | For the six months ended December 31,
|  | 2022 |  | 2021 |  | 2022 |  | 2021
Investment purchases, at cost (including PIK interest) |  | $ | 6,378,958 |  | $ | 67,305,636 |  | $ | 28,526,813 |  | $ | 86,793,768
Investment sales and repayments |  |  | 15,604,801 |  |  | 45,333,408 |  |  | 32,081,500 |  |  | 66,870,670
Schedule of Investments | The composition of the Company’s investments as of December 31, 2022, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:
Investment Type |  | Investments at Amortized Cost |  |  | Percentage of Total Portfolio |  | Investments at Fair Value |  |  | Percentage of Total Portfolio
Senior Secured First Lien Debt Investments |  | $ | 230,799,713 |  |  | 83.96 | % |  | $ | 208,453,033 |  |  | 91.19 | %
Senior Secured Second Lien Debt Investments |  |  | 17,374,608 |  |  | 6.32 |  |  |  | — |  |  | — |
Equity, Warrants and Other Investments |  |  | 26,713,793 |  |  | 9.72 |  |  |  | 20,140,625 |  |  | 8.81 |
Total |  | $ | 274,888,114 |  |  | 100.00 | % |  | $ | 228,593,658 |  |  | 100.00 | %
The composition of the Company’s investments as of June 30, 2022, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:
Investment Type |  | Investments at Amortized Cost |  |  | Percentage of Total Portfolio |  | Investments at Fair Value |  |  | Percentage of Total Portfolio
Senior Secured First Lien Debt Investments |  | $ | 234,117,747 |  |  | 84.35 | % |  | $ | 214,858,037 |  |  | 91.94 | %
Senior Secured Second Lien Debt Investments |  |  | 17,374,608 |  |  | 6.26 |  |  |  | — |  |  | — |
Equity, Warrants and Other Investments |  |  | 26,075,650 |  |  | 9.39 |  |  |  | 18,825,949 |  |  | 8.06 |
Total |  | $ | 277,568,005 |  |  | 100.00 | % |  | $ | 233,683,986 |  |  | 100.00 | %
Schedule of Portfolio Composition by Industry Grouping at Fair Value | The Company uses Global Industry Classification Standard (“GICS”) codes to identify the industry groupings in its portfolio. The following table shows the portfolio composition by industry grouping at fair value at December 31, 2022:
Industry Classification |  | Investments at Fair Value |  | Percentage of Total Portfolio
Trading Companies & Distributors |  | $ | 35,299,147 |  | 15.44 | %
Professional Services |  |  | 32,105,917 |  | 14.04 |
IT Services |  |  | 24,131,954 |  | 10.56 |
Internet & Direct Marketing Retail |  |  | 18,294,700 |  | 8.00 |
Commercial Services & Supplies |  |  | 15,024,858 |  | 6.57 |
Chemicals |  |  | 14,109,005 |  | 6.17 |
Machinery |  |  | 9,465,259 |  | 4.14 |
Energy Equipment & Services |  |  | 8,770,786 |  | 3.84 |
Software |  |  | 8,675,965 |  | 3.80 |
Entertainment |  |  | 8,019,893 |  | 3.51 |
Auto Components |  |  | 7,894,240 |  | 3.45 |
Household Durables |  |  | 7,875,835 |  | 3.45 |
Food & Staples Retailing |  |  | 7,163,910 |  | 3.13 |
Containers & Packaging |  |  | 6,924,740 |  | 3.03 |
Diversified Consumer Services |  |  | 6,860,700 |  | 3.00 |
Specialty Retail |  |  | 5,544,000 |  | 2.43 |
Building Products |  |  | 4,685,469 |  | 2.05 |
Food Products |  |  | 4,453,125 |  | 1.95 |
Electronic Equipment, Instruments & Components |  |  | 3,294,155 |  | 1.44 |
Total |  | $ | 228,593,658 |  | 100.00 | %
The following table shows the portfolio composition by industry grouping at fair value at June 30, 2022:
Industry Classification |  | Investments at Fair Value |  | Percentage of Total Portfolio
Professional Services |  | $ | 26,984,194 |  | 11.55 | %
IT Services |  |  | 21,608,522 |  | 9.25 |
Internet & Direct Marketing Retail |  |  | 21,070,294 |  | 9.02 |
Household Durables |  |  | 17,330,053 |  | 7.42 |
Trading Companies & Distributors |  |  | 15,706,496 |  | 6.72 |
Commercial Services & Supplies |  |  | 15,482,455 |  | 6.62 |
Chemicals |  |  | 14,030,222 |  | 6.00 |
Energy Equipment & Services |  |  | 13,055,904 |  | 5.59 |
Distributors |  |  | 12,300,418 |  | 5.26 |
Consumer Finance |  |  | 11,375,840 |  | 4.87 |
Software |  |  | 8,800,751 |  | 3.77 |
Entertainment |  |  | 7,954,388 |  | 3.40 |
Auto Components |  |  | 7,934,024 |  | 3.39 |
Food & Staples Retailing |  |  | 7,920,000 |  | 3.39 |
Containers & Packaging |  |  | 7,247,557 |  | 3.10 |
Diversified Consumer Services |  |  | 6,721,225 |  | 2.88 |
Specialty Retail |  |  | 5,940,000 |  | 2.54 |
Building Products |  |  | 4,720,312 |  | 2.02 |
Food Products |  |  | 4,547,812 |  | 1.95 |
Electronic Equipment, Instruments & Components |  |  | 2,953,519 |  | 1.26 |
Total |  | $ | 233,683,986 |  | 100.00 | %
Schedule of Portfolio Composition by Geographic Grouping at Fair Value | The following table shows the portfolio composition by geographic grouping at fair value at December 31, 2022:
Geographic Region |  | Investments at Fair Value |  | Percentage of Total Portfolio
U.S. Northeast |  | $ | 96,381,856 |  | 42.16 | %
U.S. West |  |  | 49,266,896 |  | 21.55 |
U.S. Midwest |  |  | 36,421,973 |  | 15.93 |
U.S. Southeast |  |  | 18,330,344 |  | 8.02 |
U.S. Mid-Atlantic |  |  | 17,604,109 |  | 7.70 |
U.S. Southwest |  |  | 10,548,587 |  | 4.62 |
International |  |  | 39,893 |  | 0.02 |
Total |  | $ | 228,593,658 |  | 100.00 | %
The following table shows the portfolio composition by geographic grouping at fair value at June 30, 2022:
Geographic Region |  | Investments at Fair Value |  | Percentage of Total Portfolio
U.S. Northeast |  | $ | 105,824,484 |  | 45.29 | %
U.S. West |  |  | 48,352,026 |  | 20.69 |
U.S. Midwest |  |  | 31,898,956 |  | 13.65 |
U.S. Mid-Atlantic |  |  | 17,507,192 |  | 7.49 |
U.S. Southwest |  |  | 15,685,215 |  | 6.71 |
U.S. Southeast |  |  | 14,381,725 |  | 6.16 |
International |  |  | 34,388 |  | 0.01 |
Total |  | $ | 233,683,986 |  | 100.00 | %
Schedule of Fair Value Measurements of Assets | The following table summarizes the classifications within the fair value hierarchy of the Company’s assets measured at fair value as of December 31, 2022:
|  | Level 1 |  | Level 2 |  |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured First Lien Debt Investments |  | $ | — |  | $ | — |  |  | $ | 208,453,033 |  | $ | 208,453,033
Senior Secured Second Lien Debt Investments |  |  | — |  |  | — |  |  |  | — |  |  | —
Equity, Warrants and Other Investments |  |  | — |  |  | — |  |  |  | 20,140,625 |  |  | 20,140,625
Total Investments |  | $ | — |  | $ | — |  |  | $ | 228,593,658 |  | $ | 228,593,658
The following table summarizes the classifications within the fair value hierarchy of the Company’s assets measured at fair value as of June 30, 2022:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured First Lien Debt Investments |  | $ | — |  | $ | — |  | $ | 214,858,036 |  | $ | 214,858,036
Senior Secured Second Lien Debt Investments |  |  | — |  |  | — |  |  | — |  |  | —
Equity, Warrants and Other Investments |  |  | — |  |  | — |  |  | 18,825,950 |  |  | 18,825,950
Total Investments |  | $ | — |  | $ | — |  | $ | 233,683,986 |  | $ | 233,683,986
Reconciliation of Investments Measured at Fair value on a recurring basis using Level 3 inputs | The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended December 31, 2022:
|  | Senior Secured First Lien Debt Investments |  | Senior Secured Second Lien Debt Investments |  | Unsecured Debt Investments |  | Equity, Warrants and Other Investments |  | Total Investments
Fair value at June 30, 2022 |  | $ | 214,858,036 |  | $ | — |  | $ | — |  | $ | 18,825,950 |  | $ | 233,683,986
Purchases (including PIK interest) |  |  | 27,888,672 |  |  | — |  |  | — |  |  | 638,141 |  |  | 28,526,813
Sales |  |  | (32,081,500) |  |  | — |  |  | — |  |  | — |  |  | (32,081,500)
Amortization |  |  | 874,796 |  |  | — |  |  | — |  |  | — |  |  | 874,796
Net realized gains (losses) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Transfers in |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Transfers out |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Net change in unrealized appreciation (depreciation) |  |  | (3,086,971) |  |  | — |  |  | — |  |  | 676,534 |  |  | (2,410,437)
Fair value at December 31, 2022 |  | $ | 208,453,033 |  | $ | — |  | $ | — |  | $ | 20,140,625 |  | $ | 228,593,658
Change in unrealized appreciation (depreciation) relating to assets still held as of December 31, 2022 |  | $ | (3,021,829) |  | $ | — |  | $ | — |  | $ | 676,535 |  | $ | (2,345,294)
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the six months ended December 31, 2021:
|  | Senior Secured First Lien Debt Investments |  | Senior Secured Second Lien Debt Investments |  | Unsecured Debt Investments |  | Equity, Warrants and Other Investments |  | Total Investments
Fair value at June 30, 2021 |  | $ | 230,351,618 |  | $ | 6,240,000 |  | $ | — |  | $ | 9,264,002 |  | $ | 245,855,620
Purchases (including PIK interest) |  |  | 85,074,299 |  |  | — |  |  | — |  |  | 1,719,469 |  |  | 86,793,768
Sales |  |  | (58,699,979) |  |  | (8,000,000) |  |  | — |  |  | (170,691) |  |  | (66,870,670)
Amortization |  |  | 1,424,145 |  |  | 63,875 |  |  | — |  |  | — |  |  | 1,488,020
Net realized gains (losses) |  |  | (7,783,557) |  |  | — |  |  | — |  |  | — |  |  | (7,783,557)
Transfers in |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Transfers out |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Net change in unrealized (depreciation) appreciation |  |  | 6,420,411 |  |  | 1,696,125 |  |  | — |  |  | 1,773,001 |  |  | 9,889,537
Fair value at December 31, 2021 |  | $ | 256,786,937 |  | $ | — |  | $ | — |  | $ | 12,585,781 |  | $ | 269,372,718
Change in unrealized appreciation (depreciation) relating to assets still held as of December 31, 2021 |  | $ | (1,665,918) |  | $ | — |  | $ | — |  | $ | 1,773,001 |  | $ | 107,083
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs | The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.
|  | Fair Value as of December 31, 2022 |  |  | Valuation Methodology |  | Unobservable Input(s) |  | Weighted Average |  | Range
Senior Secured First Lien Debt Investments |  | $ |  | 189,562,840 |  |  | Yield Analysis |  | Market Yields |  | 12.7% |  |  | 10.3%-17.7%
Senior Secured First Lien Debt Investments |  |  |  | 13,442,022 |  |  | Market Comparable Approach |  | EBITDA Multiple |  | 7.8x |  |  | 5.0 x-10.2 x
Senior Secured First Lien Debt Investments |  |  |  | 2,787,036 |  |  | Market Comparable Approach |  | Revenue Multiple |  | 0.4x |  |  | 0.3 x-0.4 x
Senior Secured First Lien Debt Investments |  |  |  | 2,383,784 |  |  | Recent Transaction |  | Recent Transaction |  | N/A |  |  | N/A
Senior Secured First Lien Debt Investments |  |  |  | 277,351 |  |  | Recovery Amount |  | Recovery Amount |  | N/A |  |  | N/A
Equity, Warrants, and Other Investments |  |  |  | 4,777,930 |  |  | Yield Analysis |  | Market Yields |  | 17.3% |  |  | 17.3%
Equity, Warrants, and Other Investments |  |  |  | 15,262,695 |  |  | Market Comparable Approach |  | EBITDA Multiple |  | 8.0x |  |  | 5.0 x-18.9 x
Equity, Warrants, and Other Investments |  |  |  | — |  |  | Market Comparable Approach |  | Revenue Multiple |  | 0.4x |  |  | 0.3 x-0.4 x
Equity, Warrants, and Other Investments |  |  |  | 100,000 |  |  | Recent Transaction |  | Recent Transaction |  | N/A |  |  | N/A
|  | Fair Value as of June 30, 2022 |  | Valuation Methodology |  | Unobservable Input(s) |  | Weighted Average |  |  | Range
Senior Secured First Lien Debt Investments |  | $ | 164,896,036 |  | Yield Analysis |  | Market Yields |  | 10.8% |  |  | 8.0% - 24.6%
Senior Secured First Lien Debt Investments |  |  | 7,203,875 |  | Market Comparable Approach |  | EBITDA Multiple |  | 6.7x |  |  | 4.4 x – 7.0 x
Senior Secured First Lien Debt Investments |  |  | 2,712,779 |  | Market Comparable Approach |  | Revenue Multiple |  | 0.4x |  |  | 0.3 x – 0.4 x
Senior Secured First Lien Debt Investments |  |  | 39,551,804 |  | Recent Transaction |  | Recent Transaction |  | N/A |  |  | N/A
Senior Secured First Lien Debt Investments |  |  | 493,542 |  | Recovery Analysis |  | Recovery Amount |  | N/A |  |  | N/A
Equity, Warrants and Other Investments |  |  | 17,825,950 |  | Market Comparable Approach |  | EBITDA Multiple |  | 6.6x |  |  | 4.2 x – 12.3 x
Equity, Warrants and Other Investments |  |  | — |  | Market Comparable Approach |  | Revenue Multiple |  | 0.4x |  |  | 0.3 x – 0.4 x
Equity, Warrants and Other Investments |  |  | 1,000,000 |  | Recent Transaction |  | Recent Transaction |  | N/A |  |  | N/A

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