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Investments (Tables)

6 Months Ended

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

5.0x-10.2x

Senior Secured First Lien Debt Investments

2,787,036

Market Comparable Approach

Revenue Multiple

0.4x

0.3x-0.4x

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

5.0x-18.9x

Equity, Warrants, and Other Investments

—

Market Comparable Approach

Revenue Multiple

0.4x

0.3x-0.4x

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

4.4x – 7.0x

Senior Secured First Lien Debt Investments

2,712,779

Market Comparable Approach

Revenue Multiple

0.4x

0.3x – 0.4x

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

4.2x – 12.3x

Equity, Warrants and Other Investments

—

Market Comparable Approach

Revenue Multiple

0.4x

0.3x – 0.4x

Equity, Warrants and Other Investments

1,000,000

Recent Transaction

Recent Transaction

N/A

N/A

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