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Investments (Tables)

9 Months Ended

Mar. 31, 2023

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 nine months ended March 31, 2023 and March 31, 2022, respectively. These purchase and sale amounts exclude derivative instruments as well as non-cash restructurings.

		For the three months ended March 31,						For the nine months ended March 31,
		2023			2022			2023			2022
Investment purchases, at cost (including PIK interest)		$	11,109,646		$	27,063,262		$	39,636,459		$	113,857,030
Investment sales and repayments			14,917,260			53,173,229			46,998,760			120,043,899

Schedule of Investments

The composition of the Company’s investments as of March 31, 2023, 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		$	215,354,708			88.13	%		$	200,423,277			90.56	%
Equity, Warrants and Other Investments			29,017,383			11.87				20,892,152			9.44
Total		$	244,372,091			100.00	%		$	221,315,429			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 March 31, 2023:

Industry Classification		Investments at Fair Value			Percentage of Total Portfolio
Trading Companies & Distributors		$	35,273,414		15.94	%
Professional Services			31,091,081		14.05
IT Services			23,971,080		10.83
Commercial Services & Supplies			14,318,073		6.47
Software			13,732,955		6.20
Machinery			9,601,548		4.34
Broadline Retail			9,461,945		4.27
Containers & Packaging			9,258,878		4.18
Internet & Direct Marketing Retail			9,032,018		4.08
Chemicals			8,919,355		4.03
Entertainment			8,000,000		3.61
Household Durables			7,856,113		3.55
Diversified Consumer Services			7,250,513		3.28
Automobile Components			6,948,484		3.14
Consumer Staples Distribution & Retail			6,415,068		2.90
Specialty Retail			5,346,000		2.42
Building Products			4,536,250		2.05
Food Products			4,393,750		1.99
Electronic Equipment, Instruments & Components			3,208,868		1.45
Energy Equipment & Services			2,700,036		1.22
Total		$	221,315,429		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 March 31, 2023:

Geographic Region		Investments at Fair Value			Percentage of Total Portfolio
U.S. Northeast		$	92,878,461		41.97	%
U.S. West			48,453,135		21.89
U.S. Midwest			28,354,602		12.81
U.S. Southeast			18,229,960		8.24
U.S. Mid-Atlantic			17,626,438		7.96
U.S. Southwest			10,655,899		4.82
International			5,116,934		2.31
Total		$	221,315,429		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 March 31, 2023:

		Level 1			Level 2				Level 3			Total
Assets
Investments
Senior Secured First Lien Debt Investments		$	—		$	—			$	200,423,277		$	200,423,277
Equity, Warrants and Other Investments			—			—				20,892,152			20,892,152
Total Investments		$	—		$	—			$	221,315,429		$	221,315,429

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 nine months ended March 31, 2023:

		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)			38,403,669			—			—			1,232,790			39,636,459
Sales			(46,998,760)			—			—			—			(46,998,760)
Amortization			1,056,482			—			—			—			1,056,482
Net realized gains (losses)			(9,515,487)			(17,374,608)			—			—			(26,890,095)
Transfers in			—			—			—			1,708,942			1,708,942
Transfers out			(1,708,942)			—			—			—			(1,708,942)
Net change in unrealized appreciation (depreciation)			4,328,279			17,374,608			—			(875,530)			20,827,357
Fair value at March 31, 2023		$	200,423,277		$	—		$	—		$	20,892,152		$	221,315,429
Change in unrealized appreciation (depreciation) relating to assets still held as of March 31, 2023		$	(4,639,143)		$	—		$	—		$	(1,290,076)		$	(5,929,219)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended March 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, 2021		$	230,351,618		$	6,240,000		$	—		$	9,264,002		$	245,855,620
Purchases (including PIK interest)			105,859,831			—			—			7,997,199			113,857,030
Sales			(111,873,208)			(8,000,000)			—			(170,691)			(120,043,899)
Amortization			2,054,336			63,875			—			—			2,118,211
Net realized gains (losses)			(11,576,316)			—			—			(2,814,660)			(14,390,976)
Transfers in			—			—			—			1,184,506			1,184,506
Transfers out			(1,184,506)			—			—			—			(1,184,506)
Net change in unrealized (depreciation) appreciation			8,504,820			1,696,125			—			4,436,379			14,637,324
Fair value at March 31, 2022		$	222,136,575		$	—		$	—		$	19,896,735		$	242,033,310
Change in unrealized appreciation (depreciation) relating to assets still held as of March 31, 2022		$	(2,382,431)		$	—		$	—		$	4,436,379		$	2,053,948

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 March 31, 2023

Valuation Methodology

Unobservable Input(s)

Weighted Average

Range

Senior Secured First Lien Debt Investments

$

173,608,854

Yield Analysis

Market Yields

12.8%

10.3%-17.7%

Senior Secured First Lien Debt Investments

18,770,597

Market Comparable Approach

EBITDA Multiple

6.7x

5.4x-7.8x

Senior Secured First Lien Debt Investments

2,700,037

Market Comparable Approach

Revenue Multiple

0.3x

0.3x

Senior Secured First Lien Debt Investments

5,116,934

Recent Transaction

Recent Transaction

N/A

N/A

Senior Secured First Lien Debt Investments

226,855

Recovery Analysis

Recovery Amount

N/A

N/A

Equity, Warrants, and Other Investments

4,722,395

Yield Analysis

Market Yields

17.7%

17.7%

Equity, Warrants, and Other Investments

16,169,757

Market Comparable Approach

EBITDA Multiple

8.2x

5.7x-17.3x

Equity, Warrants, and Other Investments

—

Market Comparable Approach

Revenue Multiple

0.3x

0.3x

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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