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Investments (Tables) | 3 Months Ended
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Sep. 30, 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 months ended September 30, 2023 and September 30, 2022, respectively. These purchase and sale amounts exclude derivative instruments as well as non-cash restructurings.
|  | For the three months ended September 30,
|  | 2023 |  | 2022
Investment purchases, at cost (including PIK interest) |  | $ | 16,535,289 |  | $ | 22,147,855
Investment sales and repayments |  |  | 10,317,357 |  |  | 16,476,699
Schedule of Investments | The composition of the Company’s investments as of September 30, 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 |  | $ | 220,517,589 |  |  | 88.24 | % |  | $ | 200,319,576 |  |  | 89.67 | %
Equity, Warrants and Other Investments |  |  | 29,386,210 |  |  | 11.76 |  |  |  | 23,084,707 |  |  | 10.33 |
Total |  | $ | 249,903,799 |  |  | 100.00 | % |  | $ | 223,404,283 |  |  | 100.00 | %
The composition of the Company’s investments as of June 30, 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 |  | $ | 214,100,857 |  |  | 88.00 | % |  | $ | 196,370,955 |  |  | 89.21 | %
Equity, Warrants and Other Investments |  |  | 29,197,959 |  |  | 12.00 |  |  |  | 23,740,374 |  |  | 10.79 |
Total |  | $ | 243,298,816 |  |  | 100.00 | % |  | $ | 220,111,329 |  |  | 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 September 30, 2023:
Industry Classification |  | Investments at Fair Value |  | Percentage of Total Portfolio
Trading Companies & Distributors |  | $ | 38,219,681 |  | 17.11 | %
Professional Services |  |  | 25,728,030 |  | 11.52 |
IT Services |  |  | 16,830,075 |  | 7.53 |
Software |  |  | 13,736,438 |  | 6.15 |
Containers & Packaging |  |  | 13,558,591 |  | 6.07 |
Commercial Services & Supplies |  |  | 13,493,554 |  | 6.04 |
Machinery |  |  | 8,967,989 |  | 4.01 |
Internet & Direct Marketing Retail |  |  | 8,907,439 |  | 3.99 |
Household Durables |  |  | 7,766,091 |  | 3.48 |
Entertainment |  |  | 7,600,000 |  | 3.40 |
Chemicals |  |  | 7,527,189 |  | 3.37 |
Diversified Consumer Services |  |  | 7,250,052 |  | 3.25 |
Hotels, Restaurants, and Leisure |  |  | 7,171,656 |  | 3.21 |
Automobile Components |  |  | 6,158,497 |  | 2.76 |
Consumer Staples Distribution & Retail |  |  | 5,606,790 |  | 2.51 |
Specialty Retail |  |  | 5,059,875 |  | 2.26 |
Consumer Services |  |  | 4,915,732 |  | 2.20 |
Building Products |  |  | 4,474,688 |  | 2.00 |
Automotive Retail |  |  | 4,017,057 |  | 1.80 |
Food Products |  |  | 4,005,000 |  | 1.79 |
Construction & Engineering |  |  | 3,937,532 |  | 1.76 |
Paper Packaging |  |  | 3,000,000 |  | 1.34 |
Electronic Equipment, Instruments & Components |  |  | 2,852,627 |  | 1.28 |
Energy Equipment & Services |  |  | 2,619,700 |  | 1.17 |
Total |  | $ | 223,404,283 |  | 100.00 | %
The following table shows the portfolio composition by industry grouping at fair value at June 30, 2023:
Industry Classification |  | Investments at Fair Value |  | Percentage of Total Portfolio
Trading Companies & Distributors |  | $ | 35,176,879 |  | 15.98 | %
Professional Services |  |  | 28,238,167 |  | 12.83 |
IT Services |  |  | 23,576,450 |  | 10.71 |
Commercial Services & Supplies |  |  | 14,329,460 |  | 6.51 |
Software |  |  | 13,772,487 |  | 6.26 |
Containers & Packaging |  |  | 12,958,772 |  | 5.89 |
Machinery |  |  | 9,602,806 |  | 4.36 |
Internet & Direct Marketing Retail |  |  | 8,969,729 |  | 4.08 |
Entertainment |  |  | 7,640,000 |  | 3.47 |
Household Durables |  |  | 7,610,242 |  | 3.46 |
Chemicals |  |  | 7,568,617 |  | 3.44 |
Diversified Consumer Services |  |  | 7,268,500 |  | 3.30 |
Automobile Components |  |  | 7,261,275 |  | 3.30 |
Hotels, Restaurants, and Leisure |  |  | 6,283,541 |  | 2.85 |
Consumer Staples Distribution & Retail |  |  | 6,061,396 |  | 2.75 |
Specialty Retail |  |  | 5,148,000 |  | 2.34 |
Building Products |  |  | 4,511,719 |  | 2.05 |
Food Products |  |  | 4,288,750 |  | 1.95 |
Automotive Retail |  |  | 3,878,905 |  | 1.76 |
Electronic Equipment, Instruments & Components |  |  | 3,265,598 |  | 1.48 |
Energy Equipment & Services |  |  | 2,700,036 |  | 1.23 |
Total |  | $ | 220,111,329 |  | 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 September 30, 2023:
Geographic Region |  | Investments at Fair Value |  | Percentage of Total Portfolio
U.S. Northeast |  | $ | 86,530,253 |  | 38.73 | %
U.S. West |  |  | 48,391,784 |  | 21.66 |
U.S. Midwest |  |  | 27,364,696 |  | 12.25 |
U.S. Mid-Atlantic |  |  | 22,911,655 |  | 10.26 |
U.S. Southeast |  |  | 20,636,714 |  | 9.24 |
U.S. Southwest |  |  | 12,601,618 |  | 5.64 |
International |  |  | 4,967,563 |  | 2.22 |
Total |  | $ | 223,404,283 |  | 100.00 | %
The following table shows the portfolio composition by geographic grouping at fair value at June 30, 2023:
Geographic Region |  | Investments at Fair Value |  | Percentage of Total Portfolio
U.S. Northeast |  | $ | 94,658,227 |  | 43.00 | %
U.S. West |  |  | 44,911,266 |  | 20.40 |
U.S. Midwest |  |  | 26,602,440 |  | 12.09 |
U.S. Southeast |  |  | 20,803,349 |  | 9.45 |
U.S. Mid-Atlantic |  |  | 17,721,607 |  | 8.05 |
U.S. Southwest |  |  | 10,367,607 |  | 4.71 |
International |  |  | 5,046,833 |  | 2.30 |
Total |  | $ | 220,111,329 |  | 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 September 30, 2023:
|  | Level 1 |  | Level 2 |  |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured First Lien Debt Investments |  | $ | — |  | $ | — |  |  | $ | 200,319,576 |  | $ | 200,319,576
Equity, Warrants and Other Investments |  |  | — |  |  | — |  |  |  | 23,084,707 |  |  | 23,084,707
Total Investments |  | $ | — |  | $ | — |  |  | $ | 223,404,283 |  | $ | 223,404,283
The following table summarizes the classifications within the fair value hierarchy of the Company’s assets measured at fair value as of June 30, 2023:
|  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |
Investments |  |  |  |  |  |  |  |  |  |  |  |
Senior Secured First Lien Debt Investments |  | $ | — |  | $ | — |  | $ | 196,370,955 |  | $ | 196,370,955
Equity, Warrants and Other Investments |  |  | — |  |  | — |  |  | 23,740,374 |  |  | 23,740,374
Total Investments |  | $ | — |  | $ | — |  | $ | 220,111,329 |  | $ | 220,111,329
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 three months ended September 30, 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 September 30, 2022 |  | $ | 196,370,955 |  | $ | — |  | $ | — |  | $ | 23,740,374 |  | $ | 220,111,329
Purchases (including PIK interest) |  |  | 16,347,037 |  |  | — |  |  | — |  |  | 188,252 |  |  | 16,535,289
Sales and repayments |  |  | (10,317,357) |  |  | — |  |  | — |  |  | — |  |  | (10,317,357)
Amortization |  |  | 387,051 |  |  | — |  |  | — |  |  | — |  |  | 387,051
Net realized gains (losses) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Transfers in |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Transfers out |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Net change in unrealized appreciation (depreciation) |  |  | (2,468,110) |  |  | — |  |  | — |  |  | (843,919) |  |  | (3,312,029)
Fair value at September 30, 2023 |  | $ | 200,319,576 |  | $ | — |  | $ | — |  | $ | 23,084,707 |  | $ | 223,404,283
Change in unrealized appreciation (depreciation) relating to assets still held as of September 30, 2023 |  | $ | (2,468,109) |  | $ | — |  | $ | — |  | $ | (843,919) |  | $ | (3,312,028)
The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the three months ended September 30, 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) |  |  | 21,781,406 |  |  | — |  |  | — |  |  | 366,449 |  |  | 22,147,855
Sales and repayments |  |  | (16,476,699) |  |  | — |  |  | — |  |  | — |  |  | (16,476,699)
Amortization |  |  | 501,016 |  |  | — |  |  | — |  |  | — |  |  | 501,016
Net realized gains (losses) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Transfers in |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Transfers out |  |  | — |  |  | — |  |  | — |  |  | — |  |  | —
Net change in unrealized (depreciation) appreciation |  |  | (1,130,564) |  |  | — |  |  | — |  |  | 451,967 |  |  | (678,597)
Fair value at September 30, 2022 |  | $ | 219,533,195 |  | $ | — |  | $ | — |  | $ | 19,644,366 |  | $ | 239,177,561
Change in unrealized appreciation (depreciation) relating to assets still held as of September 30, 2022 |  | $ | (1,022,903) |  | $ | — |  | $ | — |  | $ | 451,968 |  | $ | (570,935)
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 September 30, 2023 |  | Valuation Methodology |  | Unobservable Input(s) |  | Weighted Average |  | Range
Senior Secured First Lien Debt Investments |  | $ | 167,661,231 |  | Income Approach |  | Market Yields |  | 13.4% |  |  | 9.9%-18.1%
Senior Secured First Lien Debt Investments |  |  | 6,294,430 |  | Market Comparable Approach |  | EBITDA Multiple |  | 5.3 x |  |  | 5.2 x-5.8 x
Senior Secured First Lien Debt Investments |  |  | 2,418,108 |  | Market Comparable Approach |  | Revenue Multiple |  | 0.27 x |  |  | 0.27 x
Senior Secured First Lien Debt Investments |  |  | 14,853,263 |  | Recent Transaction |  | Recent Transaction |  | N/A |  |  | N/A
Senior Secured First Lien Debt Investments |  |  | 9,092,544 |  | Recovery Analysis |  | Recovery Amount |  | N/A |  |  | N/A
Equity, Warrants, and Other Investments |  |  | 5,593,082 |  | Income Approach |  | Market Yields |  | 17.1% |  |  | 17.1%
Equity, Warrants, and Other Investments |  |  | 17,491,625 |  | Market Comparable Approach |  | EBITDA multiple |  | 8.9 x |  |  | 4.7 x-21.9 x
|  | Fair Value as of June 30, 2023 |  | Valuation Methodology |  | Unobservable Input(s) |  | Weighted Average |  |  | Range
Senior Secured First Lien Debt Investments |  | $ | 161,776,983 |  | Income Approach |  | Market Yields |  | 13.3% |  |  | 10.1% - 18.0%
Senior Secured First Lien Debt Investments |  |  | 13,895,260 |  | Market Comparable Approach |  | EBITDA Multiple |  | 17.3 x |  |  | 5.7 x – 21.2 x
Senior Secured First Lien Debt Investments |  |  | 5,272,355 |  | Market Comparable Approach |  | Revenue Multiple |  | 0.3 x |  |  | 0.30 x – 0.38 x
Senior Secured First Lien Debt Investments |  |  | 15,209,280 |  | Recent Transaction |  | Recent Transaction |  | N/A |  |  | N/A
Senior Secured First Lien Debt Investments |  |  | 217,077 |  | Recovery Analysis |  | Recovery Amount |  | N/A |  |  | N/A
Equity, Warrants and Other Investments |  |  | 4,824,752 |  | Income Approach |  | Market Yields |  | 18.0% |  |  | 18.0%
Equity, Warrants and Other Investments |  |  | 18,915,622 |  | Market Comparable Approach |  | EBITDA multiple |  | 8.7 x |  |  | 5.7 x – 24.2 x
Equity, Warrants and Other Investments |  |  | — |  | Market Comparable Approach |  | Revenue Multiple |  | 0.3 x |  |  | 0.3 x

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