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Investments (Tables)

6 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments

The composition of the Company’s investments as of December 31, 2024, 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		$156,688,970		78.15%		$155,530,390		81.17%
Unsecured Debt Investments		—		—%		—		—%
Equity, Warrants and Other Investments		43,816,937		21.85%		36,086,568		18.83%
Total		$200,505,907		100.00%		$191,616,958		100.00%

The composition of the Company’s investments as of June 30, 2024, 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		$166,099,349		81.23%		$156,927,316		85.02%
Equity, Warrants and Other Investments		38,369,691		18.77%		27,642,214		14.98%
Total		$204,469,040		100.00%		$184,569,530		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 December 31, 2024, June 30, 2024 and June 30, 2023:

		December 31, 2024				June 30, 2024				June 30, 2023
Industry Classification		Investments at Fair Value		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
Professional Services		$27,542,249		14.37%		$23,687,433		12.84%		$28,238,167		12.83%
Containers & Packaging		20,159,439		10.52%		18,449,409		10.00%		12,958,772		5.89%
Trading Companies & Distributors		16,550,362		8.64%		16,814,468		9.11%		35,176,879		15.98%
Insurance		14,883,386		7.77%		7,406,155		4.01%		—		—%
IT Services		13,677,485		7.14%		8,681,364		4.70%		9,026,905		4.10%
Specialty Retail		13,645,186		7.12%		12,343,532		6.69%		14,329,460		6.51%
Diversified Consumer Services		13,555,936		7.07%		12,118,153		6.57%		23,576,450		10.71%
Commercial Services & Supplies		12,778,427		6.67%		24,919,271		13.50%		4,288,750		1.95%
Food Products		8,948,000		4.67%		8,842,781		4.79%		7,268,500		3.30%
Household Durables		7,664,219		4.00%		7,625,716		4.13%		7,610,242		3.46%
Software		7,130,522		3.72%		5,044,158		2.73%		13,772,487		6.26%
Entertainment		6,356,272		3.32%		8,811,199		4.77%		7,640,000		3.47%
Health Care Providers & Services		6,000,000		3.13%		5,400,000		2.93%		—		—%
Consumer Staples Distribution & Retail		5,794,191		3.02%		5,341,899		2.89%		6,061,396		2.75%
Interactive Media & Services		5,472,222		2.86%		—		—%		—		—%
Construction & Engineering		3,698,210		1.93%		3,662,626		1.99%		—		—%
Automobile Components		3,014,929		1.57%		2,621,154		1.42%		7,261,275		3.30%
Hotels, Restaurants & Leisure		2,977,500		1.56%		2,947,612		1.60%		6,283,541		2.85%
Electronic Equipment, Instruments & Components		1,768,423		0.92%		2,645,950		1.43%		3,265,598		1.48%
Chemicals		—		—%		7,206,650		3.90%		7,568,617		3.44%
Machinery		—		—%		—		—%		9,602,806		4.36%
Internet & Direct Marketing Retail		—		—%		—		—%		8,969,729		4.08%
Energy Equipment & Services		—		—%		—		—%		2,700,036		1.23%
Building Products		—		—%		—		—%		4,511,719		2.05%
Total		$191,616,958		100.00%		$184,569,530		100.00%		$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 December 31, 2024, June 30, 2024 and June 30, 2023:

		December 31, 2024				June 30, 2024				June 30, 2023
Geographic Region		Investments at Fair Value		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
U.S. Northeast		$57,924,569		30.23%		$58,910,596		31.92%		$94,658,227		43.00%
U.S. West		50,821,899		26.52%		56,404,520		30.56%		44,911,266		20.40%
U.S. Southeast		32,190,267		16.80%		31,435,714		17.03%		20,803,349		9.45%
U.S. Midwest		24,291,767		12.68%		24,434,485		13.24%		26,602,440		12.09%
U.S. Southwest		14,594,690		7.62%		3,416,612		1.85%		10,367,607		4.71%
U.S. Mid-Atlantic		7,712,299		4.02%		6,717,548		3.64%		17,721,607		8.05%
International		4,081,467		2.13%		3,250,055		1.76%		5,046,833		2.30%
Total		$191,616,958		100.00%		$184,569,530		100.00%		$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 and liabilities measured at fair value as of December 31, 2024:

		Level 1		Level 2		Level 3		Total
Assets
Investments
Senior Secured First Lien Debt Investments		$—		$18,255,412		$137,274,978		$155,530,390
Unsecured Debt Investments		—		—		—		—
Equity, Warrants and Other Investments		—		—		36,086,568		36,086,568
Total Investments		$—		$18,255,412		$173,361,546		$191,616,958

The following table summarizes the classifications within the fair value hierarchy of the Company’s assets and liabilities measured at fair value as of June 30, 2024:

		Level 1		Level 2		Level 3		Total
Assets
Investments
Senior Secured First Lien Debt Investments		$—		$—		$156,927,316		$156,927,316
Equity, Warrants and Other Investments		—		—		27,642,214		27,642,214
Total Investments		$—		$—		$184,569,530		$184,569,530

The following table summarizes the classifications within the fair value hierarchy of the Company’s assets and liabilities 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

Schedule of 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, 2024:

		Senior Secured First Lien Debt Investments		Equity, Warrants and Other Investments		Total Investments
Fair value at June 30, 2024		$156,927,316		$27,642,214		$184,569,530
Purchases (including PIK interest)		25,822,955		478,838		26,301,793
Sales and repayments		(22,871,991)		—		(22,871,991)
Amortization		794,619		—		794,619
Net realized gains (losses)		(8,114,711)		—		(8,114,711)
Transfers in		—		4,968,408		4,968,408
Transfers out		(23,328,055)		—		(23,328,055)
Net change in unrealized (depreciation) appreciation		8,044,845		2,997,108		11,041,953
Fair value at December 31, 2024		$137,274,978		$36,086,568		$173,361,546
Change in unrealized appreciation (depreciation) relating to assets still held as of December 31, 2024		$8,193,187		$2,997,108		$11,190,295

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the twelve months ended June 30, 2024:

		Senior Secured First Lien Debt Investments		Equity, Warrants and Other Investments		Total Investments
Fair value at June 30, 2023		$196,370,955		$23,740,374		$220,111,329
Purchases (including PIK interest)		60,523,383		4,871,820		65,395,203
Sales and repayments		(92,303,435)		—		(92,303,435)
Amortization		2,049,993		—		2,049,993
Net realized gains (losses)		(13,909,425)		(62,112)		(13,971,537)
Transfers in		—		4,362,023		4,362,023
Transfers out		(4,362,023)		—		(4,362,023)
Net change in unrealized (depreciation) appreciation		8,557,868		(5,269,891)		3,287,977
Fair value at June 30, 2024		$156,927,316		$27,642,214		$184,569,530
Change in unrealized appreciation (depreciation) relating to assets still held as of June 30, 2024		$(69,131)		$(5,332,004)		$(5,401,135)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the twelve months ended June 30, 2023:

		Senior Secured First Lien 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)		51,824,515		1,413,366		53,237,881
Sales and repayments		(61,928,745)		—		(61,928,745)
Amortization		1,311,770		—		1,311,770
Net realized gains (losses)		(9,515,487)		—		(26,890,095)
Transfers in		—		1,708,942		1,708,942
Transfers out		(1,708,942)		—		(1,708,942)
Net change in unrealized (depreciation) appreciation		1,529,808		1,792,116		20,696,532
Fair value at June 30, 2023		$196,370,955		$23,740,374		$220,111,329
Change in unrealized appreciation (depreciation) relating to assets still held as of June 30, 2023		$(7,507,021)		$1,377,567		$(6,129,454)

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, 2024		Valuation Methodology		Unobservable Input(s)		Weighted Average (2)		Range
Senior Secured First Lien Debt Investments		$102,502,885		Income Approach		Market Yields		11.8%		8.7%-18.0%
Senior Secured First Lien Debt Investments		6,080,589		Market Comparable Approach		EBITDA Multiple		18.4x		11.5x - 28.4x
Senior Secured First Lien Debt Investments		—		Market Comparable Approach		Revenue Multiple		N/A		N/A
Senior Secured First Lien Debt Investments		25,611,612		Recent Transaction		Recent Transaction		N/A		N/A
Senior Secured First Lien Debt Investments		3,079,892		Recovery Analysis		Recovery Amount (1)		N/A		N/A
Unsecured Debt Investments		—		Recovery Analysis		Recovery Amount (1)		N/A		N/A
Equity, Warrants and Other Investments		6,666,774		Income Approach		Market Yields		17.4%		17.4%
Equity, Warrants and Other Investments		24,915,384		Market Comparable Approach		EBITDA multiple		12.6x		4.7x - 28.4x
Equity, Warrants and Other Investments		4,504,410		Recent Transaction		Recent Transaction		N/A		N/A
		$173,361,546

(1) Recovery amounts involve various unobservable inputs including probabilities of different recovery scenarios, valuation multiples under such scenarios, and the timing to realize the associated recovery values.

(2) Weighted by fair value.

		Fair Value as of June 30, 2024		Valuation Methodology		Unobservable Input(s)		Weighted Average (2)		Range
Senior Secured First Lien Debt Investments		$118,225,491		Income Approach		Market Yields		13.8%		10.3% - 22.8%
Senior Secured First Lien Debt Investments		10,365,103		Market Comparable Approach		EBITDA Multiple		9.3x		4.5x – 13.3x
Senior Secured First Lien Debt Investments		—		Market Comparable Approach		Revenue Multiple		N/A		N/A
Senior Secured First Lien Debt Investments		15,863,655		Recent Transaction		Recent Transaction		N/A		N/A
Senior Secured First Lien Debt Investments		12,473,067		Recovery Analysis		Recovery Amount (1)		N/A		N/A
Equity, Warrants and Other Investments		6,126,488		Income Approach		Market Yields		16.5%		16.5%
Equity, Warrants and Other Investments		21,515,726		Market Comparable Approach		EBITDA Multiple		10.3x		4.5x – 18.2x
Equity, Warrants and Other Investments		—		Recent Transaction		Recent Transaction		N/A		N/A
		$184,569,530

(1) Recovery amounts involve various unobservable inputs including probabilities of different recovery scenarios, valuation multiples under such scenarios, and the timing to realize the associated recovery values.

2) Weighted by fair value.

		Fair Value as of June 30, 2023		Valuation Methodology		Unobservable Input(s)		Weighted Average (2)		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		17.3x		5.7x – 21.2x
Senior Secured First Lien Debt Investments		5,272,355		Market Comparable Approach		Revenue Multiple		0.3x		0.30x – 0.38x
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 (1)		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		8.7x		5.7x – 24.2x
Equity, Warrants and Other Investments		—		Market Comparable Approach		Revenue Multiple		0.3x		0.3x
		$220,111,329

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-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- References

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