Fair Value of Investments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value of Investments [Abstract]

Schedule of Fair Value Hierarchy of Investments

The following table presents the fair value hierarchy of investments as of March 31, 2025:


		Fair Value Hierarchy as of March 31, 2025
Investments:		Level 1				Level 2				Level 3				Total
First-lien senior secured debt		$	—			$	1,150,400,159			$	—			$	1,150,400,159
Second-lien senior secured debt			—				72,072,969				—				72,072,969
Corporate Bonds			—				4,232,288				—				4,232,288
CLO Mezzanine			—				34,583,965				—				34,583,965
CLO Equity			—				9,346,070				—				9,346,070
Equity			—				647,338				6,175,640				6,822,978
Short Term Investments			56,855,834				—				—				56,855,834
Total Investments		$	56,855,834			$	1,271,282,789			$	6,175,640			$	1,334,314,263

The following table presents the fair value hierarchy of investments as of December 31, 2024:


		Fair Value Hierarchy as of December 31, 2024
Investments:		Level 1				Level 2				Level 3				Total
First-lien senior secured debt		$	—			$	1,206,603,630			$	—			$	1,206,603,630
Second-lien senior secured debt			—				77,650,130				—				77,650,130
Corporate Bonds			—				4,214,315				—				4,214,315
CLO Mezzanine			—				38,147,753				—				38,147,753
CLO Equity			—				10,003,685				—				10,003,685
Equity			—				1,081,497				—				1,081,497
Short Term Investments			69,429,935				—				—				69,429,935
Total Investments		$	69,429,935			$	1,337,701,010			$	—			$	1,407,130,945

Schedule of Changes in the Fair Value of Investments

For the following table shows the changes in the fair value of our Level 3 investments during the three months ended March 31, 2025. The Company did not hold any Level 3 positions at the year ended December 31, 2024.


	Equity
Fair value, beginning of period	$	—
Purchases of investments, net		6,886,857
Proceeds from principal payments and sales of investments, net		—
Net change in unrealized gain (loss)		(711,217	)
Net accretion of discount on investments		—
Transfers into (out of) Level 3		—
Fair value, end of period	$	6,175,640

Schedule of unobservable inputs used in the value measurement of Level 3 investments

The unobservable inputs used in the fair value measurement of our Level 3 investments for the three months ended March 31, 2025 were as follows:


Asset Category		Fair Value		Primary Valuation Technique		Unobservable Inputs		Range (Weighted Average) (1)
Equity		$6,175,640		Market Approach		EBITDA Multiple		6x - 11x (9.3x)
Total		$6,175,640

(1) Unobservable inputs were weighted by the relative fair value of the instruments.

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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