v3.25.2
Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2025
Accounting Policies [Line Items]  
Summary of investments
The following is a summary of the values by input classification of the Fund’s investments as of June 30, 2025 and December 31, 2024, by major security category or type:
 
    
Total value

at 6-30-25
     
Level 1

quoted price
     
Level 2

Significant
observable inputs
     
Level 3 Significant
unobservable inputs
  
Investments in securities:
            
Assets
            
Senior loans (less unfunded loan commitments)
   
$
205,755,503
 
      —         —       $ 205,755,503  
Equity
   
 
831,388
 
      —         —         831,388  
Short-term investments
   
 
14,546,346
 
    $ 14,546,346        —         —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total investments in securities
   
$
221,133,237
 
   
$
14,546,346
 
   
 
— 
 
   
$
206,586,891
 
  
 
 
     
 
 
     
 
 
     
 
 
  
    
Total value at

12-31-24
     
Level 1
quoted price
     
Level 2
Significant
observable inputs
     
Level 3

Significant
unobservable inputs
  
Investments in securities:
            
Assets
            
Senior loans (less unfunded loan commitments)
   
$
152,865,434
 
      —         —       $ 152,865,434  
Equity
   
 
377,668
 
            377,668  
Short-term investments
   
 
12,591,254
 
    $ 12,591,254        —         —   
  
 
 
     
 
 
     
 
 
     
 
 
  
Total investments in securities
   
$
165,834,356
 
   
$
12,591,254
 
   
 
— 
 
   
$
153,243,102
 
  
 
 
     
 
 
     
 
 
     
 
 
  
Summary of valuation techniques and significant unobservable inputs
The valuation techniques and significant unobservable inputs used in the fair value measurement of the Fund’s Level 3 securities are outlined in the tables below as of June 30, 2025 and as of December 31, 2024.
 
    
Fair Value
at
6-30-25
     
Valuation Technique
   
Significant Unobservable Inputs
   
Input Range
   
Input
Weighted
Average*
  
Senior Loans
    $ 201,508,774      Discounted cash flow    Discount rate   
8.17% - 16.50%
      9.72%  
Senior Loans
      4,246,729      Recent transaction    Transaction price   
$98.50 - $98.75
      $99.08  
  
 
 
              
   $ 205,755,503              
Equity
    $ 120,283      Recent transaction    Transaction price    $1.00      $1.00  
Equity
      711,105      Market Comparable    EV / LTM EBITDA multiple   
8.50X - 14.00X
      11.82X  
  
  
  
  
  
   $ 831,388              
  
 
 
              
  
$
206,586,891
 
            
  
 
 
              
 
    
Fair Value
at 12-31-24
     
Valuation
Technique
   
Significant
Unobservable
Inputs
   
Input Range
     
Input Weighted
Average*
  
Senior Loans
    $ 130,881,801      Discounted cash flow    Discount rate     
8.36% - 13.79%
        9.88%  
Senior Loans
      21,983,633      Recent transaction    Transaction price     
$98.00 - $99.75
        $98.96  
  
 
 
              
   $ 152,865,434              
Equity
    $ 290,738      Recent transaction    Transaction price      $1,000        $1,000  
Equity
      86,930      Market Comparable    EV / LTM EBITDA multiple      10.5X        10.5X  
      Ownership allocation    Percentage of ownership      1.05%        1.05%  
  
 
 
              
   $ 377,668              
  
 
 
              
  
$
153,243,102
 
            
  
 
 
              
 
*
A weighted average is an average in which each input in the grouping is assigned a weighting before summing to a single average value. The weighting of the input is determined based on a security’s fair value as a percentage of the total fair value.
Summary of investments excluding unfunded loan commitments The Fund’s investments (excluding unfunded loan commitments) consisted of the following:
 
    
June 30, 2025
     
% of
Investments at
Fair Value
    
December 31, 2024
     
% of
Investments at
Fair Value
  
    
Amortized Cost
     
Fair Value
    
Amortized Cost
     
Fair Value
  
First-Lien Loans
    $ 205,671,602      $ 205,755,503        93.0 %    $ 152,264,090      $ 152,865,434        92.2 % 
Equity
      808,482        831,388        0.4 %      381,798        377,668        0.2 % 
Other Securities
      14,546,346        14,546,346        6.6 %      12,591,254        12,591,254        7.6 % 
  
 
 
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
Total Investments
    $ 221,026,430      $ 221,133,237        100.0 %    $ 165,237,142      $ 165,834,356        100.00 % 
  
 
 
     
 
 
     
 
 
    
 
 
     
 
 
     
 
 
  
Summary of percentage of fair value investments
The sector and industry composition of investments at fair value as a percentage of net assets as of June 30, 2025 and December 31, 2024, was as follows:
 
Sector Composition
   
as of 6-30-25

(% of net assets)
    
as of 12-31-24

(% of net assets)
  
Industrials
      71.8       82.9  
Health care
      35.3       41.9  
Consumer discretionary
      31.2       30.7  
Information technology
      12.2       17.9  
Consumer staples
      9.9       11.5  
Financials
      8.1       6.8  
Materials
      2.6       4.0  
Short-term investments and other (less unfunded loan commitments)
      (71.1 )      (95.7 ) 
  
 
100
 
  
 
100
 
Summary of composition of investment based on industry
Industry Composition
   
as of 6-30-25

(% of net assets)
  
Health care providers and services
      28.8  
Commercial services and supplies
      22.5  
Trading companies and distributors
      19.3  
Professional services
      15.8  
Diversified consumer services
      10.1  
Food products
      8.2  
Building products
      7.2  
Hotels, restaurants and leisure
      7.1  
IT services
      6.9  
Distributors
      6.7  
Health care equipment and supplies
      6.5  
Software
      5.3  
Capital markets
      4.6  
Insurance
      3.5  
Air freight and logistics
      2.6  
Household durables
      2.6  
Chemicals
      2.6  
Machinery
      2.6  
Specialty retail
      2.5  
Leisure products
      2.2  
Construction and engineering
      1.8  
Consumer staples distribution and retail
      1.7  
Short-term investments and other (less unfunded loan commitments)
      (71.1 ) 
  
 
100
 
Percentages include unfunded loan commitments.
 
Industry composition
   
as of
12-31-24

(% of net assets)
  
Health care providers and services
      38.6  
Commercial services and supplies
      27.3  
Trading companies and distributors
      26.4  
Professional services
      14.4  
IT services
      9.8  
Food products
      8.8  
Software
      8.1  
Hotels, restaurants and leisure
      7.4  
Building products
      6.9  
Diversified consumer services
      6.5  
Distributors
      5.3  
Insurance
      4.9  
Air freight and logistics
      4.0  
Specialty retail
      4.0  
Household durables
      4.0  
Chemicals
      4.0  
Machinery
      3.9  
Leisure products
      3.5  
Health care equipment and supplies
      3.3  
Consumer staples distribution and retail
      2.7  
Capital markets
      1.9  
Short-term investments and other (less unfunded loan commitments)
      (95.7 ) 
  
 
100
 
Summary of unfunded commitments outstanding
As of June 30, 2025 and December 31, 2024, the Fund had the following unfunded commitments outstanding:
 
    
June 30, 2025
    
December 31, 2024
  
Unfunded Term Loan
   
Principal on
Delayed Draw
Term Loan
     
Principal on
Revolver
     
Unrealized
Appreciation
(Depreciation)
    
Principal on
Delayed Draw
Term Loan
     
Principal on
Revolver
     
Unrealized
Appreciation
(Depreciation)
  
4M Capital, Ltd.
      —       $ 528,000      $ 1,827       —       $ 528,000      $ 1,623  
AC Blackpoint Acquisition, Inc
    $ 1,203,988        508,475        (8,487 )    $ 2,033,898        508,475        (9 ) 
Air Buyer, Inc.
      —         340,909        (4,327 )      750,000        340,909        (32,009 ) 
All Glass & Window Holdings, Inc.
      1,282,051        769,231        (10,488 )      —         —         —   
American Combustion Industries, Inc.
      857,214        107,750        (23,234 )      1,005,670        299,307        (2,284 ) 
Bandon Fitness, Inc.
      1,725,959        —         (40,615 )      1,739,184        114,804        14,226  
BCTS Parent LLC
      3,704,976        354,484        31,453       824,176        283,587        11,708  
Beacon Behavioral Holdings LLC
      1,652,027        28,628        (5,458 )      2,646,894        114,512        (231 ) 
Beary Landscaping LLC
      —         338,028        5,948       422,535        422,535        11,776  
BLP Buyer, Inc.
      —         142,742        (319 )      —         229,839        995  
Capital Construction LLC
      846,096        508,039        (81 )      —         508,039        6,891  
Chemtron Supply LLC
      1,983,585        362,979        3,327       2,333,630        362,979        (175 ) 
CPS Holdco, Inc.
      1,498,397        705,128        (6,608 )      —         —         —   
DAWGS Intermediate Holding Company
      —         333,131        701       —         —         —   
Diverzify Intermediate LLC
      1,371,429        —         (24,540 )      1,371,429        —         (20,191 ) 
Eastern Communications Solutions, Inc.
      —         1,031,519        (1,243 )      —         1,031,519        (33 ) 
Foodscience LLC
      1,726,389        672,222        (14,927 )      2,444,444        763,889        (18,860 ) 
Galloway & Company LLC
      1,970,228        656,743        5,939       —         —         —   
GSF Buyer LLC
      1,361,162        680,581        (5,602 )      —         —         —   
Health Management Associates, Inc.
      —         124,004        2,236       155,005        65,102        4,384  
Hill Country Dairies, Inc.
      870,968        653,226        (26,665 )      870,968        508,065        (19,932 ) 
HMN Acquirer Corp.
      1,041,667        625,000        3,074       1,041,667        625,000        (8,169 ) 
Impact Climate Technologies LLC
      711,718        —         (14,234 )      —         —         —   
In Vitro Sciences LLC
      —         177,778        (18,480 )      7,111        177,778        (11,611 ) 
Integrated Openings Solutions LLC
      3,502,747        341,209        (29,201 )      4,120,879        303,297        (31,676 ) 
Jetson Buyer, Inc.
      —         425,909        (9,373 )      —         443,656        (13,834 ) 
Krayden Holdings, Inc.
      701,754        566,229        1,080       1,393,071        574,269        9,798  
Leap Service Partners LLC
      1,314,931        400,000        14,056       752,941        517,647        13,234  
LTC Consulting Services LLC
      —         454,545        2,153       —         —         —   
Library Associates LLC
      —         —         —        —         72,418        638  
Lockmasters Security Intermediate, Inc.
      —         —         —        878,274        205,895        2,875  
M&D Midco, Inc.
      1,045,311        572,904        5,486       1,045,311        763,871        3,848  
Magic Valley Electric LLC
      1,526,252        305,250        (1,043 )      —         —         —   
Midwest Eye Services LLC
      2,460,200        704,931        29,821       2,812,729        704,931        45,607  
O2B Early Education Holding, Inc.
      1,361,162        680,581        (1,891 )      —         —         —   
OIS Management Services LLC
      1,666,322        167,626        16,313       1,185,503        167,626        5,956  
PAK Quality Foods Acquisition LLC
      537,313        268,657        8,132       537,313        313,433        9,755  
Pediatric Home Respiratory Services LLC
      900,000        320,000        6,561       900,000        420,000        (19 ) 
PNB Holdings III LLC
      1,227,273        531,818        1,709       1,227,273        490,909        2,969  
Purple Cow Buyer LLC
      1,041,881        277,835        11,054       1,041,881        277,835        (516 ) 
QM Buyer, Inc.
      1,222,222        611,111        7,459       1,222,222        611,111        (233 ) 
Rapid Buyer LLC
      1,295,585        647,793        (11,745 )      1,295,585        647,793        (10,299 ) 
Redwood MSO LLC
      608,989        213,483        (5,083 )      786,517        337,079        (100 ) 
 
Refocus Management Services LLC
      1,792,503        84,211        949       680,000        210,526        7,587  
Renovation Systems LLC
      102,203        25,053        1,406       142,865        68,894        2,810  
Rocket Holdco Intermediate II LLC
      —         801,887        (62 )      —         —         —   
RPC TopCo, Inc.
      —         545,455        3,127       —         545,455        2,341  
Simon Pearce LLC
      —         450,000        1,633       —         642,857        (245 ) 
Star Logistics & Hospitality Services LLC
      1,232,143        321,429        (105,513 )      1,232,143        535,714        (32,401 ) 
StartKleen Legacy Holdings LLC
      1,282,051        1,025,641        (14,736 )      —         —         —   
Stellar Buyer LLC
      1,529,801        819,536        9,585       1,639,073        819,536        (12,846 ) 
Steward Partners Global Advisory LLC
      5,127,547        955,881        (24,487 )      317,951        311,716        10,841  
SurfacePrep Buyer LLC
      199,136        479,452        6,675       227,397        479,452        10,226  
The Smilist DSO LLC
      929,263        140,351        (3,071 )      2,086,698        140,351        1,959  
VPD Management, Inc.
      2,299,948        105,143        14,322       2,299,948        137,143        5,715  
Vybond Buyer LLC
      1,051,402        788,551        (4,395 )      —         —         —   
WeLocalize, Inc.
      —         202,367        (1,012 )      —         354,142        (4,427 ) 
Wildcat Purchaser LLC
      903,021        312,735        (5,860 )      —         —         —   
WWEC Holdings III Corp.
      824,818        434,020        17,319       824,818        434,020        15,110  
XpressMyself.com LLC
      —         233,050        3,076       —         233,050        3,900  
Total
   
$
61,493,632
 
   
$
24,863,240
 
   
($
206,359
) 
  
$
46,297,003
 
   
$
18,648,965
 
   
($
13,328
) 
Senior Loans [Member]  
Accounting Policies [Line Items]  
Summary of investments
The following is a reconciliation of Level 3 assets for which significant unobservable inputs were used to determine fair value. There were no transfers into or out of Level 3 during the six months ended June 30, 2025 and year ended December 31, 2024.
 
Investments in securities
   
Senior loans
     
Equity
     
Total
  
Beginning balance as of
12-31-24
    $ 152,865,434      $ 377,668      $ 153,243,102  
Purchases
      61,168,887        426,683        61,595,570  
Sales
      (8,314,063 )       —         (8,314,063 ) 
Net amortization of (premium) discount
      497,616        —         497,616  
Realized gain (loss)
      55,073        —         55,073  
Change in unrealized appreciation (depreciation) at period end
      (517,444 )       27,037        (490,407 ) 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance as of
6-30-25
   
$
205,755,503
 
   
$
831,388
 
   
$
206,586,891
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in unrealized appreciation (depreciation) at period end*
    ($ 488,193 )     $ 27,037      ($ 461,156 ) 
 
Investments in securities
   
Senior loans
     
Equity
     
Total
  
Beginning balance as of
12-31-23
    $ 47,912,823        —       $ 47,912,823  
Purchases and drawdowns
      118,987,369      $ 381,798        119,369,167  
Sales and paydowns
      (14,769,563 )       —         (14,769,563 ) 
Net amortization of (premium) discount
      541,066        —         541,066  
Realized gain (loss)
      187,238        —         187,238  
Change in unrealized appreciation (depreciation)
      6,501        (4,130 )     $ 2,371  
 
 
 
 
 
 
 
 
 
 
 
 
 
Ending balance as of
12-31-24
   
$
152,865,434
 
  
$
377,668
 
  
$
153,243,102
  
 
 
 
 
 
 
 
 
 
 
 
 
 
Change in unrealized appreciation (depreciation) at period end*
    $ 44,162      ($ 4,130 )     $ 40,032  
 
*
Change in unrealized appreciation (depreciation) attributable to Level 3 securities held at the period end.