| Fair Value Measurements of Investments, by Major Class |
The following tables present fair value measurements of investments, by major class according to the fair value hierarchy.
| |
|
Fair Value Measurements
|
|
|
June 30, 2025
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
First Lien Senior Secured Loan
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
289,806,939
|
|
|
$
|
289,806,939
|
|
|
Senior Unsecured Notes
|
|
|
-
|
|
|
|
-
|
|
|
|
3,733,001
|
|
|
|
3,733,001
|
|
|
Preferred Equity Securities
|
|
|
-
|
|
|
|
-
|
|
|
|
54,383,715
|
|
|
|
54,383,715
|
|
|
Warrants and Other Equity Securities
|
|
|
-
|
|
|
|
-
|
|
|
|
6,217,841
|
|
|
|
6,217,841
|
|
|
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
354,141,496 |
|
|
$ |
354,141,496 |
|
|
Fund Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,165,570
|
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
356,307,066
|
|
| |
|
Fair Value Measurements
|
|
|
December 31, 2024
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
First Lien Senior Secured Loan
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
304,120,042
|
|
|
$
|
304,120,042
|
|
|
Senior Secured Notes
|
|
|
- |
|
|
|
- |
|
|
|
341,103 |
|
|
|
341,103 |
|
|
Second Lien Senior Secured Loan
|
|
|
-
|
|
|
|
-
|
|
|
|
6,034,048
|
|
|
|
6,034,048
|
|
|
Senior Unsecured Notes
|
|
|
- |
|
|
|
- |
|
|
|
3,427,073 |
|
|
|
3,427,073 |
|
|
Preferred Equity Securities
|
|
|
-
|
|
|
|
-
|
|
|
|
53,603,056
|
|
|
|
53,603,056
|
|
|
Warrants and Other Equity Securities
|
|
|
-
|
|
|
|
-
|
|
|
|
7,426,377
|
|
|
|
7,426,377
|
|
|
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
374,951,699 |
|
|
$ |
374,951,699 |
|
|
Fund Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,688,619
|
|
|
Total Investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
377,640,318
|
|
|
| Changes in Fair Value of Investments that Use Level 3 Inputs |
The following tables provide a reconciliation of the beginning and ending balances for investments at fair value that use Level 3 inputs for the three and six
months ended June 30, 2025 and 2024:
| |
|
Investments
|
|
| |
|
First Lien Senior
Secured Loan
|
|
|
Second Lien Senior
Secured Loan
|
|
|
Senior Secured
Notes
|
|
|
Senior Unsecured
Notes
|
|
|
Preferred Equity
Securities
|
|
|
Warrants and Other
Equity Securities
|
|
|
Fund Investments
|
|
|
Total Investments
|
|
|
Balance as of March 31, 2025
|
|
$
|
302,968,264
|
|
|
$
|
6,044,612
|
|
|
$ |
417,402 |
|
|
$
|
3,699,200
|
|
|
$
|
50,798,894
|
|
|
$
|
9,021,488
|
|
|
$
|
2,873,702
|
|
|
$
|
375,823,562
|
|
|
Net realized gain on investments
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,488,217 |
|
|
|
- |
|
|
|
2,488,217 |
|
|
Net change in unrealized gain (loss) on investments
|
|
|
(5,133,000 |
) |
|
|
31,325 |
|
|
|
12,378 |
|
|
|
31,917 |
|
|
|
1,636,698 |
|
|
|
(1,863,699 |
) |
|
|
(339,394 |
) |
|
|
(5,623,775 |
) |
|
Purchases of investments and other adjustments to cost (1)
|
|
|
6,895,122
|
|
|
|
1,410,595
|
|
|
|
- |
|
|
|
1,884
|
|
|
|
454,276
|
|
|
|
- |
|
|
|
-
|
|
|
|
8,761,877
|
|
| Proceeds from sales of investments |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(3,428,165 |
) |
|
|
- |
|
|
|
(3,428,165 |
) |
|
Proceeds from principal repayments (2)
|
|
|
(21,295,014
|
)
|
|
|
(50,898
|
)
|
|
|
- |
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(368,738
|
)
|
|
|
(21,714,650
|
)
|
Lien status change (3)
|
|
|
6,371,567
|
|
|
|
(7,435,634 |
) |
|
|
(429,780 |
) |
|
|
- |
|
|
|
1,493,847 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Balance as of June 30, 2025
|
|
$
|
289,806,939
|
|
|
$
|
-
|
|
|
$
|
- |
|
|
$
|
3,733,001
|
|
|
$
|
54,383,715
|
|
|
$
|
6,217,841
|
|
|
$
|
2,165,570
|
|
|
$
|
356,307,066
|
|
|
(1) |
Includes purchases of new investments, premium and discount accretion and amortization and PIK interest.
|
|
(2) |
Includes paydowns receivable from the Consolidated Statements of Assets and Liabilities.
|
|
(3) |
Lien conversions are fair valued at beginning of period.
|
| |
|
Investments
|
|
|
|
|
| |
|
First Lien Senior
Secured Loan
|
|
|
Second Lien Senior
Secured Loan
|
|
|
Senior Secured
Notes
|
|
|
Senior Unsecured
Notes
|
|
|
Preferred Equity
Securities
|
|
|
Warrants and Other
Equity Securities
|
|
|
Fund Investments |
|
|
Total Investments
|
|
|
Balance as of December 31, 2024
|
|
$
|
304,120,042
|
|
|
$
|
6,034,048
|
|
|
$ |
341,103 |
|
|
$ |
3,427,073 |
|
|
$
|
53,603,055
|
|
|
$
|
7,426,377
|
|
|
$
|
2,688,619
|
|
|
$
|
377,640,317
|
|
|
Net realized gain on investments
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,863,881 |
|
|
|
2,488,217 |
|
|
|
- |
|
|
|
4,352,098 |
|
|
Net change in unrealized gain (loss) on investments
|
|
|
(10,646,081 |
) |
|
|
114,013 |
|
|
|
- |
|
|
|
41,370 |
|
|
|
409,233 |
|
|
|
(268,584 |
) |
|
|
(154,311 |
) |
|
|
(10,504,360 |
) |
|
Purchases of investments and other adjustments to cost (1)
|
|
|
26,021,932
|
|
|
|
1,388,643
|
|
|
|
88,677 |
|
|
|
264,558 |
|
|
|
1,347,119
|
|
|
|
-
|
|
|
|
-
|
|
|
|
29,110,929
|
|
|
Proceeds from sales of investments
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4,333,420 |
) |
|
|
(3,428,169 |
) |
|
|
- |
|
|
|
(7,761,589 |
) |
|
Proceeds from principal repayments (2)
|
|
|
(36,060,521
|
)
|
|
|
(101,070
|
)
|
|
|
- |
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(368,738
|
)
|
|
|
(36,530,329
|
)
|
| Lien status change(3) |
|
|
6,371,567 |
|
|
|
(7,435,634 |
) |
|
|
(429,780 |
) |
|
|
- |
|
|
|
1,493,847 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Balance as of June 30, 2025
|
|
$
|
289,806,939
|
|
|
$
|
-
|
|
|
$
|
- |
|
|
$
|
3,733,001 |
|
|
$
|
54,383,715
|
|
|
$
|
6,217,841
|
|
|
$
|
2,165,570
|
|
|
$
|
356,307,066
|
|
|
(1) |
Includes purchases of new investments, premium and discount accretion and amortization and PIK interest. |
|
(2) |
Includes paydowns receivable from the Consolidated Statements of Assets and Liabilities. |
|
(3) |
Lien conversions are fair valued at beginning of period. |
| |
|
Investments |
|
| |
|
First Lien Senior
Secured Loan
|
|
|
Second Lien Senior
Secured Loan
|
|
|
Senior Secured
Notes
|
|
|
Senior Unsecured
Notes
|
|
|
Preferred Equity
Securities
|
|
|
Warrants and Other
Equity Securities
|
|
|
Fund Investments
|
|
|
Total Investments
|
|
|
Balance as of March 31, 2024
|
|
$
|
294,455,581
|
|
|
$
|
6,067,024
|
|
|
$ |
- |
|
|
$ |
1,265,130 |
|
|
$
|
43,031,287
|
|
|
$
|
6,039,575
|
|
|
$
|
2,818,111
|
|
|
$
|
353,676,708
|
|
|
Net realized gain on investments
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,034,517 |
|
|
|
- |
|
|
|
- |
|
|
|
2,034,517 |
|
|
Net change in unrealized gain (loss) on investments
|
|
|
802,250
|
|
|
|
49,593
|
|
|
|
- |
|
|
|
(1,265,130 |
) |
|
|
(6,120,457
|
)
|
|
|
(784,427
|
)
|
|
|
-
|
|
|
|
(7,318,171
|
)
|
|
Purchases of investments and other adjustments to cost (1)
|
|
|
2,590,720
|
|
|
|
7,925
|
|
|
|
- |
|
|
|
8,874 |
|
|
|
210,033
|
|
|
|
-
|
|
|
|
-
|
|
|
|
2,817,552
|
|
|
Proceeds from sales of investments
|
|
|
(116,674 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,632,407 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2,749,081 |
) |
|
Proceeds from principal repayments (2)
|
|
|
(22,638,473
|
)
|
|
|
(50,898
|
)
|
|
|
- |
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(22,689,371
|
)
|
Lien status change(3)
|
|
|
(8,105,699 |
) |
|
|
- |
|
|
|
- |
|
|
|
3,418,199 |
|
|
|
3,957,229 |
|
|
|
730,271 |
|
|
|
- |
|
|
|
- |
|
|
Balance as of June 30, 2024
|
|
$
|
266,987,705
|
|
|
$
|
6,073,644
|
|
|
$
|
- |
|
|
$ |
3,427,073 |
|
|
$
|
40,480,202
|
|
|
$
|
5,985,419
|
|
|
$
|
2,818,111
|
|
|
$
|
325,772,154
|
|
|
(1) |
Includes purchases of new investments, premium and discount accretion and amortization and PIK interest.
|
|
(2) |
Includes paydowns receivable from the Consolidated Statements of Assets and Liabilities.
|
|
(3) |
Lien conversions are fair valued at beginning of period. |
| |
|
Investments |
|
| |
|
First Lien Senior
Secured Loan
|
|
|
Second Lien Senior
Secured Loan
|
|
|
Senior Secured
Notes
|
|
|
Senior Unsecured
Notes
|
|
|
Preferred Equity
Securities
|
|
|
Warrants and Other
Equity Securities
|
|
|
Fund Investments
|
|
|
|
|
|
Balance as of December 31, 2023
|
|
$
|
319,229,009
|
|
|
$
|
6,059,372
|
|
|
$ |
- |
|
|
$ |
1,384,446 |
|
|
$
|
41,804,395
|
|
|
$
|
5,706,423
|
|
|
$ |
2,809,327 |
|
|
$
|
376,992,972
|
|
|
Net realized gain (loss) on investments
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,034,517 |
|
|
|
- |
|
|
|
- |
|
|
|
2,034,517 |
|
|
Net change in unrealized gain (loss) on investments
|
|
|
(2,808,050
|
)
|
|
|
114,382
|
|
|
|
- |
|
|
|
(1,384,446 |
) |
|
|
(6,115,291
|
)
|
|
|
(451,275
|
)
|
|
|
8,784 |
|
|
|
(10,635,896
|
)
|
|
Purchases of investments and other adjustments to cost (1)
|
|
|
5,412,284
|
|
|
|
7,925
|
|
|
|
- |
|
|
|
8,874 |
|
|
|
210,033
|
|
|
|
-
|
|
|
|
- |
|
|
|
5,639,116
|
|
| Proceeds from sales of investments |
|
|
(116,674 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(2,632,407 |
) |
|
|
- |
|
|
|
- |
|
|
|
(2,749,081 |
) |
|
Proceeds from principal repayments (2)
|
|
|
(45,384,400
|
)
|
|
|
(108,035
|
)
|
|
|
- |
|
|
|
-
|
|
|
|
(17,039
|
)
|
|
|
-
|
|
|
|
- |
|
|
|
(45,509,474
|
)
|
| Lien status change(3) |
|
|
(9,344,464 |
) |
|
|
- |
|
|
|
- |
|
|
|
3,418,199 |
|
|
|
5,195,994 |
|
|
|
730,271 |
|
|
|
- |
|
|
|
- |
|
|
Balance as of June 30, 2024
|
|
$
|
266,987,705
|
|
|
$
|
6,073,644
|
|
|
$
|
- |
|
|
$ |
3,427,073 |
|
|
$
|
40,480,202
|
|
|
$
|
5,985,419
|
|
|
|
2,818,111 |
|
|
$
|
325,772,154
|
|
|
(1) |
Includes purchases of new investments, premium and discount accretion and amortization and PIK interest.
|
|
(2) |
Includes paydowns receivable from the Consolidated Statements of Assets and Liabilities.
|
|
(3) |
Lien conversions are fair valued at beginning of period. |
|
| Summary of Quantitative Inputs and Assumptions Used for Items Categorized in Level 3 |
The table below summarizes the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of June 30, 2025.
| |
|
|
|
|
|
|
|
|
|
|
|
Range
|
| |
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable
Input
|
|
|
Weighted
Average Mean
|
|
|
Minimum
|
|
|
Maximum
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Senior Secured Loans
|
|
$
|
268,248,543
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
|
|
14.4%
|
|
|
|
6.6%
|
|
|
|
30.0%
|
|
First Lien Senior Secured Loans
|
|
|
14,122,762
|
|
Guideline Public Company Method
|
|
Revenue Multiple
|
|
|
|
0.52
|
x
|
|
|
0.22
|
x
|
|
|
0.80
|
|
|
|
|
|
|
Guideline Public Company Method
|
|
EBITDA Multiple
|
|
|
|
10.50
|
x
|
|
|
10.00
|
x
|
|
|
11.00
|
|
First Lien Senior Secured Loans
|
|
|
-
|
|
Other
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
First Lien Senior Secured Loans
|
|
|
7,435,634
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
|
|
18.7%
|
|
|
|
16.9%
|
|
|
|
20.6%
|
|
Senior Secured Notes
|
|
|
-
|
|
Other |
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Senior Unsecured Notes
|
|
|
3,733,001
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
|
|
13.7%
|
|
|
|
12.5%
|
|
|
|
15.0%
|
|
Preferred Equity Securities
|
|
|
18,706,599
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
|
|
23.5%
|
|
|
|
15.0%
|
|
|
|
37.0%
|
|
Preferred Equity Securities
|
|
|
26,019,167
|
|
Guideline Public Company Method
|
|
Revenue Multiple
|
|
|
|
1.32
|
x
|
|
|
0.40
|
x
|
|
|
4.80
|
|
|
|
|
|
|
Guideline Public Company Method
|
|
EBITDA Multiple
|
|
|
|
9.13
|
x
|
|
|
4.00
|
x
|
|
|
15.25
|
|
Preferred Equity Securities
|
|
|
9,657,949
|
|
Guideline Merged & Acquired Company Method
|
|
Revenue Multiple
|
|
|
|
1.66
|
x
|
|
|
0.50
|
x
|
|
|
2.50
|
|
|
|
|
|
|
Guideline Merged & Acquired Company Method
|
|
EBITDA Multiple
|
|
|
|
9.79
|
x
|
|
|
7.50
|
x
|
|
|
12.50
|
|
Warrants and Other Equity Securities
|
|
|
206,906
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
|
|
19.3%
|
|
|
|
17.5%
|
|
|
|
32.00%
|
|
Warrants and Other Equity Securities
|
|
|
4,890,155
|
|
Guideline Public Company Method
|
|
Revenue Multiple
|
|
|
|
1.64
|
x
|
|
|
0.22
|
x
|
|
|
2.95
|
|
|
|
|
|
|
Guideline Public Company Method
|
|
EBITDA Multiple
|
|
|
|
7.98
|
x
|
|
|
5.50
|
x
|
|
|
24.00
|
|
Warrants and Other Equity Securities
|
|
|
1,120,780
|
|
Other
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Partnership Interests
|
|
|
2,165,570
|
|
Other
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
Total Level 3 Assets
|
|
$
|
356,307,066
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The table below summarizes the quantitative inputs and assumptions used for items categorized in Level 3 of the fair value hierarchy as of December 31, 2024.
| |
|
|
|
|
|
|
|
|
|
|
|
Range
|
|
| |
|
Fair Value
|
|
Valuation Technique
|
|
Unobservable
Input
|
|
|
Weighted
Average Mean
|
|
|
Minimum
|
|
|
Maximum
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First Lien Senior Secured Loan
|
|
$
|
265,968,375
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
|
|
15.1%
|
|
|
|
7.7%
|
|
|
|
27.5%
|
|
|
First Lien Senior Secured Loan
|
|
|
14,268,323
|
|
Guideline Public Company Method
|
|
Revenue Multiple
|
|
|
|
0.91
|
x
|
|
|
0.65
|
x
|
|
|
1.17
|
x
|
|
|
|
|
|
|
|
|
EBITDA Multiple
|
|
|
|
8.74
|
x
|
|
|
0.53
|
x
|
|
|
11.24
|
x
|
|
First Lien Senior Secured Loan
|
|
|
23,883,344
|
|
Other
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
Second Lien Senior Secured Loan
|
|
|
6,034,048
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
|
|
16.7%
|
|
|
|
15.4%
|
|
|
|
18.0%
|
|
|
Senior Secured Note
|
|
|
341,103
|
|
Other
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
Senior Unsecured Note
|
|
|
3,427,073
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
|
|
13.8%
|
|
|
|
12.5%
|
|
|
|
15.0%
|
|
|
Preferred Equity Securities
|
|
|
16,391,316
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
|
|
23.9%
|
|
|
|
15.0%
|
|
|
|
44.5%
|
|
|
Preferred Equity Securities
|
|
|
26,931,469
|
|
Guideline Public Company Method
|
|
Revenue Multiple
|
|
|
|
1.42
|
x
|
|
|
0.40
|
x
|
|
|
4.60
|
x
|
|
|
|
|
|
|
|
|
EBITDA Multiple
|
|
|
|
10.12
|
x
|
|
|
6.25
|
x
|
|
|
16.00
|
x
|
|
|
|
|
|
|
|
|
Gross Profit Multiple
|
|
|
|
2.76
|
x
|
|
|
2.38
|
x
|
|
|
3.14
|
x
|
|
Preferred Equity Securities
|
|
|
8,741,809
|
|
Guideline Merged & Acquired Company Method
|
|
Revenue Multiple
|
|
|
|
1.69
|
x
|
|
|
0.50
|
x
|
|
|
2.50
|
x
|
|
|
|
|
|
|
|
|
EBITDA Multiple
|
|
|
|
9.46
|
x
|
|
|
7.50
|
x
|
|
|
12.50
|
x
|
|
Preferred Equity Securities
|
|
|
1,538,462
|
|
Other
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
Warrants and Other Equity Securities
|
|
|
214,733
|
|
Discounted Cash Flow
|
|
Discount Rate
|
|
|
|
22.9%
|
|
|
|
20.0%
|
|
|
|
32.5%
|
|
|
Warrants and Other Equity Securities
|
|
|
7,211,644
|
|
Guideline Public Company Method
|
|
Revenue Multiple
|
|
|
|
1.05
|
x
|
|
|
0.65
|
x
|
|
|
3.01
|
x
|
|
Warrants and Other Equity Securities
|
|
|
|
|
Guideline Public Company Method
|
|
EBITDA Multiple
|
|
|
|
10.20
|
x
|
|
|
5.16
|
x
|
|
|
55.75
|
x
|
|
Warrants and Other Equity Securities
|
|
|
|
|
Other
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
Fund Investments
|
|
|
2,688,619
|
|
Other
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
Total Level 3 Assets
|
|
$
|
377,640,318
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|