FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Jun. 30, 2025

The following table presents the fair value of our investments that are measured at fair value on a recurring basis disaggregated into the three levels of the ASC 820 valuation hierarchy as of June 30, 2025 and June 30, 2024, respectively:


	As of June 30, 2025
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Senior Secured Loans-First Lien	$	—	$	21,263,851	$	56,231,804	$	77,495,655
Senior Secured Loans-Second Lien	—		1,749,570		2,500,000		4,249,570
Preferred Equity	—		—		501,010		501,010
Structured Subordinated Notes	—		—		709,261		709,261
Common Equity/Other	—		—		2,061,100		2,061,100
Total Portfolio Investments	$	—	$	23,013,421	$	62,003,175	$	85,016,596

	As of June 30, 2024
	Level 1		Level 2		Level 3		Total
Portfolio Investments
Senior Secured Loans-First Lien	$	—	$	17,954,361	$	36,140,975	$	54,095,336
Senior Secured Loans-Second Lien	—		—		1,559,701		1,559,701
Structured Subordinated Notes	—		—		2,956,672		2,956,672
Common Equity/Other	—		—		743,301		743,301
Preferred Equity	—		—		100,000		100,000
Total Portfolio Investments	$	—	$	17,954,361	$	41,500,649	$	59,455,010

Schedule of Industries Comprising Greater than 10% of Portfolio Fair Value

The following table shows industries that comprise of greater than 10% of our portfolio at fair value as of June 30, 2025 and June 30, 2024:


	June 30, 2025
	Cost		Fair Value		% of Portfolio
Healthcare & Pharmaceuticals	$	22,729,225	$	22,902,129	27	%
All Other Industries	65,675,581		62,114,467		73	%
Total	$	88,404,806	$	85,016,596	100	%


	June 30, 2024
	Cost		Fair Value		% of Portfolio
Healthcare & Pharmaceuticals	$	19,518,610	$	19,061,883	32	%
All Other Industries	43,029,280		40,393,127		68	%
Total	$	62,547,890	$	59,455,010	100	%

Schedule of Changes in Fair Value of Level 3 Investments

The following is a reconciliation for the years ended June 30, 2025 and 2024 of investments for which significant unobservable inputs (Level 3) were used in determining fair value:


	Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
	Senior Secured Loans - First Lien		Senior Secured Loans - Second Lien		Structured Subordinated Notes		Preferred Equity		Common Equity/Other		Total
Fair Value at June 30, 2024	$	36,140,975	$	1,559,701	$	2,956,672	$	100,000	$	743,301	$	41,500,649
Net realized gains (losses) on investments	—		—		(1,850,522)		—		(297,076)		(2,147,598)
Net change in unrealized gains (losses) on investments	392,967		61,814		331,497		73,887		(244,120)		616,045
Net realized and unrealized gains (losses) on investments	392,967		61,814		(1,519,025)		73,887		(541,196)		(1,531,553)
Purchases of investments	34,383,512		2,500,000		—		327,123		100,000		37,310,635
Payment-in-kind interest	279,107		37,865		—		—		—		316,972
Accretion (amortization) of purchase discount and premium, net	298,155		(13,130)		—		—		—		285,025
Net Reductions to Subordinated Structured Notes and related investment cost	—		—		(699,953)		—		—		(699,953)
Repayments and sales of portfolio investments	(13,947,422)		(17,640)		(28,433)		—		—		(13,993,495)
Transfers within Level 3(2)	(1,758,995)		—		—		—		1,758,995		—
Transfers into Level 3(1)	12,610,017		—		—		—		—		12,610,017
Transfers out of Level 3(1)	(12,166,512)		(1,628,610)		—		—		—		(13,795,122)
Fair Value at June 30, 2025	$	56,231,804	$	2,500,000	$	709,261	$	501,010	$	2,061,100	$	62,003,175

Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period	$	(562,398)	$	61,814	$	315,931	$	73,887	$	(244,120)	$	(354,886)

(1) Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the year ended June 30, 2025, one of our first lien loans and one of our second lien loans transferred out of Level 3 to Level 2 due to an increase in the level of market activity during the period. During the year ended June 30, 2025, two of our first lien loans transferred out of Level 2 to Level 3 due to a decrease in the level of market activity during the period and thus this investment was valued using observable inputs such as market yield analysis and indicative dealer quotes.
(2) Includes reorganizations and restructuring of investments.


	Non-Control/Non-Affiliate Investments (less than 5.00% voting control)
	Senior Secured Loans - First Lien		Senior Secured Loans - Second Lien		Senior Secured Notes		Structured Subordinated Notes		Preferred Equity		Equity/Other		Total
Fair Value at June 30, 2023	$	13,232,914	$	1,416,049	$	271,899	$	4,386,757	$	—	$	478,096	$	19,785,715
Net realized gains on investments	(82,766)		—		(677,630)		(1,194,612)		—		—		(1,955,008)
Net change in unrealized gains (losses) on investments	(669,587)		101,624		480,967		516,892		50,000		(454,675)		25,221
Net realized and unrealized gains (losses) on investments	(752,353)		101,624		(196,663)		(677,720)		50,000		(454,675)		(1,929,787)
Purchases of investments	30,262,994		—		—		—		50,000		50,000		30,362,994
Restructuring of investments	(669,880)		—		—		—		—		669,880		—
Payment-in-kind interest	76,725		76,360		—		—		—		—		153,085
Accretion (amortization) of purchase discount and premium, net	(34,648)		(16,692)		(236)		—		—		—		(51,576)
Net Reductions to Subordinated Structured Notes and related investment cost	—		—		—		(752,365)		—		—		(752,365)
Repayments and sales of portfolio investments	(3,531,915)		(17,640)		(75,000)		—		—		—		(3,624,555)
Transfers into Level 3(1)	1,152,405		—		—		—		—		—		1,152,405
Transfers out of Level 3(1)	(3,595,267)		—		—		—		—		—		(3,595,267)
Fair Value at June 30, 2024	$	36,140,975	$	1,559,701	$	—	$	2,956,672	$	100,000	$	743,301	$	41,500,649

Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period	(1,157,921)		101,624		—		516,892		50,000		(454,675)		$	(944,080)

(1)Transfers are assumed to have occurred at the beginning of the quarter during which the asset was transferred. During the year ended June 30, 2024, four of our first lien loans transferred out of Level 3 to Level 2 due to a more significant level of market activity during the period and thus these investments were valued using observable inputs such as trades from an independent pricing service. During the year ended June 30, 2024, one of our first lien loans transferred out of Level 2 to Level 3 due to a less significant level of market activity during the period and thus for this investment there was less observable inputs such as trades from independent pricing services.

Schedule of Unobservable Inputs Used in Fair Value Measurement of Level 3 Investments

The following table provides quantitative information regarding significant unobservable inputs used in the fair value measurement of Level 3 investments as of June 30, 2025:

Unobservable Inputs

Asset Category

Fair Value

Primary Valuation
Technique

Inputs

Range

Weighted
Average

Senior Secured First Lien Debt

51,519,112

Discounted Cash Flow (Yield Analysis)

Market yield

7.84%

15.85%

10.88%

Senior Secured First Lien Debt

179,615

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

4.75x

7.75x

6.25x

Enterprise Value Waterfall (Discounted cash flow)

Discount Rate

15.00

17.00

16.00%

Senior Secured First Lien Debt

2,682,544

Market Quotes

Indicative Dealer Quotes

89.68%

91.43%

90.55%

Senior Secured First Lien Debt

252,767

Discounted Cash Flow (Yield Analysis)

Market yield

17.21%

Option Pricing Model

Expected Volatility

45.00%

55.00%

Senior Secured First Lien Debt

80,929

Discounted Cash Flow (Yield Analysis)

Market yield

26.38%

Option Pricing Model

Expected Volatility

45%

55%

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

8.00x

9.00x

Senior Secured First Lien Debt

1,506,771

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

5.50x

7.50x

6.45x

Senior Secured First Lien Debt

10,066

Liquidation Scenario

EBITDA multiple

1.00x

Senior Secured Loans-Second Lien

2,500,000

Enterprise Value Waterfall (Market Approach)

Purchase Price

N/A

Common Equity/Other

1,961,100

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

4.00x

9.00x

7.22x

Common Equity/Other

100,000

Enterprise Value Waterfall (Market Approach)

Purchase Price

N/A

Common Equity/Warrants

—

Enterprise Value Waterfall (Market Approach)

Revenue multiple

0.00x

0.45x

0.00x

Preferred Equity

178,802

Option Pricing Model

Expected Volatility

55.00%

70.00%

64.00%

Enterprise Value Waterfall (Market approach)

EBITDA multiple

3.25x

6.75x

4.90x

Preferred Equity

322,208

Enterprise Value Waterfall (Market approach)

EBITDA multiple

5.50x

7.25x

6.35x

Subordinated Structured Notes

709,261

Discounted Cash Flow

Discount rate

15.21%

17.32%

(1)(2)

16.61%

(1)(2)

62,003,175

(1) Represents the implied discount rate based on our internally generated single-cash flows that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm.

(2) Excludes investments that have been called for redemption or are currently marked to zero fair market value.

The following table provides quantitative information regarding significant unobservable inputs used in the fair value measurement of Level 3 investments as of June 30, 2024:

Unobservable Inputs

Asset Category

Fair Value

Primary Valuation
Technique

Inputs

Range

Weighted
Average

Senior Secured First Lien Debt

34,215,673

Discounted Cash Flow (Yield Analysis)

Market yield

8.72%

27.54%

12.46%

Senior Secured Second Lien Debt

1,559,701

Discounted Cash Flow (Yield Analysis)

Market yield

15.60%

18.10%

16.8%

Senior Secured First Lien Debt

1,925,302

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

4.50x

7.50x

5.33x

Preferred Equity

100,000

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

6.00x

7.00x

6.50x

Common Equity/Other

714,926

Enterprise Value Waterfall (Market Approach)

EBITDA multiple

4.75x

9.00x

8.26x

Common Equity/Other

28,375

Enterprise Value Waterfall (Market Approach)

Revenue multiple

0.40x

0.70x

0.55x

Subordinated Structured Notes

2,956,672

Discounted Cash Flow

Discount rate

6.13%

21.09%

(1)(2)

12.97%

(1)(2)

41,500,649

(1)Represents the implied discount rate based on our internally generated single-cash flows that is derived from the fair value estimated by the corresponding multi-path cash flow model utilized by the independent valuation firm.

(2) Excludes investments that have been called for redemption or are currently marked to zero fair market value.

Schedule of Fair Value, by Balance Sheet Grouping

The following table presents the carrying value and fair value of the Company’s financial liabilities disclosed, but not carried, at fair value as of June 30, 2025 and the level of each financial liability within the fair value hierarchy:


	Carrying value		Fair Value		Level 1		Level 2		Level 3
Senior Secured Revolving Credit Facility(1)	$	45,500,000	$	45,500,000	$	—	$	—	$	45,500,000
	$	45,500,000	$	45,500,000	$	—	$	—	$	45,500,000

(1)As of June 30, 2025, the fair value of the Senior Secured Revolving Credit Facility was $45,500,000, the balance outstanding, and is categorized as Level 3 under ASC 820. The fair value of the Senior Revolving Credit Facility approximates the carrying value since the Senior Secured Revolving Credit Facility bears a floating rate and re-prices to market frequently.

- Definition

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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