v3.25.4
FAIR VALUE OF FINANCIAL INSTRUMENTS - Narrative (Details) - USD ($)
 3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Jun. 30, 2025
Schedule of Investments [Line Items]          
Fair Value $ 63,918,767 [1]   $ 63,918,767 [1]   $ 85,016,596 [2]
Amortized Cost 71,950,376 [3]   71,950,376 [3]   88,404,806 [4]
Structuring fees 0 $ 0 90,000 $ 102,705  
Accelerated original issue discounts due to repayments 51,932 64,729 57,976 227,840  
Early repayment income, interest income 0 $ 0 0 $ 0  
Investment, Identifier [Axis]: Common Equity/Other | ACON IWP Investors I, L.L.C. | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value 677,500 [1],[5],[6],[7]   677,500 [1],[5],[6],[7]   617,500 [2],[8],[9],[10],[11]
Amortized Cost 472,357 [3],[5],[6],[7]   472,357 [3],[5],[6],[7]   472,357 [4],[8],[9],[10],[11]
Investment, Identifier [Axis]: Common Equity/Other | AP Special Sits Camaro Holdings, LLC | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[9],[10],[11],[12]         0
Amortized Cost [4],[8],[9],[10],[11],[12]         0
Investment, Identifier [Axis]: Common Equity/Other | FullBeauty Brands Holding, Common Stock | Retail          
Schedule of Investments [Line Items]          
Fair Value 0 [1],[5],[6],[7]   0 [1],[5],[6],[7]   0 [2],[8],[9],[10],[11]
Amortized Cost 198,026 [3],[5],[6],[7]   198,026 [3],[5],[6],[7]   198,026 [4],[8],[9],[10],[11]
Investment, Identifier [Axis]: Common Equity/Other | New WPCC Parent, LLC (Class A Common Stock) | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value 226,736 [1],[5],[6],[7],[13]   226,736 [1],[5],[6],[7],[13]   142,240 [2],[8],[9],[10],[11],[14]
Amortized Cost 93,822 [3],[5],[6],[7],[13]   93,822 [3],[5],[6],[7],[13]   93,822 [4],[8],[9],[10],[11],[14]
Investment, Identifier [Axis]: Common Equity/Other | QC Holdings Topco, LLC | Finance          
Schedule of Investments [Line Items]          
Fair Value 174,840 [1],[5],[6],[7],[15]   174,840 [1],[5],[6],[7],[15]   100,000 [2],[8],[9],[10],[11],[16]
Amortized Cost 100,000 [3],[5],[6],[7],[15]   100,000 [3],[5],[6],[7],[15]   100,000 [4],[8],[9],[10],[11],[16]
Investment, Identifier [Axis]: Common Equity/Other | Recovery Solutions Parent, LLC, Membership Interest | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value 1,266,426 [1],[5],[6],[7],[13]   1,266,426 [1],[5],[6],[7],[13]   987,491 [2],[8],[9],[10],[11]
Amortized Cost 1,085,835 [3],[5],[6],[7],[13]   1,085,835 [3],[5],[6],[7],[13]   1,085,835 [4],[8],[9],[10],[11]
Investment, Identifier [Axis]: Common Equity/Other | Research Now Group, LLC & Dynata, LLC (Common Stock of New Insight Holdings, Inc) | Services: Business          
Schedule of Investments [Line Items]          
Fair Value 67,393 [1],[5],[6],[7]   67,393 [1],[5],[6],[7]   138,718 [2],[8],[9],[10],[11]
Amortized Cost 282,262 [3],[5],[6],[7]   282,262 [3],[5],[6],[7]   282,262 [4],[8],[9],[10],[11]
Investment, Identifier [Axis]: Common Equity/Other | Rising Tide Holdings, Inc., Common Stock | Consumer goods: Non-Durable          
Schedule of Investments [Line Items]          
Fair Value 0 [1],[5],[6],[7]   0 [1],[5],[6],[7]   0 [2],[8],[9],[10],[11]
Amortized Cost 997,560 [3],[5],[6],[7]   997,560 [3],[5],[6],[7]   997,560 [4],[8],[9],[10],[11]
Investment, Identifier [Axis]: Common Equity/Other | iQOR Holdings, Inc. (Bloom Aggregator, LP) | Services: Consumer          
Schedule of Investments [Line Items]          
Fair Value 74,707 [1],[5],[6],[7]   74,707 [1],[5],[6],[7]   75,151 [2],[8],[9],[10],[11]
Amortized Cost 50,000 [3],[5],[6],[7]   50,000 [3],[5],[6],[7]   50,000 [4],[8],[9],[10],[11]
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | Emerge Intermediate, Inc. | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[17] 4,816,663   4,816,663    
Amortized Cost [3],[5],[7],[17] 5,264,114   5,264,114    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien DIP Term Loan A | Automotive          
Schedule of Investments [Line Items]          
Fair Value [1],[6],[7],[18],[19],[20] 234,006   234,006    
Amortized Cost [3],[6],[7],[18],[19],[20] 1,087,652   1,087,652    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien DIP Term Loan B | Automotive          
Schedule of Investments [Line Items]          
Fair Value [1],[6],[7],[18],[19],[21] 57,241   57,241    
Amortized Cost [3],[6],[7],[18],[19],[21] 3,241,856   3,241,856    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan | Automotive          
Schedule of Investments [Line Items]          
Fair Value [1],[6],[7],[18],[19],[21] 11,016   11,016    
Amortized Cost [3],[6],[7],[18],[19],[21] 1,967,705   1,967,705    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan | Automotive | Global Tel*Link Corporation (d/b/a ViaPath Technologies) | Telecommunications          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[22] 4,893,486   4,893,486    
Amortized Cost [3],[5],[7],[22] 4,842,872   4,842,872    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan | Automotive | Healthcare Venture Partners, LLC | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[22] 3,980,000   3,980,000    
Amortized Cost [3],[5],[7],[22] 3,980,000   3,980,000    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan | Automotive | Imperative Worldwide, LLC (f/k/a MAGNATE WORLDWIDE, LLC) | Transportation: Cargo          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[22] 2,951,307   2,951,307    
Amortized Cost [3],[5],[7],[22] 2,902,817   2,902,817    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan | Automotive | MoneyGram International, Inc. | Banking          
Schedule of Investments [Line Items]          
Fair Value [1],[7],[19],[22] 1,981,015   1,981,015    
Amortized Cost [3],[7],[19],[22] 2,904,013   2,904,013    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan | Automotive | New WPCC Parent, LLC | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[13],[17],[20],[22] 1,170,627   1,170,627    
Amortized Cost [3],[5],[7],[13],[17],[20],[22] 1,143,013   1,143,013    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan | Automotive | Recovery Solutions Parent, LLC | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[13],[22] 678,192   678,192    
Amortized Cost [3],[5],[7],[13],[22] 402,670   402,670    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan | Automotive | Research Now Group, LLC & Dynata, LLC- First Lien First Out Term Loan | Services: Business          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[17],[22],[23] 1,440,137   1,440,137    
Amortized Cost [3],[5],[7],[17],[22],[23] 1,438,429   1,438,429    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan | Automotive | Research Now Group, LLC & Dynata, LLC- First Lien Second Out Term Loan          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[23] 1,197,883   1,197,883    
Amortized Cost [3],[5],[7],[23] 1,273,355   1,273,355    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan | Automotive | S&S Holdings LLC | Wholesale          
Schedule of Investments [Line Items]          
Fair Value [1],[7],[19],[22] 2,959,691   2,959,691    
Amortized Cost [3],[7],[19],[22] 2,934,164   2,934,164    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan | Automotive | Shoes West, LLC (d/b/a Taos Footwear) - First Lien Convertible Note to Taos Footwear          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[20],[22],[24] 348,717   348,717    
Amortized Cost [3],[5],[7],[20],[22],[24] 203,833   203,833    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan | Automotive | Shoes West, LLC (d/b/a Taos Footwear) - First Lien Term Loan | Consumer Goods: Non-Durable          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[22],[24] 4,702,500   4,702,500    
Amortized Cost [3],[5],[7],[22],[24] 4,702,500   4,702,500    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan | Automotive | Verify Diagnostics, LLC | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[22],[25] 2,469,488   2,469,488    
Amortized Cost [3],[5],[7],[22],[25] 2,469,488   2,469,488    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan | Automotive | WatchGuard Technologies, Inc. | High Tech Industries          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[17],[22] 3,421,392   3,421,392    
Amortized Cost [3],[5],[7],[17],[22] 3,371,754   3,371,754    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan | Automotive | iQOR Holdings, Inc. | Services: Consumer          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[22] 4,507,947   4,507,947    
Amortized Cost [3],[5],[7],[22] 4,507,947   4,507,947    
Investment, Identifier [Axis]: Credit Central Loan Company, LLC | Consumer Finance | First Brands Group - First Lien Term Loan1 | Automotive          
Schedule of Investments [Line Items]          
Fair Value [1],[6],[7],[18],[19],[21] 4,386   4,386    
Amortized Cost [3],[6],[7],[18],[19],[21] 660,920   660,920    
Investment, Identifier [Axis]: Druid City Infusion, LLC | First Lien Term Loan          
Schedule of Investments [Line Items]          
Fair Value 98,783   98,783    
Investment owned, discount (premium) 47,510   47,510   30,177
Investment, Identifier [Axis]: Preferred Stock | Discovery MSO HoldCo LLC | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value 77,876 [1],[5],[6],[7],[20],[26]   77,876 [1],[5],[6],[7],[20],[26]   68,802 [2],[8],[9],[10],[11],[27],[28]
Amortized Cost 50,000 [3],[5],[6],[7],[20],[26]   50,000 [3],[5],[6],[7],[20],[26]   50,000 [4],[8],[9],[10],[11],[27],[28]
Investment, Identifier [Axis]: Preferred Stock | Healthcare Venture Partners, LLC - Series A Preferred Units of TCSPV Holdings IV, LLC | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[6],[7] 143,000   143,000    
Amortized Cost [3],[5],[6],[7] 100,000   100,000    
Investment, Identifier [Axis]: Preferred Stock | New WPCC PARENT, LLC (Series A Preferred Stock) | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value 246,773 [1],[5],[7],[13],[20]   246,773 [1],[5],[7],[13],[20]   231,764 [2],[8],[9],[10],[11],[14]
Amortized Cost 196,529 [3],[5],[7],[13],[20]   196,529 [3],[5],[7],[13],[20]   177,122 [4],[8],[9],[10],[11],[14]
Investment, Identifier [Axis]: Preferred Stock | Shoes West, LLC (d/b/a Taos Footwear) - Preferred Equity | Consumer Goods: Non-Durable          
Schedule of Investments [Line Items]          
Fair Value 142,217 [1],[5],[7],[20],[24]   142,217 [1],[5],[7],[20],[24]   90,444 [2],[8],[9],[10],[11],[28],[29]
Amortized Cost 53,854 [3],[5],[7],[20],[24]   53,854 [3],[5],[7],[20],[24]   50,000 [4],[8],[9],[10],[11],[28],[29]
Investment, Identifier [Axis]: Preferred Stock | Verify Diagnostic Holdings LLC | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value 219,000 [1],[5],[6],[7]   219,000 [1],[5],[6],[7]   110,000 [2],[8],[9],[10],[11]
Amortized Cost 100,000 [3],[5],[6],[7]   100,000 [3],[5],[6],[7]   100,000 [4],[8],[9],[10],[11]
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | WatchGuard Technologies, Inc. | High Tech Industries          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[30]         4,915,366
Amortized Cost [4],[8],[10],[11],[30]         4,867,983
Investment, Identifier [Axis]: Senior Secured Loans-First Lien - First Brands Group 1 | Automotive          
Schedule of Investments [Line Items]          
Fair Value [2],[10],[11],[31]         3,728,860
Amortized Cost [4],[10],[11],[31]         3,902,776
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Amneal Pharmaceuticals LLC | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value [2],[10],[11],[31]         2,960,287
Amortized Cost [4],[10],[11],[31]         2,893,170
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[28],[32]         84,422
Amortized Cost [4],[8],[10],[11],[28],[32]         84,514
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan Bridge          
Schedule of Investments [Line Items]          
Fair Value 95,193 [1],[5],[7],[17],[23]   95,193 [1],[5],[7],[17],[23]   95,193 [2],[8],[10],[11],[30],[32]
Amortized Cost 94,979 [3],[5],[7],[17],[23]   94,979 [3],[5],[7],[17],[23]   93,354 [4],[8],[10],[11],[30],[32]
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan | Telecommunications          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[20],[23] 89,243   89,243    
Amortized Cost [3],[5],[7],[20],[23] 89,177   89,177    
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Aventiv Technologies, LLC - Third Out Super Priority First Lien Term Loan | Telecommunications          
Schedule of Investments [Line Items]          
Fair Value [2],[10],[11],[28],[30],[31],[32]         2,287,376
Amortized Cost [4],[10],[11],[28],[30],[31],[32]         3,174,893
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | BCPE North Star US Holdco 2, Inc. | Beverage, Food & Tobacco          
Schedule of Investments [Line Items]          
Fair Value 2,986,573 [1],[7],[17],[19],[22]   2,986,573 [1],[7],[17],[19],[22]   4,954,278 [2],[10],[11],[30],[31]
Amortized Cost 2,898,468 [3],[7],[17],[19],[22]   2,898,468 [3],[7],[17],[19],[22]   4,820,318 [4],[10],[11],[30],[31]
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Burgess Point Purchaser Corporation | Automotive          
Schedule of Investments [Line Items]          
Fair Value 2,523,871 [1],[7],[19],[22]   2,523,871 [1],[7],[19],[22]   2,551,135 [2],[10],[11],[31]
Amortized Cost 2,809,471 [3],[7],[19],[22]   2,809,471 [3],[7],[19],[22]   2,821,071 [4],[10],[11],[31]
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | CareerBuilder, LLC) | Services: Consumer          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[28],[30],[33]         10,066
Amortized Cost [4],[8],[10],[11],[28],[30],[33]         719,993
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | DRI Holding Inc. | Media: Advertising, Printing & Publishing          
Schedule of Investments [Line Items]          
Fair Value 2,403,481 [1],[5],[7],[17],[22]   2,403,481 [1],[5],[7],[17],[22]   3,413,576 [2],[8],[10],[11],[30]
Amortized Cost 2,325,210 [3],[5],[7],[17],[22]   2,325,210 [3],[5],[7],[17],[22]   3,293,835 [4],[8],[10],[11],[30]
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Discovery Point Retreat, LLC | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value 3,910,000 [1],[5],[7],[22]   3,910,000 [1],[5],[7],[22]   3,940,000 [2],[8],[10],[11]
Amortized Cost 3,910,000 [3],[5],[7],[22]   3,910,000 [3],[5],[7],[22]   3,940,000 [4],[8],[10],[11]
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Druid City Infusion, LLC - First Lien Convertible Note to Druid City Intermediate, Inc.          
Schedule of Investments [Line Items]          
Fair Value 98,783 [1],[5],[7],[20],[22]   98,783 [1],[5],[7],[20],[22]   80,929 [2],[8],[10],[11],[28]
Amortized Cost 51,273 [3],[5],[7],[20],[22]   51,273 [3],[5],[7],[20],[22]   50,752 [4],[8],[10],[11],[28]
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Druid City Infusion, LLC - First Lien Term Loan | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value 3,942,364 [1],[5],[7],[22]   3,942,364 [1],[5],[7],[22]   4,963,043 [2],[8],[10],[11]
Amortized Cost 3,942,364 [3],[5],[7],[22]   3,942,364 [3],[5],[7],[22]   4,963,043 [4],[8],[10],[11]
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Emerge Intermediate, Inc. | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[28],[32]         4,843,302
Amortized Cost [4],[8],[10],[11],[28],[32]         5,186,659
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | First Brands Group | Automotive          
Schedule of Investments [Line Items]          
Fair Value [2],[10],[11],[31]         1,865,771
Amortized Cost [4],[10],[11],[31]         1,967,705
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Global Tel*Link Corporation (d/b/a ViaPath Technologies) | Telecommunications          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11]         4,888,559
Amortized Cost [4],[8],[10],[11]         4,844,386
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Imperative Worldwide, LLC (f/k/a MAGNATE WORLDWIDE, LLC) | Transportation: Cargo          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11]         4,466,250
Amortized Cost [4],[8],[10],[11]         4,386,823
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | MoneyGram International, Inc. | Banking          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11]         2,682,544
Amortized Cost [4],[8],[10],[11]         2,926,825
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | New WPCC Parent, LLC | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[14]         825,238
Amortized Cost [4],[8],[10],[11],[14]         825,238
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | PlayPower, Inc.-First Lien Revolving Line of Credit - Commitment          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[34]         0
Amortized Cost [4],[8],[10],[11],[34]         0
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | PlayPower, Inc.-First Lien Term Loan | Consumer goods: Durable          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11]         4,296,202
Amortized Cost [4],[8],[10],[11]         4,222,652
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Recovery Solutions Parent, LLC | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11]         681,533
Amortized Cost [4],[8],[10],[11]         391,227
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Research Now Group, LLC & Dynata, LLC- First Lien First Out Term Loan | Services: Business          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[30]         2,923,690
Amortized Cost [4],[8],[10],[11],[30]         2,926,551
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Research Now Group, LLC & Dynata, LLC- First Lien Second Out Term Loan          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11]         1,122,427
Amortized Cost [4],[8],[10],[11]         1,284,051
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | S&S Holdings LLC | Wholesale          
Schedule of Investments [Line Items]          
Fair Value [2],[10],[11],[31]         2,916,144
Amortized Cost [4],[10],[11],[31]         2,957,298
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Shoes West, LLC (d/b/a Taos Footwear) - First Lien Convertible Note to Taos Footwear          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[28],[29]         252,767
Amortized Cost [4],[8],[10],[11],[28],[29]         201,762
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Shoes West, LLC (d/b/a Taos Footwear) - First Lien Term Loan | Consumer Goods: Non-Durable          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[29]         4,726,250
Amortized Cost [4],[8],[10],[11],[29]         4,726,250
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | Verify Diagnostics, LLC | Healthcare & Pharmaceuticals          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[35]         2,450,000
Amortized Cost [4],[8],[10],[11],[35]         2,500,000
Investment, Identifier [Axis]: Senior Secured Loans-First Lien | iQOR Holdings, Inc. | Services: Consumer          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11]         4,570,447
Amortized Cost [4],[8],[10],[11]         4,570,447
Investment, Identifier [Axis]: Senior Secured Loans-Second Lien | QC Holdings TopCo, LLC - Delayed Draw Term Loan | Finance          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[15],[20],[36],[37] 57,387   57,387    
Amortized Cost [3],[5],[7],[15],[20],[36],[37] 57,387   57,387    
Investment, Identifier [Axis]: Senior Secured Loans-Second Lien | QC Holdings, LLC | Finance          
Schedule of Investments [Line Items]          
Fair Value 2,500,000 [1],[5],[7],[15],[20],[22],[36]   2,500,000 [1],[5],[7],[15],[20],[22],[36]   2,500,000 [2],[8],[10],[11],[16],[38]
Amortized Cost 2,500,000 [3],[5],[7],[15],[20],[22],[36]   2,500,000 [3],[5],[7],[15],[20],[22],[36]   2,500,000 [4],[8],[10],[11],[16],[38]
Investment, Identifier [Axis]: Senior Secured Loans-Second Lien | Shutterfly Finance, LLC | Media: Diversified and Production          
Schedule of Investments [Line Items]          
Fair Value [2],[10],[11],[28],[31]         1,749,570
Amortized Cost [4],[10],[11],[28],[31]         1,839,325
Investment, Identifier [Axis]: Structured Subordinated Notes | Apidos CLO XXIV | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[16],[31],[39]         77,000
Amortized Cost [4],[8],[10],[11],[16],[31],[39]         102,206
Investment, Identifier [Axis]: Structured Subordinated Notes | Apidos CLO XXVI | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[15],[19],[40],[41] 42,125   42,125    
Amortized Cost [3],[5],[7],[15],[19],[40],[41] 42,800   42,800    
Investment, Identifier [Axis]: Structured Subordinated Notes | Apidos CLO XXVI(v) | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[16],[31],[39],[42]         80,000
Amortized Cost [4],[8],[10],[11],[16],[31],[39],[42]         96,650
Investment, Identifier [Axis]: Structured Subordinated Notes | Carlyle Global Market Strategies CLO 2017-5, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[15],[19],[40],[41] 0   0    
Amortized Cost [3],[5],[7],[15],[19],[40],[41] 0   0    
Investment, Identifier [Axis]: Structured Subordinated Notes | Carlyle Global Market Strategies CLO 2017-5, Ltd.(v) | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[16],[31],[39],[42]         9,700
Amortized Cost [4],[8],[10],[11],[16],[31],[39],[42]         4,281
Investment, Identifier [Axis]: Structured Subordinated Notes | Galaxy XIX CLO, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[15],[19],[40],[41] 0   0    
Amortized Cost [3],[5],[7],[15],[19],[40],[41] 0   0    
Investment, Identifier [Axis]: Structured Subordinated Notes | Galaxy XIX CLO, Ltd.(v) | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[16],[31],[39],[42]         0
Amortized Cost [4],[8],[10],[11],[16],[31],[39],[42]         0
Investment, Identifier [Axis]: Structured Subordinated Notes | GoldenTree Loan Opportunities IX, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[15],[19],[40],[41] 0   0    
Amortized Cost [3],[5],[7],[15],[19],[40],[41] 0   0    
Investment, Identifier [Axis]: Structured Subordinated Notes | GoldenTree Loan Opportunities IX, Ltd.(v) | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[16],[31],[39],[42]         0
Amortized Cost [4],[8],[10],[11],[16],[31],[39],[42]         0
Investment, Identifier [Axis]: Structured Subordinated Notes | Madison Park Funding XIII, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[15],[19],[40],[41] 5,550   5,550    
Amortized Cost [3],[5],[7],[15],[19],[40],[41] 0   0    
Investment, Identifier [Axis]: Structured Subordinated Notes | Madison Park Funding XIII, Ltd.(v) | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[16],[31],[39],[42]         12,875
Amortized Cost [4],[8],[10],[11],[16],[31],[39],[42]         0
Investment, Identifier [Axis]: Structured Subordinated Notes | Madison Park Funding XIV, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[16],[31],[39]         73,625
Amortized Cost [4],[8],[10],[11],[16],[31],[39]         95,293
Investment, Identifier [Axis]: Structured Subordinated Notes | OZLM XII, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[15],[19],[40],[41] 0   0    
Amortized Cost [3],[5],[7],[15],[19],[40],[41] 0   0    
Investment, Identifier [Axis]: Structured Subordinated Notes | OZLM XII, Ltd.(v) | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[16],[31],[39],[42]         0
Amortized Cost [4],[8],[10],[11],[16],[31],[39],[42]         0
Investment, Identifier [Axis]: Structured Subordinated Notes | Octagon Investment Partners 30, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[15],[19],[40],[41] 0   0    
Amortized Cost [3],[5],[7],[15],[19],[40],[41] 0   0    
Investment, Identifier [Axis]: Structured Subordinated Notes | Octagon Investment Partners 30, Ltd.(v) | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[16],[31],[39],[42]         16,340
Amortized Cost [4],[8],[10],[11],[16],[31],[39],[42]         7,365
Investment, Identifier [Axis]: Structured Subordinated Notes | Octagon Investment Partners 31, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[15],[19],[40],[41] 0   0    
Amortized Cost [3],[5],[7],[15],[19],[40],[41] 0   0    
Investment, Identifier [Axis]: Structured Subordinated Notes | Octagon Investment Partners 31, Ltd.(v) | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[16],[31],[39],[42]         2,200
Amortized Cost [4],[8],[10],[11],[16],[31],[39],[42]         2,425
Investment, Identifier [Axis]: Structured Subordinated Notes | Octagon Investment Partners 36, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value 14,700 [1],[5],[7],[15],[19],[41]   14,700 [1],[5],[7],[15],[19],[41]   70,950 [2],[8],[10],[11],[16],[31],[39]
Amortized Cost 16,938 [3],[5],[7],[15],[19],[41]   16,938 [3],[5],[7],[15],[19],[41]   90,770 [4],[8],[10],[11],[16],[31],[39]
Investment, Identifier [Axis]: Structured Subordinated Notes | Octagon Investment Partners 39, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value 17,250 [1],[5],[7],[15],[19],[41]   17,250 [1],[5],[7],[15],[19],[41]   57,300 [2],[8],[10],[11],[16],[31],[39]
Amortized Cost 22,047 [3],[5],[7],[15],[19],[41]   22,047 [3],[5],[7],[15],[19],[41]   76,834 [4],[8],[10],[11],[16],[31],[39]
Investment, Identifier [Axis]: Structured Subordinated Notes | Octagon Investment Partners XIV, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value 0 [1],[5],[7],[15],[19],[41]   0 [1],[5],[7],[15],[19],[41]   0 [2],[8],[10],[11],[16],[31],[39]
Amortized Cost 0 [3],[5],[7],[15],[19],[41]   0 [3],[5],[7],[15],[19],[41]   0 [4],[8],[10],[11],[16],[31],[39]
Investment, Identifier [Axis]: Structured Subordinated Notes | Octagon Investment Partners XV, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value 0 [1],[5],[7],[15],[19],[41]   0 [1],[5],[7],[15],[19],[41]   60,350 [2],[8],[10],[11],[16],[31],[39]
Amortized Cost 0 [3],[5],[7],[15],[19],[41]   0 [3],[5],[7],[15],[19],[41]   60,795 [4],[8],[10],[11],[16],[31],[39]
Investment, Identifier [Axis]: Structured Subordinated Notes | Octagon Investment Partners XXI, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[15],[17],[19],[41] 25,306   25,306    
Amortized Cost [3],[5],[7],[15],[17],[19],[41] 30,533   30,533    
Investment, Identifier [Axis]: Structured Subordinated Notes | Octagon Investment Partners XXI, Ltd.(j) | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[16],[30],[31],[39]         86,576
Amortized Cost [4],[8],[10],[11],[16],[30],[31],[39]         112,058
Investment, Identifier [Axis]: Structured Subordinated Notes | Sound Point CLO II, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value 0 [1],[5],[7],[15],[19],[41]   0 [1],[5],[7],[15],[19],[41]   750 [2],[8],[10],[11],[16],[31],[39]
Amortized Cost 0 [3],[5],[7],[15],[19],[41]   0 [3],[5],[7],[15],[19],[41]   907 [4],[8],[10],[11],[16],[31],[39]
Investment, Identifier [Axis]: Structured Subordinated Notes | Sound Point CLO VII-R, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value 0 [1],[5],[7],[15],[19],[41]   0 [1],[5],[7],[15],[19],[41]   0 [2],[8],[10],[11],[16],[31],[39]
Amortized Cost 0 [3],[5],[7],[15],[19],[41]   0 [3],[5],[7],[15],[19],[41]   0 [4],[8],[10],[11],[16],[31],[39]
Investment, Identifier [Axis]: Structured Subordinated Notes | Sound Point CLO XVIII, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value 0 [1],[5],[7],[15],[19],[41]   0 [1],[5],[7],[15],[19],[41]   22,425 [2],[8],[10],[11],[16],[31],[39]
Amortized Cost 0 [3],[5],[7],[15],[19],[41]   0 [3],[5],[7],[15],[19],[41]   30,954 [4],[8],[10],[11],[16],[31],[39]
Investment, Identifier [Axis]: Structured Subordinated Notes | THL Credit Wind River 2013-1 CLO, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value 0 [1],[5],[7],[15],[19],[41]   0 [1],[5],[7],[15],[19],[41]   10,693 [2],[8],[10],[11],[16],[31],[39]
Amortized Cost 0 [3],[5],[7],[15],[19],[41]   0 [3],[5],[7],[15],[19],[41]   14,976 [4],[8],[10],[11],[16],[31],[39]
Investment, Identifier [Axis]: Structured Subordinated Notes | Venture XXXIV CLO, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value 15,450 [1],[5],[7],[15],[19],[41]   15,450 [1],[5],[7],[15],[19],[41]   54,800 [2],[8],[10],[11],[16],[31],[39]
Amortized Cost 18,322 [3],[5],[7],[15],[19],[41]   18,322 [3],[5],[7],[15],[19],[41]   73,912 [4],[8],[10],[11],[16],[31],[39]
Investment, Identifier [Axis]: Structured Subordinated Notes | Voya CLO 2016-1, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value 30,125 [1],[5],[7],[15],[19],[41]   30,125 [1],[5],[7],[15],[19],[41]   43,925 [2],[8],[10],[11],[16],[31],[39]
Amortized Cost 37,760 [3],[5],[7],[15],[19],[41]   37,760 [3],[5],[7],[15],[19],[41]   55,518 [4],[8],[10],[11],[16],[31],[39]
Investment, Identifier [Axis]: Structured Subordinated Notes | Voya IM CLO 2013-1, Ltd. | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [1],[5],[7],[15],[17],[19],[41] 19,204   19,204    
Amortized Cost [3],[5],[7],[15],[17],[19],[41] 24,300   24,300    
Investment, Identifier [Axis]: Structured Subordinated Notes | Voya IM CLO 2013-1, Ltd.(j) | Structured Finance          
Schedule of Investments [Line Items]          
Fair Value [2],[8],[10],[11],[16],[30],[31],[39]         29,752
Amortized Cost [4],[8],[10],[11],[16],[30],[31],[39]         39,977
Investment, Identifier [Axis]: WatchGuard Technologies Inc | First Lien Term Loan          
Schedule of Investments [Line Items]          
Fair Value 3,421,392   3,421,392    
Investment owned, discount (premium) 49,638   49,638   47,382
California          
Schedule of Investments [Line Items]          
Fair Value 7,596,915   7,596,915   10,232,607
Amortized Cost 7,285,397   $ 7,285,397   $ 10,111,172
California | Investments at Fair Value | Geographic Concentration Risk          
Schedule of Investments [Line Items]          
% of Portfolio     11.90%   12.00%
South Carolina          
Schedule of Investments [Line Items]          
Fair Value 6,811,488   $ 6,811,488    
Amortized Cost $ 6,649,488   $ 6,649,488    
South Carolina | Investments at Fair Value | Geographic Concentration Risk          
Schedule of Investments [Line Items]          
% of Portfolio     10.70%    
New Jersey          
Schedule of Investments [Line Items]          
Fair Value         $ 9,158,337
Amortized Cost         $ 10,269,586
New Jersey | Investments at Fair Value | Geographic Concentration Risk          
Schedule of Investments [Line Items]          
% of Portfolio         10.80%
[1] Fair value is determined by the Company’s Board of Directors (see Note 2).
[2] Fair value is determined by the Company’s Board of Directors (see Note 2).
[3] See Note 6 for a discussion of the tax cost of the portfolio.
[4] See Note 6 for a discussion of the tax cost of the portfolio.
[5] Investment(s) is (are) valued using significant unobservable inputs and are categorized as Level 3 investments in accordance with ASC 820. See Notes 2 and 8 within the accompanying notes to the consolidated financial statements.
[6] Represents non-income producing security that has not paid interest or dividends in the year preceding the reporting date.
[7] The securities in which the Company has invested were acquired in transactions that were exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These securities may be resold only in transactions that are exempt from registration under the Securities Act.
[8] Investment(s) is (are) valued using significant unobservable inputs and are categorized as Level 3 investments in accordance with ASC 820. See Notes 2 and 8 within the accompanying notes to the consolidated financial statements.
[9] Represents non-income producing security that has not paid interest or dividends in the year preceding the reporting date.
[10] Security is held by the Company and is pledged as collateral for the Senior Secured Revolving Credit Facility (see Note 10). The fair value of the investments used as collateral by the Company for the Senior Secured Revolving Credit Facility at June 30, 2025 was $85,016,596, representing 100% of our total investments.
[11] The securities in which the Company has invested were acquired in transactions that were exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). These securities may be resold only in transactions that are exempt from registration under the Securities Act.
[12] We hold warrants in AP Special Sits Camaro Holdings, LLC which is the parent company of Careerbuilder LLC, in which we own a first-lien term loan investment.
[13] Our position in New WPCC Parent and Recovery Solutions stemmed from a restructuring of Wellpath, Inc. of which we held a first lien term loan and DIP financing loans.
[14] Our position in New WPCC Parent stemmed from a restructuring of Wellpath, Inc. of which we held a first lien term loan.
[15] Indicates assets that Prospect Floating Rate and Alternative Income Fund, Inc. (the "Company") believes do not represent "qualifying assets" under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. Of the Company’s total investments as of December 31, 2025, 5% are non-qualifying assets as a percentage of total assets.
[16] Indicates assets that the Company believes do not represent "qualifying assets" under Section 55(a) of the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, we may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of our total assets. Of the Company’s total investments as of June 30, 2025, 4% are non-qualifying assets as a percentage of total assets.
[17] Acquisition date represents the date of the Company's initial investment. Follow-on acquisitions have occurred on the following dates to arrive at the Company's current investment (excluding effects of capitalized PIK interest, premium/original issue discount amortization/accretion, and partial repayments):
Portfolio CompanyInvestmentFollow-On Acquisition DatesFollow-On Acquisitions (Excluding initial investment cost)
Aventiv Technologies, LLCAventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan Bridge1/2/2025$12,629 
BCPE North Star US Holdco 2, IncSenior Secured Loans-First Lien6/10/2024, 7/1/2024, 7/11/20244,048,942 
DRI Holding, Inc.Senior Secured Loans-First Lien5/16/20242,415,300 
Emerge Intermediate, Inc.Senior Secured Loans-First Lien6/14/2024131,333 
New WPCC Parent, LLCSenior Secured Loans-First Lien9/13/2025462,306 
Octagon Investment Partners XXI, Ltd.Structured Subordinated Notes2/14/201935,015 
Research Now Group, LLC & Dynata, LLC- First Lien Second Out Term LoanSenior Secured Loans-First Lien8/12/20242,925,712 
Voya IM CLO 2013-1, Ltd.Structured Subordinated Notes10/17/2017, 7/1/201920,584 
WatchGuard Technologies, Inc.Senior Secured Loans-First Lien6/26/2024, 7/17/20243,994,924 
[18] First Brands Group and certain of its affiliates filed voluntary petitions for Chapter 11 bankruptcy protection.
[19] Investment is categorized as Level 2 investments in accordance with ASC 820. See Note 2 within the accompanying notes to the consolidated financial statements.
[20] The interest rate on these investments, excluding those on non-accrual, contains a paid-in-kind ("PIK") provision, whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed under the existing credit agreements, as of and for the six months ended December 31, 2025:
Security NamePIK Rate - CapitalizedPIK Rate - Paid as cashMaximum Current PIK Rate
Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan11.43 %— %11.43 %(A)
Druid City Infusion, LLC - First Lien Convertible Note2.00 %— %2.00 %
Emerge Intermediate, Inc. - First Lien Term Loan4.00 %— %4.00 %(B)
First Brands Group - First Lien DIP Term Loan A8.45 %— %8.45 %
New WPCC Parent, LLC. - Series A Preferred Stock13.00 %— %13.00 %
QC Holdings TopCo, LLC - Second Lien Term Loan— %14.00 %14.00 %(C)
QC Holdings TopCo, LLC - Delayed Draw Term Loan— %14.00 %14.00 %(C)
Shoes West, LLC (d/b/a Taos Footwear) - First Lien Convertible Note to Taos Footwear2.00 %— %2.00 %
Shoes West, LLC (d/b/a Taos Footwear) - Preferred Equity8.00 %— %8.00 %
(A) On December 29, 2023, the Aventiv Technologies, LLC Second Out Super Priority First Lien Term Loan and Second Out Super Priority First Lien Bridge Loan was amended to allow a portion of interest accruing in cash to be payable in kind. On March 28, 2025, the Aventiv Technologies, LLC Third Out Super Priority First Lien Term Loan was amended to allow a portion of interest accruing in cash to be payable in kind.
(B) On November 28, 2025, the Emerge Intermediate, Inc. First Lien term loan investment paid and capitalized interest as PIK. As of December 31, 2025 interest is accruing in cash.
(C)The Amended QC Holdings TopCo, LLC Senior Secured Term Loan Agreement dated September 30, 2025, allows for a portion of interest accruing in cash to be payable in kind.
[21] Investment on non-accrual status as of the reporting date (See Note 2).
[22] Security, or a portion thereof, is held by Prospect Flexible Funding, LLC (“PFF”), our wholly owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral for the OZK Credit Facility and such security is not available as collateral to our general creditors (see Note 10). The fair value of the investments used as collateral by the Company for the OZK Credit Facility at December 31, 2025 was $53,869,571, representing 84% of our total investments.
[23] The Company has entered into an intercreditor agreement that entitles the Company to the “last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the "first out" lenders and the Consolidated Schedule of Investments above reflects such higher rate.
[24] Shoes West, LLC and Shoes West Distribution, LLC are joint borrowers on the First Lien Term Loan A and First Lien Term Loan B.
[25] The investment represents a unitranche loan with characteristics of a traditional first lien senior secured loan, but which pursuant to an agreement among lenders is divided among unaffiliated lenders into “first out” and “last out” tranches yielding different interest rates, where our investment is the “last out” tranche(s) of such unitranche loan, subject to payment priority in favor of a first out tranche held by an unaffiliated lender; or, the Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche(s) with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company may receive a higher interest rate than the “first out” lenders and the Consolidated Schedule of Investments above reflects such higher rate, as applicable.
[26] Discovery Point Retreat, LLC, Discovery MSO LLC, Eating Disorder Solutions of Texas LLC, and Discovery Point Retreat Waxahachie, LLC are joint borrowers on the First Lien Term Loan.
[27] Discovery Point Retreat, LLC, Discovery MSO LLC, Eating Disorder Solutions of Texas LLC, and Discovery Point Retreat Waxahachie, LLC are joint borrowers on the First Lien Term Loan.
[28] The interest rate on these investments, excluding those on non-accrual, contains a paid-in-kind ("PIK") provision, whereby the issuer has either the option or the obligation to make interest payments with the issuance of additional securities. The interest rate in the schedule represents the current interest rate in effect for these investments. The following table provides additional details on these PIK investments, including the maximum annual PIK interest rate allowed under the existing credit agreements, as of and for the year ended June 30, 2025:
Security NamePIK Rate - CapitalizedPIK Rate - Paid as cashMaximum Current PIK Rate
Aventiv Technologies, LLC - Third Out Super Priority First Lien Term Loan9.65 %— %9.65 %(A)
Aventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan12.06 %— %12.06 %(A)
Discovery MSO HoldCo LLC8.00 %— %8.00 %
Druid City Infusion, LLC - First Lien Convertible Note2.00 %— %2.00 %
Emerge Intermediate, Inc.4.50 %— %4.50 %
New WPCC Parent, LLC. - First Lien Term Loan— %8.00 %8.00 %
QC Holdings TopCo, LLC - Second Lien Term Loan— %14.50 %14.50 %(B)
Shoes West, LLC (d/b/a Taos Footwear) - First Lien Convertible Note to Taos Footwear2.00 %— %2.00 %
Shoes West, LLC (d/b/a Taos Footwear) - Preferred Equity8.00 %— %8.00 %
(A) On December 29, 2023, the Aventiv Technologies, LLC Second Out Super Priority First Lien Term Loan and Second Out Super Priority First Lien Bridge Loan was amended to allow a portion of interest accruing in cash to be payable in kind. On March 28, 2025, the Aventiv Technologies, LLC Third Out Super Priority First Lien Term Loan was amended to allow a portion of interest accruing in cash to be payable in kind.
(B) The QC Holdings TopCo, LLC Senior Secured Term Loan Agreement, dated June 30, 2025, allows for a portion of interest accruing in cash to be payable in kind. The first interest payment was due September 30, 2025.
[29] Shoes West, LLC and Shoes West Distribution, LLC are joint borrowers on the First Lien Term Loan A and First Lien Term Loan B.
[30] Acquisition date represents the date of the Company's initial investment. Follow-on acquisitions have occurred on the following dates to arrive at the Company's current investment (excluding effects of capitalized PIK interest, premium/original issue discount amortization/accretion, and partial repayments):
Portfolio CompanyInvestmentFollow-On Acquisition DatesFollow-On Acquisitions (Excluding initial investment cost)
Aventiv Technologies, LLCAventiv Technologies, LLC - Second Out Super Priority First Lien Term Loan Bridge1/2/2025$12,629 
BCPE North Star US Holdco 2, IncSenior Secured Loans-First Lien6/10/2024, 7/1/2024, 7/11/20244,048,942 
CareerBuilder, LLCSenior Secured Loans-First Lien6/5/2020690,000 
DRI Holding, Inc.Senior Secured Loans-First Lien5/16/20242,415,300 
Emerge Intermediate, Inc.Senior Secured Loans-First Lien6/14/2024131,333 
Octagon Investment Partners XXI, Ltd.Structured Subordinated Notes2/14/201935,015 
Research Now Group, LLC & Dynata, LLC- First Lien Second Out Term LoanSenior Secured Loans-First Lien8/12/20242,925,712 
Voya IM CLO 2013-1, Ltd.Structured Subordinated Notes10/17/2017, 7/1/201920,584 
WatchGuard Technologies, Inc.Senior Secured Loans-First Lien6/26/2024, 7/17/20243,994,924 
[31] Investment is categorized as Level 2 investments in accordance with ASC 820. See Note 2 within the accompanying notes to the consolidated financial statements.
[32] The Company has entered into an intercreditor agreement that entitles the Company to the “last out" tranche of the first lien secured loans, whereby the "first out" tranche will receive priority as to the "last out" tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the "first out" lenders and the Consolidated Schedule of Investments above reflects such higher rate.
[33] Investment on non-accrual status as of the reporting date (See Note 2).
[34] On August 28, 2024, PFLOAT committed to a $656,566 first-lien revolving line of credit, which is undrawn as of June 30, 2025.
[35] The investment represents a unitranche loan with characteristics of a traditional first lien senior secured loan, but which pursuant to an agreement among lenders is divided among unaffiliated lenders into “first out” and “last out” tranches yielding different interest rates, where our investment is the “last out” tranche(s) of such unitranche loan, subject to payment priority in favor of a first out tranche held by an unaffiliated lender; or, the Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the
“first out” tranche will receive priority as to the “last out” tranche(s) with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company may receive a higher interest rate than the “first out” lenders and the Consolidated Schedule of Investments above reflects such higher rate, as applicable.
[36] As of December 31, 2025, an affiliated fund of our Investment Advisor owns 95.40% of the equity in QC Holdings TopCo, LLC and is considered a controlling beneficial interest per the 1940 Act.
[37] On September 29, 2025, PFLOAT committed to a $187,133 second-lien delayed draw term loan, of which $57,387 is drawn as of December 31, 2025.
[38] As of June 30, 2025, an affiliated fund of our Investment Advisor owns a 99.55% equity interest in QC Holdings TopCo, LLC (“QC TopCo”). QC TopCo owns 100% of QC Holdings, LLC (“QC Holdings”), representing 95.40% fully diluted ownership and a controlling beneficial interest in QC Holdings by the affiliated fund per the 1940 Act.
[39] The structured subordinated notes are considered equity positions in the Collateralized Loan Obligations ("CLOs"), which is referred to as "Subordinated Structured Notes", or "SSN". The CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The current estimated yield is calculated using amortized cost based on the current projections of this excess cash flow taking into account assumptions which have been made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions.
[40] Security was called for redemption and the liquidation of the underlying loan portfolio is ongoing.
[41] The structured subordinated notes are considered equity positions in the Collateralized Loan Obligations ("CLOs"), which is referred to as "Subordinated Structured Notes", or "SSN". The CLO equity investments are entitled to recurring distributions which are generally equal to the excess cash flow generated from the underlying investments after payment of the contractual payments to debt holders and fund expenses. The current estimated yield is calculated using amortized cost based on the current projections of this excess cash flow taking into account assumptions which have been made regarding expected prepayments, losses and future reinvestment rates. These assumptions are periodically reviewed and adjusted. Ultimately, the actual yield may be higher or lower than the estimated yield if actual results differ from those used for the assumptions.
[42] Security was called for redemption and the liquidation of the underlying loan portfolio is ongoing.