FAIR VALUE OF FINANCIAL INSTRUMENTS - Schedule of Changes in Fair Value of Level 3 Investments (Details)
|
3 Months Ended |
9 Months Ended |
|
Mar. 31, 2026
USD ($)
|
Mar. 31, 2025
USD ($)
loan
|
Mar. 31, 2026
USD ($)
loan
|
Mar. 31, 2025
USD ($)
loan
|
| Investments |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Fair value, beginning balance |
$ 53,160,968
|
$ 65,390,783
|
$ 62,003,175
|
$ 41,500,649
|
| Net realized and unrealized gains (losses) on investments |
379,883
|
(660,360)
|
880,852
|
(971,108)
|
| Purchases of investments |
1,170,004
|
5,012,321
|
5,789,697
|
31,903,401
|
| Payment-in-kind interest |
12,701
|
97,254
|
146,889
|
264,239
|
| Accretion (amortization) of purchase discount and premium, net |
35,539
|
(1,738)
|
162,637
|
249,690
|
| Net Reductions to Subordinated Structured Notes and related investment cost |
(48,767)
|
(174,303)
|
(228,707)
|
(561,570)
|
| Repayments and sales of portfolio investments |
(324,183)
|
(140,172)
|
(11,685,854)
|
(10,503,000)
|
| Transfers within Level |
|
0
|
|
0
|
| Transfers into Level 3 |
0
|
0
|
0
|
7,641,484
|
| Transfers out of Level 3 |
0
|
(13,795,122)
|
(2,682,544)
|
(13,795,122)
|
| Fair value, ending balance |
54,386,145
|
55,728,663
|
54,386,145
|
55,728,663
|
| Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period |
453,417
|
(116,006)
|
1,265,803
|
258,222
|
| Investments | Debt and Equity Securities, Realized Gain (Loss) |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Total gains or losses included in earnings |
(73,534)
|
(502,268)
|
(1,068,203)
|
(1,670,689)
|
| Investments | Debt and Equity Securities, Unrealized Gain (Loss) |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Total gains or losses included in earnings |
453,417
|
(158,092)
|
1,949,055
|
699,581
|
| Senior Secured Loans-First Lien |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Fair value, beginning balance |
47,117,403
|
60,606,047
|
56,231,804
|
36,140,975
|
| Net realized and unrealized gains (losses) on investments |
200,177
|
187,691
|
355,408
|
651,048
|
| Purchases of investments |
1,113,864
|
4,962,321
|
5,576,170
|
31,853,401
|
| Payment-in-kind interest |
3,828
|
97,254
|
114,754
|
226,374
|
| Accretion (amortization) of purchase discount and premium, net |
35,539
|
(1,738)
|
162,637
|
262,820
|
| Net Reductions to Subordinated Structured Notes and related investment cost |
0
|
0
|
0
|
0
|
| Repayments and sales of portfolio investments |
(324,183)
|
(140,172)
|
(11,611,601)
|
(10,485,360)
|
| Transfers within Level |
|
1,085,835
|
|
1,665,174
|
| Transfers into Level 3 |
0
|
0
|
0
|
7,641,484
|
| Transfers out of Level 3 |
0
|
(12,166,512)
|
(2,682,544)
|
(12,166,512)
|
| Fair value, ending balance |
48,146,628
|
52,459,056
|
48,146,628
|
52,459,056
|
| Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period |
200,177
|
$ 229,778
|
$ 295,670
|
$ 271,503
|
| Number of lien loans transferred out of Level 3 to Level 2 | loan |
|
3
|
1
|
1
|
| Number of lien loans transferred out of Level 2 to Level 3 | loan |
|
0
|
|
1
|
| Senior Secured Loans-First Lien | Debt and Equity Securities, Realized Gain (Loss) |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Total gains or losses included in earnings |
0
|
$ 0
|
$ (576,639)
|
$ 0
|
| Senior Secured Loans-First Lien | Debt and Equity Securities, Unrealized Gain (Loss) |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Total gains or losses included in earnings |
200,177
|
187,691
|
932,047
|
651,048
|
| Senior Secured Loans-Second Lien |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Fair value, beginning balance |
2,557,387
|
1,628,610
|
2,500,000
|
1,559,701
|
| Net realized and unrealized gains (losses) on investments |
0
|
0
|
0
|
61,814
|
| Purchases of investments |
56,140
|
|
113,527
|
0
|
| Payment-in-kind interest |
0
|
0
|
0
|
37,865
|
| Accretion (amortization) of purchase discount and premium, net |
0
|
0
|
0
|
(13,130)
|
| Net Reductions to Subordinated Structured Notes and related investment cost |
0
|
0
|
0
|
0
|
| Repayments and sales of portfolio investments |
0
|
0
|
0
|
(17,640)
|
| Transfers within Level |
|
0
|
|
0
|
| Transfers into Level 3 |
0
|
0
|
0
|
0
|
| Transfers out of Level 3 |
0
|
(1,628,610)
|
0
|
(1,628,610)
|
| Fair value, ending balance |
2,613,527
|
0
|
2,613,527
|
0
|
| Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period |
0
|
$ 0
|
0
|
$ 0
|
| Number of lien loans transferred out of Level 3 to Level 2 | loan |
|
1
|
|
1
|
| Senior Secured Loans-Second Lien | Debt and Equity Securities, Realized Gain (Loss) |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Total gains or losses included in earnings |
0
|
$ 0
|
0
|
$ 0
|
| Senior Secured Loans-Second Lien | Debt and Equity Securities, Unrealized Gain (Loss) |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Total gains or losses included in earnings |
0
|
0
|
0
|
61,814
|
| Structured Subordinated Notes |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Fair value, beginning balance |
169,710
|
1,978,432
|
709,261
|
2,956,672
|
| Net realized and unrealized gains (losses) on investments |
(52,489)
|
(602,922)
|
(337,847)
|
(1,193,895)
|
| Purchases of investments |
0
|
|
0
|
0
|
| Payment-in-kind interest |
0
|
0
|
0
|
0
|
| Accretion (amortization) of purchase discount and premium, net |
0
|
0
|
0
|
0
|
| Net Reductions to Subordinated Structured Notes and related investment cost |
(48,767)
|
(174,303)
|
(228,707)
|
(561,570)
|
| Repayments and sales of portfolio investments |
0
|
0
|
(74,253)
|
0
|
| Transfers within Level |
|
0
|
|
0
|
| Transfers into Level 3 |
0
|
0
|
0
|
0
|
| Transfers out of Level 3 |
0
|
0
|
0
|
0
|
| Fair value, ending balance |
68,454
|
1,201,207
|
68,454
|
1,201,207
|
| Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period |
21,045
|
(100,654)
|
106,842
|
179,718
|
| Structured Subordinated Notes | Debt and Equity Securities, Realized Gain (Loss) |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Total gains or losses included in earnings |
(73,534)
|
(502,268)
|
(491,564)
|
(1,373,613)
|
| Structured Subordinated Notes | Debt and Equity Securities, Unrealized Gain (Loss) |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Total gains or losses included in earnings |
21,045
|
(100,654)
|
153,717
|
179,718
|
| Preferred Equity |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Fair value, beginning balance |
828,866
|
60,853
|
501,010
|
100,000
|
| Net realized and unrealized gains (losses) on investments |
2,465
|
17,741
|
207,059
|
(21,406)
|
| Purchases of investments |
0
|
50,000
|
100,000
|
50,000
|
| Payment-in-kind interest |
8,873
|
0
|
32,135
|
0
|
| Accretion (amortization) of purchase discount and premium, net |
0
|
0
|
0
|
0
|
| Net Reductions to Subordinated Structured Notes and related investment cost |
0
|
0
|
0
|
0
|
| Repayments and sales of portfolio investments |
0
|
0
|
0
|
0
|
| Transfers within Level |
|
0
|
|
0
|
| Transfers into Level 3 |
0
|
0
|
0
|
0
|
| Transfers out of Level 3 |
0
|
0
|
0
|
0
|
| Fair value, ending balance |
840,204
|
128,594
|
840,204
|
128,594
|
| Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period |
2,465
|
17,741
|
207,059
|
(21,406)
|
| Preferred Equity | Debt and Equity Securities, Realized Gain (Loss) |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Total gains or losses included in earnings |
0
|
0
|
0
|
0
|
| Preferred Equity | Debt and Equity Securities, Unrealized Gain (Loss) |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Total gains or losses included in earnings |
2,465
|
17,741
|
207,059
|
(21,406)
|
| Common Equity/Other |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Fair value, beginning balance |
2,487,602
|
1,116,841
|
2,061,100
|
743,301
|
| Net realized and unrealized gains (losses) on investments |
229,730
|
(262,870)
|
656,232
|
(468,669)
|
| Purchases of investments |
0
|
0
|
0
|
0
|
| Payment-in-kind interest |
0
|
0
|
0
|
0
|
| Accretion (amortization) of purchase discount and premium, net |
0
|
0
|
0
|
0
|
| Net Reductions to Subordinated Structured Notes and related investment cost |
0
|
0
|
0
|
0
|
| Repayments and sales of portfolio investments |
0
|
0
|
0
|
0
|
| Transfers within Level |
|
(1,085,835)
|
|
(1,665,174)
|
| Transfers into Level 3 |
0
|
0
|
0
|
0
|
| Transfers out of Level 3 |
0
|
0
|
0
|
0
|
| Fair value, ending balance |
2,717,332
|
1,939,806
|
2,717,332
|
1,939,806
|
| Net change in unrealized gains (losses) attributable to Level 3 investments still held at the end of the period |
229,730
|
(262,871)
|
656,232
|
(171,593)
|
| Common Equity/Other | Debt and Equity Securities, Realized Gain (Loss) |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Total gains or losses included in earnings |
0
|
0
|
0
|
(297,076)
|
| Common Equity/Other | Debt and Equity Securities, Unrealized Gain (Loss) |
|
|
|
|
| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] |
|
|
|
|
| Total gains or losses included in earnings |
$ 229,730
|
$ (262,870)
|
$ 656,232
|
$ (171,593)
|