10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

COMMISSION FILE NUMBER: 814-01054

INVESTCORP CREDIT MANAGEMENT BDC, INC.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	46-2883380
(State or other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

280 Park Avenue

39th Floor

New York, NY 10017

(Address of Principal Executive Offices) (Zip Code)

(212) 599-4700

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	ICMB	The NASDAQ Global Select Market

The number of shares of the issuer’s Common Stock, $0.001 par value per share, outstanding as of May 14, 2024 was 14,400,742.

		Page
PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Statements of Assets and Liabilities as of March 31, 2024 (unaudited) and June 30, 2023	1
	Consolidated Statements of Operations for the three and nine months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited)	2
	Consolidated Statements of Changes in Net Assets for the three and nine months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited)	3
	Consolidated Statements of Cash Flows for the nine months ended March 31, 2024 (unaudited) and March 31, 2023 (unaudited)	4
	Consolidated Schedule of Investments as of March 31, 2024 (unaudited)	5
	Consolidated Schedule of Investments as of June 30, 2023	9
	Notes to Unaudited Consolidated Financial Statements	13
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	34
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	45
Item 4.	Controls and Procedures	47
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	48
Item 1A.	Risk Factors	48
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	48
Item 3.	Defaults Upon Senior Securities	48
Item 4.	Mine Safety Disclosures	48
Item 5.	Other Information	48
Item 6.	Exhibits	49
SIGNATURES		50

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Statements of Assets and Liabilities

	March 31, 2024
	(Unaudited)		June 30, 2023
Assets
Non-controlled, non-affiliated investments, at fair value (amortized cost of    $195,540,865 and $219,319,251, respectively)	$	186,948,019	$	210,150,018
Affiliated investments, at fair value (amortized cost of $15,129,208 and    $23,979,565, respectively)		5,255,262		9,961,311
Total investments, at fair value (amortized cost of $210,670,073 and $243,298,816,    respectively)		192,203,281		220,111,329
Cash		2,728,347		1,093,758
Cash, restricted		10,161,162		8,057,458
Receivable for investments sold		1,972,100		—
Principal receivable		47,692		93,581
Interest receivable		1,304,722		2,041,877
Payment-in-kind interest receivable		59,166		46,088
Due from affiliate		175,916		—
Long-term receivable		618,772		—
Escrow receivable		95,190		—
Other receivables		—		1,050
Prepaid expenses and other assets		604,201		361,719
Total Assets	$	209,970,549	$	231,806,860
Liabilities
Notes payable:
Revolving credit facility	$	57,500,000	$	71,900,000
2026 Notes payable		65,000,000		65,000,000
Deferred debt issuance costs		(1,807,459)		(1,220,556)
Unamortized discount		(142,220)		(195,553)
Notes payable, net		120,550,321		135,483,891
Payable for investments purchased		3,487,533		1,795,297
Dividend payable		2,159,568		2,590,520
Income-based incentive fees payable		128,876		576,023
Base management fees payable		854,328		906,218
Interest payable		2,972,954		2,293,766
Directors' fees payable		—		15,755
Accrued expenses and other liabilities		716,004		445,082
Total Liabilities		130,869,584		144,106,552
Net Assets
Common stock, par value $0.001 per share (100,000,000 shares authorized 14,397,121     and 14,391,775 shares issued and outstanding, respectively)		14,397		14,392
Additional paid-in capital		203,346,421		203,327,714
Distributable earnings (loss)		(124,259,853)		(115,641,798)
Total Net Assets		79,100,965		87,700,308
Total Liabilities and Net Assets	$	209,970,549	$	231,806,860
Net Asset Value Per Share	$	5.49	$	6.09

See notes to unaudited consolidated financial statements.

1

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Statements of Operations (Unaudited)

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
Investment Income:
Interest income
Non-controlled, non-affiliated investments	$	5,561,333	$	6,314,620	$	16,180,220	$	18,184,247
Affiliated investments		28,830		—		29,370		(20,611)
Total interest income		5,590,163		6,314,620		16,209,590		18,163,636
Payment in-kind interest income
Non-controlled, non-affiliated investments		613,765		401,978		1,281,265		584,645
Affiliated investments		19,553		17,491		57,633		51,938
Total payment-in-kind interest income		633,318		419,469		1,338,898		636,583
Dividend income
Non-controlled, non-affiliated investments		54,138		—		54,138		101,755
Affiliated investments		—		—		—		—
Total dividend income		54,138		—		54,138		101,755
Payment in-kind dividend income
Non-controlled, non-affiliated investments		198,123		173,253		580,556		511,395
Affiliated investments		—		—		—		—
Total payment-in-kind dividend income		198,123		173,253		580,556		511,395
Other fee income
Non-controlled, non-affiliated investments		142,347		98,498		575,801		670,926
Affiliated investments		—		—		—		—
Total other fee income		142,347		98,498		575,801		670,926
Total investment income		6,618,089		7,005,840		18,758,983		20,084,295
Expenses:
Interest expense		2,174,195		2,166,739		6,649,314		6,119,083
Base management fees		951,799		1,043,306		2,910,978		3,204,391
Income-based incentive fees		—		—		(72,942)		(147,145)
Provision for tax expense		111,646		77,575		321,890		187,763
Professional fees		354,934		271,784		981,322		815,347
Allocation of administrative costs from Adviser		225,856		375,900		1,118,276		1,127,700
Amortization of deferred debt issuance costs		152,591		173,333		423,885		520,000
Amortization of original issue discount - 2026 Notes		17,777		17,777		53,332		53,332
Insurance expense		125,766		120,093		351,734		395,734
Directors' fees		75,157		75,625		221,407		226,875
Custodian and administrator fees		68,031		74,397		214,892		217,913
Other expenses		379,406		151,093		595,233		426,908
Total expenses		4,637,158		4,547,622		13,769,321		13,147,901
Waiver of base management fees		(97,431)		(89,939)		(292,326)		(296,566)
Waiver of income-based incentive fees		—		—		—		—
Net expenses		4,539,727		4,457,683		13,476,995		12,851,335
Net investment income		2,078,362		2,548,157		5,281,988		7,232,960
Net realized and unrealized gain/(loss) on investments:
Net realized gain (loss) from investments
Non-controlled, non-affiliated investments		(31,984)		(26,890,095)		(5,903,023)		(26,890,095)
Affiliated investments		(6,239,984)		—		(6,239,984)		—
Net realized gain (loss) from investments		(6,271,968)		(26,890,095)		(12,143,007)		(26,890,095)
Net change in unrealized appreciation (depreciation) in value of investments
Non-controlled, non-affiliated investments		1,089,608		24,505,471		576,387		22,391,835
Affiliated investments		5,515,738		(1,267,677)		4,144,308		(1,564,478)
Net change in unrealized appreciation (depreciation) on investments		6,605,346		23,237,794		4,720,695		20,827,357
Total realized gain (loss) and change in unrealized appreciation (depreciation) on investments		333,378		(3,652,301)		(7,422,312)		(6,062,738)
Net increase (decrease) in net assets resulting from operations	$	2,411,740	$	(1,104,144)	$	(2,140,324)	$	1,170,222
Basic and diluted:
Net investment income per share	$	0.14	$	0.18	$	0.37	$	0.50
Earnings per share	$	0.17	$	(0.08)	$	(0.15)	$	0.08
Weighted average shares of common stock outstanding		14,396,951		14,389,868		14,394,574		14,388,295
Distributions paid per common share	$	0.15	$	0.15	$	0.45	$	0.45

See notes to unaudited consolidated financial statements.

2

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Statements of Changes in Net Assets (Unaudited)

	For the three months ended March 31,
	2024		2023
Net assets at beginning of period	$	78,840,983	$	91,477,635
Net increase (decrease) in net assets resulting from operations:
Net investment income		2,078,362		2,548,157
Net realized gain (loss) from investments		(6,271,968)		(26,890,095)
Net change in unrealized appreciation (depreciation) on investments		6,605,346		23,237,794
Net increase (decrease) in net assets resulting from operations		2,411,740		(1,104,144)
Stockholder distributions:
Distributions from net investment income		(2,159,568)		(2,158,506)
Distributions from capital gains		—		—
Net decrease in net assets resulting from stockholder distributions		(2,159,568)		(2,158,506)
Capital transactions:
Issuance of common shares ($0 and $0, respectively)		—		—
Reinvestments of stockholder distributions		7,810		11,562
Net increase (decrease) in net assets resulting from capital transactions		7,810		11,562
Net increase (decrease) in net assets		259,982		(3,251,088)
Net assets at end of period	$	79,100,965	$	88,226,547

	For the nine months ended March 31,
	2024		2023
Net assets at beginning of period	$	87,700,308	$	93,509,392
Increase (decrease) in net assets resulting from operations:
Net investment income		5,281,988		7,232,960
Net realized gain (loss) from investments		(12,143,007)		(26,890,095)
Net change in unrealized appreciation (depreciation) on investments		4,720,695		20,827,357
Net increase (decrease) in net assets resulting from operations		(2,140,324)		1,170,222
Stockholder distributions:
Distributions from net investment income		(6,477,731)		(6,474,816)
Distributions from capital gains		—		—
Net decrease in net assets resulting from stockholder distributions		(6,477,731)		(6,474,816)
Capital transactions:
Issuance of common shares (0 and 0 , respectively)		—		—
Reinvestments of stockholder distributions		18,712		21,749
Net increase (decrease) in net assets resulting from capital transactions		18,712		21,749
Net increase (decrease) in net assets		(8,599,343)		(5,282,845)
Net assets at end of period	$	79,100,965	$	88,226,547

See notes to unaudited consolidated financial statements.

3

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (Unaudited)

	For the nine months ended March 31,
	2024		2023
Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations	$	(2,140,324)	$	1,170,222
Adjustments to reconcile net increase (decrease) in net assets resulting from    operations to net cash provided by (used in) operating activities:
Origination and purchase of investments		(44,625,747)		(38,535,317)
Payment in-kind interest and dividends		(1,906,376)		(1,101,142)
Sales and repayments of investments		68,788,139		46,998,760
Net realized (gain) loss on investments		12,143,007		26,890,095
Net change in unrealized appreciation/depreciation on investments		(4,720,695)		(20,827,357)
Amortization of discount/premium on investments		(1,770,280)		(1,056,482)
Amortization of deferred debt issuance costs		423,885		520,000
Amortization of original issue discount		53,333		53,333
Net (increase) decrease in operating assets:
Interest receivable		737,155		113,645
Payment-in-kind interest receivable		(13,078)		(46,836)
Receivable for investments sold		(1,972,100)		51,238
Principal receivable		45,889		—
Due from affiliate		(175,916)		—
Long-term receivable		(618,772)		—
Escrow receivable		(95,190)		—
Other receivables		1,050		(6,365)
Prepaid expenses and other assets		(242,482)		(100,487)
Net increase (decrease) in operating liabilities:
Payable for investments purchased		1,692,236		174,412
Interest payable		679,188		1,384,062
Directors fees payable		(15,755)		(7,150)
Accrued expenses and other liabilities		270,922		289,065
Base management fees payable		(51,890)		(100,736)
Income-based incentive fees payable		(447,147)		(148,232)
Net cash (used in) provided by operating activities		26,039,052		15,714,728
Cash Flows from Financing Activities:
Payment for deferred financing costs		(1,010,788)		—
Distributions to stockholders		(6,889,971)		(8,610,939)
Proceeds from borrowing on revolving financing facility		32,100,000		42,900,000
Repayments of borrowing on revolving financing facility		(46,500,000)		(45,000,000)
Net cash (used in) provided by financing activities		(22,300,759)		(10,710,939)
Net change in cash		3,738,293		5,003,789
Cash:
Cash and restricted cash at beginning of period(1)		9,151,216		9,155,077
Cash and restricted cash at end of period(2)	$	12,889,509	$	14,158,866
Supplemental and non-cash financing cash flow information:
Cash paid for interest	$	5,982,608	$	4,735,021
Cash paid for taxes	$	267,150	$	294,330
Issuance of shares pursuant to Dividend Reinvestment Plan	$	18,712	$	21,749
Non-cash purchase of investments	$	(31,302,254)	$	(8,043,963)
Non-cash sale of investments	$	31,302,254	$	8,043,963

(1)Represents $1,093,758 and $2,550,021 of unrestricted cash as of June 30, 2023 and June 30, 2022, respectively, and $8,057,458 and $6,605,056 of restricted cash for the same periods .

(2)Represents $2,728,347 and $2,902,376 of unrestricted cash as of March 31, 2024 and March 31, 2023, respectively, and $10,161,162 and $11,256,490 of restricted cash for the same periods .

See notes to unaudited consolidated financial statements.

4

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

(Unaudited)

March 31, 2024

Investments*(1)(2)		Industry	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares(3)		Amortized Cost		Fair Value		% of Net Assets
Non-Controlled/Non-Affiliated Investments
Senior Secured First Lien Debt Investments
4L Technologies, Inc.		Electronic Equipment, Instruments & Components	3M S + 7.50% + 1.50% PIK (1.00% Floor)	2/4/2020	6/30/2025	$	1,146,952	$	1,146,952	$	1,198,565	1.52	%
ALCV Purchaser, Inc.	(10)	Specialty Retail	3M S + 6.75% (1.00% Floor)	3/1/2021	4/15/2026		5,050,000		5,014,400		4,721,750	5.97	%
AMCP Clean Acquisition Company, LLC	(10)	Hotels, Restaurants, and Leisure	3M S + 5.00% (0.50% Floor)	2/27/2024	6/15/2028		3,000,000		2,955,590		2,955,000	3.74	%
American Auto Auction Group, LLC	(10)	Automotive Retail	3M S + 5.00% (0.75% Floor)	4/12/2023	12/30/2027		5,706,962		5,392,575		5,665,872	7.16	%
American Nuts Holdings, LLC - Term Loan A	(10)	Consumer Staples Distribution & Retail	3M S + 9.75% PIK (1.00% Floor)	4/4/2022	4/10/2026		4,328,212		4,328,212		4,068,520	5.14	%
American Nuts Holdings, LLC - Term Loan B	(9)(10)	Consumer Staples Distribution & Retail	3M S + 11.75% PIK (1.00% Floor)	4/4/2022	4/10/2026		4,295,184		1,377,406		901,989	1.14	%
American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) - Revolver	(6)(9)	Software	P + 5.50% (1.00% Floor)	5/6/2016	4/7/2023		1,736,618		1,718,794		—	—	%
Amerit Fleet Holdings, LLC	(10)	Commercial Services & Supplies	1M S + 8.10% (2.00% Floor)	12/13/2023	12/24/2025		7,462,500		7,320,306		7,305,787	9.24	%
Arborworks Acquisition LLC - Reinstated Term Loan (Take Back)	(10)	Commercial Services & Supplies	1M S + 6.50% PIK (1.00% Floor)	11/24/2021	11/6/2028		1,939,770		1,939,770		1,939,770	2.45	%
Arborworks Acquisition LLC - Revolver (New)	(4)	Commercial Services & Supplies	15.00% PIK	11/6/2023	11/6/2028		974,279		974,279		974,279	1.23	%
Axiom Global Inc.	(10)	Consumer Services	1M S + 4.75% (0.75% Floor)	9/12/2023	10/1/2026		4,961,129		4,898,439		4,911,518	6.21	%
Bioplan USA, Inc. - Take-Back Term Loan	(3)(10)	Containers & Packaging	3M S + 4.75% + 3.50% PIK (4.00% Floor)	3/8/2023	3/8/2028		5,792,684		5,530,874		5,662,348	7.16	%
Bioplan USA, Inc. - Priority Term Loan	(10)	Containers & Packaging	3M S + 10.00% (4.00% Floor)	2/28/2023	3/8/2027		3,367,275		3,424,175		3,594,566	4.55	%
CareerBuilder, LLC	(9)(10)	Professional Services	6M S + 6.75% (1.00% Floor)	7/27/2017	7/31/2026		5,300,420		5,296,093		1,854,081	2.34	%
Congruex Group LLC	(10)	Construction & Engineering	3M S + 5.75% (0.75% Floor)	9/27/2023	5/3/2029		3,969,697		3,918,462		3,830,758	4.84	%
Crafty Apes, LLC	(10)(13)	Entertainment	1M S + 9.25% PIK (1.00% Floor)	12/23/2021	11/1/2025		8,870,084		8,382,567		8,448,755	10.68	%
Easy Way Leisure Corporation	(10)	Household Durables	3M S + 7.50% (1.00% Floor)	8/2/2021	1/15/2026		7,865,115		7,813,946		7,865,115	9.94	%
Empire Office Inc.	(10)	Trading Companies & Distributors	1M S + 6.75% (1.50% Floor)	3/28/2019	4/12/2024		11,309,646		11,307,095		11,309,646	14.30	%
Flatworld Intermediate Corporation	(10)	IT Services	3M S + 7.00% (1.00% Floor)	10/3/2022	10/1/2027		2,239,865		2,205,389		2,183,868	2.76	%
Fleetpride Inc.	(10)	Trading Companies & Distributors	1M S + 4.50% (0.50% Floor)	9/27/2023	9/29/2028		2,985,000		2,955,380		2,985,000	3.77	%
INW Manufacturing, LLC	(10)	Food Products	3M S + 5.75% (0.75% Floor)	5/5/2021	3/25/2027		4,375,000		4,299,334		3,806,250	4.81	%
Klein Hersh, LLC	(3)(9)(10)(11)	Professional Services	3M S + 4.63% + 6.49% PIK (0.50% Floor)	4/21/2022	4/27/2027		9,925,075		9,817,092		4,764,036	6.02	%
LABL, INC.	(10)	Paper Packaging	1M S + 5.00% (0.50% Floor)	9/27/2023	10/30/2028		2,977,157		2,977,157		2,925,057	3.70	%

See notes to unaudited consolidated financial statements.

5

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

(Unaudited)

March 31, 2024

Investments*(1)(2)		Industry	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares(3)		Amortized Cost		Fair Value		% of Net Assets
Senior Secured First Lien Debt Investments, continued
LaserAway Intermediate Holdings II, LLC	(10)	Diversified Consumer Services	3M S + 5.75% (0.75% Floor)	10/12/2021	10/14/2027		7,213,156		7,144,255		7,213,156	9.12	%
LSF9 Atlantis Holdings LLC (Victra)	(10)	Specialty Retail	1M S + 6.50% (0.75% Floor)	2/26/2024	3/30/2029		1,973,333		1,899,147		1,991,291	2.52	%
Max US Bidco Inc.	(10)	Food Products	3M S + 5.00%	10/4/2023	10/2/2030		5,000,000		4,760,912		4,812,500	6.08	%
Northstar Group Services, Inc.	(10)	Commercial Services & Supplies	1M S + 5.50% (1.00% Floor)	12/15/2023	11/12/2026		2,448,979		2,448,979		2,448,979	3.10	%
Potpourri Group, Inc.	(10)	Internet & Direct Marketing Retail	1M S + 8.25% (1.50% Floor)	6/27/2019	7/3/2024		8,782,859		8,775,609		8,782,859	11.10	%
PVI Holdings, Inc.	(10)(12)	Trading Companies & Distributors	3M S + 6.49% (1.00% Floor)	7/29/2022	1/18/2028		3,940,000		3,910,826		3,940,000	4.98	%
Retail Services WIS Corporation	(10)	Commercial Services & Supplies	3M S + 8.35% (1.00% Floor)	5/20/2021	5/20/2025		6,244,663		6,203,342		6,244,663	7.90	%
Sandvine Corporation	(5)(7)(10)	Software	1M S + 4.50%	2/3/2023	10/31/2025		5,284,642		5,135,307		4,756,178	6.01	%
South Coast Terminals, LLC	(10)	Chemicals	1M S + 6.00% (1.00% Floor)	12/21/2021	12/10/2026		7,206,650		7,162,996		7,152,600	9.04	%
Work Genius Holdings, Inc	(10)	Professional Services	3M S + 7.00% (1.00% Floor)	6/6/2022	6/7/2027		9,826,923		9,757,820		9,704,086	12.27	%
Work Genius Holdings, Inc - Revolver	(4)	Professional Services	3M S + 7.50% (1.00% Floor)	12/28/2022	6/7/2027		750,000		750,000		740,625	0.94	%
Xenon Arc, Inc.	(10)	Trading Companies & Distributors	3M S + 5.75% (0.75% Floor)	12/27/2021	12/17/2027		8,827,500		8,827,500		8,827,500	11.16	%
Total Senior Secured First Lien Debt Investments									171,770,980		160,486,967	202.89	%
Equity, Warrants and Other Investments
4L Technologies, Inc. Common Stock	(8)	Electronic Equipment, Instruments & Components					149,918	$	2,171,581	$	58,468	0.07	%
4L Technologies, Inc. Preferred Stock	(8)	Electronic Equipment, Instruments & Components					2,289		209,004		1,259,005	1.60	%
Advanced Solutions International Preferred Equity		Software					888,170		1,000,000		1,758,577	2.22	%
ArborWorks, LLC A-1 Common Units	(8)	Commercial Services & Supplies					1,035		—		—	—	%
ArborWorks, LLC A-1 Preferred	(8)	Commercial Services & Supplies					8,633		4,362,023		2,150,356	2.72	%
ArborWorks, LLC B-1 Preferred	(8)	Commercial Services & Supplies					8,633		—		—	—	%
Bioplan USA, Inc. - Common Stock	(8)	Containers & Packaging					292,150		1,708,941		5,369,717	6.79	%
CF Arch Holdings LLC (Equity Interest)	(8)	Professional Services					200,000		200,000		330,000	0.41	%
Discovery Behavioral Health Preferred Stock	(8)	Health Care Providers & Services	13.50% PIK				4,000		4,000,000		5,400,000	6.83	%
Flatworld Intermediate Corporation - Equity Interest	(8)	IT Services					4,405		100,000		21,046	0.02	%
Fusion Connect, Inc. - Backstop Warrants	(8)	IT Services					8,904,634		—		56,990	0.07	%
Fusion Connect, Inc. - Common Stock	(8)	IT Services					230,191		1,184,606		377,513	0.48	%
Fusion Connect, Inc - Equity Investor Warrants	(8)	IT Services					1,345,747		—		—	—	%
Fusion Connect, Inc. - Investor Warrants	(8)	IT Services					8,904,634		—		56,990	0.07	%
Fusion Connect, Inc. - Series A Preferred	(3)	IT Services	12.50% PIK				500		6,555,481		5,928,121	7.49	%
Investcorp Transformer Aggregator LP	(8)	Commercial Services & Supplies					520,710		528,249		1,171,598	1.49	%
Pegasus Aggregator Holdings LP	(8)	Trading Companies & Distributors					9		750,000		915,796	1.16	%
Victors CCC Aggregator LP	(8)	Professional Services					500,000		500,000		710,000	0.90	%
Work Genius Holdings, Inc (Equity Interest)	(8)	Professional Services					500		500,000		896,875	1.13	%
Total Equity, Warrants and Other Investments									23,769,885		26,461,052	33.45	%
Total Non-Controlled/Non-Affiliated Investments								$	195,540,865	$	186,948,019	236.34	%

See notes to unaudited consolidated financial statements.

6

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

(Unaudited)

March 31, 2024

Investments*(1)(2)		Industry	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares(3)		Amortized Cost		Fair Value		% of Net Assets
Affiliated Investments (14)
Senior Secured First Lien Debt Investments
Techniplas Foreign Holdco LP	(3)	Automobile Components	10.00% PIK	6/19/2020	6/18/2027	$	792,417		792,417		611,191	0.77	%
Total Senior Secured First Lien Debt Investments									792,417		611,191	0.77	%
Equity, Warrants and Other Investments
Techniplas Foreign Holdco LP Common Stock	(8)	Automobile Components					879,559		14,336,791		4,644,071	5.87	%
Total Equity, Warrants and Other Investments									14,336,791		4,644,071	5.87	%
Total Affiliated Investments								$	15,129,208	$	5,255,262	6.64	%
Total Investments								$	210,670,073	$	192,203,281	242.98	%
Liabilities in excess of other assets											(113,102,316)	(142.98)	%
Net Assets										$	79,100,965	100.00	%

* All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted.

(1)The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of March 31, 2024, the Company’s portfolio company investments that were subject to restrictions on sales totaled $192,203,281 at fair value and represented 242.98% of the Company’s net assets.

(2)All investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors.

(3)Principal amount includes capitalized PIK interest unless otherwise noted.

(4)Refer to Note 6 for more detail on the unfunded commitments.

(5)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2024, non-qualifying assets represented 2.25% of the Company’s total assets, at fair value.

(6)Security in default.

(7)A portfolio company domiciled in Canada. The jurisdiction of the security issuer may be a different country than the domicile of the portfolio company.

(8)Securities are non-income producing.

(9)Classified as non-accrual asset.

(10)A portion or all is held by the Company indirectly through Investcorp Credit Management BDC SPV, LLC and pledged as collateral for the revolving credit facility held through Capital One, N.A.

(11)The Company has entered into an Agreement Amongst Lenders 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 contractual stated interest rate of SOFR plus 7.50% plus 3.00% PIK (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(12)The Company has entered into an Agreement Among Lenders with the "first out" lenders, whereby the “first out” tranche will receive priority ahead of the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder in certain circumstances. Therefore, the Company receives a higher interest rate than the contractually stated interest rate of SOFR plus 6.00% subject to a grid (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(13)The Company has entered into an Agreement Amongst Lenders 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 contractual stated interest rate of SOFR plus 7.50% Cash (Floor 1.00%) with an election for SOFR plus 9.25% PIK (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

See notes to unaudited consolidated financial statements.

7

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

(Unaudited)

March 31, 2024

(14)As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of this portfolio company because it owns 5% or more, up to 25% (inclusive), of the portfolio company’s outstanding voting securities (“non-controlled affiliate”). As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” a portfolio company if it owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). As of March 31, 2024, the Company had no “Control Investments.”

Transactions related to investments in non-controlled “Affiliate Investments” for the nine months ended March 31, 2024 were as follows:

Portfolio Company	Type of Investment(a)	June 30, 2023 Value		Gross Additions (b)		Gross Reductions (c)		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		March 31, 2024 Value		Amount of Interest or Dividends Credited to Income(d)
1888 Industrial Services, LLC	Senior Secured First Lien Term Loan A (3M LIBOR + 5.00% PIK)	$	1,477,807	$	—	$	—	$	(5,911,230)	$	4,433,423	$	—	$	—
	Senior Secured First Lien Term Loan C (3M LIBOR + 5.00%)		630,870		—		(302,116)		(328,754)		—		—		—
	Revolver (3M LIBOR + 5.00%)		591,359		—		(2,365,434)		—		1,774,075		—		12,451
	Common Equity Interest(e)		—		—		—		—		—		—		—
Techniplas Foreign Holdco LP	Senior Secured First Lien Term Loan (10.00% PIK)		827,410		57,177		—		—		(273,396)		611,191		74,552
	Common Stock(e)		6,433,865		—		—		—		(1,789,794)		4,644,071		—
		$	9,961,311	$	57,177	$	(2,667,550)	$	(6,239,984)	$	4,144,308	$	5,255,262	$	87,003

(a)The fair value of all investments was determined using significant unobservable inputs.

(b)Gross additions include increases in the cost basis of investments resulting from new investments, PIK and follow-on investments.

(c)Gross reductions include decreases in the total cost basis of investment repayments from principal repayments or sales.

(d)Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the Affiliate category.

(e)Investment is non-income producing.

PRIME — 8.50% as of March 31, 2024

PIK — Payment-In-Kind

1M S — 1-month SOFR (5.33% as of March 31, 2024)

3M S — 3-month SOFR (5.30% as of March 31, 2024)

6M S — 6-month SOFR (5.22% as of March 31, 2024)

See notes to unaudited consolidated financial statements.

8

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments

June 30, 2023

Investments*(1)(2)		Industry	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares(3)	Amortized Cost	Fair Value	% of Net Assets
Non-Controlled/Non-Affiliated Investments
Senior Secured First Lien Debt Investments
4L Technologies, Inc.		Electronic Equipment, Instruments & Components	3M S + 7.50% (1.00% Floor)	2/4/2020	6/30/2025	$1,132,352	$1,132,352	$1,132,352	1.29%
Advanced Solutions International	(10)	Software	3M S + 6.00% (1.00% Floor)	9/1/2020	9/16/2025	6,750,000	6,675,818	6,750,000	7.70%
AHF Parent Holding, Inc.	(10)	Building Products	3M S + 6.25% (0.75% Floor)	2/9/2022	2/1/2028	4,687,500	4,656,726	4,511,719	5.14%
ALCV Purchaser, Inc.	(10)	Specialty Retail	3M S + 6.75% (1.00% Floor)	3/1/2021	4/15/2026	5,200,000	5,152,059	5,148,000	5.87%
AMCP Clean Acquisition Company, LLC	(10)	Hotels, Restaurants, and Leisure	3M S + 4.25%	4/6/2023	7/10/2025	6,981,712	6,304,958	6,283,541	7.16%
Amerequip, LLC	(10)	Machinery	6M S + 7.40% (1.00% Floor)	9/1/2022	8/31/2027	4,994,516	4,950,906	4,994,516	5.69%
American Auto Auction Group, LLC	(10)	Automotive Retail	3M S + 5.00% (1.00% Floor)	4/12/2023	12/30/2027	4,239,241	3,888,170	3,878,905	4.42%
American Nuts Holdings, LLC - Term Loan A	(3)(9)(10)	Consumer Staples Distribution & Retail	3M S + 6.75% + 3.00% PIK (1.00% Floor)	4/4/2022	4/10/2026	3,788,372	3,760,262	3,030,698	3.46%
American Nuts Holdings, LLC - Term Loan B	(3)(9)(10)	Consumer Staples Distribution & Retail	3M S + 8.75% + 3.00% PIK (1.00% Floor)	4/4/2022	4/10/2026	3,788,372	3,759,975	3,030,698	3.46%
American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) - Revolver	(6)(9)	Software	P + 5.50% (1.00% Floor)	5/6/2016	4/7/2023	1,736,618	1,718,794	217,077	0.25%
Arborworks Acquisition LLC	(6)(10)	Commercial Services & Supplies	3M L + 7.00% + 3.00% PIK (1.00% Floor)	11/24/2021	11/9/2026	8,033,532	7,976,037	6,025,149	6.87%
Arborworks Acquisition LLC - Revolver	(4)(6)	Commercial Services & Supplies	3M L + 7.00% (1.00% Floor)	11/24/2021	11/9/2026	1,308,407	1,308,407	981,305	1.12%
Archer Systems, LLC	(10)	Professional Services	3M S + 6.00% (1.00% Floor)	8/11/2022	8/11/2027	5,414,246	5,367,591	5,441,317	6.20%
Bioplan USA, Inc. - Take-Back Term Loan	(3)	Containers & Packaging	3M S + 3.25% + 5.00% PIK (4.00% Floor)	3/8/2023	3/8/2028	5,605,485	5,303,003	5,213,101	5.94%
Bioplan USA, Inc. - Priority Term Loan	(10)	Containers & Packaging	3M S + 10.00% (4.00% Floor)	2/28/2023	3/8/2027	3,367,275	3,435,421	3,602,984	4.11%
CareerBuilder, LLC	(10)	Professional Services	3M L + 6.75% (1.00% Floor)	7/27/2017	7/31/2026	6,017,119	6,008,781	2,572,318	2.93%
Cook & Boardman Group, LLC	(10)	Trading Companies & Distributors	3M S + 5.75% (1.00% Floor)	10/12/2018	10/17/2025	9,547,181	9,508,116	9,213,030	10.51%
Crafty Apes, LLC	(10)(13)	Entertainment	1M S + 7.06% (1.00% Floor)	12/23/2021	11/1/2024	8,000,000	7,959,319	7,640,000	8.71%
Easy Way Leisure Corporation	(10)	Household Durables	3M S + 7.00% (1.00% Floor)	8/2/2021	1/15/2026	7,805,376	7,735,660	7,610,242	8.68%
Empire Office Inc.	(10)	Trading Companies & Distributors	1M L + 6.75% (1.50% Floor)	3/28/2019	4/12/2024	11,976,967	11,923,473	11,947,025	13.62%
Evergreen North America Acquisitions, LLC	(10)	Machinery	3M S + 6.75% (1.00% Floor)	7/26/2022	8/13/2026	4,467,360	4,394,797	4,400,349	5.02%
Evergreen North America Acquisitions, LLC - Revolver	(4)	Machinery	3M S + 6.75% (1.00% Floor)	7/26/2022	8/13/2026	211,107	211,107	207,941	0.24%
Flatworld Intermediate Corporation	(10)	IT Services	3M S + 6.50% (1.00% Floor)	10/3/2022	10/1/2027	2,420,270	2,376,950	2,359,764	2.69%

See notes to unaudited consolidated financial statements.

9

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

June 30, 2023

Investments*(1)(2)		Industry	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares(3)	Amortized Cost	Fair Value	% of Net Assets
Senior Secured First Lien Debt Investments, continued
Fusion Connect, Inc. - 2022 Term Loan	(3)(10)	IT Services	3M S + 7.50% + 1.00% PIK (1.00% Floor)	1/12/2022	1/18/2027	$6,838,831	$6,684,667	$6,684,957	7.62%
INW Manufacturing, LLC	(10)	Food Products	3M S + 5.75% (0.75% Floor)	5/5/2021	3/25/2027	4,562,500	4,467,824	4,288,750	4.89%
Klein Hersh, LLC	(3)(10)(11)	Professional Services	3M S + 4.63% + 6.77% PIK (0.50% Floor)	4/21/2022	4/27/2027	10,390,813	10,275,044	8,078,857	9.21%
LaserAway Intermediate Holdings II, LLC	(10)	Diversified Consumer Services	3M S + 5.75% (0.75% Floor)	10/12/2021	10/14/2027	7,268,500	7,187,704	7,268,500	8.29%
NWN Parent Holdings LLC	(10)	IT Services	3M S + 8.00% (1.00% Floor)	5/5/2021	5/7/2026	8,402,893	8,350,223	8,423,901	9.61%
NWN Parent Holdings LLC - Revolver	(4)	IT Services	3M S + 8.00% (1.00% Floor)	5/5/2021	5/7/2026	400,000	400,000	401,000	0.46%
Potpourri Group, Inc.	(10)	Internet & Direct Marketing Retail	1M S + 8.25% (1.50% Floor)	6/27/2019	7/3/2024	8,969,729	8,942,153	8,969,729	10.23%
PVI Holdings, Inc.	(10)(12)	Trading Companies & Distributors	3M S + 5.94% (1.00% Floor)	7/29/2022	7/16/2027	3,970,000	3,935,901	3,970,000	4.53%
Retail Services WIS Corporation	(10)	Commercial Services & Supplies	3M S + 7.75% (1.00% Floor)	5/20/2021	5/20/2025	6,508,087	6,440,129	6,443,006	7.35%
Sandvine Corporation	(5)(7)(10)	Software	3M S + 4.50%	2/3/2023	10/31/2025	5,284,642	5,074,088	5,046,833	5.75%
South Coast Terminals, LLC	(10)	Chemicals	1M L + 5.75% (1.00% Floor)	12/21/2021	12/10/2026	7,606,650	7,550,110	7,568,617	8.63%
Work Genius Holdings, Inc	(10)	Professional Services	3M S + 7.50% (1.00% Floor)	6/6/2022	6/7/2027	9,901,923	9,819,740	9,629,620	10.98%
Work Genius Holdings, Inc - Revolver	(4)	Professional Services	3M S + 7.50% (1.00% Floor)	12/28/2022	6/7/2027	750,000	750,000	729,375	0.83%
Xenon Arc, Inc.	(10)	Trading Companies & Distributors	6M L + 5.25% (0.75% Floor)	12/27/2021	12/17/2027	8,895,000	8,818,485	8,895,000	10.14%
Xenon Arc, Inc. - Revolver	(4)	Trading Companies & Distributors	6M L + 5.25% (0.75% Floor)	12/27/2021	12/17/2026	253,333	253,333	253,333	0.29%
Total Senior Secured First Lien Debt Investments							204,458,083	192,843,509	219.89%
Equity, Warrants and Other Investments
4L Technologies, Inc. Common Stock	(8)	Electronic Equipment, Instruments & Components				$149,918	$2,171,581	$95,947	0.11%
4L Technologies, Inc. Preferred Stock	(8)	Electronic Equipment, Instruments & Components				2,289	209,004	2,037,299	2.33%
Advanced Solutions International Preferred Equity		Software				888,170	1,000,000	1,758,577	2.01%
Arborworks Acquisition LLC (Equity Interest)	(8)	Commercial Services & Supplies				62	62,112	—	—
Bioplan USA, Inc. - Common Stock	(8)	Containers & Packaging				292,150	1,708,941	4,142,687	4.72%
CF Arch Holdings LLC (Equity Interest)	(8)	Professional Services				200,000	200,000	318,000	0.36%
Flatworld Intermediate Corporation - Equity Interest	(8)	IT Services				4,405	100,000	38,722	0.04%
Fusion Connect, Inc. - Backstop Warrants	(8)	IT Services				89,046	0	133,720	0.15%
Fusion Connect, Inc. - Common Stock	(8)	IT Services				230,209	1,184,606	575,914	0.66%
Fusion Connect, Inc - Equity Investor Warrants	(8)	IT Services				13,457	—	—	—
Fusion Connect, Inc. - Investor Warrants	(8)	IT Services				89,046	—	133,720	0.15%
Fusion Connect, Inc. - Series A Preferred	(3)	IT Services	12.50% PIK			59,749	5,974,924	4,824,752	5.50%
Investcorp Transformer Aggregator LP	(8)	Commercial Services & Supplies				500,000	500,000	880,000	1.01%
Pegasus Aggregator Holdings LP	(8)	Trading Companies & Distributors				9	750,000	898,491	1.02%
Victors CCC Aggregator LP	(8)	Professional Services				500,000	500,000	635,000	0.72%
Work Genius Holdings, Inc (Equity Interest)	(8)	Professional Services				500	500,000	833,680	0.95%
Total Equity, Warrants and Other Investments							14,861,168	17,306,509	19.73%
Total Non-Controlled/Non-Affiliates Investments							$219,319,251	$210,150,018	239.62%

See notes to unaudited consolidated financial statements.

10

Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

June 30, 2023

Investments*(1)(2)		Industry	Interest Rate	Initial Acquisition Date	Maturity Date	Principal Amount/ Shares(3)	Amortized Cost	Fair Value	% of Net Assets
Affiliated Investments(14)
Senior Secured First Lien Debt Investments
1888 Industrial Services, LLC - Term A	(3)(9)	Energy Equipment & Services	3M L + 5.00% PIK (1.00% Floor)	9/30/2016	8/31/2024	$5,911,230	$5,911,230	$1,477,807	1.69%
1888 Industrial Services, LLC - Term C	(9)	Energy Equipment & Services	3M L + 5.00% (1.00% Floor)	6/25/2019	8/31/2024	$630,870	630,870	630,870	0.72%
1888 Industrial Services, LLC - Revolver	(4)(9)	Energy Equipment & Services	3M L + 5.00% (1.00% Floor)	10/11/2016	8/31/2024	$2,365,434	2,365,434	591,359	0.67%
Techniplas Foreign Holdco LP	(3)	Automobile Components	10.00% PIK	6/19/2020	6/18/2027	$735,240	735,240	827,410	0.94%
Total Senior Secured First Lien Debt Investments							9,642,774	3,527,446	4.02%
Equity, Warrants and Other Investments
1888 Industrial Services, LLC (Equity Interest)	(8)	Energy Equipment & Services				11,881	—	—	0.00%
Techniplas Foreign Holdco LP Common Stock		Auto Components				879,559	14,336,791	6,433,865	7.34%
Total Equity, Warrants and Other Investments							14,336,791	6,433,865	7.34%
Total Affiliated Investments							$23,979,565	$9,961,311	11.36%
Total Investments							$243,298,816	$220,111,329	250.98%
Liabilities in excess of other assets								(132,411,021)	(150.98)%
Net Assets								$87,700,308	100.00%

* All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted.

(1)The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”.) Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of June 30, 2023, the Company’s portfolio company investments that were subject to restrictions on sales totaled $220,111,329 at fair value and represented 250.98% of the Company’s net assets.

(2)All investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company's board of directors.

(3)Principal amount includes capitalized PIK interest unless otherwise noted.

(4)Refer to Note 6 for more detail on the unfunded commitments.

(5)The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2023, non-qualifying assets represented 2.12% of the Company’s total assets, at fair value.

(6)Security in default.

(7)A portfolio company domiciled in Canada. The jurisdiction of the security issuer may be a different country than the domicile of the portfolio company.

(8)Securities are non-income producing.

(9)Classified as non-accrual asset.

(10)A portion or all is held by the Company indirectly through Investcorp Credit Management BDC SPV, LLC and pledged as collateral for the revolving credit facility held through Capital One, N.A.

(11)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 contractual stated interest rate of SOFR plus 4.63% (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(12)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 contractual stated interest rate of SOFR plus 5.75% (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

(13)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 contractual stated interest rate of SOFR plus 6.25% (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

See notes to unaudited consolidated financial statements.

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Investcorp Credit Management BDC, Inc. and Subsidiaries

Consolidated Schedule of Investments - (continued)

June 30, 2023

(14)As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of this portfolio company because it owns 5% or more, up to 25% (inclusive), of the portfolio company’s outstanding voting securities (“non-controlled affiliate”.). As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” a portfolio company if it owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over the management or policies of such portfolio company (including through a management agreement.) As of June 30, 2023, the Company had no “Control Investments.”

Transactions related to investment in non-controlled “Affiliated Investments” for the year ended June 30, 2023 were as follows:

Portfolio Company	Type of Investment(a)	June 30, 2022 Value		Gross Additions(b)		Gross Reductions(c)		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		June 30, 2023 Value		Amount of Interest or Dividends Credited to Income(d)
1888 Industrial Services, LLC	Senior Secured First Lien Term Loan A (3M LIBOR + 5.00% PIK)	$	1,477,807	$	—	$	—	$	—	$	—	$	1,477,807	$	—
	Senior Secured First Lien Term Loan C (3M LIBOR + 5.00%)		678,820		—		(47,950)		—		—		630,870		(20,611)
	Revolver (3M LIBOR + 5.00%)		556,152		140,826		—		—		(105,619)		591,359		—
	Common Equity Interest(e)		—		—		—		—		—		—		—
Techniplas Foreign Holdco LP	Senior Secured First Lien Term Loan (10.00% PIK)		931,265		70,051		—		—		(173,906)		827,410		70,070
	Common Stock(e)		7,002,759		421,396		—		—		(990,290)		6,433,865		—
		$	10,646,803	$	632,273	$	(47,950)	$	—	$	(1,269,815)	$	9,961,311	$	49,459

(a)The fair value of all investments were determined using significant unobservable inputs.

(b)Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.

(b)Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.

(c)Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the Affiliate category.

(d)Investment is non-income producing.

1M L — 1-month LIBOR (5.22% as of June 30, 2023)

3M L — 3-month LIBOR (5.55% as of June 30, 2023)

6M L — 6-month LIBOR (5.76% as of June 30, 2023)

PRIME — 8.25% as of June 30, 2023

PIK — Payment-In-Kind

1M S — 1-month SOFR (5.14% as of June 30, 2023)

3M S — 3-month SOFR (5.27% as of June 30, 2023)

6M S — 6-month SOFR (5.39% as of June 30, 2023)

See notes to unaudited consolidated financial statements.

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Investcorp Credit Management BDC, Inc. and subsidiaries

Notes to Consolidated Financial Statements (unaudited)

March 31, 2024

Note 1. Organization

Investcorp Credit Management BDC, Inc. (“ICMB” or the “Company”), a Maryland corporation formed in May 2013, is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”) for U.S. federal income tax purposes. The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services – Investment Companies.

On February 11, 2014, the Company completed its initial public offering (the “Offering”), selling 7,666,666 shares of its common stock, par value $0.001, including the underwriters’ over-allotment, at a price of $15.00 per share with net proceeds of approximately $111.5 million.

CM Finance LLC, a Maryland limited liability company, commenced operations in March 2012. Immediately prior to the Offering, CM Finance LLC was merged with and into the Company (the “Merger”). In connection with the Merger, the Company issued 6,000,000 shares of common stock and $39.8 million in debt to the pre-existing CM Finance LLC investors, consisting of funds managed by Cyrus Capital Partners, L.P. (the “Original Investors” or the “Cyrus Funds”). The Company had no assets or operations prior to completion of the Merger and, as a result, the books and records of CM Finance LLC became the books and records of the Company, as the surviving entity. Immediately after the Merger, the Company issued 2,181,818 shares of its common stock to Stifel Venture Corp. (“Stifel”) in exchange for $32.7 million in cash. The Company used all of the proceeds of the sale of shares to Stifel to repurchase 2,181,818 shares of common stock from the Original Investors. Immediately after the completion of the Offering, the Company had 13,666,666 shares outstanding. The Company used a portion of the net proceeds of the Offering to repay 100% of the debt issued to the Original Investors in connection with the Merger.

CM Investment Partners LLC (the “Adviser”) serves as the Company’s investment adviser. On August 30, 2019, Investcorp Credit Management US LLC (“Investcorp”), a subsidiary of Investcorp Bank Holdings B.S.C., acquired the interests in the Adviser, which were previously held by the Cyrus Funds and Stifel and paid off certain debt owed by the Adviser, resulting in Investcorp having a majority ownership interest in the Adviser (the “Investcorp Transaction”). On August 30, 2019, CM Finance, Inc. changed its name to Investcorp Credit Management BDC, Inc.

In connection with the Investcorp Transaction, on June 26, 2019, the Company entered into a definitive stock purchase and transaction agreement with Investcorp BDC Holdings Limited (“Investcorp BDC”), an affiliate of Investcorp (the “Stock Purchase Agreement”). Under the Stock Purchase Agreement, Investcorp BDC was required by August 30, 2021 to purchase (i) 680,985 newly issued shares of the Company’s common stock, par value $0.001 per share, at the most recently determined net asset value per share of the Company’s common stock at the time of such purchase, as adjusted as necessary to comply with Section 23 of the 1940 Act, and (ii) 680,985 shares of the Company’s common stock in open-market or secondary transactions. Investcorp BDC has completed all required purchases under the Stock Purchase Agreement.

In connection with the Investcorp Transaction, on June 26, 2019, the Company’s board of directors, including all of the directors who are not “interested persons” of the Company, as defined in Section 2(a)(19) of the 1940 Act (each, an “Independent Director”), unanimously approved a new investment advisory agreement (the “Advisory Agreement”) which was subsequently approved by the Company’s stockholders at a special meeting of stockholders held on August 28, 2019. In connection with the closing of the Investcorp Transaction, on August 30, 2019, the Company entered into the Advisory Agreement and a new administration agreement (the “Administration Agreement”) with the Adviser as its investment adviser and administrator, respectively. The Advisory Agreement and the Administration Agreement are substantially similar to the Company’s prior investment advisory agreement between the Company and the Adviser and the Company’s prior administration agreement, respectively.

The Company’s primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing directly in debt and related equity of privately held middle-market companies to help these companies fund acquisitions, growth or refinancing. The Company invests primarily in middle-market companies in the form of standalone first and second lien loans, unitranche loans and mezzanine loans. The Company may also invest in unsecured debt, bonds and in the equity of portfolio companies through warrants and other instruments.

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As a BDC, the Company is required to comply with certain regulatory requirements. For instance, as a BDC, the Company must not acquire any assets other than “qualifying assets,” as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70% of total assets are qualifying assets. Qualifying assets generally include investments in “eligible portfolio companies,” which, under the 1940 Act, are generally defined as any issuer that (1) is organized under the laws of, and has its principal place of business, in the United States; (2) is not an investment company (other than a small business investment company wholly-owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and (3) either does not have any class of securities listed on a national securities exchange or has any class of securities listed on a national securities exchange and have a market capitalization of less than $250 million, in each case organized and with their principal of business in the United States.

From time-to-time, the Company may form taxable subsidiaries that are taxed as corporations for U.S. federal income tax purposes (the “Taxable Subsidiaries”). At March 31, 2024 and June 30, 2023, the Company had no Taxable Subsidiaries. The Taxable Subsidiaries, if any, allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements applicable to a RIC under the Code.

Note 2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company.

a. Basis of Presentation

The accompanying consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended June 30, 2023. All values are stated in U.S. dollars, unless noted otherwise. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the periods included herein as required by U.S. GAAP. These adjustments are normal and recurring in nature.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments and other amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates utilized in preparing the Company’s consolidated financial statements are reasonable and prudent. Actual results could differ materially from these estimates. All material inter-company balances and transactions have been eliminated.

As permitted under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing all or substantially all of its services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, CM Finance SPV Ltd. (“SPV”), CM Finance SPV LLC (“LLC”) and Investcorp Credit Management BDC SPV, LLC (“SPV LLC”), which are special purpose vehicles used to finance certain investments in its consolidated financial statements. The effects of all material intercompany balances and transactions have been eliminated in consolidation.

The Company reclassified prior period affiliate and other information in the accompanying consolidated balance sheet and income statements to conform to its current period presentation. These reclassifications had no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.

b. Revenue Recognition, Security Transactions, and Realized/Unrealized Gains or Losses

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Origination, closing, commitment, and amendment fees, and purchase and original issue discounts (“OID”) associated with loans to portfolio companies are accreted into interest income over the respective terms of the applicable loans. Accretion of discounts or premiums is calculated by the effective interest or straight-line method, as applicable, as of the purchase date and adjusted only for material amendments or prepayments. Upon the prepayment of a loan or debt security, any prepayment penalties are included in other fee income and unamortized fees and discounts are recorded as interest income and are non-recurring in nature. During the three and nine months ended March 31, 2024, $626,352 and $1,001,898 of prepayment penalties and unamortized discounts upon prepayment were recorded as investment income. During the three and nine months ended March 31, 2023, $222,691 and $377,729 of prepayment penalties and unamortized discounts upon prepayment were recorded as interest income.

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Structuring fees and similar fees are recognized as income as earned, usually when received. Structuring fees, excess deal deposits, net profits interests and overriding royalty interests are included in other fee income.

Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. However, capitalized PIK interest will not be reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2024, the Company had four loans on non-accrual status, American Nuts Holdings, LLC - Term B, American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, CareerBuilder, LLC and Klein Hersh, LLC, which collectively represented 3.91% of the Company’s portfolio at fair value. As of June 30, 2023, the Company had six loans on non-accrual status, 1888 Industrial Services, LLC – Term A, Term C and Revolver, American Nuts Holdings, LLC - Term A and Term B, and American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, which collectively represented 4.08% of the Company’s portfolio at fair value.

Dividend income is recorded on the ex-dividend date.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are determined by calculating the difference between the net proceeds from the disposition and the amortized cost basis of the investments, without regard to unrealized gains or losses previously recognized. Realized gains or losses on the sale of investments are calculated using the specific identification method. The Company reports changes in fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the Unaudited Consolidated Statements of Operations.

The Company holds debt investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on an accrual basis to the extent that such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. The Company earned PIK interest of $633,318 and $1,338,898 during the three and nine months ended March 31, 2024. The Company earned PIK interest of $419,469 and $636,583 during the three and nine months ended March 31, 2023.

The Company may hold equity investments in its portfolio that contain a PIK dividend provision. PIK dividends, which represent contractual dividend payments added to the investment balance, are recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company earned PIK dividends of $198,123 and $580,556 during the three and nine months ended March 31, 2024. The Company earned PIK dividends of $173,253 and $511,395 during the three and nine months ended March 31, 2023.

c. Paid In Capital

The Company records the proceeds from the sale of its common stock to common stock and additional paid-in capital, net of commissions and marketing support fees.

d. Net Increase (Decrease) in Net Assets Resulting from Operations per Share

The net increase (decrease) in net assets resulting from operations per share is calculated based upon the weighted average number of shares of common stock outstanding during the reporting period.

e. Distributions

Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Company’s board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are generally distributed annually, although the Company may decide to retain such capital gains for investment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s board of directors authorizes, and the Company declares, a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution.

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f. Cash and Restricted Cash

Cash and restricted cash consist of bank demand deposits. The Company deposits its cash in financial institutions and, at times, such balance may be in excess of the Federal Deposit Insurance Corporation insurance limits. All of the Company’s cash deposits are held at what management believes to be large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote. The Company has restrictions on the uses of the cash held by SPV, LLC based on the terms of the relevant financing arrangement. For more information on the Company’s financing arrangements and borrowings, see Note 5.

g. Due from the Sale of 1888 Industrial Services, LLC

During the quarter ended March 31, 2024, the Company completed the sale of its investments in 1888 Industrial Services, LLC resulting in $2.5 million in proceeds of which a portion is Long-term receivable in the amount of $618,772 and a portion is an Escrow receivable in the amount of $95,190 on the Consolidated Statements of Assets and Liabilities. The escrow is held as recourse for indemnity claims that may arise under the sale agreement. As of March 31, 2024, the Long-term receivable and the Escrow receivable are recorded at estimated realizable value.

h. Deferred Offering Costs

Deferred offering costs consist of fees and expenses incurred in connection with the offer and sale of the Company’s common stock and bonds, including legal, accounting, printing fees, and other related expenses, as well as costs incurred in connection with the filing of a shelf registration statement. These costs are capitalized when incurred and recognized as a reduction of offering proceeds when the offering is completed.

i. Investment Transactions and Expenses

Purchases of loans, including revolving credit agreements, are recorded on a fully committed basis until the funded and unfunded portions are known or estimable, which in many cases may not be until settlement.

Expenses are accrued as incurred.

Deferred debt issuance costs and deferred financing costs, incurred in connection with the Company’s financing arrangements and borrowings, are amortized using the straight-line method which approximates the effective interest method over the life of the debt.

j. Investment Valuation

The Company applies fair value accounting to all of its financial instruments in accordance with ASC Topic 820 – Fair Value Measurements and Disclosures (“ASC 820”) and Rule 2a-5 under the 1940 Act. ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its investments and financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

Fair value is defined as the price that would be received upon a sale of an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Securities that are traded on securities exchanges (including such securities traded in the afterhours market) are valued on the basis of the closing price on the valuation date (if such prices are available). Securities that are traded on more than one securities exchange are valued at the closing price on the primary securities exchange on which such securities are traded on the valuation date (or if reported on the consolidated tape, then their last sales price on the consolidated tape). Listed options for which the last sales price falls between the last “bid” and “ask” prices for such options are valued at their last sales price on the date of the valuation on the primary securities exchange on which such options are traded. Options for which the last sales price on the valuation date does not fall

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between the last “bid” and “ask” prices are valued at the average of the last “bid” and “ask” prices for such options on that date. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. The Company held no Level 1 investments as of March 31, 2024 or June 30, 2023.

Investments that are not traded on securities exchanges but are traded on the over-the-counter (“OTC”) markets (such as term loans, notes and warrants) are valued using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable) and fundamental data relating to the issuer. These investments are categorized in Level 2 of the fair value hierarchy, or in instances when lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Investments for which market quotations are not readily available or may be considered unreliable are fair valued, in good faith, using a method determined to be appropriate in the given circumstances. The valuation methods used include the Cost Approach, the Market Approach and the Income Approach. Inputs used in these approaches may include, but are not limited to, interest rate yield curves, credit spreads, recovery rates, comparable company transactions, trading multiples, and volatilities. The valuation method the Company uses may change as changes in the underlying portfolio company dictates, such as moving from the Cost Approach to Market Approach when underlying conditions change at the company. Because of the inherent uncertainty of valuation in these circumstances, the fair values for the aforementioned investments may differ significantly from values that would have been used had a ready and liquid market for such investments existed or from the amounts that might ultimately be realized, and such differences could be material.

The Adviser seeks to ensure that the Company’s valuation policies and procedures, as approved by the Company’s board of directors, are consistently applied across all investments of the Company. The valuations are continuously monitored and the valuation process for Level 3 investments is completed on a quarterly basis and is designed to subject the valuation of Level 3 investments to an appropriate level of consistency, oversight and review. The valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Adviser responsible for the portfolio investment. These investment professionals prepare the preliminary valuations based on their evaluation of financial and operating data, company specific developments, market valuations of comparable securities from the same company or that of comparable companies as well as any other relevant factors including recent purchases and sales that may have occurred preceding month-end.

Valuation models are typically calibrated upon initial funding and are re-calibrated as necessary upon subsequent material events (including, but not limited to additional financing activity, changes in comparable companies, and recent trades). The preliminary valuation conclusions are then documented and discussed with senior management of the Adviser. On a periodic basis and at least once annually, one or more third-party independent valuation firm(s) engaged by the Company conduct independent appraisals and review the Adviser’s preliminary valuations and make their own independent assessment. The Valuation Committee of the Company’s board of directors then reviews the preliminary valuations of the Adviser and, as applicable, that of any independent valuation firms. The Valuation Committee discusses the valuations and makes a recommendation to the Company’s board of directors regarding the fair value of each investment in good faith based on the input of the Adviser and the independent valuation firm(s). Upon recommendation by the Valuation Committee and a review of the valuation materials of the Adviser and the third-party independent valuation firm(s), the board of directors of the Company determines, in good faith, the fair value of each investment.

For more information on the classification of the Company’s investments by major categories, see Note 4.

The fair value of the Company’s assets and liabilities that qualify as financial instruments under U.S. GAAP approximates the carrying amounts presented in the Unaudited Consolidated Statements of Assets and Liabilities.

k. Income Taxes

The Company has elected to be treated, for U.S. federal income tax purposes, as a RIC under Subchapter M of the Code. To maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements and distribute to stockholders, for each taxable year, at least 90% of the Company’s “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. If the Company continues to qualify as a RIC and continues to satisfy the annual distribution requirement, the Company will not have to pay corporate level U.S. federal income taxes on any income that the Company distributes to its stockholders. The Company intends to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. The Company will also be subject to nondeductible U.S. federal excise taxes if the Company does not distribute to its stockholders at least 98% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no U.S. federal income taxes. Additionally, certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes. At March 31, 2024 and March 31, 2023, the Company had no Taxable Subsidiaries. The Company incurred excise tax expenses, which are included in the provision for tax expense of $111,646

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and $321,890 for the three and nine months ended March 31, 2024, and $77,575 and $187,763 for the three and nine months ended March 31, 2023.

Book and tax basis differences that are permanent differences are reclassified among the Company’s capital accounts, as appropriate at year-end. Additionally, the tax character of distributions is determined in accordance with the Code, which differs from U.S. GAAP. During the three and nine months ended March 31, 2024, the Company recorded distributions of $2,159,568 and $6,477,731. During the three and nine months ended March 31, 2023, the Company recorded distributions of $2,158,506 and $6,474,816. For certain periods, the tax character of a portion of distributions may be return of capital.

U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Company’s policy is to recognize accrued interest and penalties associated with uncertain tax positions as part of the tax provision.

The Company has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions for any tax year since inception. The tax years ended June 30, 2020 through present remain subject to examinations by taxing authorities. This conclusion may be subject to review and adjustment at a later date based on factors, including but not limited to, ongoing analysis and changes to laws, regulations, and interpretations thereof.

Permanent differences between investment company taxable income and net investment income for financial reporting purposes are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. During the year ended June 30, 2023, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of paydown gains and losses, Taxable Subsidiary partnership investments, nondeductible taxes paid and income/(loss) from wholly owned subsidiaries as follows:

	As of June 30, 2023
Additional paid-in capital	$	(284,155)
Distributable earnings		284,155

The tax character of all distributions paid by the Company during the year ended June 30, 2023 was ordinary income.

At June 30, 2023, the components of distributable earnings on a tax basis were as follows:

	As of June 30, 2023
Undistributed net investment income	$	11,648,379
Accumulated capital gains (losses) and other		(27,970,779)
Capital loss carryover		(73,713,555)
Unrealized appreciation (depreciation)		(23,015,323)
Distributions payable		(2,590,520)
Distributable earnings (loss)	$	(115,641,798)

For U.S. federal income tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. These capital losses can be carried forward for an indefinite period and will retain their character as either short-term or long-term capital losses. As of June 30, 2023, the Company had a net short-term capital loss carryforward of $1,971,187 and a net long-term capital loss carryforward of $71,742,368 available to be carried forward for an indefinite period.

A RIC may elect to defer any capital losses incurred after October 31 of a taxable year (“post-October”) to the beginning of the following fiscal year. As of June 30, 2023, the Company had a post-October short-term capital loss deferral of $41,242 and a post-October long-term capital loss deferral of $27,178,811. These losses were deemed to arise on July 1, 2023.

l. Capital Gains Incentive Fee

Under the Advisory Agreement, the Company has agreed to pay the Adviser a fee for investment advisory and management services consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee (the “Incentive Fee”). The Incentive Fee has two components: one based on the Company’s pre-Incentive Fee net investment income (the “Income-Based Fee”) and one based on capital gains (the “Capital Gains Fee”). Under U.S. GAAP, the Company calculates the Capital Gains Fee payable to the Adviser as if the Company had realized all investments at their fair values as of the reporting date. Accordingly, the Company accrues a provisional Capital Gains Fee taking into account any unrealized gains or losses. As the provisional Capital Gains

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Fee is subject to the performance of investments until there is a realization event, the amount of provisional Capital Gains Fee accrued at a reporting date may vary from the incentive fee that is ultimately realized and the differences could be material.

Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date) commencing with the Company’s fiscal year ending on June 30, 2021, and is calculated at the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in each case calculated from June 30, 2020. If the amount so calculated is positive, then the Capital Gains Fee for such year is equal to 20% of such amount, less the aggregate amount of Capital Gains Fees paid in all prior years under the Advisory Agreement. If such amount is negative, then no Capital Gains Fee will be payable for such year. Under the Advisory Agreement, the Capital Gains Fee was not charged until the fiscal year ended June 30, 2023. As of March 31, 2024 and June 30, 2023, there was no Capital Gains Fee payable to the Adviser under the Advisory Agreement.

Note 3. Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial statements upon adoption.

In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions", which was issued to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The new guidance is effective for annual periods beginning after December 15, 2023 and interim periods within those annual periods. The Company does not anticipate the new standard will have a material impact to the consolidated financial statements and related disclosures.

Note 4. Investments

The Company’s investments, at any time, may include securities and other financial instruments, including, without limitation, corporate and government bonds, convertible securities, collateralized loan obligations, term loans, revolvers and delayed draw facilities, trade claims, equity securities, privately negotiated securities, direct placements, working interests, warrants and investment derivatives (such as credit default swaps, recovery swaps, total return swaps, options, forward contracts, and futures) (all of the foregoing collectively referred to in these financial statements as “investments”).

a. Certain Risk Factors

In the ordinary course of business, the Company manages a variety of risks including market risk, liquidity risk and credit risk. The Company identifies, measures and monitors risk through various control mechanisms, including trading limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.

Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, including as a result of changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities. In particular, the Company may invest in issuers that are experiencing or have experienced financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy proceedings), which involves significant risks. The Company manages its exposure to market risk through the use of risk management strategies and various analytical monitoring techniques.

With respect to liquidity risk, the Company’s assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making the purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Credit risk is the potential loss the Company may incur from a failure of an issuer to make payments according to the terms of a contract. The Company is subject to credit risk because of its strategy of investing in the debt of leveraged companies and its involvement in derivative instruments. The Company’s exposure to credit risk on its investments is limited to the fair value of the investments. With regard to derivatives, the Company attempts to limit its credit risk by considering its counterparty’s (or its guarantor’s) credit rating.

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b. Investments

Investment purchases, sales and principal payments/paydowns are summarized below for the three and nine months ended March 31, 2024 and March 31, 2023, respectively. These purchase and sale amounts exclude derivative instruments as well as non-cash restructurings.

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
Investment purchases, at cost (including PIK interest)	$	10,224,161	$	11,109,646	$	46,532,123	$	39,636,459
Investment sales and repayments		26,658,550		14,917,260		68,788,139		46,998,760

The composition of the Company’s investments as of March 31, 2024, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:

Investment Type	Investments at Amortized Cost		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
Senior Secured First Lien Debt Investments	$	172,563,397	81.91	%	$	161,098,158	83.82	%
Equity, Warrants and Other Investments		38,106,676	18.09			31,105,123	16.18
Total	$	210,670,073	100.00	%	$	192,203,281	100.00	%

The composition of the Company’s investments as of June 30, 2023, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:

Investment Type	Investments at     Amortized Cost		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
Senior Secured First Lien Debt Investments	$	214,100,857	88.00	%	$	196,370,955	89.21	%
Equity, Warrants and Other Investments		29,197,959	12.00			23,740,374	10.79
Total	$	243,298,816	100.00	%	$	220,111,329	100.00	%

The Company uses Global Industry Classification Standard (“GICS”) codes to identify the industry groupings in its portfolio. The following table shows the portfolio composition by industry grouping at fair value at March 31, 2024:

Industry Classification	Investments at Fair Value		Percentage of Total Portfolio
Trading Companies & Distributors	$	27,977,942	14.56	%
Commercial Services & Supplies		22,235,432	11.57
Professional Services		18,999,703	9.88
Containers & Packaging		14,626,631	7.61
Internet & Direct Marketing Retail		8,782,859	4.57
IT Services		8,624,528	4.49
Food Products		8,618,750	4.48
Entertainment		8,448,755	4.40
Household Durables		7,865,115	4.09
Diversified Consumer Services		7,213,156	3.75
Chemicals		7,152,600	3.72
Specialty Retail		6,713,041	3.49
Software		6,514,755	3.39
Automotive Retail		5,665,872	2.95
Health Care Providers & Services		5,400,000	2.81
Automobile Components		5,255,262	2.73
Consumer Staples Distribution & Retail		4,970,509	2.59
Consumer Services		4,911,518	2.56
Construction & Engineering		3,830,758	1.99
Hotels, Restaurants, and Leisure		2,955,000	1.54
Paper Packaging		2,925,057	1.52
Electronic Equipment, Instruments & Components		2,516,038	1.31
Total	$	192,203,281	100.00	%

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The following table shows the portfolio composition by industry grouping at fair value at June 30, 2023:

Industry Classification	Investments at Fair Value		Percentage of Total Portfolio
Trading Companies & Distributors	$	35,176,879	15.98	%
Professional Services		28,238,167	12.83
IT Services		23,576,450	10.71
Commercial Services & Supplies		14,329,460	6.51
Software		13,772,487	6.26
Containers & Packaging		12,958,772	5.89
Machinery		9,602,806	4.36
Internet & Direct Marketing Retail		8,969,729	4.08
Entertainment		7,640,000	3.47
Household Durables		7,610,242	3.46
Chemicals		7,568,617	3.44
Diversified Consumer Services		7,268,500	3.30
Automobile Components		7,261,275	3.30
Hotels, Restaurants, and Leisure		6,283,541	2.85
Consumer Staples Distribution & Retail		6,061,396	2.75
Specialty Retail		5,148,000	2.34
Building Products		4,511,719	2.05
Food Products		4,288,750	1.95
Automotive Retail		3,878,905	1.76
Electronic Equipment, Instruments & Components		3,265,598	1.48
Energy Equipment & Services		2,700,036	1.23
Total	$	220,111,329	100.00	%

The following table shows the portfolio composition by geographic grouping at fair value at March 31, 2024:

Geographic Region	Investments at Fair Value		Percentage of Total Portfolio
U.S. Northeast	$	75,778,770	39.43	%
U.S. West		56,624,278	29.46
U.S. Southeast		23,727,611	12.35
U.S. Midwest		21,331,349	11.10
U.S. Mid-Atlantic		6,670,095	3.47
International		4,756,178	2.47
U.S. Southwest		3,315,000	1.72
Total	$	192,203,281	100.00	%

The following table shows the portfolio composition by geographic grouping at fair value at June 30, 2023:

Geographic Region	Investments at Fair Value		Percentage of Total Portfolio
U.S. Northeast	$	94,658,227	43.00	%
U.S. West		44,911,266	20.40
U.S. Midwest		26,602,440	12.09
U.S. Southeast		20,803,349	9.45
U.S. Mid-Atlantic		17,721,607	8.05
U.S. Southwest		10,367,607	4.71
International		5,046,833	2.30
Total	$	220,111,329	100.00	%

The Company’s primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing directly in debt and related equity of privately held middle-market companies to help these companies fund acquisitions, growth or refinancing. During the nine months ended March 31, 2024, the Company made investments in new and existing portfolio companies of approximately $42.5 million, to which it was not previously contractually committed to provide financial support. During the nine months ended March 31, 2024, the Company made investments of approximately $2.2 million in companies to which it was previously committed to provide financial support through the terms of the revolvers and delayed draw term loans. The details of the Company’s investments have been disclosed on the Unaudited Consolidated Schedule of Investments.

c. Derivatives

Derivative contracts include total return swaps and embedded derivatives in the Company’s borrowings. The Company may enter into derivative contracts as part of its investment strategies. On October 28, 2020, the SEC adopted a rule that modifies the conditions by which BDCs can enter into, or “cover” open positions pursuant to, certain derivatives contracts that involve potential

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future payment obligations (the “Derivatives Rule”). The Derivatives Rule requires a BDC entering into a derivatives contract to develop and implement a derivatives risk management program, to comply with an outer limit on asset coverage ratio based on the VaR (“value-at-risk”) test, and to report its derivative activity to its board of directors on a regular basis. The Derivatives Rule also contains exceptions to these conditions for any fund that limits its exposure to derivatives positions to 10 percent of its net assets. At March 31, 2024 and June 30, 2023, the Company held no derivative contracts.

d. Fair Value Measurements

ASC 820 defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a framework for measuring fair value and a valuation hierarchy that prioritizes the inputs used in the valuation of an asset or liability based upon their transparency. The valuation hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assets and liabilities measured at fair value have been classified in the following three categories:

Level 1 – valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 – valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; or (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 – valuation is based on unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. However, the fair value measurement objective remains the same, that is, an exit price from the perspective of a market participant that holds the asset or owes the liability. Therefore, unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Unobservable inputs are developed based on the best information available under the circumstances, which might include the Company’s own data. The Company’s own data used to develop unobservable inputs is adjusted if information is reasonably available without undue cost and effort that indicates that market participants would use different assumptions.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the market and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Estimates of fair value for cash and restricted cash are measured using observable, quoted market prices, or Level 1 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs.

The following table summarizes the classifications within the fair value hierarchy of the Company’s assets measured at fair value as of March 31, 2024:

	Level 1		Level 2		Level 3		Total
Assets
Investments
Senior Secured First Lien Debt Investments	$	—	$	—	$	161,098,158	$	161,098,158
Equity, Warrants and Other Investments		—		—		31,105,123		31,105,123
Total Investments	$	—	$	—	$	192,203,281	$	192,203,281

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The following table summarizes the classifications within the fair value hierarchy of the Company’s assets measured at fair value as of June 30, 2023:

	Level 1		Level 2		Level 3		Total
Assets
Investments
Senior Secured First Lien Debt Investments	$	—	$	—	$	196,370,955	$	196,370,955
Equity, Warrants and Other Investments		—		—		23,740,374		23,740,374
Total Investments	$	—	$	—	$	220,111,329	$	220,111,329

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended March 31, 2024:

	Senior Secured First Lien Debt Investments		Senior Secured Second Lien Debt Investments		Unsecured Debt Investments		Equity, Warrants and Other Investments		Total Investments
Fair value at June 30, 2023	$	196,370,955	$	—	$	—	$	23,740,374	$	220,111,329
Purchases (including PIK interest)		41,923,318		—		—		4,608,805		46,532,123
Sales and repayments		(68,788,139)		—		—		—		(68,788,139)
Amortization		1,770,280		—		—		—		1,770,280
Net realized gains (losses)		(12,080,895)		—		—		(62,112)		(12,143,007)
Transfers in		—		—		—		4,362,023		4,362,023
Transfers out		(4,362,023)		—		—		—		(4,362,023)
Net change in unrealized appreciation (depreciation)		6,264,662		—		—		(1,543,967)		4,720,695
Fair value at March 31, 2024	$	161,098,158	$	—	$	—	$	31,105,123	$	192,203,281
Change in unrealized appreciation (depreciation) relating to assets still held as of March 31, 2024	$	(2,413,463)	$	—	$	—	$	(1,606,082)	$	(4,019,545)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended March 31, 2023:

	Senior Secured First Lien Debt Investments		Senior Secured Second Lien Debt Investments		Unsecured Debt Investments		Equity, Warrants and Other Investments		Total Investments
Fair value at June 30, 2022	$	214,858,036	$	—	$	—	$	18,825,950	$	233,683,986
Purchases (including PIK interest)		38,403,669		—		—		1,232,790		39,636,459
Sales and repayments		(46,998,760)		—		—		—		(46,998,760)
Amortization		1,056,482		—		—		—		1,056,482
Net realized gains (losses)		(9,515,487)		(17,374,608)		—		—		(26,890,095)
Transfers in		—		—		—		1,708,942		1,708,942
Transfers out		(1,708,942)		—		—		—		(1,708,942)
Net change in unrealized (depreciation) appreciation		4,328,279		17,374,608		—		(875,530)		20,827,357
Fair value at March 31, 2023	$	200,423,277	$	—	$	—	$	20,892,152	$	221,315,429
Change in unrealized appreciation (depreciation) relating to assets still held as of March 31, 2023	$	(4,639,143)	$	—	$	—	$	(1,290,076)	$	(5,929,219)

Transfers into Level 3 during or at the end of the reporting period are reported under Level 1 or Level 2 as of the beginning of the period. Transfers out of Level 3 during or at the end of the reporting period are reported under Level 3 as of the beginning of the period. Changes in unrealized gains (losses) relating to Level 3 instruments are included in net change in unrealized (depreciation) appreciation on investments and derivatives on the Unaudited Consolidated Statements of Operations.

During the three and nine months ended March 31, 2024 and March 31, 2023, the Company did not transfer any investments among Levels 1, 2 and 3.

The following tables provide quantitative information regarding the Company’s Level 3 fair value measurements as of March 31, 2024 and June 30, 2023. This information presents the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured notes is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

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	Fair Value as of March 31, 2024		Valuation Methodology	Unobservable Input(s)	Weighted Average	Range
Senior Secured First Lien Debt Investments	$	148,050,513	Income Approach	Market Yields	13.2%		9.8%-19.9%
Senior Secured First Lien Debt Investments		5,527,539	Market Comparable Approach	EBITDA Multiple	7.7x		6.1x-8.9x
Senior Secured First Lien Debt Investments		1,854,081	Market Comparable Approach	Revenue Multiple	0.36x		0.36x
Senior Secured First Lien Debt Investments		—	Recent Transaction	Recent Transaction	N/A		N/A
Senior Secured First Lien Debt Investments		5,666,025	Recovery Analysis	Recovery Amount	N/A		N/A
Equity, Warrants, and Other Investments		5,928,121	Income Approach	Market Yields	16.3%		16.3%
Equity, Warrants, and Other Investments		25,177,002	Market Comparable Approach	EBITDA multiple	10.0x		5.0x-19.9x
Equity, Warrants, and Other Investments		—	Recent Transaction	Recent Transaction	N/A		N/A

	Fair Value as of June 30, 2023		Valuation Methodology	Unobservable Input(s)	Weighted Average	Range
Senior Secured First Lien Debt Investments	$	161,776,983	Income Approach	Market Yields	13.3%	10.1% - 18.0%
Senior Secured First Lien Debt Investments		13,895,260	Market Comparable Approach	EBITDA Multiple	17.3x	5.7x – 21.2x
Senior Secured First Lien Debt Investments		5,272,355	Market Comparable Approach	Revenue Multiple	0.3x	0.30x – 0.38x
Senior Secured First Lien Debt Investments		15,209,280	Recent Transaction	Recent Transaction	N/A	N/A
Senior Secured First Lien Debt Investments		217,077	Recovery Analysis	Recovery Amount	N/A	N/A
Equity, Warrants and Other Investments		4,824,752	Income Approach	Market Yields	18.0%	18.0%
Equity, Warrants and Other Investments		18,915,622	Market Comparable Approach	EBITDA multiple	8.7x	5.7x – 24.2x
Equity, Warrants and Other Investments		—	Market Comparable Approach	Revenue Multiple	0.3x	0.3x

Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value and such changes could result in a significant increase or decrease in the fair value. Significant increases in illiquidity discounts, PIK discounts and market yields would result in significantly lower fair value measurements.

Note 5. Borrowings

On August 23, 2021, the Company, through SPV LLC entered into a five-year, $115 million senior secured revolving credit facility (the “Capital One Revolving Financing”) with Capital One, N.A. (“Capital One”), which is secured by collateral consisting primarily of loans in the Company’s investment portfolio. On June 14, 2023, we amended the Capital One Revolving Financing to decrease the facility size from $115 million to $100 million. On January 17, 2024, we amended the Capital One Revolving Financing to (i) extend the maturity date to January 17, 2029, (ii) increase of the applicable interest spreads under the Capital One Revolving Financing and (iii) extend the Scheduled Revolving Period End Date (as defined in Capital One Revolving Financing) to January 17, 2027. The Capital One Revolving Financing, which will expire on January 17, 2029 (the “Maturity Date”), features a three-year reinvestment period and a two-year amortization period.

Effective January 17, 2024, borrowings under the Capital One Revolving Financing generally bear interest at a rate per annum equal to the Secured Overnight Financing Rate (“SOFR”) plus 3.10%. The default interest rate will be equal to the interest rate then in effect plus 2.00%. The Capital One Revolving Financing required the payment of an upfront fee of 1.125% ($1.3 million) of the available borrowings under the Capital One Revolving Financing at the closing, and requires the payment of an unused fee of (i) 0.75% annually for any undrawn amounts below 50% of the Capital One Revolving Financing, (ii) 0.50% annually for any undrawn amounts between 50% and 75% of the Capital One Revolving Financing, and (iii) 0.25% annually for any undrawn amounts above 75% of the Capital One Revolving Financing. Borrowings under the Capital One Revolving Financing are based on a borrowing base. The Capital One Revolving Financing generally requires payment of interest and fees on a quarterly basis. All outstanding principal is due on the Maturity Date. The Capital One Revolving Financing also requires mandatory prepayment of interest and principal upon certain events.

As of March 31, 2024 and June 30, 2023, there were $57.5 million and $71.9 million in borrowings outstanding under the Capital One Revolving Financing, respectively.

Restricted cash (as shown on the Unaudited Consolidated Statements of Assets and Liabilities) is held by the trustee of the Capital One Revolving Financing and is restricted to purchases of investments by SPV LLC that must meet certain eligibility criteria identified by the loan, security and investment management agreement governing the Capital One Revolving Financing. As of March 31, 2024, SPV LLC had a notional amount of $172.5 million, which included $157.6 million of the Company’s portfolio investments at fair value, no accrued interest receivable and $10.2 million in cash held by the trustees of the Capital One Revolving Financing. As of June 30, 2023, SPV and LLC had a notional amount of $194.0 million in assets with a fair value of $181.5 million,

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no accrued interest receivable and $8.1 million in cash held by the trustee of the Capital One Revolving Financing. For the three and nine months ended March 31, 2024, the weighted average outstanding debt balance and the weighted average stated interest rate under the Capital One Revolving Financing was $63.6 million and $68.2 million, respectively, and 8.34% and 7.98%, respectively. For the three and nine months ended March 31, 2023, the weighted average outstanding debt balance and the weighted average stated interest rate under the Capital One Revolving Financing was $75.7 million and $81.4 million, respectively, and 7.00% and 5.46%, respectively.

For more information, see Note 15. “Subsequent Events.”

The fair value of the Company’s borrowings is estimated based on the rate at which similar credit facilities or debentures would be priced. At March 31, 2024 and June 30, 2023, the fair value of the Company’s total borrowings under the Capital One Revolving Financing, was estimated at $57.5 million and $71.9 million respectively, which the Company concluded was a Level 3 fair value.

On March 31, 2021, the Company closed the public offering of $65 million in aggregate principal amount of 4.875% notes due 2026 (the “2026 Notes”). The total net proceeds to the Company from the sale of the 2026 Notes, after deducting the underwriting discounts and commissions of approximately $1.3 million and estimated offering expenses of approximately $215,000, were approximately $63.1 million.

The 2026 Notes will mature on April 1, 2026, unless previously redeemed or repurchased in accordance with their terms, and bear interest at a rate of 4.875%. The 2026 Notes are direct unsecured obligations and rank pari passu, which means equal in right of payment, with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. Because the 2026 Notes are not secured by any of the Company’s assets, they are effectively subordinated to all of the Company’s existing and future secured unsubordinated indebtedness (or any indebtedness that is initially unsecured as to which the Company subsequently grants a security interest), to the extent of the value of the assets securing such indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries and financing vehicles, including, without limitation, borrowings under the Capital One Revolving Financing. The 2026 Notes are obligations exclusively of the Company and not of any of the Company’s subsidiaries. None of the Company’s subsidiaries is a guarantor of the 2026 Notes and the 2026 Notes will not be required to be guaranteed by any subsidiary the Company may acquire or create in the future.

The 2026 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price (as determined by the Company) equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the redemption date: (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided, however, that if the Company redeems any 2026 Notes on or after January 1, 2026 (the date falling three months prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption; provided, further, that no such partial redemption shall reduce the portion of the principal amount of a 2026 Note not redeemed to less than $2,000. Interest on the 2026 Notes is payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2021. The Company may from time to time repurchase 2026 Notes in accordance with the 1940 Act and the rules promulgated thereunder.

As of March 31, 2024, the carrying amount of the 2026 Notes was $64.9 million on an aggregate principal balance of $65.0 million at a current yield of 5.35%. As of March 31, 2024, the fair value of the 2026 Notes was $59.3 million. The Company concluded that this was Level 3 fair value under ASC 820.

Long-Term Debt Maturities

Set forth below is the aggregate principal amount of our long-term debt as of March 31, 2024 (excluding unamortized premiums, net, unamortized debt issuance costs and note payable) maturing during the following years:

2024	$	—
2025		—
2026		122,500,000
Total long-term debt	$	122,500,000

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Note 6. Indemnification, Guarantees, Commitments and Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of representations and warranties and general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

The Company’s board of directors declared the following quarterly distributions during the nine months ended March 31, 2024:

Declared	Ex-Date	Record Date	Pay Date	Amount	Fiscal Quarter
September 14, 2023	October 11, 2023	October 12, 2023	November 2, 2023	$0.1500	1st 2024
November 9, 2023	December 13, 2023	December 14, 2023	January 8, 2024	$0.1500	2nd 2024
February 8, 2024	March 14, 2024	March 15, 2024	April 5, 2024	$0.1500	3rd 2024

Loans purchased by the Company may include revolving credit agreements or other financing commitments obligating the Company to advance additional amounts on demand. The Company generally sets aside sufficient liquid assets to cover its unfunded commitments, if any.

The following table details the Company’s unfunded commitments to portfolio companies as of March 31, 2024:

Investments	Unfunded Commitment		Fair Value		Annual Non-use Fee	Expiration Date
Arborworks Acquisition LLC – Revolver (New)		279,588		—	0.50%	11/6/28
Flatworld Intermediate Corporation – Revolver		567,568		—	0.50%	10/1/27
South Coast Terminals LLC – Revolver		967,742		—	0.50%	12/10/26
Total Unfunded Commitments	$	1,814,898	$	—

The following table details the Company’s unfunded commitments to portfolio companies as of June 30, 2023:

Investments	Unfunded Commitment		Fair Value		Annual Non-use Fee	Expiration Date
1888 Industrial Services, LLC – Revolver	$	186,990	$	—	0.50%	8/31/24
Amerequip, LLC – Revolver		967,742		—	0.50%	8/31/27
Arborworks Acquisition LLC – Revolver		554,947		—	0.50%	11/9/26
Archer Systems, LLC – Revolver		603,175		—	0.50%	8/11/27
Evergreen North America Acquisitions, LLC – Revolver		276,064		—	0.50%	8/13/26
Flatworld Intermediate Corporation – Revolver		567,567		—	0.50%	10/1/27
NWN Parent Holdings LLC – Revolver		800,000		—	0.50%	5/7/26
South Coast Terminals LLC – Revolver		967,742		—	0.50%	12/10/26
Xenon Arc, Inc. – Revolver		746,667		—	0.50%	12/17/26
Total Unfunded Commitments	$	5,670,894	$	—

Note 7. Agreements and Related Party Transactions

The following table provides a summary of related party transactions under the Advisory and Administration Agreements with the Adviser for the three and nine months ended March 31, 2024 and 2023:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
Base management fees	$	951,799	$	1,043,306	$	2,910,978	$	3,204,391
Waiver of base management fees		(97,431)		(89,939)		(292,326)		(296,566)
Income-based incentive fees		—		—		(72,942)		(147,145)
Waiver of income-based incentive fees		—		—		—		—
Capital gains fee		—		—		—		—
Allocation of administrative costs from Adviser		225,856		375,900		1,118,276		1,127,700
Total net expense to affiliates	$	1,080,224	$	1,329,267	$	3,663,986	$	3,888,380

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The following table provides a summary of related party transactions under the Advisory and Administration Agreements with the Adviser as of March 31, 2024 and June 30, 2023:

	As of March 31,		As of June 30,
	2024		2023
Due from affiliate	$	175,916	$	—
Total amount due from affiliate	$	175,916	$	—
Base management fees payable	$	854,328	$	906,218
Income-based incentive fees payable		128,876		576,023
Capital gains fee payable		—		—
Allocation of administrative costs from Adviser payable(1)		133,376		172,308
Total amount due to affiliates	$	1,116,580	$	1,654,549

(1)Balances are reported within Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities.

Advisory Agreement

The Company is party to the Advisory Agreement with the Adviser. Under the Advisory Agreement, the Base Management Fee is calculated at an annual rate of 1.75% of the Company’s gross assets, including assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents (such amount, “Gross Assets”).

For the three and nine months ended March 31, 2024, $951,799 and $2,910,978 in Base Management Fees were earned by the Adviser, of which $97,431 and $292,326 was voluntarily waived. As of March 31, 2024, $854,328 of such fees were payable. For the three and nine months ended March 31, 2023, $1,043,306 and $3,204,391 in Base Management Fees were earned by the Adviser, of which $89,939 and $296,566 was voluntarily waived. As of June 30, 2023, $906,218 of such fees were payable. There is no guarantee that the Adviser will waive Base Management Fees in the future. Any portion of the Base Management Fee waived is not subject to recapture.

The Base Management Fee is calculated based on the average value of the Company’s Gross Assets at the end of the two most recently completed fiscal quarters prior to the quarter for which such fees are being calculated. The Base Management Fee is payable quarterly in arrears and the Base Management Fees for any partial month or quarter will be appropriately pro-rated.

Under the Advisory Agreement, the Income-Based Fee is calculated and payable quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding fiscal quarter, subject to a total return requirement (the “Total Return Requirement”) and deferral of non-cash amounts, and is 20.0% of the amount, if any, by which the Company’s Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets attributable to its common stock, for the immediately preceding fiscal quarter, exceeds a 2.0% (which is 8.0% annualized) hurdle rate and a “catch-up” provision measured as of the end of each fiscal quarter. Under this provision, in any fiscal quarter, the Adviser receives no Income-Based Fee until the Company’s Pre-Incentive Fee Net Investment Income exceeds the hurdle rate of 2.0%, but then receives, as a “catch-up,” 100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% (which is 10.0% annualized). The effect of the “catch-up” provision is that, subject to the Total Return Requirement and deferral provisions discussed below, if Pre-Incentive Fee Net Investment Income exceeds 2.5% in any fiscal quarter, the Adviser receives 20.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply.

“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial assistance and consulting fees or other fees that we receive from portfolio companies) accrued during the fiscal quarter, minus the Company’s operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement and any interest expense and any distributions paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash.

Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

No Income-Based Fee is payable under the Advisory Agreement except to the extent 20.0% of the cumulative net increase in net assets resulting from operations over the fiscal quarter for which fees are being calculated and the Lookback Period (as defined below) exceeds the cumulative Incentive Fees accrued and/or paid for the Lookback Period. The “cumulative net increase in net assets

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resulting from operations” is the amount, if positive, of the sum of Pre-Incentive Fee Net Investment Income, realized gains and losses and unrealized appreciation and depreciation of the Company for the then current fiscal quarter and the Lookback Period. The “Lookback Period” means (1) through June 30, 2022, the period that commences on the last day of the fiscal quarter in which the Advisory Agreement became effective and ends on the last day of the fiscal quarter immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated, and (2) after June 30, 2022, the eleven fiscal quarters immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated.

For the three and nine months ended March 31, 2024, the Company wrote off $0 and $72,942 in previously deferred Income-Based Fees and incurred no Income-Based Fees. As of March 31, 2024, $128,876 in incentive fees related to Income-Based Fees incurred by the Company are payable to the Adviser, of which fees of $16,929 are payable and fees of $111,947 generated from deferred interest (i.e., PIK and certain discount accretion) are not payable until such amounts are received in cash. For the three and nine months ended March 31, 2023, the Company wrote off $0 and $147,145 in previously deferred Income-Based Fees and incurred no Income-Based Fees. As of June 30, 2023, $576,023 in incentive fees related to Income-Based Fees incurred by the Company are payable to the Adviser, of which fees of $374,206 are payable and fees of $201,817 generated from deferred interest (i.e., PIK and certain discount accretion) are not payable until such amounts are received in cash. Any voluntary waivers of the incentive fee in no way implies that the Adviser will agree to waive any incentive fee in any future period. Any portion of the incentive fees waived are not subject to recapture.

Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), commencing with the fiscal year ended June 30, 2021, and is equal to 20.0% of our cumulative aggregate realized capital gains from the Commencement Date through the end of that fiscal year, computed net of the Company’s aggregate cumulative realized capital losses and our aggregate cumulative unrealized capital depreciation through the end of such year, less the aggregate amount of any previously paid Capital Gains Fees. If such amount is negative, then no Capital Gains Fee will be payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a fiscal year end, the termination date will be treated as though it were a fiscal year end for purposes of calculating and paying the Capital Gains Fee. Under the Advisory Agreement, the Capital Gains Fee was not charged until the fiscal year ending June 30, 2023.

Under U.S. GAAP, the Company calculates the Capital Gains Fee as if it had realized all assets at their fair values as of the reporting date. Accordingly, the Company accrues a provisional Capital Gains Fee taking into account any unrealized gains or losses. As the provisional Capital Gains Fee is subject to the performance of investments until there is a realization event, the amount of the provisional Capital Gains Fee accrued at a reporting date may vary from the Capital Gains Fee that is ultimately realized and the differences could be material.

As of March 31, 2024, there was no Capital Gains Fee accrued, earned or payable to the Adviser under the Advisory Agreement. As of June 30, 2023, there was no Capital Gains Fee accrued, earned or payable to the Adviser under the Advisory Agreement.

The Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of its duties and obligations under the Advisory Agreement, the Adviser and its officers, managers, partners, agents, employees, controlling persons and members, and any other person or entity affiliated with it, are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser’s services under the Advisory Agreement or otherwise as the Adviser.

Mr. Mauer holds an approximate 17% interest in the Adviser. Investcorp holds an approximate 83% ownership interest in the Adviser. Pursuant to the Advisory Agreement, the Company has agreed to pay to the Adviser a Base Management Fee and an Incentive Fee. Mr. Mauer, an interested member of the Board, has a direct or indirect pecuniary interest in the Adviser. The Incentive Fee will be computed and paid on income that we may not have yet received in cash at the time of payment. This fee structure may create an incentive for the Adviser to invest in certain types of speculative securities. Additionally, the Company will rely on investment professionals from the Adviser to assist the Board with the valuation of the Company’s portfolio investments. The Adviser’s Base Management Fee and Incentive Fee is based on the value of our investments and, therefore, there may be a conflict of interest when personnel of the Adviser are involved in the valuation process for the Company’s portfolio investments.

As of March 31, 2024, the Company reflected a due from affiliate balance of $175,916 on the Consolidated Statements of Assets and Liabilities, for an overpayment of expenses owed to the Adviser for administrative expenses incurred. There was no due from affiliate balance as of June 30, 2023.

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Administration Agreement

Pursuant to the Administration Agreement, the Adviser furnishes the Company with office facilities and equipment and provides it with the clerical, bookkeeping, recordkeeping and other administrative services necessary to conduct day-to-day operations. Under the Administration Agreement, the Adviser performs, or oversees the performance of the Company’s required administrative services, which includes, among other things, being responsible for the financial records which it is required to maintain and preparing reports to its stockholders and reports filed with the SEC. In addition, the Adviser assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports and other materials to its stockholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to it by others. Under the Administration Agreement, the Adviser also provides managerial assistance on the Company’s behalf to those portfolio companies that have accepted its offer to provide such assistance. In addition, the Adviser may satisfy certain of its obligations to the Company under the Administration Agreement through the services agreement with Investcorp International Inc., an affiliate of Investcorp, including supplying the Company with accounting and back-office professionals upon the request of the Adviser.

The Company reimburses the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement. Payments under the Administration Agreement equal an amount based upon the Company’s allocable portion (subject to the review of the Company’s board of directors) of the Adviser’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the Company’s chief financial officer and chief compliance officer and their respective staffs. The Company incurred costs of $225,856 and $1,118,276 under the Administration Agreement for the three and nine months ended March 31, 2024. The Company incurred costs of $375,900 and $1,127,700 under the Administration Agreement for the three and nine months ended March 31, 2023. As of March 31, 2024 and June 30, 2023, the Company recorded an Allocation of Administrative Costs from Adviser Payable of $133,376 and $172,308, respectively, reported within Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities for reimbursement of expenses owed to the Adviser under the Administration Agreement.

During the nine months ended March 31, 2024, the Company recorded approximately $356,000 of expenses that related to the fiscal year ended June 30, 2023. Of this amount, approximately $239,000 related to expenses allocated from the Adviser.

Stock Purchase Agreement

In connection with the Investcorp Transaction, on June 26, 2019, the Company entered into a definitive stock purchase and transaction agreement with Investcorp BDC Holdings Limited (“Investcorp BDC”), an affiliate of Investcorp (the “Stock Purchase Agreement”), pursuant to which Investcorp BDC was required by August 30, 2021, to purchase (i) 680,985 newly issued shares of the Company’s common stock, at the most recently determined net asset value per share of the Company’s common stock at the time of such purchase, as adjusted as necessary to comply with Section 23 of the 1940 Act, and (ii) 680,985 shares of the Company’s common stock in open-market or secondary transactions. Investcorp BDC completed all remaining required purchases under the Stock Purchase Agreement during the quarter ended September 30, 2021.

Co-investment Exemptive Relief

On July 20, 2021, the SEC issued an order, which superseded a prior order issued on March 19, 2019, granting the Company’s application for exemptive relief to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions with other funds managed by the Adviser or its affiliates and any future funds that are advised by the Adviser or its affiliated investment advisers (the “Exemptive Relief”). Under the terms of the Exemptive Relief, in order for the Company to participate in a co-investment transaction a “required majority” (as defined in Section 57(o) of the 1940 Act) of the directors who are not “interested persons” of the Company, as defined in Section 2(a)(19) of the 1940 Act (each, an “Independent Director”) must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s investment objectives and strategies.

License Agreement

The Company has entered into a license agreement with the Adviser under which the Adviser has agreed to grant the Company a non-exclusive, royalty-free license to use the name “Investcorp.” Under this agreement, the Company has a right to use the “Investcorp” name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company has no legal right to the “Investcorp” name. This license agreement will remain in effect for so long as the Advisory Agreement with the Adviser is in effect and Investcorp is the majority owner of the Adviser.

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Note 8. Directors’ Fees

Each Independent Director receives (i) an annual fee of $75,000, and (ii) $2,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending in person or telephonically each regular board of directors meeting and each special telephonic meeting. Each Independent Director also receives $1,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with each committee meeting attended in person and each telephonic committee meeting. The chairperson of the audit committee receives an additional annual fee of $7,500. The chairperson(s) of the valuation committee, the nominating and corporate governance committee and the compensation committee receives an additional annual fee of $2,500, $2,500 and $2,500, respectively. The Company has obtained directors’ and officers’ liability insurance on behalf of the Company’s directors and officers. For the three and nine months ended March 31, 2024, the Company recorded directors’ fees of $75,157 and $221,407, of which $- were payable at March 31, 2024. For the three and nine months ended March 31, 2023, the Company recorded directors’ fees of $75,625 and $226,875, of which $15,755 were payable at June 30, 2023.

Note 9. Net Change in Net Assets Resulting from Operations Per Share

Basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.

The following table sets forth the computation of the weighted average basic and diluted net increase in net assets per share from operations:

Basic and Diluted Net Increase (Decrease) in Net Assets Per Share	Three months ended March 31,				Nine months ended March 31,
	2024		2023		2024		2023
Net increase (decrease) in net assets resulting from operations	$	2,411,740	$	(1,104,144)	$	(2,140,324)	$	1,170,222
Weighted average shares of common stock outstanding		14,396,951		14,389,868		14,394,574		14,388,295
Basic/diluted net increase (decrease) in net assets from operations per share	$	0.17	$	(0.08)	$	(0.15)	$	0.08

On September 3, 2021, the Company issued 453,985 shares of common stock, par value $0.001 per share to Investcorp BDC at a price of $6.92 per share for an aggregate offering price of $3,141,576. The sale of the Company’s common stock to Investcorp BDC was made pursuant to the Stock Purchase Agreement and the issuance of the Company’s common stock was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. Investcorp BDC is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the Securities Act.

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Note 10. Distributions

The following table reflects the distributions declared on shares of the Company’s common stock since the Offering in February 2014. Stockholders of record as of each respective record date were entitled to receive the distribution:

Declaration Date	Record Date	Payment Date	Amount Per Share
March 14, 2014	March 24, 2014	March 31, 2014	$	0.1812
May 14, 2014	June 16, 2014	July 1, 2014	$	0.3375
September 4, 2014	September 18, 2014	October 1, 2014	$	0.3375
November 6, 2014	December 18, 2014	January 5, 2015	$	0.3375
January 28, 2015	March 18, 2015	April 2, 2015	$	0.3469
May 6, 2015	June 8, 2015	July 5, 2015	$	0.3469
June 10, 2015#	September 1, 2015	September 15, 2015	$	0.4300
June 10, 2015	September 18, 2015	October 2, 2015	$	0.3469
November 3, 2015	December 18, 2015	January 5, 2016	$	0.3469
February 2, 2016	March 18, 2016	April 7, 2016	$	0.3516
April 28, 2016	June 17, 2016	July 7, 2016	$	0.3516
August 25, 2016	September 16, 2016	October 6, 2016	$	0.3516
November 3, 2016	December 16, 2016	January 5, 2017	$	0.3516
November 3, 2016	March 17, 2017	April 6, 2017	$	0.2500
May 2, 2017	June 16, 2017	July 6, 2017	$	0.2500
August 24, 2017	September 8, 2017	October 5, 2017	$	0.2500
November 7, 2017	March 16, 2018	April 5, 2018	$	0.2500
May 2, 2018	June 15, 2018	July 5, 2018	$	0.2500
August 23, 2018	September 18, 2018	October 5, 2018	$	0.2500
November 6, 2018	December 14, 2018	January 3, 2019	$	0.2500
February 5, 2019	March 15, 2019	April 4, 2019	$	0.2500
May 1, 2019	June 14, 2019	July 5, 2019	$	0.2500
August 28, 2019	September 26, 2019	October 16, 2019	$	0.2500
November 6, 2019	December 13, 2019	January 2, 2020	$	0.2500
February 4, 2020	March 13, 2020	April 2, 2020	$	0.2500
May 7, 2020	June 19, 2020	July 10, 2020	$	0.1500
May 7, 2020*	June 19, 2020	July 10, 2020	$	0.0300
August 26, 2020	September 25, 2020	October 15, 2020	$	0.1500
August 26, 2020*	September 25, 2020	October 15, 2020	$	0.0300
November 3, 2020	December 10, 2020	January 4, 2021	$	0.1500
November 3, 2020*	December 10, 2020	January 4, 2021	$	0.0300
February 3, 2021	March 12, 2021	April 1, 2021	$	0.1500
February 3, 2021*	March 12, 2021	April 1, 2021	$	0.0300
May 6, 2021	June 18, 2021	July 9, 2021	$	0.1500
August 25, 2021	September 24, 2021	October 14, 2021	$	0.1500
November 3, 2021	December 10, 2021	January 4, 2022	$	0.1500
February 3, 2022	March 11, 2022	March 31, 2022	$	0.1500
May 5, 2022	June 17, 2022	July 8, 2022	$	0.1500
August 25, 2022	September 23, 2022	October 14, 2022	$	0.1500
November 11, 2022	December 16, 2022	January 10, 2023	$	0.1300
November 11, 2022*	December 16, 2022	January 10, 2023	$	0.0200
February 2, 2023	March 10, 2023	March 30, 2023	$	0.1300
February 2, 2023*	March 10, 2023	March 30, 2023	$	0.0200
May 4, 2023	June 16, 2023	July 7, 2023	$	0.1300
May 4, 2023*	June 16, 2023	July 7, 2023	$	0.0500
September 14, 2023	October 12, 2023	November 2, 2023	$	0.1300
September 14, 2023*	October 12, 2023	November 2, 2023	$	0.0200
November 9, 2023	December 14, 2023	January 8, 2024	$	0.1200
November 9, 2023*	December 14, 2023	January 8, 2024	$	0.0300
February 8, 2024	March 15, 2024	April 5, 2024	$	0.1200
February 8, 2024*	March 15, 2024	April 5, 2024	$	0.0300

# Special distribution

* Supplemental distribution

The following table reflects, for U.S. federal income tax purposes, the sources of the cash dividend distributions that the Company has paid on its common stock during the nine months ended March 31, 2024 and March 31, 2023:

	Nine months ended March 31,
	2024			2023
		Distribution Amount	Percentage		Distribution Amount	Percentage
Ordinary income and short-term capital gains	$	6,477,731	100%	$	6,474,816	100%
Long-term capital gains		—	—		—	—
Total	$	6,477,731	100%	$	6,474,816	100%

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The figures in the above table are estimates based on the Company’s year-to-date activity. The tax status of distributions for a tax year depends on the Company’s total amount of taxable income for the entire year, therefore, the tax status cannot be confirmed until after the end of the tax year. Accordingly, the Company’s distributions for the tax year may be re-characterized later based upon subsequent events. As applicable, the Company reports the actual tax character of its distributions for U.S. federal income tax purposes annually to stockholders on Internal Revenue Service Form 1099-DIV issued after the end of the year. The Company’s Form 10-K for the year ending June 30, 2024 will also include information regarding the actual components and tax treatment of all the Company’s distributions for the fiscal year 2024. Because each stockholder’s tax status is unique, stockholders should consult their tax advisor regarding this distribution notice.

Note 11. Share Transactions

The following table summarizes the total shares issued for the nine months ended March 31, 2024 and March 31, 2023.

	Nine months ended March 31,
	2024			2023
	Shares	Amount		Shares	Amount
Balance at beginning of period	14,391,775	$	205,812,251	14,385,810	$	205,790,502
Issuance of common shares	—		—	—		—
Reinvestments of stockholder distributions	5,346		18,712	5,965		21,749
Balance at end of period	14,397,121	$	205,830,963	14,391,775	$	205,812,251

Note 12. Financial Highlights

The following represents the per share data and the ratios to average net assets for the Company:

	For the nine months ended March 31,
	2024			2023
Per Share Data:(1)
Net asset value, beginning of period	$	6.09		$	6.50
Net investment income		0.37			0.50
Net realized and unrealized gains (losses)		(0.52)			(0.42)
Net increase (decrease) in net assets resulting from operations		(0.15)			0.08
Capital transactions(2)
Dividends from net investment income		(0.45)			(0.45)
Distributions from net realized gains		—			—
Net decrease in net assets resulting from capital transactions		(0.45)			(0.45)
Offering costs		—			—
Net asset value, end of period	$	5.49		$	6.13
Market value per share, end of period	$	3.11		$	3.65
Total return based on market value(3)(4)		(2.06)	%		(2.65)	%
Shares outstanding at end of period		14,397,121			14,391,775
Ratio/Supplemental Data:
Net assets, at end of period	$	79,100,965		$	88,226,547
Ratio of total expenses to average net assets(5)		22.74	%		19.27	%
Ratio of net expenses to average net assets(5)		22.25	%		18.83	%
Ratio of interest expense and fees and amortization of deferred debt issuance costs to average net assets(5)		11.68	%		9.73	%
Ratio of net investment income before fee waiver to average net assets(5)		8.24	%		11.03	%
Ratio of net investment income after fee waiver to average net assets(5)		8.72	%		10.60	%
Total Borrowings	$	122,500,000		$	146,900,000
Asset Coverage Ratio(6)		1.65			1.60
Portfolio Turnover Rate(4)		21	%		16	%

(1)All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

(2)The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period.

(3)Total returns are historical and are calculated by determining the percentage change in the market value with all dividends distributions, if any, reinvested. Dividends and distributions are assumed to be reinvested at prices obtained under the company’s dividend reinvestment plan. Total investment return does not reflect sales load.

(4)Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value. Portfolio turnover rates that cover less than a full period are not annualized.

(5)Annualized.

(6)Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

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Total return is calculated based on a time-weighted rate of return methodology for the stockholders and is not annualized. Total return is reflected after all investment-related and operating expenses. An individual stockholder’s return may vary from these returns based on the timing of capital transactions.

The ratios to average stockholders’ capital are calculated based on the monthly average stockholders’ capital during the period. Credit facility related expenses include interest expense and amortization of deferred debt issuance costs.

Note 13. Other Fee Income

The other fee income consists of structuring fee income, amendment fee income and royalty income. The following tables summarize the Company’s other fee income for the three and nine months ended March 31, 2024 and March 31, 2023:

	For the three months ended March 31,				For the nine months ended March 31,
		2024		2023		2024		2023
Amendment Fee	$	16,271	$	19,850	$	68,175	$	80,184
Prepayment Fee Income		38,095		59,837		179,485		361,878
Other Fees		87,981		18,811		328,141		228,864
Other Fee Income	$	142,347	$	98,498	$	575,801	$	670,926

Note 14. Tax Information

As of March 31, 2024, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	210,497,911
Gross unrealized appreciation		9,781,275
Gross unrealized depreciation		(28,075,905)
Net unrealized investment depreciation	$	(18,294,630)

As of June 30, 2023, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	243,126,654
Gross unrealized appreciation		7,371,220
Gross unrealized depreciation		(30,386,545)
Net unrealized investment depreciation	$	(23,015,325)

Note 15. Subsequent Events

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued.

From April 1, 2024 through May 14, 2024, the Company invested $10.5 million in two new portfolio companies and one existing portfolio company and received approximately $13.8 million from the repayment of two positions.

The Company’s dividend framework provides a quarterly base dividend and may be supplemented, at the discretion of the Company’s board of directors, by additional dividends as determined to be available by the Company’s net investment income and performance during the quarter.

On April 12, 2024, the Company’s board of directors declared a distribution for the quarter ended June 30, 2024 of $0.12 per share payable on June 14, 2024, to stockholders of record as of May 26, 2024 and a supplemental distribution of $0.03 per share, payable on June 14, 2024, to stockholders of record as of May 26, 2024.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Some of the statements in this quarterly report on Form 10-Q constitute forward-looking statements, which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements, including without limitation the risks, uncertainties and other factors we identify in “Risk Factors” in this Quarterly Report on Form 10-Q, in our most recent Annual Report on Form 10-K under Part I, Item 1A, and in our other filings with the SEC that we make from time to time. The forward-looking statements contained in this quarterly report on Form 10-Q involve risks and uncertainties, and include statements regarding the following, without limitation:

•our, or our portfolio companies’, future business, operations, operating results or prospects;

•our business prospects and the prospects of our portfolio companies;

•the return or impact of current and future investments;

•the impact of global health pandemics, such as the coronavirus pandemic or other large scale events, on our portfolio companies’ business and the global economy;

•our contractual arrangements and relationships with Investcorp and its affiliates;

•our contractual arrangements and relationships with lenders and other third parties;

•actual and potential conflicts of interest with the Adviser (as defined below);

•the dependence of our future success on the general economy, interest rates and the effects of each on the industries in which we invest;

•the impact of fluctuations in interest rates on our business;

•the elevating levels of inflation and its impact on our investment activities and the industries in which we invest;

•the ability of our portfolio companies to achieve their objectives or service their debt obligations to us;

•the use of borrowed money to finance a portion of our investments;

•the adequacy of our financing sources and working capital;

•the timing of cash flows, if any, from the operations of our portfolio companies;

•the ability of the Adviser to locate suitable investments for us and to monitor and administer our investments;

•the ability of the Adviser to attract and retain highly talented professionals;

•our ability to qualify and maintain our qualification as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”) and as a business development company (“BDC");

•the effect of changes to tax legislation and our tax position and other legislative and regulatory changes; and

•the effect of new or modified laws or regulations governing our operations.

Such forward-looking statements may include statements preceded by, followed by or that otherwise include the words “may,” “might,” “will,” “intend,” “should,” “could,” “can,” “would,” “expect,” “believe,” “estimate,” “anticipate,” “predict,” “potential,” “plan” or similar words.

We have based the forward-looking statements included in this quarterly report on Form 10-Q on information available to us on the date of filing of this report. Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, actual results and/or events could differ materially from those anticipated in our forward-looking statements, and future results could differ materially from historical performance. Important assumptions include, without limitation, our ability to originate new loans and investments, borrowing costs and levels of profitability and the availability of additional capital. In light of these and other uncertainties, the inclusion of a projection or forward-looking statement in this Quarterly Report on Form 10-Q should not be regarded as a representation by us that our plans and objectives will be achieved. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this Quarterly Report on Form 10-Q.

We undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law or Securities and Exchange Commission (“SEC”) rule or regulation. You are

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advised to consult any additional disclosures that we may make directly to you or through reports that we file from time to time with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

Overview

Investcorp Credit Management BDC, Inc. (“ICMB,” the “Company”, “us”, “we” or “our”), a Maryland corporation formed in May 2013, is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a BDC under the Investment Company Act of 1940, as amended (the “1940 Act”). In addition, for U.S. federal income tax purposes, we have elected to be treated and intend to continue to qualify as a RIC under Subchapter M of the Code. On August 30, 2019, we changed our name from CM Finance Inc. to Investcorp Credit Management BDC, Inc.

Our primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing directly in debt and related equity of privately held middle market companies to help these companies fund acquisitions, growth or refinancing. We invest primarily in middle-market companies in the form of standalone first and second lien loans, unitranche loans and mezzanine loans. We may also invest in unsecured debt, bonds and in the equity of portfolio companies through warrants and other instruments.

CM Investment Partners LLC (the “Adviser”) serves as our investment adviser. On August 30, 2019, Investcorp Credit Management US LLC (“Investcorp”) acquired an approximate 76% ownership interest in the Adviser through the acquisition of the interests held by Stifel Venture Corp. (“Stifel”) and certain funds managed by Cyrus Capital and through a direct purchase of equity from the Adviser. Investcorp is a leading global credit investment platform with assets under management of $22.9 billion as of December 31, 2023. Investcorp manages funds which invest primarily in senior secured corporate debt issued by mid and large-cap corporations in Western Europe and the United States. The business has a strong track record of consistent performance and growth, employing approximately 45 investment professionals in London and New York. Investcorp is a subsidiary of Investcorp Holdings B.S.C. (“Investcorp Holdings”). Investcorp Holdings and its consolidated subsidiaries, including Investcorp, are referred to as “Investcorp Group”. Investcorp Group is a global provider and manager of alternative investments, offering such investments to its high-net-worth private and institutional clients on a global basis.

We have entered into an investment advisory agreement (the “Advisory Agreement”) and an administration agreement (the “Administration Agreement”) with the Adviser, pursuant to which the Adviser provides us with investment advisory and the administrative services necessary for our operations. See “Note 7. Agreements and Related Party Transactions” in the notes to our consolidated financial statements in this Quarterly Report on Form 10-Q for more information regarding the Advisory Agreement and Administration Agreement and the fees and expenses paid or reimbursed by us thereunder.

From time to time, we may form taxable subsidiaries (the “Taxable Subsidiaries”), which are taxed as corporations for federal income tax purposes, to allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements applicable to a RIC under the Code. As of each of March 31, 2024 and June 30, 2023, we had no Taxable Subsidiaries.

We are generally permitted, under specified conditions, to issue multiple classes of indebtedness and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance.

On July 20, 2021, the SEC issued an order, which superseded a prior order issued on March 19, 2019, granting our application for exemptive relief to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions with other funds managed by the Adviser or its affiliates and any future funds that are advised by the Adviser or its affiliated investment advisers (the “Exemptive Relief”). Under the terms of the Exemptive Relief, in order for us to participate in a co-investment transaction a “required majority” (as defined in Section 57(o) of the 1940 Act) of our independent directors must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to us and our shareholders and do not involve overreaching in respect of us or our shareholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of our shareholders and is consistent with our investment objectives and strategies.

Market Developments

The current inflationary environment and uncertainty as to the probability of, and length and depth of a global recession could affect our portfolio companies. Government spending, government policies, including recent increases in certain interest rates by the U.S. Federal Reserve and other global central banks, the failures of certain regional banks earlier this year and the potential for disruptions in the availability of credit in the United States and elsewhere, in conjunction with other factors, including those described elsewhere in this Quarterly Report and in other filings we have made with the SEC, could affect our portfolio companies, our financial condition and our results of operations. We will continue to monitor the evolving market environment. In these circumstances,

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developments outside our control could require us to adjust our plan of operations and could impact our financial condition, results of operations or cash flows in the future. Despite these factors, we believe we and our portfolio are well positioned to manage the current environment. For additional information, see Part I, Item 1A. Risk Factors in our most recently filed Annual Report on Form 10-K, as well as the risk factors listed in our subsequently filed Quarterly Reports on Form 10-Q.

Critical accounting estimates

Our discussion and analysis of our financial condition and results of operations are based upon our financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Changes in the economic environment, financial markets and any other parameters used in determining such estimates could cause actual results to differ.

Understanding our accounting policies and the extent to which we use management’s judgment and estimates in applying these policies is integral to understanding our financial statements. We describe our most significant accounting policies in “Note 2. Significant Accounting Policies” in our consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2023 and in this Quarterly Report on Form 10-Q. Critical accounting policies are those that require the application of management’s most difficult, subjective or complex judgments, often because of the need to make estimates about the effect of matters that are inherently uncertain and that may change in subsequent periods. Management has utilized available information, including our past history, industry standards and the current economic environment, among other factors, in forming the estimates and judgments, giving due consideration to materiality. We have identified the valuation of our portfolio investments, including our investment valuation policy (which has been approved by our board of directors), as our critical accounting policy and estimates. The critical accounting policies should be read in conjunction with our risk factors in our Annual Report on Form10-K for the fiscal year ended June 30, 2023 and our subsequently filed Quarterly Reports on Form 10-Q. In addition to the discussion below, our critical accounting policies are further described in the notes to our consolidated financial statements.

Valuation of portfolio investments

We value our portfolio investments at fair value based upon the principles and methods of valuation set forth in policies adopted by our board of directors. Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Investments for which market quotations are readily available are valued at such market quotations unless the quotations are deemed not to represent fair value. We generally obtain market quotations from recognized exchanges, market quotation systems, independent pricing services or one or more broker dealers or market makers.

Debt and equity securities for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued at fair value as determined in good faith by our board of directors. Because a readily available market value for many of the investments in our portfolio is often not available, we value many of our portfolio investments at fair value as determined in good faith by our board of directors using a consistently applied valuation process in accordance with a documented valuation policy that has been reviewed and approved by our board of directors. Due to the inherent uncertainty and subjectivity of determining the fair value of investments that do not have a readily available market value, the fair value of our investments may differ significantly from the values that would have been used had a readily available market value existed for such investments and may differ materially from the values that we may ultimately realize. In addition, changes in the market environment and other events may have differing impacts on the market quotations used to value some of our investments than on the fair values of our investments for which market quotations are not readily available. Market quotations may also be deemed not to represent fair value in certain circumstances where we believe that facts and circumstances applicable to an issuer, a seller or purchaser, or the market for a particular security causes current market quotations not to reflect the fair value of the security. Examples of these events could include cases where a security trades infrequently, causing a quoted purchase or sale price to become stale, where there is a “forced” sale by a distressed seller, where market quotations vary substantially among market makers, or where there is a wide bid-ask spread or significant increase in the bid ask spread.

Those investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value are valued utilizing a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or

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liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current market data, including relevant and applicable market trading and transaction comparables, applicable market yields and multiples, security covenants, call protection provisions, information rights, the nature and realizable value of any collateral, the portfolio company’s ability to make payments, its earnings and discounted cash flows, the markets in which the portfolio company does business, comparisons of financial ratios of peer companies that are public, merger and acquisition comparables, our principal market (as the reporting entity) and enterprise values.

With respect to investments for which market quotations are not readily available, our board of directors undertakes a multi-step valuation process each quarter, as described below:

•our quarterly valuation process begins with each portfolio company or investment being initially valued by the members of the Adviser’s investment team responsible for the portfolio investment;

•preliminary valuation conclusions are then documented and discussed by senior management and the Adviser;

•on a periodic basis, at least once annually, the valuation for each portfolio investment is reviewed by an independent valuation firm engaged by our board of directors;

•the valuation committee of our board of directors then reviews these preliminary valuations and makes a recommendation to our board of directors regarding the fair value of each investment; and

•the board of directors then reviews and discusses these preliminary valuations and determines the fair value of each investment in our portfolio in good faith, based on the input of the Adviser, the independent valuation firm and the valuation committee.

When valuing all of our investments, we strive to maximize the use of observable inputs and minimize the use of unobservable inputs. Inputs refer broadly to the assumptions that market participants would use in pricing an asset, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on market data obtained from sources independent of us. Unobservable inputs are inputs that reflect our assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available under the circumstances. The availability of observable inputs can vary depending on the financial instrument and is affected by a variety of factors. To the extent the valuation is based on models or inputs that are less observable, the determination of fair value requires more judgment. As markets change, new types of investments are made, or pricing for certain investments becomes more or less observable, management, with oversight from our board of directors, may refine our valuation methodologies to best reflect the fair value of our investments appropriately.

As of March 31, 2024, our investment portfolio, valued at fair value in accordance with our Board-approved valuation policy, represented 91.5% of our total assets, as compared to 95.0% of our total assets as of June 30, 2023.

See Note 2.j “Significant Accounting Policies – Investment Valuation” and Note 4. “Investments” in the notes to the consolidated financial statements included in our most recent Annual Report on Form 10-K and in this Quarterly Report on Form 10-Q for more information on our valuation process.

Financing Facility

On August 23, 2021, we, through Investcorp Credit Management BDC SPV, LLC, our wholly-owned subsidiary, entered into a five-year, $115 million senior secured revolving credit facility (the “Capital One Revolving Financing”) with Capital One, N.A. (“Capital One”), which is secured by collateral consisting primarily of loans in our investment portfolio. On June 14, 2023, we amended the Capital One Revolving Financing to decrease the facility size from $115 million to $100 million. On January 17, 2024, we amended the Capital One Revolving Financing to (i) extend the maturity date to January 17, 2029, (ii) increase of the applicable interest spreads under the Capital One Revolving Financing and (iii) extend the Scheduled Revolving Period End Date (as defined in Capital One Revolving Financing) to January 17, 2027. The Capital One Revolving Financing, which will expire on January 17, 2029 (the “Maturity Date”), features a three-year reinvestment period and a two-year amortization period.

Effective January 17, 2024, borrowings under the Capital One Revolving Financing generally bear interest at a rate per annum equal to Secured Overnight Financing Rate ("SOFR") plus 3.10%. The default interest rate will be equal to the interest rate then in effect plus 2.00%. The Capital One Revolving Financing required the payment of an upfront fee of 1.125% ($1.3 million) of the available borrowings under the Capital One Revolving Financing at the closing, and requires the payment of an unused fee of (i) 0.75% annually for any undrawn amounts below 50% of the Capital One Revolving Financing, (ii) 0.50% annually for any undrawn

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amounts between 50% and 75% of the Capital One Revolving Financing, and (iii) 0.25% annually for any undrawn amounts above 75% of the Capital One Revolving Financing. Borrowings under the Capital One Revolving Financing are based on a borrowing base. The Capital One Revolving Financing generally requires payment of interest and fees on a quarterly basis. All outstanding principal is due on the Maturity Date. The Capital One Revolving Financing also requires mandatory prepayment of interest and principal upon certain events.

As of March 31, 2024 and June 30, 2023, there were $57.5 million and $71.9 million in borrowings outstanding under the Capital One Revolving Financing, respectively.

For more information, see "Recent Developments."

Notes due 2026

On March 31, 2021, we closed the public offering of $65.0 million in aggregate principal amount of 4.875% notes due 2026 (the “2026 Notes”). The total net proceeds to us from the 2026 Notes after deducting underwriting discounts and commissions of approximately $1.3 million and offering expenses of approximately $215,000, were approximately $63.1 million.

The 2026 Notes will mature on April 1, 2026, unless previously redeemed or repurchased in accordance with their terms, and bear interest at a rate of 4.875%. The 2026 Notes are our direct unsecured obligations and rank pari passu, which means equal in right of payment, with all of our outstanding and future unsecured, unsubordinated indebtedness. Because the 2026 Notes are not secured by any of our assets, they are effectively subordinated to all of our existing and future secured indebtedness (including indebtedness that is initially unsecured as to which we subsequently grant a security interest), to the extent of the value of the assets securing such indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of our existing or future subsidiaries and financing vehicles, including, without limitation, borrowings under the Capital One Revolving Financing. The 2026 Notes are exclusively our obligations and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the 2026 Notes and the 2026 Notes will not be required to be guaranteed by any subsidiary we may acquire or create in the future.

The 2026 Notes may be redeemed in whole or in part at any time or from time to time at our option, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price (as determined by us) equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the redemption date: (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate (as defined in the 2026 Notes Indenture (as defined below)) plus 50 basis points; provided, however, that if we redeem any 2026 Notes on or after January 1, 2026 (the date falling three months prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption; provided, further, that no such partial redemption shall reduce the portion of the principal amount of a 2026 Note not redeemed to less than $2,000. Interest on the 2026 Notes is payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2021. We may from time to time repurchase 2026 Notes in accordance with the 1940 Act and the rules promulgated thereunder. As of March 31, 2024, the outstanding principal balance of the 2026 Notes was approximately $65.0 million.

The indenture under which the 2026 Notes are issued (the “2026 Notes Indenture”) contains certain covenants, including covenants requiring us to comply with Section 18(a)(1)(A) as modified by Section 61(a)(2) of 1940 Act, or any successor provisions, to comply with Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act, or any successor provisions but giving effect to any no-action relief granted by the SEC to another BDC and upon which we may reasonably rely (or to us if we determine to seek such similar no-action or other relief), and to provide financial information to the holders of the 2026 Notes and the trustee if we should no longer be subject to the reporting requirements under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) These covenants are subject to important limitations and exceptions that are set forth in the 2026 Notes Indenture.

Investments

Our level of investment activity can and does vary substantially from period to period depending on many factors, including the amount we have available to invest as well as the amount of debt and equity capital available to middle-market companies, the level of merger and acquisition activity, the general economic environment and the competitive environment for the types of investments we make.

As a BDC, we are required to comply with certain regulatory requirements. For instance, as a BDC, we may not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70% of our total

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assets are qualifying assets (with certain limited exceptions). Qualifying assets include investments in “eligible portfolio companies.” Under the relevant SEC rules, the term “eligible portfolio company” includes all private companies, companies whose securities are not listed on a national securities exchange, and certain public companies that have listed their securities on a national securities exchange and have a market capitalization of less than $250 million. In each case, the company must be organized in the United States. As of March 31, 2024, approximately 2.25% of our total assets were non-qualifying assets.

To qualify as a RIC, we must, among other things, meet certain source-of-income and asset diversification requirements. As a RIC, we generally will not have to pay corporate-level U.S. federal income taxes on any income we distribute to our stockholders.

Revenues

We generate revenues primarily in the form of interest on the debt we hold. We also generate revenue from royalty income, dividends on our equity interests and capital gains on the sale of warrants and other debt or equity interests that we acquire. Our investments in fixed income instruments generally have an expected maturity of three to five years, although we have no lower or upper constraint on maturity. Interest on our debt investments is generally payable quarterly or semi-annually. Payments of principal of our debt investments may be amortized over the stated term of the investment, deferred for several years or due entirely at maturity. In some cases, our debt investments and preferred stock investments may defer payments of cash interest or dividends or PIK interest. Any outstanding principal amount of our debt investments and any accrued but unpaid interest will generally become due at the maturity date. In addition, we may generate revenue in the form of prepayment fees, commitment, origination, structuring or due diligence fees, fees for providing significant managerial assistance, consulting fees and other investment related income.

Expenses

Our primary operating expenses include the payment of the base management fee (the “Base Management Fee”) and, depending on our operating results, the incentive fees (the “Incentive Fee”) under the Advisory Agreement, as well as the payment of reimbursable expenses to the Adviser for the costs and expenses incurred by the Adviser in performing its obligations and providing personnel and facilities under the Administration Agreement, such as our allocable portion of overhead expenses, including rent and the allocable portion of the cost of our chief financial officer and chief compliance officer and their respective staffs. The Base Management Fee and Incentive Fee compensation under the Advisory Agreement remunerates the Adviser for work in identifying, evaluating, negotiating, closing and monitoring our investments. We bear all other out-of-pocket costs and expenses of our operations and transactions, including, without limitation, those relating to:

•our organization and our offering;

•valuing our assets and calculating our net asset value per share (including the cost and expenses of any independent valuation firm(s));

•fees and expenses incurred by the Adviser or payable to third parties, including agents, consultants or other advisors, in monitoring financial and legal affairs for us and in monitoring our investments and performing due diligence on our prospective portfolio companies or otherwise relating to, or associated with, evaluating and making investments;

•interest payable on debt, if any, incurred to finance our investments and expenses related to unsuccessful portfolio acquisition efforts;

•offerings of our common stock and other securities;

•administration fees and expenses, if any, payable under the Administration Agreement (including our allocable portion of the Adviser’s overhead in performing its obligations under the Administration Agreement, including rent, equipment and the allocable portion of the cost of our chief compliance officer, chief financial officer and his staffs’ compensation and compensation-related expenses);

•transfer agent and custody fees and expenses;

•federal and state registration fees;

•costs of registration and listing our shares on any securities exchange;

•federal, state and local taxes;

•independent directors’ fees and expenses;

•costs of preparing and filing reports or other documents required by the SEC or other regulators;

•costs of any reports, proxy statements or other notices to stockholders including printing costs;

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•costs associated with individual or group stockholders;

•our allocable portion of the costs and fees associated with any fidelity bond, directors and officers/errors and omissions liability insurance, and any other insurance premiums;

•direct costs and expenses of administration and operation, including printing, mailing, long distance telephone, copying, secretarial and other staff, independent auditors and outside legal costs; and

•all other non-investment advisory expenses incurred by us or the Adviser in connection with administering our business.

Portfolio and Investment Activity

Portfolio composition

We invest primarily in middle-market companies in the form of standalone first and second lien loans, unitranche loans and mezzanine loans. We may also invest in unsecured debt, bonds and in the equity of portfolio companies through warrants and other instruments.

As of March 31, 2024, our investment portfolio of $192.2 million (at fair value) consisted of debt and equity investments in 41 portfolio companies, of which 83.82% were first lien investments and 16.18% were in equities, warrants and other positions. At March 31, 2024, our average and largest portfolio company investment at fair value was $4.7 million and $14.6 million, respectively.

As of June 30, 2023, our investment portfolio of $220.1 million (at fair value) consisted of debt and equity investments in 36 portfolio companies, of which 89.21% were first lien investments and 10.79% were in equities, warrants and other positions. At June 30, 2023, our average and largest portfolio company investment at fair value was $6.1 million and $13.0 million, respectively.

As of March 31, 2024 and June 30, 2023, our weighted average total yield of debt and income producing securities at amortized cost (which includes interest income and amortization of fees and discounts) was 12.36% and 12.50% respectively. As of March 31, 2024 and June 30, 2023, our weighted average total yield on investments at amortized cost (which includes interest income and amortization of fees and discounts) was 10.68% and 11.32%, respectively. The weighted average total yield was computed using an internal rate of return calculation of our debt investments based on contractual cash flows, including interest and amortization payments, and, for floating rate investments, the spot SOFR, as applicable, as of March 31, 2024 of all of our debt investments. The weighted average total yield of our debt investments is not the same as a return on investment for our stockholders but, rather, relates to a portion of our investment portfolio and is calculated before payment of all of our fees and expenses, including any sales load paid in connection with an offering of our securities. There can be no assurance that the weighted average total yield will remain at its current level.

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We use Global Industry Classification Standard (“GICS”) codes to identify the industry groupings of our portfolio companies. At March 31, 2024 and June 30, 2023, respectively, the industry composition of our portfolio in accordance with the GICS codes at fair value, as a percentage of our total portfolio, was as follows:

	Percentage of Total Portfolio at March 31, 2024		Percentage of Total Portfolio at June 30, 2023
Trading Companies & Distributors	14.56	%	15.98	%
Commercial Services & Supplies	11.57		6.51
Professional Services	9.88		12.83
Containers & Packaging	7.61		5.89
Internet & Direct Marketing Retail	4.57		4.08
IT Services	4.49		10.71
Food Products	4.48		1.95
Entertainment	4.40		3.47
Household Durables	4.09		3.46
Diversified Consumer Services	3.75		3.30
Chemicals	3.72		3.44
Specialty Retail	3.49		2.34
Software	3.39		6.26
Automotive Retail	2.95		1.76
Health Care Providers & Services	2.81		—
Automobile Components	2.73		3.30
Consumer Staples Distribution & Retail	2.59		2.75
Consumer Services	2.56		—
Construction & Engineering	1.99		—
Hotels, Restaurants, and Leisure	1.54		2.85
Paper Packaging	1.52		—
Electronic Equipment, Instruments & Components	1.31		1.48
Machinery	—		4.36
Building Products	—		2.05
Energy Equipment & Services	—		1.23
	100.00	%	100.00	%

During the nine months ended March 31, 2024, we made investments in nine new portfolio companies and three existing portfolio companies totaling approximately $42.5 million, at cost. Of the new investments, 90.52% consisted of first lien investments and 9.48% consisted of equity investments.

At March 31, 2024, 99.6% of our debt investments bore interest based on floating rates based on indices such as SOFR, the Euro Interbank Offered Rate, the Federal Funds Rate of the Prime Rate (in certain cases, subject to interest rate floors), and 0.4% bore interest at fixed rates. At June 30, 2023, 99.6% of our debt investments bore interest based on floating rates based on indices such as LIBOR, SOFR, the Euro Interbank Offered Rate, the Federal Funds Rate or the Prime Rate (in certain cases, subject to interest rate floors), and 0.4% bore interest at fixed rates.

Our investment portfolio may contain loans that are in the form of lines of credit or revolving credit facilities, which require us to provide funding when requested by portfolio companies in accordance with the terms of the underlying loan agreements. As of March 31, 2024, we had three investments with aggregate unfunded commitments of $1.8 million, and as of June 30, 2023, we had nine investments with aggregate unfunded commitments of $5.7 million. As of March 31, 2024, we had sufficient liquidity (through cash on hand and available borrowings under our Capital One Revolving Financing) to fund such unfunded loan commitments should the need arise.

Asset Quality

In addition to various risk management and monitoring tools, we use the Adviser’s investment rating system to characterize and monitor the credit profile and expected level of returns on each investment in our portfolio. This investment rating system uses a five-level numeric rating scale. The following is a description of the conditions associated with each investment rating:

Investment Rating 1	Investments that are performing above expectations, and whose risks remain favorable compared to the expected risk at the time of the original investment.
Investment Rating 2	Investments that are performing within expectations and whose risks remain neutral compared to the expected risk at the time of the original investment. Generally, all new loans are initially rated 2.
Investment Rating 3	Investments that are performing below expectations and that require closer monitoring, but where no loss of return or principal is expected. Portfolio companies with a rating of 3 may be out of compliance with their financial covenants.

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Investment Rating 4	Investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are often in workout. Investments with a rating of 4 will be those for which some loss of return but no loss of principal is expected.
Investment Rating 5	Investments that are performing substantially below expectations and whose risks have increased substantially since the original investment. These investments are almost always in workout. Investments with a rating of 5 will be those for which some loss of return and principal is expected.

If the Adviser determines that an investment is underperforming, or circumstances suggest that the risk associated with a particular investment has significantly increased, the Adviser will increase its monitoring intensity and prepare regular updates for the investment committee, summarizing current operating results and material impending events and suggesting recommended actions. While the investment rating system identifies the relative risk for each investment, the rating alone does not dictate the scope and/or frequency of any monitoring that will be performed. The frequency of the Adviser’s monitoring of an investment will be determined by a number of factors, including, but not limited to, the trends in the financial performance of the portfolio company, the investment structure and the type of collateral securing the investment.

The following table shows the investment rankings of the investments in our portfolio, according to the Adviser’s investment rating system:

	As of March 31, 2024						As of June 30, 2023
Investment Rating	Fair Value		% of Portfolio		Number of Investments(1)		Fair Value		% of Portfolio		Number of Investments(1)
1	$	18,522,802	9.6	%		2	$	16,538,345	7.5	%	3
2		115,495,772	60.1			34		114,979,324	52.2		32
3		50,664,601	26.4			18		62,588,392	28.4		19
4		—	—			—		13,067,850	6.0		5
5		7,520,106	3.9			4		12,937,418	5.9		6
Total	$	192,203,281	100.0	%		58	$	220,111,329	100.0	%	65

Results of Operations

Comparison of the three months ended March 31, 2024 and March 31, 2023

Investment income

Investment income, attributable primarily to interest and fees on our debt investments, for the three months ended March 31, 2024 decreased to $6.6 million from $7.0 million for the three months ended March 31, 2023 primarily related to a decrease in interest income related to the sale of two portfolio companies and the repayment of four portfolio companies and a decrease in interest income related to the portfolio companies on non-accrual status, offset by increases in PIK income, dividend income, and other fee income.

Expenses

Total expenses for the three months ended March 31, 2024 increased to $4.6 million, compared to $4.5 million for the three months ended March 31, 2023, primarily due to an increase in the provision for tax expense, an increase in professional fees, and an increase in other expenses associated with the sale and write off of our investments in 1888 Industrial Services, LLC, partially offset by a decrease in base management fees and a decrease in the allocation of administrative costs from the Adviser.

Net investment income

Net investment income decreased to $2.1 million for the three months ended March 31, 2024 from $2.5 million for the three months ended March 31, 2023 primarily due to a decrease in total investment income primarily related to the sale of two portfolio companies and the repayment of four portfolio companies, a decrease in interest income related to the portfolio companies on non-accrual status, an increase in the provision for tax expense, an increase in professional fees, and an increase in other expenses associated with the sale and write off of our investments in 1888 Industrial Services, LLC, partially offset by increases in PIK income, dividend income, and other fee income and decreases in base management fees and the allocation of administrative costs from the Adviser.

Net realized gain or loss

There was a net realized loss from investments of $6.3 million for the three months ended March 31, 2024 primarily due to the realization of losses associated with the sale and write off of our investments in 1888 Industrial Services, LLC. Net realized loss on investments totaled $26.9 million for the three months ended March 31, 2023, primarily due to the write off of our investments in the American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) 1st and 2nd lien term loans.

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Net change in unrealized (depreciation) appreciation on investments

We recorded a net change in unrealized appreciation of $6.6 million for the three months ended March 31, 2024, primarily due to the realization of previously unrealized losses resulting from the sale and write off of our investments in 1888 Industrial Services, LLC.

During the three months ended March 31, 2023, we recorded a net change in unrealized appreciation of $23.2 million, primarily due to the reversal of depreciation related to the write off of our investments in the American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) 1st and 2nd lien term loan which was offset by the decrease in the value of our investments in CareerBuilder, LLC and Techniplas Foreign Holdco LP Common Stock.

Comparison of the nine months ended March 31, 2024 and March 31, 2023

Investment income

Investment income, attributable primarily to interest and fees on our debt investments, for the nine months ended March 31, 2024 decreased to $18.8 million from $20.1 million for the nine months ended March 31, 2023 primarily related to a decrease in interest income related to the sale of two portfolio companies and the repayment of eight portfolio companies, a decrease in interest income related to the portfolio companies on non-accrual status, and decreases in dividend income and other fee income, offset by an increase in PIK income.

Expenses

Total expenses for the nine months ended March 31, 2024 increased to $13.8 million, compared to $13.1 million for the nine months ended March 31, 2023, primarily due to an increase in interest expense with the Capital One Revolving Financing associated with borrowing activities, an increase in the provision for tax expense, an increase in professional fees, and an increase in other expenses associated with the sale and write off of our investments in 1888 Industrial Services, LLC, partially offset by a decrease in base management fees.

Net investment income

Net investment income decreased to $5.3 million for the nine months ended March 31, 2024 from $7.2 million for the nine months ended March 31, 2023 primarily due to a decrease in total investment income primarily related to a decrease in interest income related to the sale of two portfolio companies and the repayment of eight portfolio companies, a decrease in interest income related to the portfolio companies on non-accrual status, decreases in dividend income and other fee income, an increase in interest expense with the Capital One Revolving Financing associated with borrowing activities, an increase in the provision for tax expense, an increase in professional fees, and an increase in other expenses associated with the sale and write off of our investments in 1888 Industrial Services, LLC, partially offset by an increase in PIK income and a decrease in base management fees.

Net realized gain or loss

There was a net realized loss from investments of $12.1 million for the nine months ended March 31, 2024 primarily due to the realization of losses from restructurings and loan modifications of our investments in American Nuts Holdings, LLC, Arborworks Acquisition LLC, ArborWorks, LLC, Crafty Apes, LLC, and Xenon Arc, Inc. and the realization of losses associated with the sale and write off of our investments in 1888 Industrial Services, LLC. Net realized loss on investments totaled $26.9 million for the nine months ended March 31, 2023 primarily due to the write off of our investments in the American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) 1st and 2nd lien term loans.

Net change in unrealized (depreciation) appreciation on investments

We recorded a net change in unrealized appreciation of $4.7 million for the nine months ended March 31, 2024 primarily due to the decrease in fair value of our investments in ArborWorks, LLC A-1 Preferred, Klein Hersh, LLC, and Techniplas Foreign Holdco LP, partially offset by the increase in fair value of our investments in Bioplan USA, Inc. and Discovery Behavioral Health and due to the realization of previously unrealized losses resulting from the sale and write off of our investments in 1888 Industrial Services, LLC.

During the nine months ended March 31, 2023, we recorded a net change in unrealized appreciation of $20.8 million, primarily due to the decrease in the fair value of our investments in Arborworks Acquisition LLC, CareerBuilder, LLC, and Techniplas Foreign Holdco LP Common Stock which was offset by the reversal of depreciation related to the write off of our investments in the American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) 1st and 2nd lien term loans.

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Liquidity and Capital Resources

Our primary liquidity needs include interest and principal repayments under the Capital One Revolving Financing, interest payments on the 2026 Notes, our unfunded loan commitments (if any), investments in portfolio companies, dividend distributions to our stockholders and operating expenses. We believe that our current cash on hand and our anticipated cash flows from operations, including from contractual monthly portfolio company payments and prepayments, will be adequate to meet our cash needs for our daily operations. This “Liquidity and Capital Resources” section should be read in conjunction with “Market Developments” above and the risk factors referenced in our most recent Annual Report on Form 10-K.

Cash flows

For the nine months ended March 31, 2024, our total cash balance increased by $3.7 million. During that period, cash increased by $26.0 million from operating activities, primarily due to proceeds from sales and repayments of portfolio companies of $68.8 million and payables for investments purchased of $1.7 million, partially offset by a decrease in net assets resulting from operations of $2.1 million and payments for the purchase of investments in portfolio companies of $44.6 million. During the same period, net cash used in financing activities totaled $22.3 million, consisting primarily of $6.9 million of distributions paid to our stockholders and repayments of $46.5 million to paydown the Capital One Revolving Facility, offset by proceeds of $32.1 million from borrowing under the Capital One Revolving Facility.

Capital resources

As of March 31, 2024, we had $2.7 million of cash as well as $10.2 million in restricted cash and $42.5 million of capacity under the Capital One Revolving Financing. We intend to generate additional cash primarily from future offerings of equity and/or debt securities, future borrowings or debt issuances, as well as cash flows from operations, including income earned from investments in our portfolio companies and, to a lesser extent, from the temporary investment of cash in U.S. government securities and other high-quality debt investments that mature in one year or less.

As discussed below in further detail, we have elected to be treated as a RIC under the Code. To maintain our RIC status, we generally must distribute substantially all of our net taxable income to stockholders in the form of dividends. Our net taxable income does not necessarily equal our net income as calculated in accordance with U.S. GAAP.

Asset Coverage Requirements

On May 2, 2018, our board of directors, including a “required majority” (as such term is defined in Section 57(o) of the 1940 Act) of the board of directors, approved the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, effective May 2, 2019, our applicable minimum asset coverage ratio under the 1940 Act was decreased to 150% from 200%. Thus, we are permitted under the 1940 Act, under specified conditions, to issue multiple classes of debt and one class of stock senior to our common stock if our asset coverage, as defined in the 1940 Act, is at least equal to 150% immediately after each such issuance. As of March 31, 2024, our asset coverage for borrowed amounts was 164.6%.

Regulated Investment Company Status and Distributions

We have elected to be treated as a RIC under Subchapter M of the Code. If we continue to qualify as a RIC for a taxable year, we will not be subject to corporate-level U.S. federal income tax on our investment company taxable income or realized net capital gains, to the extent that such taxable income or gains are distributed, or deemed to be distributed, to stockholders on a timely basis.

Taxable income generally differs from net income for financial reporting purposes due to temporary and permanent differences in the recognition of income and expenses, and generally excludes net unrealized appreciation or depreciation until realized. Dividends declared and paid by us in a year may differ from taxable income for that year as such dividends may include the distribution of current year taxable income or the distribution of prior year taxable income carried forward into and distributed in the current year. Distributions also may include returns of capital.

To continue to qualify for RIC tax treatment, we must, among other things, distribute to our stockholders, with respect to each taxable year, at least 90% of our investment company net taxable income (i.e., our net ordinary income and our realized net short-term capital gains in excess of realized net long-term capital losses, if any). We will also be subject to a federal excise tax, based on distributive requirements of our taxable income on a calendar year basis.

We intend to distribute to our stockholders between 90% and 100% of our annual taxable income (which includes our taxable interest and fee income). However, the covenants contained in the Capital One Revolving Financing and any other borrowing or

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financing arrangement we or our subsidiaries may have may prohibit us from making distributions to our stockholders, and, as a result, could hinder our ability to satisfy the distribution requirement. In addition, we may retain for investment some or all of our net taxable capital gains (i.e., realized net long-term capital gains in excess of realized net short-term capital losses) and treat such amounts as deemed distributions to our stockholders. If we do this, our stockholders will be treated as if they received actual distributions of the capital gains we retained and then reinvested the net after-tax proceeds in our common stock. Our stockholders also may be eligible to claim tax credits (or, in certain circumstances, tax refunds) equal to their allocable share of the tax we paid on the capital gains deemed distributed to them. To the extent our taxable earnings for a fiscal taxable year fall below the total amount of our dividends for that fiscal year, a portion of those dividend distributions may be deemed a return of capital to our stockholders.

We may not be able to achieve operating results that will allow us to make distributions at a specific level or to increase the amount of these distributions from time to time. In addition, we may be limited in our ability to make distributions due to the asset coverage test for borrowings applicable to us as a BDC under the 1940 Act and due to provisions in the agreements governing our borrowing or financial arrangements. We cannot assure stockholders that they will receive any distributions or distributions at a particular level.

In accordance with certain applicable U.S. Department of Treasury (“Treasury”) regulations and a revenue procedure issued by the Internal Revenue Service, a RIC may treat a distribution of its own stock as fulfilling its RIC distribution requirements if each stockholder elects to receive his or her entire distribution in either cash or stock of the RIC, subject to a limitation that the aggregate amount of cash to be distributed to all stockholders must be at least 20% of the aggregate declared distribution. If too many stockholders elect to receive cash, each stockholder electing to receive cash must receive a pro rata amount of cash (with the balance of the distribution paid in stock). In no event will any stockholder, electing to receive cash, receive less than 20% of his or her entire distribution in cash. If these and certain other requirements are met, for U.S. federal income tax purposes, the amount of the dividend paid in stock will be equal to the amount of cash that could have been received instead of stock. We have no current intention of paying dividends in shares of our stock in accordance with these Treasury regulations or private letter rulings.

Off-Balance Sheet Arrangements

We may be a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financial needs of our portfolio companies. As of March 31, 2024, our off-balance sheet arrangements consisted of $1.8 million in unfunded commitments to three of our portfolio companies. As of March 31, 2024, we had sufficient liquidity (through cash on hand and available borrowings under our Capital One Revolving Financing) to fund such unfunded loan commitments should the need arise. As of June 30, 2023, our off-balance arrangements consisted of $5.7 million in unfunded commitments to nine of our portfolio companies.

Recent Developments

From April 1, 2024 through May 14, 2024, we invested $10.5 million in two new portfolio companies and one existing portfolio company and received approximately $13.8 million from the repayment of two positions.

On April 12, 2024, our board of directors declared a distribution for the quarter ended June 30, 2024 of $0.12 per share payable on June 14, 2024 to stockholders of record as of May 26, 2024 and a supplemental distribution of $0.03 per share, payable on June 14, 2024 to stockholders of record as of May 26, 2024.

Item 3. Quantitative and Qualitative Disclosure About Market Risk

We are subject to financial market risks, including changes in interest rates. Because we fund a portion of our investments with borrowings, our net investment income is affected by the difference between the rate at which we invest and the rate at which we borrow. As a result, there can be no assurance that a change in market interest rates will not have a material adverse effect on our net investment income.

Generally, we believe higher yielding assets such as those in our investment portfolio do not necessarily follow a linear interest rate relationship and are less sensitive in price-to-interest rate changes than many other debt investments. Our investments in fixed-rate assets are generally exposed to changes in value due to interest rate fluctuations, and our floating-rate assets are generally exposed to cash-flow variability from fluctuation in rates. At March 31, 2024, 99.6% of our debt investments bore interest based on floating rates, such as SOFR, the Euro Interbank Offered Rate, the Federal Funds Rate or the Prime Rate. The interest rates on such investments generally reset by reference to the current market index after one to three months.

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Consequently, our net interest income (interest income less interest expense) is exposed to risks related to interest-rate fluctuations. Variable-rate instruments subject to a floor generally reset periodically to the applicable floor and, in the case of investments in our portfolio, quarterly to a floor based on SOFR, only if the index exceeds the floor. As of March 31, 2024, 100.0% of our floating-rate portfolio was subject to interest-rate floors set at or below the current applicable rate. Under these loans, we do not benefit from increases in interest rates until such rates exceed the floor and thereafter benefit from market rates above any such floor. In addition, our interest expense will be affected by changes in the published interest rates in connection with the Capital One Revolving Financing to the extent it goes above the floor; however, our 2026 Notes bear interest at a fixed rate. As of March 31, 2024, our floating rate borrowings totaled $57.5 million in principal amount, which represented 46.9% of our outstanding debt.

Based on our investment portfolio as of March 31, 2024, with certain interest rate floors and our financing arrangements at March 31, 2024, a 1.00% increase in interest rates would increase our net interest income by approximately 8.56% and a 2.00% increase in interest rates would increase our net interest income by approximately 17.12%.

Although management believes that this analysis is indicative of our existing sensitivity as of March 31, 2024, to interest rate changes, it does not adjust for changes in the credit markets, the size, credit quality or composition of the assets in our portfolio and other business developments, including borrowing, that could affect the net increase in net assets resulting from operations or net income. It also does not adjust for the effect of the time lag between a change in the relevant interest rate index and the rate adjustment under the applicable loans or borrowings. Accordingly, we can offer no assurances that actual results would not differ materially from the analysis included herein.

Because it is our intention to hold loans to maturity, the fluctuating relative value of these loans that may occur due to changes in interest rates may have an impact on unrealized gains and losses during quarterly reporting periods. Based on our assessment of the interest rate risk, as of March 31, 2024, we had no hedging transactions in place as we deemed the risk acceptable, and we did not believe it was necessary to mitigate this risk at that time.

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Item 4. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

As of March 31, 2024 (the end of the period covered by this report), our management, with the participation of our Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act). Our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and our management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. The design of disclosure controls and procedures and internal control over financial reporting must reflect the fact that there are resource constraints and that management is required to apply judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Based on such evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2024, our disclosure controls and procedures were designed at a reasonable assurance level and were effective to provide reasonable assurance that information required to be disclosed in our periodic SEC filings is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

For the quarter ended December 31, 2023, our independent auditors issued a material weakness on our internal control over financial reporting related to our disclosure controls and procedures. Our disclosure controls and procedures were not effective in the timely identification of the incorrect accrual of certain expenses in our consolidated financial statements. To address and remediate the ineffective controls, the Company has added or is in the process of adding five accounting personnel and has hired a third-party service provider to provide support for its day-to-day finance and accounting activities to, among other things, create additional redundancies in duties surrounding the Company’s accrual of expenses and the frequency of the review thereof. A member of the third-party service provider’s staff became the Company’s chief financial officer on March 31, 2024, and he will be supported by other finance and accounting members of the third-party service provider’s staff, as well as members of the Company’s finance and accounting staff.

Other than as noted above, management did not identify any change in the Company’s internal control over financial reporting that occurred during the quarter ended March 31, 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II—OTHER INFORMATION

Item 1. Legal Proceedings

Neither we, the Adviser, nor our subsidiaries, nor any of our respective property, are currently subject to any material legal proceedings, other than ordinary routine litigation incidental to our businesses. We, the Adviser, and our subsidiaries may from time to time, however, be involved in litigation arising out of our operations in the normal course of business or otherwise, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Furthermore, third parties may seek to impose liability on us in connection with the activities of our portfolio companies. While the outcome of these legal proceedings cannot be predicted with certainty, we do not expect that these matters will materially affect our financial condition or results of operations. There can be no assurance whether any current or future legal proceedings will have a material adverse effect on our financial condition or results of operations in any future reporting period.

Item 1A. Risk Factors

You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. Any such risks and uncertainties are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.

There have been no material changes during the three months ended March 31, 2024 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended June 30, 2023 (filed with the SEC on September 21, 2023). If any of such changes or risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the value of our securities could decline, and you may lose all or part of your investment.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

During the three months ended March 31, 2024, we issued 2,205 shares of common stock under our dividend reinvestment plan. These issuances were not subject to the registration requirements under the Securities Act. The cash paid for shares of common stock issued under our dividend reinvestment plan during the three months ended March 31, 2024 was $7,810.

Issuer Purchases of Equity Securities

None.

Item 3. Defaults Upon Senior Securities

Not applicable.

Item 4. Mine Safety Disclosures

Not applicable.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the fiscal quarter ended March 31, 2024, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities to satisfy the affirmative defense conditions of Exchange Act Rule 10b5-1(c) or any “non Rule 10b5-1 trading arrangement.”

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Item 6. Exhibits

The following exhibits are filed as part of this report or hereby incorporated by reference to exhibits previously filed with the SEC:

3.1	Articles of Amendment and Restatement(1)
3.1.1	Articles of Amendment(2)
3.2	Bylaws(3)
10.1	Fourth Amendment, dated January 17, 2024, to Loan, Security and Collateral Management Agreement by and among Investcorp Credit Management BDC SPV, LLC, as borrower, each of the lenders party thereto, Capital One, National Association, as administrative agent, swingline lender and as arranger, Wells Fargo Bank, National Association, as collateral custodian, and CM Investment Partners, LLC, as collateral manager(4).
31.1	Chief Executive Officer Certification Pursuant to Exchange Act Rule 13a-14 (a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2	Chief Financial Officer Certification Pursuant to Exchange Act Rule 13a-14 (a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1	Chief Executive Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
32.2	Chief Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002**
101.INS	Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH	Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith

** The certifications attached as Exhibit 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q, are deemed furnished and not filed with the SEC and are not to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing.

(1)Incorporated by reference to Exhibit (a)(1) to the Registrant’s Registration Statement on Form N-2 (File No. 333-192370), filed with the SEC on November 15, 2013.

(2)Incorporated by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K (File No. 814-01054), filed on September 3, 2019.

(3)Incorporated by reference to Exhibit (b)(1) to the Registrant’s Registration Statement on Form N-2 (File No. 333-192370), filed with the SEC on November 15, 2013.

(4)Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 814-01054), filed on January 23, 2024.

49

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: May 14, 2024

INVESTCORP CREDIT MANAGEMENT BDC, INC.
By:	/s/ Suhail A. Shaikh
	Suhail A. Shaikh
	Chief Executive Officer
By:	/s/ Peter Sattelmair
	Peter Sattelmair
	Chief Financial Officer

50

EX-31.1

Exhibit 31.1

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Suhail A. Shaikh, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Investcorp Credit Management BDC, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 14, 2024

/s/ Suhail A. Shaikh

Suhail A. Shaikh

Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION OF PERIODIC REPORT UNDER SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Peter Sattelmair, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Investcorp Credit Management BDC, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 14, 2024

/s/ Peter Sattelmair

Peter Sattelmair

Chief Financial Officer

EX-32.1

Exhibit 32.1

Certification of Chief Executive Officer Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

In connection with this Quarterly Report on Form 10-Q for the three months ended March 31, 2024 (the “Report”) of Investcorp Credit Management BDC, Inc. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Suhail A. Shaikh, the Chief Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Suhail A. Shaikh

Name: Suhail A. Shaikh

Date: May 14, 2024

EX-32.2

Exhibit 32.2

Certification of Chief Financial Officer Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. 1350)

In connection with this Quarterly Report on Form 10-Q for the three months ended March 31, 2024 (the “Report”) of Investcorp Credit Management BDC, Inc. (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Peter Sattelmair, the Chief Financial Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

/s/ Peter Sattelmair

Name: Peter Sattelmair

Date: May 14, 2024

XML

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2024	May 14, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Registrant Name	INVESTCORP CREDIT MANAGEMENT BDC, INC.
Entity Central Index Key	0001578348
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		14,400,742
Entity Shell Company	false
Entity File Number	814-01054
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2883380
Entity Address, Address Line One	280 Park Avenue 39th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
City Area Code	212
Local Phone Number	599-4700
Document Quarterly Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ICMB
Security Exchange Name	NASDAQ

XML

Consolidated Statements of Assets and Liabilities - USD ($)		Mar. 31, 2024		Jun. 30, 2023
Assets
Affiliated investments, at fair value		$ 192,203,281		$ 220,111,329
Cash		2,728,347		1,093,758
Cash, restricted		10,161,162		8,057,458
Receivable for investments sold		1,972,100		0
Principal receivable		47,692		93,581
Interest receivable		1,304,722		2,041,877
Payment-in-kind interest receivable		59,166		46,088
Due from affiliate		175,916		0
Long-term receivable		618,772		0
Escrow receivable		95,190		0
Other receivables		0		1,050
Prepaid expenses and other assets		604,201		361,719
Total Assets		209,970,549		231,806,860
Notes payable:
Revolving credit facility		57,500,000		71,900,000
2026 Notes payable		65,000,000		65,000,000
Deferred debt issuance costs		(1,807,459)		(1,220,556)
Unamortized discount		(142,220)		(195,553)
Notes payable, net		120,550,321		135,483,891
Payable for investments purchased		3,487,533		1,795,297
Dividend payable		2,159,568		2,590,520
Income-based incentive fees payable		128,876		576,023
Base management fees payable		854,328		906,218
Interest payable		2,972,954		2,293,766
Directors' fees payable		0		15,755
Accrued expenses and other liabilities		716,004		445,082
Total Liabilities		130,869,584		144,106,552
Net Assets
Common stock, par value $0.001 per share (100,000,000 shares authorized 14,397,121 and 14,391,775 shares issued and outstanding, respectively)		14,397		14,392
Additional paid-in capital		203,346,421		203,327,714
Distributable earnings (loss)		(124,259,853)		(115,641,798)
Total Net Assets		79,100,965		87,700,308
Total Liabilities and Net Assets		$ 209,970,549		$ 231,806,860
Net Asset Value Per Share	[1]	$ 5.49	[2]	$ 6.09
Non-Controlled, Non-Affiliated Investments
Assets
Affiliated investments, at fair value		$ 186,948,019		$ 210,150,018
Affiliate Investments
Assets
Affiliated investments, at fair value		$ 5,255,262		$ 9,961,311

[1] All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

[2] The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period.

XML

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Affiliated investment at amortized cost	$ 210,670,073	$ 243,298,816
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	14,397,121	14,391,775
Common stock, shares outstanding	14,397,121	14,391,775
Non-Controlled, Non-Affiliated Investments
Affiliated investment at amortized cost	$ 195,540,865	$ 219,319,251
Affiliate Investments
Affiliated investment at amortized cost	$ 15,129,208	$ 23,979,565

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Investment Income:
Total interest income	$ 5,590,163	$ 6,314,620	$ 16,209,590	$ 18,163,636
Total payment-in-kind interest income	633,318	419,469	1,338,898	636,583
Total dividend income	54,138	0	54,138	101,755
Total payment-in-kind dividend income	198,123	173,253	580,556	511,395
Total other fee income	142,347	98,498	575,801	670,926
Total investment income	6,618,089	7,005,840	18,758,983	20,084,295
Expenses:
Interest expense	2,174,195	2,166,739	6,649,314	6,119,083
Base management fees	951,799	1,043,306	2,910,978	3,204,391
Income-based incentive fees	0	0	(72,942)	(147,145)
Provision for tax expense	111,646	77,575	321,890	187,763
Professional fees	354,934	271,784	981,322	815,347
Allocation of administrative costs from Adviser	225,856	375,900	1,118,276	1,127,700
Amortization of deferred debt issuance costs	152,591	173,333	423,885	520,000
Amortization of original issue discount - 2026 Notes	17,777	17,777	53,332	53,332
Insurance expense	125,766	120,093	351,734	395,734
Directors' fees	75,157	75,625	221,407	226,875
Custodian and administrator fees	68,031	74,397	214,892	217,913
Other expenses	379,406	151,093	595,233	426,908
Total expenses	4,637,158	4,547,622	13,769,321	13,147,901
Waiver of base management fees	(97,431)	(89,939)	(292,326)	(296,566)
Waiver of income-based incentive fees	0	0	0	0
Net expenses	4,539,727	4,457,683	13,476,995	12,851,335
Net Investment Income	2,078,362	2,548,157	5,281,988	7,232,960
Net realized gain (loss) from investments
Net realized gain (loss) from investments	(6,271,968)	(26,890,095)	(12,143,007)	(26,890,095)
Net change in unrealized appreciation (depreciation) in value of investments
Net change in unrealized appreciation (depreciation) on investments	6,605,346	23,237,794	4,720,695	20,827,357
Total realized gain (loss) and change in unrealized appreciation (depreciation) on investments	333,378	(3,652,301)	(7,422,312)	(6,062,738)
Net increase (decrease) in net assets resulting from operations	$ 2,411,740	$ (1,104,144)	$ (2,140,324)	$ 1,170,222
Net investment income per share	$ 0.14	$ 0.18	$ 0.37	$ 0.5
Earnings per share - basic	0.17	(0.08)	(0.15)	0.08
Earnings per share - diluted	$ 0.17	$ (0.08)	$ (0.15)	$ 0.08
Weighted average shares of common stock outstanding - basic	14,396,951	14,389,868	14,394,574	14,388,295
Weighted average shares of common stock outstanding - diluted	14,396,951	14,389,868	14,394,574	14,388,295
Distributions paid per common share	$ 0.15	$ 0.15	$ 0.45	$ 0.45
Non-Controlled, Non-Affiliated Investments
Investment Income:
Total interest income	$ 5,561,333	$ 6,314,620	$ 16,180,220	$ 18,184,247
Total payment-in-kind interest income	613,765	401,978	1,281,265	584,645
Total dividend income	54,138	0	54,138	101,755
Total payment-in-kind dividend income	198,123	173,253	580,556	511,395
Total other fee income	142,347	98,498	575,801	670,926
Net realized gain (loss) from investments
Net realized gain (loss) from investments	(31,984)	(26,890,095)	(5,903,023)	(26,890,095)
Net change in unrealized appreciation (depreciation) in value of investments
Net change in unrealized appreciation (depreciation) on investments	1,089,608	24,505,471	576,387	22,391,835
Affiliate Investments
Investment Income:
Total interest income	28,830	0	29,370	(20,611)
Total payment-in-kind interest income	19,553	17,491	57,633	51,938
Total dividend income	0	0	0	0
Total payment-in-kind dividend income	0	0	0	0
Total other fee income	0	0	0	0
Net realized gain (loss) from investments
Net realized gain (loss) from investments	(6,239,984)	0	(6,239,984)	0
Net change in unrealized appreciation (depreciation) in value of investments
Net change in unrealized appreciation (depreciation) on investments	$ 5,515,738	$ (1,267,677)	$ 4,144,308	$ (1,564,478)

XML

Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Net assets at beginning of period	$ 78,840,983	$ 91,477,635	$ 87,700,308	$ 93,509,392
Net increase (decrease) in net assets resulting from operations:
Net investment income	2,078,362	2,548,157	5,281,988	7,232,960
Net realized gain (loss) from investments	(6,271,968)	(26,890,095)	(12,143,007)	(26,890,095)
Net change in unrealized appreciation (depreciation) on investments	6,605,346	23,237,794	4,720,695	20,827,357
Net increase (decrease) in net assets resulting from operations	2,411,740	(1,104,144)	(2,140,324)	1,170,222
Stockholder distributions:
Distributions from net investment income	(2,159,568)	(2,158,506)	(6,477,731)	(6,474,816)
Distributions from capital gains	0	0	0	0
Net decrease in net assets resulting from stockholder distributions	(2,159,568)	(2,158,506)	(6,477,731)	(6,474,816)
Capital transactions:
Issuance of common shares	0	0	0	0
Reinvestments of stockholder distributions	7,810	11,562	18,712	21,749
Net increase (decrease) in net assets resulting from capital transactions	7,810	11,562	18,712	21,749
Net increase (decrease) in net assets	259,982	(3,251,088)	(8,599,343)	(5,282,845)
Net assets at end of period	$ 79,100,965	$ 88,226,547	$ 79,100,965	$ 88,226,547

XML

Consolidated Statements of Changes in Net Assets (Unaudited) (Parenthetical) - shares		3 Months Ended		9 Months Ended
	Sep. 03, 2021	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Statement of Stockholders' Equity [Abstract]
Issuance of common shares	453,985	0	0	0	0

XML

Consolidated Statements of Cash Flows (Unaudited) - USD ($)		3 Months Ended				9 Months Ended				12 Months Ended
		Mar. 31, 2024		Mar. 31, 2023		Mar. 31, 2024		Mar. 31, 2023		Jun. 30, 2023
Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations						$ (2,140,324)		$ 1,170,222
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Origination and purchase of investments						(44,625,747)		(38,535,317)
Payment in-kind interest and dividends						(1,906,376)		(1,101,142)
Sales and repayments of investments		$ 26,658,550		$ 14,917,260		68,788,139		46,998,760
Net realized (gain) loss on investments		6,271,968		26,890,095		12,143,007		26,890,095
Net change in unrealized appreciation/depreciation on investments		(6,605,346)		(23,237,794)		(4,720,695)		(20,827,357)
Amortization of discount/premium on investments						(1,770,280)		(1,056,482)
Amortization of deferred debt issuance costs						423,885		520,000
Amortization of original issue discount						53,333		53,333
Net (increase) decrease in operating assets:
Interest receivable						737,155		113,645
Payment-in-kind interest receivable						(13,078)		(46,836)
Receivable for investments sold						(1,972,100)		51,238
Principal receivable						45,889		0
Due from affiliate						(175,916)		0
Long-term receivable						(618,772)		0
Escrow receivable						(95,190)		0
Other receivables						1,050		(6,365)
Prepaid expenses and other assets						(242,482)		(100,487)
Net increase (decrease) in operating liabilities:
Payable for investments purchased						1,692,236		174,412
Interest payable						679,188		1,384,062
Directors fees payable						(15,755)		(7,150)
Accrued expenses and other liabilities						270,922		289,065
Base management fees payable						(51,890)		(100,736)
Income-based incentive fees payable						(447,147)		(148,232)
Net cash (used in) provided by operating activities						26,039,052		15,714,728
Cash Flows from Financing Activities:
Payment for deferred financing costs						(1,010,788)		0
Distributions to stockholders						(6,889,971)		(8,610,939)
Proceeds from borrowing on revolving financing facility						32,100,000		42,900,000
Repayments of borrowing on revolving financing facility						(46,500,000)		(45,000,000)
Net cash (used in) provided by financing activities						(22,300,759)		(10,710,939)
Net change in cash						3,738,293		5,003,789
Cash and restricted cash at beginning of year	[1]					9,151,216		9,155,077		$ 9,155,077
Cash and restricted cash at end of period		$ 12,889,509	[2]	$ 14,158,866	[2]	12,889,509	[2]	14,158,866	[2]	$ 9,151,216	[1]
Supplemental and non-cash financing cash flow information:
Cash paid for interest						5,982,608		4,735,021
Cash paid for taxes						267,150		294,330
Issuance of shares pursuant to Dividend Reinvestment Plan						18,712		21,749
Non-cash purchase of investments						(31,302,254)		(8,043,963)
Non-cash sale of investments						$ 31,302,254		$ 8,043,963

[1] Represents $1,093,758 and $2,550,021 of unrestricted cash as of June 30, 2023 and June 30, 2022, respectively, and $8,057,458 and $6,605,056 of restricted cash for the same periods .

[2] Represents $2,728,347 and $2,902,376 of unrestricted cash as of March 31, 2024 and March 31, 2023, respectively, and $10,161,162 and $11,256,490 of restricted cash for the same periods .

XML

Statement - Consolidated Statements of Cashflows (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022
Cash and Cash Equivalents [Line Items]
Cash	$ 2,728,347	$ 1,093,758
Restricted Cash	10,161,162	8,057,458
Beginning of Period [Member]
Cash and Cash Equivalents [Line Items]
Cash		1,093,758		$ 2,550,021
Restricted Cash		$ 8,057,458		$ 6,605,056
End of Period [Member]
Cash and Cash Equivalents [Line Items]
Cash	2,728,347		$ 2,902,376
Restricted Cash	$ 10,161,162		$ 11,256,490

XML

Consolidated Schedule of Investments (Unaudited) - USD ($)		3 Months Ended		9 Months Ended				12 Months Ended
		Mar. 31, 2024		Mar. 31, 2024		Mar. 31, 2023		Jun. 30, 2023
Schedule Of Investments [Line Items]
Investments at amortized cost		$ 210,670,073		$ 210,670,073				$ 243,298,816
Investments at Fair Value		$ 192,203,281		$ 192,203,281				$ 220,111,329
Percentage of Net Assets		100.00%		100.00%				100.00%
Investment at Fair Value, Beginning Balance				$ 220,111,329
Net realized gains (losses)		$ (6,271,968)		(12,143,007)		$ (26,890,095)
Investment at Fair Value, Ending Balance		192,203,281		192,203,281				$ 220,111,329
Amount of Interest or Dividends Credited to Income		$ 54,138		$ 54,138		101,755
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, ALCV Purchaser, Inc. Specialty Retail, 3M S + 6.75% (1.00% Floor), Initial Acquisition Date 3/1/2021, Maturity Date 4/15/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	6.75%		6.75%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	1.00%		1.00%
Investment, Acquisition Date	[1],[2],[3],[4]			Mar. 01, 2021
Maturity Date	[1],[2],[3],[4]	Apr. 15, 2026		Apr. 15, 2026
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 5,050,000		$ 5,050,000
Investments at amortized cost	[1],[2],[3],[4]	5,014,400		5,014,400
Investments at Fair Value	[1],[2],[3],[4]	$ 4,721,750		$ 4,721,750
Percentage of Net Assets	[1],[2],[3],[4]	5.97%		5.97%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 4,721,750		$ 4,721,750
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, South Coast Terminals, LLC, Chemicals, 1M S + 6.00% (1.00% Floor), Initial Acquisition Date 12/21/2021, Maturity Date 12/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	6.00%		6.00%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	1.00%		1.00%
Investment, Acquisition Date	[1],[2],[3],[4]			Dec. 21, 2021
Maturity Date	[1],[2],[3],[4]	Dec. 10, 2026		Dec. 10, 2026
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 7,206,650		$ 7,206,650
Investments at amortized cost	[1],[2],[3],[4]	7,162,996		7,162,996
Investments at Fair Value	[1],[2],[3],[4]	$ 7,152,600		$ 7,152,600
Percentage of Net Assets	[1],[2],[3],[4]	9.04%		9.04%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 7,152,600		$ 7,152,600
Investment, Identifier [Axis]: Affiliated Investments
Schedule Of Investments [Line Items]
Investments at amortized cost	[6],[7],[8],[9]							23,979,565
Investments at Fair Value	[6],[7],[8],[9]							$ 9,961,311
Percentage of Net Assets	[6],[7],[8],[9]							11.36%
Investment at Fair Value, Beginning Balance	[6],[7],[8],[9]			9,961,311
Investment at Fair Value, Ending Balance	[6],[7],[8],[9]							$ 9,961,311
Investment, Identifier [Axis]: Affiliated Investments, Equity, Warrants and Other Investments
Schedule Of Investments [Line Items]
Investments at amortized cost		14,336,791	[1],[3],[4],[10]	14,336,791	[1],[3],[4],[10]			14,336,791	[6],[7],[8],[9]
Investments at Fair Value		$ 4,644,071	[1],[3],[4],[10]	$ 4,644,071	[1],[3],[4],[10]			$ 6,433,865	[6],[7],[8],[9]
Percentage of Net Assets		5.87%	[1],[3],[4],[10]	5.87%	[1],[3],[4],[10]			7.34%	[6],[7],[8],[9]
Investment at Fair Value, Beginning Balance	[6],[7],[8],[9]			$ 6,433,865
Investment at Fair Value, Ending Balance		$ 4,644,071	[1],[3],[4],[10]	4,644,071	[1],[3],[4],[10]			$ 6,433,865	[6],[7],[8],[9]
Investment, Identifier [Axis]: Affiliated Investments, Equity, Warrants and Other Investments, 1888 Industrial Services, LLC (Equity Interest), Energy Equipment & Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[6],[7],[8],[9],[11]							11,881
Investments at amortized cost	[6],[7],[8],[9],[11]							0
Investments at Fair Value	[6],[7],[8],[9],[11]							$ 0
Percentage of Net Assets	[6],[7],[8],[9],[11]							0.00%
Investment at Fair Value, Beginning Balance	[6],[7],[8],[9],[11]			0
Investment at Fair Value, Ending Balance	[6],[7],[8],[9],[11]							$ 0
Investment, Identifier [Axis]: Affiliated Investments, Equity, Warrants and Other Investments, Techniplas Foreign Holdco LP Common Stock, Automobile Components
Schedule Of Investments [Line Items]
Principal Amount/ Shares		879,559	[1],[3],[4],[5],[10],[12]	879,559	[1],[3],[4],[5],[10],[12]			879,559	[6],[7],[8],[9]
Investments at amortized cost		14,336,791	[1],[3],[4],[10],[12]	14,336,791	[1],[3],[4],[10],[12]			14,336,791	[6],[7],[8],[9]
Investments at Fair Value		$ 4,644,071	[1],[3],[4],[10],[12]	$ 4,644,071	[1],[3],[4],[10],[12]			$ 6,433,865	[6],[7],[8],[9]
Percentage of Net Assets		5.87%	[1],[3],[4],[10],[12]	5.87%	[1],[3],[4],[10],[12]			7.34%	[6],[7],[8],[9]
Investment at Fair Value, Beginning Balance	[6],[7],[8],[9]			$ 6,433,865
Investment at Fair Value, Ending Balance		$ 4,644,071	[1],[3],[4],[10],[12]	4,644,071	[1],[3],[4],[10],[12]			$ 6,433,865	[6],[7],[8],[9]
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments
Schedule Of Investments [Line Items]
Investments at amortized cost		792,417	[1],[3],[4],[10]	792,417	[1],[3],[4],[10]			9,642,774	[6],[7],[8],[9]
Investments at Fair Value		$ 611,191	[1],[3],[4],[10]	$ 611,191	[1],[3],[4],[10]			$ 3,527,446	[6],[7],[8],[9]
Percentage of Net Assets		0.77%	[1],[3],[4],[10]	0.77%	[1],[3],[4],[10]			4.02%	[6],[7],[8],[9]
Investment at Fair Value, Beginning Balance	[6],[7],[8],[9]			$ 3,527,446
Investment at Fair Value, Ending Balance		$ 611,191	[1],[3],[4],[10]	611,191	[1],[3],[4],[10]			$ 3,527,446	[6],[7],[8],[9]
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, 1888 Industrial Services, LLC - Revolver, Energy Equipment & Services, 3ML + 5.00% (1.00% Floor), Initial Acquisition Date 10/11/2016, Maturity Date 8/31/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[8],[9],[13],[14]							5.00%
Investment, Interest Rate, Floor	[6],[7],[8],[9],[13],[14]							1.00%
Investment, Acquisition Date	[6],[7],[8],[9],[13],[14]							Oct. 11, 2016
Maturity Date	[6],[7],[8],[9],[13],[14]							Aug. 31, 2024
Principal Amount/ Shares	[6],[7],[8],[9],[13],[14]							$ 2,365,434
Investments at amortized cost	[6],[7],[8],[9],[13],[14]							2,365,434
Investments at Fair Value	[6],[7],[8],[9],[13],[14]							$ 591,359
Percentage of Net Assets	[6],[7],[8],[9],[13],[14]							0.67%
Investment at Fair Value, Beginning Balance	[6],[7],[8],[9],[13],[14]			591,359
Investment at Fair Value, Ending Balance	[6],[7],[8],[9],[13],[14]							$ 591,359
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, 1888 Industrial Services, LLC - Term C, Energy Equipment & Services, 3ML + 5.00% (1.00% Floor), Initial Acquisition Date 6/25/2019, Maturity Date 8/31/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[8],[9],[13]							5.00%
Investment, Interest Rate, Floor	[6],[7],[8],[9],[13]							1.00%
Investment, Acquisition Date	[6],[7],[8],[9],[13]							Jun. 25, 2019
Maturity Date	[6],[7],[8],[9],[13]							Aug. 31, 2024
Principal Amount/ Shares	[6],[7],[8],[9],[13]							$ 630,870
Investments at amortized cost	[6],[7],[8],[9],[13]							630,870
Investments at Fair Value	[6],[7],[8],[9],[13]							$ 630,870
Percentage of Net Assets	[6],[7],[8],[9],[13]							0.72%
Investment at Fair Value, Beginning Balance	[6],[7],[8],[9],[13]			630,870
Investment at Fair Value, Ending Balance	[6],[7],[8],[9],[13]							$ 630,870
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, 1888 Industrial Services, LLC – Term A, Energy Equipment & Services, 3ML +5.00% PIK (1.00% Floor), Initial Acquisition Date 9/30/2016, Maturity Date 8/31/2024
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind	[6],[7],[8],[9],[13],[15]							5.00%
Investment, Interest Rate, Floor	[6],[7],[8],[9],[13],[15]							1.00%
Investment, Acquisition Date	[6],[7],[8],[9],[13],[15]							Sep. 30, 2016
Maturity Date	[6],[7],[8],[9],[13],[15]							Aug. 31, 2024
Principal Amount/ Shares	[6],[7],[8],[9],[13],[15]							$ 5,911,230
Investments at amortized cost	[6],[7],[8],[9],[13],[15]							5,911,230
Investments at Fair Value	[6],[7],[8],[9],[13],[15]							$ 1,477,807
Percentage of Net Assets	[6],[7],[8],[9],[13],[15]							1.69%
Investment at Fair Value, Beginning Balance	[6],[7],[8],[9],[13],[15]			$ 1,477,807
Investment at Fair Value, Ending Balance	[6],[7],[8],[9],[13],[15]							$ 1,477,807
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, Techniplas Foreign Holdco LP, Automobile Components, 10.00% PIK, Initial Acquisition Date 6/19/2020, Maturity Date 6/18/2027
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind		10.00%	[1],[3],[4],[5],[10]	10.00%	[1],[3],[4],[5],[10]			10.00%	[6],[7],[8],[9],[15]
Investment, Acquisition Date				Jun. 19, 2020	[1],[3],[4],[5],[10]			Jun. 19, 2020	[6],[7],[8],[9],[15]
Maturity Date		Jun. 18, 2027	[1],[3],[4],[5],[10]	Jun. 18, 2027	[1],[3],[4],[5],[10]			Jun. 18, 2027	[6],[7],[8],[9],[15]
Principal Amount/ Shares		$ 792,417	[1],[3],[4],[5],[10]	$ 792,417	[1],[3],[4],[5],[10]			$ 735,240	[6],[7],[8],[9],[15]
Investments at amortized cost		792,417	[1],[3],[4],[5],[10]	792,417	[1],[3],[4],[5],[10]			735,240	[6],[7],[8],[9],[15]
Investments at Fair Value		$ 611,191	[1],[3],[4],[5],[10]	$ 611,191	[1],[3],[4],[5],[10]			$ 827,410	[6],[7],[8],[9],[15]
Percentage of Net Assets		0.77%	[1],[3],[4],[5],[10]	0.77%	[1],[3],[4],[5],[10]			0.94%	[6],[7],[8],[9],[15]
Investment at Fair Value, Beginning Balance	[6],[7],[8],[9],[15]			$ 827,410
Investment at Fair Value, Ending Balance		$ 611,191	[1],[3],[4],[5],[10]	611,191	[1],[3],[4],[5],[10]			$ 827,410	[6],[7],[8],[9],[15]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments
Schedule Of Investments [Line Items]
Investments at Fair Value		5,255,262		5,255,262				9,961,311
Investment at Fair Value, Beginning Balance				9,961,311		10,646,803		10,646,803
Gross Additions				57,177	[16]			632,273	[17]
Gross Reductions				(2,667,550)	[18]			(47,950)	[19]
Net realized gains (losses)				(6,239,984)				0
Net Unrealized Gains (Losses)				4,144,308				(1,269,815)
Investment at Fair Value, Ending Balance		5,255,262		5,255,262				9,961,311
Amount of Interest or Dividends Credited to Income				87,003	[20]			49,459	[21]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, 1888 Industrial Services, LLC, Common Equity Interest
Schedule Of Investments [Line Items]
Investments at Fair Value	[22]	0		0				0
Investment at Fair Value, Beginning Balance				0	[22]	0	[23]	0	[23]
Gross Additions				0	[16],[22]			0	[17],[23]
Gross Reductions				0	[18],[22]			0	[19],[23]
Net realized gains (losses)				0	[22]			0	[23]
Net Unrealized Gains (Losses)				0	[22]			0	[23]
Investment at Fair Value, Ending Balance	[22]	0		0				0
Amount of Interest or Dividends Credited to Income				0	[20],[22]			0	[21],[23]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, 1888 Industrial Services, LLC, Revolver (3M LIBOR +5.00%)
Schedule Of Investments [Line Items]
Investments at Fair Value		$ 0		$ 0				$ 591,359
Interest Rate		5.00%	[24]	5.00%	[24]			5.00%	[25]
Investment at Fair Value, Beginning Balance				$ 591,359		556,152		$ 556,152
Gross Additions				0	[16]			140,826	[17]
Gross Reductions				(2,365,434)	[18]			0	[19]
Net realized gains (losses)				0				0
Net Unrealized Gains (Losses)				1,774,075				(105,619)
Investment at Fair Value, Ending Balance		$ 0		0				591,359
Amount of Interest or Dividends Credited to Income				12,451	[20]			0	[21]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, 1888 Industrial Services, LLC, Senior Secured First Lien Term Loan A (3M LIBOR +5.00% PIK)
Schedule Of Investments [Line Items]
Investments at Fair Value		$ 0		$ 0				$ 1,477,807
Interest Rate		5.00%	[24]	5.00%	[24]			5.00%	[25]
Investment at Fair Value, Beginning Balance				$ 1,477,807		1,477,807		$ 1,477,807
Gross Additions				0	[16]			0	[17]
Gross Reductions				0	[18]			0	[19]
Net realized gains (losses)				(5,911,230)				0
Net Unrealized Gains (Losses)				4,433,423				0
Investment at Fair Value, Ending Balance		$ 0		0				1,477,807
Amount of Interest or Dividends Credited to Income				0	[20]			0	[21]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, 1888 Industrial Services, LLC, Senior Secured First Lien Term Loan C (3M LIBOR +5.00%)
Schedule Of Investments [Line Items]
Investments at Fair Value		$ 0		$ 0				$ 630,870
Interest Rate		5.00%	[24]	5.00%	[24]			5.00%	[25]
Investment at Fair Value, Beginning Balance				$ 630,870		678,820		$ 678,820
Gross Additions				0	[16]			0	[17]
Gross Reductions				(302,116)	[18]			(47,950)	[19]
Net realized gains (losses)				(328,754)				0
Net Unrealized Gains (Losses)				0				0
Investment at Fair Value, Ending Balance		$ 0		0				630,870
Amount of Interest or Dividends Credited to Income				0	[20]			20,611	[21]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, Techniplas Foreign Holdco LP, Common Stock
Schedule Of Investments [Line Items]
Investments at Fair Value	[22]	4,644,071		4,644,071				6,433,865
Investment at Fair Value, Beginning Balance				6,433,865	[22]	7,002,759		7,002,759
Gross Additions				0	[16],[22]			421,396	[17]
Gross Reductions				0	[18],[22]			0	[19]
Net realized gains (losses)				0	[22]			0
Net Unrealized Gains (Losses)				(1,789,794)	[22]			(990,290)
Investment at Fair Value, Ending Balance	[22]	4,644,071		4,644,071				6,433,865
Amount of Interest or Dividends Credited to Income				0	[20],[22]			0	[21]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, Techniplas Foreign Holdco LP, Senior Secured First Lien Term Loan (10.00% PIK)
Schedule Of Investments [Line Items]
Investments at Fair Value		$ 611,191		$ 611,191				$ 827,410
Interest Rate		10.00%	[24]	10.00%	[24]			10.00%	[25]
Investment at Fair Value, Beginning Balance				$ 827,410		$ 931,265		$ 931,265
Gross Additions				57,177	[16]			70,051	[17]
Gross Reductions				0	[18]			0	[19]
Net realized gains (losses)				0				0
Net Unrealized Gains (Losses)				(273,396)				(173,906)
Investment at Fair Value, Ending Balance		$ 611,191		611,191				827,410
Amount of Interest or Dividends Credited to Income				74,552	[20]			70,070	[21]
Investment, Identifier [Axis]: Investments
Schedule Of Investments [Line Items]
Investments at amortized cost	[6],[7],[9]							243,298,816
Investments at Fair Value	[6],[7],[9]							$ 220,111,329
Percentage of Net Assets	[6],[7],[9]							250.98%
Investment at Fair Value, Beginning Balance	[6],[7],[9]			220,111,329
Investment at Fair Value, Ending Balance	[6],[7],[9]							$ 220,111,329
Investment, Identifier [Axis]: Liabilities in excess of other assets
Schedule Of Investments [Line Items]
Investments at Fair Value		$ (113,102,316)	[1],[3],[4]	$ (113,102,316)	[1],[3],[4]			$ (132,411,021)	[6],[7],[9]
Percentage of Net Assets		(142.98%)	[1],[3],[4]	(142.98%)	[1],[3],[4]			(150.98%)	[6],[7],[9]
Investment at Fair Value, Beginning Balance	[6],[7],[9]			$ (132,411,021)
Investment at Fair Value, Ending Balance		$ (113,102,316)	[1],[3],[4]	(113,102,316)	[1],[3],[4]			$ (132,411,021)	[6],[7],[9]
Investment, Identifier [Axis]: Net Assets
Schedule Of Investments [Line Items]
Investments at Fair Value		$ 79,100,965	[1],[3],[4]	$ 79,100,965	[1],[3],[4]			$ 87,700,308	[6],[7],[9]
Percentage of Net Assets		100.00%	[1],[3],[4]	100.00%	[1],[3],[4]			100.00%	[6],[7],[9]
Investment at Fair Value, Beginning Balance	[6],[7],[9]			$ 87,700,308
Investment at Fair Value, Ending Balance		$ 79,100,965	[1],[3],[4]	79,100,965	[1],[3],[4]			$ 87,700,308	[6],[7],[9]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments
Schedule Of Investments [Line Items]
Investments at amortized cost		195,540,865	[1],[3],[4]	195,540,865	[1],[3],[4]			219,319,251	[6],[7],[9]
Investments at Fair Value		$ 186,948,019	[1],[3],[4]	$ 186,948,019	[1],[3],[4]			$ 210,150,018	[6],[7],[9]
Percentage of Net Assets		236.34%	[1],[3],[4]	236.34%	[1],[3],[4]			239.62%	[6],[7],[9]
Investment at Fair Value, Beginning Balance	[6],[7],[9]			$ 210,150,018
Investment at Fair Value, Ending Balance		$ 186,948,019	[1],[3],[4]	186,948,019	[1],[3],[4]			$ 210,150,018	[6],[7],[9]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments
Schedule Of Investments [Line Items]
Investments at amortized cost		23,769,885	[1],[3],[4]	23,769,885	[1],[3],[4]			14,861,168	[6],[7],[9]
Investments at Fair Value		$ 26,461,052	[1],[3],[4]	$ 26,461,052	[1],[3],[4]			$ 17,306,509	[6],[7],[9]
Percentage of Net Assets		33.45%	[1],[3],[4]	33.45%	[1],[3],[4]			19.73%	[6],[7],[9]
Investment at Fair Value, Beginning Balance	[6],[7],[9]			$ 17,306,509
Investment at Fair Value, Ending Balance		$ 26,461,052	[1],[3],[4]	26,461,052	[1],[3],[4]			$ 17,306,509	[6],[7],[9]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, 4L Technologies, Inc. Common Stock, Electronic Equipment, Instruments & Components
Schedule Of Investments [Line Items]
Principal Amount/ Shares		149,918	[1],[3],[4],[5],[12]	149,918	[1],[3],[4],[5],[12]			149,918	[6],[7],[9],[11],[15]
Investments at amortized cost		2,171,581	[1],[3],[4],[12]	2,171,581	[1],[3],[4],[12]			2,171,581	[6],[7],[9],[11]
Investments at Fair Value		$ 58,468	[1],[3],[4],[12]	$ 58,468	[1],[3],[4],[12]			$ 95,947	[6],[7],[9],[11]
Percentage of Net Assets		0.07%	[1],[3],[4],[12]	0.07%	[1],[3],[4],[12]			0.11%	[6],[7],[9],[11]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[11]			$ 95,947
Investment at Fair Value, Ending Balance		$ 58,468	[1],[3],[4],[12]	58,468	[1],[3],[4],[12]			$ 95,947	[6],[7],[9],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, 4L Technologies, Inc. Preferred Stock, Electronic Equipment, Instruments & Components
Schedule Of Investments [Line Items]
Principal Amount/ Shares		2,289	[1],[3],[4],[5],[12]	2,289	[1],[3],[4],[5],[12]			2,289	[6],[7],[9],[11],[15]
Investments at amortized cost		209,004	[1],[3],[4],[12]	209,004	[1],[3],[4],[12]			209,004	[6],[7],[9],[11]
Investments at Fair Value		$ 1,259,005	[1],[3],[4],[12]	$ 1,259,005	[1],[3],[4],[12]			$ 2,037,299	[6],[7],[9],[11]
Percentage of Net Assets		1.60%	[1],[3],[4],[12]	1.60%	[1],[3],[4],[12]			2.33%	[6],[7],[9],[11]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[11]			$ 2,037,299
Investment at Fair Value, Ending Balance		$ 1,259,005	[1],[3],[4],[12]	1,259,005	[1],[3],[4],[12]			$ 2,037,299	[6],[7],[9],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Advanced Solutions International Preferred Equity, Software
Schedule Of Investments [Line Items]
Principal Amount/ Shares		888,170	[1],[3],[4],[5]	888,170	[1],[3],[4],[5]			888,170	[6],[7],[9],[11],[15]
Investments at amortized cost		1,000,000	[1],[3],[4]	1,000,000	[1],[3],[4]			1,000,000	[6],[7],[9],[11]
Investments at Fair Value		$ 1,758,577	[1],[3],[4]	$ 1,758,577	[1],[3],[4]			$ 1,758,577	[6],[7],[9],[11]
Percentage of Net Assets		2.22%	[1],[3],[4]	2.22%	[1],[3],[4]			2.01%	[6],[7],[9],[11]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[11]			$ 1,758,577
Investment at Fair Value, Ending Balance		$ 1,758,577	[1],[3],[4]	1,758,577	[1],[3],[4]			$ 1,758,577	[6],[7],[9],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, ArborWorks, LLC A-1 Common Units, Commercial Services & Supplies
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[1],[3],[4],[5],[12]	1,035		1,035
Investments at amortized cost	[1],[3],[4],[12]	0		0
Investments at Fair Value	[1],[3],[4],[12]	$ 0		$ 0
Percentage of Net Assets	[1],[3],[4],[12]	0.00%		0.00%
Investment at Fair Value, Ending Balance	[1],[3],[4],[12]	$ 0		$ 0
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, ArborWorks, LLC A-1 Preferred, Commercial Services & Supplies
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[1],[3],[4],[5],[12]	8,633		8,633
Investments at amortized cost	[1],[3],[4],[12]	4,362,023		4,362,023
Investments at Fair Value	[1],[3],[4],[12]	$ 2,150,356		$ 2,150,356
Percentage of Net Assets	[1],[3],[4],[12]	2.72%		2.72%
Investment at Fair Value, Ending Balance	[1],[3],[4],[12]	$ 2,150,356		$ 2,150,356
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, ArborWorks, LLC B-1 Preferred, Commercial Services & Supplies
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[1],[3],[4],[5],[12]	8,633		8,633
Investments at amortized cost	[1],[3],[4],[12]	0		0
Investments at Fair Value	[1],[3],[4],[12]	$ 0		$ 0
Percentage of Net Assets	[1],[3],[4],[12]	0.00%		0.00%
Investment at Fair Value, Ending Balance	[1],[3],[4],[12]	$ 0		$ 0
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Arborworks Acquisition LLC (Equity Interest), Commercial Services & Supplies
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[6],[7],[9],[11],[15]							62
Investments at amortized cost	[6],[7],[9],[11]							62,112
Investments at Fair Value	[6],[7],[9],[11]							$ 0
Percentage of Net Assets	[6],[7],[9],[11]							0.00%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[11]			0
Investment at Fair Value, Ending Balance	[6],[7],[9],[11]							$ 0
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Bioplan USA, Inc. - Common Stock, Containers & Packaging
Schedule Of Investments [Line Items]
Principal Amount/ Shares		292,150	[1],[3],[4],[5],[12]	292,150	[1],[3],[4],[5],[12]			292,150	[6],[7],[9],[11],[15]
Investments at amortized cost		1,708,941	[1],[3],[4],[12]	1,708,941	[1],[3],[4],[12]			1,708,941	[6],[7],[9],[11]
Investments at Fair Value		$ 5,369,717	[1],[3],[4],[12]	$ 5,369,717	[1],[3],[4],[12]			$ 4,142,687	[6],[7],[9],[11]
Percentage of Net Assets		6.79%	[1],[3],[4],[12]	6.79%	[1],[3],[4],[12]			4.72%	[6],[7],[9],[11]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[11]			$ 4,142,687
Investment at Fair Value, Ending Balance		$ 5,369,717	[1],[3],[4],[12]	5,369,717	[1],[3],[4],[12]			$ 4,142,687	[6],[7],[9],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, CF Arch Holdings LLC (Equity Interest), Professional Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		200,000	[1],[3],[4],[5],[12]	200,000	[1],[3],[4],[5],[12]			200,000	[6],[7],[9],[11],[15]
Investments at amortized cost		200,000	[1],[3],[4],[12]	200,000	[1],[3],[4],[12]			200,000	[6],[7],[9],[11]
Investments at Fair Value		$ 330,000	[1],[3],[4],[12]	$ 330,000	[1],[3],[4],[12]			$ 318,000	[6],[7],[9],[11]
Percentage of Net Assets		0.41%	[1],[3],[4],[12]	0.41%	[1],[3],[4],[12]			0.36%	[6],[7],[9],[11]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[11]			$ 318,000
Investment at Fair Value, Ending Balance		$ 330,000	[1],[3],[4],[12]	$ 330,000	[1],[3],[4],[12]			$ 318,000	[6],[7],[9],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Discovery Behavioral Health Preferred Stock, Health Care Providers & Services, 13.50% PIK
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind	[1],[3],[4],[12]	13.50%		13.50%
Principal Amount/ Shares	[1],[3],[4],[5],[12]	$ 4,000		$ 4,000
Investments at amortized cost	[1],[3],[4],[12]	4,000,000		4,000,000
Investments at Fair Value	[1],[3],[4],[12]	$ 5,400,000		$ 5,400,000
Percentage of Net Assets	[1],[3],[4],[12]	6.83%		6.83%
Investment at Fair Value, Ending Balance	[1],[3],[4],[12]	$ 5,400,000		$ 5,400,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Flatworld Intermediate Corporation - Equity Interest, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		4,405	[1],[3],[4],[5],[12]	4,405	[1],[3],[4],[5],[12]			4,405	[6],[7],[9],[11],[15]
Investments at amortized cost		100,000	[1],[3],[4],[12]	100,000	[1],[3],[4],[12]			100,000	[6],[7],[9],[11]
Investments at Fair Value		$ 21,046	[1],[3],[4],[12]	$ 21,046	[1],[3],[4],[12]			$ 38,722	[6],[7],[9],[11]
Percentage of Net Assets		0.02%	[1],[3],[4],[12]	0.02%	[1],[3],[4],[12]			0.04%	[6],[7],[9],[11]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[11]			$ 38,722
Investment at Fair Value, Ending Balance		$ 21,046	[1],[3],[4],[12]	21,046	[1],[3],[4],[12]			$ 38,722	[6],[7],[9],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect, Inc - Equity Investor Warrants, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		1,345,747	[1],[3],[4],[5],[12]	1,345,747	[1],[3],[4],[5],[12]			13,457	[6],[7],[9],[11],[15]
Investments at amortized cost		0	[1],[3],[4],[12]	0	[1],[3],[4],[12]			0	[6],[7],[9],[11]
Investments at Fair Value		$ 0	[1],[3],[4],[12]	$ 0	[1],[3],[4],[12]			$ 0	[6],[7],[9],[11]
Percentage of Net Assets		0.00%	[1],[3],[4],[12]	0.00%	[1],[3],[4],[12]			0.00%	[6],[7],[9],[11]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[11]			$ 0
Investment at Fair Value, Ending Balance		$ 0	[1],[3],[4],[12]	0	[1],[3],[4],[12]			$ 0	[6],[7],[9],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect, Inc. - Backstop Warrants, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		8,904,634	[1],[3],[4],[5],[12]	8,904,634	[1],[3],[4],[5],[12]			89,046	[6],[7],[9],[11],[15]
Investments at amortized cost		0	[1],[3],[4],[12]	0	[1],[3],[4],[12]			0	[6],[7],[9],[11]
Investments at Fair Value		$ 56,990	[1],[3],[4],[12]	$ 56,990	[1],[3],[4],[12]			$ 133,720	[6],[7],[9],[11]
Percentage of Net Assets		0.07%	[1],[3],[4],[12]	0.07%	[1],[3],[4],[12]			0.15%	[6],[7],[9],[11]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[11]			$ 133,720
Investment at Fair Value, Ending Balance		$ 56,990	[1],[3],[4],[12]	56,990	[1],[3],[4],[12]			$ 133,720	[6],[7],[9],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect, Inc. - Common Stock, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		230,191	[1],[3],[4],[5],[12]	230,191	[1],[3],[4],[5],[12]			230,209	[6],[7],[9],[11],[15]
Investments at amortized cost		1,184,606	[1],[3],[4],[12]	1,184,606	[1],[3],[4],[12]			1,184,606	[6],[7],[9],[11]
Investments at Fair Value		$ 377,513	[1],[3],[4],[12]	$ 377,513	[1],[3],[4],[12]			$ 575,914	[6],[7],[9],[11]
Percentage of Net Assets		0.48%	[1],[3],[4],[12]	0.48%	[1],[3],[4],[12]			0.66%	[6],[7],[9],[11]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[11]			$ 575,914
Investment at Fair Value, Ending Balance		$ 377,513	[1],[3],[4],[12]	377,513	[1],[3],[4],[12]			$ 575,914	[6],[7],[9],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect, Inc. - Investor Warrants, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		8,904,634	[1],[3],[4],[5],[12]	8,904,634	[1],[3],[4],[5],[12]			89,046	[6],[7],[9],[11],[15]
Investments at amortized cost		0	[1],[3],[4],[12]	0	[1],[3],[4],[12]			0	[6],[7],[9],[11]
Investments at Fair Value		$ 56,990	[1],[3],[4],[12]	$ 56,990	[1],[3],[4],[12]			$ 133,720	[6],[7],[9],[11]
Percentage of Net Assets		0.07%	[1],[3],[4],[12]	0.07%	[1],[3],[4],[12]			0.15%	[6],[7],[9],[11]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[11]			$ 133,720
Investment at Fair Value, Ending Balance		$ 56,990	[1],[3],[4],[12]	$ 56,990	[1],[3],[4],[12]			$ 133,720	[6],[7],[9],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect, Inc. - Series A Preferred, IT Services, 12.50% PIK
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind		12.50%	[1],[3],[4],[12]	12.50%	[1],[3],[4],[12]			12.50%	[6],[7],[9],[15]
Principal Amount/ Shares		$ 500	[1],[3],[4],[5],[12]	$ 500	[1],[3],[4],[5],[12]			$ 59,749	[6],[7],[9],[15]
Investments at amortized cost		6,555,481	[1],[3],[4],[12]	6,555,481	[1],[3],[4],[12]			5,974,924	[6],[7],[9],[15]
Investments at Fair Value		$ 5,928,121	[1],[3],[4],[12]	$ 5,928,121	[1],[3],[4],[12]			$ 4,824,752	[6],[7],[9],[15]
Percentage of Net Assets		7.49%	[1],[3],[4],[12]	7.49%	[1],[3],[4],[12]			5.50%	[6],[7],[9],[15]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[15]			$ 4,824,752
Investment at Fair Value, Ending Balance		$ 5,928,121	[1],[3],[4],[12]	5,928,121	[1],[3],[4],[12]			$ 4,824,752	[6],[7],[9],[15]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Investcorp Transformer Aggregator LP, Commercial Services & Supplies
Schedule Of Investments [Line Items]
Principal Amount/ Shares		520,710	[1],[3],[4],[5],[12]	520,710	[1],[3],[4],[5],[12]			500,000	[6],[7],[9],[11],[15]
Investments at amortized cost		528,249	[1],[3],[4],[12]	528,249	[1],[3],[4],[12]			500,000	[6],[7],[9],[11]
Investments at Fair Value		$ 1,171,598	[1],[3],[4],[12]	$ 1,171,598	[1],[3],[4],[12]			$ 880,000	[6],[7],[9],[11]
Percentage of Net Assets		1.49%	[1],[3],[4],[12]	1.49%	[1],[3],[4],[12]			1.01%	[6],[7],[9],[11]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[11]			$ 880,000
Investment at Fair Value, Ending Balance		$ 1,171,598	[1],[3],[4],[12]	1,171,598	[1],[3],[4],[12]			$ 880,000	[6],[7],[9],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Pegasus Aggregator Holdings LP, Trading Companies & Distributors
Schedule Of Investments [Line Items]
Principal Amount/ Shares		9	[1],[3],[4],[5],[12]	9	[1],[3],[4],[5],[12]			9	[6],[7],[9],[11],[15]
Investments at amortized cost		750,000	[1],[3],[4],[12]	750,000	[1],[3],[4],[12]			750,000	[6],[7],[9],[11]
Investments at Fair Value		$ 915,796	[1],[3],[4],[12]	$ 915,796	[1],[3],[4],[12]			$ 898,491	[6],[7],[9],[11]
Percentage of Net Assets		1.16%	[1],[3],[4],[12]	1.16%	[1],[3],[4],[12]			1.02%	[6],[7],[9],[11]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[11]			$ 898,491
Investment at Fair Value, Ending Balance		$ 915,796	[1],[3],[4],[12]	915,796	[1],[3],[4],[12]			$ 898,491	[6],[7],[9],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Victors CCC Aggregator LP, Professional Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		500,000	[1],[3],[4],[5],[12]	500,000	[1],[3],[4],[5],[12]			500,000	[6],[7],[9],[11],[15]
Investments at amortized cost		500,000	[1],[3],[4],[12]	500,000	[1],[3],[4],[12]			500,000	[6],[7],[9],[11]
Investments at Fair Value		$ 710,000	[1],[3],[4],[12]	$ 710,000	[1],[3],[4],[12]			$ 635,000	[6],[7],[9],[11]
Percentage of Net Assets		0.90%	[1],[3],[4],[12]	0.90%	[1],[3],[4],[12]			0.72%	[6],[7],[9],[11]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[11]			$ 635,000
Investment at Fair Value, Ending Balance		$ 710,000	[1],[3],[4],[12]	710,000	[1],[3],[4],[12]			$ 635,000	[6],[7],[9],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Work Genius Holdings, Inc (Equity Interest), Professional Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		500	[1],[3],[4],[5],[12]	500	[1],[3],[4],[5],[12]			500	[6],[7],[9],[11],[15]
Investments at amortized cost		500,000	[1],[3],[4],[12]	500,000	[1],[3],[4],[12]			500,000	[6],[7],[9],[11]
Investments at Fair Value		$ 896,875	[1],[3],[4],[12]	$ 896,875	[1],[3],[4],[12]			$ 833,680	[6],[7],[9],[11]
Percentage of Net Assets		1.13%	[1],[3],[4],[12]	1.13%	[1],[3],[4],[12]			0.95%	[6],[7],[9],[11]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[11]			$ 833,680
Investment at Fair Value, Ending Balance		$ 896,875	[1],[3],[4],[12]	896,875	[1],[3],[4],[12]			$ 833,680	[6],[7],[9],[11]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments
Schedule Of Investments [Line Items]
Investments at amortized cost		171,770,980	[1],[3],[4]	171,770,980	[1],[3],[4]			204,458,083	[6],[7],[9]
Investments at Fair Value		$ 160,486,967	[1],[3],[4]	$ 160,486,967	[1],[3],[4]			$ 192,843,509	[6],[7],[9]
Percentage of Net Assets		202.89%	[1],[3],[4]	202.89%	[1],[3],[4]			219.89%	[6],[7],[9]
Investment at Fair Value, Beginning Balance	[6],[7],[9]			$ 192,843,509
Investment at Fair Value, Ending Balance		$ 160,486,967	[1],[3],[4]	160,486,967	[1],[3],[4]			$ 192,843,509	[6],[7],[9]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, 4L Technologies, Inc. Electronic Equipment, Instruments & Components, 3M S + 7.50% (1.00% Floor), Initial Acquisition Date 2/4/2020, Maturity Date 6/30/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9]							7.50%
Investment, Interest Rate, Floor	[6],[7],[9]							1.00%
Investment, Acquisition Date	[6],[7],[9]							Feb. 04, 2020
Maturity Date	[6],[7],[9]							Jun. 30, 2025
Principal Amount/ Shares	[6],[7],[9],[15]							$ 1,132,352
Investments at amortized cost	[6],[7],[9]							1,132,352
Investments at Fair Value	[6],[7],[9]							$ 1,132,352
Percentage of Net Assets	[6],[7],[9]							1.29%
Investment at Fair Value, Beginning Balance	[6],[7],[9]			$ 1,132,352
Investment at Fair Value, Ending Balance	[6],[7],[9]							$ 1,132,352
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, 4L Technologies, Inc. Electronic Equipment, Instruments & Components, 3M S + 7.50% + 1.50%PIK (1.00% Floor), Initial Acquisition Date 2/4/2020, Maturity Date 6/30/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[4]	7.50%		7.50%
Investment, Interest Rate, Paid in Kind	[1],[3],[4]	1.50%		1.50%
Investment, Interest Rate, Floor	[1],[3],[4]	1.00%		1.00%
Investment, Acquisition Date	[1],[3],[4]			Feb. 04, 2020
Maturity Date	[1],[3],[4]	Jun. 30, 2025		Jun. 30, 2025
Principal Amount/ Shares	[1],[3],[4],[5]	$ 1,146,952		$ 1,146,952
Investments at amortized cost	[1],[3],[4]	1,146,952		1,146,952
Investments at Fair Value	[1],[3],[4]	$ 1,198,565		$ 1,198,565
Percentage of Net Assets	[1],[3],[4]	1.52%		1.52%
Investment at Fair Value, Ending Balance	[1],[3],[4]	$ 1,198,565		$ 1,198,565
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, AHF Parent Holding, Inc. Building Products, 3M S + 6.25% (0.75% Floor), Initial Acquisition Date 2/9/2022, Maturity Date 2/1/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							6.25%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							0.75%
Investment, Acquisition Date	[6],[7],[9],[26]							Feb. 09, 2022
Maturity Date	[6],[7],[9],[26]							Feb. 01, 2028
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 4,687,500
Investments at amortized cost	[6],[7],[9],[26]							4,656,726
Investments at Fair Value	[6],[7],[9],[26]							$ 4,511,719
Percentage of Net Assets	[6],[7],[9],[26]							5.14%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			4,511,719
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 4,511,719
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, ALCV Purchaser, Inc. Specialty Retail, 3M S + 6.75% (1.00% Floor), Initial Acquisition Date 3/1/2021, Maturity Date 4/15/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							6.75%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26]							Mar. 01, 2021
Maturity Date	[6],[7],[9],[26]							Apr. 15, 2026
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 5,200,000
Investments at amortized cost	[6],[7],[9],[26]							5,152,059
Investments at Fair Value	[6],[7],[9],[26]							$ 5,148,000
Percentage of Net Assets	[6],[7],[9],[26]							5.87%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			5,148,000
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 5,148,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, AMCP Clean Acquisition Company, LLC, Hotels, Restaurants, and Leisure, 3M S + 4.25%, Initial Acquisition Date 4/6/2023, Maturity Date 7/10/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							4.25%
Investment, Acquisition Date	[6],[7],[9],[26]							Apr. 06, 2023
Maturity Date	[6],[7],[9],[26]							Jul. 10, 2025
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 6,981,712
Investments at amortized cost	[6],[7],[9],[26]							6,304,958
Investments at Fair Value	[6],[7],[9],[26]							$ 6,283,541
Percentage of Net Assets	[6],[7],[9],[26]							7.16%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			$ 6,283,541
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 6,283,541
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, AMCP Clean Acquisition Company, LLC, Hotels, Restaurants, and Leisure, 3M S + 5.00% (0.50% Floor), Initial Acquisition Date 2/27/2024, Maturity Date 6/15/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	5.00%		5.00%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	0.50%		0.50%
Investment, Acquisition Date	[1],[2],[3],[4]			Feb. 27, 2024
Maturity Date	[1],[2],[3],[4]	Jun. 15, 2028		Jun. 15, 2028
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 3,000,000		$ 3,000,000
Investments at amortized cost	[1],[2],[3],[4]	2,955,590		2,955,590
Investments at Fair Value	[1],[2],[3],[4]	$ 2,955,000		$ 2,955,000
Percentage of Net Assets	[1],[2],[3],[4]	3.74%		3.74%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 2,955,000		$ 2,955,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Advanced Solutions International, Software, 3M S + 6.00% (1.00% Floor), Initial Acquisition Date 9/1/2020, Maturity Date 9/16/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							6.00%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26]							Sep. 01, 2020
Maturity Date	[6],[7],[9],[26]							Sep. 16, 2025
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 6,750,000
Investments at amortized cost	[6],[7],[9],[26]							6,675,818
Investments at Fair Value	[6],[7],[9],[26]							$ 6,750,000
Percentage of Net Assets	[6],[7],[9],[26]							7.70%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			6,750,000
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 6,750,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Amerequip, LLC, Machinery, 6M S + 7.40% (1.00% Floor), Initial Acquisition Date 9/1/2022, Maturity Date 8/31/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							7.40%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26]							Sep. 01, 2022
Maturity Date	[6],[7],[9],[26]							Aug. 31, 2027
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 4,994,516
Investments at amortized cost	[6],[7],[9],[26]							4,950,906
Investments at Fair Value	[6],[7],[9],[26]							$ 4,994,516
Percentage of Net Assets	[6],[7],[9],[26]							5.69%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			$ 4,994,516
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 4,994,516
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Auto Auction Group, LLC, Automotive Retail, 3M S + 5.00% (0.75% Floor), Initial Acquisition Date 4/12/2023, Maturity Date 12/30/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	5.00%		5.00%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	0.75%		0.75%
Investment, Acquisition Date	[1],[2],[3],[4]			Apr. 12, 2023
Maturity Date	[1],[2],[3],[4]	Dec. 30, 2027		Dec. 30, 2027
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 5,706,962		$ 5,706,962
Investments at amortized cost	[1],[2],[3],[4]	5,392,575		5,392,575
Investments at Fair Value	[1],[2],[3],[4]	$ 5,665,872		$ 5,665,872
Percentage of Net Assets	[1],[2],[3],[4]	7.16%		7.16%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 5,665,872		$ 5,665,872
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Auto Auction Group, LLC, Automotive Retail, 3M S + 5.00% (1.00% Floor), Initial Acquisition Date 4/12/2023, Maturity Date 12/30/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							5.00%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26]							Apr. 12, 2023
Maturity Date	[6],[7],[9],[26]							Dec. 30, 2027
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 4,239,241
Investments at amortized cost	[6],[7],[9],[26]							3,888,170
Investments at Fair Value	[6],[7],[9],[26]							$ 3,878,905
Percentage of Net Assets	[6],[7],[9],[26]							4.42%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			3,878,905
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 3,878,905
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Nuts Holdings, LLC - Term Loan A, Consumer Staples Distribution & Retail, 3M S + 6.75% 3.00% PIK (1.00% Floor), Initial Acquisition Date 4/4/2022, Maturity Date 4/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[13],[15],[26]							6.75%
Investment, Interest Rate, Paid in Kind	[6],[7],[9],[13],[15],[26]							3.00%
Investment, Interest Rate, Floor	[6],[7],[9],[13],[15],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[13],[15],[26]							Apr. 04, 2022
Maturity Date	[6],[7],[9],[13],[15],[26]							Apr. 10, 2026
Principal Amount/ Shares	[6],[7],[9],[13],[15],[26]							$ 3,788,372
Investments at amortized cost	[6],[7],[9],[13],[15],[26]							3,760,262
Investments at Fair Value	[6],[7],[9],[13],[15],[26]							$ 3,030,698
Percentage of Net Assets	[6],[7],[9],[13],[15],[26]							3.46%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[13],[15],[26]			$ 3,030,698
Investment at Fair Value, Ending Balance	[6],[7],[9],[13],[15],[26]							$ 3,030,698
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Nuts Holdings, LLC - Term Loan A, Consumer Staples Distribution & Retail, 3M S + 9.75% PIK (1.00% Floor), Initial Acquisition Date 4/4/2022, Maturity Date 4/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4],[27]	9.75%		9.75%
Investment, Interest Rate, Paid in Kind	[1],[2],[3],[4],[27]	1.00%		1.00%
Investment, Acquisition Date	[1],[2],[3],[4],[27]			Apr. 04, 2022
Maturity Date	[1],[2],[3],[4],[27]	Apr. 10, 2026		Apr. 10, 2026
Principal Amount/ Shares	[1],[2],[3],[4],[27]	$ 4,328,212		$ 4,328,212
Investments at amortized cost	[1],[2],[3],[4],[27]	4,328,212		4,328,212
Investments at Fair Value	[1],[2],[3],[4],[27]	$ 4,068,520		$ 4,068,520
Percentage of Net Assets	[1],[2],[3],[4],[27]	5.14%		5.14%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4],[27]	$ 4,068,520		$ 4,068,520
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Nuts Holdings, LLC - Term Loan B, Consumer Staples Distribution & Retail, 3M S + 11.75% PIK (1.00% Floor), Initial Acquisition Date 4/4/2022, Maturity Date 4/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	11.75%		11.75%
Investment, Interest Rate, Paid in Kind	[1],[2],[3],[4]	1.00%		1.00%
Investment, Acquisition Date	[1],[2],[3],[4]			Apr. 04, 2022
Maturity Date	[1],[2],[3],[4]	Apr. 10, 2026		Apr. 10, 2026
Principal Amount/ Shares	[1],[2],[3],[4]	$ 4,295,184		$ 4,295,184
Investments at amortized cost	[1],[2],[3],[4]	1,377,406		1,377,406
Investments at Fair Value	[1],[2],[3],[4]	$ 901,989		$ 901,989
Percentage of Net Assets	[1],[2],[3],[4]	1.14%		1.14%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 901,989		$ 901,989
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Nuts Holdings, LLC - Term Loan B, Consumer Staples Distribution & Retail, 3M S + 8.75% 3.00% PIK (1.00% Floor), Initial Acquisition Date 4/4/2022, Maturity Date 4/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[13],[14],[15],[26],[28]							8.75%
Investment, Interest Rate, Paid in Kind	[6],[7],[9],[13],[14],[15],[26],[28]							3.00%
Investment, Interest Rate, Floor	[6],[7],[9],[13],[14],[15],[26],[28]							1.00%
Investment, Acquisition Date	[6],[7],[9],[13],[14],[15],[26],[28]							Apr. 04, 2022
Maturity Date	[6],[7],[9],[13],[14],[15],[26],[28]							Apr. 10, 2026
Principal Amount/ Shares	[6],[7],[9],[13],[14],[15],[26],[28]							$ 3,788,372
Investments at amortized cost	[6],[7],[9],[13],[14],[15],[26],[28]							3,759,975
Investments at Fair Value	[6],[7],[9],[13],[14],[15],[26],[28]							$ 3,030,698
Percentage of Net Assets	[6],[7],[9],[13],[14],[15],[26],[28]							3.46%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[13],[14],[15],[26],[28]			$ 3,030,698
Investment at Fair Value, Ending Balance	[6],[7],[9],[13],[14],[15],[26],[28]							$ 3,030,698
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) - Revolver, Software, P + 5.50% (1.00% Floor), Initial Acquisition Date 5/6/2016, Maturity Date 4/7/2023
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		5.50%	[1],[3],[4],[27],[29]	5.50%	[1],[3],[4],[27],[29]			5.50%	[6],[7],[9],[13],[28]
Investment, Interest Rate, Floor		1.00%	[1],[3],[4],[27],[29]	1.00%	[1],[3],[4],[27],[29]			1.00%	[6],[7],[9],[13],[28]
Investment, Acquisition Date				May 06, 2016	[1],[3],[4],[27],[29]			May 06, 2016	[6],[7],[9],[13],[28]
Maturity Date		Apr. 07, 2023	[1],[3],[4],[27],[29]	Apr. 07, 2023	[1],[3],[4],[27],[29]			Apr. 07, 2023	[6],[7],[9],[13],[28]
Principal Amount/ Shares		$ 1,736,618	[1],[3],[4],[5],[27],[29]	$ 1,736,618	[1],[3],[4],[5],[27],[29]			$ 1,736,618	[6],[7],[9],[13],[15],[28]
Investments at amortized cost		1,718,794	[1],[3],[4],[27],[29]	1,718,794	[1],[3],[4],[27],[29]			1,718,794	[6],[7],[9],[13],[28]
Investments at Fair Value		$ 0	[1],[3],[4],[27],[29]	$ 0	[1],[3],[4],[27],[29]			$ 217,077	[6],[7],[9],[13],[28]
Percentage of Net Assets		0.00%	[1],[3],[4],[27],[29]	0.00%	[1],[3],[4],[27],[29]			0.25%	[6],[7],[9],[13],[28]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[13],[28]			$ 217,077
Investment at Fair Value, Ending Balance		$ 0	[1],[3],[4],[27],[29]	$ 0	[1],[3],[4],[27],[29]			$ 217,077	[6],[7],[9],[13],[28]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Amerit Fleet Holdings, LLC, Commercial Services & Supplies, 1M S + 8.10% (2.00% Floor), Initial Acquisition Date 12/13/2023, Maturity Date 12/24/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	8.10%		8.10%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	2.00%		2.00%
Investment, Acquisition Date	[1],[2],[3],[4]			Dec. 13, 2023
Maturity Date	[1],[2],[3],[4]	Dec. 24, 2025		Dec. 24, 2025
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 7,462,500		$ 7,462,500
Investments at amortized cost	[1],[2],[3],[4]	7,320,306		7,320,306
Investments at Fair Value	[1],[2],[3],[4]	$ 7,305,787		$ 7,305,787
Percentage of Net Assets	[1],[2],[3],[4]	9.24%		9.24%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 7,305,787		$ 7,305,787
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Arborworks Acquisition LLC - Reinstated Term Loan (Take Back), Commercial Services & Supplies, 1M S + 6.50% PIK (1.00% Floor), Initial Acquisition Date 11/24/2021, Maturity Date 11/6/2028
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind	[1],[2],[3],[4]	6.50%		6.50%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	1.00%		1.00%
Investment, Acquisition Date	[1],[2],[3],[4]			Nov. 24, 2021
Maturity Date	[1],[2],[3],[4]	Nov. 06, 2028		Nov. 06, 2028
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 1,939,770		$ 1,939,770
Investments at amortized cost	[1],[2],[3],[4]	1,939,770		1,939,770
Investments at Fair Value	[1],[2],[3],[4]	$ 1,939,770		$ 1,939,770
Percentage of Net Assets	[1],[2],[3],[4]	2.45%		2.45%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 1,939,770		$ 1,939,770
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Arborworks Acquisition LLC - Revolver (New), Commercial Services & Supplies, 15.00% PIK, Initial Acquisition Date 11/6/2023, Maturity Date 11/6/2028
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind	[1],[3],[4],[30]	15.00%		15.00%
Investment, Acquisition Date	[1],[3],[4],[30]			Nov. 06, 2023
Maturity Date	[1],[3],[4],[30]	Nov. 06, 2028		Nov. 06, 2028
Principal Amount/ Shares	[1],[3],[4],[5],[30]	$ 974,279		$ 974,279
Investments at amortized cost	[1],[3],[4],[30]	974,279		974,279
Investments at Fair Value	[1],[3],[4],[30]	$ 974,279		$ 974,279
Percentage of Net Assets	[1],[3],[4],[30]	1.23%		1.23%
Investment at Fair Value, Ending Balance	[1],[3],[4],[30]	$ 974,279		$ 974,279
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Arborworks Acquisition LLC - Revolver, Commercial Services & Supplies, 3M L + 7.00% (1.00% Floor), Initial Acquisition Date 11/24/2021, Maturity Date 11/9/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[14],[28]							7.00%
Investment, Interest Rate, Floor	[6],[7],[9],[14],[28]							1.00%
Investment, Acquisition Date	[6],[7],[9],[14],[28]							Nov. 24, 2021
Maturity Date	[6],[7],[9],[14],[28]							Nov. 09, 2026
Principal Amount/ Shares	[6],[7],[9],[14],[15],[28]							$ 1,308,407
Investments at amortized cost	[6],[7],[9],[14],[28]							1,308,407
Investments at Fair Value	[6],[7],[9],[14],[28]							$ 981,305
Percentage of Net Assets	[6],[7],[9],[14],[28]							1.12%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[14],[28]			981,305
Investment at Fair Value, Ending Balance	[6],[7],[9],[14],[28]							$ 981,305
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Arborworks Acquisition LLC, Commercial Services & Supplies, 3M L + 7.00% 3.00% PIK (1.00% Floor), Initial Acquisition Date 11/24/2021, Maturity Date 11/9/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26],[28]							7.00%
Investment, Interest Rate, Paid in Kind	[6],[7],[9],[26],[28]							3.00%
Investment, Interest Rate, Floor	[6],[7],[9],[26],[28]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26],[28]							Nov. 24, 2021
Maturity Date	[6],[7],[9],[26],[28]							Nov. 09, 2026
Principal Amount/ Shares	[6],[7],[9],[15],[26],[28]							$ 8,033,532
Investments at amortized cost	[6],[7],[9],[26],[28]							7,976,037
Investments at Fair Value	[6],[7],[9],[26],[28]							$ 6,025,149
Percentage of Net Assets	[6],[7],[9],[26],[28]							6.87%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26],[28]			6,025,149
Investment at Fair Value, Ending Balance	[6],[7],[9],[26],[28]							$ 6,025,149
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Archer Systems, LLC, Professional Services, 3M S + 6.00% (1.00% Floor), Initial Acquisition Date 8/11/2022, Maturity Date 8/11/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							6.00%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26]							Aug. 11, 2022
Maturity Date	[6],[7],[9],[26]							Aug. 11, 2027
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 5,414,246
Investments at amortized cost	[6],[7],[9],[26]							5,367,591
Investments at Fair Value	[6],[7],[9],[26]							$ 5,441,317
Percentage of Net Assets	[6],[7],[9],[26]							6.20%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			$ 5,441,317
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 5,441,317
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Axiom Global Inc., Consumer Services,1MS +4.75%(0.75% Floor) Initial Acquisition Date 9/12/2023, Maturity Date 10/01/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	4.75%		4.75%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	0.75%		0.75%
Investment, Acquisition Date	[1],[2],[3],[4]			Sep. 12, 2023
Maturity Date	[1],[2],[3],[4]	Oct. 01, 2026		Oct. 01, 2026
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 4,961,129		$ 4,961,129
Investments at amortized cost	[1],[2],[3],[4]	4,898,439		4,898,439
Investments at Fair Value	[1],[2],[3],[4]	$ 4,911,518		$ 4,911,518
Percentage of Net Assets	[1],[2],[3],[4]	6.21%		6.21%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 4,911,518		$ 4,911,518
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Bioplan USA, Inc. - Priority Term Loan, Containers & Packaging, 3M S + 10.00% (4.00% Floor), Initial Acquisition Date 2/28/2023, Maturity Date 3/8/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		10.00%	[1],[2],[3],[4]	10.00%	[1],[2],[3],[4]			10.00%	[6],[7],[9],[26]
Investment, Interest Rate, Floor		4.00%	[1],[2],[3],[4]	4.00%	[1],[2],[3],[4]			4.00%	[6],[7],[9],[26]
Investment, Acquisition Date				Feb. 28, 2023	[1],[2],[3],[4]			Feb. 28, 2023	[6],[7],[9],[26]
Maturity Date		Mar. 08, 2027	[1],[2],[3],[4]	Mar. 08, 2027	[1],[2],[3],[4]			Mar. 08, 2027	[6],[7],[9],[26]
Principal Amount/ Shares		$ 3,367,275	[1],[2],[3],[4],[5]	$ 3,367,275	[1],[2],[3],[4],[5]			$ 3,367,275	[6],[7],[9],[15],[26]
Investments at amortized cost		3,424,175	[1],[2],[3],[4]	3,424,175	[1],[2],[3],[4]			3,435,421	[6],[7],[9],[26]
Investments at Fair Value		$ 3,594,566	[1],[2],[3],[4]	$ 3,594,566	[1],[2],[3],[4]			$ 3,602,984	[6],[7],[9],[26]
Percentage of Net Assets		4.55%	[1],[2],[3],[4]	4.55%	[1],[2],[3],[4]			4.11%	[6],[7],[9],[26]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			$ 3,602,984
Investment at Fair Value, Ending Balance		$ 3,594,566	[1],[2],[3],[4]	3,594,566	[1],[2],[3],[4]			$ 3,602,984	[6],[7],[9],[26]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Bioplan USA, Inc. - Take-Back Term Loan, Containers & Packaging, 3M S + 3.25% 5.00% PIK (4.00% Floor), Initial Acquisition Date 3/8/2023, Maturity Date 3/8/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[15]							3.25%
Investment, Interest Rate, Paid in Kind	[6],[7],[9],[15]							5.00%
Investment, Interest Rate, Floor	[6],[7],[9],[15]							4.00%
Investment, Acquisition Date	[6],[7],[9],[15]							Mar. 08, 2023
Maturity Date	[6],[7],[9],[15]							Mar. 08, 2028
Principal Amount/ Shares	[6],[7],[9],[15]							$ 5,605,485
Investments at amortized cost	[6],[7],[9],[15]							5,303,003
Investments at Fair Value	[6],[7],[9],[15]							$ 5,213,101
Percentage of Net Assets	[6],[7],[9],[15]							5.94%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[15]			$ 5,213,101
Investment at Fair Value, Ending Balance	[6],[7],[9],[15]							$ 5,213,101
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Bioplan USA, Inc. - Take-Back Term Loan, Containers & Packaging, 3M S + 4.75% + 3.50% PIK (4.00% Floor), Initial Acquisition Date 3/8/2023, Maturity Date 3/8/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4],[5]	4.75%		4.75%
Investment, Interest Rate, Paid in Kind	[1],[2],[3],[4],[5]	3.50%		3.50%
Investment, Interest Rate, Floor	[1],[2],[3],[4],[5]	4.00%		4.00%
Investment, Acquisition Date	[1],[2],[3],[4],[5]			Mar. 08, 2023
Maturity Date	[1],[2],[3],[4],[5]	Mar. 08, 2028		Mar. 08, 2028
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 5,792,684		$ 5,792,684
Investments at amortized cost	[1],[2],[3],[4],[5]	5,530,874		5,530,874
Investments at Fair Value	[1],[2],[3],[4],[5]	$ 5,662,348		$ 5,662,348
Percentage of Net Assets	[1],[2],[3],[4],[5]	7.16%		7.16%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4],[5]	$ 5,662,348		$ 5,662,348
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, CareerBuilder, LLC, Professional Services, 3M L + 6.75% (1.00% Floor), Initial Acquisition Date 7/27/2017, Maturity Date 7/31/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							6.75%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26]							Jul. 27, 2017
Maturity Date	[6],[7],[9],[26]							Jul. 31, 2026
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 6,017,119
Investments at amortized cost	[6],[7],[9],[26]							6,008,781
Investments at Fair Value	[6],[7],[9],[26]							$ 2,572,318
Percentage of Net Assets	[6],[7],[9],[26]							2.93%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			$ 2,572,318
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 2,572,318
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, CareerBuilder, LLC, Professional Services, 6MS + 6.75% (1.00% Floor), Initial Acquisition Date 7/27/2017, Maturity Date 7/31/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4],[27]	6.75%		6.75%
Investment, Interest Rate, Floor	[1],[2],[3],[4],[27]	1.00%		1.00%
Investment, Acquisition Date	[1],[2],[3],[4],[27]			Jul. 27, 2017
Maturity Date	[1],[2],[3],[4],[27]	Jul. 31, 2026		Jul. 31, 2026
Principal Amount/ Shares	[1],[2],[3],[4],[5],[27]	$ 5,300,420		$ 5,300,420
Investments at amortized cost	[1],[2],[3],[4],[27]	5,296,093		5,296,093
Investments at Fair Value	[1],[2],[3],[4],[27]	$ 1,854,081		$ 1,854,081
Percentage of Net Assets	[1],[2],[3],[4],[27]	2.34%		2.34%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4],[27]	$ 1,854,081		$ 1,854,081
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Congruex Group LLC, Construction & Engineering, 3MS+5.75%(0.75% Floor) Initial Acquisition Date 9/27/2023, Maturity Date 5/3/2029
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	5.75%		5.75%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	0.75%		0.75%
Investment, Acquisition Date	[1],[2],[3],[4]			Sep. 27, 2023
Maturity Date	[1],[2],[3],[4]	May 03, 2029		May 03, 2029
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 3,969,697		$ 3,969,697
Investments at amortized cost	[1],[2],[3],[4]	3,918,462		3,918,462
Investments at Fair Value	[1],[2],[3],[4]	$ 3,830,758		$ 3,830,758
Percentage of Net Assets	[1],[2],[3],[4]	4.84%		4.84%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 3,830,758		$ 3,830,758
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Cook & Boardman Group, LLC, Trading Companies & Distributors, 3M S + 5.75% (1.00% Floor), Initial Acquisition Date 10/12/2018, Maturity Date 10/17/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							5.75%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26]							Oct. 12, 2018
Maturity Date	[6],[7],[9],[26]							Oct. 17, 2025
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 9,547,181
Investments at amortized cost	[6],[7],[9],[26]							9,508,116
Investments at Fair Value	[6],[7],[9],[26]							$ 9,213,030
Percentage of Net Assets	[6],[7],[9],[26]							10.51%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			9,213,030
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 9,213,030
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Crafty Apes, LLC, Entertainment, 1M S + 7.06% (1.00% Floor),Initial Acquisition Date 12/23/2021, Maturity Date 11/1/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26],[31]							7.06%
Investment, Interest Rate, Floor	[6],[7],[9],[26],[31]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26],[31]							Dec. 23, 2021
Maturity Date	[6],[7],[9],[26],[31]							Nov. 01, 2024
Principal Amount/ Shares	[6],[7],[9],[15],[26],[31]							$ 8,000,000
Investments at amortized cost	[6],[7],[9],[26],[31]							7,959,319
Investments at Fair Value	[6],[7],[9],[26],[31]							$ 7,640,000
Percentage of Net Assets	[6],[7],[9],[26],[31]							8.71%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26],[31]			$ 7,640,000
Investment at Fair Value, Ending Balance	[6],[7],[9],[26],[31]							$ 7,640,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Crafty Apes, LLC, Entertainment, 1M S + 9.25% PIK (1.00% Floor), Initial Acquisition Date 12/13/2021, Maturity Date 11/1/2025
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind	[1],[2],[3],[4],[32]	9.25%		9.25%
Investment, Interest Rate, Floor	[1],[2],[3],[4],[32]	1.00%		1.00%
Investment, Acquisition Date	[1],[2],[3],[4],[32]			Dec. 23, 2021
Maturity Date	[1],[2],[3],[4],[32]	Nov. 01, 2025		Nov. 01, 2025
Principal Amount/ Shares	[1],[2],[3],[4],[5],[32]	$ 8,870,084		$ 8,870,084
Investments at amortized cost	[1],[2],[3],[4],[32]	8,382,567		8,382,567
Investments at Fair Value	[1],[2],[3],[4],[32]	$ 8,448,755		$ 8,448,755
Percentage of Net Assets	[1],[2],[3],[4],[32]	10.68%		10.68%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4],[32]	$ 8,448,755		$ 8,448,755
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Easy Way Leisure Corporation, Household Durables, 3M S + 7.00% (1.00% Floor), Initial Acquisition Date 8/2/2021, Maturity Date 1/15/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							7.00%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26]							Aug. 02, 2021
Maturity Date	[6],[7],[9],[26]							Jan. 15, 2026
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 7,805,376
Investments at amortized cost	[6],[7],[9],[26]							7,735,660
Investments at Fair Value	[6],[7],[9],[26]							$ 7,610,242
Percentage of Net Assets	[6],[7],[9],[26]							8.68%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			$ 7,610,242
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 7,610,242
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Easy Way Leisure Corporation, Household Durables, 3M S + 7.50% (1.00% Floor), Initial Acquisition Date 8/2/2021, Maturity Date 1/15/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	7.50%		7.50%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	1.00%		1.00%
Investment, Acquisition Date	[1],[2],[3],[4]			Aug. 02, 2021
Maturity Date	[1],[2],[3],[4]	Jan. 15, 2026		Jan. 15, 2026
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 7,865,115		$ 7,865,115
Investments at amortized cost	[1],[2],[3],[4]	7,813,946		7,813,946
Investments at Fair Value	[1],[2],[3],[4]	$ 7,865,115		$ 7,865,115
Percentage of Net Assets	[1],[2],[3],[4]	9.94%		9.94%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 7,865,115		$ 7,865,115
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Empire Office Inc., Trading Companies & Distributors, 1M L + 6.75% (1.50% Floor), Initial Acquisition Date 3/28/2019, Maturity Date 4/12/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							6.75%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							1.50%
Investment, Acquisition Date	[6],[7],[9],[26]							Mar. 28, 2019
Maturity Date	[6],[7],[9],[26]							Apr. 12, 2024
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 11,976,967
Investments at amortized cost	[6],[7],[9],[26]							11,923,473
Investments at Fair Value	[6],[7],[9],[26]							$ 11,947,025
Percentage of Net Assets	[6],[7],[9],[26]							13.62%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			$ 11,947,025
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 11,947,025
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Empire Office Inc., Trading Companies & Distributors, 1MS+ 6.75% (1.50% Floor), Initial Acquisition Date 3/28/2019, Maturity Date 4/12/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	6.75%		6.75%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	1.50%		1.50%
Investment, Acquisition Date	[1],[2],[3],[4]			Mar. 28, 2019
Maturity Date	[1],[2],[3],[4]	Apr. 12, 2024		Apr. 12, 2024
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 11,309,646		$ 11,309,646
Investments at amortized cost	[1],[2],[3],[4]	11,307,095		11,307,095
Investments at Fair Value	[1],[2],[3],[4]	$ 11,309,646		$ 11,309,646
Percentage of Net Assets	[1],[2],[3],[4]	14.30%		14.30%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 11,309,646		$ 11,309,646
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Evergreen North America Acquisitions, LLC - Revolver, Machinery, 3M S + 6.75% (1.00% Floor), Initial Acquisition Date 7/26/2022, Maturity Date 8/13/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[14]							6.75%
Investment, Interest Rate, Floor	[6],[7],[9],[14]							1.00%
Investment, Acquisition Date	[6],[7],[9],[14]							Jul. 26, 2022
Maturity Date	[6],[7],[9],[14]							Aug. 13, 2026
Principal Amount/ Shares	[6],[7],[9],[14],[15]							$ 211,107
Investments at amortized cost	[6],[7],[9],[14]							211,107
Investments at Fair Value	[6],[7],[9],[14]							$ 207,941
Percentage of Net Assets	[6],[7],[9],[14]							0.24%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[14]			207,941
Investment at Fair Value, Ending Balance	[6],[7],[9],[14]							$ 207,941
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Evergreen North America Acquisitions, LLC, Machinery, 3M S + 6.75% (1.00% Floor), Initial Acquisition Date 7/26/2022, Maturity Date 8/13/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							6.75%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26]							Jul. 26, 2022
Maturity Date	[6],[7],[9],[26]							Aug. 13, 2026
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 4,467,360
Investments at amortized cost	[6],[7],[9],[26]							4,394,797
Investments at Fair Value	[6],[7],[9],[26]							$ 4,400,349
Percentage of Net Assets	[6],[7],[9],[26]							5.02%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			4,400,349
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 4,400,349
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Flatworld Intermediate Corporation, IT Services, 3M S + 6.50% (1.00% Floor), Initial Acquisition Date 10/3/2022, Maturity Date 10/1/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							6.50%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26]							Oct. 03, 2022
Maturity Date	[6],[7],[9],[26]							Oct. 01, 2027
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 2,420,270
Investments at amortized cost	[6],[7],[9],[26]							2,376,950
Investments at Fair Value	[6],[7],[9],[26]							$ 2,359,764
Percentage of Net Assets	[6],[7],[9],[26]							2.69%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			$ 2,359,764
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 2,359,764
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Flatworld Intermediate Corporation, IT Services, 3M S + 7.00% (1.00% Floor), Initial Acquisition Date 10/3/2022, Maturity Date 10/1/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	7.00%		7.00%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	1.00%		1.00%
Investment, Acquisition Date	[1],[2],[3],[4]			Oct. 03, 2022
Maturity Date	[1],[2],[3],[4]	Oct. 01, 2027		Oct. 01, 2027
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 2,239,865		$ 2,239,865
Investments at amortized cost	[1],[2],[3],[4]	2,205,389		2,205,389
Investments at Fair Value	[1],[2],[3],[4]	$ 2,183,868		$ 2,183,868
Percentage of Net Assets	[1],[2],[3],[4]	2.76%		2.76%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 2,183,868		$ 2,183,868
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Fleetpride, Inc., Trading Companies & Distributors, 1M S + 4.50%(0.50% Floor) Initial Acquisition Date 9/27/2023, Maturity Date 9/29/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	4.50%		4.50%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	0.50%		0.50%
Investment, Acquisition Date	[1],[2],[3],[4]			Sep. 27, 2023
Maturity Date	[1],[2],[3],[4]	Sep. 29, 2028		Sep. 29, 2028
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 2,985,000		$ 2,985,000
Investments at amortized cost	[1],[2],[3],[4]	2,955,380		2,955,380
Investments at Fair Value	[1],[2],[3],[4]	$ 2,985,000		$ 2,985,000
Percentage of Net Assets	[1],[2],[3],[4]	3.77%		3.77%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 2,985,000		$ 2,985,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Fusion Connect, Inc. - 2022 Term Loan, IT Services, 3M S + 7.50% 1.00% PIK (1.00% Floor), Initial Acquisition Date 1/12/2022, Maturity Date 1/18/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[15],[26]							7.50%
Investment, Interest Rate, Paid in Kind	[6],[7],[9],[15],[26]							1.00%
Investment, Interest Rate, Floor	[6],[7],[9],[15],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[15],[26]							Jan. 12, 2022
Maturity Date	[6],[7],[9],[15],[26]							Jan. 18, 2027
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 6,838,831
Investments at amortized cost	[6],[7],[9],[15],[26]							6,684,667
Investments at Fair Value	[6],[7],[9],[15],[26]							$ 6,684,957
Percentage of Net Assets	[6],[7],[9],[15],[26]							7.62%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[15],[26]			$ 6,684,957
Investment at Fair Value, Ending Balance	[6],[7],[9],[15],[26]							$ 6,684,957
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, INW Manufacturing, LLC, Food Products, 3M S + 5.75% (0.75% Floor) Initial Acquisition Date 5/1/2021, Maturity Date 3/25/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	5.75%		5.75%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	0.75%		0.75%
Investment, Acquisition Date	[1],[2],[3],[4]			May 05, 2021
Maturity Date	[1],[2],[3],[4]	Mar. 25, 2027		Mar. 25, 2027
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 4,375,000		$ 4,375,000
Investments at amortized cost	[1],[2],[3],[4]	4,299,334		4,299,334
Investments at Fair Value	[1],[2],[3],[4]	$ 3,806,250		$ 3,806,250
Percentage of Net Assets	[1],[2],[3],[4]	4.81%		4.81%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 3,806,250		$ 3,806,250
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, INW Manufacturing, LLC, Food Products, 3M S + 5.75% (0.75% Floor), Initial Acquisition Date 5/5/2021, Maturity Date 3/25/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							5.75%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							0.75%
Investment, Acquisition Date	[6],[7],[9],[26]							May 05, 2021
Maturity Date	[6],[7],[9],[26]							Mar. 25, 2027
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 4,562,500
Investments at amortized cost	[6],[7],[9],[26]							4,467,824
Investments at Fair Value	[6],[7],[9],[26]							$ 4,288,750
Percentage of Net Assets	[6],[7],[9],[26]							4.89%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			$ 4,288,750
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 4,288,750
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Klein Hersh, LLC, Professional Services, 3M S + 4.63% + 6.49% PIK (0.50% Floor) Initial Acquisition Date 4/21/2022, Maturity Date 4/27/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4],[5],[27],[33]	4.63%		4.63%
Investment, Interest Rate, Paid in Kind	[1],[2],[3],[4],[5],[27],[33]	6.49%		6.49%
Investment, Interest Rate, Floor	[1],[2],[3],[4],[5],[27],[33]	0.50%		0.50%
Investment, Acquisition Date	[1],[2],[3],[4],[5],[27],[33]			Apr. 21, 2022
Maturity Date	[1],[2],[3],[4],[5],[27],[33]	Apr. 27, 2027		Apr. 27, 2027
Principal Amount/ Shares	[1],[2],[3],[4],[5],[27],[33]	$ 9,925,075		$ 9,925,075
Investments at amortized cost	[1],[2],[3],[4],[5],[27],[33]	9,817,092		9,817,092
Investments at Fair Value	[1],[2],[3],[4],[5],[27],[33]	$ 4,764,036		$ 4,764,036
Percentage of Net Assets	[1],[2],[3],[4],[5],[27],[33]	6.02%		6.02%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4],[5],[27],[33]	$ 4,764,036		$ 4,764,036
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Klein Hersh, LLC, Professional Services, 3M S + 4.63% 6.77% PIK (0.50% Floor), Initial Acquisition Date 4/21/2022, Maturity Date 4/27/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[15],[26],[34]							4.63%
Investment, Interest Rate, Paid in Kind	[6],[7],[9],[15],[26],[34]							6.77%
Investment, Interest Rate, Floor	[6],[7],[9],[15],[26],[34]							0.50%
Investment, Acquisition Date	[6],[7],[9],[15],[26],[34]							Apr. 21, 2022
Maturity Date	[6],[7],[9],[15],[26],[34]							Apr. 27, 2027
Principal Amount/ Shares	[6],[7],[9],[15],[26],[34]							$ 10,390,813
Investments at amortized cost	[6],[7],[9],[15],[26],[34]							10,275,044
Investments at Fair Value	[6],[7],[9],[15],[26],[34]							$ 8,078,857
Percentage of Net Assets	[6],[7],[9],[15],[26],[34]							9.21%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[15],[26],[34]			$ 8,078,857
Investment at Fair Value, Ending Balance	[6],[7],[9],[15],[26],[34]							$ 8,078,857
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, LABL, INC., Paper Packaging, 1M S + 5.00% (0.50% Floor) Initial Acquisition Date 9/27/2023, Maturity Date 10/30/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	5.00%		5.00%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	0.50%		0.50%
Investment, Acquisition Date	[1],[2],[3],[4]			Sep. 27, 2023
Maturity Date	[1],[2],[3],[4]	Oct. 30, 2028		Oct. 30, 2028
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 2,977,157		$ 2,977,157
Investments at amortized cost	[1],[2],[3],[4]	2,977,157		2,977,157
Investments at Fair Value	[1],[2],[3],[4]	$ 2,925,057		$ 2,925,057
Percentage of Net Assets	[1],[2],[3],[4]	3.70%		3.70%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 2,925,057		$ 2,925,057
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, LSF9 Atlantis Holdings LLC (Victra), Specialty Retail, 1M S + 6.50% (0.75% Floor) Initial Acquisition Date 2/26/2024, Maturity Date 3/30/2029
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	6.50%		6.50%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	0.75%		0.75%
Investment, Acquisition Date	[1],[2],[3],[4]			Feb. 26, 2024
Maturity Date	[1],[2],[3],[4]	Mar. 30, 2029		Mar. 30, 2029
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 1,973,333		$ 1,973,333
Investments at amortized cost	[1],[2],[3],[4]	1,899,147		1,899,147
Investments at Fair Value	[1],[2],[3],[4]	$ 1,991,291		$ 1,991,291
Percentage of Net Assets	[1],[2],[3],[4]	2.52%		2.52%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 1,991,291		$ 1,991,291
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, LaserAway Intermediate Holdings II, LLC, Diversified Consumer Services, 3M S + 5.75% (0.75% Floor) Initial Acquisition Date 10/12/2021, Maturity Date 10/14/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	5.75%		5.75%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	0.75%		0.75%
Investment, Acquisition Date	[1],[2],[3],[4]			Oct. 12, 2021
Maturity Date	[1],[2],[3],[4]	Oct. 14, 2027		Oct. 14, 2027
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 7,213,156		$ 7,213,156
Investments at amortized cost	[1],[2],[3],[4]	7,144,255		7,144,255
Investments at Fair Value	[1],[2],[3],[4]	$ 7,213,156		$ 7,213,156
Percentage of Net Assets	[1],[2],[3],[4]	9.12%		9.12%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 7,213,156		$ 7,213,156
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, LaserAway Intermediate Holdings II, LLC, Diversified Consumer Services, 3M S + 5.75% (0.75% Floor), Initial Acquisition Date 10/12/2021, Maturity Date 10/14/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							5.75%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							0.75%
Investment, Acquisition Date	[6],[7],[9],[26]							Oct. 12, 2021
Maturity Date	[6],[7],[9],[26]							Oct. 14, 2027
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 7,268,500
Investments at amortized cost	[6],[7],[9],[26]							7,187,704
Investments at Fair Value	[6],[7],[9],[26]							$ 7,268,500
Percentage of Net Assets	[6],[7],[9],[26]							8.29%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			$ 7,268,500
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 7,268,500
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Max US Bidco Inc., Food Products, 3M S + 5.00%, Initial Acquisition Date 10/4/2023, Maturity Date 10/2/2030
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	5.00%		5.00%
Investment, Acquisition Date	[1],[2],[3],[4]			Oct. 04, 2023
Maturity Date	[1],[2],[3],[4]	Oct. 02, 2030		Oct. 02, 2030
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 5,000,000		$ 5,000,000
Investments at amortized cost	[1],[2],[3],[4]	4,760,912		4,760,912
Investments at Fair Value	[1],[2],[3],[4]	$ 4,812,500		$ 4,812,500
Percentage of Net Assets	[1],[2],[3],[4]	6.08%		6.08%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 4,812,500		$ 4,812,500
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, NWN Parent Holdings LLC - Revolver, IT Services, 3M S + 8.00% (1.00% Floor), Initial Acquisition Date 5/5/2021, Maturity Date 5/7/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[14],[26]							8.00%
Investment, Interest Rate, Floor	[6],[7],[9],[14],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[14],[26]							May 05, 2021
Maturity Date	[6],[7],[9],[14],[26]							May 07, 2026
Principal Amount/ Shares	[6],[7],[9],[14],[15]							$ 400,000
Investments at amortized cost	[6],[7],[9],[14]							400,000
Investments at Fair Value	[6],[7],[9],[14]							$ 401,000
Percentage of Net Assets	[6],[7],[9],[14]							0.46%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[14]			401,000
Investment at Fair Value, Ending Balance	[6],[7],[9],[14]							$ 401,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, NWN Parent Holdings LLC, IT Services, 3M S + 8.00% (1.00% Floor), Initial Acquisition Date 5/5/2021, Maturity Date 5/7/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							8.00%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26]							May 05, 2021
Maturity Date	[6],[7],[9],[26]							May 07, 2026
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 8,402,893
Investments at amortized cost	[6],[7],[9],[26]							8,350,223
Investments at Fair Value	[6],[7],[9],[26]							$ 8,423,901
Percentage of Net Assets	[6],[7],[9],[26]							9.61%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			$ 8,423,901
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 8,423,901
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Northstar Group Services, Inc., Commercial Services & Supplies, 1M S + 5.50% (1.00% Floor), Initial Acquisition Date 12/15/2023, Maturity Date 11/12/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	5.50%		5.50%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	1.00%		1.00%
Investment, Acquisition Date	[1],[2],[3],[4]			Dec. 15, 2023
Maturity Date	[1],[2],[3],[4]	Nov. 12, 2026		Nov. 12, 2026
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 2,448,979		$ 2,448,979
Investments at amortized cost	[1],[2],[3],[4]	2,448,979		2,448,979
Investments at Fair Value	[1],[2],[3],[4]	$ 2,448,979		$ 2,448,979
Percentage of Net Assets	[1],[2],[3],[4]	3.10%		3.10%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 2,448,979		$ 2,448,979
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, PVI Holdings, Inc., Trading Companies & Distributors, 3M S + 6.49% (1.00% Floor), Initial Acquisition Date 7/29/2022, Maturity Date 1/18/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4],[35]	6.49%		6.49%
Investment, Interest Rate, Floor	[1],[2],[3],[4],[35]	1.00%		1.00%
Investment, Acquisition Date	[1],[2],[3],[4],[35]			Jul. 29, 2022
Maturity Date	[1],[2],[3],[4],[35]	Jan. 18, 2028		Jan. 18, 2028
Principal Amount/ Shares	[1],[2],[3],[4],[5],[35]	$ 3,940,000		$ 3,940,000
Investments at amortized cost	[1],[2],[3],[4],[35]	3,910,826		3,910,826
Investments at Fair Value	[1],[2],[3],[4],[35]	$ 3,940,000		$ 3,940,000
Percentage of Net Assets	[1],[2],[3],[4],[35]	4.98%		4.98%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4],[35]	$ 3,940,000		$ 3,940,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Potpourri Group, Inc., Internet & Direct Marketing Retail, 1M S + 8.25% (1.50% Floor), Initial Acquisition Date 6/27/2019, Maturity Date 7/3/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		8.25%	[1],[2],[3],[4]	8.25%	[1],[2],[3],[4]			8.25%	[6],[7],[9],[26]
Investment, Interest Rate, Floor		1.50%	[1],[2],[3],[4]	1.50%	[1],[2],[3],[4]			1.50%	[6],[7],[9],[26]
Investment, Acquisition Date				Jun. 27, 2019	[1],[2],[3],[4]			Jun. 27, 2019	[6],[7],[9],[26]
Maturity Date		Jul. 03, 2024	[1],[2],[3],[4]	Jul. 03, 2024	[1],[2],[3],[4]			Jul. 03, 2024	[6],[7],[9],[26]
Principal Amount/ Shares		$ 8,782,859	[1],[2],[3],[4],[5]	$ 8,782,859	[1],[2],[3],[4],[5]			$ 8,969,729	[6],[7],[9],[15],[26]
Investments at amortized cost		8,775,609	[1],[2],[3],[4]	8,775,609	[1],[2],[3],[4]			8,942,153	[6],[7],[9],[26]
Investments at Fair Value		$ 8,782,859	[1],[2],[3],[4]	$ 8,782,859	[1],[2],[3],[4]			$ 8,969,729	[6],[7],[9],[26]
Percentage of Net Assets		11.10%	[1],[2],[3],[4]	11.10%	[1],[2],[3],[4]			10.23%	[6],[7],[9],[26]
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			$ 8,969,729
Investment at Fair Value, Ending Balance		$ 8,782,859	[1],[2],[3],[4]	$ 8,782,859	[1],[2],[3],[4]			$ 8,969,729	[6],[7],[9],[26]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Retail Services WIS Corporation, Commercial Services & Supplies, 3M S + 8.35% (1.00% Floor), Initial Acquisition Date 5/20/2021, Maturity Date 5/20/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	8.35%		8.35%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	1.00%		1.00%
Investment, Acquisition Date	[1],[2],[3],[4]			May 20, 2021
Maturity Date	[1],[2],[3],[4]	May 20, 2025		May 20, 2025
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 6,244,663		$ 6,244,663
Investments at amortized cost	[1],[2],[3],[4]	6,203,342		6,203,342
Investments at Fair Value	[1],[2],[3],[4]	$ 6,244,663		$ 6,244,663
Percentage of Net Assets	[1],[2],[3],[4]	7.90%		7.90%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 6,244,663		$ 6,244,663
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Sandvine Corporation, Software, 1MS + 4.50%, Initial Acquisition Date 2/3/2023, Maturity Date 10/31/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4],[36],[37]	4.50%		4.50%
Investment, Acquisition Date	[1],[2],[3],[4],[36],[37]			Feb. 03, 2023
Maturity Date	[1],[2],[3],[4],[36],[37]	Oct. 31, 2025		Oct. 31, 2025
Principal Amount/ Shares	[1],[2],[3],[4],[5],[36],[37]	$ 5,284,642		$ 5,284,642
Investments at amortized cost	[1],[2],[3],[4],[36],[37]	5,135,307		5,135,307
Investments at Fair Value	[1],[2],[3],[4],[36],[37]	$ 4,756,178		$ 4,756,178
Percentage of Net Assets	[1],[2],[3],[4],[36],[37]	6.01%		6.01%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4],[36],[37]	$ 4,756,178		$ 4,756,178
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Work Genius Holdings, Inc - Revolver, Professional Services, 3M S + 7.50% (1.00% Floor), Initial Acquisition Date 12/28/2022, Maturity Date 6/7/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[4],[30]	7.50%		7.50%
Investment, Interest Rate, Floor	[1],[3],[4],[30]	1.00%		1.00%
Investment, Acquisition Date	[1],[3],[4],[30]			Dec. 28, 2022
Maturity Date	[1],[3],[4],[30]	Jun. 07, 2027		Jun. 07, 2027
Principal Amount/ Shares	[1],[3],[4],[5],[30]	$ 750,000		$ 750,000
Investments at amortized cost	[1],[3],[4],[30]	750,000		750,000
Investments at Fair Value	[1],[3],[4],[30]	$ 740,625		$ 740,625
Percentage of Net Assets	[1],[3],[4],[30]	0.94%		0.94%
Investment at Fair Value, Ending Balance	[1],[3],[4],[30]	$ 740,625		$ 740,625
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Work Genius Holdings, Inc, Professional Services, 3M S + 7.00% (1.00% Floor), Initial Acquisition Date 6/6/2022, Maturity Date 6/7/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	7.00%		7.00%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	1.00%		1.00%
Investment, Acquisition Date	[1],[2],[3],[4]			Jun. 06, 2022
Maturity Date	[1],[2],[3],[4]	Jun. 07, 2027		Jun. 07, 2027
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 9,826,923		$ 9,826,923
Investments at amortized cost	[1],[2],[3],[4]	9,757,820		9,757,820
Investments at Fair Value	[1],[2],[3],[4]	$ 9,704,086		$ 9,704,086
Percentage of Net Assets	[1],[2],[3],[4]	12.27%		12.27%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 9,704,086		$ 9,704,086
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Xenon Arc, Inc., Trading Companies & Distributors, 3M S + 5.75% (0.75% Floor), Initial Acquisition Date 12/27/2021, Maturity Date 12/17/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[2],[3],[4]	5.75%		5.75%
Investment, Interest Rate, Floor	[1],[2],[3],[4]	0.75%		0.75%
Investment, Acquisition Date	[1],[2],[3],[4]			Dec. 27, 2021
Maturity Date	[1],[2],[3],[4]	Dec. 17, 2027		Dec. 17, 2027
Principal Amount/ Shares	[1],[2],[3],[4],[5]	$ 8,827,500		$ 8,827,500
Investments at amortized cost	[1],[2],[3],[4]	8,827,500		8,827,500
Investments at Fair Value	[1],[2],[3],[4]	$ 8,827,500		$ 8,827,500
Percentage of Net Assets	[1],[2],[3],[4]	11.16%		11.16%
Investment at Fair Value, Ending Balance	[1],[2],[3],[4]	$ 8,827,500		$ 8,827,500
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, PVI Holdings, Inc., Trading Companies & Distributors, 3M S + 5.94% (1.00% Floor), Initial Acquisition Date 7/29/2022, Maturity Date 7/16/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26],[38]							5.94%
Investment, Interest Rate, Floor	[6],[7],[9],[26],[38]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26],[38]							Jul. 29, 2022
Maturity Date	[6],[7],[9],[26],[38]							Jul. 16, 2027
Principal Amount/ Shares	[6],[7],[9],[15],[26],[38]							$ 3,970,000
Investments at amortized cost	[6],[7],[9],[26],[38]							3,935,901
Investments at Fair Value	[6],[7],[9],[26],[38]							$ 3,970,000
Percentage of Net Assets	[6],[7],[9],[26],[38]							4.53%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26],[38]			3,970,000
Investment at Fair Value, Ending Balance	[6],[7],[9],[26],[38]							$ 3,970,000
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Retail Services WIS Corporation, Commercial Services & Supplies, 3M S + 7.75% (1.00% Floor), Initial Acquisition Date 5/20/2021, Maturity Date 5/20/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							7.75%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26]							May 20, 2021
Maturity Date	[6],[7],[9],[26]							May 20, 2025
Principal Amount/ Shares	[6],[7],[9],[15],[26]							$ 6,508,087
Investments at amortized cost	[6],[7],[9],[26]							6,440,129
Investments at Fair Value	[6],[7],[9],[26]							$ 6,443,006
Percentage of Net Assets	[6],[7],[9],[26]							7.35%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			6,443,006
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 6,443,006
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Sandvine Corporation, Software, 3M S + 4.50%, Initial Acquisition Date 2/3/2023, Maturity Date 10/31/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26],[39],[40]							4.50%
Investment, Acquisition Date	[6],[7],[9],[26],[39],[40]							Feb. 03, 2023
Maturity Date	[6],[7],[9],[26],[39],[40]							Oct. 31, 2025
Principal Amount/ Shares	[6],[7],[9],[15],[26],[39],[40]							$ 5,284,642
Investments at amortized cost	[6],[7],[9],[26],[39],[40]							5,074,088
Investments at Fair Value	[6],[7],[9],[26],[39],[40]							$ 5,046,833
Percentage of Net Assets	[6],[7],[9],[26],[39],[40]							5.75%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26],[39],[40]			5,046,833
Investment at Fair Value, Ending Balance	[6],[7],[9],[26],[39],[40]							$ 5,046,833
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, South Coast Terminals, LLC, Chemicals, 1M L + 5.75% (1.00% Floor), Initial Acquisition Date 12/21/2021, Maturity Date 12/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							5.75%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26]							Dec. 21, 2021
Maturity Date	[6],[7],[9],[26]							Dec. 10, 2026
Principal Amount/ Shares	[6],[7],[9],[15]							$ 7,606,650
Investments at amortized cost	[6],[7],[9],[26]							7,550,110
Investments at Fair Value	[6],[7],[9],[26]							$ 7,568,617
Percentage of Net Assets	[6],[7],[9],[26]							8.63%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			7,568,617
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 7,568,617
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Work Genius Holdings, Inc - Revolver, Professional Services, 3M S + 7.50% (1.00% Floor), Initial Acquisition Date 12/28/2022, Maturity Date 6/7/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[14]							7.50%
Investment, Interest Rate, Floor	[6],[7],[9],[14]							1.00%
Investment, Acquisition Date	[6],[7],[9],[14]							Dec. 28, 2022
Maturity Date	[6],[7],[9],[14]							Jun. 07, 2027
Principal Amount/ Shares	[6],[7],[9],[14],[15],[26]							$ 750,000
Investments at amortized cost	[6],[7],[9],[14]							750,000
Investments at Fair Value	[6],[7],[9],[14]							$ 729,375
Percentage of Net Assets	[6],[7],[9],[14]							0.83%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[14]			729,375
Investment at Fair Value, Ending Balance	[6],[7],[9],[14]							$ 729,375
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Work Genius Holdings, Inc, Professional Services, 3M S + 7.50% (1.00% Floor), Initial Acquisition Date 6/6/2022, Maturity Date 6/7/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							7.50%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							1.00%
Investment, Acquisition Date	[6],[7],[9],[26]							Jun. 06, 2022
Maturity Date	[6],[7],[9],[26]							Jun. 07, 2027
Principal Amount/ Shares	[6],[7],[9],[15]							$ 9,901,923
Investments at amortized cost	[6],[7],[9],[26]							9,819,740
Investments at Fair Value	[6],[7],[9],[26]							$ 9,629,620
Percentage of Net Assets	[6],[7],[9],[26]							10.98%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			9,629,620
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 9,629,620
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Xenon Arc, Inc. - Revolver, Trading Companies & Distributors, 6M L + 5.25% (0.75% Floor), Initial Acquisition Date 12/27/2021, Maturity Date 12/17/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[14]							5.25%
Investment, Interest Rate, Floor	[6],[7],[9],[14]							0.75%
Investment, Acquisition Date	[6],[7],[9],[14]							Dec. 27, 2021
Maturity Date	[6],[7],[9],[14]							Dec. 17, 2026
Principal Amount/ Shares	[6],[7],[9],[14],[15]							$ 253,333
Investments at amortized cost	[6],[7],[9],[14]							253,333
Investments at Fair Value	[6],[7],[9],[14]							$ 253,333
Percentage of Net Assets	[6],[7],[9],[14]							0.29%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[14]			253,333
Investment at Fair Value, Ending Balance	[6],[7],[9],[14]							$ 253,333
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Xenon Arc, Inc., Trading Companies & Distributors, 6M L + 5.25% (0.75% Floor), Initial Acquisition Date 12/27/2021, Maturity Date 12/17/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[6],[7],[9],[26]							5.25%
Investment, Interest Rate, Floor	[6],[7],[9],[26]							0.75%
Investment, Acquisition Date	[6],[7],[9],[26]							Dec. 27, 2021
Maturity Date	[6],[7],[9],[26]							Dec. 17, 2027
Principal Amount/ Shares	[6],[7],[9],[15]							$ 8,895,000
Investments at amortized cost	[6],[7],[9],[26]							8,818,485
Investments at Fair Value	[6],[7],[9],[26]							$ 8,895,000
Percentage of Net Assets	[6],[7],[9],[26]							10.14%
Investment at Fair Value, Beginning Balance	[6],[7],[9],[26]			8,895,000
Investment at Fair Value, Ending Balance	[6],[7],[9],[26]							$ 8,895,000
Investment, Identifier [Axis]: Total Affiliated Investments
Schedule Of Investments [Line Items]
Investments at amortized cost	[1],[3],[4],[10]	15,129,208		15,129,208
Investments at Fair Value	[1],[3],[4],[10]	$ 5,255,262		$ 5,255,262
Percentage of Net Assets	[1],[3],[4],[10]	6.64%		6.64%
Investment at Fair Value, Ending Balance	[1],[3],[4],[10]	$ 5,255,262		$ 5,255,262
Investment, Identifier [Axis]: Total Investments
Schedule Of Investments [Line Items]
Investments at amortized cost	[1],[3],[4]	210,670,073		210,670,073
Investments at Fair Value	[1],[3],[4]	$ 192,203,281		$ 192,203,281
Percentage of Net Assets	[1],[3],[4]	242.98%		242.98%
Investment at Fair Value, Ending Balance	[1],[3],[4]	$ 192,203,281		$ 192,203,281

[1] All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted.

[2] A portion or all is held by the Company indirectly through Investcorp Credit Management BDC SPV, LLC and pledged as collateral for the revolving credit facility held through Capital One, N.A

[3] All investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors.

[4] The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of March 31, 2024, the Company’s portfolio company investments that were subject to restrictions on sales totaled $192,203,281 at fair value and represented 242.98% of the Company’s net assets.

[5] Principal amount includes capitalized PIK interest unless otherwise noted.

[6] All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted.

[7] All investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company's board of directors.

[8] As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of this portfolio company because it owns 5% or more, up to 25% (inclusive), of the portfolio company’s outstanding voting securities (“non-controlled affiliate”.). As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” a portfolio company if it owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over the management or policies of such portfolio company (including through a management agreement.) As of June 30, 2023, the Company had no “Control Investments.”

[9] The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”.) Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of June 30, 2023, the Company’s portfolio company investments that were subject to restrictions on sales totaled $220,111,329 at fair value and represented 250.98% of the Company’s net assets.

[10] As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of this portfolio company because it owns 5% or more, up to 25% (inclusive), of the portfolio company’s outstanding voting securities (“non-controlled affiliate”). As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” a portfolio company if it owns more than 25% of the portfolio company’s outstanding voting securities or has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). As of March 31, 2024, the Company had no “Control Investments.”

[11] Securities are non-income producing.

[12] Securities are non-income producing.

[13] Classified as non-accrual asset.

[14] Refer to Note 6 for more detail on the unfunded commitments.

[15] Principal amount includes capitalized PIK interest unless otherwise noted.

[16] Gross additions include increases in the cost basis of investments resulting from new investments, PIK and follow-on investments.

[17] Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments.

[18] Gross reductions include decreases in the total cost basis of investment repayments from principal repayments or sales.

[19] Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales.

[20] Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the Affiliate category.

[21] Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the Affiliate category.

[22] Investment is non-income producing.

[23] Investment is non-income producing.

[24] The fair value of all investments was determined using significant unobservable inputs.

[25] The fair value of all investments were determined using significant unobservable inputs.

[26] A portion or all is held by the Company indirectly through Investcorp Credit Management BDC SPV, LLC and pledged as collateral for the revolving credit facility held through Capital One, N.A.

[27] Classified as non-accrual asset.

[28] Security in default.

[29] Security in default.

[30] Refer to Note 6 for more detail on the unfunded commitments.

[31] 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 contractual stated interest rate of SOFR plus 6.25% (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

[32] The Company has entered into an Agreement Amongst Lenders 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 contractual stated interest rate of SOFR plus 7.50% Cash (Floor 1.00%) with an election for SOFR plus 9.25% PIK (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

[33] The Company has entered into an Agreement Amongst Lenders 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 contractual stated interest rate of SOFR plus 7.50% plus 3.00% PIK (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

[34] 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 contractual stated interest rate of SOFR plus 4.63% (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

[35] The Company has entered into an Agreement Among Lenders with the "first out" lenders, whereby the “first out” tranche will receive priority ahead of the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder in certain circumstances. Therefore, the Company receives a higher interest rate than the contractually stated interest rate of SOFR plus 6.00% subject to a grid (Floor 1.00%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

[36] A portfolio company domiciled in Canada. The jurisdiction of the security issuer may be a different country than the domicile of the portfolio company.

[37] The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of March 31, 2024, non-qualifying assets represented 2.25% of the Company’s total assets, at fair value.

[38] 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 contractual stated interest rate of SOFR plus 5.75% (Floor 0.50%) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate.

[39] A portfolio company domiciled in Canada. The jurisdiction of the security issuer may be a different country than the domicile of the portfolio company.

[40] The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70% of the Company’s total assets. As of June 30, 2023, non-qualifying assets represented 2.12% of the Company’s total assets, at fair value.

XML

Consolidated Schedule of Investments (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Schedule Of Investments [Line Items]
Investments at fair value	$ 192,203,281	$ 220,111,329
Percentage of net assets	100.00%	100.00%
Percentage of voting interests acquired in portfolio	25.00%	25.00%
Tranche One | Professional Services
Schedule Of Investments [Line Items]
Debt instrument, interest rate, higher than stated percentage	0.50%	0.50%
Tranche Two | Professional Services
Schedule Of Investments [Line Items]
Debt instrument, interest rate, higher than stated percentage	1.00%	0.50%
Tranche Three | Professional Services
Schedule Of Investments [Line Items]
Debt instrument, interest rate, higher than stated percentage	1.00%	0.50%
Tranche Three | Professional Services | PIK [Member]
Schedule Of Investments [Line Items]
Debt instrument, interest rate, higher than stated percentage	1.00%
SOFR | Tranche One | Professional Services
Schedule Of Investments [Line Items]
Debt instrument, interest rate, stated percentage	7.50%	4.63%
SOFR | Tranche One | Professional Services | PIK [Member]
Schedule Of Investments [Line Items]
Debt instrument, interest rate, stated percentage	3.00%
SOFR | Tranche Two | Professional Services
Schedule Of Investments [Line Items]
Debt instrument, interest rate, stated percentage	6.00%	5.75%
SOFR | Tranche Three | Professional Services
Schedule Of Investments [Line Items]
Debt instrument, interest rate, stated percentage	7.50%	6.25%
SOFR | Tranche Three | Professional Services | PIK [Member]
Schedule Of Investments [Line Items]
Debt instrument, interest rate, stated percentage	9.25%
1-month LIBOR | London Interbank Offered Rates (LIBOR)
Schedule Of Investments [Line Items]
Investment percentage		5.22%
3-month LIBOR | London Interbank Offered Rates (LIBOR)
Schedule Of Investments [Line Items]
Investment percentage		5.55%
6-month LIBOR | London Interbank Offered Rates (LIBOR)
Schedule Of Investments [Line Items]
Investment percentage		5.76%
PRIME Interest Rate | London Interbank Offered Rates (LIBOR)
Schedule Of Investments [Line Items]
Investment percentage	8.50%	8.25%
1-month SOFR | SOFR
Schedule Of Investments [Line Items]
Investment percentage	5.33%	5.14%
3-month SOFR | SOFR
Schedule Of Investments [Line Items]
Investment percentage	5.30%	5.27%
6-month SOFR | SOFR
Schedule Of Investments [Line Items]
Investment percentage	5.22%	5.39%
Minimum
Schedule Of Investments [Line Items]
Percentage of voting interests acquired in portfolio	5.00%	5.00%
Maximum
Schedule Of Investments [Line Items]
Percentage of voting interests acquired in portfolio	25.00%	25.00%
Investment | Portfolio
Schedule Of Investments [Line Items]
Investments at fair value	$ 192,203,281	$ 220,111,329
Percentage of net assets	242.98%	250.98%
Qualifying Assets
Schedule Of Investments [Line Items]
Percentage of net assets	70.00%	70.00%
Non Qualifying Assets
Schedule Of Investments [Line Items]
Percentage of net assets	2.25%	2.12%

XML

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 2,411,740	$ (1,104,144)	$ (2,140,324)	$ 1,170,222

XML

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

XML

N-2 - $ / shares

9 Months Ended

Mar. 31, 2024

Jun. 30, 2023

Mar. 31, 2023

Jun. 30, 2022

Cover [Abstract]

Entity Central Index Key

0001578348

Amendment Flag

false

Securities Act File Number

814-01054

Document Type

10-Q

Entity Registrant Name

INVESTCORP CREDIT MANAGEMENT BDC, INC.

Entity Address, Address Line One

280 Park Avenue 39th Floor

Entity Address, City or Town

New York

Entity Address, State or Province

NY

Entity Address, Postal Zip Code

10017

City Area Code

212

Local Phone Number

599-4700

Entity Emerging Growth Company

false

General Description of Registrant [Abstract]

Risk Factors [Table Text Block]

Item 1A. Risk Factors

You should carefully consider the risks referenced below and all other information contained in this Quarterly Report on Form 10-Q, including our interim financial statements and the related notes thereto, before making a decision to purchase our securities. Any such risks and uncertainties are not the only ones facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition and/or operating results, as well as the market price of our securities.

There have been no material changes during the three months ended March 31, 2024 to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended June 30, 2023 (filed with the SEC on September 21, 2023). If any of such changes or risks actually occur, our business, financial condition or results of operations could be materially adversely affected. If that happens, the value of our securities could decline, and you may lose all or part of your investment.

Share Price

^[1]

$ 3.11

$ 3.65

NAV Per Share

^[2]

$ 5.49

^[1]

$ 6.09

$ 6.13

^[1]

$ 6.5

Capital Stock, Long-Term Debt, and Other Securities [Abstract]

Security Dividends [Text Block]

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Unregistered Sales of Equity Securities

During the three months ended March 31, 2024, we issued 2,205 shares of common stock under our dividend reinvestment plan. These issuances were not subject to the registration requirements under the Securities Act. The cash paid for shares of common stock issued under our dividend reinvestment plan during the three months ended March 31, 2024 was $7,810.

Issuer Purchases of Equity Securities

None.

[1] The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period.

[2] All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

XML

Organization

9 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1. Organization

Investcorp Credit Management BDC, Inc. (“ICMB” or the “Company”), a Maryland corporation formed in May 2013, is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”) for U.S. federal income tax purposes. The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services – Investment Companies.

On February 11, 2014, the Company completed its initial public offering (the “Offering”), selling 7,666,666 shares of its common stock, par value $0.001, including the underwriters’ over-allotment, at a price of $15.00 per share with net proceeds of approximately $111.5 million.

CM Finance LLC, a Maryland limited liability company, commenced operations in March 2012. Immediately prior to the Offering, CM Finance LLC was merged with and into the Company (the “Merger”). In connection with the Merger, the Company issued 6,000,000 shares of common stock and $39.8 million in debt to the pre-existing CM Finance LLC investors, consisting of funds managed by Cyrus Capital Partners, L.P. (the “Original Investors” or the “Cyrus Funds”). The Company had no assets or operations prior to completion of the Merger and, as a result, the books and records of CM Finance LLC became the books and records of the Company, as the surviving entity. Immediately after the Merger, the Company issued 2,181,818 shares of its common stock to Stifel Venture Corp. (“Stifel”) in exchange for $32.7 million in cash. The Company used all of the proceeds of the sale of shares to Stifel to repurchase 2,181,818 shares of common stock from the Original Investors. Immediately after the completion of the Offering, the Company had 13,666,666 shares outstanding. The Company used a portion of the net proceeds of the Offering to repay 100% of the debt issued to the Original Investors in connection with the Merger.

CM Investment Partners LLC (the “Adviser”) serves as the Company’s investment adviser. On August 30, 2019, Investcorp Credit Management US LLC (“Investcorp”), a subsidiary of Investcorp Bank Holdings B.S.C., acquired the interests in the Adviser, which were previously held by the Cyrus Funds and Stifel and paid off certain debt owed by the Adviser, resulting in Investcorp having a majority ownership interest in the Adviser (the “Investcorp Transaction”). On August 30, 2019, CM Finance, Inc. changed its name to Investcorp Credit Management BDC, Inc.

In connection with the Investcorp Transaction, on June 26, 2019, the Company entered into a definitive stock purchase and transaction agreement with Investcorp BDC Holdings Limited (“Investcorp BDC”), an affiliate of Investcorp (the “Stock Purchase Agreement”). Under the Stock Purchase Agreement, Investcorp BDC was required by August 30, 2021 to purchase (i) 680,985 newly issued shares of the Company’s common stock, par value $0.001 per share, at the most recently determined net asset value per share of the Company’s common stock at the time of such purchase, as adjusted as necessary to comply with Section 23 of the 1940 Act, and (ii) 680,985 shares of the Company’s common stock in open-market or secondary transactions. Investcorp BDC has completed all required purchases under the Stock Purchase Agreement.

In connection with the Investcorp Transaction, on June 26, 2019, the Company’s board of directors, including all of the directors who are not “interested persons” of the Company, as defined in Section 2(a)(19) of the 1940 Act (each, an “Independent Director”), unanimously approved a new investment advisory agreement (the “Advisory Agreement”) which was subsequently approved by the Company’s stockholders at a special meeting of stockholders held on August 28, 2019. In connection with the closing of the Investcorp Transaction, on August 30, 2019, the Company entered into the Advisory Agreement and a new administration agreement (the “Administration Agreement”) with the Adviser as its investment adviser and administrator, respectively. The Advisory Agreement and the Administration Agreement are substantially similar to the Company’s prior investment advisory agreement between the Company and the Adviser and the Company’s prior administration agreement, respectively.

The Company’s primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing directly in debt and related equity of privately held middle-market companies to help these companies fund acquisitions, growth or refinancing. The Company invests primarily in middle-market companies in the form of standalone first and second lien loans, unitranche loans and mezzanine loans. The Company may also invest in unsecured debt, bonds and in the equity of portfolio companies through warrants and other instruments.

As a BDC, the Company is required to comply with certain regulatory requirements. For instance, as a BDC, the Company must not acquire any assets other than “qualifying assets,” as defined in Section 55(a) of the 1940 Act unless, at the time the acquisition is made, at least 70% of total assets are qualifying assets. Qualifying assets generally include investments in “eligible portfolio companies,” which, under the 1940 Act, are generally defined as any issuer that (1) is organized under the laws of, and has its principal place of business, in the United States; (2) is not an investment company (other than a small business investment company wholly-owned by the BDC) or a company that would be an investment company but for certain exclusions under the 1940 Act; and (3) either does not have any class of securities listed on a national securities exchange or has any class of securities listed on a national securities exchange and have a market capitalization of less than $250 million, in each case organized and with their principal of business in the United States.

From time-to-time, the Company may form taxable subsidiaries that are taxed as corporations for U.S. federal income tax purposes (the “Taxable Subsidiaries”). At March 31, 2024 and June 30, 2023, the Company had no Taxable Subsidiaries. The Taxable Subsidiaries, if any, allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements applicable to a RIC under the Code.

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Significant Accounting Policies

9 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

The following is a summary of significant accounting policies followed by the Company.

a. Basis of Presentation

The accompanying consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended June 30, 2023. All values are stated in U.S. dollars, unless noted otherwise. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the periods included herein as required by U.S. GAAP. These adjustments are normal and recurring in nature.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments and other amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates utilized in preparing the Company’s consolidated financial statements are reasonable and prudent. Actual results could differ materially from these estimates. All material inter-company balances and transactions have been eliminated.

As permitted under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing all or substantially all of its services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, CM Finance SPV Ltd. (“SPV”), CM Finance SPV LLC (“LLC”) and Investcorp Credit Management BDC SPV, LLC (“SPV LLC”), which are special purpose vehicles used to finance certain investments in its consolidated financial statements. The effects of all material intercompany balances and transactions have been eliminated in consolidation.

The Company reclassified prior period affiliate and other information in the accompanying consolidated balance sheet and income statements to conform to its current period presentation. These reclassifications had no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.

b. Revenue Recognition, Security Transactions, and Realized/Unrealized Gains or Losses

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Origination, closing, commitment, and amendment fees, and purchase and original issue discounts (“OID”) associated with loans to portfolio companies are accreted into interest income over the respective terms of the applicable loans. Accretion of discounts or premiums is calculated by the effective interest or straight-line method, as applicable, as of the purchase date and adjusted only for material amendments or prepayments. Upon the prepayment of a loan or debt security, any prepayment penalties are included in other fee income and unamortized fees and discounts are recorded as interest income and are non-recurring in nature. During the three and nine months ended March 31, 2024, $626,352 and $1,001,898 of prepayment penalties and unamortized discounts upon prepayment were recorded as investment income. During the three and nine months ended March 31, 2023, $222,691 and $377,729 of prepayment penalties and unamortized discounts upon prepayment were recorded as interest income.

Structuring fees and similar fees are recognized as income as earned, usually when received. Structuring fees, excess deal deposits, net profits interests and overriding royalty interests are included in other fee income.

Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. However, capitalized PIK interest will not be reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2024, the Company had four loans on non-accrual status, American Nuts Holdings, LLC - Term B, American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, CareerBuilder, LLC and Klein Hersh, LLC, which collectively represented 3.91% of the Company’s portfolio at fair value. As of June 30, 2023, the Company had six loans on non-accrual status, 1888 Industrial Services, LLC – Term A, Term C and Revolver, American Nuts Holdings, LLC - Term A and Term B, and American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, which collectively represented 4.08% of the Company’s portfolio at fair value.

Dividend income is recorded on the ex-dividend date.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are determined by calculating the difference between the net proceeds from the disposition and the amortized cost basis of the investments, without regard to unrealized gains or losses previously recognized. Realized gains or losses on the sale of investments are calculated using the specific identification method. The Company reports changes in fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the Unaudited Consolidated Statements of Operations.

The Company holds debt investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on an accrual basis to the extent that such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. The Company earned PIK interest of $633,318 and $1,338,898 during the three and nine months ended March 31, 2024. The Company earned PIK interest of $419,469 and $636,583 during the three and nine months ended March 31, 2023.

The Company may hold equity investments in its portfolio that contain a PIK dividend provision. PIK dividends, which represent contractual dividend payments added to the investment balance, are recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company earned PIK dividends of $198,123 and $580,556 during the three and nine months ended March 31, 2024. The Company earned PIK dividends of $173,253 and $511,395 during the three and nine months ended March 31, 2023.

c. Paid In Capital

The Company records the proceeds from the sale of its common stock to common stock and additional paid-in capital, net of commissions and marketing support fees.

d. Net Increase (Decrease) in Net Assets Resulting from Operations per Share

The net increase (decrease) in net assets resulting from operations per share is calculated based upon the weighted average number of shares of common stock outstanding during the reporting period.

e. Distributions

Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Company’s board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are generally distributed annually, although the Company may decide to retain such capital gains for investment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s board of directors authorizes, and the Company declares, a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution.

f. Cash and Restricted Cash

Cash and restricted cash consist of bank demand deposits. The Company deposits its cash in financial institutions and, at times, such balance may be in excess of the Federal Deposit Insurance Corporation insurance limits. All of the Company’s cash deposits are held at what management believes to be large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote. The Company has restrictions on the uses of the cash held by SPV, LLC based on the terms of the relevant financing arrangement. For more information on the Company’s financing arrangements and borrowings, see Note 5.

g. Due from the Sale of 1888 Industrial Services, LLC

During the quarter ended March 31, 2024, the Company completed the sale of its investments in 1888 Industrial Services, LLC resulting in $2.5 million in proceeds of which a portion is Long-term receivable in the amount of $618,772 and a portion is an Escrow receivable in the amount of $95,190 on the Consolidated Statements of Assets and Liabilities. The escrow is held as recourse for indemnity claims that may arise under the sale agreement. As of March 31, 2024, the Long-term receivable and the Escrow receivable are recorded at estimated realizable value.

h. Deferred Offering Costs

Deferred offering costs consist of fees and expenses incurred in connection with the offer and sale of the Company’s common stock and bonds, including legal, accounting, printing fees, and other related expenses, as well as costs incurred in connection with the filing of a shelf registration statement. These costs are capitalized when incurred and recognized as a reduction of offering proceeds when the offering is completed.

i. Investment Transactions and Expenses

Purchases of loans, including revolving credit agreements, are recorded on a fully committed basis until the funded and unfunded portions are known or estimable, which in many cases may not be until settlement.

Expenses are accrued as incurred.

Deferred debt issuance costs and deferred financing costs, incurred in connection with the Company’s financing arrangements and borrowings, are amortized using the straight-line method which approximates the effective interest method over the life of the debt.

j. Investment Valuation

The Company applies fair value accounting to all of its financial instruments in accordance with ASC Topic 820 – Fair Value Measurements and Disclosures (“ASC 820”) and Rule 2a-5 under the 1940 Act. ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its investments and financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

Fair value is defined as the price that would be received upon a sale of an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Securities that are traded on securities exchanges (including such securities traded in the afterhours market) are valued on the basis of the closing price on the valuation date (if such prices are available). Securities that are traded on more than one securities exchange are valued at the closing price on the primary securities exchange on which such securities are traded on the valuation date (or if reported on the consolidated tape, then their last sales price on the consolidated tape). Listed options for which the last sales price falls between the last “bid” and “ask” prices for such options are valued at their last sales price on the date of the valuation on the primary securities exchange on which such options are traded. Options for which the last sales price on the valuation date does not fall

between the last “bid” and “ask” prices are valued at the average of the last “bid” and “ask” prices for such options on that date. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. The Company held no Level 1 investments as of March 31, 2024 or June 30, 2023.

Investments that are not traded on securities exchanges but are traded on the over-the-counter (“OTC”) markets (such as term loans, notes and warrants) are valued using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable) and fundamental data relating to the issuer. These investments are categorized in Level 2 of the fair value hierarchy, or in instances when lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Investments for which market quotations are not readily available or may be considered unreliable are fair valued, in good faith, using a method determined to be appropriate in the given circumstances. The valuation methods used include the Cost Approach, the Market Approach and the Income Approach. Inputs used in these approaches may include, but are not limited to, interest rate yield curves, credit spreads, recovery rates, comparable company transactions, trading multiples, and volatilities. The valuation method the Company uses may change as changes in the underlying portfolio company dictates, such as moving from the Cost Approach to Market Approach when underlying conditions change at the company. Because of the inherent uncertainty of valuation in these circumstances, the fair values for the aforementioned investments may differ significantly from values that would have been used had a ready and liquid market for such investments existed or from the amounts that might ultimately be realized, and such differences could be material.

The Adviser seeks to ensure that the Company’s valuation policies and procedures, as approved by the Company’s board of directors, are consistently applied across all investments of the Company. The valuations are continuously monitored and the valuation process for Level 3 investments is completed on a quarterly basis and is designed to subject the valuation of Level 3 investments to an appropriate level of consistency, oversight and review. The valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Adviser responsible for the portfolio investment. These investment professionals prepare the preliminary valuations based on their evaluation of financial and operating data, company specific developments, market valuations of comparable securities from the same company or that of comparable companies as well as any other relevant factors including recent purchases and sales that may have occurred preceding month-end.

Valuation models are typically calibrated upon initial funding and are re-calibrated as necessary upon subsequent material events (including, but not limited to additional financing activity, changes in comparable companies, and recent trades). The preliminary valuation conclusions are then documented and discussed with senior management of the Adviser. On a periodic basis and at least once annually, one or more third-party independent valuation firm(s) engaged by the Company conduct independent appraisals and review the Adviser’s preliminary valuations and make their own independent assessment. The Valuation Committee of the Company’s board of directors then reviews the preliminary valuations of the Adviser and, as applicable, that of any independent valuation firms. The Valuation Committee discusses the valuations and makes a recommendation to the Company’s board of directors regarding the fair value of each investment in good faith based on the input of the Adviser and the independent valuation firm(s). Upon recommendation by the Valuation Committee and a review of the valuation materials of the Adviser and the third-party independent valuation firm(s), the board of directors of the Company determines, in good faith, the fair value of each investment.

For more information on the classification of the Company’s investments by major categories, see Note 4.

The fair value of the Company’s assets and liabilities that qualify as financial instruments under U.S. GAAP approximates the carrying amounts presented in the Unaudited Consolidated Statements of Assets and Liabilities.

k. Income Taxes

The Company has elected to be treated, for U.S. federal income tax purposes, as a RIC under Subchapter M of the Code. To maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements and distribute to stockholders, for each taxable year, at least 90% of the Company’s “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. If the Company continues to qualify as a RIC and continues to satisfy the annual distribution requirement, the Company will not have to pay corporate level U.S. federal income taxes on any income that the Company distributes to its stockholders. The Company intends to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. The Company will also be subject to nondeductible U.S. federal excise taxes if the Company does not distribute to its stockholders at least 98% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no U.S. federal income taxes. Additionally, certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes. At March 31, 2024 and March 31, 2023, the Company had no Taxable Subsidiaries. The Company incurred excise tax expenses, which are included in the provision for tax expense of $111,646

and $321,890 for the three and nine months ended March 31, 2024, and $77,575 and $187,763 for the three and nine months ended March 31, 2023.

Book and tax basis differences that are permanent differences are reclassified among the Company’s capital accounts, as appropriate at year-end. Additionally, the tax character of distributions is determined in accordance with the Code, which differs from U.S. GAAP. During the three and nine months ended March 31, 2024, the Company recorded distributions of $2,159,568 and $6,477,731. During the three and nine months ended March 31, 2023, the Company recorded distributions of $2,158,506 and $6,474,816. For certain periods, the tax character of a portion of distributions may be return of capital.

U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Company’s policy is to recognize accrued interest and penalties associated with uncertain tax positions as part of the tax provision.

The Company has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions for any tax year since inception. The tax years ended June 30, 2020 through present remain subject to examinations by taxing authorities. This conclusion may be subject to review and adjustment at a later date based on factors, including but not limited to, ongoing analysis and changes to laws, regulations, and interpretations thereof.

Permanent differences between investment company taxable income and net investment income for financial reporting purposes are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. During the year ended June 30, 2023, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of paydown gains and losses, Taxable Subsidiary partnership investments, nondeductible taxes paid and income/(loss) from wholly owned subsidiaries as follows:

	As of June 30, 2023
Additional paid-in capital	$	(284,155)
Distributable earnings		284,155

The tax character of all distributions paid by the Company during the year ended June 30, 2023 was ordinary income.

At June 30, 2023, the components of distributable earnings on a tax basis were as follows:

	As of June 30, 2023
Undistributed net investment income	$	11,648,379
Accumulated capital gains (losses) and other		(27,970,779)
Capital loss carryover		(73,713,555)
Unrealized appreciation (depreciation)		(23,015,323)
Distributions payable		(2,590,520)
Distributable earnings (loss)	$	(115,641,798)

For U.S. federal income tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. These capital losses can be carried forward for an indefinite period and will retain their character as either short-term or long-term capital losses. As of June 30, 2023, the Company had a net short-term capital loss carryforward of $1,971,187 and a net long-term capital loss carryforward of $71,742,368 available to be carried forward for an indefinite period.

A RIC may elect to defer any capital losses incurred after October 31 of a taxable year (“post-October”) to the beginning of the following fiscal year. As of June 30, 2023, the Company had a post-October short-term capital loss deferral of $41,242 and a post-October long-term capital loss deferral of $27,178,811. These losses were deemed to arise on July 1, 2023.

l. Capital Gains Incentive Fee

Under the Advisory Agreement, the Company has agreed to pay the Adviser a fee for investment advisory and management services consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee (the “Incentive Fee”). The Incentive Fee has two components: one based on the Company’s pre-Incentive Fee net investment income (the “Income-Based Fee”) and one based on capital gains (the “Capital Gains Fee”). Under U.S. GAAP, the Company calculates the Capital Gains Fee payable to the Adviser as if the Company had realized all investments at their fair values as of the reporting date. Accordingly, the Company accrues a provisional Capital Gains Fee taking into account any unrealized gains or losses. As the provisional Capital Gains

Fee is subject to the performance of investments until there is a realization event, the amount of provisional Capital Gains Fee accrued at a reporting date may vary from the incentive fee that is ultimately realized and the differences could be material.

Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date) commencing with the Company’s fiscal year ending on June 30, 2021, and is calculated at the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in each case calculated from June 30, 2020. If the amount so calculated is positive, then the Capital Gains Fee for such year is equal to 20% of such amount, less the aggregate amount of Capital Gains Fees paid in all prior years under the Advisory Agreement. If such amount is negative, then no Capital Gains Fee will be payable for such year. Under the Advisory Agreement, the Capital Gains Fee was not charged until the fiscal year ended June 30, 2023. As of March 31, 2024 and June 30, 2023, there was no Capital Gains Fee payable to the Adviser under the Advisory Agreement.

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Recent Accounting Pronouncements

9 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Recent Accounting Pronouncements

Note 3. Recent Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial statements upon adoption.

In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions", which was issued to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The new guidance is effective for annual periods beginning after December 15, 2023 and interim periods within those annual periods. The Company does not anticipate the new standard will have a material impact to the consolidated financial statements and related disclosures.

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Investments

9 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Note 4. Investments

The Company’s investments, at any time, may include securities and other financial instruments, including, without limitation, corporate and government bonds, convertible securities, collateralized loan obligations, term loans, revolvers and delayed draw facilities, trade claims, equity securities, privately negotiated securities, direct placements, working interests, warrants and investment derivatives (such as credit default swaps, recovery swaps, total return swaps, options, forward contracts, and futures) (all of the foregoing collectively referred to in these financial statements as “investments”).

a. Certain Risk Factors

In the ordinary course of business, the Company manages a variety of risks including market risk, liquidity risk and credit risk. The Company identifies, measures and monitors risk through various control mechanisms, including trading limits and diversifying exposures and activities across a variety of instruments, markets and counterparties.

Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, including as a result of changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities. In particular, the Company may invest in issuers that are experiencing or have experienced financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy proceedings), which involves significant risks. The Company manages its exposure to market risk through the use of risk management strategies and various analytical monitoring techniques.

With respect to liquidity risk, the Company’s assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making the purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately.

Credit risk is the potential loss the Company may incur from a failure of an issuer to make payments according to the terms of a contract. The Company is subject to credit risk because of its strategy of investing in the debt of leveraged companies and its involvement in derivative instruments. The Company’s exposure to credit risk on its investments is limited to the fair value of the investments. With regard to derivatives, the Company attempts to limit its credit risk by considering its counterparty’s (or its guarantor’s) credit rating.

b. Investments

Investment purchases, sales and principal payments/paydowns are summarized below for the three and nine months ended March 31, 2024 and March 31, 2023, respectively. These purchase and sale amounts exclude derivative instruments as well as non-cash restructurings.

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
Investment purchases, at cost (including PIK interest)	$	10,224,161	$	11,109,646	$	46,532,123	$	39,636,459
Investment sales and repayments		26,658,550		14,917,260		68,788,139		46,998,760

The composition of the Company’s investments as of March 31, 2024, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:

Investment Type	Investments at Amortized Cost		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
Senior Secured First Lien Debt Investments	$	172,563,397	81.91	%	$	161,098,158	83.82	%
Equity, Warrants and Other Investments		38,106,676	18.09			31,105,123	16.18
Total	$	210,670,073	100.00	%	$	192,203,281	100.00	%

The composition of the Company’s investments as of June 30, 2023, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:

Investment Type	Investments at     Amortized Cost		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
Senior Secured First Lien Debt Investments	$	214,100,857	88.00	%	$	196,370,955	89.21	%
Equity, Warrants and Other Investments		29,197,959	12.00			23,740,374	10.79
Total	$	243,298,816	100.00	%	$	220,111,329	100.00	%

The Company uses Global Industry Classification Standard (“GICS”) codes to identify the industry groupings in its portfolio. The following table shows the portfolio composition by industry grouping at fair value at March 31, 2024:

Industry Classification	Investments at Fair Value		Percentage of Total Portfolio
Trading Companies & Distributors	$	27,977,942	14.56	%
Commercial Services & Supplies		22,235,432	11.57
Professional Services		18,999,703	9.88
Containers & Packaging		14,626,631	7.61
Internet & Direct Marketing Retail		8,782,859	4.57
IT Services		8,624,528	4.49
Food Products		8,618,750	4.48
Entertainment		8,448,755	4.40
Household Durables		7,865,115	4.09
Diversified Consumer Services		7,213,156	3.75
Chemicals		7,152,600	3.72
Specialty Retail		6,713,041	3.49
Software		6,514,755	3.39
Automotive Retail		5,665,872	2.95
Health Care Providers & Services		5,400,000	2.81
Automobile Components		5,255,262	2.73
Consumer Staples Distribution & Retail		4,970,509	2.59
Consumer Services		4,911,518	2.56
Construction & Engineering		3,830,758	1.99
Hotels, Restaurants, and Leisure		2,955,000	1.54
Paper Packaging		2,925,057	1.52
Electronic Equipment, Instruments & Components		2,516,038	1.31
Total	$	192,203,281	100.00	%

The following table shows the portfolio composition by industry grouping at fair value at June 30, 2023:

Industry Classification	Investments at Fair Value		Percentage of Total Portfolio
Trading Companies & Distributors	$	35,176,879	15.98	%
Professional Services		28,238,167	12.83
IT Services		23,576,450	10.71
Commercial Services & Supplies		14,329,460	6.51
Software		13,772,487	6.26
Containers & Packaging		12,958,772	5.89
Machinery		9,602,806	4.36
Internet & Direct Marketing Retail		8,969,729	4.08
Entertainment		7,640,000	3.47
Household Durables		7,610,242	3.46
Chemicals		7,568,617	3.44
Diversified Consumer Services		7,268,500	3.30
Automobile Components		7,261,275	3.30
Hotels, Restaurants, and Leisure		6,283,541	2.85
Consumer Staples Distribution & Retail		6,061,396	2.75
Specialty Retail		5,148,000	2.34
Building Products		4,511,719	2.05
Food Products		4,288,750	1.95
Automotive Retail		3,878,905	1.76
Electronic Equipment, Instruments & Components		3,265,598	1.48
Energy Equipment & Services		2,700,036	1.23
Total	$	220,111,329	100.00	%

The following table shows the portfolio composition by geographic grouping at fair value at March 31, 2024:

Geographic Region	Investments at Fair Value		Percentage of Total Portfolio
U.S. Northeast	$	75,778,770	39.43	%
U.S. West		56,624,278	29.46
U.S. Southeast		23,727,611	12.35
U.S. Midwest		21,331,349	11.10
U.S. Mid-Atlantic		6,670,095	3.47
International		4,756,178	2.47
U.S. Southwest		3,315,000	1.72
Total	$	192,203,281	100.00	%

The following table shows the portfolio composition by geographic grouping at fair value at June 30, 2023:

Geographic Region	Investments at Fair Value		Percentage of Total Portfolio
U.S. Northeast	$	94,658,227	43.00	%
U.S. West		44,911,266	20.40
U.S. Midwest		26,602,440	12.09
U.S. Southeast		20,803,349	9.45
U.S. Mid-Atlantic		17,721,607	8.05
U.S. Southwest		10,367,607	4.71
International		5,046,833	2.30
Total	$	220,111,329	100.00	%

The Company’s primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing directly in debt and related equity of privately held middle-market companies to help these companies fund acquisitions, growth or refinancing. During the nine months ended March 31, 2024, the Company made investments in new and existing portfolio companies of approximately $42.5 million, to which it was not previously contractually committed to provide financial support. During the nine months ended March 31, 2024, the Company made investments of approximately $2.2 million in companies to which it was previously committed to provide financial support through the terms of the revolvers and delayed draw term loans. The details of the Company’s investments have been disclosed on the Unaudited Consolidated Schedule of Investments.

c. Derivatives

Derivative contracts include total return swaps and embedded derivatives in the Company’s borrowings. The Company may enter into derivative contracts as part of its investment strategies. On October 28, 2020, the SEC adopted a rule that modifies the conditions by which BDCs can enter into, or “cover” open positions pursuant to, certain derivatives contracts that involve potential

future payment obligations (the “Derivatives Rule”). The Derivatives Rule requires a BDC entering into a derivatives contract to develop and implement a derivatives risk management program, to comply with an outer limit on asset coverage ratio based on the VaR (“value-at-risk”) test, and to report its derivative activity to its board of directors on a regular basis. The Derivatives Rule also contains exceptions to these conditions for any fund that limits its exposure to derivatives positions to 10 percent of its net assets. At March 31, 2024 and June 30, 2023, the Company held no derivative contracts.

d. Fair Value Measurements

ASC 820 defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a framework for measuring fair value and a valuation hierarchy that prioritizes the inputs used in the valuation of an asset or liability based upon their transparency. The valuation hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assets and liabilities measured at fair value have been classified in the following three categories:

Level 1 – valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

Level 2 – valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; or (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means.

Level 3 – valuation is based on unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. However, the fair value measurement objective remains the same, that is, an exit price from the perspective of a market participant that holds the asset or owes the liability. Therefore, unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Unobservable inputs are developed based on the best information available under the circumstances, which might include the Company’s own data. The Company’s own data used to develop unobservable inputs is adjusted if information is reasonably available without undue cost and effort that indicates that market participants would use different assumptions.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the market and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

Estimates of fair value for cash and restricted cash are measured using observable, quoted market prices, or Level 1 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs.

The following table summarizes the classifications within the fair value hierarchy of the Company’s assets measured at fair value as of March 31, 2024:

	Level 1		Level 2		Level 3		Total
Assets
Investments
Senior Secured First Lien Debt Investments	$	—	$	—	$	161,098,158	$	161,098,158
Equity, Warrants and Other Investments		—		—		31,105,123		31,105,123
Total Investments	$	—	$	—	$	192,203,281	$	192,203,281

The following table summarizes the classifications within the fair value hierarchy of the Company’s assets measured at fair value as of June 30, 2023:

	Level 1		Level 2		Level 3		Total
Assets
Investments
Senior Secured First Lien Debt Investments	$	—	$	—	$	196,370,955	$	196,370,955
Equity, Warrants and Other Investments		—		—		23,740,374		23,740,374
Total Investments	$	—	$	—	$	220,111,329	$	220,111,329

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended March 31, 2024:

	Senior Secured First Lien Debt Investments		Senior Secured Second Lien Debt Investments		Unsecured Debt Investments		Equity, Warrants and Other Investments		Total Investments
Fair value at June 30, 2023	$	196,370,955	$	—	$	—	$	23,740,374	$	220,111,329
Purchases (including PIK interest)		41,923,318		—		—		4,608,805		46,532,123
Sales and repayments		(68,788,139)		—		—		—		(68,788,139)
Amortization		1,770,280		—		—		—		1,770,280
Net realized gains (losses)		(12,080,895)		—		—		(62,112)		(12,143,007)
Transfers in		—		—		—		4,362,023		4,362,023
Transfers out		(4,362,023)		—		—		—		(4,362,023)
Net change in unrealized appreciation (depreciation)		6,264,662		—		—		(1,543,967)		4,720,695
Fair value at March 31, 2024	$	161,098,158	$	—	$	—	$	31,105,123	$	192,203,281
Change in unrealized appreciation (depreciation) relating to assets still held as of March 31, 2024	$	(2,413,463)	$	—	$	—	$	(1,606,082)	$	(4,019,545)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended March 31, 2023:

	Senior Secured First Lien Debt Investments		Senior Secured Second Lien Debt Investments		Unsecured Debt Investments		Equity, Warrants and Other Investments		Total Investments
Fair value at June 30, 2022	$	214,858,036	$	—	$	—	$	18,825,950	$	233,683,986
Purchases (including PIK interest)		38,403,669		—		—		1,232,790		39,636,459
Sales and repayments		(46,998,760)		—		—		—		(46,998,760)
Amortization		1,056,482		—		—		—		1,056,482
Net realized gains (losses)		(9,515,487)		(17,374,608)		—		—		(26,890,095)
Transfers in		—		—		—		1,708,942		1,708,942
Transfers out		(1,708,942)		—		—		—		(1,708,942)
Net change in unrealized (depreciation) appreciation		4,328,279		17,374,608		—		(875,530)		20,827,357
Fair value at March 31, 2023	$	200,423,277	$	—	$	—	$	20,892,152	$	221,315,429
Change in unrealized appreciation (depreciation) relating to assets still held as of March 31, 2023	$	(4,639,143)	$	—	$	—	$	(1,290,076)	$	(5,929,219)

Transfers into Level 3 during or at the end of the reporting period are reported under Level 1 or Level 2 as of the beginning of the period. Transfers out of Level 3 during or at the end of the reporting period are reported under Level 3 as of the beginning of the period. Changes in unrealized gains (losses) relating to Level 3 instruments are included in net change in unrealized (depreciation) appreciation on investments and derivatives on the Unaudited Consolidated Statements of Operations.

During the three and nine months ended March 31, 2024 and March 31, 2023, the Company did not transfer any investments among Levels 1, 2 and 3.

The following tables provide quantitative information regarding the Company’s Level 3 fair value measurements as of March 31, 2024 and June 30, 2023. This information presents the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured notes is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

	Fair Value as of March 31, 2024		Valuation Methodology	Unobservable Input(s)	Weighted Average	Range
Senior Secured First Lien Debt Investments	$	148,050,513	Income Approach	Market Yields	13.2%		9.8%-19.9%
Senior Secured First Lien Debt Investments		5,527,539	Market Comparable Approach	EBITDA Multiple	7.7x		6.1x-8.9x
Senior Secured First Lien Debt Investments		1,854,081	Market Comparable Approach	Revenue Multiple	0.36x		0.36x
Senior Secured First Lien Debt Investments		—	Recent Transaction	Recent Transaction	N/A		N/A
Senior Secured First Lien Debt Investments		5,666,025	Recovery Analysis	Recovery Amount	N/A		N/A
Equity, Warrants, and Other Investments		5,928,121	Income Approach	Market Yields	16.3%		16.3%
Equity, Warrants, and Other Investments		25,177,002	Market Comparable Approach	EBITDA multiple	10.0x		5.0x-19.9x
Equity, Warrants, and Other Investments		—	Recent Transaction	Recent Transaction	N/A		N/A

	Fair Value as of June 30, 2023		Valuation Methodology	Unobservable Input(s)	Weighted Average	Range
Senior Secured First Lien Debt Investments	$	161,776,983	Income Approach	Market Yields	13.3%	10.1% - 18.0%
Senior Secured First Lien Debt Investments		13,895,260	Market Comparable Approach	EBITDA Multiple	17.3x	5.7x – 21.2x
Senior Secured First Lien Debt Investments		5,272,355	Market Comparable Approach	Revenue Multiple	0.3x	0.30x – 0.38x
Senior Secured First Lien Debt Investments		15,209,280	Recent Transaction	Recent Transaction	N/A	N/A
Senior Secured First Lien Debt Investments		217,077	Recovery Analysis	Recovery Amount	N/A	N/A
Equity, Warrants and Other Investments		4,824,752	Income Approach	Market Yields	18.0%	18.0%
Equity, Warrants and Other Investments		18,915,622	Market Comparable Approach	EBITDA multiple	8.7x	5.7x – 24.2x
Equity, Warrants and Other Investments		—	Market Comparable Approach	Revenue Multiple	0.3x	0.3x

Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value and such changes could result in a significant increase or decrease in the fair value. Significant increases in illiquidity discounts, PIK discounts and market yields would result in significantly lower fair value measurements.

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Borrowings

9 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Borrowings

Note 5. Borrowings

On August 23, 2021, the Company, through SPV LLC entered into a five-year, $115 million senior secured revolving credit facility (the “Capital One Revolving Financing”) with Capital One, N.A. (“Capital One”), which is secured by collateral consisting primarily of loans in the Company’s investment portfolio. On June 14, 2023, we amended the Capital One Revolving Financing to decrease the facility size from $115 million to $100 million. On January 17, 2024, we amended the Capital One Revolving Financing to (i) extend the maturity date to January 17, 2029, (ii) increase of the applicable interest spreads under the Capital One Revolving Financing and (iii) extend the Scheduled Revolving Period End Date (as defined in Capital One Revolving Financing) to January 17, 2027. The Capital One Revolving Financing, which will expire on January 17, 2029 (the “Maturity Date”), features a three-year reinvestment period and a two-year amortization period.

Effective January 17, 2024, borrowings under the Capital One Revolving Financing generally bear interest at a rate per annum equal to the Secured Overnight Financing Rate (“SOFR”) plus 3.10%. The default interest rate will be equal to the interest rate then in effect plus 2.00%. The Capital One Revolving Financing required the payment of an upfront fee of 1.125% ($1.3 million) of the available borrowings under the Capital One Revolving Financing at the closing, and requires the payment of an unused fee of (i) 0.75% annually for any undrawn amounts below 50% of the Capital One Revolving Financing, (ii) 0.50% annually for any undrawn amounts between 50% and 75% of the Capital One Revolving Financing, and (iii) 0.25% annually for any undrawn amounts above 75% of the Capital One Revolving Financing. Borrowings under the Capital One Revolving Financing are based on a borrowing base. The Capital One Revolving Financing generally requires payment of interest and fees on a quarterly basis. All outstanding principal is due on the Maturity Date. The Capital One Revolving Financing also requires mandatory prepayment of interest and principal upon certain events.

As of March 31, 2024 and June 30, 2023, there were $57.5 million and $71.9 million in borrowings outstanding under the Capital One Revolving Financing, respectively.

Restricted cash (as shown on the Unaudited Consolidated Statements of Assets and Liabilities) is held by the trustee of the Capital One Revolving Financing and is restricted to purchases of investments by SPV LLC that must meet certain eligibility criteria identified by the loan, security and investment management agreement governing the Capital One Revolving Financing. As of March 31, 2024, SPV LLC had a notional amount of $172.5 million, which included $157.6 million of the Company’s portfolio investments at fair value, no accrued interest receivable and $10.2 million in cash held by the trustees of the Capital One Revolving Financing. As of June 30, 2023, SPV and LLC had a notional amount of $194.0 million in assets with a fair value of $181.5 million,

no accrued interest receivable and $8.1 million in cash held by the trustee of the Capital One Revolving Financing. For the three and nine months ended March 31, 2024, the weighted average outstanding debt balance and the weighted average stated interest rate under the Capital One Revolving Financing was $63.6 million and $68.2 million, respectively, and 8.34% and 7.98%, respectively. For the three and nine months ended March 31, 2023, the weighted average outstanding debt balance and the weighted average stated interest rate under the Capital One Revolving Financing was $75.7 million and $81.4 million, respectively, and 7.00% and 5.46%, respectively.

For more information, see Note 15. “Subsequent Events.”

The fair value of the Company’s borrowings is estimated based on the rate at which similar credit facilities or debentures would be priced. At March 31, 2024 and June 30, 2023, the fair value of the Company’s total borrowings under the Capital One Revolving Financing, was estimated at $57.5 million and $71.9 million respectively, which the Company concluded was a Level 3 fair value.

On March 31, 2021, the Company closed the public offering of $65 million in aggregate principal amount of 4.875% notes due 2026 (the “2026 Notes”). The total net proceeds to the Company from the sale of the 2026 Notes, after deducting the underwriting discounts and commissions of approximately $1.3 million and estimated offering expenses of approximately $215,000, were approximately $63.1 million.

The 2026 Notes will mature on April 1, 2026, unless previously redeemed or repurchased in accordance with their terms, and bear interest at a rate of 4.875%. The 2026 Notes are direct unsecured obligations and rank pari passu, which means equal in right of payment, with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. Because the 2026 Notes are not secured by any of the Company’s assets, they are effectively subordinated to all of the Company’s existing and future secured unsubordinated indebtedness (or any indebtedness that is initially unsecured as to which the Company subsequently grants a security interest), to the extent of the value of the assets securing such indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries and financing vehicles, including, without limitation, borrowings under the Capital One Revolving Financing. The 2026 Notes are obligations exclusively of the Company and not of any of the Company’s subsidiaries. None of the Company’s subsidiaries is a guarantor of the 2026 Notes and the 2026 Notes will not be required to be guaranteed by any subsidiary the Company may acquire or create in the future.

The 2026 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price (as determined by the Company) equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the redemption date: (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided, however, that if the Company redeems any 2026 Notes on or after January 1, 2026 (the date falling three months prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100% of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption; provided, further, that no such partial redemption shall reduce the portion of the principal amount of a 2026 Note not redeemed to less than $2,000. Interest on the 2026 Notes is payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2021. The Company may from time to time repurchase 2026 Notes in accordance with the 1940 Act and the rules promulgated thereunder.

As of March 31, 2024, the carrying amount of the 2026 Notes was $64.9 million on an aggregate principal balance of $65.0 million at a current yield of 5.35%. As of March 31, 2024, the fair value of the 2026 Notes was $59.3 million. The Company concluded that this was Level 3 fair value under ASC 820.

Long-Term Debt Maturities

Set forth below is the aggregate principal amount of our long-term debt as of March 31, 2024 (excluding unamortized premiums, net, unamortized debt issuance costs and note payable) maturing during the following years:

2024	$	—
2025		—
2026		122,500,000
Total long-term debt	$	122,500,000

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Indemnification, Guarantees, Commitments and Contingencies

9 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Indemnification, Guarantees, Commitments and Contingencies

Note 6. Indemnification, Guarantees, Commitments and Contingencies

In the normal course of business, the Company enters into contracts that provide a variety of representations and warranties and general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications.

The Company’s board of directors declared the following quarterly distributions during the nine months ended March 31, 2024:

Declared	Ex-Date	Record Date	Pay Date	Amount	Fiscal Quarter
September 14, 2023	October 11, 2023	October 12, 2023	November 2, 2023	$0.1500	1st 2024
November 9, 2023	December 13, 2023	December 14, 2023	January 8, 2024	$0.1500	2nd 2024
February 8, 2024	March 14, 2024	March 15, 2024	April 5, 2024	$0.1500	3rd 2024

Loans purchased by the Company may include revolving credit agreements or other financing commitments obligating the Company to advance additional amounts on demand. The Company generally sets aside sufficient liquid assets to cover its unfunded commitments, if any.

The following table details the Company’s unfunded commitments to portfolio companies as of March 31, 2024:

Investments	Unfunded Commitment		Fair Value		Annual Non-use Fee	Expiration Date
Arborworks Acquisition LLC – Revolver (New)		279,588		—	0.50%	11/6/28
Flatworld Intermediate Corporation – Revolver		567,568		—	0.50%	10/1/27
South Coast Terminals LLC – Revolver		967,742		—	0.50%	12/10/26
Total Unfunded Commitments	$	1,814,898	$	—

The following table details the Company’s unfunded commitments to portfolio companies as of June 30, 2023:

Investments	Unfunded Commitment		Fair Value		Annual Non-use Fee	Expiration Date
1888 Industrial Services, LLC – Revolver	$	186,990	$	—	0.50%	8/31/24
Amerequip, LLC – Revolver		967,742		—	0.50%	8/31/27
Arborworks Acquisition LLC – Revolver		554,947		—	0.50%	11/9/26
Archer Systems, LLC – Revolver		603,175		—	0.50%	8/11/27
Evergreen North America Acquisitions, LLC – Revolver		276,064		—	0.50%	8/13/26
Flatworld Intermediate Corporation – Revolver		567,567		—	0.50%	10/1/27
NWN Parent Holdings LLC – Revolver		800,000		—	0.50%	5/7/26
South Coast Terminals LLC – Revolver		967,742		—	0.50%	12/10/26
Xenon Arc, Inc. – Revolver		746,667		—	0.50%	12/17/26
Total Unfunded Commitments	$	5,670,894	$	—

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Agreements and Related Party Transactions

9 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Agreements and Related Party Transactions

Note 7. Agreements and Related Party Transactions

The following table provides a summary of related party transactions under the Advisory and Administration Agreements with the Adviser for the three and nine months ended March 31, 2024 and 2023:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
Base management fees	$	951,799	$	1,043,306	$	2,910,978	$	3,204,391
Waiver of base management fees		(97,431)		(89,939)		(292,326)		(296,566)
Income-based incentive fees		—		—		(72,942)		(147,145)
Waiver of income-based incentive fees		—		—		—		—
Capital gains fee		—		—		—		—
Allocation of administrative costs from Adviser		225,856		375,900		1,118,276		1,127,700
Total net expense to affiliates	$	1,080,224	$	1,329,267	$	3,663,986	$	3,888,380

The following table provides a summary of related party transactions under the Advisory and Administration Agreements with the Adviser as of March 31, 2024 and June 30, 2023:

	As of March 31,		As of June 30,
	2024		2023
Due from affiliate	$	175,916	$	—
Total amount due from affiliate	$	175,916	$	—
Base management fees payable	$	854,328	$	906,218
Income-based incentive fees payable		128,876		576,023
Capital gains fee payable		—		—
Allocation of administrative costs from Adviser payable(1)		133,376		172,308
Total amount due to affiliates	$	1,116,580	$	1,654,549

(1)Balances are reported within Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities.

Advisory Agreement

The Company is party to the Advisory Agreement with the Adviser. Under the Advisory Agreement, the Base Management Fee is calculated at an annual rate of 1.75% of the Company’s gross assets, including assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents (such amount, “Gross Assets”).

For the three and nine months ended March 31, 2024, $951,799 and $2,910,978 in Base Management Fees were earned by the Adviser, of which $97,431 and $292,326 was voluntarily waived. As of March 31, 2024, $854,328 of such fees were payable. For the three and nine months ended March 31, 2023, $1,043,306 and $3,204,391 in Base Management Fees were earned by the Adviser, of which $89,939 and $296,566 was voluntarily waived. As of June 30, 2023, $906,218 of such fees were payable. There is no guarantee that the Adviser will waive Base Management Fees in the future. Any portion of the Base Management Fee waived is not subject to recapture.

The Base Management Fee is calculated based on the average value of the Company’s Gross Assets at the end of the two most recently completed fiscal quarters prior to the quarter for which such fees are being calculated. The Base Management Fee is payable quarterly in arrears and the Base Management Fees for any partial month or quarter will be appropriately pro-rated.

Under the Advisory Agreement, the Income-Based Fee is calculated and payable quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding fiscal quarter, subject to a total return requirement (the “Total Return Requirement”) and deferral of non-cash amounts, and is 20.0% of the amount, if any, by which the Company’s Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets attributable to its common stock, for the immediately preceding fiscal quarter, exceeds a 2.0% (which is 8.0% annualized) hurdle rate and a “catch-up” provision measured as of the end of each fiscal quarter. Under this provision, in any fiscal quarter, the Adviser receives no Income-Based Fee until the Company’s Pre-Incentive Fee Net Investment Income exceeds the hurdle rate of 2.0%, but then receives, as a “catch-up,” 100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% (which is 10.0% annualized). The effect of the “catch-up” provision is that, subject to the Total Return Requirement and deferral provisions discussed below, if Pre-Incentive Fee Net Investment Income exceeds 2.5% in any fiscal quarter, the Adviser receives 20.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply.

“Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial assistance and consulting fees or other fees that we receive from portfolio companies) accrued during the fiscal quarter, minus the Company’s operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement and any interest expense and any distributions paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as OID, debt instruments with PIK interest and zero coupon securities), accrued income that we have not yet received in cash.

Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

No Income-Based Fee is payable under the Advisory Agreement except to the extent 20.0% of the cumulative net increase in net assets resulting from operations over the fiscal quarter for which fees are being calculated and the Lookback Period (as defined below) exceeds the cumulative Incentive Fees accrued and/or paid for the Lookback Period. The “cumulative net increase in net assets

resulting from operations” is the amount, if positive, of the sum of Pre-Incentive Fee Net Investment Income, realized gains and losses and unrealized appreciation and depreciation of the Company for the then current fiscal quarter and the Lookback Period. The “Lookback Period” means (1) through June 30, 2022, the period that commences on the last day of the fiscal quarter in which the Advisory Agreement became effective and ends on the last day of the fiscal quarter immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated, and (2) after June 30, 2022, the eleven fiscal quarters immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated.

For the three and nine months ended March 31, 2024, the Company wrote off $0 and $72,942 in previously deferred Income-Based Fees and incurred no Income-Based Fees. As of March 31, 2024, $128,876 in incentive fees related to Income-Based Fees incurred by the Company are payable to the Adviser, of which fees of $16,929 are payable and fees of $111,947 generated from deferred interest (i.e., PIK and certain discount accretion) are not payable until such amounts are received in cash. For the three and nine months ended March 31, 2023, the Company wrote off $0 and $147,145 in previously deferred Income-Based Fees and incurred no Income-Based Fees. As of June 30, 2023, $576,023 in incentive fees related to Income-Based Fees incurred by the Company are payable to the Adviser, of which fees of $374,206 are payable and fees of $201,817 generated from deferred interest (i.e., PIK and certain discount accretion) are not payable until such amounts are received in cash. Any voluntary waivers of the incentive fee in no way implies that the Adviser will agree to waive any incentive fee in any future period. Any portion of the incentive fees waived are not subject to recapture.

Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), commencing with the fiscal year ended June 30, 2021, and is equal to 20.0% of our cumulative aggregate realized capital gains from the Commencement Date through the end of that fiscal year, computed net of the Company’s aggregate cumulative realized capital losses and our aggregate cumulative unrealized capital depreciation through the end of such year, less the aggregate amount of any previously paid Capital Gains Fees. If such amount is negative, then no Capital Gains Fee will be payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a fiscal year end, the termination date will be treated as though it were a fiscal year end for purposes of calculating and paying the Capital Gains Fee. Under the Advisory Agreement, the Capital Gains Fee was not charged until the fiscal year ending June 30, 2023.

Under U.S. GAAP, the Company calculates the Capital Gains Fee as if it had realized all assets at their fair values as of the reporting date. Accordingly, the Company accrues a provisional Capital Gains Fee taking into account any unrealized gains or losses. As the provisional Capital Gains Fee is subject to the performance of investments until there is a realization event, the amount of the provisional Capital Gains Fee accrued at a reporting date may vary from the Capital Gains Fee that is ultimately realized and the differences could be material.

As of March 31, 2024, there was no Capital Gains Fee accrued, earned or payable to the Adviser under the Advisory Agreement. As of June 30, 2023, there was no Capital Gains Fee accrued, earned or payable to the Adviser under the Advisory Agreement.

The Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of the Adviser’s duties or by reason of the reckless disregard of its duties and obligations under the Advisory Agreement, the Adviser and its officers, managers, partners, agents, employees, controlling persons and members, and any other person or entity affiliated with it, are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser’s services under the Advisory Agreement or otherwise as the Adviser.

Mr. Mauer holds an approximate 17% interest in the Adviser. Investcorp holds an approximate 83% ownership interest in the Adviser. Pursuant to the Advisory Agreement, the Company has agreed to pay to the Adviser a Base Management Fee and an Incentive Fee. Mr. Mauer, an interested member of the Board, has a direct or indirect pecuniary interest in the Adviser. The Incentive Fee will be computed and paid on income that we may not have yet received in cash at the time of payment. This fee structure may create an incentive for the Adviser to invest in certain types of speculative securities. Additionally, the Company will rely on investment professionals from the Adviser to assist the Board with the valuation of the Company’s portfolio investments. The Adviser’s Base Management Fee and Incentive Fee is based on the value of our investments and, therefore, there may be a conflict of interest when personnel of the Adviser are involved in the valuation process for the Company’s portfolio investments.

As of March 31, 2024, the Company reflected a due from affiliate balance of $175,916 on the Consolidated Statements of Assets and Liabilities, for an overpayment of expenses owed to the Adviser for administrative expenses incurred. There was no due from affiliate balance as of June 30, 2023.

Administration Agreement

Pursuant to the Administration Agreement, the Adviser furnishes the Company with office facilities and equipment and provides it with the clerical, bookkeeping, recordkeeping and other administrative services necessary to conduct day-to-day operations. Under the Administration Agreement, the Adviser performs, or oversees the performance of the Company’s required administrative services, which includes, among other things, being responsible for the financial records which it is required to maintain and preparing reports to its stockholders and reports filed with the SEC. In addition, the Adviser assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports and other materials to its stockholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to it by others. Under the Administration Agreement, the Adviser also provides managerial assistance on the Company’s behalf to those portfolio companies that have accepted its offer to provide such assistance. In addition, the Adviser may satisfy certain of its obligations to the Company under the Administration Agreement through the services agreement with Investcorp International Inc., an affiliate of Investcorp, including supplying the Company with accounting and back-office professionals upon the request of the Adviser.

The Company reimburses the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement. Payments under the Administration Agreement equal an amount based upon the Company’s allocable portion (subject to the review of the Company’s board of directors) of the Adviser’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the Company’s chief financial officer and chief compliance officer and their respective staffs. The Company incurred costs of $225,856 and $1,118,276 under the Administration Agreement for the three and nine months ended March 31, 2024. The Company incurred costs of $375,900 and $1,127,700 under the Administration Agreement for the three and nine months ended March 31, 2023. As of March 31, 2024 and June 30, 2023, the Company recorded an Allocation of Administrative Costs from Adviser Payable of $133,376 and $172,308, respectively, reported within Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities for reimbursement of expenses owed to the Adviser under the Administration Agreement.

During the nine months ended March 31, 2024, the Company recorded approximately $356,000 of expenses that related to the fiscal year ended June 30, 2023. Of this amount, approximately $239,000 related to expenses allocated from the Adviser.

Stock Purchase Agreement

In connection with the Investcorp Transaction, on June 26, 2019, the Company entered into a definitive stock purchase and transaction agreement with Investcorp BDC Holdings Limited (“Investcorp BDC”), an affiliate of Investcorp (the “Stock Purchase Agreement”), pursuant to which Investcorp BDC was required by August 30, 2021, to purchase (i) 680,985 newly issued shares of the Company’s common stock, at the most recently determined net asset value per share of the Company’s common stock at the time of such purchase, as adjusted as necessary to comply with Section 23 of the 1940 Act, and (ii) 680,985 shares of the Company’s common stock in open-market or secondary transactions. Investcorp BDC completed all remaining required purchases under the Stock Purchase Agreement during the quarter ended September 30, 2021.

Co-investment Exemptive Relief

On July 20, 2021, the SEC issued an order, which superseded a prior order issued on March 19, 2019, granting the Company’s application for exemptive relief to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions with other funds managed by the Adviser or its affiliates and any future funds that are advised by the Adviser or its affiliated investment advisers (the “Exemptive Relief”). Under the terms of the Exemptive Relief, in order for the Company to participate in a co-investment transaction a “required majority” (as defined in Section 57(o) of the 1940 Act) of the directors who are not “interested persons” of the Company, as defined in Section 2(a)(19) of the 1940 Act (each, an “Independent Director”) must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s investment objectives and strategies.

License Agreement

The Company has entered into a license agreement with the Adviser under which the Adviser has agreed to grant the Company a non-exclusive, royalty-free license to use the name “Investcorp.” Under this agreement, the Company has a right to use the “Investcorp” name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company has no legal right to the “Investcorp” name. This license agreement will remain in effect for so long as the Advisory Agreement with the Adviser is in effect and Investcorp is the majority owner of the Adviser.

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Directors’ Fees

9 Months Ended

Mar. 31, 2024

Compensation Related Costs [Abstract]

Directors’ Fees

Note 8. Directors’ Fees

Each Independent Director receives (i) an annual fee of $75,000, and (ii) $2,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending in person or telephonically each regular board of directors meeting and each special telephonic meeting. Each Independent Director also receives $1,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with each committee meeting attended in person and each telephonic committee meeting. The chairperson of the audit committee receives an additional annual fee of $7,500. The chairperson(s) of the valuation committee, the nominating and corporate governance committee and the compensation committee receives an additional annual fee of $2,500, $2,500 and $2,500, respectively. The Company has obtained directors’ and officers’ liability insurance on behalf of the Company’s directors and officers. For the three and nine months ended March 31, 2024, the Company recorded directors’ fees of $75,157 and $221,407, of which $- were payable at March 31, 2024. For the three and nine months ended March 31, 2023, the Company recorded directors’ fees of $75,625 and $226,875, of which $15,755 were payable at June 30, 2023.

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Net Change in Net Assets Resulting from Operations Per Share

9 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Change in Net Assets Resulting from Operations Per Share

Note 9. Net Change in Net Assets Resulting from Operations Per Share

Basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis.

The following table sets forth the computation of the weighted average basic and diluted net increase in net assets per share from operations:

Basic and Diluted Net Increase (Decrease) in Net Assets Per Share	Three months ended March 31,				Nine months ended March 31,
	2024		2023		2024		2023
Net increase (decrease) in net assets resulting from operations	$	2,411,740	$	(1,104,144)	$	(2,140,324)	$	1,170,222
Weighted average shares of common stock outstanding		14,396,951		14,389,868		14,394,574		14,388,295
Basic/diluted net increase (decrease) in net assets from operations per share	$	0.17	$	(0.08)	$	(0.15)	$	0.08

On September 3, 2021, the Company issued 453,985 shares of common stock, par value $0.001 per share to Investcorp BDC at a price of $6.92 per share for an aggregate offering price of $3,141,576. The sale of the Company’s common stock to Investcorp BDC was made pursuant to the Stock Purchase Agreement and the issuance of the Company’s common stock was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. Investcorp BDC is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the Securities Act.

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Distributions

9 Months Ended

Mar. 31, 2024

Distributions [Abstract]

Distributions

Note 10. Distributions

The following table reflects the distributions declared on shares of the Company’s common stock since the Offering in February 2014. Stockholders of record as of each respective record date were entitled to receive the distribution:

Declaration Date	Record Date	Payment Date	Amount Per Share
March 14, 2014	March 24, 2014	March 31, 2014	$	0.1812
May 14, 2014	June 16, 2014	July 1, 2014	$	0.3375
September 4, 2014	September 18, 2014	October 1, 2014	$	0.3375
November 6, 2014	December 18, 2014	January 5, 2015	$	0.3375
January 28, 2015	March 18, 2015	April 2, 2015	$	0.3469
May 6, 2015	June 8, 2015	July 5, 2015	$	0.3469
June 10, 2015#	September 1, 2015	September 15, 2015	$	0.4300
June 10, 2015	September 18, 2015	October 2, 2015	$	0.3469
November 3, 2015	December 18, 2015	January 5, 2016	$	0.3469
February 2, 2016	March 18, 2016	April 7, 2016	$	0.3516
April 28, 2016	June 17, 2016	July 7, 2016	$	0.3516
August 25, 2016	September 16, 2016	October 6, 2016	$	0.3516
November 3, 2016	December 16, 2016	January 5, 2017	$	0.3516
November 3, 2016	March 17, 2017	April 6, 2017	$	0.2500
May 2, 2017	June 16, 2017	July 6, 2017	$	0.2500
August 24, 2017	September 8, 2017	October 5, 2017	$	0.2500
November 7, 2017	March 16, 2018	April 5, 2018	$	0.2500
May 2, 2018	June 15, 2018	July 5, 2018	$	0.2500
August 23, 2018	September 18, 2018	October 5, 2018	$	0.2500
November 6, 2018	December 14, 2018	January 3, 2019	$	0.2500
February 5, 2019	March 15, 2019	April 4, 2019	$	0.2500
May 1, 2019	June 14, 2019	July 5, 2019	$	0.2500
August 28, 2019	September 26, 2019	October 16, 2019	$	0.2500
November 6, 2019	December 13, 2019	January 2, 2020	$	0.2500
February 4, 2020	March 13, 2020	April 2, 2020	$	0.2500
May 7, 2020	June 19, 2020	July 10, 2020	$	0.1500
May 7, 2020*	June 19, 2020	July 10, 2020	$	0.0300
August 26, 2020	September 25, 2020	October 15, 2020	$	0.1500
August 26, 2020*	September 25, 2020	October 15, 2020	$	0.0300
November 3, 2020	December 10, 2020	January 4, 2021	$	0.1500
November 3, 2020*	December 10, 2020	January 4, 2021	$	0.0300
February 3, 2021	March 12, 2021	April 1, 2021	$	0.1500
February 3, 2021*	March 12, 2021	April 1, 2021	$	0.0300
May 6, 2021	June 18, 2021	July 9, 2021	$	0.1500
August 25, 2021	September 24, 2021	October 14, 2021	$	0.1500
November 3, 2021	December 10, 2021	January 4, 2022	$	0.1500
February 3, 2022	March 11, 2022	March 31, 2022	$	0.1500
May 5, 2022	June 17, 2022	July 8, 2022	$	0.1500
August 25, 2022	September 23, 2022	October 14, 2022	$	0.1500
November 11, 2022	December 16, 2022	January 10, 2023	$	0.1300
November 11, 2022*	December 16, 2022	January 10, 2023	$	0.0200
February 2, 2023	March 10, 2023	March 30, 2023	$	0.1300
February 2, 2023*	March 10, 2023	March 30, 2023	$	0.0200
May 4, 2023	June 16, 2023	July 7, 2023	$	0.1300
May 4, 2023*	June 16, 2023	July 7, 2023	$	0.0500
September 14, 2023	October 12, 2023	November 2, 2023	$	0.1300
September 14, 2023*	October 12, 2023	November 2, 2023	$	0.0200
November 9, 2023	December 14, 2023	January 8, 2024	$	0.1200
November 9, 2023*	December 14, 2023	January 8, 2024	$	0.0300
February 8, 2024	March 15, 2024	April 5, 2024	$	0.1200
February 8, 2024*	March 15, 2024	April 5, 2024	$	0.0300

# Special distribution

* Supplemental distribution

The following table reflects, for U.S. federal income tax purposes, the sources of the cash dividend distributions that the Company has paid on its common stock during the nine months ended March 31, 2024 and March 31, 2023:

	Nine months ended March 31,
	2024			2023
		Distribution Amount	Percentage		Distribution Amount	Percentage
Ordinary income and short-term capital gains	$	6,477,731	100%	$	6,474,816	100%
Long-term capital gains		—	—		—	—
Total	$	6,477,731	100%	$	6,474,816	100%

The figures in the above table are estimates based on the Company’s year-to-date activity. The tax status of distributions for a tax year depends on the Company’s total amount of taxable income for the entire year, therefore, the tax status cannot be confirmed until after the end of the tax year. Accordingly, the Company’s distributions for the tax year may be re-characterized later based upon subsequent events. As applicable, the Company reports the actual tax character of its distributions for U.S. federal income tax purposes annually to stockholders on Internal Revenue Service Form 1099-DIV issued after the end of the year. The Company’s Form 10-K for the year ending June 30, 2024 will also include information regarding the actual components and tax treatment of all the Company’s distributions for the fiscal year 2024. Because each stockholder’s tax status is unique, stockholders should consult their tax advisor regarding this distribution notice.

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Share Transactions

9 Months Ended

Mar. 31, 2024

Equity [Abstract]

Share Transactions

Note 11. Share Transactions

The following table summarizes the total shares issued for the nine months ended March 31, 2024 and March 31, 2023.

	Nine months ended March 31,
	2024			2023
	Shares	Amount		Shares	Amount
Balance at beginning of period	14,391,775	$	205,812,251	14,385,810	$	205,790,502
Issuance of common shares	—		—	—		—
Reinvestments of stockholder distributions	5,346		18,712	5,965		21,749
Balance at end of period	14,397,121	$	205,830,963	14,391,775	$	205,812,251

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Financial Highlights

9 Months Ended

Mar. 31, 2024

Investment Company, Financial Highlights [Abstract]

Financial Highlights

Note 12. Financial Highlights

The following represents the per share data and the ratios to average net assets for the Company:

	For the nine months ended March 31,
	2024			2023
Per Share Data:(1)
Net asset value, beginning of period	$	6.09		$	6.50
Net investment income		0.37			0.50
Net realized and unrealized gains (losses)		(0.52)			(0.42)
Net increase (decrease) in net assets resulting from operations		(0.15)			0.08
Capital transactions(2)
Dividends from net investment income		(0.45)			(0.45)
Distributions from net realized gains		—			—
Net decrease in net assets resulting from capital transactions		(0.45)			(0.45)
Offering costs		—			—
Net asset value, end of period	$	5.49		$	6.13
Market value per share, end of period	$	3.11		$	3.65
Total return based on market value(3)(4)		(2.06)	%		(2.65)	%
Shares outstanding at end of period		14,397,121			14,391,775
Ratio/Supplemental Data:
Net assets, at end of period	$	79,100,965		$	88,226,547
Ratio of total expenses to average net assets(5)		22.74	%		19.27	%
Ratio of net expenses to average net assets(5)		22.25	%		18.83	%
Ratio of interest expense and fees and amortization of deferred debt issuance costs to average net assets(5)		11.68	%		9.73	%
Ratio of net investment income before fee waiver to average net assets(5)		8.24	%		11.03	%
Ratio of net investment income after fee waiver to average net assets(5)		8.72	%		10.60	%
Total Borrowings	$	122,500,000		$	146,900,000
Asset Coverage Ratio(6)		1.65			1.60
Portfolio Turnover Rate(4)		21	%		16	%

(1)All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

(2)The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period.

(3)Total returns are historical and are calculated by determining the percentage change in the market value with all dividends distributions, if any, reinvested. Dividends and distributions are assumed to be reinvested at prices obtained under the company’s dividend reinvestment plan. Total investment return does not reflect sales load.

(4)Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value. Portfolio turnover rates that cover less than a full period are not annualized.

(5)Annualized.

(6)Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

Total return is calculated based on a time-weighted rate of return methodology for the stockholders and is not annualized. Total return is reflected after all investment-related and operating expenses. An individual stockholder’s return may vary from these returns based on the timing of capital transactions.

The ratios to average stockholders’ capital are calculated based on the monthly average stockholders’ capital during the period. Credit facility related expenses include interest expense and amortization of deferred debt issuance costs.

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Other Fee Income

9 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Other Fee Income

Note 13. Other Fee Income

The other fee income consists of structuring fee income, amendment fee income and royalty income. The following tables summarize the Company’s other fee income for the three and nine months ended March 31, 2024 and March 31, 2023:

	For the three months ended March 31,				For the nine months ended March 31,
		2024		2023		2024		2023
Amendment Fee	$	16,271	$	19,850	$	68,175	$	80,184
Prepayment Fee Income		38,095		59,837		179,485		361,878
Other Fees		87,981		18,811		328,141		228,864
Other Fee Income	$	142,347	$	98,498	$	575,801	$	670,926

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Tax Information

9 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Tax Information

Note 14. Tax Information

As of March 31, 2024, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	210,497,911
Gross unrealized appreciation		9,781,275
Gross unrealized depreciation		(28,075,905)
Net unrealized investment depreciation	$	(18,294,630)

As of June 30, 2023, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	243,126,654
Gross unrealized appreciation		7,371,220
Gross unrealized depreciation		(30,386,545)
Net unrealized investment depreciation	$	(23,015,325)

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Subsequent Events

9 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 15. Subsequent Events

The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued.

From April 1, 2024 through May 14, 2024, the Company invested $10.5 million in two new portfolio companies and one existing portfolio company and received approximately $13.8 million from the repayment of two positions.

The Company’s dividend framework provides a quarterly base dividend and may be supplemented, at the discretion of the Company’s board of directors, by additional dividends as determined to be available by the Company’s net investment income and performance during the quarter.

On April 12, 2024, the Company’s board of directors declared a distribution for the quarter ended June 30, 2024 of $0.12 per share payable on June 14, 2024, to stockholders of record as of May 26, 2024 and a supplemental distribution of $0.03 per share, payable on June 14, 2024, to stockholders of record as of May 26, 2024.

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Significant Accounting Policies (Policies)

9 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

a. Basis of Presentation

The accompanying consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Articles 6, 10 and 12 of Regulation S-X. Accordingly, certain disclosures accompanying annual financial statements prepared in accordance with U.S. GAAP are omitted. The unaudited financial statements and notes should be read in conjunction with the audited financial statements and notes thereto for the year ended June 30, 2023. All values are stated in U.S. dollars, unless noted otherwise. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the periods included herein as required by U.S. GAAP. These adjustments are normal and recurring in nature.

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments and other amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates utilized in preparing the Company’s consolidated financial statements are reasonable and prudent. Actual results could differ materially from these estimates. All material inter-company balances and transactions have been eliminated.

As permitted under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing all or substantially all of its services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, CM Finance SPV Ltd. (“SPV”), CM Finance SPV LLC (“LLC”) and Investcorp Credit Management BDC SPV, LLC (“SPV LLC”), which are special purpose vehicles used to finance certain investments in its consolidated financial statements. The effects of all material intercompany balances and transactions have been eliminated in consolidation.

The Company reclassified prior period affiliate and other information in the accompanying consolidated balance sheet and income statements to conform to its current period presentation. These reclassifications had no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.

Revenue Recognition, Security Transactions, and Realized/Unrealized Gains or Losses

b. Revenue Recognition, Security Transactions, and Realized/Unrealized Gains or Losses

Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Origination, closing, commitment, and amendment fees, and purchase and original issue discounts (“OID”) associated with loans to portfolio companies are accreted into interest income over the respective terms of the applicable loans. Accretion of discounts or premiums is calculated by the effective interest or straight-line method, as applicable, as of the purchase date and adjusted only for material amendments or prepayments. Upon the prepayment of a loan or debt security, any prepayment penalties are included in other fee income and unamortized fees and discounts are recorded as interest income and are non-recurring in nature. During the three and nine months ended March 31, 2024, $626,352 and $1,001,898 of prepayment penalties and unamortized discounts upon prepayment were recorded as investment income. During the three and nine months ended March 31, 2023, $222,691 and $377,729 of prepayment penalties and unamortized discounts upon prepayment were recorded as interest income.

Structuring fees and similar fees are recognized as income as earned, usually when received. Structuring fees, excess deal deposits, net profits interests and overriding royalty interests are included in other fee income.

Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. However, capitalized PIK interest will not be reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. As of March 31, 2024, the Company had four loans on non-accrual status, American Nuts Holdings, LLC - Term B, American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, CareerBuilder, LLC and Klein Hersh, LLC, which collectively represented 3.91% of the Company’s portfolio at fair value. As of June 30, 2023, the Company had six loans on non-accrual status, 1888 Industrial Services, LLC – Term A, Term C and Revolver, American Nuts Holdings, LLC - Term A and Term B, and American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, which collectively represented 4.08% of the Company’s portfolio at fair value.

Dividend income is recorded on the ex-dividend date.

Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are determined by calculating the difference between the net proceeds from the disposition and the amortized cost basis of the investments, without regard to unrealized gains or losses previously recognized. Realized gains or losses on the sale of investments are calculated using the specific identification method. The Company reports changes in fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the Unaudited Consolidated Statements of Operations.

The Company holds debt investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on an accrual basis to the extent that such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. The Company earned PIK interest of $633,318 and $1,338,898 during the three and nine months ended March 31, 2024. The Company earned PIK interest of $419,469 and $636,583 during the three and nine months ended March 31, 2023.

The Company may hold equity investments in its portfolio that contain a PIK dividend provision. PIK dividends, which represent contractual dividend payments added to the investment balance, are recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company earned PIK dividends of $198,123 and $580,556 during the three and nine months ended March 31, 2024. The Company earned PIK dividends of $173,253 and $511,395 during the three and nine months ended March 31, 2023.

Paid In Capital

c. Paid In Capital

The Company records the proceeds from the sale of its common stock to common stock and additional paid-in capital, net of commissions and marketing support fees.

Net Increase (Decrease) in Net Assets Resulting from Operations per Share

d. Net Increase (Decrease) in Net Assets Resulting from Operations per Share

The net increase (decrease) in net assets resulting from operations per share is calculated based upon the weighted average number of shares of common stock outstanding during the reporting period.

Distributions

e. Distributions

Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Company’s board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are generally distributed annually, although the Company may decide to retain such capital gains for investment.

The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s board of directors authorizes, and the Company declares, a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution.

Cash and Restricted Cash

f. Cash and Restricted Cash

Cash and restricted cash consist of bank demand deposits. The Company deposits its cash in financial institutions and, at times, such balance may be in excess of the Federal Deposit Insurance Corporation insurance limits. All of the Company’s cash deposits are held at what management believes to be large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote. The Company has restrictions on the uses of the cash held by SPV, LLC based on the terms of the relevant financing arrangement. For more information on the Company’s financing arrangements and borrowings, see Note 5.

Due From the Sale of 1888 Industrial Services, LLC

g. Due from the Sale of 1888 Industrial Services, LLC

During the quarter ended March 31, 2024, the Company completed the sale of its investments in 1888 Industrial Services, LLC resulting in $2.5 million in proceeds of which a portion is Long-term receivable in the amount of $618,772 and a portion is an Escrow receivable in the amount of $95,190 on the Consolidated Statements of Assets and Liabilities. The escrow is held as recourse for indemnity claims that may arise under the sale agreement. As of March 31, 2024, the Long-term receivable and the Escrow receivable are recorded at estimated realizable value.

Deferred Offering Costs

h. Deferred Offering Costs

Deferred offering costs consist of fees and expenses incurred in connection with the offer and sale of the Company’s common stock and bonds, including legal, accounting, printing fees, and other related expenses, as well as costs incurred in connection with the filing of a shelf registration statement. These costs are capitalized when incurred and recognized as a reduction of offering proceeds when the offering is completed.

Investment Transactions and Expenses

i. Investment Transactions and Expenses

Purchases of loans, including revolving credit agreements, are recorded on a fully committed basis until the funded and unfunded portions are known or estimable, which in many cases may not be until settlement.

Expenses are accrued as incurred.

Deferred debt issuance costs and deferred financing costs, incurred in connection with the Company’s financing arrangements and borrowings, are amortized using the straight-line method which approximates the effective interest method over the life of the debt.

Investment Valuation

j. Investment Valuation

The Company applies fair value accounting to all of its financial instruments in accordance with ASC Topic 820 – Fair Value Measurements and Disclosures (“ASC 820”) and Rule 2a-5 under the 1940 Act. ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its investments and financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date.

Fair value is defined as the price that would be received upon a sale of an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so).

Securities that are traded on securities exchanges (including such securities traded in the afterhours market) are valued on the basis of the closing price on the valuation date (if such prices are available). Securities that are traded on more than one securities exchange are valued at the closing price on the primary securities exchange on which such securities are traded on the valuation date (or if reported on the consolidated tape, then their last sales price on the consolidated tape). Listed options for which the last sales price falls between the last “bid” and “ask” prices for such options are valued at their last sales price on the date of the valuation on the primary securities exchange on which such options are traded. Options for which the last sales price on the valuation date does not fall

between the last “bid” and “ask” prices are valued at the average of the last “bid” and “ask” prices for such options on that date. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. The Company held no Level 1 investments as of March 31, 2024 or June 30, 2023.

Investments that are not traded on securities exchanges but are traded on the over-the-counter (“OTC”) markets (such as term loans, notes and warrants) are valued using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable) and fundamental data relating to the issuer. These investments are categorized in Level 2 of the fair value hierarchy, or in instances when lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3.

Investments for which market quotations are not readily available or may be considered unreliable are fair valued, in good faith, using a method determined to be appropriate in the given circumstances. The valuation methods used include the Cost Approach, the Market Approach and the Income Approach. Inputs used in these approaches may include, but are not limited to, interest rate yield curves, credit spreads, recovery rates, comparable company transactions, trading multiples, and volatilities. The valuation method the Company uses may change as changes in the underlying portfolio company dictates, such as moving from the Cost Approach to Market Approach when underlying conditions change at the company. Because of the inherent uncertainty of valuation in these circumstances, the fair values for the aforementioned investments may differ significantly from values that would have been used had a ready and liquid market for such investments existed or from the amounts that might ultimately be realized, and such differences could be material.

The Adviser seeks to ensure that the Company’s valuation policies and procedures, as approved by the Company’s board of directors, are consistently applied across all investments of the Company. The valuations are continuously monitored and the valuation process for Level 3 investments is completed on a quarterly basis and is designed to subject the valuation of Level 3 investments to an appropriate level of consistency, oversight and review. The valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Adviser responsible for the portfolio investment. These investment professionals prepare the preliminary valuations based on their evaluation of financial and operating data, company specific developments, market valuations of comparable securities from the same company or that of comparable companies as well as any other relevant factors including recent purchases and sales that may have occurred preceding month-end.

Valuation models are typically calibrated upon initial funding and are re-calibrated as necessary upon subsequent material events (including, but not limited to additional financing activity, changes in comparable companies, and recent trades). The preliminary valuation conclusions are then documented and discussed with senior management of the Adviser. On a periodic basis and at least once annually, one or more third-party independent valuation firm(s) engaged by the Company conduct independent appraisals and review the Adviser’s preliminary valuations and make their own independent assessment. The Valuation Committee of the Company’s board of directors then reviews the preliminary valuations of the Adviser and, as applicable, that of any independent valuation firms. The Valuation Committee discusses the valuations and makes a recommendation to the Company’s board of directors regarding the fair value of each investment in good faith based on the input of the Adviser and the independent valuation firm(s). Upon recommendation by the Valuation Committee and a review of the valuation materials of the Adviser and the third-party independent valuation firm(s), the board of directors of the Company determines, in good faith, the fair value of each investment.

For more information on the classification of the Company’s investments by major categories, see Note 4.

The fair value of the Company’s assets and liabilities that qualify as financial instruments under U.S. GAAP approximates the carrying amounts presented in the Unaudited Consolidated Statements of Assets and Liabilities.

Income Taxes

k. Income Taxes

The Company has elected to be treated, for U.S. federal income tax purposes, as a RIC under Subchapter M of the Code. To maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements and distribute to stockholders, for each taxable year, at least 90% of the Company’s “investment company taxable income,” which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. If the Company continues to qualify as a RIC and continues to satisfy the annual distribution requirement, the Company will not have to pay corporate level U.S. federal income taxes on any income that the Company distributes to its stockholders. The Company intends to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. The Company will also be subject to nondeductible U.S. federal excise taxes if the Company does not distribute to its stockholders at least 98% of net ordinary income, 98.2% of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no U.S. federal income taxes. Additionally, certain of the Company’s consolidated subsidiaries are subject to U.S. federal and state income taxes. At March 31, 2024 and March 31, 2023, the Company had no Taxable Subsidiaries. The Company incurred excise tax expenses, which are included in the provision for tax expense of $111,646

and $321,890 for the three and nine months ended March 31, 2024, and $77,575 and $187,763 for the three and nine months ended March 31, 2023.

Book and tax basis differences that are permanent differences are reclassified among the Company’s capital accounts, as appropriate at year-end. Additionally, the tax character of distributions is determined in accordance with the Code, which differs from U.S. GAAP. During the three and nine months ended March 31, 2024, the Company recorded distributions of $2,159,568 and $6,477,731. During the three and nine months ended March 31, 2023, the Company recorded distributions of $2,158,506 and $6,474,816. For certain periods, the tax character of a portion of distributions may be return of capital.

U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Company’s policy is to recognize accrued interest and penalties associated with uncertain tax positions as part of the tax provision.

The Company has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions for any tax year since inception. The tax years ended June 30, 2020 through present remain subject to examinations by taxing authorities. This conclusion may be subject to review and adjustment at a later date based on factors, including but not limited to, ongoing analysis and changes to laws, regulations, and interpretations thereof.

Permanent differences between investment company taxable income and net investment income for financial reporting purposes are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. During the year ended June 30, 2023, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of paydown gains and losses, Taxable Subsidiary partnership investments, nondeductible taxes paid and income/(loss) from wholly owned subsidiaries as follows:

	As of June 30, 2023
Additional paid-in capital	$	(284,155)
Distributable earnings		284,155

The tax character of all distributions paid by the Company during the year ended June 30, 2023 was ordinary income.

At June 30, 2023, the components of distributable earnings on a tax basis were as follows:

	As of June 30, 2023
Undistributed net investment income	$	11,648,379
Accumulated capital gains (losses) and other		(27,970,779)
Capital loss carryover		(73,713,555)
Unrealized appreciation (depreciation)		(23,015,323)
Distributions payable		(2,590,520)
Distributable earnings (loss)	$	(115,641,798)

For U.S. federal income tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. These capital losses can be carried forward for an indefinite period and will retain their character as either short-term or long-term capital losses. As of June 30, 2023, the Company had a net short-term capital loss carryforward of $1,971,187 and a net long-term capital loss carryforward of $71,742,368 available to be carried forward for an indefinite period.

A RIC may elect to defer any capital losses incurred after October 31 of a taxable year (“post-October”) to the beginning of the following fiscal year. As of June 30, 2023, the Company had a post-October short-term capital loss deferral of $41,242 and a post-October long-term capital loss deferral of $27,178,811. These losses were deemed to arise on July 1, 2023.

Capital Gains Incentive Fee

l. Capital Gains Incentive Fee

Under the Advisory Agreement, the Company has agreed to pay the Adviser a fee for investment advisory and management services consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee (the “Incentive Fee”). The Incentive Fee has two components: one based on the Company’s pre-Incentive Fee net investment income (the “Income-Based Fee”) and one based on capital gains (the “Capital Gains Fee”). Under U.S. GAAP, the Company calculates the Capital Gains Fee payable to the Adviser as if the Company had realized all investments at their fair values as of the reporting date. Accordingly, the Company accrues a provisional Capital Gains Fee taking into account any unrealized gains or losses. As the provisional Capital Gains

Fee is subject to the performance of investments until there is a realization event, the amount of provisional Capital Gains Fee accrued at a reporting date may vary from the incentive fee that is ultimately realized and the differences could be material.

Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date) commencing with the Company’s fiscal year ending on June 30, 2021, and is calculated at the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in each case calculated from June 30, 2020. If the amount so calculated is positive, then the Capital Gains Fee for such year is equal to 20% of such amount, less the aggregate amount of Capital Gains Fees paid in all prior years under the Advisory Agreement. If such amount is negative, then no Capital Gains Fee will be payable for such year. Under the Advisory Agreement, the Capital Gains Fee was not charged until the fiscal year ended June 30, 2023. As of March 31, 2024 and June 30, 2023, there was no Capital Gains Fee payable to the Adviser under the Advisory Agreement.

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Significant Accounting Policies (Tables)

9 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Schedule of Reclassified for Book Purposes Amounts Arising from Permanent Book or Tax Differences Related to the Different Tax Treatment of Paydown Gains and Losses

During the year ended June 30, 2023, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of paydown gains and losses, Taxable Subsidiary partnership investments, nondeductible taxes paid and income/(loss) from wholly owned subsidiaries as follows:

	As of June 30, 2023
Additional paid-in capital	$	(284,155)
Distributable earnings		284,155

Schedule of Distributable Earnings on Tax Basis

At June 30, 2023, the components of distributable earnings on a tax basis were as follows:

	As of June 30, 2023
Undistributed net investment income	$	11,648,379
Accumulated capital gains (losses) and other		(27,970,779)
Capital loss carryover		(73,713,555)
Unrealized appreciation (depreciation)		(23,015,323)
Distributions payable		(2,590,520)
Distributable earnings (loss)	$	(115,641,798)

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Investments (Tables)

9 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Purchases Sales And Principal Payments

Investment purchases, sales and principal payments/paydowns are summarized below for the three and nine months ended March 31, 2024 and March 31, 2023, respectively. These purchase and sale amounts exclude derivative instruments as well as non-cash restructurings.

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
Investment purchases, at cost (including PIK interest)	$	10,224,161	$	11,109,646	$	46,532,123	$	39,636,459
Investment sales and repayments		26,658,550		14,917,260		68,788,139		46,998,760

Schedule of Investments

The composition of the Company’s investments as of March 31, 2024, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:

Investment Type	Investments at Amortized Cost		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
Senior Secured First Lien Debt Investments	$	172,563,397	81.91	%	$	161,098,158	83.82	%
Equity, Warrants and Other Investments		38,106,676	18.09			31,105,123	16.18
Total	$	210,670,073	100.00	%	$	192,203,281	100.00	%

The composition of the Company’s investments as of June 30, 2023, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows:

Investment Type	Investments at     Amortized Cost		Percentage of Total Portfolio		Investments at Fair Value		Percentage of Total Portfolio
Senior Secured First Lien Debt Investments	$	214,100,857	88.00	%	$	196,370,955	89.21	%
Equity, Warrants and Other Investments		29,197,959	12.00			23,740,374	10.79
Total	$	243,298,816	100.00	%	$	220,111,329	100.00	%

Schedule of Portfolio Composition by Industry Grouping at Fair Value

The Company uses Global Industry Classification Standard (“GICS”) codes to identify the industry groupings in its portfolio. The following table shows the portfolio composition by industry grouping at fair value at March 31, 2024:

Industry Classification	Investments at Fair Value		Percentage of Total Portfolio
Trading Companies & Distributors	$	27,977,942	14.56	%
Commercial Services & Supplies		22,235,432	11.57
Professional Services		18,999,703	9.88
Containers & Packaging		14,626,631	7.61
Internet & Direct Marketing Retail		8,782,859	4.57
IT Services		8,624,528	4.49
Food Products		8,618,750	4.48
Entertainment		8,448,755	4.40
Household Durables		7,865,115	4.09
Diversified Consumer Services		7,213,156	3.75
Chemicals		7,152,600	3.72
Specialty Retail		6,713,041	3.49
Software		6,514,755	3.39
Automotive Retail		5,665,872	2.95
Health Care Providers & Services		5,400,000	2.81
Automobile Components		5,255,262	2.73
Consumer Staples Distribution & Retail		4,970,509	2.59
Consumer Services		4,911,518	2.56
Construction & Engineering		3,830,758	1.99
Hotels, Restaurants, and Leisure		2,955,000	1.54
Paper Packaging		2,925,057	1.52
Electronic Equipment, Instruments & Components		2,516,038	1.31
Total	$	192,203,281	100.00	%

The following table shows the portfolio composition by industry grouping at fair value at June 30, 2023:

Industry Classification	Investments at Fair Value		Percentage of Total Portfolio
Trading Companies & Distributors	$	35,176,879	15.98	%
Professional Services		28,238,167	12.83
IT Services		23,576,450	10.71
Commercial Services & Supplies		14,329,460	6.51
Software		13,772,487	6.26
Containers & Packaging		12,958,772	5.89
Machinery		9,602,806	4.36
Internet & Direct Marketing Retail		8,969,729	4.08
Entertainment		7,640,000	3.47
Household Durables		7,610,242	3.46
Chemicals		7,568,617	3.44
Diversified Consumer Services		7,268,500	3.30
Automobile Components		7,261,275	3.30
Hotels, Restaurants, and Leisure		6,283,541	2.85
Consumer Staples Distribution & Retail		6,061,396	2.75
Specialty Retail		5,148,000	2.34
Building Products		4,511,719	2.05
Food Products		4,288,750	1.95
Automotive Retail		3,878,905	1.76
Electronic Equipment, Instruments & Components		3,265,598	1.48
Energy Equipment & Services		2,700,036	1.23
Total	$	220,111,329	100.00	%

Schedule of Portfolio Composition by Geographic Grouping at Fair Value

The following table shows the portfolio composition by geographic grouping at fair value at March 31, 2024:

Geographic Region	Investments at Fair Value		Percentage of Total Portfolio
U.S. Northeast	$	75,778,770	39.43	%
U.S. West		56,624,278	29.46
U.S. Southeast		23,727,611	12.35
U.S. Midwest		21,331,349	11.10
U.S. Mid-Atlantic		6,670,095	3.47
International		4,756,178	2.47
U.S. Southwest		3,315,000	1.72
Total	$	192,203,281	100.00	%

The following table shows the portfolio composition by geographic grouping at fair value at June 30, 2023:

Geographic Region	Investments at Fair Value		Percentage of Total Portfolio
U.S. Northeast	$	94,658,227	43.00	%
U.S. West		44,911,266	20.40
U.S. Midwest		26,602,440	12.09
U.S. Southeast		20,803,349	9.45
U.S. Mid-Atlantic		17,721,607	8.05
U.S. Southwest		10,367,607	4.71
International		5,046,833	2.30
Total	$	220,111,329	100.00	%

Schedule of Fair Value Measurements of Assets

The following table summarizes the classifications within the fair value hierarchy of the Company’s assets measured at fair value as of March 31, 2024:

	Level 1		Level 2		Level 3		Total
Assets
Investments
Senior Secured First Lien Debt Investments	$	—	$	—	$	161,098,158	$	161,098,158
Equity, Warrants and Other Investments		—		—		31,105,123		31,105,123
Total Investments	$	—	$	—	$	192,203,281	$	192,203,281

The following table summarizes the classifications within the fair value hierarchy of the Company’s assets measured at fair value as of June 30, 2023:

	Level 1		Level 2		Level 3		Total
Assets
Investments
Senior Secured First Lien Debt Investments	$	—	$	—	$	196,370,955	$	196,370,955
Equity, Warrants and Other Investments		—		—		23,740,374		23,740,374
Total Investments	$	—	$	—	$	220,111,329	$	220,111,329

Reconciliation of Investments Measured at Fair value on a recurring basis using Level 3 inputs

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended March 31, 2024:

	Senior Secured First Lien Debt Investments		Senior Secured Second Lien Debt Investments		Unsecured Debt Investments		Equity, Warrants and Other Investments		Total Investments
Fair value at June 30, 2023	$	196,370,955	$	—	$	—	$	23,740,374	$	220,111,329
Purchases (including PIK interest)		41,923,318		—		—		4,608,805		46,532,123
Sales and repayments		(68,788,139)		—		—		—		(68,788,139)
Amortization		1,770,280		—		—		—		1,770,280
Net realized gains (losses)		(12,080,895)		—		—		(62,112)		(12,143,007)
Transfers in		—		—		—		4,362,023		4,362,023
Transfers out		(4,362,023)		—		—		—		(4,362,023)
Net change in unrealized appreciation (depreciation)		6,264,662		—		—		(1,543,967)		4,720,695
Fair value at March 31, 2024	$	161,098,158	$	—	$	—	$	31,105,123	$	192,203,281
Change in unrealized appreciation (depreciation) relating to assets still held as of March 31, 2024	$	(2,413,463)	$	—	$	—	$	(1,606,082)	$	(4,019,545)

The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the nine months ended March 31, 2023:

	Senior Secured First Lien Debt Investments		Senior Secured Second Lien Debt Investments		Unsecured Debt Investments		Equity, Warrants and Other Investments		Total Investments
Fair value at June 30, 2022	$	214,858,036	$	—	$	—	$	18,825,950	$	233,683,986
Purchases (including PIK interest)		38,403,669		—		—		1,232,790		39,636,459
Sales and repayments		(46,998,760)		—		—		—		(46,998,760)
Amortization		1,056,482		—		—		—		1,056,482
Net realized gains (losses)		(9,515,487)		(17,374,608)		—		—		(26,890,095)
Transfers in		—		—		—		1,708,942		1,708,942
Transfers out		(1,708,942)		—		—		—		(1,708,942)
Net change in unrealized (depreciation) appreciation		4,328,279		17,374,608		—		(875,530)		20,827,357
Fair value at March 31, 2023	$	200,423,277	$	—	$	—	$	20,892,152	$	221,315,429
Change in unrealized appreciation (depreciation) relating to assets still held as of March 31, 2023	$	(4,639,143)	$	—	$	—	$	(1,290,076)	$	(5,929,219)

Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs

The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values.

	Fair Value as of March 31, 2024		Valuation Methodology	Unobservable Input(s)	Weighted Average	Range
Senior Secured First Lien Debt Investments	$	148,050,513	Income Approach	Market Yields	13.2%		9.8%-19.9%
Senior Secured First Lien Debt Investments		5,527,539	Market Comparable Approach	EBITDA Multiple	7.7x		6.1x-8.9x
Senior Secured First Lien Debt Investments		1,854,081	Market Comparable Approach	Revenue Multiple	0.36x		0.36x
Senior Secured First Lien Debt Investments		—	Recent Transaction	Recent Transaction	N/A		N/A
Senior Secured First Lien Debt Investments		5,666,025	Recovery Analysis	Recovery Amount	N/A		N/A
Equity, Warrants, and Other Investments		5,928,121	Income Approach	Market Yields	16.3%		16.3%
Equity, Warrants, and Other Investments		25,177,002	Market Comparable Approach	EBITDA multiple	10.0x		5.0x-19.9x
Equity, Warrants, and Other Investments		—	Recent Transaction	Recent Transaction	N/A		N/A

	Fair Value as of June 30, 2023		Valuation Methodology	Unobservable Input(s)	Weighted Average	Range
Senior Secured First Lien Debt Investments	$	161,776,983	Income Approach	Market Yields	13.3%	10.1% - 18.0%
Senior Secured First Lien Debt Investments		13,895,260	Market Comparable Approach	EBITDA Multiple	17.3x	5.7x – 21.2x
Senior Secured First Lien Debt Investments		5,272,355	Market Comparable Approach	Revenue Multiple	0.3x	0.30x – 0.38x
Senior Secured First Lien Debt Investments		15,209,280	Recent Transaction	Recent Transaction	N/A	N/A
Senior Secured First Lien Debt Investments		217,077	Recovery Analysis	Recovery Amount	N/A	N/A
Equity, Warrants and Other Investments		4,824,752	Income Approach	Market Yields	18.0%	18.0%
Equity, Warrants and Other Investments		18,915,622	Market Comparable Approach	EBITDA multiple	8.7x	5.7x – 24.2x
Equity, Warrants and Other Investments		—	Market Comparable Approach	Revenue Multiple	0.3x	0.3x

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Borrowings (Tables)

9 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt

Set forth below is the aggregate principal amount of our long-term debt as of March 31, 2024 (excluding unamortized premiums, net, unamortized debt issuance costs and note payable) maturing during the following years:

2024	$	—
2025		—
2026		122,500,000
Total long-term debt	$	122,500,000

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Indemnification, Guarantees, Commitments and Contingencies (Tables)

9 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Summary of Quarterly Distributions By Board Of Directors

The Company’s board of directors declared the following quarterly distributions during the nine months ended March 31, 2024:

Declared	Ex-Date	Record Date	Pay Date	Amount	Fiscal Quarter
September 14, 2023	October 11, 2023	October 12, 2023	November 2, 2023	$0.1500	1st 2024
November 9, 2023	December 13, 2023	December 14, 2023	January 8, 2024	$0.1500	2nd 2024
February 8, 2024	March 14, 2024	March 15, 2024	April 5, 2024	$0.1500	3rd 2024

Summary of Unfunded Commitment

The following table details the Company’s unfunded commitments to portfolio companies as of March 31, 2024:

Investments	Unfunded Commitment		Fair Value		Annual Non-use Fee	Expiration Date
Arborworks Acquisition LLC – Revolver (New)		279,588		—	0.50%	11/6/28
Flatworld Intermediate Corporation – Revolver		567,568		—	0.50%	10/1/27
South Coast Terminals LLC – Revolver		967,742		—	0.50%	12/10/26
Total Unfunded Commitments	$	1,814,898	$	—

The following table details the Company’s unfunded commitments to portfolio companies as of June 30, 2023:

Investments	Unfunded Commitment		Fair Value		Annual Non-use Fee	Expiration Date
1888 Industrial Services, LLC – Revolver	$	186,990	$	—	0.50%	8/31/24
Amerequip, LLC – Revolver		967,742		—	0.50%	8/31/27
Arborworks Acquisition LLC – Revolver		554,947		—	0.50%	11/9/26
Archer Systems, LLC – Revolver		603,175		—	0.50%	8/11/27
Evergreen North America Acquisitions, LLC – Revolver		276,064		—	0.50%	8/13/26
Flatworld Intermediate Corporation – Revolver		567,567		—	0.50%	10/1/27
NWN Parent Holdings LLC – Revolver		800,000		—	0.50%	5/7/26
South Coast Terminals LLC – Revolver		967,742		—	0.50%	12/10/26
Xenon Arc, Inc. – Revolver		746,667		—	0.50%	12/17/26
Total Unfunded Commitments	$	5,670,894	$	—

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Agreements and Related Party Transactions (Tables)

9 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Summary of Related Party Transactions under the Advisory and Administration Agreements

The following table provides a summary of related party transactions under the Advisory and Administration Agreements with the Adviser for the three and nine months ended March 31, 2024 and 2023:

	For the three months ended March 31,				For the nine months ended March 31,
	2024		2023		2024		2023
Base management fees	$	951,799	$	1,043,306	$	2,910,978	$	3,204,391
Waiver of base management fees		(97,431)		(89,939)		(292,326)		(296,566)
Income-based incentive fees		—		—		(72,942)		(147,145)
Waiver of income-based incentive fees		—		—		—		—
Capital gains fee		—		—		—		—
Allocation of administrative costs from Adviser		225,856		375,900		1,118,276		1,127,700
Total net expense to affiliates	$	1,080,224	$	1,329,267	$	3,663,986	$	3,888,380

The following table provides a summary of related party transactions under the Advisory and Administration Agreements with the Adviser as of March 31, 2024 and June 30, 2023:

	As of March 31,		As of June 30,
	2024		2023
Due from affiliate	$	175,916	$	—
Total amount due from affiliate	$	175,916	$	—
Base management fees payable	$	854,328	$	906,218
Income-based incentive fees payable		128,876		576,023
Capital gains fee payable		—		—
Allocation of administrative costs from Adviser payable(1)		133,376		172,308
Total amount due to affiliates	$	1,116,580	$	1,654,549

(1)Balances are reported within Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities.

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Net Change in Net Assets Resulting from Operations Per Share (Tables)

9 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Computation of the Weighted Average Basic and Diluted Net Assets Per Share from Operations

The following table sets forth the computation of the weighted average basic and diluted net increase in net assets per share from operations:

Basic and Diluted Net Increase (Decrease) in Net Assets Per Share	Three months ended March 31,				Nine months ended March 31,
	2024		2023		2024		2023
Net increase (decrease) in net assets resulting from operations	$	2,411,740	$	(1,104,144)	$	(2,140,324)	$	1,170,222
Weighted average shares of common stock outstanding		14,396,951		14,389,868		14,394,574		14,388,295
Basic/diluted net increase (decrease) in net assets from operations per share	$	0.17	$	(0.08)	$	(0.15)	$	0.08

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Distributions (Tables)

9 Months Ended

Mar. 31, 2024

Distributions [Abstract]

Schedule of Distributions Declared on Shares of Common Stock

The following table reflects the distributions declared on shares of the Company’s common stock since the Offering in February 2014. Stockholders of record as of each respective record date were entitled to receive the distribution:

Declaration Date	Record Date	Payment Date	Amount Per Share
March 14, 2014	March 24, 2014	March 31, 2014	$	0.1812
May 14, 2014	June 16, 2014	July 1, 2014	$	0.3375
September 4, 2014	September 18, 2014	October 1, 2014	$	0.3375
November 6, 2014	December 18, 2014	January 5, 2015	$	0.3375
January 28, 2015	March 18, 2015	April 2, 2015	$	0.3469
May 6, 2015	June 8, 2015	July 5, 2015	$	0.3469
June 10, 2015#	September 1, 2015	September 15, 2015	$	0.4300
June 10, 2015	September 18, 2015	October 2, 2015	$	0.3469
November 3, 2015	December 18, 2015	January 5, 2016	$	0.3469
February 2, 2016	March 18, 2016	April 7, 2016	$	0.3516
April 28, 2016	June 17, 2016	July 7, 2016	$	0.3516
August 25, 2016	September 16, 2016	October 6, 2016	$	0.3516
November 3, 2016	December 16, 2016	January 5, 2017	$	0.3516
November 3, 2016	March 17, 2017	April 6, 2017	$	0.2500
May 2, 2017	June 16, 2017	July 6, 2017	$	0.2500
August 24, 2017	September 8, 2017	October 5, 2017	$	0.2500
November 7, 2017	March 16, 2018	April 5, 2018	$	0.2500
May 2, 2018	June 15, 2018	July 5, 2018	$	0.2500
August 23, 2018	September 18, 2018	October 5, 2018	$	0.2500
November 6, 2018	December 14, 2018	January 3, 2019	$	0.2500
February 5, 2019	March 15, 2019	April 4, 2019	$	0.2500
May 1, 2019	June 14, 2019	July 5, 2019	$	0.2500
August 28, 2019	September 26, 2019	October 16, 2019	$	0.2500
November 6, 2019	December 13, 2019	January 2, 2020	$	0.2500
February 4, 2020	March 13, 2020	April 2, 2020	$	0.2500
May 7, 2020	June 19, 2020	July 10, 2020	$	0.1500
May 7, 2020*	June 19, 2020	July 10, 2020	$	0.0300
August 26, 2020	September 25, 2020	October 15, 2020	$	0.1500
August 26, 2020*	September 25, 2020	October 15, 2020	$	0.0300
November 3, 2020	December 10, 2020	January 4, 2021	$	0.1500
November 3, 2020*	December 10, 2020	January 4, 2021	$	0.0300
February 3, 2021	March 12, 2021	April 1, 2021	$	0.1500
February 3, 2021*	March 12, 2021	April 1, 2021	$	0.0300
May 6, 2021	June 18, 2021	July 9, 2021	$	0.1500
August 25, 2021	September 24, 2021	October 14, 2021	$	0.1500
November 3, 2021	December 10, 2021	January 4, 2022	$	0.1500
February 3, 2022	March 11, 2022	March 31, 2022	$	0.1500
May 5, 2022	June 17, 2022	July 8, 2022	$	0.1500
August 25, 2022	September 23, 2022	October 14, 2022	$	0.1500
November 11, 2022	December 16, 2022	January 10, 2023	$	0.1300
November 11, 2022*	December 16, 2022	January 10, 2023	$	0.0200
February 2, 2023	March 10, 2023	March 30, 2023	$	0.1300
February 2, 2023*	March 10, 2023	March 30, 2023	$	0.0200
May 4, 2023	June 16, 2023	July 7, 2023	$	0.1300
May 4, 2023*	June 16, 2023	July 7, 2023	$	0.0500
September 14, 2023	October 12, 2023	November 2, 2023	$	0.1300
September 14, 2023*	October 12, 2023	November 2, 2023	$	0.0200
November 9, 2023	December 14, 2023	January 8, 2024	$	0.1200
November 9, 2023*	December 14, 2023	January 8, 2024	$	0.0300
February 8, 2024	March 15, 2024	April 5, 2024	$	0.1200
February 8, 2024*	March 15, 2024	April 5, 2024	$	0.0300

# Special distribution

* Supplemental distribution

Schedule of Cash Dividend Distribution

The following table reflects, for U.S. federal income tax purposes, the sources of the cash dividend distributions that the Company has paid on its common stock during the nine months ended March 31, 2024 and March 31, 2023:

	Nine months ended March 31,
	2024			2023
		Distribution Amount	Percentage		Distribution Amount	Percentage
Ordinary income and short-term capital gains	$	6,477,731	100%	$	6,474,816	100%
Long-term capital gains		—	—		—	—
Total	$	6,477,731	100%	$	6,474,816	100%

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Share Transactions (Tables)

9 Months Ended

Mar. 31, 2024

Equity [Abstract]

Summary Of Shares Issued

The following table summarizes the total shares issued for the nine months ended March 31, 2024 and March 31, 2023.

	Nine months ended March 31,
	2024			2023
	Shares	Amount		Shares	Amount
Balance at beginning of period	14,391,775	$	205,812,251	14,385,810	$	205,790,502
Issuance of common shares	—		—	—		—
Reinvestments of stockholder distributions	5,346		18,712	5,965		21,749
Balance at end of period	14,397,121	$	205,830,963	14,391,775	$	205,812,251

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Financial Highlights (Tables)

9 Months Ended

Mar. 31, 2024

Investment Company, Financial Highlights [Abstract]

Schedule of Financial Highlights

The following represents the per share data and the ratios to average net assets for the Company:

	For the nine months ended March 31,
	2024			2023
Per Share Data:(1)
Net asset value, beginning of period	$	6.09		$	6.50
Net investment income		0.37			0.50
Net realized and unrealized gains (losses)		(0.52)			(0.42)
Net increase (decrease) in net assets resulting from operations		(0.15)			0.08
Capital transactions(2)
Dividends from net investment income		(0.45)			(0.45)
Distributions from net realized gains		—			—
Net decrease in net assets resulting from capital transactions		(0.45)			(0.45)
Offering costs		—			—
Net asset value, end of period	$	5.49		$	6.13
Market value per share, end of period	$	3.11		$	3.65
Total return based on market value(3)(4)		(2.06)	%		(2.65)	%
Shares outstanding at end of period		14,397,121			14,391,775
Ratio/Supplemental Data:
Net assets, at end of period	$	79,100,965		$	88,226,547
Ratio of total expenses to average net assets(5)		22.74	%		19.27	%
Ratio of net expenses to average net assets(5)		22.25	%		18.83	%
Ratio of interest expense and fees and amortization of deferred debt issuance costs to average net assets(5)		11.68	%		9.73	%
Ratio of net investment income before fee waiver to average net assets(5)		8.24	%		11.03	%
Ratio of net investment income after fee waiver to average net assets(5)		8.72	%		10.60	%
Total Borrowings	$	122,500,000		$	146,900,000
Asset Coverage Ratio(6)		1.65			1.60
Portfolio Turnover Rate(4)		21	%		16	%

(1)All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

(2)The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period.

(3)Total returns are historical and are calculated by determining the percentage change in the market value with all dividends distributions, if any, reinvested. Dividends and distributions are assumed to be reinvested at prices obtained under the company’s dividend reinvestment plan. Total investment return does not reflect sales load.

(4)Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value. Portfolio turnover rates that cover less than a full period are not annualized.

(5)Annualized.

(6)Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

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Other Fee Income (Tables)

9 Months Ended

Mar. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Fee Income

The following tables summarize the Company’s other fee income for the three and nine months ended March 31, 2024 and March 31, 2023:

	For the three months ended March 31,				For the nine months ended March 31,
		2024		2023		2024		2023
Amendment Fee	$	16,271	$	19,850	$	68,175	$	80,184
Prepayment Fee Income		38,095		59,837		179,485		361,878
Other Fees		87,981		18,811		328,141		228,864
Other Fee Income	$	142,347	$	98,498	$	575,801	$	670,926

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Tax Information (Tables)

9 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Aggregate Investment Unrealized Appreciation and Depreciation Based on Cost for U.S. Federal Income Tax Purposes

As of March 31, 2024, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	210,497,911
Gross unrealized appreciation		9,781,275
Gross unrealized depreciation		(28,075,905)
Net unrealized investment depreciation	$	(18,294,630)

As of June 30, 2023, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows:

Tax cost	$	243,126,654
Gross unrealized appreciation		7,371,220
Gross unrealized depreciation		(30,386,545)
Net unrealized investment depreciation	$	(23,015,325)

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Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended		9 Months Ended
	Sep. 03, 2021	Feb. 11, 2014	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Aug. 30, 2021
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of common shares	453,985		0	0	0	0
Common stock, par value	$ 0.001		$ 0.001		$ 0.001		$ 0.001
Shares offering, price per share	$ 6.92
Common stock, shares issued			14,397,121		14,397,121		14,391,775
Common stock, shares outstanding			14,397,121	14,391,775	14,397,121	14,391,775	14,391,775
Repayment of debt percentage					100.00%
Qualifying assets percentage					70.00%
Amount of market capitalization					$ 250,000
Taxable subsidiaries			$ 0		$ 0		$ 0
CM Finance LLC
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, shares issued			6,000,000		6,000,000
Issuance of debt			$ 39,800
Stifel Venture Corp
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, shares issued								2,181,818
Issuance of common shares					$ 32,700
Number of common stock shares repurchased					2,181,818
Common stock, shares outstanding			13,666,666		13,666,666
Investcorp Credit Management
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, par value									$ 0.001
Common stock, shares issued									680,985
Common stock, shares outstanding									680,985
IPO | Investcorp Credit Management | Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of common shares		7,666,666
Common stock, par value		$ 0.001
Shares offering, price per share		$ 15
Proceeds from initial public offering		$ 111,500

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Significant Accounting Policies - Schedule of Reclassified for Book Purposes Amounts Arising from Permanent Book (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Mar. 31, 2024
Additional paid-in capital	$ 203,327,714	$ 203,346,421
Subsidiaries [Member]
Additional paid-in capital	(284,155)
Distributable earnings	$ 284,155

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Significant Accounting Policies - Schedule of Distributable Earnings on Tax Basis (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Undistributed net investment income		$ 11,648,379
Accumulated capital gains (losses) and other		(27,970,779)
Capital loss carryover		(73,713,555)
Unrealized appreciation (depreciation)		(23,015,323)
Distributions payable		(2,590,520)
Distributable earnings (loss)	$ (124,259,853)	$ (115,641,798)

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Significant Accounting Policies - Additional Information (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Interest income	$ 626,352	$ 222,691	$ 1,001,898	$ 377,729
Number of loans on non-accrual status | Loans					6
Percentage of portfolio at fair value	3.91%		3.91%		4.08%
Investment company taxable income			90.00%
Capital Gains Fee, Description			the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date) commencing with the Company’s fiscal year ending on June 30, 2021, and is calculated at the end of each applicable year by subtracting (1) the sum of the Company’s cumulative aggregate realized capital losses and aggregate unrealized capital depreciation from (2) the Company’s cumulative aggregate realized capital gains, in each case calculated from June 30, 2020. If the amount so calculated is positive, then the Capital Gains Fee for such year is equal to 20% of such amount, less the aggregate amount of Capital Gains Fees paid in all prior years under the Advisory Agreement. If such amount is negative, then no Capital Gains Fee will be payable for such year.
Proceeds from sale of investment	$ 2,500,000
Long-term receivable	618,772		$ 618,772		$ 0
Escrow receivable	95,190		$ 95,190		0
Percentage of net ordinary income			98.00%
Percentage of capital gain			98.20%
Excise tax	111,646	77,575	$ 321,890	187,763
Distributions	2,159,568	2,158,506	6,477,731	6,474,816
Short-term capital loss carryforward, net					1,971,187
Long-term capital loss carryforward, net					71,742,368
Short-term capital loss deferral					41,242
Long-term capital loss deferral					$ 27,178,811
Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payment in kind, interest received	198,123	173,253	580,556	511,395
Debt investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payment in kind, interest received	$ 633,318	$ 419,469	$ 1,338,898	$ 636,583

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Investments - Schedule of Investment Purchases Sales And Principal Payments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Investment purchases, at cost (including PIK interest)	$ 10,224,161	$ 11,109,646	$ 46,532,123	$ 39,636,459
Investment Sales and repayments	$ 26,658,550	$ 14,917,260	$ 68,788,139	$ 46,998,760

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Investments - Schedule of Investment (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Amortized Cost	$ 210,670,073	$ 243,298,816
Percentage of Total Portfolio	100.00%	100.00%
Investments at Fair Value	$ 192,203,281	$ 220,111,329
Percentage of Total Portfolio	100.00%	100.00%
Senior Secured First Lien Debt Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Amortized Cost	$ 172,563,397	$ 214,100,857
Percentage of Total Portfolio	83.82%	88.00%
Investments at Fair Value	$ 161,098,158	$ 196,370,955
Percentage of Total Portfolio	81.91%	89.21%
Equity, Warrants and Other Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Amortized Cost	$ 38,106,676	$ 29,197,959
Percentage of Total Portfolio	16.18%	12.00%
Investments at Fair Value	$ 31,105,123	$ 23,740,374
Percentage of Total Portfolio	18.09%	10.79%

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Investments - Schedule of Portfolio Composition by Industry Grouping at Fair Value (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 192,203,281	$ 220,111,329
Percentage of Net Assets	100.00%	100.00%
Trading Companies & Distributors
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 27,977,942	$ 35,176,879
Percentage of Net Assets	14.56%	15.98%
Commercial Services And Supplies
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 22,235,432	$ 14,329,460
Percentage of Net Assets	11.57%	6.51%
Professional Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 18,999,703	$ 28,238,167
Percentage of Net Assets	9.88%	12.83%
Containers & Packaging
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 14,626,631	$ 12,958,772
Percentage of Net Assets	7.61%	5.89%
IT Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 8,624,528	$ 23,576,450
Percentage of Net Assets	4.49%	10.71%
Machinery
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value		$ 9,602,806
Percentage of Net Assets		4.36%
Food Products
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 8,618,750	$ 4,288,750
Percentage of Net Assets	4.48%	1.95%
Entertainment
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 8,448,755	$ 7,640,000
Percentage of Net Assets	4.40%	3.47%
Household Durables
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 7,865,115	$ 7,610,242
Percentage of Net Assets	4.09%	3.46%
Chemicals
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 7,152,600	$ 7,568,617
Percentage of Net Assets	3.72%	3.44%
Hotels, Restaurants, and Leisure
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 2,955,000	$ 6,283,541
Percentage of Net Assets	1.54%	2.85%
Diversified Consumer Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 7,213,156	$ 7,268,500
Percentage of Net Assets	3.75%	3.30%
Software
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 6,514,755	$ 13,772,487
Percentage of Net Assets	3.39%	6.26%
Specialty Retail
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 6,713,041	$ 5,148,000
Percentage of Net Assets	3.49%	2.34%
Automobile Components
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 5,255,262	$ 7,261,275
Percentage of Net Assets	2.73%	3.30%
Consumer Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 4,911,518
Percentage of Net Assets	2.56%
Consumer Staples Distribution & Retail
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 4,970,509	$ 6,061,396
Percentage of Net Assets	2.59%	2.75%
Building Products
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value		$ 4,511,719
Percentage of Net Assets		2.05%
Automotive Retail
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 5,665,872	$ 3,878,905
Percentage of Net Assets	2.95%	1.76%
Health Care Providers & Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 5,400,000
Percentage of Net Assets	2.81%
Construction & Engineering
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 3,830,758
Percentage of Net Assets	1.99%
Paper Packaging
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 2,925,057
Percentage of Net Assets	1.52%
Electronic Equipment Instruments And Components
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 2,516,038	$ 3,265,598
Percentage of Net Assets	1.31%	1.48%
Energy Equipment & Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value		$ 2,700,036
Percentage of Net Assets		1.23%
Internet & Direct Marketing Retail
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 8,782,859	$ 8,969,729
Percentage of Net Assets	4.57%	4.08%

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Investments - Schedule of Portfolio Composition by Geographic Grouping at Fair Value (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Investments at Fair Value	$ 192,203,281	$ 220,111,329
Percentage of Net Assets	100.00%	100.00%
U.S Northeast [Member]
Investments at Fair Value	$ 75,778,770	$ 94,658,227
Percentage of Net Assets	39.43%	43.00%
U.S. West [Member]
Investments at Fair Value	$ 56,624,278	$ 44,911,266
Percentage of Net Assets	29.46%	20.40%
U.S. Midwest [Member]
Investments at Fair Value	$ 21,331,349	$ 26,602,440
Percentage of Net Assets	11.10%	12.09%
U.S. Mid-Atlantic [Member]
Investments at Fair Value	$ 6,670,095	$ 17,721,607
Percentage of Net Assets	3.47%	8.05%
U.S. Southeast [Member]
Investments at Fair Value	$ 23,727,611	$ 20,803,349
Percentage of Net Assets	12.35%	9.45%
U.S. Southwest [Member]
Investments at Fair Value	$ 3,315,000	$ 10,367,607
Percentage of Net Assets	1.72%	4.71%
International [Member]
Investments at Fair Value	$ 4,756,178	$ 5,046,833
Percentage of Net Assets	2.47%	2.30%

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Investments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Schedule Of Investments [Line Items]
Investments	$ 192,203,281		$ 192,203,281		$ 220,111,329
Deposit, derivative contracts	0		$ 0		$ 0
Description Of Derivatives			The Derivatives Rule also contains exceptions to these conditions for any fund that limits its exposure to derivatives positions to 10 percent of its net assets.
Fair Value, Inputs, Level 1, Level 2, and Level 3 [Member]
Schedule Of Investments [Line Items]
Investments Transfer	0	$ 0	$ 0	$ 0
New Portfolio Companies [Member]
Schedule Of Investments [Line Items]
Investments	42,500,000		42,500,000
Previously Committed Companies [Member]
Schedule Of Investments [Line Items]
Investments	$ 2,200,000		$ 2,200,000

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Investments - Schedule of Fair Value Measurements of Assets (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	$ 192,203,281	$ 220,111,329
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	0	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	0	0
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	192,203,281	220,111,329	$ 221,315,429	$ 233,683,986
Senior Secured First Lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	161,098,158	196,370,955
Senior Secured First Lien Debt Investments | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	0	0
Senior Secured First Lien Debt Investments | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	0	0
Senior Secured First Lien Debt Investments | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	161,098,158	196,370,955	200,423,277	214,858,036
Equity, Warrants and Other Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	31,105,123	23,740,374
Equity, Warrants and Other Investments | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	0	0
Equity, Warrants and Other Investments | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	0	0
Equity, Warrants and Other Investments | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	$ 31,105,123	$ 23,740,374	$ 20,892,152	$ 18,825,950

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Investments - Schedule of Reconciliation of Investments Measured at Fair value on a recurring basis using Level 3 inputs (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance			$ 220,111,329
Purchases (including PIK interest)	$ 10,224,161	$ 11,109,646	46,532,123	$ 39,636,459
Investment Sales and repayments	26,658,550	14,917,260	68,788,139	46,998,760
Amortization			1,770,280	1,056,482
Net realized gains (losses)	(6,271,968)	(26,890,095)	(12,143,007)	(26,890,095)
Net change in unrealized appreciation (depreciation)	6,605,346	23,237,794	4,720,695	20,827,357
Investment Owned, at Fair Value, Ending Balance	192,203,281		192,203,281		$ 220,111,329
Change in unrealized appreciation (depreciation) relating to assets			0
Senior Secured First Lien Debt Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance			196,370,955
Investment Owned, at Fair Value, Ending Balance	161,098,158		161,098,158		196,370,955
Equity, Warrants and Other Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance			23,740,374
Investment Owned, at Fair Value, Ending Balance	31,105,123		31,105,123		23,740,374
Level 3
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance			220,111,329	233,683,986	233,683,986
Purchases (including PIK interest)			46,532,123	39,636,459
Investment Sales and repayments			(68,788,139)	(46,998,760)
Amortization			1,770,280	1,056,482
Net realized gains (losses)			(12,143,007)	(26,890,095)
Transfers in			4,362,023	1,708,942
Transfers out			(4,362,023)	(1,708,942)
Net change in unrealized appreciation (depreciation)			4,720,695	20,827,357
Investment Owned, at Fair Value, Ending Balance	192,203,281	221,315,429	192,203,281	221,315,429	220,111,329
Change in unrealized appreciation (depreciation) relating to assets			(4,019,545)	(5,929,219)
Level 3 | Senior Secured First Lien Debt Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance			196,370,955	214,858,036	214,858,036
Purchases (including PIK interest)			41,923,318	38,403,669
Investment Sales and repayments			(68,788,139)	(46,998,760)
Amortization			1,770,280	1,056,482
Net realized gains (losses)			(12,080,895)	(9,515,487)
Transfers in			0	0
Transfers out			(4,362,023)	(1,708,942)
Net change in unrealized appreciation (depreciation)			6,264,662	4,328,279
Investment Owned, at Fair Value, Ending Balance	161,098,158	200,423,277	161,098,158	200,423,277	196,370,955
Change in unrealized appreciation (depreciation) relating to assets			(2,413,463)	(4,639,143)
Level 3 | Senior Secured Second Lien Debt Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance			0	0	0
Purchases (including PIK interest)			0	0
Investment Sales and repayments			0	0
Amortization			0	0
Net realized gains (losses)			0	(17,374,608)
Transfers in			0	0
Transfers out			0	0
Net change in unrealized appreciation (depreciation)			0	17,374,608
Investment Owned, at Fair Value, Ending Balance	0	0	0	0	0
Change in unrealized appreciation (depreciation) relating to assets				0
Level 3 | Unsecured Debt Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance			0	0	0
Purchases (including PIK interest)			0	0
Investment Sales and repayments			0	0
Amortization			0	0
Net realized gains (losses)			0	0
Transfers in			0	0
Transfers out			0	0
Net change in unrealized appreciation (depreciation)			0	0
Investment Owned, at Fair Value, Ending Balance	0	0	0	0	0
Change in unrealized appreciation (depreciation) relating to assets				0
Level 3 | Equity, Warrants and Other Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance			23,740,374	18,825,950	18,825,950
Purchases (including PIK interest)			4,608,805	1,232,790
Investment Sales and repayments			0	0
Amortization				0
Net realized gains (losses)			(62,112)	0
Transfers in			4,362,023	1,708,942
Transfers out			0	0
Net change in unrealized appreciation (depreciation)			(1,543,967)	(875,530)
Investment Owned, at Fair Value, Ending Balance	$ 31,105,123	$ 20,892,152	31,105,123	20,892,152	$ 23,740,374
Change in unrealized appreciation (depreciation) relating to assets			$ (1,606,082)	$ (1,290,076)

XML

Investments - Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs (Details) - Level 3	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)
Senior Secured First Lien Debt Investments | Measurement Input Market Yields | Valuation, Income Approach [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 148,050,513	$ 161,776,983
Senior Secured First Lien Debt Investments | Measurement Input Market Yields | Valuation, Income Approach [Member] | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.132	0.133
Senior Secured First Lien Debt Investments | Measurement Input Market Yields | Valuation, Income Approach [Member] | Minimum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.098	0.101
Senior Secured First Lien Debt Investments | Measurement Input Market Yields | Valuation, Income Approach [Member] | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.199	0.18
Senior Secured First Lien Debt Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 5,527,539	$ 13,895,260
Senior Secured First Lien Debt Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.077	0.173
Senior Secured First Lien Debt Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Minimum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.061	0.057
Senior Secured First Lien Debt Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.089	0.212
Senior Secured First Lien Debt Investments | Measurement Input, Revenue Multiple | Market Comparable Approach
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 1,854,081	$ 5,272,355
Senior Secured First Lien Debt Investments | Measurement Input, Revenue Multiple | Market Comparable Approach | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.036	0.03
Senior Secured First Lien Debt Investments | Measurement Input, Revenue Multiple | Market Comparable Approach | Minimum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average		0.03
Senior Secured First Lien Debt Investments | Measurement Input, Revenue Multiple | Market Comparable Approach | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.036	0.038
Senior Secured First Lien Debt Investments | Measurement Input Recent Transaction | Recent Transaction
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 0	$ 15,209,280
Senior Secured First Lien Debt Investments | Measurement Input Recovery Amount | Recovery Analysis
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	5,666,025	217,077
Equity, Warrants and Other Investments | Measurement Input Market Yields | Valuation, Income Approach [Member]
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 5,928,121	$ 4,824,752
Equity, Warrants and Other Investments | Measurement Input Market Yields | Valuation, Income Approach [Member] | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.163	0.18
Equity, Warrants and Other Investments | Measurement Input Market Yields | Valuation, Income Approach [Member] | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.163	0.18
Equity, Warrants and Other Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 25,177,002	$ 18,915,622
Equity, Warrants and Other Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.10	0.87
Equity, Warrants and Other Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Minimum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.05	0.57
Equity, Warrants and Other Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.199	2.42
Equity, Warrants and Other Investments | Measurement Input, Revenue Multiple | Market Comparable Approach
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value		$ 0
Equity, Warrants and Other Investments | Measurement Input, Revenue Multiple | Market Comparable Approach | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average		0.003
Equity, Warrants and Other Investments | Measurement Input, Revenue Multiple | Market Comparable Approach | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average		0.003
Equity, Warrants and Other Investments | Measurement Input Recent Transaction | Recent Transaction
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 0

XML

Borrowings - Additional Information (Details) - USD ($)						3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 17, 2024	Jun. 14, 2023	Nov. 18, 2022	Aug. 23, 2021	Mar. 31, 2021	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Debt Instrument [Line Items]
Revolving credit facility						$ 57,500,000		$ 57,500,000		$ 71,900,000
Fee Paid on Undrawn Amounts			0.50%
Total borrowings						122,500,000		122,500,000
Redeemed principal amount								2,000
Minimum
Debt Instrument [Line Items]
Fee Paid on Undrawn Amounts			0.25%
Maximum
Debt Instrument [Line Items]
Fee Paid on Undrawn Amounts			75.00%
Capital One Revolving Finance
Debt Instrument [Line Items]
Debt Instrument Maturity Expiration Date	Jan. 17, 2027
Borrowings interest rate spread (percent)			2.00%
Debt instrument, maturity date	Jan. 17, 2029
Fee Paid on Undrawn Amounts			0.75%
Secured revolving credit facility		$ 100,000,000		$ 115,000,000
Debt outstanding amount								57,500,000		71,900,000
Reinvestment period				3 years
Amortization period				2 years
Debt instrument fee percentage			1.125%
Debt instrument, unused borrowing capacity, description			The Capital One Revolving Financing required the payment of an upfront fee of 1.125% ($1.3 million) of the available borrowings under the Capital One Revolving Financing at the closing, and requires the payment of an unused fee of (i) 0.75% annually for any undrawn amounts below 50% of the Capital One Revolving Financing, (ii) 0.50% annually for any undrawn amounts between 50% and 75% of the Capital One Revolving Financing, and (iii) 0.25% annually for any undrawn amounts above 75% of the Capital One Revolving Financing. Borrowings under the Capital One Revolving Financing are based on a borrowing base.
Accrued interest receivable						0		0		0
Debt instrument, amendment date one		Jun. 14, 2023
Debt instrument, amendment date two	Jan. 17, 2024
Capital One Revolving Finance | Minimum
Debt Instrument [Line Items]
Fee Paid on Undrawn Amounts			50.00%
Capital One Revolving Finance | Maximum
Debt Instrument [Line Items]
Fee Paid on Undrawn Amounts			75.00%
Capital One Revolving Finance | Level 3
Debt Instrument [Line Items]
Total borrowings						57,500,000		57,500,000		71,900,000
Capital One Revolving Finance | SPV LLC [Member]
Debt Instrument [Line Items]
Derivative, notional amount						172,500,000		172,500,000		194,000,000
Investments at fair value						157,600,000		157,600,000		181,500,000
Cash held by trustee						10,200,000		10,200,000		$ 8,100,000
Weighted average outstanding balance						$ 63,600,000	$ 75,700,000	$ 68,200,000	$ 81,400,000
Weighted average interest rate						8.34%	7.00%	7.98%	5.46%
Capital One Revolving Finance | SOFR
Debt Instrument [Line Items]
Borrowings interest rate spread (percent)			3.10%
Payment of an upfront fee			$ 1,300,000
2026 Notes [Member]
Debt Instrument [Line Items]
Debt instrument, maturity date					Apr. 01, 2026
Debt instrument, interest rate during period								5.35%
Proceeds from initial public offering					$ 65,000,000
Debt instrument interest rate					4.875%					4.875%
Payments for underwriting expense					$ 1,300,000
Proceeds from sale of notes					63,100,000
Offering expense					$ 215,000
Aggregate principal amount						$ 65,000,000		$ 65,000,000
Debt instrument, interest rate, stated percentage					4.875%					4.875%
Debt instrument, description of variable rate basis								(1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided
Debt instrument, redemption price, percentage								100.00%
Redeemed principal amount								$ 64,900,000
2026 Notes [Member] | Minimum
Debt Instrument [Line Items]
Redemption notice period								30 days
2026 Notes [Member] | Maximum
Debt Instrument [Line Items]
Redemption notice period								60 days
2026 Notes [Member] | Level 3
Debt Instrument [Line Items]
Long-term debt, fair value						$ 59,300,000		$ 59,300,000

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Borrowings - Schedule of Debt Maturity (Details)	Mar. 31, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	0
2026	122,500,000
Total long-term debt	$ 122,500,000

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Indemnification, Guarantees, Commitments and Contingencies - Summary of Quarterly Distributions By Board Of Directors (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Distributions Declared	Feb. 08, 2024	Nov. 09, 2023	Sep. 14, 2023
Distributions Ex-Date	Mar. 14, 2024	Dec. 13, 2023	Oct. 11, 2023
Distributions Record Date	Mar. 15, 2024	Dec. 14, 2023	Oct. 12, 2023
Distributions Pay Date	Apr. 05, 2024	Jan. 08, 2024	Nov. 02, 2023
Distributions Amount	$ 0.15	$ 0.15	$ 0.15

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Indemnification, Guarantees, Commitments and Contingencies - Summary of Unfunded Commitment (Details) - USD ($)	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Jun. 30, 2023
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	$ 1,814,898	$ 5,670,894
Unfunded Commitment, Fair Value	0	0
1888 Industrial Services, LLC - Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount		186,990
Unfunded Commitment, Fair Value		$ 0
Unfunded Commitment, Annual Non-use Fee		0.50%
Unfunded Commitment, Expiration Date		Aug. 31, 2024
Ameriquip, LLC – Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount		$ 967,742
Unfunded Commitment, Fair Value		$ 0
Unfunded Commitment, Annual Non-use Fee		0.50%
Unfunded Commitment, Expiration Date		Aug. 31, 2027
Arborworks Acquisition LLC - Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount		$ 554,947
Unfunded Commitment, Fair Value		$ 0
Unfunded Commitment, Annual Non-use Fee		0.50%
Unfunded Commitment, Expiration Date		Nov. 09, 2026
Arborworks Acquisition LLC - Revolver (New)
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	279,588
Unfunded Commitment, Fair Value	$ 0
Unfunded Commitment, Annual Non-use Fee	0.50%
Unfunded Commitment, Expiration Date	Nov. 06, 2028
Archer Systems, LLC - Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount		$ 603,175
Unfunded Commitment, Fair Value		$ 0
Unfunded Commitment, Annual Non-use Fee		0.50%
Unfunded Commitment, Expiration Date		Aug. 11, 2027
Evergreen North America Acquisitions, LLC - Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount		$ 276,064
Unfunded Commitment, Fair Value		$ 0
Unfunded Commitment, Annual Non-use Fee		0.50%
Unfunded Commitment, Expiration Date		Aug. 13, 2026
Flatworld Intermediate Corporation Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	$ 567,568	$ 567,567
Unfunded Commitment, Fair Value	$ 0	$ 0
Unfunded Commitment, Annual Non-use Fee	0.50%	0.50%
Unfunded Commitment, Expiration Date	Oct. 01, 2027	Oct. 01, 2027
NWN Parent Holdings LLC - Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount		$ 800,000
Unfunded Commitment, Fair Value		$ 0
Unfunded Commitment, Annual Non-use Fee		0.50%
Unfunded Commitment, Expiration Date		May 07, 2026
South Coast Terminals LLC – Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	$ 967,742	$ 967,742
Unfunded Commitment, Fair Value	$ 0	$ 0
Unfunded Commitment, Annual Non-use Fee	0.50%	0.50%
Unfunded Commitment, Expiration Date	Dec. 10, 2026	Dec. 10, 2026
Xenon Arc, Inc. – Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount		$ 746,667
Unfunded Commitment, Fair Value		$ 0
Unfunded Commitment, Annual Non-use Fee		0.50%
Unfunded Commitment, Expiration Date		Dec. 17, 2026

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Agreements and Related Party Transactions - Summary of Related Party Transactions under the Advisory and Administration Agreements (Details) - USD ($)		3 Months Ended		9 Months Ended		12 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Related Party Transactions [Abstract]
Base management fees		$ 951,799	$ 1,043,306	$ 2,910,978	$ 3,204,391
Waiver of base management fees		(97,431)	(89,939)	(292,326)	(296,566)
Income-based incentive fees		0	0	(72,942)	(147,145)
Waiver of income-based incentive fees		0	0	0	0
Capital gains fee		0	0	0	0
Allocation of administrative costs from Adviser		225,856	375,900	1,118,276	1,127,700	$ 239,000
Total net expense to affiliates		1,080,224	$ 1,329,267	3,663,986	$ 3,888,380
Due from affiliate		175,916		175,916		0
Total amount due from affiliate		175,916		175,916		0
Base management fees payable		854,328		854,328		906,218
Income-based incentive fees payable		128,876		128,876		576,023
Capital gains fee payable		0		0		0
Allocation of administrative costs from Adviser payable	[1]	133,376		133,376		172,308
Total amount due to affiliates		$ 1,116,580		$ 1,116,580		$ 1,654,549

[1] Balances are reported within Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities.

XML

Agreements and Related Party Transactions- Additional Information (Details) - USD ($)		3 Months Ended			9 Months Ended		12 Months Ended
		Mar. 31, 2024	Sep. 30, 2023	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023	Jun. 26, 2019
Related Party Transaction [Line Items]
Base management fees		$ 951,799		$ 1,043,306	$ 2,910,978	$ 3,204,391
Waiver of base management fees		97,431		89,939	292,326	296,566
Base management fees payable		854,328			854,328		$ 906,218
Income-based incentive fees payable		128,876			128,876		576,023
Due from affiliate		175,916			175,916		0
Allocation of administrative costs from Adviser		225,856		375,900	1,118,276	1,127,700	239,000
Total expenses		4,637,158		4,547,622	13,769,321	13,147,901
Allocation of administrative costs from Adviser payable	[1]	133,376			$ 133,376		172,308
Advisory Agreement
Related Party Transaction [Line Items]
Annual rate					1.75%
Base management fees		951,799	$ 1,043,306		$ 2,910,978	3,204,391
Waiver of base management fees		97,431		89,939	292,326	296,566
Base management fees payable		854,328			$ 854,328		906,218
Deferral non cash amount percentage					20.00%
Annualized rate of return					10.00%
Pre investment fee hurdle rate					2.00%
Pre investment fee net investment income					100.00%
Pre-incentive fee net investment income					20.00%
Income based fee		0		0	$ 0	0
Income-based incentive fees payable		128,876			128,876		576,023
Income Based Incentive Fees Payable Current		16,929			$ 16,929		374,206
Cumulative net increase					20.00%
Income based incentive fees payable deferred		111,947			$ 111,947		201,817
Additional income based fees					2.50%
Deferred income based fees written off, percentage					2.50%
Deferred income based fees written off		0		$ 0	$ 72,942	$ 147,145
Percentage of cumulative aggregate capital gains					20.00%
Capital gain fees		$ 0			$ 0		$ 0
Adviser Interest		17.00%			17.00%
Ownership interest in adviser		83.00%			83.00%
Advisory Agreement | Minimum
Related Party Transaction [Line Items]
Net asset attributable to common stock					2.00%
Advisory Agreement | Maximum
Related Party Transaction [Line Items]
Annualized rate of return					8.00%
Administration Agreement
Related Party Transaction [Line Items]
Total expenses					$ 356,000
Allocation of administrative costs from Adviser payable		$ 133,376			$ 133,376
Stock Purchase Agreement
Related Party Transaction [Line Items]
Newly issued shares of common stock								680,985
Open market or secondary transactions shares of common stock								680,985

[1] Balances are reported within Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities.

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Directors Fees - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Directors' fees	$ 75,157	$ 75,625	$ 221,407	$ 226,875
Directors' fees payable	$ 0		0		$ 15,755
Board of Directors Chairman
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Reimbursement expense			1,000
Independent Director
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Annual fees			75,000
Reimbursement expense			2,500
Chair Person Of Audit Committee
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Annual fees			7,500
Valuation Committee
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Annual fees			2,500
Nominating And Corporate Governance Committee
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Annual fees			2,500
Compensation Committee
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Annual fees			$ 2,500

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Net Change in Net Assets Resulting from Operations Per Share - Schedule of Computation of the Weighted Average Basic and Diluted Net Assets Per Share from Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share, Basic [Abstract]
Net increase (decrease) in net assets resulting from operations	$ 2,411,740	$ (1,104,144)	$ (2,140,324)	$ 1,170,222
Weighted average shares of common stock outstanding - Basic	14,396,951	14,389,868	14,394,574	14,388,295
Weighted average shares of common stock outstanding - Diluted	14,396,951	14,389,868	14,394,574	14,388,295
Basic net increase (decrease) in net assets from operations per share	$ 0.17	$ (0.08)	$ (0.15)	$ 0.08
Diluted net increase (decrease) in net assets from operations per share	$ 0.17	$ (0.08)	$ (0.15)	$ 0.08

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Net Change in Net Assets Resulting from Operations Per Share - Additional Information (Details) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 03, 2021	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023
Earnings Per Share [Abstract]
Issuance of common shares, shares	453,985	0	0	0	0
Common stock, par value	$ 0.001	$ 0.001		$ 0.001		$ 0.001
Shares offering, price per share	$ 6.92
Issuance of common shares, value	$ 3,141,576	$ 0	$ 0	$ 0	$ 0

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Distributions - Schedule of Distributions Declared on Shares of Common Stock (Details)	9 Months Ended
	Mar. 31, 2024 $ / shares
Declared On March 14, 2014 [Member]
Dividends Payable [Line Items]
Declaration date	Mar. 14, 2014
Record date	Mar. 24, 2014
Payment date	Mar. 31, 2014
Amount per share	$ 0.1812
Declared On May 14, 2014 [Member]
Dividends Payable [Line Items]
Declaration date	May 14, 2014
Record date	Jun. 16, 2014
Payment date	Jul. 01, 2014
Amount per share	$ 0.3375
Declared On September 4, 2014 [Member]
Dividends Payable [Line Items]
Declaration date	Sep. 04, 2014
Record date	Sep. 18, 2014
Payment date	Oct. 01, 2014
Amount per share	$ 0.3375
Declared on November 6, 2014 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 06, 2014
Record date	Dec. 18, 2014
Payment date	Jan. 05, 2015
Amount per share	$ 0.3375
Declared On January 28, 2015 [Member]
Dividends Payable [Line Items]
Declaration date	Jan. 28, 2015
Record date	Mar. 18, 2015
Payment date	Apr. 02, 2015
Amount per share	$ 0.3469
Declared On May 6, 2015 [Member]
Dividends Payable [Line Items]
Declaration date	May 06, 2015
Record date	Jun. 08, 2015
Payment date	Jul. 05, 2015
Amount per share	$ 0.3469
Declared On June 10, 2015 Special Distribution [Member]
Dividends Payable [Line Items]
Declaration date	Jun. 10, 2015	[1]
Record date	Sep. 01, 2015	[1]
Payment date	Sep. 15, 2015	[1]
Amount per share	$ 0.43	[1]
Declared On June 10, 2015 [Member]
Dividends Payable [Line Items]
Declaration date	Jun. 10, 2015
Record date	Sep. 18, 2015
Payment date	Oct. 02, 2015
Amount per share	$ 0.3469
Declared On November 3, 2015 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 03, 2015
Record date	Dec. 18, 2015
Payment date	Jan. 05, 2016
Amount per share	$ 0.3469
Declared On February 2, 2016 [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 02, 2016
Record date	Mar. 18, 2016
Payment date	Apr. 07, 2016
Amount per share	$ 0.3516
Declared On April 28, 2016 [Member]
Dividends Payable [Line Items]
Declaration date	Apr. 28, 2016
Record date	Jun. 17, 2016
Payment date	Jul. 07, 2016
Amount per share	$ 0.3516
Declared On August 25, 2016 [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 25, 2016
Record date	Sep. 16, 2016
Payment date	Oct. 06, 2016
Amount per share	$ 0.3516
Declared On November 3, 2016 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 03, 2016
Record date	Dec. 16, 2016
Payment date	Jan. 05, 2017
Amount per share	$ 0.3516
Declared On November 3, 2016 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 03, 2016
Record date	Mar. 17, 2017
Payment date	Apr. 06, 2017
Amount per share	$ 0.25
Declared On May 2, 2017 [Member]
Dividends Payable [Line Items]
Declaration date	May 02, 2017
Record date	Jun. 16, 2017
Payment date	Jul. 06, 2017
Amount per share	$ 0.25
Declared On August 24, 2017 [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 24, 2017
Record date	Sep. 08, 2017
Payment date	Oct. 05, 2017
Amount per share	$ 0.25
Declared On November 7, 2017 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 07, 2017
Record date	Mar. 16, 2018
Payment date	Apr. 05, 2018
Amount per share	$ 0.25
Declared On May 2, 2018 [Member]
Dividends Payable [Line Items]
Declaration date	May 02, 2018
Record date	Jun. 15, 2018
Payment date	Jul. 05, 2018
Amount per share	$ 0.25
Declared On August 23, 2018 [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 23, 2018
Record date	Sep. 18, 2018
Payment date	Oct. 05, 2018
Amount per share	$ 0.25
Declared On November 6, 2018 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 06, 2018
Record date	Dec. 14, 2018
Payment date	Jan. 03, 2019
Amount per share	$ 0.25
Declared On February 5, 2019 [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 05, 2019
Record date	Mar. 15, 2019
Payment date	Apr. 04, 2019
Amount per share	$ 0.25
Declared On May 1, 2019 [Member]
Dividends Payable [Line Items]
Declaration date	May 01, 2019
Record date	Jun. 14, 2019
Payment date	Jul. 05, 2019
Amount per share	$ 0.25
Declared On August 28, 2019 [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 28, 2019
Record date	Sep. 26, 2019
Payment date	Oct. 16, 2019
Amount per share	$ 0.25
Declared On November 6, 2019 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 06, 2019
Record date	Dec. 13, 2019
Payment date	Jan. 02, 2020
Amount per share	$ 0.25
Declared On February 4, 2020 [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 04, 2020
Record date	Mar. 13, 2020
Payment date	Apr. 02, 2020
Amount per share	$ 0.25
Declared On May 7, 2020 [Member]
Dividends Payable [Line Items]
Declaration date	May 07, 2020
Record date	Jun. 19, 2020
Payment date	Jul. 10, 2020
Amount per share	$ 0.15
Declared On May 7, 2020 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	May 07, 2020	[2]
Record date	Jun. 19, 2020	[2]
Payment date	Jul. 10, 2020	[2]
Amount per share	$ 0.03	[2]
Declared On August 26, 2020 [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 26, 2020
Record date	Sep. 25, 2020
Payment date	Oct. 15, 2020
Amount per share	$ 0.15
Declared On August 26, 2020 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 26, 2020	[2]
Record date	Sep. 25, 2020	[2]
Payment date	Oct. 15, 2020	[2]
Amount per share	$ 0.03	[2]
Declared On November 3, 2020 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 03, 2020
Record date	Dec. 10, 2020
Payment date	Jan. 04, 2021
Amount per share	$ 0.15
Declared On November 3, 2020 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 03, 2020	[2]
Record date	Dec. 10, 2020	[2]
Payment date	Jan. 04, 2021	[2]
Amount per share	$ 0.03	[2]
Declared On February 3, 2021 [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 03, 2021
Record date	Mar. 12, 2021
Payment date	Apr. 01, 2021
Amount per share	$ 0.15
Declared On February 3, 2021 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 03, 2021	[2]
Record date	Mar. 12, 2021	[2]
Payment date	Apr. 01, 2021	[2]
Amount per share	$ 0.03	[2]
Declared On May 6, 2021 [Member]
Dividends Payable [Line Items]
Declaration date	May 06, 2021
Record date	Jun. 18, 2021
Payment date	Jul. 09, 2021
Amount per share	$ 0.15
Declared On August 25, 2021 [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 25, 2021
Record date	Sep. 24, 2021
Payment date	Oct. 14, 2021
Amount per share	$ 0.15
Declared On November 3, 2021 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 03, 2021
Record date	Dec. 10, 2021
Payment date	Jan. 04, 2022
Amount per share	$ 0.15
Declared On February 3, 2022 [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 03, 2022
Record date	Mar. 11, 2022
Payment date	Mar. 31, 2022
Amount per share	$ 0.15
Declared On May 5, 2022 [Member]
Dividends Payable [Line Items]
Declaration date	May 05, 2022
Record date	Jun. 17, 2022
Payment date	Jul. 08, 2022
Amount per share	$ 0.15
Declared On August 25, 2022 [Member]
Dividends Payable [Line Items]
Declaration date	Aug. 25, 2022
Record date	Sep. 23, 2022
Payment date	Oct. 14, 2022
Amount per share	$ 0.15
Declared on November 11, 2022 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 11, 2022
Record date	Dec. 16, 2022
Payment date	Jan. 10, 2023
Amount per share	$ 0.13
Declared On November 11, 2022 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 11, 2022	[2]
Record date	Dec. 16, 2022	[2]
Payment date	Jan. 10, 2023	[2]
Amount per share	$ 0.02	[2]
Declared On February 2, 2023 [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 02, 2023
Record date	Mar. 10, 2023
Payment date	Mar. 30, 2023
Amount per share	$ 0.13
Declared On February 2, 2023 Supplemental distribution [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 02, 2023	[2]
Record date	Mar. 10, 2023	[2]
Payment date	Mar. 30, 2023	[2]
Amount per share	$ 0.02	[2]
Declared On May 4, 2023 [Member]
Dividends Payable [Line Items]
Declaration date	May 04, 2023
Record date	Jun. 16, 2023
Payment date	Jul. 07, 2023
Amount per share	$ 0.13
Declared On May 4, 2023 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	May 04, 2023	[2]
Record date	Jun. 16, 2023	[2]
Payment date	Jul. 07, 2023	[2]
Amount per share	$ 0.05	[2]
Declared On September 14, 2023 [Member]
Dividends Payable [Line Items]
Declaration date	Sep. 14, 2023
Record date	Oct. 12, 2023
Payment date	Nov. 02, 2023
Amount per share	$ 0.13
Declared On September 14, 2023 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	Sep. 14, 2023	[2]
Record date	Oct. 12, 2023	[2]
Payment date	Nov. 02, 2023	[2]
Amount per share	$ 0.02	[2]
Declared On November 9, 2023 [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 09, 2023
Record date	Dec. 14, 2023
Payment date	Jan. 08, 2024
Amount per share	$ 0.12
Declared On November 9, 2023 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	Nov. 09, 2023	[2]
Record date	Dec. 14, 2023	[2]
Payment date	Jan. 08, 2024	[2]
Amount per share	$ 0.03	[2]
Declared On February 8, 2024 [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 08, 2024
Record date	Mar. 15, 2024
Payment date	Apr. 05, 2024
Amount per share	$ 0.12
Declared On February 8, 2024 Supplemental Distribution [Member]
Dividends Payable [Line Items]
Declaration date	Feb. 08, 2024	[2]
Record date	Mar. 15, 2024	[2]
Payment date	Apr. 05, 2024	[2]
Amount per share	$ 0.03	[2]

[1] # Special distribution

[2] * Supplemental distribution

XML

Distributions - Schedule of Cash Dividend Distribution (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Distribution To Shareholders [Line Items]
Distributions	$ 2,159,568	$ 2,158,506	$ 6,477,731	$ 6,474,816
Percentage			100.00%	100.00%
Ordinary Income And Short-term Capital Gains [Member]
Distribution To Shareholders [Line Items]
Distributions			$ 6,477,731	$ 6,474,816
Percentage			100.00%	100.00%
Long-term Capital Gains [Member]
Distribution To Shareholders [Line Items]
Distributions			$ 0	$ 0
Percentage			0.00%	0.00%

XML

Share Transactions - Summary Of Shares Issued (Details) - USD ($)		3 Months Ended		9 Months Ended
	Sep. 03, 2021	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Balance at beginning of period, Shares				14,391,775
Issuance of common shares	453,985	0	0	0	0
Balance at end of period, Shares		14,397,121		14,397,121
Balance at beginning of period, Value				$ 14,392
Issuance of common shares, value	$ 3,141,576	$ 0	$ 0	0	$ 0
Reinvestments of stockholder distributions, Value		7,810	$ 11,562	18,712	$ 21,749
Balance at end of period, Value		$ 14,397		$ 14,397
Share Transaction [Member]
Balance at beginning of period, Shares				14,391,775	14,385,810
Issuance of common shares				0	0
Reinvestments of stockholder distributions, Shares				5,346	5,965
Balance at end of period, Shares		14,397,121	14,391,775	14,397,121	14,391,775
Balance at beginning of period, Value				$ 205,812,251	$ 205,790,502
Issuance of common shares, value				0	0
Reinvestments of stockholder distributions, Value				18,712	21,749
Balance at end of period, Value		$ 205,830,963	$ 205,812,251	$ 205,830,963	$ 205,812,251

XML

Financial Highlights - Schedule of Financial Highlights (Details) - USD ($)		9 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Investment Company [Abstract]
Net Asset Value Per Share, Beginning Balance	[1]	$ 6.09	$ 6.5
Net investment income	[1]	0.37	0.5
Net realized and unrealized gains (losses)	[1]	(0.52)	(0.42)
Net increase (decrease) in net assets resulting from operations	[1]	(0.15)	0.08
Dividends from net investment income	[1],[2]	(0.45)	(0.45)
Distributions from net realized gains	[1],[2]	0	0
Net decrease in net assets resulting from capital transactions	[1],[2]	(0.45)	(0.45)
Offering costs	[1],[2]	0	0
Net Asset Value Per Share, Ending Balance	[1],[2]	5.49	6.13
Market value per share, end of period	[2]	$ 3.11	$ 3.65
Total return based on market value(3)(4)	[3],[4]	(2.06%)	(2.65%)
Shares outstanding at end of period		14,397,121	14,391,775
Net assets, at end of year		$ 79,100,965	$ 88,226,547	$ 78,840,983	$ 87,700,308	$ 91,477,635	$ 93,509,392
Ratio of total expenses to average net assets(5)	[5]	22.74%	19.27%
Ratio of net expenses to average net assets(5)	[5]	22.25%	18.83%
Ratio of interest expense and fees and amortization of deferred debt issuance costs to average net assets(5)	[5]	11.68%	9.73%
Ratio of net investment income before fee waiver to average net assets(5)	[5]	8.24%	11.03%
Ratio of net investment income after fee waiver to average net assets(5)	[5]	8.72%	10.60%
Total Borrowings		$ 122,500,000	$ 146,900,000
Asset Coverage Ratio(6)	[6]	1.65%	1.60%
Portfolio Turnover Rate(4)	[3]	21.00%	16.00%

[1] All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

[2] The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period.

[3] Portfolio turnover rate is calculated using the lesser of year-to-date sales or year-to-date purchases over the average of the invested assets at fair value. Portfolio turnover rates that cover less than a full period are not annualized.

[4] Total returns are historical and are calculated by determining the percentage change in the market value with all dividends distributions, if any, reinvested. Dividends and distributions are assumed to be reinvested at prices obtained under the company’s dividend reinvestment plan. Total investment return does not reflect sales load.

[5] Annualized.

[6] Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period.

XML

Other Fee Income - Schedule of Other Fee Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Other Income and Expenses [Abstract]
Amendment Fee	$ 16,271	$ 19,850	$ 68,175	$ 80,184
Prepayment Fee Income	38,095	59,837	179,485	361,878
Other Fees	87,981	18,811	328,141	228,864
Other Fee Income	$ 142,347	$ 98,498	$ 575,801	$ 670,926

XML

Tax Information - Schedule Of Aggregate Investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes (Details) - USD ($)	Mar. 31, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Tax cost	$ 210,497,911	$ 243,126,654
Gross unrealized appreciation	9,781,275	7,371,220
Gross unrealized depreciation	(28,075,905)	(30,386,545)
Net unrealized investment depreciation	$ (18,294,630)	$ (23,015,325)

XML

Subsequent Events - Additional Information (Details)			1 Months Ended
	May 26, 2024	Apr. 12, 2024 $ / shares	May 14, 2024 USD ($) Company Position	Mar. 31, 2024 USD ($)	Jun. 30, 2023 USD ($)
Dividends Payable [Line Items]
Affiliated investment at amortized cost				$ 210,670,073	$ 243,298,816
Number of positions | Position			2
Subsequent Event [Member]
Dividends Payable [Line Items]
Affiliated investment at amortized cost			$ 10,500,000
Number Of New Portfolio Company | Company			1
Proceeds from portfolio company			$ 13,800,000
Declaration date		Apr. 12, 2024
Amount per share | $ / shares		$ 0.12
Payment date		Jun. 14, 2024
Record date	May 26, 2024
Subsequent Event [Member] | Supplemental Distribution [Member]
Dividends Payable [Line Items]
Amount per share | $ / shares		$ 0.03
Payment date		Jun. 14, 2024
Record date	May 26, 2024