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

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

Commission File Number: 814-01405

Onex Direct Lending BDC Fund

(Exact Name of Registrant as Specified in its Charter)

Delaware	86-3687484
(State or Other Jurisdiction of	(I.R.S. Employer
Incorporation or Organization)	Identification No.)

930 Sylvan Avenue

Englewood Cliffs, NJ 07632

(Address of principal executive offices)

(201) 541-2121

(Registrant’s telephone number, including area code)

Not Applicable

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

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

Title of each class	Trading Symbol	Name of each exchange on which registered
None	None	None

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

Common shares of beneficial interest, par value $0.001 per share

(Title of class)

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, anon-accelerated filer, a smaller reporting company or an emerging growth company. See the 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 ☒

The issuer had 10,778,850 common shares, $0.001 par value per share, outstanding as of May 7, 2024.

TABLE OF CONTENTS

			Page
PART I	FINANCIAL INFORMATION		3
	Item 1.	Consolidated Financial Statements	3
		Consolidated Statements of Assets and Liabilities as of March 31, 2024 and December 31, 2023 (Unaudited)	3
		Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited)	4
		Consolidated Statements of Changes in Net Assets for the three months ended March 31, 2024 and 2023 (Unaudited)	5
		Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited)	6
		Consolidated Schedules of Investments as of March 31, 2024 and December 31, 2023 (Unaudited)	7
		Notes to Consolidated Financial Statements (Unaudited)	15
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	47
	Item 4.	Controls and Procedures	48
PART II	OTHER INFORMATION		49
	Item 1.	Legal Proceedings	49
	Item 1A.	Risk Factors	49
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	49
	Item 3.	Defaults Upon Senior Securities	49
	Item 4.	Mine Safety Disclosures	49
	Item 5.	Other Information	50
	Item 6.	Exhibits	50
Signatures			51

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This quarterly report on Form 10-Q (the “Quarterly Report”) contains forward-looking statements that involve substantial known and unknown risks, uncertainties and other factors. Undue reliance should not be placed on such statements. These forward-looking statements are not historical facts, but rather are based on current expectations, estimates and projections about our company, our current and prospective portfolio investments, our industry, our beliefs and our assumptions. Words such as “anticipates,” “expects,” “intends,” “plans,” “will,” “may,” “continue,” “believes,” “seeks,” “estimates,” “would,” “could,” “should,” “targets,” “projects,” and variations of these words and similar expressions are intended to identify forward-looking statements. 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:

•our future operating results;

•our business prospects and the prospects of the companies in which we may invest;

•the impact of the investments that we expect to make;

•our ability to raise sufficient capital to execute our investment strategy;

•the impact of geo-political conditions, including revolution, insurgency, terrorism or war, including those arising out of the ongoing conflicts between Russia and Ukraine and between Israel and Hamas;

•general economic, logistical and political trends and other external factors, including inflation and recent supply chain and labor market disruptions;

•turmoil in Ukraine and Russia and in the Middle East and the potential for volatility in energy prices and its impact on the industries in which we invest;

•the ability of our portfolio companies to achieve their objectives;

•our current and expected financing arrangements and investments;

•changes in the general interest rate environment;

•the adequacy of our cash resources, financing sources and working capital;

•the timing and amount of cash flows, distributions and dividends, if any, from our portfolio companies;

•our contractual arrangements and relationships with third parties;

•actual and potential conflicts of interest with Onex Credit Advisor, LLC (the “Adviser”) and its affiliates, and its senior investment team;

•the elevating levels of inflation, and its impact on our portfolio companies and on the industries in which we may invest;

•the dependence of our future success on the general economy and its effect on the industries in which we may invest;

•our use of financial leverage, including the use of borrowed money to finance a portion of our investments;

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

•the impact of any future acquisitions or divestitures;

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

•our ability to qualify and maintain our qualification as a business development company (“BDC”) and as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”);

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

•the tax status of the enterprises in which we may invest; and

•other risks, uncertainties, and other factors we identify elsewhere in this Quarterly Report and under “Item 1A. Risk Factors” in our Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 6, 2024, and in our other filings with the SEC that we make from time to time.

Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of the assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. We have based the forward-looking statements included in this report on information available to us on the date of this

1

report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we have filed or in the future may file with the SEC, including annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

2

PART I – FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements.

Onex Direct Lending BDC Fund

Consolidated Statements of Assets and Liabilities

(Unaudited)

	March 31, 2024			December 31, 2023
Assets:
Non-controlled/non-affiliated investments, at fair value (amortized cost    of $500,616,799 and $541,963,717, respectively)	$	490,514,500		$	533,065,800
Cash and cash equivalents		20,522,389			9,813,406
Restricted cash		4,120,330			2,742,185
Interest and other receivables		14,508,934			4,275,291
Deferred financing costs (net of $2,318,047 and $2,040,130 in amortized expenses, respectively)		565,097			843,014
Prepaid expenses		156,372			222,390
Total Assets		530,387,622			550,962,086
Liabilities:
Credit facility (Note 5)		262,000,000			263,000,000
Payable for investments purchased		2,238,736			8,100,000
Management fee payable (Note 3)		810,205			864,947
Incentive fee payable (Note 3)		1,177,141			960,462
Administration fee payable (Note 3)		1,090,368			910,036
Interest payable		3,592,829			3,654,305
Accrued expenses and other liabilities		775,584			771,027
Total Liabilities		271,684,863			278,260,777
Commitments and Contingencies (Note 10)		—			—
Net Assets	$	258,702,759		$	272,701,309
Net Assets:
Common shares, $0.001 par value (unlimited shares authorized, 10,620,435 and 11,196,319 shares issued and outstanding, respectively)	$	10,622		$	11,198
Additional paid-in capital		266,563,774			280,591,727
Accumulated distributable earnings (losses)		(7,871,637	)		(7,901,616	)
Net Assets	$	258,702,759		$	272,701,309
Net Asset Value Per Share	$	24.36		$	24.36

The accompanying notes are an integral part of these consolidated financial statements.

3

Onex Direct Lending BDC Fund

Consolidated Statements of Operations

(Unaudited)

	Three Months Ended March 31,
	2024			2023
Investment Income
Non-controlled, non-affiliated investments:
Interest income	$	16,105,033		$	14,872,222
Payment-in-kind interest income		602,748			340,667
Other income		584,494			346,240
Total Investment Income		17,292,275			15,559,129
Expenses:
Management fee		810,205			1,646,178
Incentive fee		1,177,141			2,329,914
Administration fee		250,000			278,000
Professional fees		433,073			336,487
Trustees’ fees		43,000			43,000
Interest and credit facility expense		5,706,692			4,404,196
Other general and administrative expense		132,178			221,329
Total Expenses		8,552,289			9,259,104
Incentive fee waiver		—			(900,000	)
Reimbursement of expense support		500,000			—
Net Expenses		9,052,289			8,359,104
Net Investment Income (Loss)		8,239,986			7,200,025
Realized and unrealized gain (loss)
Net realized gains (losses) on investments:
Non-controlled, non-affiliated investments		1,110,970			56,032
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled, non-affiliated investments		(1,204,382	)		(1,374,421	)
Net realized and unrealized gain (loss)		(93,412	)		(1,318,389	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	8,146,574		$	5,881,636
Net investment income (loss) per common share —Basic and Diluted	$	0.76		$	0.59
Net increase (decrease) in net assets resulting from operations per common share—Basic and Diluted	$	0.75		$	0.48
Weighted Average Common Shares Outstanding—Basic and Diluted (Note 7)		10,844,459			12,300,303

The accompanying notes are an integral part of these consolidated financial statements.

4

Onex Direct Lending BDC Fund

Consolidated Statements of Changes in Net Assets

(Unaudited)

	Common Shares						Capital in Excess of			Total Distributable
Three Months Ended March 31, 2024	Number of Shares			Par Value			Par			Earnings (Losses)			Total Net Assets
Balance as of December 31, 2023		11,196,319		$	11,198		$	280,591,727		$	(7,901,616	)	$	272,701,309
Net investment income (loss)											8,239,986			8,239,986
Net realized gain (loss) on investments											1,110,970			1,110,970
Net change in unrealized appreciation (depreciation) on investments											(1,204,382	)		(1,204,382	)
Issuance of common shares		21,853			22			532,313						532,335
Redemption of common shares		(677,139	)		(677	)		(16,494,435	)					(16,495,112	)
Distributions to shareholders											(8,116,595	)		(8,116,595	)
Shares issued in connection with dividend reinvestment plan		79,402			79			1,934,169						1,934,248
Balance as of March 31, 2024		10,620,435		$	10,622		$	266,563,774		$	(7,871,637	)	$	258,702,759
	Common Shares						Capital in Excess of			Total Distributable
Three Months Ended March 31, 2023	Number of Shares			Par Value			Par			Earnings (Losses)			Total Net Assets
Balance as of December 31, 2022		12,455,723		$	12,456		$	311,618,675		$	(5,718,352	)	$	305,912,779
Net investment income (loss)											7,200,025			7,200,025
Net realized gain (loss) on investments											56,032			56,032
Net change in unrealized appreciation (depreciation) on investments											(1,374,421	)		(1,374,421	)
Issuance of common shares		44,339			44			1,088,921						1,088,965
Redemption of common shares		(418,189	)		(418	)		(10,270,295	)					(10,270,713	)
Distributions to shareholders											(7,007,486	)		(7,007,486	)
Shares issued in connection with dividend reinvestment plan		178,875			179			4,392,996						4,393,175
Balance as of March 31, 2023		12,260,748		$	12,261		$	306,830,297		$	(6,844,202	)	$	299,998,356

The accompanying notes are an integral part of these consolidated financial statements.

5

Onex Direct Lending BDC Fund

Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended March 31,
	2024			2023
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$	8,146,574		$	5,881,636
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to    net cash provided by (used in) operating activities:
Net realized (gains)/losses on investments		(1,110,970	)		(56,032	)
Net change in unrealized (appreciation) depreciation on investments		1,204,382			1,374,421
Net accretion of discount on investments		(302,242	)		(633,295	)
Amortization of deferred financing costs		277,917			277,917
Payment-in-kind interest income		(602,748	)		(340,667	)
Purchases and drawdowns of investments		(16,026,952	)		(24,846,991	)
Sales and repayments of investments		59,389,830			3,268,069
(Increase) decrease in operating assets:
Interest and other receivables		(10,233,643	)		4,054,187
Prepaid expenses		66,018			49,777
Increase (decrease) in operating liabilities:
Management fee payable		(54,742	)		16,515
Incentive fee payable		216,679			(295,674	)
Administration fee payable		180,332			(641,309	)
Interest payable		(61,476	)		626,876
Payable for investments purchased		(5,861,264	)		—
Accrued expenses and other liabilities		4,557			166,478
Net cash provided by (used in) operating activities		35,232,252			(11,098,092	)
Cash Flows from Financing Activities:
Proceeds from issuance of common shares		532,335			1,088,965
Redemption of common shares		(16,495,112	)		(10,270,713	)
Distributions to shareholders		(6,182,347	)		(2,614,311	)
Borrowings on credit facility		18,000,000			44,000,000
Payments on credit facility		(19,000,000	)		—
Net cash provided by (used in) financing activities		(23,145,124	)		32,203,941
Net increase (decrease) in cash and cash equivalents		12,087,128			21,105,849
Cash and cash equivalents and restricted cash, beginning of period		12,555,591			6,431,079
Cash and cash equivalents and restricted cash, end of period	$	24,642,719		$	27,536,928
Supplemental and Non-Cash Information
Cash paid for interest	$	5,490,251		$	3,499,403
Reinvestments of distributions	$	1,934,248		$	4,393,175
Reconciliation of Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents	$	20,522,389		$	27,042,779
Restricted cash		4,120,330			494,149
Total cash and cash equivalents and restricted cash	$	24,642,719		$	27,536,928

The accompanying notes are an integral part of these consolidated financial statements.

6

Onex Direct Lending BDC Fund

Consolidated Schedule of Investments

March 31, 2024

(Unaudited)

Portfolio Company (1)	Investment Type	Reference Rate and Spread (2)	Floor			Interest Rate (2)			Initial Acquisition Date	Maturity Date	Par/Shares		Amortized Cost (3)			Fair Value (4)			% of Net Assets			Footnotes
Non-controlled/Non-affiliated investments
Debt Investments
Beverage, Food & Tobacco
Project Cloud Holdings, LLC	Term Loan	1M SOFR + 6.50%		1.00	%		11.68	%	6/5/2023	3/31/2029		11,188,559	$	10,918,606		$	11,039,751			4.3	%	(5)
Project Cloud Holdings, LLC	Revolving Loan	1M SOFR + 6.50%		1.00	%		11.68	%	6/5/2023	3/31/2028		610,170		579,549			593,939			0.2	%	(8) (13)
Total Beverage, Food & Tobacco														11,498,155			11,633,690			4.5	%
Business Services
BCP V Everise Acquisition LLC	Cov-Lite Term Loan B	3M SOFR + 6.00%		—			11.33	%	12/14/2023	12/14/2029		9,000,000		8,123,826			8,100,000			3.1	%	(5)
Milestone Technologies, Inc.	Term Loan (First Lien)	3M SOFR + 6.75%		1.00	%		12.21	%	12/7/2022	12/7/2028		13,280,172		13,060,879			13,054,409			5.0	%	(5)
Milestone Technologies, Inc.	First Amendment Term Loan	3M SOFR + 6.75%		1.00	%		12.21	%	1/3/2024	12/7/2028		1,344,828		1,312,749			1,321,966			0.5	%
Milestone Technologies, Inc.	Revolving Loan	3M SOFR + 6.75%		1.00	%		12.21	%	12/7/2022	12/8/2028		310,345		286,120			283,966			0.1	%	(8) (13)
MIS Acquisition, LLC	Initial Term Loan	3M SOFR + 6.75%		1.00	%		12.07	%	11/16/2023	11/17/2028		26,068,000		25,328,957			25,549,247			9.9	%	(5)
MIS Acquisition, LLC	Revolving Loan	3M SOFR + 6.75%		1.00	%		—		11/16/2023	11/17/2028		—		(53,022	)		(37,147	)		0.0	%	(7) (8) (11) (13)
Montana Buyer Inc.	Initial Term Loan	1M SOFR + 5.75%		0.75	%		11.08	%	7/22/2022	7/22/2029		21,428,750		21,081,369			21,428,750			8.3	%	(5)
Montana Buyer Inc.	Revolving Loan	FFR + 4.75%		0.75	%		11.08	%	7/22/2022	7/22/2028		350,000		314,843			350,000			0.1	%	(8) (13)
Total Business Services														69,455,721			70,051,191			27.1	%
Construction & Building
Steele Solutions, Inc.	Initial Term Loan	3M SOFR + 7.75%		0.50	%		13.34	%	3/18/2022	3/18/2027		13,846,452		13,662,561			13,241,362			5.1	%	(5)
Steele Solutions, Inc.	Revolving Loan	3M SOFR + 7.75%		0.50	%		—		3/18/2022	3/18/2027		—		(22,916	)		(84,581	)		0.0	%	(7) (8) (11) (13)
Total Construction & Building														13,639,645			13,156,781			5.1	%
Consumer Goods: Durable
BCDI Meteor Acquisition, LLC	Initial Term Loan	3M SOFR + 7.00%		1.00	%		12.40	%	12/29/2022	10/29/2028		24,750,000		24,242,215			24,663,375			9.5	%	(5)
Hy Cite Enterprises, LLC	Term Loan	3M SOFR + 8.00%		1.50	%		13.59	%	11/12/2021	11/12/2026		24,726,123		24,304,124			24,726,123			9.6	%	(5)
Total Consumer Goods: Durable														48,546,339			49,389,498			19.1	%
Consumer Goods: Non-durable
Connect America.com, LLC	Term Facility	6M SOFR + 7.00%		1.00	%		12.43	%	10/1/2021	6/30/2026		20,750,618		20,525,186			20,698,741			8.0	%	(5)
Connect America.com, LLC	Incremental Term Facility	6M SOFR + 7.00%		1.00	%		12.74	%	4/6/2022	6/30/2026		1,226,126		1,204,922			1,223,060			0.5	%	(5)
Wellful Inc.	Initial Term Loan (First Lien)	6M SOFR + 6.25%		0.75	%		11.69	%	11/16/2021	4/21/2027		14,062,500		14,057,438			12,377,180			4.8	%	(5) (12)
Wellful Inc.	Amendment No. 1 Incremental Term Loan	3M SOFR + 6.25%		0.75	%		11.69	%	11/16/2021	4/21/2027		4,812,500		4,643,209			4,235,746			1.6	%	(5) (12)
Total Consumer Goods: Non-durable														40,430,755			38,534,727			14.9	%
Consumer Services
KUEHG Corp.	Initial Term Loan	3M SOFR + 5.00%		0.50	%		10.30	%	3/26/2024	6/12/2030		2,244,361		2,239,687			2,238,750			0.9	%	(15)
Zips Car Wash, LLC	Delayed Draw Term Loan	1M SOFR + 7.25%		1.00	%		12.68	%	7/13/2022	12/31/2024		9,652,907		9,591,608			9,411,584			3.6	%	(5) (8) (13)
Total Consumer Services														11,831,295			11,650,334			4.5	%
Financial Services
The Ultimus Group Midco, LLC	Term Loan	3M SOFR + 5.50%		0.75	%		10.93	%	3/7/2024	3/7/2031		8,012,719		7,933,069			7,932,591			3.1	%	(15)
The Ultimus Group Midco, LLC	Delayed Draw Term Loan	3M SOFR + 5.50%		0.75	%		—		3/7/2024	3/7/2026		—		(5,910	)		(11,924	)		0.0	%	(7) (8) (11) (13) (15)
The Ultimus Group Midco, LLC	Revolving Loan	3M SOFR + 5.50%		0.75	%		—		3/7/2024	3/7/2030		—		(7,871	)		(7,949	)		0.0	%	(7) (8) (11) (13) (15)
Total Financial Services														7,919,288			7,912,718			3.1	%
Forest Products & Paper

7

Portfolio Company (1)	Investment Type	Reference Rate and Spread (2)	Floor			Interest Rate (2)			Initial Acquisition Date	Maturity Date	Par/Shares		Amortized Cost (3)			Fair Value (4)			% of Net Assets			Footnotes
Jackson Paper Manufacturing Company	Initial Term Loan	3M SOFR + 7.25%		1.00	%		12.68	%	10/1/2021	8/26/2026		11,245,718		11,105,143			10,681,183			4.1	%	(5)
Jackson Paper Manufacturing Company	Revolving Loan	3M SOFR + 7.25%		1.00	%		—		10/1/2021	8/26/2026		—		(14,698	)		(66,933	)		0.0	%	(7) (8) (11) (13)
Total Forest Products & Paper														11,090,445			10,614,250			4.1	%
Healthcare & Pharmaceuticals
Amplity Parent, Inc.	Restatement Date Term Loan (First Lien)	1M SOFR + 7.50%		1.00	%	12.93% (1.50% PIK)			2/4/2022	1/31/2027		21,707,295		21,483,285			17,582,909			6.8	%	(5)
Amplity Parent, Inc.	Revolving Credit Facility	1M SOFR + 7.50%		1.00	%	12.93% (1.50% PIK)			2/4/2022	1/31/2027		1,493,795		1,471,985			1,070,659			0.4	%	(8) (13)
APT Opco, LLC	Senior Secured Term Loan	3M SOFR + 6.50%		1.00	%		12.07	%	12/28/2021	12/28/2026		19,782,738		19,540,999			19,664,042			7.6	%	(5)
APT Opco, LLC	Delayed Draw Term Loan	3M SOFR + 6.50%		1.00	%		12.08	%	12/28/2021	12/28/2026		1,532,143		1,520,215			1,522,950			0.6	%	(5) (8) (13)
Celerion Buyer, Inc.	Term Loan (First Lien)	6M SOFR +6.50%		0.75	%		11.77	%	11/7/2022	11/3/2029		14,365,473		14,076,017			14,365,473			5.6	%	(5)
Celerion Buyer, Inc.	Delayed Draw Term Loan	6M SOFR +6.50%		0.75	%		—		11/7/2022	11/3/2029		—		(44,554	)		—			0.0	%	(7) (8) (11) (13)
Celerion Buyer, Inc.	Revolving Loan	6M SOFR +6.50%		0.75	%		—		11/7/2022	11/3/2028		—		(22,053	)		—			0.0	%	(7) (8) (11) (13)
MMS Bidco LLC	Term Loan (First Lien)	6M SOFR + 6.00%		1.00	%		11.69	%	6/30/2022	6/30/2027		24,625,000		24,259,540			24,625,000			9.5	%	(5)
Spark DSO, LLC	First Lien Term Loan	3M SOFR + 7.75%		1.00	%	13.23% (5.75% PIK)			2/9/2022	4/19/2026		14,995,373		14,919,040			14,930,893			5.8	%	(5)
Spark DSO, LLC	Revolver	1M SOFR + 7.75%		1.00	%	13.23% (5.75% PIK)			2/9/2022	4/19/2026		579,328		570,193			571,266			0.2	%	(8) (13)
Total Healthcare & Pharmaceuticals														97,774,667			94,333,192			36.5	%
High Tech Industries
Apryse Software Corp (fka PDFTron US Acquisition Corp.)	2022-1 Incremental Term Loan	1M SOFR + 5.50%		1.00	%		10.81	%	3/23/2022	7/15/2027		12,781,414		12,605,965			12,773,745			4.9	%	(5) (10)
Apryse Software Corp (fka PDFTron US Acquisition Corp.)	2023-1 Incremental Term Loan	1M SOFR + 6.00%		1.00	%		11.36	%	3/21/2023	7/15/2027		3,341,250		3,286,083			3,339,245			1.3	%	(5) (10)
Apryse Software Corp (fka PDFTron US Acquisition Corp.)	2023-1 Incremental Delayed Draw Term Loan	1M SOFR + 6.00%		1.00	%		11.32	%	3/21/2023	7/15/2027		1,620,938		1,608,709			1,619,965			0.6	%	(5) (7) (8) 10) (11) (13)
Bullhorn, Inc.	Amendment No. 1 Term Loan	1M SOFR + 5.50%		1.00	%		10.93	%	11/10/2021	9/30/2026		14,678,370		14,656,548			14,585,896			5.6	%	(5) (10)
Medallia, Inc.	Initial Term Loan	3M SOFR + 6.50%		0.75	%	11.91% (4.00% PIK)			10/29/2021	10/29/2028		25,663,766		25,356,711			25,663,766			9.9	%	(5) (9)
SailPoint Technologies Holdings Inc.	Initial Term Loan	1M SOFR + 6.00%		0.75	%		11.31	%	8/16/2022	8/16/2029		23,123,123		22,757,617			22,834,084			8.8	%	(5)
SailPoint Technologies Holdings Inc.	Revolving Loan	1M SOFR + 6.00%		0.75	%		—		8/16/2022	8/16/2028		—		(27,353	)		(23,461	)		0.0	%	(7) (8) (11) (13)
Total High Tech Industries														80,244,280			80,793,240			31.2	%
Insurance
Foundation Risk Partners, Corp.	Term Loan	3M SOFR + 6.75%		0.75	%		12.16	%	3/8/2023	10/29/2028		19,793,608		19,279,035			19,793,608			7.7	%	(5) (15)
Foundation Risk Partners, Corp.	Delayed Draw Term Loan	3M SOFR + 6.75%		0.75	%		12.16	%	3/8/2023	10/29/2028		9,250,313		9,129,804			9,250,313			3.6	%	(5) (8) (13) (15)
Total Insurance														28,408,839			29,043,921			11.2	%
Sovereign & Public Finance
Pansophic Learning Ltd.	Senior Secured Term Loan	1M SOFR + 7.25%		1.00	%		12.84	%	3/25/2022	3/25/2027		13,000,000		12,982,258			13,000,000			5.0	%	(5)
S4T Holdings Corp.	Term Loan (First Lien)	1M SOFR + 6.00%		1.00	%		11.45	%	12/27/2021	12/27/2026		15,106,818		14,949,471			15,106,818			5.8	%	(5)
S4T Holdings Corp.	Delayed Draw Term Loan	1M SOFR + 6.00%		1.00	%		11.45	%	12/27/2021	12/27/2026		4,511,500		4,493,056			4,511,500			1.7	%	(5) (8) (13)
Total Sovereign & Public Finance														32,424,785			32,618,318			12.6	%
Transportation: Cargo
Keystone Purchaser, LLC	Term Loan	6M SOFR + 5.75%		1.00	%		11.26	%	2/1/2022	5/7/2027		21,030,493		20,746,020			20,763,406			8.0	%	(5) (9)
Total Transportation: Cargo														20,746,020			20,763,406			8.0	%
Wholesale
IMB Midco LLC (formerly, WSP Midco LLC)	Initial Term Loan	3M SOFR + 7.00%		1.00	%		11.71	%	10/1/2021	4/27/2027		17,243,102		17,030,764			13,578,943			5.2	%	(5)
IMB Midco LLC (formerly, WSP Midco LLC)	Revolving Loan	3M SOFR + 7.00%		1.00	%		—		10/1/2021	4/27/2027		—		(9,372	)		(180,703	)		-0.1	%	(7) (8) (11) (13)
Total Wholesale														17,021,392			13,398,240			5.2	%
Total Debt Investments														491,031,626			483,893,506			187.0	%
Equity
Business Services

8

Portfolio Company (1)	Investment Type	Reference Rate and Spread (2)	Floor	Interest Rate (2)	Initial Acquisition Date	Maturity Date	Par/Shares		Amortized Cost (3)		Fair Value (4)			% of Net Assets			Footnotes
Milestone Technologies, Inc. (Maverick Acquisition Holdings, LP)	Common Equity				12/7/2022	N/A		1,500,000		1,500,000		1,484,700			0.6	%
KeyData Associates Inc.	Common Equity				10/1/2021	N/A		1,250,000		979,662		1,405,188			0.5	%	(10)
Total Business Services										2,479,662		2,889,888			1.1	%
Consumer Goods: Non-durable
Connect America.com, LLC	Common Equity				12/15/2022	N/A		24,048		3,131,511		3,335,343			1.3	%	(14)
Total Consumer Goods: Non-durable										3,131,511		3,335,343			1.3	%
Sovereign & Public Finance
S4T Holdings Corp. (Vistria ESS Holdings, LLC)	Equity Units				12/27/2021	N/A		200		200,000		395,763			0.2	%
Total Sovereign & Public Finance										200,000		395,763			0.2	%
Wholesale
IMB Holdco LLC (formerly, WSP Holdco LLC)	Class A Common Units				10/1/2021	N/A		3,400		3,400,000		—			0.0	%	(6)
IMB Holdco LLC (formerly, WSP Holdco LLC)	Series P Units				5/15/2023	N/A		374		374,000		—			0.0	%	(6)
Total Wholesale										3,774,000		—			0.0	%
Total Equity										9,585,173		6,620,994			2.6	%
Total Non-controlled/Non-affiliated investments									$	500,616,799		490,514,500			189.6	%
Liabilities in Excess of Other Assets												(231,811,741	)		-89.6	%
Total Net Assets											$	258,702,759			100.0	%

(1)All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted as Canadian dollar ("CAD").

(2)Represents the interest rate in effect as of the reporting date and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or alternative base rate (commonly known as the U.S. Prime Rate (“Prime” or “P”), unless otherwise noted), which reset periodically based on the terms of the loan agreement. As of March 31, 2024, the 1-Month SOFR or “1M SOFR” was 5.33%, the 3-Month SOFR or “3M SOFR” was 5.30%, the 6-Month SOFR or “6M SOFR” was 5.22%, and the Prime was 8.50%.

(3)The amortized cost represents the initial cost adjusted for the accretion of discount or amortization of premium, as applicable, using the effective interest method.

(4)Unless otherwise noted, the fair value of the Company’s investments is determined using significant unobservable inputs (classified as Level 3 within the fair value hierarchy) by the Adviser in its role as "valuation designee" in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company's board of trustees (the "Board"). Although the Board designated the Adviser as "valuation designee," the Board ultimately is responsible for fair value determinations under the 1940 Act. (See Note 2 to the consolidated financial statements).

(5)Security, or a portion thereof, is held through Onex Direct Lending BDC SPV LLC, a wholly-owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral supporting the amounts outstanding under the Société Générale debt facility.

(6)Security is held through Onex Direct Lending BDC Blocker LLC, a wholly-owned blocker subsidiary.

(7)The maturity date disclosed represents the commitment period of the unfunded term loan or revolver.

(8)The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and/or unused fee rate.

(9)The stated interest rate represents the weighted average interest rate of all contracts.

(10)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. Non-qualifying assets represented 6.4% of total assets as of March 31, 2024.

(11)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

(12)Level 2 investment.

(13)As of March 31, 2024, the Company had the following commitments to fund various revolving and delayed draw term loans. Such commitments are subject to certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied.

9

Portfolio Company	Type	Total Commitment		Funded Commitment		Expired Commitment		Unfunded Commitment
Amplity Parent, Inc.	Revolver	$	2,227,032	$	1,493,795	$	—	$	733,237
Apryse Software Corp (fka PDFTron US Acquisition Corp.)	Delayed Draw Term Loan		1,625,000		1,625,000		—		—
APT Opco, LLC	Delayed Draw Term Loan		4,761,905		1,539,881		3,222,024		—
Celerion Buyer Inc.	Delayed Draw Term Loan		2,301,790		—		—		2,301,790
Celerion Buyer Inc.	Revolver		1,150,895		—		—		1,150,895
Foundation Risk Partners, Corp.	Delayed Draw Term Loan		9,306,818		9,306,818		—		—
Jackson Paper Manufacturing Company	Revolver		1,333,333		—		—		1,333,333
Milestone Technologies, Inc.	Revolver		1,551,724		310,345		—		1,241,379
MIS Acquisition, LLC	Revolver		1,866,667		—		—		1,866,667
Montana Buyer Inc.	Revolver		2,450,000		350,000		—		2,100,000
Project Cloud Holdings, LLC	Delayed Draw Term Loan		1,525,424		1,525,424		—		—
Project Cloud Holdings, LLC	Revolver		1,220,338		610,169		—		610,169
S4T Holdings Corp.	Delayed Draw Term Loan		4,545,455		4,545,455		—		—
SailPoint Technologies Holdings Inc.	Revolver		1,876,877		—		—		1,876,877
Spark DSO, LLC	Revolver		2,500,000		579,328		625,000		1,295,672
Spark DSO, LLC	Delayed Draw Term Loan						—		—
Steele Solutions, Inc.	Revolver		1,935,484		—		—		1,935,484
The Ultimus Group Midco, LLC	Delayed Draw Term Loan		1,192,369		—		—		1,192,369
The Ultimus Group Midco, LLC	Revolver		794,913		—		—		794,913
IMB Midco LLC (formerly, WSP Midco LLC)	Revolver		850,365		—		—		850,365
Zips Car Wash, LLC	Delayed Draw Term Loan		25,000,000		9,765,625		15,234,375		—
		$	70,016,389	$	31,651,840	$	19,081,399	$	19,283,150

(14)Security is held through Connect America OFDL BDC Holdings, LLC, a wholly-owned subsidiary.

(15)Represents co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. See “Note 3. Related Party Transactions.”

The accompanying notes are an integral part of these consolidated financial statements.

10

Onex Direct Lending BDC Fund

Consolidated Schedule of Investments

December 31, 2023

Portfolio Company (1)	Investment Type	Reference Rate and Spread (2)	Floor			Interest Rate (2)			Initial Acquisition Date	Maturity Date	Par/Shares		Amortized Cost (3)			Fair Value (4)			% of Net Assets			Footnotes
Non-controlled/Non-affiliated investments
Debt Investments
Automotive
Crash Champions Intermediate, LLC	Initial Term Loan	1M SOFR + 7.00%		0.75	%		12.36	%	8/8/2022	8/1/2029		6,293,023	$	6,183,816		$	6,284,213			2.3	%	(5)
Crash Champions Intermediate, LLC	2022 Term Loan	1M SOFR + 7.00%		0.75	%		12.36	%	8/8/2022	8/1/2029		9,925,000		9,571,368			9,911,105			3.6	%	(5)
Crash Champions Intermediate, LLC	Delayed Draw Term Loan	1M SOFR + 7.00%		0.75	%		12.36	%	8/8/2022	8/1/2029		2,686,046		2,639,580			2,682,286			1.0	%	(5)
Crash Champions Intermediate, LLC	Revolving Credit Loan	PRIME + 5.25%		0.75	%		13.75	%	8/8/2022	8/1/2028		403,101		388,847			401,798			0.1	%	(8) (13)
Total Automotive														18,783,611			19,279,402			7.1	%
Beverage, Food & Tobacco
Project Cloud Holdings, LLC	Term Loan	1M SOFR + 6.50%		1.00	%		11.96	%	4/10/2023	3/31/2029		14,872,881		14,457,643			14,459,415			5.3	%	(5)
Project Cloud Holdings, LLC	Delayed Draw Term Loan	1M SOFR + 6.50%		1.00	%		11.96	%	4/10/2023	3/31/2029		1,525,424		1,504,853			1,483,017			0.5	%	(5) (8) (13)
Project Cloud Holdings, LLC	Revolving Loan	1M SOFR + 6.50%		1.00	%		11.96	%	4/10/2023	3/31/2028		915,253		883,107			881,329			0.3	%	(8) (13)
Total Beverage, Food & Tobacco														16,845,603			16,823,761			6.2	%
Business Services
BCP V Everise Acquisition LLC	Cov-Lite Term Loan B	3M SOFR + 6.00%		—			11.39	%	12/14/2023	12/14/2029		9,000,000		8,100,000			8,100,000			3.0	%
Kelso Industries LLC	Eighth Amendment Term Loan	1M SOFR + 6.50%		1.00	%		12.02	%	11/17/2023	5/16/2027		15,657,895		15,351,747			15,344,737			5.6	%	(5)
Kelso Industries LLC	Revolving Loan	1M SOFR + 6.50%		1.00	%		12.04	%	11/17/2023	5/16/2027		939,473		913,577			912,632			0.3	%	(8) (13)
Milestone Technologies, Inc.	Term Loan (First Lien)	3M SOFR + 6.50%		1.00	%		12.00	%	12/7/2022	12/7/2028		13,313,793		13,084,993			13,027,547			4.8	%	(5)
Milestone Technologies, Inc.	Revolving Loan	3M SOFR + 6.50%		1.00	%		12.00	%	12/7/2022	12/8/2028		206,897		181,384			173,534			0.1	%	(8) (13)
MIS Acquisition, LLC	Initial Term Loan	3M SOFR + 6.75%		1.00	%		12.12	%	11/16/2023	11/17/2028		26,133,333		25,360,599			25,349,333			9.3	%	(5)
MIS Acquisition, LLC	Revolving Loan	3M SOFR + 6.75%		1.00	%		—		11/16/2023	11/17/2028		—		(55,014	)		(56,000	)		0.0	%	(7) (8) (11) (13)
Montana Buyer Inc.	Initial Term Loan	1M SOFR + 5.75%		0.75	%		11.11	%	7/22/2022	7/22/2029		21,483,000		21,115,534			21,366,992			7.8	%	(5)
Montana Buyer Inc.	Revolving Loan	FFR + 4.75%		0.75	%		11.11	%	7/22/2022	7/22/2028		350,000		312,808			336,770			0.1	%	(8) (13)
Total Business Services														84,365,628			84,555,545			31.0	%
Construction & Building
Steele Solutions, Inc.	Initial Term Loan	3M SOFR + 7.25%		0.50	%		12.91	%	3/18/2022	3/18/2027		13,881,774		13,683,161			13,500,025			5.0	%	(5)
Steele Solutions, Inc.	Revolving Loan	3M SOFR + 7.25%		0.50	%		—		3/18/2022	3/18/2027		—		(24,845	)		(53,225	)		0.0	%	(7) (8) (11) (13)
Total Construction & Building														13,658,316			13,446,800			4.9	%
Consumer Goods: Durable
BCDI Meteor Acquisition, LLC	Initial Term Loan	3M SOFR + 7.00%		1.00	%		12.45	%	12/29/2022	10/29/2028		24,812,500		24,279,227			24,556,931			9.0	%	(5)
Hy Cite Enterprises, LLC	Term Loan	3M SOFR + 8.00%		1.50	%		13.65	%	11/12/2021	11/12/2026		26,678,962		26,179,976			26,678,962			9.8	%	(5)
Total Consumer Goods: Durable														50,459,203			51,235,893			18.8	%
Consumer Goods: Non-durable
Connect America.com, LLC	Term Facility	6M SOFR + 7.00%		1.00	%		12.43	%	10/1/2021	6/30/2026		20,846,085		20,597,404			20,585,509			7.5	%	(5)
Connect America.com, LLC	Incremental Term Facility	6M SOFR + 7.00%		1.00	%		12.74	%	4/6/2022	6/30/2026		1,231,767		1,208,056			1,216,370			0.4	%	(5)
Wellful Inc.	Initial Term Loan (First Lien)	6M SOFR + 6.25%		0.75	%		11.72	%	11/16/2021	4/21/2027		14,156,250		14,148,945			12,607,910			4.6	%	(5) (12)
Wellful Inc.	Amendment No. 1 Incremental Term Loan	3M SOFR + 6.25%		0.75	%		11.72	%	11/16/2021	4/21/2027		4,843,750		4,664,448			4,313,965			1.6	%	(5) (12)
Total Consumer Goods: Non-durable														40,618,853			38,723,754			14.2	%
Consumer Services
Zips Car Wash, LLC	Delayed Draw Term Loan	1M SOFR + 7.25%		1.00	%		12.71	%	7/13/2022	3/1/2024		9,648,940		9,636,433			8,699,485			3.2	%	(5) (8) (13)

11

Portfolio Company (1)	Investment Type	Reference Rate and Spread (2)	Floor			Interest Rate (2)			Initial Acquisition Date	Maturity Date	Par/Shares		Amortized Cost (3)			Fair Value (4)			% of Net Assets			Footnotes
Total Consumer Services														9,636,433			8,699,485			3.2	%
Forest Products & Paper
Jackson Paper Manufacturing Company	Initial Term Loan	3M SOFR + 7.25%		1.00	%		12.79	%	10/1/2021	8/26/2026		11,245,718		11,091,029			10,952,205			4.0	%	(5)
Jackson Paper Manufacturing Company	Revolving Loan	3M SOFR + 7.25%		1.00	%		—		10/1/2021	8/26/2026		—		(16,223	)		(34,800	)		0.0	%	(7) (8) (11) (13)
Total Forest Products & Paper														11,074,806			10,917,405			4.0	%
Healthcare & Pharmaceuticals
Amplity Parent, Inc.	Restatement Date Term Loan (First Lien)	1M SOFR + 7.50%		1.00	%	12.96% (1.50% PIK)			2/4/2022	1/31/2027		21,625,196		21,377,471			17,881,874			6.6	%	(5)
Amplity Parent, Inc.	Revolving Credit Facility	1M SOFR + 7.50%		1.00	%	12.96% (1.50% PIK)			2/4/2022	1/31/2027		1,488,145		1,464,351			1,102,646			0.4	%	(8) (13)
APT Opco, LLC	Senior Secured Term Loan	3M SOFR + 6.50%		1.00	%		12.11	%	12/28/2021	12/28/2026		19,833,333		19,571,109			19,674,667			7.2	%	(5)
APT Opco, LLC	Delayed Draw Term Loan	3M SOFR + 6.50%		1.00	%		12.13	%	12/28/2021	12/28/2026		1,536,012		1,522,969			1,523,724			0.6	%	(5) (8) (13)
Celerion Buyer, Inc.	Term Loan (First Lien)	6M SOFR +6.50%		0.75	%		11.93	%	11/7/2022	11/3/2029		14,401,841		14,095,275			14,401,841			5.3	%	(5)
Celerion Buyer, Inc.	Delayed Draw Term Loan	6M SOFR +6.50%		0.75	%		—		11/7/2022	11/3/2029		—		(46,870	)		—			0.0	%	(7) (8) (11) (13)
Celerion Buyer, Inc.	Revolving Loan	6M SOFR +6.50%		0.75	%		—		11/7/2022	11/3/2028		—		(23,249	)		—			0.0	%	(7) (8) (11) (13)
MMS Bidco LLC	Term Loan (First Lien)	6M SOFR + 6.00%		1.00	%		11.69	%	6/30/2022	6/30/2027		24,687,500		24,313,767			24,643,063			9.0	%	(5)
Spark DSO, LLC	First Lien Term Loan	3M SOFR + 7.75%		1.00	%	13.29% (5.75% PIK)			2/9/2022	4/19/2026		14,779,515		14,692,572			14,662,757			5.4	%	(5)
Spark DSO, LLC	Revolver	1M SOFR + 7.75%		1.00	%	13.29% (5.75% PIK)			2/9/2022	4/19/2026		570,988		560,735			556,176			0.2	%	(8) (13)
Total Healthcare & Pharmaceuticals														97,528,130			94,446,748			34.6	%
High Tech Industries
Apryse Software Corp (fka PDFTron US Acquisition Corp.)	2022-1 Incremental Term Loan	1M SOFR + 5.50%		1.00	%		10.86	%	3/23/2022	7/15/2027		12,814,019		12,627,721			12,778,140			4.7	%	(5) (10)
Apryse Software Corp (fka PDFTron US Acquisition Corp.)	2023-1 Incremental Term Loan	1M SOFR + 6.00%		1.00	%		11.36	%	3/21/2023	7/15/2027		3,349,688		3,291,107			3,340,308			1.2	%	(5) (10)
Apryse Software Corp (fka PDFTron US Acquisition Corp.)	2023-1 Incremental Delayed Draw Term Loan	1M SOFR + 6.00%		1.00	%		—		3/21/2023	3/21/2025		—		(13,354	)		(4,550	)		0.0	%	(5) (7) (8) 10) (11) (13)
Bullhorn, Inc.	Amendment No. 1 Term Loan	1M SOFR + 5.50%		1.00	%		10.96	%	11/10/2021	9/30/2026		14,716,177		14,686,944			14,564,600			5.3	%	(5) (10)
GS AcquisitionCo, Inc.	Initial Term Loan	3M SOFR + 5.50%		1.00	%		11.00	%	11/3/2021	5/22/2026		12,249,679		12,226,819			12,117,382			4.4	%	(5)
Medallia, Inc.	Initial Term Loan	3M SOFR + 6.00%		0.75	%	11.95% (4.00% PIK)			10/29/2021	10/29/2028		25,409,669		25,089,506			25,236,883			9.3	%	(5) (9)
SailPoint Technologies Holdings Inc.	Initial Term Loan	1M SOFR + 6.00%		0.75	%		11.36	%	8/16/2022	8/16/2029		23,123,123		22,738,403			22,834,084			8.4	%	(5)
SailPoint Technologies Holdings Inc.	Revolving Loan	1M SOFR + 6.00%		0.75	%		—		8/16/2022	8/16/2028		—		(28,911	)		(23,460	)		0.0	%	(7) (8) (11) (13)
Total High Tech Industries														90,618,235			90,843,387			33.3	%
Insurance
Foundation Risk Partners, Corp.	Term Loan	3M SOFR + 6.75%		0.75	%		12.20	%	3/8/2023	10/29/2028		19,843,466		19,305,744			19,829,575			7.3	%	(5) (15)
Foundation Risk Partners, Corp.	Delayed Draw Term Loan	3M SOFR + 6.75%		0.75	%		12.20	%	3/8/2023	10/29/2028		9,273,580		9,247,274			9,267,088			3.4	%	(5) (8) (13) (15)
Total Insurance														28,553,018			29,096,663			10.7	%
Sovereign & Public Finance
Pansophic Learning Ltd.	Senior Secured Term Loan	3M SOFR + 7.25%		1.00	%		12.90	%	3/25/2022	3/25/2027		13,000,000		12,954,884			13,000,000			4.8	%	(5)
S4T Holdings Corp.	Term Loan (First Lien)	1M SOFR + 6.00%		1.00	%		11.47	%	12/27/2021	12/27/2026		15,145,454		14,971,724			15,145,454			5.6	%	(5)
S4T Holdings Corp.	Delayed Draw Term Loan	1M SOFR + 6.00%		1.00	%		11.47	%	12/27/2021	12/27/2026		4,522,818		4,501,421			4,522,818			1.7	%	(5) (8) (13)
Total Sovereign & Public Finance														32,428,029			32,668,272			12.0	%
Transportation: Cargo
Keystone Purchaser, LLC	Term Loan	6M SOFR + 5.75%		1.00	%		11.64	%	2/1/2022	5/7/2027		21,084,476		20,789,872			20,504,652			7.5	%	(5) (9)
Total Transportation: Cargo														20,789,872			20,504,652			7.5	%
Wholesale
IMB Midco LLC (formerly, WSP Midco LLC)	Initial Term Loan	3M SOFR + 7.00%		1.00	%		12.53	%	10/1/2021	4/27/2027		17,257,983		17,028,940			14,906,583			5.5	%	(5)
IMB Midco LLC (formerly, WSP Midco LLC)	Revolving Loan	3M SOFR + 7.00%		1.00	%		—		10/1/2021	4/27/2027		—		(10,133	)		(115,861	)		0.0	%	(7) (8) (11) (13)

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Portfolio Company (1)	Investment Type	Reference Rate and Spread (2)	Floor	Interest Rate (2)	Initial Acquisition Date	Maturity Date	Par/Shares		Amortized Cost (3)		Fair Value (4)			% of Net Assets			Footnotes
Total Wholesale										17,018,807		14,790,722			5.4	%
Total Debt Investments										532,378,544		526,032,489			192.9	%
Equity
Business Services
Milestone Technologies, Inc. (Maverick Acquisition Holdings, LP)	Common Equity				12/7/2022	N/A		1,500,000		1,500,000		1,500,000			0.6	%
KeyData Associates Inc.	Common Equity				10/1/2021	N/A		1,250,000		979,662		1,249,811			0.5	%	(10)
Total Business Services										2,479,662		2,749,811			1.0	%
Consumer Goods: Non-durable
Connect America.com, LLC	Common Equity				12/15/2022	N/A		24,048		3,131,511		3,348,236			1.2	%	(14)
Total Consumer Goods: Non-durable										3,131,511		3,348,236			1.2	%
Sovereign & Public Finance
S4T Holdings Corp. (Vistria ESS Holdings, LLC)	Equity Units				12/27/2021	N/A		200		200,000		359,543			0.1	%
Total Sovereign & Public Finance										200,000		359,543			0.1	%
Wholesale
IMB Holdco LLC (formerly, WSP Holdco LLC)	Class A Common Units				10/1/2021	N/A		3,400		3,400,000		—			0.0	%	(6)
IMB Holdco LLC (formerly, WSP Holdco LLC)	Series P Units				5/15/2023	N/A		374		374,000		575,721			0.2	%	(6)
Total Wholesale										3,774,000		575,721			0.2	%
Total Equity										9,585,173		7,033,311			2.6	%
Total Non-controlled/Non-affiliated investments									$	541,963,717		533,065,800			195.5	%	(16)
Liabilities in Excess of Other Assets												(260,364,491	)		-95.5	%
Total Net Assets											$	272,701,309			100.0	%

(1)All of the Company’s investments are issued by eligible portfolio companies, as defined in the 1940 Act, unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted as Canadian dollar ("CAD").

(2)Represents the interest rate in effect as of the reporting date and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”) or Secured Overnight Financing Rate (“SOFR” or “S”) or Canadian Dollar Offered Rate (“CDOR” or “C”) or alternative base rate (commonly known as the U.S. Prime Rate (“Prime” or “P”), unless otherwise noted), which reset periodically based on the terms of the loan agreement. As of December 31, 2023, the 1-Month SOFR or “1M SOFR” was 5.35%, the 3-Month SOFR or “3M SOFR” was 5.33%, the 6-Month SOFR or “6M SOFR” was 5.16%, and the Prime was 8.50%.

(3)The amortized cost represents the initial cost adjusted for the accretion of discount or amortization of premium, as applicable, using the effective interest method.

(4)Unless otherwise noted, the fair value of the Company’s investments is determined using significant unobservable inputs (classified as Level 3 within the fair value hierarchy) by the Adviser in its role as "valuation designee" in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Board. Although the Board designated the Adviser as "valuation designee," the Board ultimately is responsible for fair value determinations under the 1940 Act. (See Note 2 to the consolidated financial statements)

(5)Security, or a portion thereof, is held through Onex Direct Lending BDC SPV LLC, a wholly-owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral supporting the amounts outstanding under the Société Générale debt facility.

(6)Security is held through Onex Direct Lending BDC Blocker LLC, a wholly-owned blocker subsidiary.

(7)The maturity date disclosed represents the commitment period of the unfunded term loan or revolver.

(8)The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and/or unused fee rate.

(9)The stated interest rate represents the weighted average interest rate of all contracts.

(10)This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. Non-qualifying assets represented 5.8% of total assets as of December 31, 2023.

(11)The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

(12)Level 2 investment.

(13)As of December 31, 2023, the Company had the following commitments to fund various revolving and delayed draw term loans. Such commitments are subject to certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied.

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Portfolio Company	Type	Total Commitment		Funded Commitment		Expired Commitment		Unfunded Commitment
Amplity Parent, Inc.	Revolver	$	2,227,032	$	1,488,145	$	—	$	738,887
Apryse Software Corp (fka PDFTron US Acquisition Corp.)	Delayed Draw Term Loan		1,625,000		—		—		1,625,000
APT Opco, LLC	Delayed Draw Term Loan		4,761,905		1,547,619		3,214,286		—
Celerion Buyer Inc.	Delayed Draw Term Loan		2,301,790		—		—		2,301,790
Celerion Buyer Inc.	Revolver		1,150,895		—		—		1,150,895
Crash Champions Intermediate, LLC	Delayed Draw Term Loan		2,713,178		2,713,178		—		—
Crash Champions Intermediate, LLC	Revolver		930,233		403,101		—		527,132
Foundation Risk Partners, Corp.	Delayed Draw Term Loan		9,306,818		9,306,818		—		—
Jackson Paper Manufacturing Company	Revolver		1,333,333		—		—		1,333,333
Kelso Industries LLC	Revolver		1,342,105		939,473		—		402,632
Milestone Technologies, Inc.	Revolver		1,551,724		206,897		—		1,344,827
MIS Acquisition, LLC	Revolver		1,866,667		—		—		1,866,667
Montana Buyer Inc.	Revolver		2,450,000		350,000		—		2,100,000
Project Cloud Holdings, LLC	Delayed Draw Term Loan		1,525,424		1,525,424		—		—
Project Cloud Holdings, LLC	Revolver		1,220,338		915,253		—		305,085
S4T Holdings Corp.	Delayed Draw Term Loan		4,545,455		4,545,455		—		—
SailPoint Technologies Holdings Inc.	Revolver		1,876,877		—		—		1,876,877
Spark DSO, LLC	Revolver		2,500,000		570,988		625,000		1,304,012
Steele Solutions, Inc.	Revolver		1,935,484		—		—		1,935,484
Steele Solutions, Inc.	Delayed Draw Term Loan		3,225,806		—		3,225,806		—
IMB Midco LLC (formerly, WSP Midco LLC)	Delayed Draw Term Loan		3,401,460		—		3,401,460		—
IMB Midco LLC (formerly, WSP Midco LLC)	Revolver		850,365		—		—		850,365
Zips Car Wash, LLC	Delayed Draw Term Loan		25,000,000		9,765,625		15,234,375		—
		$	79,641,889	$	34,277,976	$	25,700,927	$	19,662,986

(14)Security is held through Connect America OFDL BDC Holdings, LLC, a wholly-owned subsidiary.

(15)Represents co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. See “Note 3. Related Party Transactions.”

(16)As of December 31, 2023, the estimated cost basis of investments for U.S. federal tax purposes was $541,963,717, resulting in gross unrealized appreciation and depreciation of $4,457,241 and $13,355,158, respectively.

The accompanying notes are an integral part of these consolidated financial statements.

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Onex Direct Lending BDC Fund

Notes to Consolidated Financial Statements

(Unaudited)

Note 1. Organization

Onex Direct Lending BDC Fund (formerly known as Onex Falcon Direct Lending BDC Fund) (the “Company”, “we”, “us”, or “our”), a Delaware statutory trust formed on April 27, 2021, is a non-diversified, closed-end management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company also elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company commenced operations on October 1, 2021.

On August 25, 2021, the Company formed a wholly-owned blocker entity, Onex Direct Lending BDC Blocker LLC (formerly known as Onex Falcon Direct Lending BDC Blocker LLC) (the “ODL Blocker”), which holds certain of the Company’s portfolio equity investments. On September 21, 2021, the Company formed a wholly-owned, special-purpose, bankruptcy-remote subsidiary, Onex Direct Lending BDC SPV, LLC (formerly known as Onex Falcon Direct Lending BDC SPV, LLC) (the “ODL SPV”), which holds certain of the Company’s portfolio loan investments that are used as collateral for the debt financing facility provided by Société Générale. On December 13, 2022, the Company formed a wholly-owned entity, Connect America OFDL BDC Holdings, LLC (the “OFDL Holdings”), which holds certain of the Company's portfolio equity investments.

Effective March 5, 2024, Onex Falcon Investment Advisors, LLC, the Company’s prior investment adviser, assigned the Investment Advisory Agreement (as defined below) to Onex Credit Advisor, LLC. The Company is managed by the Adviser. The Adviser, subject to the overall supervision of the Board, provides investment advisory services to the Company. The Adviser also provides administrative services necessary for the Company to operate.

The Company’s investment objective is to generate current income while preserving capital and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns.

The Company invests primarily in high-quality senior secured first lien loans and other credit investments of “middle market companies” located in the United States. The Company defines “high-quality” as investments deemed by the Adviser, after diligence and underwriting, to have favorable risk-reward characteristics including, but not limited to, a low probability of default, favorable investment terms, and an appropriate capital structure to companies of high creditworthiness with stable cash flow generation. The Company may also seek to invest in the subordinated debt and equity, including warrants, options, and convertible instruments, of middle market companies.

The Company’s fiscal year ends on December 31.

Note 2. Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. These unaudited consolidated financial statements (“consolidated financial statements”) reflect adjustments that in the opinion of the Company are necessary for the fair presentation of the financial position and results of operations as of and for the periods presented herein and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Form 10-K for the year ended December 31, 2023, as filed with the SEC. The Company is considered an investment company under U.S. GAAP and therefore applies the accounting and reporting guidance applicable to investment companies.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material.

Consolidation

In accordance with U.S. GAAP guidance on consolidation, 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

15

providing services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries, ODL SPV, ODL Blocker and OFDL Holdings, in its consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

Segments

In accordance with U.S. GAAP guidance on segment reporting, the Company has determined that its operations comprise a single reporting segment.

Cash and Cash Equivalents and Restricted Cash

Cash consists of deposits held at a custodian bank. Cash equivalents consists of money market investments. The carrying amounts for money market investments approximate fair value. Restricted cash consists of deposits pledged as collateral. Cash, cash equivalents and restricted cash are held at major financial institutions and, at times, may exceed the insured limits under applicable law.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses on investments are calculated using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are recognized.

Valuation Procedures

The Board has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Although the Board designated the Adviser as “valuation designee,” the Board ultimately is responsible for fair value determinations under the 1940 Act.

Investments for which market quotations are readily available are typically valued at the average bid and ask prices of such market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. To validate market quotations, the Company will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities for which market quotations are not readily available or are deemed not to represent fair value, are valued at fair value as determined in good faith by the Adviser, in accordance with a valuation policy approved by the Board and a consistently applied valuation process. Accordingly, such investments go through the Company’s multi-step valuation process as described below. Investments purchased within the quarter before the valuation date may each be valued at cost, unless such valuation, in the judgment of the Adviser, does not represent fair value.

The Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following:

•The Company’s quarterly valuation process begins with each portfolio company or investment being initially valued using certain inputs, among others, provided by the Adviser's investment professionals that are responsible for the portfolio investment;

•Preliminary valuation conclusions are then documented and discussed with the Adviser's senior investment team;

•At least once annually, the valuation for each portfolio investment is reviewed by an independent valuation firm. In each case, the Company’s independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments; and

•The Adviser then reviews the valuations and determines the fair value of each investment.

As part of the valuation process, the Adviser may consider other information and may use valuation methods including but not limited to (i) market quotes for similar investments, (ii) recent trading activity, (iii) discounting forecasted cash flows of the investment, (iv) models that consider the implied yields from comparable debt, (v) third party appraisals, (vi) sale negotiations and purchase offers received from independent parties and (vii) estimated value of underlying assets to be received in any liquidation or restructuring.

16

As part of the valuation process, the Adviser will primarily use the “income approach” by using a present value technique that discounts the estimated contractual cash flows. Discount rates applied to estimated contractual cash flows for an underlying asset vary by specific investment, industry, priority and nature of the debt security and are assessed relative to leveraged loan and high-yield bond indices at the valuation date. The use of market indices as part of the valuation methodology is subject to adjustment for many factors, including priority, collateral used as security, structure, performance and other quantitative and qualitative attributes of the asset being valued. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Board or its delegates will consider whether the pricing indicated by the external event corroborates its valuation.

When the Company determines its NAV as of the last day of a month that is not also the last day of a calendar quarter, the Company intends to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Adviser’s valuation team will generally value such assets at the most recent quarterly valuation unless the Adviser determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser’s valuation team determines such a change has occurred with respect to one or more investments, the Adviser’s valuation team will determine whether to update the value for each relevant investment, using positive assurance from an independent valuation firm where applicable in accordance with our valuation policy, pursuant to authority delegated by the Board.

Financial Accounting Standards Board Accounting Standards Codification Topic 820: Fair Value Measurements and Disclosures (“ASC 820”) specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation.

The Company classifies the inputs used to measure fair values into the following hierarchy:

•Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible to the Company at the measurement date.

•Level 2—Valuations are based on similar assets or liabilities in active markets, or quoted prices identical or similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly and model-based valuation techniques for which all significant inputs are observable.

•Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuation techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and it considers factors specific to the investment.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various additional criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company reviews pricing provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality, such as the depth of the relevant market relative to the size of the Company’s position.

A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances present at each valuation date. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a

17

portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment, including the impact of changes in broader market indices and credit spreads, and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

Revenue Recognition

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. Accrued interest is generally reversed when a loan is placed on non-accrual status. Payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the outstanding principal and interest. Non-accrual loans may be restored to accrual status when past due principal and interest is paid current and are likely to remain current based on management’s judgment.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Loan origination fees, original issue discount and market discount are capitalized, and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.

Payment-in-Kind Interest

Payment-in-kind (“PIK”) interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan and recorded as interest income and generally becomes due at maturity. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of distributions, even though the Company has not yet collected the cash.

Deferred Financing Costs

Origination and other expenses related to the Company’s revolving credit facility are recorded as deferred financing costs and amortized as part of interest expense using the straight-line method over the stated life of the debt instrument.

Organization and Offering Costs

Organization costs include, among other things, the cost of incorporating, including the cost of legal services, printing, consulting services and other fees pertaining to the Company’s organization. Costs associated with the organization of the Company are expensed as incurred. Offering costs include legal expenses related to the preparation of the Company’s private placement memorandum in connection with the Company's offering of common shares. Offering costs are capitalized as deferred offering expenses and are amortized over twelve months from incurrence.

Earnings per Share

Basic earnings per share is calculated by dividing net income or loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated in the same manner, with further adjustments to reflect the dilutive effect of common share equivalents outstanding.

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Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act. The Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as distributions. Rather, any tax liability related to income earned and distributed would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more likely than not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of capital gains in excess of capital losses (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. For this purpose, however, any net ordinary income or capital gains retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% nondeductible U.S. federal excise tax on this income.

The Company has analyzed the tax positions taken on federal and state income tax returns for all open tax years and has concluded that no provision for income tax for uncertain tax positions is required in the Company’s consolidated financial statements. The Company’s major tax jurisdictions are U.S. federal, New York State, and foreign jurisdictions where the Company makes significant investments. The Company’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Distributions to Common Shareholders

Distributions to the Company’s shareholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board and is generally based upon earnings estimated by the Adviser. Net realized capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains.

The Company has adopted an “opt out” dividend reinvestment plan (“DRP”) for its shareholders. As a result, if the Company makes a cash distribution, its shareholders will have their cash distributions reinvested in additional shares of the Company including fractional shares as necessary, unless they specifically “opt out” of the DRP to receive the distribution in cash. Under the DRP, cash distributions to participating shareholders will be reinvested in additional shares of the Company at a purchase price equal to the net asset value per share as of the last day of the calendar quarter immediately preceding the date such distribution was declared.

The Company may distribute taxable distributions that are payable in cash or shares at the election of each shareholder. Under certain applicable provisions of the Code and the U.S. Treasury regulations, distributions payable in cash or in common shares at the election of shareholders are treated as taxable distributions. As a result, a U.S. shareholder may be required to pay tax with respect to such distributions in excess of any cash received. If a U.S. shareholder sells the shares it receives in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution, depending on the market price of the Company’s shares at the time of the sale. Furthermore, with respect to non-U.S. shareholders, the Company may be required to withhold U.S. tax with respect to such distributions, including in respect of all or a portion of such distribution that is payable in shares.

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (1) all assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the date of valuation; and (2) purchases and sales of investments, borrowings and repayments of such borrowings, and income and expense items

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denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments.

Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

Note 3. Related Party Transactions

Administration Agreement

Pursuant to an agreement between the Company and the Company’s prior investment adviser, Onex Falcon Investment Advisors, LLC, effective September 16, 2021, as amended and restated on March 5, 2024 between the Company and the Adviser (the “Administration Agreement”), the Adviser (or, in such context, the “Administrator”) performs, oversees, or arranges for, the performance of administrative and compliance services necessary for the operations of the Company, which includes office facilities, equipment, bookkeeping and recordkeeping services and such other services as the Adviser, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Under the Administration Agreement, the Adviser also provides managerial assistance on the Company’s behalf to those companies that have accepted the Company’s offer to provide such assistance.

In addition, pursuant to the Administration Agreement, the Adviser may pay third-party providers of goods or services and the Company will pay or reimburse the Adviser for certain expenses incurred by any such third parties for work done on its behalf.

The Company reimburses the Adviser for the allocable portion of the Adviser’s overhead and other expenses incurred by the Adviser and requested to be reimbursed by the Adviser in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the Company’s Chief Compliance Officer and Chief Financial Officer and their respective staffs. In addition, if requested to provide significant managerial assistance to the Company’s portfolio companies, the Company will reimburse the allocated costs incurred by the Adviser and Administrator in providing those services. No person who is an officer, trustee or employee of the Adviser or its affiliates and who serves as a trustee of the Company receives any compensation from the Company for his or her services as a trustee.

For the three months ended March 31, 2024 and 2023, the Company incurred administrative fees of $0.3 million and $0.3 million, respectively.

Investment Advisory Agreement

Effective March 5, 2024, the Company’s prior investment adviser, Onex Falcon Investment Advisors, LLC, assigned the investment advisory agreement effective September 16, 2021, as amended and restated on August 9, 2023, to the Adviser, a wholly-owned subsidiary of Onex Corp., pursuant to Rule 2a-6 under the 1940 Act. The Adviser serves as the Company’s investment adviser pursuant to the second amended and restated investment advisory agreement between the Company and the Adviser dated March 5, 2024 (the “Investment Advisory Agreement”). Pursuant to the Investment Advisory Agreement, the Adviser provides overall investment advisory services for the Company and in accordance with the terms of the Investment Advisory Agreement and the Company’s investment objective, policies and restrictions as in effect from time to time: determines the composition of the Company’s portfolio, the nature and timing of the changes to, the portfolio and the manner of implementing such changes; identifies investment opportunities and makes investment decisions for the Company; monitors investments; performs due diligence on prospective portfolio companies; exercises voting rights in respect of portfolio securities and other investments; serve on, and exercise observer rights for, boards of directors and similar committees of the Company’s portfolio companies; negotiates, obtains and manages financing facilities and other forms of leverage; and provides the Company with such other investment advisory and related services as the Company may, from time to time, reasonably require for the investment of capital.

The Investment Advisory Agreement will be in effect for a period of two years from its effective date and will remain in effect from year-to-year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company, and (ii) the vote of a majority of the Company’s Board who are not parties to the Investment Advisory Agreement or “interested persons” of the Company, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act. The Investment Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice and, in certain circumstances, upon 120 days’ written notice, by the vote of a majority of the outstanding voting shares of the Company or by the vote of the Board or by the Adviser.

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Under the terms of the Investment Advisory Agreement, the Company will pay the Adviser a base management fee and a performance-based incentive fee.

Prior to July 1, 2023, the base management fee was payable quarterly in arrears at an annual rate of 1.25% of the Company’s total assets (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter. Beginning on July 1, 2023, the base management fee is payable quarterly in arrears at an annual rate of 1.25% of the Company’s net assets as of the end of the most recently completed calendar quarter; provided that the base management fee shall not be greater than 1.25% of the Company’s total assets (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter.

For the three months ended March 31, 2024 and 2023, management fees were $0.8 million and $1.6 million, respectively.

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on the Company’s income (such fee referred to herein as the “Subordinated Incentive Fee on Income”) and a portion is based on the Company’s capital gains (such fee referred to herein as the “Incentive Fee on Capital Gains”), each as described below.

(1)Subordinated Incentive Fee on Income

The Subordinated Incentive Fee on Income will be determined and paid quarterly in arrears based on the amount by which (x) the “Pre-Incentive Fee Net Investment Income” (as defined below) in respect of the current calendar quarter and the eleven preceding calendar quarters (in either case, the “Trailing Twelve Quarters”) exceeds (y) the Preferred Return Amount (as defined below) in respect of the Trailing Twelve Quarters. For purposes of the Subordinated Incentive Fee on Income calculations, each calendar quarter comprising the relevant Trailing Twelve Quarters that commenced prior to October 1, 2023 shall be known as a “Legacy Fee Quarter” while a calendar quarter that commenced on or after October 1, 2023 shall be known as a “Current Fee Quarter.” The Preferred Return Amount will be determined on a quarterly basis, and will be calculated by multiplying 1.75% by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Preferred Return Amount will be calculated after making appropriate adjustments to the Company’s NAV at the beginning of each applicable calendar quarter for Company subscriptions and distributions during the applicable calendar quarter. The amount of the Subordinated Incentive Fee on Income that will be paid to the Adviser for a particular quarter will equal the excess of the Subordinated Incentive Fee on Income so calculated less the aggregate Subordinated Incentive Fees on Income that were paid to the Adviser and/or earned, but waived, by the Adviser, in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.

For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) (the “Ordinary Income”) accrued during the calendar quarter, minus the Company’s operating expenses accrued during the calendar quarter (including, without limitation, the Management Fee, administration expenses and any interest expense and distributions paid on any issued and outstanding preferred shares, but excluding the Subordinated Incentive Fee on Income and the Incentive Fee on Capital Gains). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

Prior to October 1, 2023, the calculation of the Subordinated Incentive Fee on Income for each quarter is as follows:

(A)No Subordinated Incentive Fee on Income shall be payable to the Adviser in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Preferred Return Amount;

(B)100% of the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Preferred Return Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 2.0588% by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is intended to provide the Adviser with an incentive fee of 15.0% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches 2.0588% per quarter (8.24% annualized) during the Trailing Twelve Quarters; and

(C)For any quarter in which the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Subordinated Incentive Fee on Income shall equal 15.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Preferred Return Amount and Catch-Up Amount will have been achieved.

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Beginning on October 1, 2023, the calculation of the Subordinated Incentive Fee on Income for each quarter is as follows:

(A)No Subordinated Incentive Fee on Income shall be payable to the Adviser in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Preferred Return Amount;

(B)100% of the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Preferred Return Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying (i) 2.0588% by the Company’s NAV at the beginning of each applicable Legacy Fee Quarter comprising the relevant Trailing Twelve Quarters, or (ii) 2.0% by the Company’s NAV at the beginning of each applicable Current Fee Quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is intended to provide the Adviser with an incentive fee of 15.0%, with respect to each Legacy Fee Quarter, and 12.5%, with respect to each Current Fee Quarter, on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches 2.0588% or 2.0% (8.24% or 8.0% annualized, respectively), as applicable, during the Trailing Twelve Quarters; and

(C)For any quarter in which the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Subordinated Incentive Fee on Income shall equal 15.0% for each Legacy Fee Quarter and 12.5% for each Current Fee Quarter of the amount of the Company’s Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Preferred Return Amount and Catch-Up Amount will have been achieved, provided, however, that the Subordinated Incentive Fee on Income for any quarter shall not be greater than 15.0% or 12.5%, as applicable, of the amount of the Company’s current quarter’s Pre-Incentive Fee Net Investment Income.

The Subordinated Incentive Fee on Income is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 15.0% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Legacy Fee Quarters included in the relevant Trailing Twelve Quarters and 12.5% of the cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Current Fee Quarters included in the relevant Trailing Twelve Quarters less (b) the aggregate Subordinated Incentive Fees on Income that were paid to the Adviser and/or earned, but waived, by the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant Trailing Twelve Quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company shall pay no Subordinated Incentive Fee on Income to the Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Subordinated Incentive Fee on Income calculated in accordance with the above, the Company shall pay the Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Subordinated Incentive Fee on Income calculated in accordance with the above, the Company shall pay the Adviser the Subordinated Incentive Fee on Income for such quarter.

(2)Incentive Fee on Capital Gains

The Incentive Fee on Capital Gains shall be determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement). This fee shall equal 15.0% prior to October 1, 2023 and 12.5% beginning October 1, 2023 of the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees on Capital Gains previously paid to the Adviser. The aggregate unrealized capital depreciation of the Company shall be calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment.

For accounting purposes only, the Company accrues, but does not pay, a capital gains incentive fee with respect to unrealized capital appreciation. The accrual of this theoretical capital gains incentive fee assumes all unrealized capital appreciation is realized in order to reflect a theoretical capital gains incentive fee that would be payable to the Investment Adviser at each measurement date. It should be noted that a fee so calculated and accrued would not be payable under the Investment Advisers Act of 1940 (the “Advisers Act”) or the Investment Advisory Agreement, and would not be paid based upon such computation of capital gains incentive fees in subsequent periods. Amounts actually paid to the Adviser will be consistent with the Advisers Act and formula reflected in the Investment Advisory Agreement which specifically excludes consideration of unrealized capital gain.

For the three months ended March 31, 2024 and 2023, incentive fees were $1.2 million and $2.3 million, respectively, of which the Adviser voluntarily waived $0.9 million for the three months ended March 31, 2023.

Revolving Loan Agreement

On September 8, 2022, the Company entered into an unsecured revolving loan agreement (the “Revolving Onex Loan”) with Onex Credit Finance Corporation, a subsidiary of the ultimate parent entity of the Adviser (the “Onex Entity”), whereby the Onex

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Entity could advance amounts to the Company (each such amount, an “Onex Loan”) with a maximum outstanding principal amount of $80.0 million and a maturity date with respect to each Onex Loan of the day falling two years after the funding of such Onex Loan. The Company was required to meet certain criteria, including a leverage ratio threshold, before the Onex Entity was obligated to make a loan to the Company. The Revolving Onex Loan was intended to provide the Company with the ability to fund investments, pay related costs and expenses, and general corporate purposes. Amounts drawn under an Onex Loan bore interest at SOFR plus a spread of 2.60%.

On May 5, 2023, the Company terminated the Revolving Onex Loan and entered into an unsecured revolving loan agreement with Onex Credit Finance II Corporation (“OCF II”) (the “Revolving OCF II Loan”), a subsidiary of the ultimate parent entity of the Adviser, whereby OCF II may advance amounts to the Company (each such amount, an “Onex Loan II”) with a maximum outstanding principal amount of $80.0 million and a maturity date with respect to each Onex Loan II of the day falling two years after the funding of such Onex Loan II. The Company is required to meet certain criteria, including a leverage ratio threshold, before OCF II is obligated to make a loan to the Company. The Revolving OCF II Loan is intended to provide the Company with the ability to fund investments, pay related costs and expenses, and general corporate purposes. Amounts drawn under an Onex Loan II will bear interest at SOFR plus a spread of 2.60%.

Co-Investment Exemptive Relief

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. On March 29, 2022, the SEC issued an order, which was amended on September 26, 2023 (the “Order”) granting the Company's application for exemptive relief to co-invest in portfolio companies with certain other funds managed by the Adviser or its affiliates (“Affiliated Funds”) and, subject to satisfaction of certain conditions, proprietary accounts of the Adviser or its affiliates (“Proprietary Accounts”) in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, the Company is permitted to co-invest with Affiliated Funds and/or Proprietary Accounts if, among other things, a “required majority” (as defined in Section 57(o) of the 1940 Act) of its independent trustees make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies and certain criteria established by the Board.

Organization and Offering Costs

Under the Investment Advisory Agreement and the Administrative Agreement, the Company, either directly or through reimbursements to the Adviser or its affiliates, is responsible for its organization and offering costs. Prior to the Company’s commencement of operations, the Adviser funded the Company’s organization and offering costs in the amount of $0.8 million, which has been reimbursed by the Company or offset against the Expense Payment due from the Adviser in connection with the Expense Support Agreement (described below).

Expense Support Agreement

On September 15, 2021, the Company entered into the Expense Support Agreement with the Adviser.

Commencing with the fourth quarter of 2021 and on a quarterly basis thereafter, the Adviser may elect to pay certain expenses of the Company from time to time, which the Company will be obligated to reimburse to the Adviser at a later date if certain conditions are met. Any payment so required to be made by the Adviser is referred to herein as an “Expense Payment.”

The Adviser’s obligation to make an Expense Payment becomes a liability of the Adviser, and the right to such Expense Payment becomes an asset of the Company, no later than the last business day of the applicable calendar quarter. The Expense Payment for any calendar quarter shall, as promptly as possible, be: (i) paid by the Adviser to the Company in any combination of cash or other immediately available funds, and/or (ii) offset against amounts due from the Company to the Adviser.

Pursuant to the Expense Support Agreement, “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses), and (iii) dividends and other distributions paid to or otherwise earned by the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above.)

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Following any calendar quarter in which Available Operating Funds exceed the cumulative distributions paid to the Company’s shareholders in such calendar quarter (the amount of such excess being hereinafter referred to as “Excess Operating funds”), the Company shall pay such Excess Operating Funds, or a portion thereof in accordance with the stipulation below, as applicable, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar quarter have been reimbursed or waived. Any payments required to be made by the Company pursuant to the preceding sentence are referred to herein as a “Reimbursement Payment.”

The amount of the Reimbursement Payment for any calendar quarter will be equal to the lesser of (i) the Excess Operating Funds in such calendar quarter, and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by the Company to the Adviser. No Reimbursement Payment shall be made if: (1) the Effective Rate of Distributions Per Share (defined below) declared by the Company at the time of such proposed Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Company’s Operating Expense Ratio at the time of such proposed Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. For purposes of the Expense Support Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Company’s net assets.

The Company’s obligation to make a Reimbursement Payment becomes a liability to the Company, and the right to such Reimbursement Payment becomes an asset of the Adviser, no later than the last business day of the applicable calendar quarter. The Reimbursement Payment for any calendar quarter shall, as promptly as possible, be paid by the Company to the Adviser in any combination of cash or other immediately available funds. Any Reimbursement Payments shall be deemed to have reimbursed the Adviser for Expense Payments in chronological order beginning with the oldest Expense Payment eligible for reimbursement.

The Expense Support Agreement may be terminated at any time, without penalty, by the Company or the Adviser, with or without notice. The Expense Support Agreement automatically terminates in the event of (a) the termination by the Company of the Investment Advisory Agreement, or (b) the Board determines to dissolve or liquidate the Company.

The following table summarizes the Expense Payments that may be subject to reimbursement pursuant to the Expense Support Agreement:

Quarter Ended	Expense Payment Received from the Adviser		Reimbursement Payment made to Adviser		Unreimbursed Expense Payment Waived by Adviser		Eligible for Reimbursement Through
December 31, 2021	$	2,858,000	$	1,959,766	$	898,234	December 31, 2024

For the three months ended March 31, 2024, the Company reimbursed $0.5 million to the Adviser and the Adviser has agreed to permanently waive the remaining balance outstanding of $0.9 million.

Shares held by Affiliated Accounts

As of March 31, 2024 and December 31, 2023, certain entities affiliated with the Company held shares of the Company. As of March 31, 2024 and December 31, 2023, the Adviser and its affiliate held an aggregate of 696,833 and 653,383 shares, approximately 6.6% and 5.8% of the Company’s outstanding shares, respectively.

Potential Conflicts of Interest

The members of the senior management and investment teams of the Adviser serve or may serve as officers, trustees or principals of entities that operate in the same, related or an unrelated line of business as the Company does. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may or may not be in the Company’s best interests or in the best interest of the Company’s shareholders. The Company’s investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles.

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Note 4. Investments and Fair Value Measurements

The following table summarizes the composition of the Company’s investment portfolio at amortized cost and fair value as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Senior Secured Loans	$	491,031,626	$	483,893,506	$	532,378,544	$	526,032,489
Equity		9,585,173		6,620,994		9,585,173		7,033,311
Total Investments	$	500,616,799	$	490,514,500	$	541,963,717	$	533,065,800

Generally, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities. As of March 31, 2024 and December 31, 2023, the Company did not “control” and was not an “affiliated person” of any of its portfolio companies, each as defined in the 1940 Act.

The following tables summarize the industry and geographic composition of the Company’s investment portfolio based on fair value as of March 31, 2024 and December 31, 2023:

	March 31, 2024					December 31, 2023
	Fair Value		Percentage			Fair Value		Percentage
Automotive	$	—		—	%	$	19,279,402		3.6	%
Beverage, Food & Tobacco		11,633,690		2.4	%		16,823,761		3.2	%
Business Services		72,941,079		14.9	%		87,305,356		16.4	%
Construction & Building		13,156,781		2.7	%		13,446,800		2.5	%
Consumer Goods: Durable		49,389,498		10.1	%		51,235,893		9.6	%
Consumer Goods: Non-durable		41,870,070		8.5	%		42,071,990		7.9	%
Consumer Services		11,650,334		2.4	%		8,699,485		1.6	%
Financial Services		7,912,718		1.6	%		—		—	%
Forest Products & Paper		10,614,250		2.2	%		10,917,405		2.0	%
Healthcare & Pharmaceuticals		94,333,192		19.2	%		94,446,748		17.8	%
High Tech Industries		80,793,240		16.5	%		90,843,387		17.1	%
Insurance		29,043,921		5.9	%		29,096,663		5.5	%
Sovereign & Public Finance		33,014,081		6.7	%		33,027,815		6.2	%
Transportation: Cargo		20,763,406		4.2	%		20,504,652		3.8	%
Wholesale		13,398,240		2.7	%		15,366,443		2.8	%
Total Investments	$	490,514,500		100.0	%	$	533,065,800		100.0	%

	March 31, 2024					December 31, 2023
	Fair Value		Percentage			Fair Value		Percentage
United States	$	489,109,312		99.7	%	$	531,815,989		99.8	%
Canada		1,405,188		0.3	%		1,249,811		0.2	%
Total Investments	$	490,514,500		100.0	%	$	533,065,800		100.0	%

The following table summarizes the fair value hierarchy of the Company’s investment portfolio as of March 31, 2024:

	Level 1		Level 2		Level 3		Total
Senior Secured Loans	$	—	$	16,612,926	$	467,280,580	$	483,893,506
Equity		—		—		6,620,994		6,620,994
Total Investments	$	—	$	16,612,926	$	473,901,574	$	490,514,500

The following table summarizes the fair value hierarchy of the Company’s investment portfolio as of December 31, 2023:

	Level 1		Level 2		Level 3		Total
Senior Secured Loans	$	—	$	16,921,875	$	509,110,614	$	526,032,489
Equity		—		—		7,033,311		7,033,311
Total Investments	$	—	$	16,921,875	$	516,143,925	$	533,065,800

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The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2024:

	Senior Secured Loans			Equity			Total
Balance as of January 1, 2024	$	509,110,614		$	7,033,311		$	516,143,925
Purchases and drawdowns of investments		16,026,952			—			16,026,952
Proceeds from principal pre-payments and sales of investments		(59,264,830	)		—			(59,264,830	)
Payment-in-kind		602,748			—			602,748
Net accretion of discount on investments		291,122			—			291,122
Net change in unrealized appreciation (depreciation) on investments		(595,862	)		(412,317	)		(1,008,179	)
Net realized gain (loss) on investments		1,109,836			—			1,109,836
Transfers into Level 3 (1)		—			—			—
Transfers out of Level 3 (1)		—			—			—
Balance as of March 31, 2024	$	467,280,580		$	6,620,994		$	473,901,574
Net change in unrealized appreciation (depreciation) on Level 3 investments still held	$	(239,300	)	$	(412,317	)	$	(651,617	)

(1)Transfers into Level 3, if any, are due to a decrease in the quantity and reliability of broker quotes obtained and transfers out of Level 3, if any, are due to an increase in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs.

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2023:

	Senior Secured Loans			Equity			Total
Balance as of January 1, 2023	$	478,620,993		$	8,588,300		$	487,209,293
Purchases of investments		24,846,991			—			24,846,991
Proceeds from principal pre-payments and sales of investments		(2,235,331	)		—			(2,235,331	)
Payment-in-kind		340,667			—			340,667
Net accretion of discount on investments		584,139			—			584,139
Net change in unrealized appreciation (depreciation) on investments		455,984			(1,369,635	)		(913,651	)
Net realized gain (loss) on investments		39,883			—			39,883
Transfers into Level 3 (1)		—			—			—
Transfers out of Level 3 (1)		(24,132,031	)		—			(24,132,031	)
Balance as of March 31, 2023	$	478,521,295		$	7,218,665		$	485,739,960
Net change in unrealized appreciation (depreciation) on Level 3 investments still held	$	455,984		$	(1,369,635	)	$	(913,651	)

(1)Transfers into Level 3, if any, are due to a decrease in the quantity and reliability of broker quotes obtained and transfers out of Level 3, if any, are due to an increase in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs.

The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of March 31, 2024 were as follows:

Investment type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)	Impact to Valuation from an Increase in Input
Senior Secured Loans	$	249,502,720	Discounted cash flow	Discount rate	6.2% - 13.9% (9.9%)	Decrease
		186,128,151	Yield analysis	Market yield	5.3% - 20.7% (10.9%)	Decrease
		13,398,240	Enterprise value waterfall	EBITDA multiple	12.0x (12.0x)	Increase
		18,251,469	Recent transactions	Transaction price	N/A	N/A
Equity		6,620,994	Enterprise value waterfall	EBITDA multiple	12.0x - 15.7x (14.3x)	Increase
	$	473,901,574

For the three months ended March 31, 2024, the valuation technique for certain investments classified as Wholesale amounting to $13,398,240 changed to enterprise value waterfall approach. These investments were previously valued utilizing the yield analysis approach. The change was due to market conditions and is more reflective of the go forward performance.

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The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of December 31, 2023 were as follows:

Investment type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)	Impact to Valuation from an Increase in Input
Senior Secured Loans	$	382,741,551	Discounted cash flow	Discount rate	6.2% - 108.9% (12.4%)	Decrease
		76,718,361	Yield analysis	Market yield	11.2% - 16.4% (12.6%)	Decrease
		49,650,702	Recent transactions	Transaction price	N/A	N/A
Equity		7,033,311	Enterprise value waterfall	EBITDA multiple	12.5x - 15.4x (14.2x)	Increase
	$	516,143,925

Note 5. Borrowings

On October 4, 2021, the ODL SPV, as borrower, and the Company, solely in its capacities as equity holder and collateral manager, entered into a Loan and Servicing Agreement with Société Générale, as initial lender and agent, and certain financial institutions (the “Lenders”), and U.S. Bank National Association as collateral agent and collateral custodian (the “SPV Facility”), as amended on December 27, 2021, as further amended on March 31, 2022, July 14, 2022 and on April 4, 2023, pursuant to which the amount made available to ODL SPV was increased from $100.0 million to $340.0 million. Borrowings under the SPV Facility will bear interest at SOFR plus a spread of 1.75% or 2.40% based on certain conditions (or an alternative rate of interest for certain loans denominated in Canadian Dollars, Euros or Sterling). ODL SPV will also pay an unused commitment fee at rate of (1) 1.00% if the amount drawn under the SPV Facility is less than the minimum commitment usage (the “Minimum Commitment Usage”) and (2) 0.40% if the amount drawn under the SPV Facility is greater than or equal to the Minimum Commitment Usage. The Minimum Commitment Usage is equal to (1) 0.0% for the first six months ended April 4, 2022; (2) 37.5% for the period from April 5, 2022 through June 27, 2022; (3) 75% for the period from June 28, 2022 through July 13, 2022; (4) $150.0 million for the period from July 14, 2022 through January 13, 2023; and (5) $255.0 million thereafter. The Company also pays a fee of 0.20% per annum on the outstanding balance under the SPV Facility beginning on July 14, 2022. The SPV Facility terminates on October 2, 2026.

In connection with the SPV Facility, on October 4, 2021, the Company entered into a sale and contribution agreement with the ODL SPV, which provides for the sale and contribution of certain loans to the ODL SPV and for future sales from the Company to the ODL SPV on an ongoing basis. Such loans sold and contributed to ODL SPV constitute part of the initial portfolio of assets securing the SPV Facility.

The SPV Facility includes customary covenants, including certain financial maintenance covenants, limitation on the activities of ODL SPV, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Facility is secured by a lien on assets held by the ODL SPV and on any payments received by ODL SPV in respect of those assets.

Further, as discussed in Note 3 above, on September 8, 2022, the Company entered into the Revolving Onex Loan with the Onex Entity. On May 5, 2023, the Company terminated the Revolving Onex Loan and entered into the Revolving OCF II Loan with OCF II.

Debt obligations consisted of the following as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
	Total Borrowing Capacity		Principal Outstanding		Total Borrowing Capacity		Principal Outstanding
SPV Facility	$	340,000,000	$	262,000,000	$	340,000,000	$	263,000,000
Revolving OCF II Loan		80,000,000		—		80,000,000		—
	$	420,000,000	$	262,000,000	$	420,000,000	$	263,000,000

Due to the short-term nature of the SPV Facility, the outstanding principal balance approximates fair value. The fair value of the credit facility would be categorized as Level 3.

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For the three months ended March 31, 2024 and 2023, the components of interest expense were as follows:

	Three Months Ended March 31,
	2024			2023
Interest expense	$	5,428,775		$	4,126,279
Amortization of deferred financing costs		277,917			277,917
Total interest and credit facility expense	$	5,706,692		$	4,404,196
Average debt outstanding	$	271,967,391		$	220,901,099
Weighted average interest rate		7.4	%		6.4	%

Note 6. Share Transactions

The Company is authorized to issue an unlimited number of common shares at $0.001 par value per share.

The following table summarizes the total shares issued and proceeds received during the three months ended March 31, 2024:

Period Ended	Shares Issued		Proceeds Received
March 31, 2024		21,853	$	532,335
		21,853	$	532,335

The following table summarizes the total shares issued and proceeds received during the three months ended March 31, 2023:

Period Ended	Shares Issued		Proceeds Received
March 31, 2023		44,339	$	1,088,965
		44,339	$	1,088,965

Distributions

The Company may fund its cash distributions to shareholders from any sources of funds available to it, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies and fee and expense reimbursement waivers from the Adviser or the Administrator, if any. The Company has not established limits on the amount of funds it may use from available sources to make distributions. During certain periods, the Company’s distributions may exceed its taxable earnings. As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities.

With respect to distributions, the Company has adopted an “opt out” DRP for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the DRP will have their distributions automatically reinvested in additional common shares rather than receiving cash distributions. Shareholders who receive distributions in the form of common shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

The following table summarizes the distribution declarations and common shares issued pursuant to the distribution reinvestment plan for the three months ended March 31, 2024:

Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued
March 1, 2024	March 5, 2024	March 21, 2024	$	0.77	$	8,116,595		79,402
			$	0.77	$	8,116,595		79,402

The following table summarizes the distribution declarations and common shares issued pursuant to the distribution reinvestment plan for the three months ended March 31, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued
March 2, 2023	March 2, 2023	March 23, 2023	$	0.58	$	7,007,486		178,875
			$	0.58	$	7,007,486		178,875

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Share Repurchase Program

In the first quarter of 2023, the Company began offering, and on a quarterly basis, intends to continue offering, to repurchase up to 5% of the Company’s outstanding shares as of the close of the previous calendar quarter. Although the Company intends to offer to repurchase up to 5% of its common shares outstanding in each quarter, the Board has in the past, and may in the future, increase the size of the tender offer, if the Board determines such an increase to be in the best interest of the Company and its shareholders. The Board has complete discretion to determine whether the Company will offer to repurchase any of its common shares, and if so, the terms of such repurchase. At the discretion of the Board, the Company may use cash on hand, cash available from borrowings, and cash from the sale of investments as of the end of the applicable period to repurchase shares.

All shares purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares.

Any periodic repurchase offers are subject in part to the Company’s available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While the Company intends to continue to conduct quarterly tender offers as described above, the Company is not required to do so and may suspend or terminate the share repurchase program at any time.

The following table presents the share repurchases completed during the three months ended March 31, 2024:

Tender Offer Date	Tender Offer Expiration	Tender Offer		Price Paid per Share		Total Number of Shares Repurchased		Maximum Number of Shares that may yet be purchased under the repurchase plan (1)
January 12, 2024	February 9, 2024		736,400	$	24.36		677,139		—
							677,139

(1)All repurchase requests were satisfied in full.

The following table presents the share repurchases completed during the three months ended March 31, 2023:

Tender Offer Date	Tender Offer Expiration	Tender Offer		Price Paid per Share		Total Number of Shares Repurchased		Maximum Number of Shares that may yet be purchased under the repurchase plan (1)
January 13, 2023	February 10, 2023		622,786	$	24.56		418,189		—
							418,189

(1)All repurchase requests were satisfied in full.

Note 7. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
Net increase in net assets resulting from operations	$	8,146,574	$	5,881,636
Weighted average common shares outstanding—basic and diluted		10,844,459		12,300,303
Net increase in net assets resulting from operations per common share—basic and diluted	$	0.75	$	0.48

Note 8. Income Taxes

The Company has elected to be treated as a RIC under the Code, and intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. As a RIC, the Company is not subject to federal income tax on the portion of its taxable income and gains distributed currently to its shareholders as a distribution. The Company’s quarterly distributions, if any, are determined by the Board. The Company anticipates distributing substantially all of its taxable income and gains, within the Subchapter M rules, and thus the Company anticipates that it will not incur any federal or state income tax at the RIC level. As a RIC, the Company is also subject to a federal excise tax based on distributive requirements of its taxable income on a calendar year basis.

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Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year and pay a 4% excise tax on such income, to the extent required.

Taxable Subsidiaries

Certain of the Company's subsidiaries are subject to U.S. federal and state corporate-level income taxes. As of March 31, 2024 and December 31, 2023, there were deferred tax assets of $0.8 million and $0.6 million, offset by valuation allowances of $0.8 million and $0.6 million, respectively, for taxable subsidiaries. The cumulative deferred tax asset has been fully offset by a valuation allowance due to uncertainty about the Company's ability to utilize these net operating losses in future years.

Note 9. Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024			2023
Per share data:
Net asset value, beginning of period	$	24.36		$	24.56
Results of operations:
Net investment income (loss) (1)		0.76			0.59
Net realized and unrealized gain (loss) (6)		0.01			(0.10	)
Net increase (decrease) in net assets resulting from operations (1)		0.77			0.49
Shareholder distributions: (2)
Distributions from net investment income		(0.77	)		(0.58	)
Net decrease in net assets resulting from shareholder distributions		(0.77	)		(0.58	)
Net asset value, end of period	$	24.36		$	24.47
Shares outstanding, end of period		10,620,435			12,260,748
Total return based on net asset value (3)		3.16	%		1.99	%
Ratio/Supplemental Data:
Net assets, end of period	$	258,702,759		$	299,998,356
Ratio of net investment income (loss) to average net assets (4)		14.19	%		11.03	%
Ratio of total expenses to average net assets (4)		11.46	%		10.00	%
Ratio of net expenses to average net assets (4)		11.64	%		9.70	%
Average debt outstanding	$	271,967,391		$	220,901,099
Portfolio turnover		3	%		1	%
Total amount of senior securities outstanding	$	262,000,000		$	255,000,000
Asset coverage per unit (5)	$	1,987		$	2,176

(1)The per share data was derived using weighted average shares outstanding during the period.

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

(3)Total return based on net asset value is calculated as the change in net asset value per share during the period, and reflects reinvestment of any distributions to common shareholders. Total return is not annualized.

(4)The computation of average net assets during the period is based on averaging net assets for the period reported. Ratio, excluding incentive fees, and nonrecurring expenses and waivers, such as organization and offering costs and reimbursement of expense support to the Adviser, is annualized. Net expenses include reimbursement of expense support to the Adviser for the three months ended March 31, 2024. Net expenses include incentive fee waiver from the Adviser for the three months ended March 31, 2023.

(5)Asset coverage per unit is the ratio of the carrying value of the Company’s consolidated total assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(6)The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption is derived from total change in net asset value during the period and differs from the amount calculated using average shares because of the timing of issuances of the Company’s shares in relation to changes in net asset value during the period.

Note 10. Commitments and Contingencies

In the normal course of its business, the Company may enter into contracts that require it to make certain representations and warranties and which provide for general indemnifications. Given that these would involve future claims against the Company that have not yet been made, the Company’s potential exposure under these arrangements is unknown. Based upon past experience, management expects the risk of loss under these indemnification provisions to be remote.

From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. As of March 31, 2024, the Company is not aware of any pending or threatened litigation.

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See Note 3 for a discussion of the Company's conditional reimbursement to the Adviser under the Expense Support Agreement.

The Company may, from time to time, enter into commitments to fund investments. As of March 31, 2024 and December 31, 2023, the Company had the following outstanding commitments to fund investments in current portfolio companies:

	March 31, 2024		December 31, 2023
Unfunded delayed draw term loan commitments	$	3,494,159	$	3,926,790
Unfunded revolver obligations		15,788,991		15,736,196
	$	19,283,150	$	19,662,986

The Company maintains sufficient capacity to cover outstanding unfunded portfolio company commitments that the Company may be required to fund.

Note 11. Subsequent Events

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the financial statements other than those disclosed below.

On April 1, 2024, the Company, in connection with its private placement of its common shares, issued 158,415 common shares for an aggregate amount of $3.9 million.

On May 9, 2024, the Board declared a quarterly dividend of $0.70 per share for the Company’s shareholders of record as of May 14, 2024, payable on June 20, 2024.

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

The discussion and analysis contained in this section refers to our financial condition, results of operations and cash flows. The information contained in this section should be read in conjunction with the consolidated financial statements and notes thereto in this Quarterly Report. This discussion includes forward-looking statements that involve numerous risks and uncertainties and should be read in conjunction with the “Cautionary Statement Regarding Forward-Looking Statements” set forth on page 1 of this Quarterly Report. Actual results could differ materially from those implied or expressed in any forward-looking statements. Except as otherwise indicated, the terms “we,” “us,” “our,” and the “Company” refer to Onex Direct Lending BDC Fund.

Overview

We are a Delaware statutory trust structured as a non-diversified, closed-end management investment company that has elected to be treated as a BDC under the 1940 Act. In addition, for U.S. federal income tax purposes, we elected to be treated as a RIC under Subchapter M of the Code. To qualify as a RIC, we must, among other things, invest at least 70% of our total assets in “qualifying assets”, meet certain source-of-income and asset diversification requirements, and timely distribute to our shareholders generally at least 90% of our investment company taxable income for each year. As of March 31, 2024 and December 31, 2023, the total amount of non-qualifying assets to total assets was approximately 6.4% and 5.8%, respectively.

Our investment objective is to generate current income while preserving capital, and to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns.

We invest primarily in high-quality senior secured first lien loans and other credit investments of “middle market companies” located in the United States. The Company defines “high-quality” as investments deemed by the Adviser, after diligence and underwriting, to have favorable risk-reward characteristics including, but not limited to, a low probability of default, favorable investment terms, and an appropriate capital structure to companies of high creditworthiness with stable cash flow generation. The Company may also seek to invest in the subordinated debt and equity, including warrants, options, convertible instruments, of middle market companies.

On August 25, 2021, we formed a wholly-owned blocker entity, Onex Direct Lending BDC Blocker LLC, which holds certain of our portfolio equity investments. On September 21, 2021, we formed a wholly-owned, special-purpose, bankruptcy-remote subsidiary, Onex Direct Lending BDC SPV, LLC, which holds certain of our portfolio loan investments that are used as collateral for the debt financing facility with Société Générale. On December 13, 2022, we formed a wholly-owned entity, Connect America OFDL BDC Holdings, LLC, which holds certain of our portfolio equity investments.

On October 1, 2021, we closed on our initial private offering and commenced operations. We conduct private offerings of our common shares to accredited investors and non-U.S. persons pursuant to a subscription agreement entered into with us.

We are externally managed by Onex Credit Advisor, LLC, a subsidiary of Onex Corporation, as investment adviser. The Adviser also serves as our administrator and provides administrative services necessary for us to operate.

Key Components of Our Results of Operations

Investments

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

Revenues

The principal measure of our financial performance is the net increase or decrease in net assets resulting from operations, which includes net investment income or loss and net realized and unrealized gain or loss on investments. Net investment income or loss is the difference between our income from interest, distributions, fees, and other investment income and our operating expenses, including interest expense. Net realized gain or loss on investments is the difference between the proceeds received from dispositions of portfolio investments and their amortized cost, including the respective realized gain or loss on foreign currency for any non-U.S. dollar denominated investment transactions. Net change in unrealized appreciation or depreciation on investments is the net change in the fair value of our investment portfolio, including the respective unrealized appreciation or depreciation on foreign currency for any non-U.S. dollar denominated investments.

32

We primarily generate revenue in the form of interest income from our investments in debt investments that consist primarily of senior and junior secured loans. Our debt investments are spread across multiple industries and geographic locations and, as such, we are broadly exposed to market conditions and business environments. As a result, although our investments are exposed to market risks, we continuously seek to limit concentration of exposure in any particular sector or issuer. Our debt investments typically have a term of five to 10 years, but the expected average life of such securities is generally between three and five years. The loans in which we invest will generally bear interest at a floating rate usually determined on the basis of a benchmark, such as SOFR, or an alternate base rate. In addition, some of our investments may provide for PIK interest. Such amounts of accrued PIK interest are added to the cost of the investment on the respective capitalization dates and generally become due at maturity of the investment or upon the investment being called by the issuer. To a lesser extent, we may also generate revenues in the form of dividends and other distributions on the equity or other securities we anticipate holding. In addition, we may generate revenues in the form of non-recurring commitment, closing, origination, structuring or diligence fees, fees for providing managerial assistance, consulting fees, prepayment fees and performance-based fees. Any such fees generated in connection with our investments will be recognized when earned.

Expenses

Our primary operating expenses include the payment of management and incentive fees, if any, and other expenses under the Investment Advisory Agreement, interest expense from financing arrangements, and other expenses necessary for our operations. The management and incentive fees will compensate the Adviser for its work in identifying, evaluating, negotiating, executing, monitoring and servicing our investments.

We reimburse the Administrator for expenses necessary to perform services related to our administration and operations, including the Adviser’s portion of the compensation and related expenses for certain personnel who provide administrative services. Such services include, among other things, clerical, bookkeeping and recordkeeping services, investor relations, performing or overseeing the performance of our corporate operations (which includes being responsible for the financial records that we are required to maintain and preparing reports for our shareholders and reports filed with the SEC), assisting us in calculating the net asset value per share, overseeing the preparation and filing of tax returns and the printing and dissemination of reports to our shareholders, compliance monitoring and generally overseeing the payment of our expenses and the performance of administrative and professional services rendered to us by others.

We will also bear all other costs and expenses of our operations, administration and transactions, including but not limited to:

•the cost of our organization and the offering;

•the cost of calculating our net asset value, including the cost of any third-party valuation services;

•the cost of effecting any sales and repurchases of our common shares and other securities;

•fees and expenses payable under any dealer manager or placement agent agreements, if any;

•administration fees payable under the Administration Agreement and any sub-administration agreements, including related expenses, such as our allocable portion of compensation, overhead and other expenses incurred by the Administrator in performing its administrative obligations;

•debt service and other costs of borrowings or other financing arrangements;

•costs of hedging;

•expenses, including travel expense, incurred by the Adviser, or members of the investment team, or payable to third parties, performing due diligence on prospective portfolio companies and, if necessary, enforcing our rights;

•transfer agent and custodial fees;

•fees and expenses associated with marketing efforts;

•federal and state registration fees, any stock exchange listing fees and fees payable to rating agencies;

•federal, state and local taxes;

•independent trustees’ fees and expenses including certain travel expenses;

•costs of preparing financial statements and maintaining books and records and filing reports or other documents with the SEC (or other regulatory bodies) and other reporting and compliance costs, including registration and listing fees, and the compensation of professionals responsible for the preparation of the foregoing;

33

•the costs of any reports, proxy statements or other notices to shareholders (including printing and mailing costs), the costs of any shareholder or trustee meetings and the compensation of personnel responsible for the preparation of the foregoing and related matters;

•commissions and other compensation payable to brokers or dealers;

•research and market data;

•fidelity bond, trustees’ and officers’ errors and omissions liability insurance and other insurance premiums;

•direct costs and expenses of administration, including printing, mailing, long distance telephone and staff;

•fees and expenses associated with independent audits, outside legal and consulting costs;

•costs of winding up our affairs;

•costs incurred by either the Administrator or us in connection with administering our business, including payments under the Administration Agreement;

•extraordinary expenses (such as litigation or indemnification); and

•costs associated with reporting and compliance obligations under the 1940 Act and applicable federal and state securities laws.

We are obligated to reimburse the Adviser for expense payments made by the Adviser to us in connection with the Expense Support Agreement following any calendar quarter in which we have available operating funds. The amount of the reimbursement payment for any calendar quarter will be equal to the lesser of (i) the excess operating funds in such calendar quarter, and (ii) the aggregate amount of all expense payments made by the Adviser to us within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by us to the Adviser.

In addition, we and our Administrator have contracted with U.S. Bank N.A. to provide custodial and various accounting and administrative services, including but not limited to, preparing preliminary financial information for review by the Adviser, maintaining accounting and corporate books and records, processing trade information provided by us and performing testing in respect to RIC compliance.

We expect that our general and administrative expenses will increase in dollar terms during periods of asset growth, but will decline as a percentage of total assets during such periods.

Leverage

The amount of leverage we intend to use in any period depends on a number of factors, including cash on-hand available for investing, the cost of financing, general economic and market conditions. We are permitted to incur indebtedness as long as immediately after such incurrence we have an asset coverage ratio of at least 150%.

Portfolio and Investment Activity

As of March 31, 2024, we had investments in 29 portfolio companies with an aggregate fair value of $490.5 million. As of March 31, 2024 and December 31, 2023, the total amount of non-qualifying assets to total assets was approximately 6.4% and 5.8%, respectively.

Our investment activity for the three months ended March 31, 2024 and 2023 was as follows:

	Three Months Ended March 31,
	2024			2023
Investments made in portfolio companies	$	16,026,952		$	24,846,991
Investments repayments		(59,389,830	)		(3,268,069	)
Net investment activity	$	(43,362,878	)	$	21,578,922
Portfolio companies at beginning of year or period		30			28
Number of investments in new portfolio companies		2			1
Number of exited portfolio companies		3			—
Portfolio companies at end of year or period		29			29
Percentage of investment commitments at floating rates		100.0	%		100.0	%
Percentage of investment commitments at fixed rates		—			—
Weighted average contractual interest rate of investments based on par		12.02	%		11.43	%

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The following table summarizes our top ten portfolio companies and industries based on fair value as of March 31, 2024:

Portfolio Company	% of Portfolio	Industry	% of Portfolio
Foundation Risk Partners, Corp.	5.9%	Healthcare & Pharmaceuticals	19.2%
Medallia, Inc.	5.2%	High Tech Industries	16.5%
MIS Acquisition, LLC	5.2%	Business Services	14.9%
Connect America.com, LLC	5.1%	Consumer Goods: Durable	10.1%
Hy Cite Enterprises, LLC	5.0%	Consumer Goods: Non-durable	8.5%
MMS Bidco LLC	5.0%	Sovereign & Public Finance	6.7%
BCDI Meteor Acquisition, LLC	5.0%	Insurance	5.9%
SailPoint Technologies Holdings Inc.	4.7%	Transportation: Cargo	4.2%
Montana Buyer Inc.	4.4%	Wholesale	2.7%
APT Opco, LLC	4.3%	Construction & Building	2.7%

The following table summarizes our top ten portfolio companies and industries based on fair value as of December 31, 2023:

Portfolio Company	% of Portfolio	Industry	% of Portfolio
Foundation Risk Partners, Corp.	5.5%	Healthcare & Pharmaceuticals	17.8%
Hy Cite Enterprises, LLC	5.0%	High Tech Industries	17.1%
MIS Acquisition, LLC	4.7%	Business Services	16.4%
Connect America.com, LLC	4.7%	Consumer Goods: Durable	9.6%
Medallia, Inc.	4.7%	Consumer Goods: Non-durable	7.9%
MMS Bidco LLC	4.6%	Sovereign & Public Finance	6.2%
BCDI Meteor Acquisition, LLC	4.6%	Insurance	5.5%
SailPoint Technologies Holdings Inc.	4.3%	Transportation: Cargo	3.8%
Montana Buyer Inc.	4.1%	Automotive	3.6%
APT Opco, LLC	4.0%	Beverage, Food & Tobacco	3.2%

The industry composition of our portfolio at fair value at March 31, 2024 and December 31, 2023 was as follows:

	March 31, 2024			December 31, 2023
Automotive		—	%		3.6	%
Beverage, Food & Tobacco		2.4	%		3.2	%
Business Services		14.9	%		16.4	%
Construction & Building		2.7	%		2.5	%
Consumer Goods: Durable		10.1	%		9.6	%
Consumer Goods: Non-durable		8.5	%		7.9	%
Consumer Services		2.4	%		1.6	%
Financial Services		1.6	%		—	%
Forest Products & Paper		2.2	%		2.0	%
Healthcare & Pharmaceuticals		19.2	%		17.8	%
High Tech Industries		16.5	%		17.1	%
Insurance		5.9	%		5.5	%
Sovereign & Public Finance		6.7	%		6.2	%
Transportation: Cargo		4.2	%		3.8	%
Wholesale		2.7	%		2.8	%
Total Investments		100.0	%		100.0	%

As of March 31, 2024 and December 31, 2023, our investments consisted of the following:

	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Senior Secured Loans	$	491,031,626	$	483,893,506	$	532,378,544	$	526,032,489
Equity		9,585,173		6,620,994		9,585,173		7,033,311
Total Investments	$	500,616,799	$	490,514,500	$	541,963,717	$	533,065,800

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The following table shows the fair value of our performing and non-accrual investments as of March 31, 2024 and December 31, 2023:

	March 31, 2024					December 31, 2023
	Fair Value		Percentage			Fair Value		Percentage
Performing	$	490,514,500		100.0	%	$	533,065,800		100.0	%
Non-accrual		—		0.0	%		—		0.0	%
Total Investments	$	490,514,500		100.0	%	$	533,065,800		100.0	%

Results of Operations

Our operating results for the three months ended March 31, 2024 and 2023 were as follows:

	Three Months Ended March 31,
	2024			2023
Total investment income	$	17,292,275		$	15,559,129
Net expenses		9,052,289			8,359,104
Net investment income		8,239,986			7,200,025
Net realized and unrealized gain (loss)		(93,412	)		(1,318,389	)
Net increase in net assets resulting from operations	$	8,146,574		$	5,881,636
Net investment income per common share—basic and diluted	$	0.76		$	0.59
Net increase in net assets resulting from operations per common share—basic and diluted	$	0.75		$	0.48

Net income can vary substantially from period-to-period due to various factors, including the level of new investment commitments, the recognition of realized gains and losses and unrealized appreciation and depreciation. As a result, comparisons of net increase in net assets resulting from operations may not be meaningful.

Investment Income

Investment income is primarily dependent on the composition and credit quality of our investment portfolio. Generally, we expect our debt investments to generate predictable, recurring interest income in accordance with the contractual terms of each loan. Corporate equity securities may pay a dividend and may increase in value for which a gain may be recognized; generally, such dividend payments and gains are less predictable than interest income on our loan portfolio.

Investment income for the three months ended March 31, 2024 and 2023 were as follows:

	Three Months Ended March 31,
	2024			2023
Interest income	$	16,105,033		$	14,872,222
Payment-in-kind interest income		602,748			340,667
Other income		584,494			346,240
Total investment income	$	17,292,275		$	15,559,129
Weighted average contractual interest rate on performing interest bearing investments		12.02	%		11.43	%
Weighted average contractual interest rate on all interest bearing investments		12.02	%		11.43	%

For the three months ended March 31, 2024 and 2023, we have generated interest income, including PIK, of $16.7 million and $15.2 million, respectively. Such revenues represent cash interest earned as well as non-cash income consisting of accretion of original issue discounts and PIK. Cash flows related to such non-cash revenues may not occur for a number of reporting periods or years after such revenues are recognized. The level of interest income we receive is generally related to the principal balance of income-producing investments, multiplied by the contractual interest rates of our investments. Interest income increased primarily as a result of the increase in the size of our portfolio and increase in the weighted average yield of our portfolio. The average position size of our portfolio and weighted average yield of our portfolio at par at March 31, 2024 and 2023 were as follows:

	March 31,
	2024			2023
Average position size of portfolio (in millions)	$	12.2		$	14.1
Weighted average contractual interest rate of investments based on par		12.02	%		11.43	%

Fee income, included in other income, is transaction based, and typically consists of amendment and consent fees, prepayment fees, structuring fees and other non-recurring fees. As such, fee income is generally dependent on new direct origination investments and the occurrence of events at existing portfolio companies resulting in such fees. Any such fees generated will be recognized as

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earned. We expect the dollar amount of interest and any dividend income that we earn to increase as the size of our investment portfolio increases.

Expenses

Expenses for the three months ended March 31, 2024 and 2023 were as follows:

	Three Months Ended March 31,
	2024		2023
Management fee	$	810,205	$	1,646,178
Incentive fee		1,177,141		2,329,914
Administration fee		250,000		278,000
Professional fees		433,073		336,487
Trustees’ fees		43,000		43,000
Interest and credit facility expense		5,706,692		4,404,196
Other general and administrative expense		132,178		221,329
Total Expenses		8,552,289		9,259,104
Reimbursement of expense support		500,000		—
Incentive fee waiver		—		(900,000	)
Net Expenses	$	9,052,289	$	8,359,104

Total expenses, including reimbursement of expense support to the Adviser, were $9.1 million and $9.3 million for the three months ended March 31, 2024 and 2023, respectively. Prior to July 1, 2023, we paid our Adviser a management fee quarterly in arrears at an annual rate of 1.25% of our total assets (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter. Beginning on July 1, 2023, we pay our Adviser a management fee quarterly in arrears at an annual rate of 1.25% of our net assets as of the end of the most recently completed calendar quarter; provided that the management fee shall not be greater than 1.25% of our total assets (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter. We also pay our Adviser an incentive fee that consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. The income component of the incentive fee will be the amount, if positive, equal to 15.0%, with respect to each Legacy Fee Quarter, and 12.5%, with respect to each Current Fee Quarter, of the aggregate net investment income before incentive compensation earned for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of operations), less aggregate income incentive compensation previously paid and/or waived with respect to the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters. The income component of the incentive fee is subject to a 7.0% hurdle on our net assets at the beginning of each applicable calendar quarter and subject to a cap of 15.0% during the relevant Legacy Fee Quarters and 12.5% during the relevant Current Fee Quarters of the cumulative net return comprising the relevant trailing twelve quarters. The capital gains component of the incentive fee will be the amount, if positive, equal to 15.0%, prior to October 1, 2023, and 12.5%, beginning October 1, 2023, of the aggregate realized capital gains (computed net of realized capital losses and unrealized capital depreciation, if any) for the most recent calendar quarter and the preceding eleven calendar quarters (or if shorter, the number of calendar quarters that have occurred since commencement of the fund), less capital gains incentive compensation previously paid in respect of the first eleven calendar quarters (or the portion thereof) included in the relevant trailing twelve quarters. We reimburse our Administrator for the allocable portion of the Adviser’s overhead and other expenses incurred by the Adviser and requested to be reimbursed by the Adviser in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of our Chief Compliance Officer and Chief Financial Officer and their respective staffs.

Interest expense under the SPV Facility is based on the average debt outstanding. Interest expense increased primarily due to the increase in average principal amount of debt outstanding and weighted average interest rate as a result of the increase in SOFR.

On September 15, 2021, we entered into the Expense Support Agreement with the former adviser. Commencing with the fourth quarter of 2021 and on a quarterly basis thereafter, the Adviser may elect to pay certain of our expenses from time to time, which we will be obligated to reimburse to the Adviser at a later date if certain conditions are met. For the three months ended March 31, 2024, we reimbursed the adviser $0.5 million and the remaining balance of $0.9 million was permanently waived by the Adviser.

For the three months ended March 31, 2024 and 2023, the Adviser voluntarily waived incentive fees totaling $0 and $0.9 million, respectively.

We expect our operating expenses related to our ongoing operations to increase in the next several quarters because of the anticipated growth in the size of our asset base. We expect operating expenses as a percentage of our total assets to decrease during periods of asset growth.

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Net Realized Gains or Losses

Our investments are generally purchased at a discount to par. We received principal repayments of $59.4 million and $3.3 million during the three months ended March 31, 2024 and 2023, from which we realized net gains totaling $1.1 million and $0.1 million, respectively. We recognized gains on partial principal repayments we received at par value.

The net realized gains (losses) from the sales, repayments or exits of investments for the three months ended March 31, 2024 and 2023 consisted of the following:

	Three Months Ended March 31,
	2024		2023
Sales, repayments or exits of investments	$	59,389,830	$	3,268,069
Net realized gains (losses) on investments:
Gross realized gains	$	1,110,970	$	57,035
Gross realized losses		—		(1,003	)
Net realized gains (losses) on investments	$	1,110,970	$	56,032

The net realized gains on investments for the three months ended March 31, 2024 consisted of the following:

Portfolio Company	Net Realized Gains (Losses)
Crash Champions Intermediate, LLC	$	515,255
Kelso Industries LLC		317,799
Project Cloud Holdings, LLC		145,620
Zips Car Wash, LLC		62,308
Other		69,988
Net realized gain (loss) on investments	$	1,110,970

The net realized gains on investments for the three months ended March 31, 2023 consisted of the following:

Portfolio Company	Net Realized Gains (Losses)
Other, net	$	56,032
Net realized gain (loss) on investments	$	56,032

Net Change in Unrealized Appreciation or Depreciation

We value our portfolio investments quarterly and the changes in value are recorded as the change in unrealized appreciation or depreciation in our consolidated statements of operations. Net change in unrealized appreciation or depreciation on investments for the three months ended March 31, 2024 and 2023 consisted of the following:
 

	Three Months Ended March 31,
	2024			2023
Unrealized appreciation	$	2,670,031		$	2,125,233
Unrealized depreciation		(3,874,413	)		(3,499,654	)
Net change in unrealized appreciation (depreciation) on investments	$	(1,204,382	)	$	(1,374,421	)

For the three months ended March 31, 2024, the net change in unrealized depreciation on investments was $1.2 million primarily driven by a net depreciation in loans and equity, compared to net change in unrealized depreciation on investments of $1.4 million for the three months ended March 31, 2023 primarily due to fair market depreciation of one equity investment.

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The change in unrealized appreciation or depreciation on investments for the three months ended March 31, 2024 and 2023 consisted of the following:

	Three Months Ended March 31,
Portfolio Company	2024			2023
Amplity Parent, Inc.	$	(444,400	)	$	(418,718	)
Apryse Software Corp (fka PDFTron US Acquisition Corp.)		23,774			32,452
APT Opco, LLC		21,465			201,857
Atlas Intermediate III, L.L.C.		—			(42,948	)
BCDI Meteor Acquisition, LLC		143,456			22,671
BCP V Everise Acquisition LLC		(23,826	)		46,502
Bullhorn, Inc.		51,692			122,433
Celerion Buyer, Inc.		(20,622	)		97,079
Connect America.com, LLC		182,381			(173,846	)
Crash Champions Intermediate, LLC		(495,791	)		55,046
Foundation Risk Partners, Corp.		91,437			(152,415	)
GS AcquisitionCo, Inc.		109,437			76,056
Hy Cite Enterprises, LLC		(76,987	)		23,035
IEC Corporation		—			194,012
IMB Midco LLC (formerly, WSP Midco LLC)		(1,970,788	)		(1,587,628	)
Jackson Paper Manufacturing Company		(318,794	)		98,278
Kelso Industries LLC		7,955			—
KeyData Associates Inc.		155,377			(17,277	)
Keystone Purchaser, LLC		302,606			(26,049	)
KUEHG Corp.		(937	)		—
Medallia, Inc.		159,678			(66,478	)
Milestone Technologies, Inc.		50,589			234,299
MIS Acquisition, LLC		248,417			—
MMS Bidco LLC		36,164			220,586
Montana Buyer Inc.		107,118			(19,840	)
Pansophic Learning Ltd.		(27,374	)		(60,902	)
Project Cloud Holdings, LLC		157,377			—
S4T Holdings Corp.		16,884			246,267
SailPoint Technologies Holdings Inc.		(20,773	)		341,976
Spark DSO, LLC		47,300			(11,825	)
Steele Solutions, Inc.		(271,348	)		112,684
The Ultimus Group Midco, LLC		(6,570	)		—
Wellful Inc.		(196,203	)		(507,272	)
Zips Car Wash, LLC		756,924			(414,456	)
Net change in unrealized appreciation (depreciation) on investments	$	(1,204,382	)	$	(1,374,421	)

During the three months ended March 31, 2024 and 2023, we recognized net unrealized gains (losses) on foreign currency of $(20.7) thousand and $32.7 thousand, respectively.

Net Increase in Net Assets Resulting from Operations

For the three months ended March 31, 2024 and 2023, the net increase in net assets resulting from operations was $8.1 million and $5.9 million or $0.75 and $0.48 per share, respectively.

Financial Condition, Liquidity and Capital Resources

Our liquidity and capital resources are generated from the net proceeds received from the issuance of our common shares from private placement offerings, as well as from proceeds from principal repayments, income earned on investments and cash equivalents, and borrowings from the credit facilities. We intend to continue to generate cash primarily from future offerings of shares of our common shares, future borrowings and cash flows from operations. We may from time to time enter into additional debt facilities or increase the size of existing facilities to borrow funds to make investments, including before we have fully invested the net proceeds from our private placement offering, to the extent we determine that additional capital would allow us to take advantage of additional investment opportunities, if the market for debt financing presents attractively priced debt financing opportunities, or if our Board determines that leveraging our portfolio would be in our best interests and the best interests of our shareholders. In accordance with the 1940 Act, with certain limited exceptions, we are allowed to incur borrowings, issue debt securities or issue preferred shares if immediately after the borrowing or issuance our ratio of total assets (less total liabilities other than indebtedness) to total indebtedness plus preferred shares, is at least 150%. As of March 31, 2024, our asset coverage ratio was 198.7%. We seek to carefully consider our unfunded commitments for the purpose of planning our capital resources and ongoing liquidity including our financial leverage.

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Further, we maintain sufficient borrowing capacity within the 150% asset coverage limitation under the 1940 Act and the asset coverage limitation under our credit facility to cover any outstanding unfunded commitments we are required to fund.

The primary uses of cash, including the net proceeds from our issuance and sale of our common shares, are for investments in portfolio companies, repayment of indebtedness, if any, cash distributions to our shareholders, and the cost of operations.

As of March 31, 2024 we had $20.5 million in cash and cash equivalents on hand, plus $78.0 million and $80.0 million available to us under our borrowing facilities with Société Générale and Onex Credit Finance II Corporation, a subsidiary of the ultimate parent entity of the Adviser, respectively, which is expected to be sufficient for our investing activities and to conduct our operations in the foreseeable future. However, as the impact of current inflationary pressure on the economy and our business evolves, we will continue to assess our liquidity needs. A continued worldwide disruption due to inflationary pressures could materially affect our future access to our sources of liquidity, particularly our cash flows from operations, financial condition, capitalization, and capital investments. In the event of a sustained market deterioration, we may need additional liquidity, which would require us to evaluate available alternatives and take appropriate actions.

Equity

We are authorized to issue an unlimited number of common shares at $0.001 par value per share.

The following table summarizes the total shares issued and proceeds received related to the placement of our common shares for the three months ended March 31, 2024:

Period Ended	Shares Issued		Proceeds Received
March 31, 2024		21,853	$	532,335
		21,853	$	532,335

The following table summarizes the total shares issued and proceeds received related to the placement of our common shares for the three months ended March 31, 2023:

Period Ended	Shares Issued		Proceeds Received
March 31, 2023		44,339	$	1,088,965
		44,339	$	1,088,965

In the first quarter of 2023, we began offering, and on a quarterly basis, intend to continue offering, to repurchase common shares on such terms as may be determined by the Board in its discretion. The Board has complete discretion to determine whether we will engage in any share repurchase, and if so, the terms of such repurchase. At the discretion of the Board, we may use cash on hand, cash available from borrowings, and cash from the sale of investments as of the end of the applicable period to repurchase shares.

All shares purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares.

Any periodic repurchase offers are subject in part to our available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While we intend to continue to conduct quarterly tender offers as described above, we are not required to do so and may suspend or terminate the share repurchase program at any time.

The following table presents the share repurchases completed during the three months ended March 31, 2024:

Tender Offer Date	Tender Offer Expiration	Tender Offer		Price Paid per Share		Total Number of Shares Repurchased		Maximum Number of Shares that may yet be purchased under the repurchase plan (1)
January 12, 2024	February 9, 2024		736,400	$	24.36		677,139		—
							677,139

(1)All repurchase requests were satisfied in full.

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The following table presents the share repurchases completed during the three months ended March 31, 2023:

Tender Offer Date	Tender Offer Expiration	Tender Offer		Price Paid per Share		Total Number of Shares Repurchased		Maximum Number of Shares that may yet be purchased under the repurchase plan (1)
January 13, 2023	February 10, 2023		622,786	$	24.56		418,189		—
							418,189

(1)All repurchase requests were satisfied in full.

Distributions and Dividend Reinvestment

We intend to continue to make quarterly distributions to our shareholders. To maintain our RIC status and avoid certain excise taxes imposed on RICs, we generally endeavor to distribute during each calendar year an amount at least equal to the sum of:

•98% of our ordinary net taxable income for the calendar year;

•98.2% of our capital gains, if any, in excess of capital losses for the one-year period ending on October 31 of the calendar year; and

•any net ordinary income and net capital gains for the preceding year that were not distributed during such year and on which we do not pay corporate tax.

We may choose to carry forward taxable income in excess of current year distributions into the next tax year and pay a 4% excise tax on such income, to the extent required.

The amount of our declared distributions, as evaluated by management and approved by our Board, is based primarily on our evaluation of our net investment income and distributable taxable income.

The following table reflects the distributions declared on common shares and common shares issued pursuant to our distribution reinvestment plan for the three months ended March 31, 2024:

Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued
March 1, 2024	March 5, 2024	March 21, 2024	$	0.77	$	8,116,595		79,402
			$	0.77	$	8,116,595		79,402

The following table reflects the distributions declared on common shares and common shares issued pursuant to our distribution reinvestment plan for the three months ended March 31, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued
March 2, 2023	March 2, 2023	March 23, 2023	$	0.58	$	7,007,486		178,875
			$	0.58	$	7,007,486		178,875

Borrowings

We use borrowed funds, known as “leverage,” to make investments and to attempt to increase returns to our shareholders by reducing our overall cost of capital. As a BDC, we are limited in the amount of leverage we can incur under the 1940 Act. We are only allowed to borrow amounts such that our asset coverage, as defined in the 1940 Act, equals at least 150% after such borrowing. As of March 31, 2024 and December 31, 2023, our asset coverage ratio was 198.7% and 203.7%, respectively.

We expect to maintain adequate liquidity and compliance with regulatory and contractual asset coverage requirements.

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Contractual Obligations

The following table shows the contractual maturities of our outstanding debt obligations as of March 31, 2024:

	Payments due by Period
Contractual Obligations	Total		Less than 1 Year		1 to 3 Years		3 to 5 Years		More than 5 Years
SPV Facility	$	262,000,000	$	—	$	262,000,000	$	—	$	—
Revolving OCF II Loan		—		—		—		—		—
Total	$	262,000,000	$	—	$	262,000,000	$	—	$	—

The following table shows the contractual maturities of our outstanding debt obligations as of December 31, 2023:

	Payments due by Period
Contractual Obligations	Total		Less than 1 Year		1 to 3 Years		3 to 5 Years		More than 5 Years
SPV Facility	$	263,000,000	$	—	$	263,000,000	$	—	$	—
Revolving OCF II Loan		—		—		—		—		—
Total	$	263,000,000	$	—	$	263,000,000	$	—	$	—

The weighted average interest rate on the aggregate principal amount outstanding was 7.4% for the three months ended March 31, 2024 and 7.1% for the year ended December 31, 2023.

The ratio of total principal amount of debt outstanding to shareholders' equity as of March 31, 2024 was 1.01:1.00 compared to 0.96:1.00 as of December 31, 2023.

SPV Facility

We and our consolidated subsidiary, ODL SPV, are party to the “SPV Facility” with Société Générale, as initial lender and agent, and certain financial institutions that allows ODL SPV to borrow up to $340.0 million. Borrowings under the SPV Facility will bear interest at SOFR plus a spread of 1.75% or 2.40% based on certain conditions (or an alternative rate of interest for certain loans denominated in Canadian Dollars, Euros or Sterling). ODL SPV will also pay an unused commitment fee on the unused commitment amount at rate of (1) 1.00% if the amount drawn under the SPV Facility is less than the minimum commitment usage (the “Minimum Commitment Usage”) and (2) 0.40% if the amount drawn under the SPV Facility is greater than or equal to the Minimum Commitment Usage. The Minimum Commitment Usage is equal to (1) 0.0% for the first six months ended April 4, 2022; (2) 37.5% for the period from April 5, 2022 through June 27, 2022; (3) 75% for the period from June 28, 2022 through July 13, 2022; (4) $150.0 million for the period from July 14, 2022 through January 13, 2023; and (5) $255.0 million thereafter. The Company also pays a fee of 0.20% per annum on the outstanding balance under the SPV Facility beginning on July 14, 2022. The SPV Facility is secured by a lien on assets held by the ODL SPV and on any payments received by ODL SPV in respect of those assets. The SPV Facility terminates on October 2, 2026.

Revolving Loan Agreement

On September 8, 2022, we entered into the Revolving Onex Loan with the Onex Entity, whereby the Onex Entity could advance an Onex Loan to us with a maximum aggregate outstanding principal amount of $80.0 million and a maturity date with respect to each Onex Loan of the day falling two years after the funding of such Onex Loan. On May 5, 2023, we terminated the Revolving Onex Loan and entered into the Revolving OCF II Loan, whereby OCF II may advance an Onex Loan II to us with a maximum aggregate outstanding principal amount of $80.0 million and a maturity date with respect to each OCF II Loan of the day falling two years after the funding of such OCF II Loan. We are required to meet certain criteria, including a leverage ratio threshold, before OCF II is obligated to make a loan to us. The Revolving OCF II Loan is intended to provide us with the ability to fund investments, pay related costs and expenses, and for general corporate purposes. Amounts drawn under an OCF II Loan will bear interest at SOFR plus a spread of 2.60%.

Related Party Transactions

We have entered into certain contracts with affiliated or related parties. In particular, we entered into (1) an Investment Advisory Agreement with the Adviser to provide us with investment advisory services under which we pay our Adviser an annual base management fee based on our total assets, excluding cash and cash equivalents, and incentive fees based on our performance and (2) an administrative agreement with the Administrator to perform (or oversee, or arrange for, the performance of) the administrative services necessary to enable us to operate and under which we reimburse the Administrator for administrative expenses incurred on our behalf. See “Note 3. Related Party Transactions – Administration Agreement” and “– Investment Advisory Agreement” for a description of our obligations under these agreements. We also entered into an Expense Support Agreement with the Adviser, whereby the Adviser may elect to pay certain of our expenses from time to time, which we will be obligated to reimburse to the Adviser if certain conditions are met. We are obligated to reimburse the Adviser for expense payments made by the Adviser to us in connection

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with the Expense Support Agreement following any calendar quarter in which we have available operating funds. The amount of the reimbursement payment for any calendar quarter will be equal to the lesser of (i) the excess operating funds in such calendar quarter, and (ii) the aggregate amount of all expense payments made by the Adviser to us within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by us to the Adviser. See “Note 3. Related Party Transactions – Expense Support Agreement” for a description of our obligations under this agreement. We also entered into the Revolving Onex Loan with the Onex Entity, whereby the Onex Entity could advance amounts to us with a maximum aggregate outstanding principal amount of $80.0 million and a maturity date with respect to each Onex Loan of the day falling two years after the funding of such Onex Loan. On May 5, 2023, we terminated the Revolving Onex Loan and entered into the Revolving OCF II Loan, whereby OCF II may advance an Onex Loan II to us with a maximum aggregate outstanding principal amount of $80.0 million and a maturity date with respect to each OCF II Loan of the day falling two years after the funding of such OCF II Loan. We are required to meet certain criteria, including a leverage ratio threshold, before OCF II is obligated to make a loan to us. The Revolving OCF II Loan is intended to provide us with the ability to fund investments, pay related costs and expenses, and for general corporate purposes. Amounts drawn under the OCF II Loan will bear interest at SOFR plus a spread of 2.60%.

Off-Balance Sheet Arrangements

From time-to-time we are a party to financial instruments with off-balance sheet risk in the normal course of business in order to meet the needs of our investment in portfolio companies. Such instruments include commitments to extend credit and may involve, in varying degrees, elements of credit risk in excess of amounts recognized on our balance sheet. Prior to extending such credit, we attempt to limit our credit risk by conducting extensive due diligence, obtaining collateral where necessary and negotiating appropriate financial covenants.

As of March 31, 2024 and December 31, 2023, the Company had the following outstanding commitments to fund investments in current portfolio companies:

	March 31, 2024		December 31, 2023
Unfunded delayed draw term loan commitments	$	3,494,159	$	3,926,790
Unfunded revolver obligations		15,788,991		15,736,196
	$	19,283,150	$	19,662,986

Recent Developments

On April 1, 2024, we issued, in connection with our private placement of our common shares, 158,415 common shares for an aggregate amount of $3.9 million.

On May 9, 2024, the Board declared a quarterly dividend of $0.70 per share for the Company’s shareholders of record as of May 14, 2024, payable on June 20, 2024.

Critical Accounting Estimates

The preparation of our consolidated financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. Changes in the economic environment, financial markets, and any other parameters used in determining such estimates could cause actual results to differ. Critical accounting policies are those that are both important to the presentation of our financial condition and results of operations and require management’s most difficult, complex, or subjective 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. Our critical accounting policies are those applicable to the basis of presentation, valuation of investments, and certain revenue recognition matters as discussed below. See Note 2 to our consolidated financial statements, “Significant Accounting Policies—Investments”, contained elsewhere herein.

Valuation of Portfolio Investments

The most significant estimate inherent in the preparation of our consolidated financial statements is the valuation of investments and the related amounts of unrealized appreciation and depreciation of investments recorded.

Value, as defined in Section 2(a)(41) of the 1940 Act, is (1) the market price for those securities for which a market quotation is readily available and (2) for all other securities and assets, fair value as determined in good faith by our Adviser, as “valuation designee,” pursuant to procedures approved by our Board. The Board has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of

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our investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Although the Board designated our Adviser as “valuation designee,” the Board ultimately is responsible for fair value determinations under the 1940 Act.

Our valuation policy is intended to provide a consistent basis for determining the fair value of the portfolio based on the nature of the security, the market for the security and other considerations including the financial performance and enterprise value of the portfolio company. Because of the inherent uncertainty of valuation, the Adviser determined values may differ significantly from the values that would have been used had a ready market existed for the investments, and the differences could be material.

Pursuant to ASC 946: Financial Services—Investment Companies (“ASC 946”), we reflect our investments on our balance sheet at their determined fair value with unrealized gains and losses resulting from changes in fair value reflected as a component of unrealized gains or losses on our statements of operations. Fair value is the amount that would be received to sell the investments in an orderly transaction between market participants at the measurement date (i.e., the exit price).

See Note 2 to the consolidated financial statements for the additional information about the level of market observability associated with investments carried at fair value.

We follow the provisions of ASC 820, which among other matters, requires enhanced disclosures about investments that are measured and reported at fair value. This standard defines fair value and establishes a hierarchal disclosure framework which prioritizes and ranks the level of market price observability used in measuring investments at fair value and expands disclosures about assets and liabilities measured at fair value. 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. This fair value definition focuses on an exit price in the principle, or most advantageous market, and prioritizes, within a measurement of fair value, the use of market-based inputs (which may be weighted or adjusted for relevance, reliability and specific attributes relative to the subject investment) over entity-specific inputs. Market price observability is affected by a number of factors, including the type of investment and the characteristics specific to the investment. Investments with readily available active quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment used in measuring fair value. Subsequent to the adoption of ASC 820, the FASB has issued various staff positions clarifying the initial standard (see Note 2 to the consolidated financial statements: “Significant Accounting Policies—Investments”).

We classify the inputs used to measure these fair values into the following hierarchy as defined by current accounting guidance:

•Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible to the Company at the measurement date.

•Level 2—Valuations are based on similar assets or liabilities in active markets, or quoted prices identical or similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly and model-based valuation techniques for which all significant inputs are observable.

•Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuation techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation.

Investments for which market quotations are readily available are typically valued at the average bid and ask prices of such market quotes, which are generally obtained from independent pricing services, broker-dealers or market makers. To validate market quotes, we will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities for which market quotations are not readily available or are deemed not to represent fair value, are valued at fair value as determined in good faith by the Adviser, in accordance with a valuation policy approved by the Board and a consistently applied valuation process. Accordingly, such investments go through our multi-step valuation process as described below. Investments purchased within the quarter before the valuation date and debt investments with remaining maturities of 60 days or less may each be valued at cost with interest accrued or discount accreted/premium amortized to the date of maturity (although they are typically valued at available market quotations), unless such valuation, in the judgment of the Adviser, does not represent fair value.

The Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following:

•The valuation process begins with each portfolio company or investment being initially valued using certain inputs, among others, provided by the Adviser's investment professionals that are responsible for the portfolio investment;

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•Preliminary valuation conclusions are then documented and discussed with the Adviser’s senior investment team;

•At least once annually, the valuation for each portfolio investment is reviewed by an independent valuation firm. In each case, our independent third party valuation firm considers observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments; and

•The Adviser then reviews the valuations and determines the fair value of each investment.

As part of the valuation process, the Adviser may consider other information and may use valuation methods including but not limited to (i) market quotes for similar investments, (ii) recent trading activity, (iii) discounting forecasted cash flows of the investment, (iv) models that consider the implied yields from comparable debt, (v) third party appraisals, (vi) sale negotiations and purchase offers received from independent parties and (vii) estimated value of underlying assets to be received in any liquidation or restructuring.

As part of the valuation process, we will primarily use the “income approach” by using a present value technique that discounts the estimated contractual cash flows. Discount rates applied to estimated contractual cash flows for an underlying asset vary by specific investment, industry, priority and nature of the debt security and are assessed relative to leveraged loan and high-yield bond indices at the valuation date. The use of market indices as part of the valuation methodology is subject to adjustment for many factors, including priority, collateral used as security, structure, performance and other quantitative and qualitative attributes of the asset being valued. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Board or its delegates will consider whether the pricing indicated by the external event corroborates its valuation.

When we determine our NAV as of the last day of a month that is not also the last day of a calendar quarter, we intend to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Adviser’s valuation team will generally value such assets at the most recent quarterly valuation unless the Adviser determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser’s valuation team determines such a change has occurred with respect to one or more investments, the Adviser’s valuation team will determine whether to update the value for each relevant investment, using positive assurance from an independent valuation firm where applicable in accordance with our valuation policy, pursuant to authority delegated by the Board.

A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances present at each valuation date. Due to the inherent uncertainty of determining fair value of investments that do not have a readily available market value, the fair value of our investments may fluctuate from period to period. Additionally, the fair value of such investment may differ significantly from the values that would have been used had a readily available market value existed for such investments, and the differences could be material from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If we were required to liquidate a portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment, including the impact of changes in broader market indices and credit spreads, and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

Revenue Recognition

We record interest income on an accrual basis to the extent that we expect to collect such amounts. For loans and debt securities with contractual PIK interest, which represents contractual interest accrued and added to the loan balance that generally becomes due at maturity, we will not accrue PIK interest if management determines that the PIK interest is not collectible. We do not accrue as a receivable interest on loans and debt securities if we have reason to doubt our ability to collect such interest. Loan origination fees, original issue discount, and market discount are capitalized and then we amortize such amounts as interest income. Upon the prepayment of a loan or debt security, any unamortized loan origination fees are recorded as interest income. We further record prepayment premiums on loans and debt securities as interest income when we receive such amounts.

Income Taxes

We elected to be treated for U.S. federal income tax purposes, and to qualify annually, as a RIC under the Code. To qualify for and maintain qualification as a RIC, we must, among other things, meet certain source-of-income and asset diversification

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requirements, and make certain minimum distributions to shareholders. We will be subject to a 4% nondeductible U.S. federal excise tax on undistributed income. See “Note 2. Significant Accounting Policies – Income Taxes.”

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Our business activities contain elements of market risks. We consider our principal market risks to be fluctuations in interest rates and the valuations of our investment portfolio. Managing these risks is essential to our business. Accordingly, we have systems and procedures designed to identify and analyze our risks, to establish appropriate policies and thresholds and to continually monitor these risks and thresholds by means of administrative and information technology systems and other policies and processes.

Uncertainty with respect to the economic effects of interest rates, inflation, the war between Russia and Ukraine, the war between Israel and Hamas, the lingering effects of the COVID-19 pandemic and other geopolitical events has introduced significant volatility in the financial markets, and the effect of the volatility could materially impact our market risks, including those listed below. For additional information concerning these risks and their potential impact on our business and our operating results, see “Risk Factors—Risks Related to Our Business and Structure—General economic conditions could adversely affect the performance of our investments,” “Risk Factors—Risks Related to Our Business and Structure—The failure of major financial institutions, namely banks, or sustained financial market illiquidity, could adversely affect our and/or our portfolio companies’ businesses and results of operations” and “Risk Factors—Risks Related to Our Business and Structure—The ongoing armed conflicts as a result of the Russian invasion of Ukraine and the war between Israel and Hamas may have a material adverse impact on us and our portfolio companies.” in our annual report on Form 10-K for the year ended December 31, 2023, filed with the SEC on March 6, 2024. We are subject to financial market risks, including interest rate risk and valuation risk. Accordingly, we have systems and procedures designed to identify and analyze our risks, to establish appropriate policies and thresholds and to continually monitor these risks and thresholds by means of administrative and information technology systems and other policies and processes.

Interest Rate Risk

Interest rate risk is defined as the sensitivity of our current and future earnings to interest rate volatility, variability of spread relationships, the difference in re-pricing intervals between our assets and liabilities and the effect that interest rates may have on our cash flows. Changes in the general level of interest rates can affect our net interest income, which is the difference between the interest income earned on interest earning assets and our interest expense incurred in connection with our interest-bearing debt and liabilities. Changes in interest rates can also affect, among other things, our ability to acquire and originate loans and securities and the value of our investment portfolio.

We intend to continue to fund portions of our investments with borrowings, and at such time, our net investment income will be affected by the difference between the rate at which we invest and the rate at which we borrow. Accordingly, we cannot assure you that a significant change in market interest rates will not have a material adverse effect on our net investment income. As of March 31, 2024 and December 31, 2023, 100% of the debt investments based on par value in our portfolio were at floating rates indexed to SOFR or PRIME, as was our outstanding debt.

The following table shows the estimated annualized impact on net investment income based on hypothetical base rate changes in interest rates on our loan portfolio and outstanding debt as of March 31, 2024 (considering interest rate floors and ceilings for floating rate instruments and assuming no changes in our investment and borrowing structure).

Basis Point Change	Interest Income			Interest Expense			Net Investment Income
Up 300 Basis Points	$	14,974,101		$	7,860,000		$	7,114,101
Up 200 Basis Points		9,982,734			5,240,000			4,742,734
Up 100 Basis Points		4,991,367			2,620,000			2,371,367
Down 100 Basis Points		(4,991,367	)		(2,620,000	)		(2,371,367	)
Down 200 Basis Points		(9,982,734	)		(5,240,000	)		(4,742,734	)
Down 300 Basis points		(14,974,101	)		(7,860,000	)		(7,114,101	)

The following table shows the estimated annualized impact on net investment income based on hypothetical base rate changes in interest rates on our loan portfolio and outstanding debt as of December 31, 2023 (considering interest rate floors and ceilings for floating rate instruments and assuming no changes in our investment and borrowing structure).

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Basis Point Change	Interest Income			Interest Expense			Net Investment Income
Up 300 Basis Points	$	16,252,906		$	7,890,000		$	8,362,906
Up 200 Basis Points		10,835,271			5,260,000			5,575,271
Up 100 Basis Points		5,417,635			2,630,000			2,787,635
Down 100 Basis Points		(5,417,635	)		(2,630,000	)		(2,787,635	)
Down 200 Basis Points		(10,835,271	)		(5,260,000	)		(5,575,271	)
Down 300 Basis points		(16,252,906	)		(7,890,000	)		(8,362,906	)

Although we believe that this analysis is indicative of our existing sensitivity to interest rate changes, it does not adjust for potential changes in credit market, credit quality, the size and composition of the assets in our portfolio and other business developments that could affect our net income. Accordingly, no assurances can be given that actual results would not differ materially from the analysis above.

Valuation Risk

We have invested, and plan to continue to invest, primarily in illiquid debt and equity securities of private companies. Most of our investments will not have a readily available market price, and we value these investments at fair value as determined in good faith by the Adviser under supervision of the Board in accordance with our valuation policy. There is no single standard for determining fair value. As a result, determining fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and such differences could be material.

Inflation Risk

Certain of our portfolio companies are in industries that have been impacted by inflation. Recent inflationary pressures have increased the costs of labor, energy and raw materials and have adversely affected consumer spending, economic growth and our portfolio companies’ operations. If such portfolio companies are unable to pass any increases in their costs of operations along to their customers, it could adversely affect their operating results and impact their ability to pay interest and principal on our loans, particularly if interest rates rise in response to inflation. In addition, any projected future decreases in our portfolio companies’ operating results due to inflation could adversely impact the fair value of those investments. Any decreases in the fair value of our investments could result in future realized or unrealized losses and therefore reduce our net assets resulting from operations. Additionally, the Federal Reserve has raised, and may in the future continue to raise, certain benchmark interest rates in an effort to combat inflation.

Item 4. Controls and Procedures.

Evaluation of disclosure controls and procedures

The Company’s management, under the supervision and with the participation of various members of management, including its Chief Executive Officer (“CEO”) and its Chief Financial Officer (“CFO”), has evaluated the effectiveness of its disclosure controls and procedures (as defined in Rule 13a-15(e) or Rule 15d-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”) as of the end of the period covered by this report. Based upon that evaluation, the Company’s CEO and CFO have concluded that the Company’s disclosure controls and procedures are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Acts recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is accumulated and communicated to our management, including our CEO and CFO, as appropriate to allow timely decisions regarding required disclosures as of the end of the period covered by this report.

Changes in internal control over financial reporting

There have been no changes in our internal control over financial reporting during the first quarter of 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II – OTHER INFORMATION

Item 1. Legal Proceedings.

We are not currently subject to any material legal proceedings, nor, to our knowledge, are any material legal proceeding threatened against us. From time to time, we may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under contracts with our portfolio companies. Our business is also subject to extensive regulation, which may result in regulatory proceedings against us. While the outcome of any such future legal or regulatory proceedings cannot be predicted with certainty, we do not expect that any such future proceedings will have a material effect upon our financial condition or results of operations.

Item 1A. Risk Factors.

In addition to the other information set forth in this report, you should carefully consider the risk factors disclosed under Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2023. The risks described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 are not the only risks facing us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially and adversely affect our business, financial condition and/or operating results.

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

Refer to our Current Report on Form 8-K filed with the SEC on April 23, 2024 for information about unregistered sales of our equity securities during the quarter. Such issuances were part of a private offering pursuant to Section 4(a)(2) of the 1933 Act and Regulation D thereunder.

In the first quarter of 2023, the Company began offering, and on a quarterly basis, intends to continue offering, to repurchase up to 5% of the Company’s outstanding shares as of the close of the previous calendar quarter. Although the Company intends to offer to repurchase up to 5% of its common shares outstanding in each quarter, the Board has in the past, and may in the future, increase the size of the tender offer, if the Board determines such an increase to be in the best interest of the Company and its shareholders. The Board has complete discretion to determine whether we will offer to repurchase any of our common shares, and if so, the terms of such repurchase. At the discretion of the Board, we may use cash on hand, cash available from borrowings, and cash from the sale of investments as of the end of the applicable period to repurchase shares.

All shares purchased by us pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares.

Any periodic repurchase offers are subject in part to our available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While we intend to continue to conduct quarterly tender offers as described above, we are not required to do so and may suspend or terminate the share repurchase program at any time.

The following table presents the share repurchases completed during the three months ended March 31, 2024:

Tender Offer Date	Tender Offer Expiration	Tender Offer		Price Paid per Share		Total Number of Shares Repurchased		Maximum Number of Shares that may yet be purchased under the repurchase plan (1)
January 12, 2024	February 9, 2024		736,400	$	24.36		677,139		—
							677,139

(1)All repurchase requests were satisfied in full.

Item 3. Defaults Upon Senior Securities.

Not applicable.

Item 4. Mine Safety Disclosures.

Not applicable.

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Item 5. Other Information.

During the three months ended March 31, 2024, none of our trustees or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, terminated, or modified a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K).

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 (and are numbered in accordance with Item 601 of Regulation S-K):

3.1	Third Amended and Restated Declaration of Trust*
3.2	Amended and Restated Bylaws (incorporated by reference to the Exhibit 3.2(b) to the Company’s Form 10-K filed on March 6, 2024)
10.1	Second Amended and Restated Investment Advisory Agreement, dated March 5, 2024 (incorporated by reference to the Exhibit 3.2(b) to the Company’s Form 10-K filed on March 6, 2024)
10.2	Amended and Restated Administration Agreement, dated March 5, 2024 (incorporated by reference to the Exhibit 3.2(b) to the Company’s Form 10-K filed on March 6, 2024)
10.3	Amendment No. 1 to Sub-Administration Agreement, dated March 6, 2024 (incorporated by reference to the Exhibit 3.2(b) to the Company’s Form 10-K filed on March 6, 2024)
14.1	The Adviser’s Code of Ethics*
31.1	Certification of Principal Executive Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
31.2	Certification of Principal Financial Officer Pursuant to Rule 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*
32.1	Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*
32.2	Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

* Filed herewith.

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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.

	ONEX DIRECT LENDING BDC FUND
May 9, 2024	By:	/s/ Ronnie Jaber
	Name:	Ronnie Jaber
	Title:	President, Chief Executive Officer and Chairperson of the Board of Trustees (Principal Executive Officer)
May 9, 2024	By:	/s/ Edward U. Gilpin
	Name:	Edward U. Gilpin
	Title:	Chief Financial Officer and Treasurer (Principal Financial Officer)

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EX-3.1

Execution Version

ONEX DIRECT LENDING BDC FUND

THIRD AMENDED AND RESTATED

AGREEMENT AND DECLARATION OF TRUST

Dated as of March 5, 2024

Execution Version

TABLE OF CONTENTS

Page

ARTICLE I The Trust	1
Section 1.01. Name	1
Section 1.02. Trust Purpose	1
Section 1.03. Definitions	2
ARTICLE II Board of Trustees	3
Section 2.01. Number and Qualification	3
Section 2.02. Term and Election	4
Section 2.03. Resignation and Removal	4
Section 2.04. Vacancies	4
Section 2.05. Meetings	4
Section 2.06. Trustee Action by Written Consent	5
Section 2.07. Officers	5
Section 2.08. Principal Transactions	5
ARTICLE III Powers and Duties of Trustees	6
Section 3.01. General	6
Section 3.02. Investments	6
Section 3.03. Legal Title	6
Section 3.04. Issuance and Repurchase of Shares	6
Section 3.05. Borrow Money or Utilize Leverage	6
Section 3.06. Delegation; Committees	7
Section 3.07. Collection and Payment	7
Section 3.08. By-Laws	7
Section 3.09. Miscellaneous Powers	7
Section 3.10. Further Powers	8
Section 3.11. Sole Discretion; Good Faith; Corporate Opportunities of Adviser	8
TABLE OF CONTENTS (continued)
Page
ARTICLE IV Fees and Expenses; Advisory, Management and Distribution Arrangements	9

i

Execution Version

Section 4.01. Expenses	9
Section 4.02. Advisory and Management Arrangements	9
Section 4.03. Distribution Arrangements	9
Section 4.04. Parties to Contract	10
ARTICLE V Limitations of Liability and Indemnification	10
Section 5.01. No Personal Liability of Shareholders, Trustees, etc	10
Section 5.02. Mandatory Indemnification	10
Section 5.03. No Bond Required of Trustees	12
Section 5.04. No Duty of Investigation; No Notice in Trust Instruments, etc	12
Section 5.05. Reliance on Experts, etc	12
ARTICLE VI Shares of Beneficial Interest	12
Section 6.01. Beneficial Interest	12
Section 6.02. Other Securities	12
Section 6.03. Rights of Shareholders	13
Section 6.04. Trust Only	13
Section 6.05. Issuance of Shares	13
Section 6.06. Register of Shares	13
Section 6.07. Transfer Agent and Registrar	14
Section 6.08. Transfer of Shares	14
Section 6.09. Notices	14
Section 6.10. Derivative Actions	14
ARTICLE VII Custodians	15
Section 7.01. Appointment and Duties	15
Section 7.02. Central Certificate System	16
TABLE OF CONTENTS (continued)
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ARTICLE VIII Redemption	16
Section 8.01. Redemptions	16
Section 8.02. Disclosure of Holding	16
Section 8.03. Redemption by Trust	16
ARTICLE IX Net Asset Value and Distributions	16
Section 9.01. Net Asset Value	16

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Section 9.02. Distributions to Shareholders	17
Section 9.03. Power to Modify Foregoing Procedures	17
ARTICLE X Shareholders	18
Section 10.01. Meetings of Shareholders	18
Section 10.02. Voting	18
Section 10.03. Notice of Meeting and Record Date	18
Section 10.04. Quorum and Required Vote	19
Section 10.05. Proxies, etc	19
Section 10.06. Reports	20
Section 10.07. Inspection of Records	20
Section 10.08. Delivery by Electronic Transmission or Otherwise	20
Section 10.09. Shareholder Action by Written Consent	20
ARTICLE XI Duration; Amendment; Mergers, Etc	20
Section 11.01. Duration of the Trust	20
Section 11.02. Dissolution by the Trustees	20
Section 11.03. Dissolution by Shareholder Vote	21
Section 11.04. Liquidation	21
Section 11.05. Amendment Procedure	21
Section 11.06. Subsidiaries	21
Section 11.07. Merger, Consolidation, Incorporation	21
TABLE OF CONTENTS (continued)
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ARTICLE XII Miscellaneous	23
Section 12.01. Filing	23
Section 12.02. Governing Law	23
Section 12.03. Exclusive Delaware Jurisdiction	24
Section 12.04. Other Agreements	24
Section 12.05. Counterparts	25
Section 12.06. Reliance by Third Parties	25
Section 12.07. Provisions in Conflict with Law or Regulation	25

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ONEX DIRECT LENDING BDC FUND
THIRD AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST

THIRD AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made as of the 5th day of March 2024, by the Board of Trustees hereunder.

WHEREAS, this Trust has been formed to carry on business as set forth more particularly hereinafter;

WHEREAS, this Trust is authorized to issue an unlimited number of its shares of beneficial interest all in accordance with the provisions hereinafter set forth;

WHEREAS, this Declaration amends and restates in its entirety that certain Second Amended and Restated Agreement and Declaration of Trust dated as of November 12, 2021;

WHEREAS, the Trustees have agreed to manage all property coming into their hands as Trustees of a Delaware statutory trust in accordance with the provisions hereinafter set forth; and

WHEREAS, the parties hereto intend that the Trust shall constitute a statutory trust under the Delaware Statutory Trust Statute and that this Declaration and the By-laws shall constitute the governing instrument of such statutory trust.

NOW, THEREFORE, the Trustees hereby declare that they will hold all cash, securities, and other assets which they may from time to time acquire in any manner as Trustees hereunder IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of shares of beneficial interest in this Trust as hereinafter set forth.

ARTICLE I

The Trust

Section 1.01. Name. This Trust shall be known as the “Onex Direct Lending BDC Fund,” and the Trustees shall conduct the business of the Trust under that name or any other name or names as they may from time to time determine. Any name change shall become effective upon the execution by a majority of the then Trustees of an instrument setting forth the new name and the filing of a certificate of amendment pursuant to Section 3810(b) of the Delaware Statutory Trust Statute (as defined below). Any such instrument shall not require the approval of the Shareholders, but shall have the status of an amendment to this Declaration.

Section 1.02. Trust Purpose. The purpose of the Trust is to conduct, operate and carry on the business of a business development company within the meaning of the 1940 Act (as defined below). In furtherance of the foregoing, it shall be the purpose of the Trust to do everything necessary, suitable, convenient or proper for the conduct, promotion and attainment of any businesses and purposes which at any time may be incidental or may appear conducive or expedient for the accomplishment of the business of a business development company regulated under the 1940 Act and which may be engaged in or carried on by a trust organized under the Delaware Statutory Trust Statute, and in connection therewith the Trust shall have the power and

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authority to engage in the foregoing and may exercise all of the powers conferred by the laws of the State of Delaware upon a Delaware statutory trust.

Section 1.03. Definitions. As used in this Declaration, the following terms shall have the following meanings:

The “1940 Act” refers to the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time.

The terms “Affiliated Person”, “Assignment”, “Commission”, “Interested Person” and “Principal Underwriter” shall have the meanings given them in the 1940 Act.

“Administrator” shall mean Onex Credit Advisor, LLC.

“Adviser” shall mean Onex Credit Advisor, LLC, or an affiliated successor in interest thereto. If the Adviser no longer serves as the investment adviser to the Trust, the rights of the Adviser in this Declaration will become the rights of the Trustees.

“Board of Trustees” shall mean the Trustees collectively.

“By-Laws” shall mean the By-Laws of the Trust as amended from time to time by the Trustees.

“Capital Commitment” shall mean each investor’s commitment to contribute capital to the Trust in exchange for Shares pursuant to a subscription agreement with the Trust, and includes Subsequent Capital Commitments.

“Code” shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

“Commission” shall mean the U.S. Securities and Exchange Commission.

“Continuing Trustee” shall mean any member of the Board of Trustees who either (a) has been a member of the Board of Trustees for a period of at least thirty-six months (or since the date hereof, if less than thirty-six months) or (b) was nominated to serve as a member of the Board of Trustees by a majority of the Continuing Trustees then members of the Board of Trustees.

“Declaration” shall mean this Amended and Restated Agreement and Declaration of Trust, as amended, supplemented or amended and restated from time to time.

“Delaware General Corporation Law” means the Delaware General Corporation Law, 8 Del. C. § 100, etseq., as amended from time to time.

“Delaware Statutory Trust Statute” shall mean the provisions of the Delaware Statutory Trust Act, 12 Del. C. § 3801, etseq., as such Act may be amended from time to time.

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“Majority Shareholder Vote” shall mean a vote of “a majority of the outstanding voting securities” (as such term is defined in the 1940 Act) of the Trust with each class and series of Shares voting together as a single class, except to the extent otherwise required by the 1940 Act or this Declaration with respect to any one or more classes or series of Shares, in which case the applicable proportion of such classes or series of Shares voting as a separate class or series, as the case may be, also will be required.

“Person” shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof.

“Securities Act” shall mean the Securities Act of 1933, as amended.

“Shareholders” shall mean as of any particular time the holders of record of outstanding Shares of the Trust, at such time.

“Shares” shall mean the transferable units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time and includes fractions of Shares as well as whole Shares. In addition, Shares also means any preferred shares or preferred units of beneficial interest which may be issued from time to time, as described herein. All references to Shares shall be deemed to be Shares of any or all series or classes as the context may require.

“Trust” shall mean the trust governed by this Declaration and the By-laws, as amended from time to time, inclusive of each such amendment.

“Trust Property” shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of the Trust or the Trustees in such capacity.

“Trustees” shall mean the signatories to this Declaration, so long as they shall continue in office in accordance with the terms hereof, and all other persons who at the time in question have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof and are then in office.

ARTICLE II

Board of Trustees

Section 2.01. Number and Qualification. As of the date hereof, the number of Trustees shall be three and the initial Trustees shall be the signatories hereto. Thereafter, the number of Trustees shall be determined by a written instrument signed by a majority of the Trustees then in office, provided that the number of Trustees shall be no less than two or more than fifteen. No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his term. An individual nominated as a Trustee shall be at least 21 years of age and not older than 80 years of age at the time of nomination and not under legal disability. Trustees need not own Shares and may succeed themselves in office.

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Section 2.02. Term and Election. Each Trustee shall serve during the continued lifetime of the Trust until he or she dies, resigns or is removed, or, if sooner, until the next meeting of Shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor.

Section 2.03. Resignation and Removal. Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chairman, if any, the President or the Secretary and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees may be removed (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 2.01 hereof) (i) by the holders of at least a majority of the Shares then entitled to vote in an election of such Trustee with or without cause or (ii) by action taken by a majority of the remaining Trustees (or in the case of the removal of a Trustee that is not an “interested person” as defined in the 1940 Act a majority of the remaining Trustees that are not “interested persons” as defined in the 1940 Act) for cause only, and not without cause. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee’s legal representative shall execute and deliver on such Trustee’s behalf such documents as the remaining Trustees shall require as provided in the preceding sentence. Except to the extent expressly provided in a written agreement with the Trust, no Trustee resigning and no Trustee removed shall have any right to any compensation for any period following the effective date of his resignation or removal, or any right to damages on account of a removal.

Section 2.04. Vacancies. Whenever a vacancy in the Board of Trustees shall occur, the remaining Trustees may fill such vacancy by appointing an individual having the qualifications described in this Article by a written instrument signed by a majority of the Trustees then in office or may leave such vacancy unfilled or may reduce the number of Trustees; provided the aggregate number of Trustees after such reduction shall not be less than the minimum number required by Section 2.01 hereof; provided, further, that if the Shareholders of any class or series of Shares are entitled separately to elect one or more Trustees, a majority of the remaining Trustees or the sole remaining Trustee elected by that class or series may fill any vacancy among the number of Trustees elected by that class or series. Any vacancy created by an increase in Trustees may be filled by the appointment of an individual having the qualifications described in this Article made by a written instrument signed by a majority of the Trustees then in office. No vacancy shall operate to annul this Declaration or to revoke any existing agency created pursuant to the terms of this Declaration. Whenever a vacancy in the number of Trustees shall occur, until such vacancy is filled as provided herein, the Trustees in office, regardless of their number, shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Declaration.

Section 2.05. Meetings. Meetings of the Trustees shall be held from time to time upon the call of the Chairman, if any, or the President or any two Trustees. Regular meetings of the Trustees may be held without call or notice at a time and place fixed by the By-Laws, the Chairman or by resolution or consent of the Trustees. Notice of any other meeting shall be given by the Secretary and shall be delivered to the Trustees orally or via electronic transmission not less than 24 hours, or in writing not less than 72 hours, before the meeting, but may be waived in writing by any

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Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be one-third, but not less than two, of the Trustees. Unless provided otherwise in this Declaration and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees.

Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. A quorum for all meetings of any such committee shall be one-third, but not less than two, of the members thereof. Unless provided otherwise in this Declaration, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent as provided in Section 2.06.

With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act.

All or any one or more Trustees may participate in a meeting of the Trustees or any committee thereof by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in person at such meeting.

Section 2.06. Trustee Action by Written Consent. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

Section 2.07. Officers. The Trustees shall elect a Chief Executive Officer, a Secretary and a Chief Financial Officer and may elect a Chairman who shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may elect or appoint or may authorize the Chairman, if any, or Chief Executive Officer to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. A Chairman shall, and the Chief Executive Officer, Secretary and Chief Financial Officer may, but need not, be a Trustee. All officers shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by officers of corporations to such corporations and their stockholders under the Delaware General Corporation Law.

Section 2.08. Principal Transactions. Except to the extent prohibited by applicable law, the Trustees may, on behalf of the Trust, buy any securities from or sell any securities to, or lend any assets of the Trust to, any Trustee or officer of the Trust or any firm of which any such Trustee or officer is a member acting as principal, or have any such dealings with any Affiliated Person of the Trust, investment adviser, investment sub-adviser, distributor or transfer agent for the Trust or

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with any Interested Person of such Affiliated Person or other person; and the Trust may employ any such Affiliated Person or other person, or firm or company in which such Affiliated Person or other person is an Interested Person, as broker, legal counsel, registrar, investment advisor, investment sub-advisor, distributor, transfer agent, dividend disbursing agent, custodian or in any other capacity upon customary terms.

ARTICLE III

Powers and Duties of Trustees

Section 3.01. General. The Trustees shall owe to the Trust and its Shareholders the same fiduciary duties (and only such fiduciary duties) as owed by directors of corporations to such corporations and their stockholders under the Delaware General Corporation Law. The Trustees may perform such acts as in their sole discretion are proper for conducting the business of the Trust. The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers of the Trustees may be exercised without order of or resort to any court.

Section 3.02. Investments. Unless otherwise determined by the Board of Trustees, the investment objective of the Trust will be to generate current income and, to a lesser extent, long-term capital appreciation. The Trustees shall have power with respect to the Trust to manage, conduct, operate and carry on the business of a business development company.

Section 3.03. Legal Title. Legal title to all the Trust Property shall be vested in the Trust as a separate legal entity except that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of any other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that the interest of the Trust therein is appropriately protected.

To the extent any Trust Property is titled in the name of one or more Trustees, the right, title and interest of such Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualification. Upon the ceasing of any person to be a Trustee for any reason, such person shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

Section 3.04. Issuance and Repurchase of Shares. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, subject to the more detailed provisions set forth in Article VIII to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property. The Trustees may establish, from time to time, a program or programs by which the Trust voluntarily repurchases Shares from the Shareholders; provided, however, that such repurchases do not impair the capital or operations of the Trust.

Section 3.05. Borrow Money or Utilize Leverage. The Trustees shall have the power to cause the Trust to borrow money or otherwise obtain credit or utilize leverage to the maximum extent

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permitted by law or regulation as such may be needed from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other person, firm, association or corporation. In addition and notwithstanding any other provision of this Declaration, the Trust is hereby authorized to borrow funds, incur indebtedness and guarantee obligations of any Person. Notwithstanding any provision in this Declaration, the Trust may borrow funds, incur indebtedness and enter into guarantees together with one or more Persons on a joint and several basis or on any other basis that the Board of Trustees, in its sole discretion, determines is fair and reasonable to the Trust. All rights granted to a lender pursuant to this Section 3.05 shall apply to its agents and its successors and permitted assigns.

Section 3.06. Delegation; Committees. The Trustees shall have the power to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things, including any matters set forth in this Declaration, and the execution of such instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act.

Section 3.07. Collection and Payment. The Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments.

Section 3.08. By-Laws. The Trustees shall have the exclusive authority to adopt and from time to time amend or repeal By-Laws for the conduct of the business of the Trust.

Section 3.09. Miscellaneous Powers. Without limiting the general or further powers of the Trustees, they shall have the power to: (a) employ or contract with such Persons as the Trustees may deem desirable for the transaction of the business of the Trust; (b) enter into joint ventures, partnerships and any other combinations or associations; (c) purchase, and pay for out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (d) establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any Trustees, officers, employees and agents of the Trust; (e) make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purposes; (f) to the extent permitted by law, indemnify any Person with whom the Trust has dealings, including without limitation any advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other person as the Trustees may see fit to such extent as the Trustees shall determine; (g) guarantee

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indebtedness or contractual obligations of others; and (h) determine and change the fiscal year of the Trust and the method in which its accounts shall be kept.

Section 3.10. Further Powers. The Trustees shall have the power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees.

Section 3.11. Sole Discretion; Good Faith; Corporate Opportunities of Adviser.

(a) Notwithstanding any other provision of this Declaration or otherwise applicable law, whenever in this Declaration the Trustees are permitted or required to make a decision:

(i) in their “discretion” or under a grant of similar authority, the Trustees shall be entitled to consider such interests and factors as they desire, including their own interest, and, to the fullest extent permitted by applicable law, shall have no duty or obligation to give any consideration to any interest of or factors affecting the Trust or any other Person; or

(ii) in their “good faith” or under another express standard, the Trustees shall act under such express standard and shall not be subject to any other or different standard.

(b) Unless expressly provided otherwise herein or in the Trust’s private placement memorandum or other offering document (as may be amended from time to time), the Adviser and any Affiliated Person of the Adviser may engage in or possess an interest in other profit-seeking or business ventures of any nature or description, independently or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous doctrine. To the extent that the Adviser acquires knowledge of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust, it shall not have any duty to communicate or offer such opportunity to the Trust, subject to the requirements of the 1940 Act, the Investment Advisers Act of 1940, as amended, and any applicable co-investment order issued by the Commission, and the Adviser shall not be liable to the Trust or to the Shareholders for breach of any fiduciary or other duty by reason of the fact that the Adviser pursues or acquires for, or directs such opportunity to, another Person or does not communicate such opportunity or information to the Trust. Neither the Trust nor any Shareholder shall have any rights or obligations by virtue of this Declaration or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of such ventures, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper.

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ARTICLE IV

Fees and Expenses; Advisory, Management and Distribution Arrangements

Section 4.01. Expenses.

(a) The Trustees shall have power to incur and pay out of the assets or income of the Trust any expenses which in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Trust.

(b) The Trust shall bear and be responsible for all costs and expenses of the Trust’s operations, administration and transactions, including, but not limited to fees and expenses paid for investment advisory, administrative or other services and all other expenses of its operations and transactions.

Section 4.02. Advisory and Management Arrangements. Subject to the requirements of applicable law as in effect from time to time, the Trustees may in their discretion from time to time enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory, sub-administration or sub-management contracts) whereby the other party to any such contract shall undertake to furnish such advisory, administrative and management services with respect to the Trust as the Trustees shall from time to time consider desirable and all upon such terms and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of this Declaration, the Trustees may authorize any advisor, administrator or manager (subject to such general or specific instructions as the Trustees may from time to time adopt) to exercise any of the powers of the Trustees, including to effect investment transactions with respect to the assets on behalf of the Trust to the full extent of the power of the Trustees to effect such transactions or may authorize any officer, employee or Trustee to effect such transactions pursuant to recommendations of any such advisor, administrator or manager (and all without further action by the Trustees) Any such investment transaction shall be deemed to have been authorized by all of the Trustees.

Section 4.03. Distribution Arrangements. Subject to compliance with the 1940 Act, the Trustees may retain underwriters, distributors and/or placement agents to sell Shares and other securities of the Trust. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of securities of the Trust, whereby the Trust may either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article IV or the By-Laws; and such contract may also provide for the repurchase or sale of securities of the Trust by such other party as principal or as agent of the Trust and may provide that such other party may enter into selected dealer agreements and servicing and similar agreements to further the purposes of the distribution or repurchase of the securities of the Trust.

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Section 4.04. Parties to Contract. Any contract of the character described in Sections 4.02 and 4.03 of this Article IV or in Article VII hereof may be entered into with any Person, although one or more of the Trustees, officers or employees of the Trust may be an officer, director, trustee, shareholder, or member of such other party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any Person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract when entered into was reasonable and fair and not inconsistent with the provisions of this Article IV or the By-Laws. The same Person may be the other party to contracts entered into pursuant to Sections 4.02 and 4.03 above or Article VII, and any individual may be financially interested or otherwise affiliated with Persons who are parties to any or all of the contracts mentioned in this Section 4.04.

ARTICLE V

Limitations of Liability and Indemnification

Section 5.01. No Personal Liability of Shareholders, Trustees, etc. No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, save only liability to the Trust or its Shareholders arising from bad faith, willful misconduct, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal liability. Any repeal or modification of this Section 5.1 shall not adversely affect any right or protection of a Trustee or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

Section 5.02. Mandatory Indemnification.

(a) The Trust hereby agrees to indemnify each person who at any time serves as a Trustee, officer or employee of the Trust (each such person being an “indemnitee”) against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative body in which he may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, while acting in any capacity set forth in this Article V by reason of his having acted in any such capacity, except with respect to any matter as to which he shall not have acted in good faith in the reasonable belief that his action was in the best interest of the Trust or, in the case of any criminal proceeding, as to which he shall have had reasonable cause to believe that the conduct was unlawful, provided, however, that no indemnitee shall be indemnified hereunder against any liability to any person or

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any expense of such indemnitee arising by reason of (i) willful misconduct, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as “disabling conduct”). Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee (1) was authorized by a majority of the Trustees or (2) was instituted by the indemnitee to enforce his or her rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification set forth in this Declaration shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such amendment, restatement or repeal.

(b) Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination (i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such a decision, by (1) a majority vote of a quorum of those Trustees who are neither Interested Persons of the Trust (as defined in Section 2(a)(19) of the 1940 Act) nor parties to the proceeding (“Disinterested Non-Party Trustees”), that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized and made in accordance with the immediately succeeding paragraph (c) below.

(c) The Trust shall make advance payments in connection with the expenses of defending any action with respect to which indemnification might be sought hereunder if the Trust receives a written affirmation by the indemnitee of the indemnitee’s good faith belief that the standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the Trust unless it is subsequently determined that the indemnitee is entitled to such indemnification and if a majority of the Trustees determine that the applicable standards of conduct necessary for indemnification appear to have been met. In addition, at least one of the following conditions must be met: (i) the indemnitee shall provide adequate security for his undertaking, (ii) the Trust shall be insured against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the Disinterested Non-Party Trustees, or if a majority vote of such quorum so direct, independent legal counsel in a written opinion, shall conclude, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately will be found entitled to indemnification.

(d) The rights accruing to any indemnitee under these provisions shall not exclude any other right which any person may have or hereafter acquire under this Declaration, the By-Laws of the Trust, any statute, agreement, vote of Shareholders or Trustees who are not Interested Persons or any other right to which he or she may be lawfully entitled.

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(e) Subject to any limitations provided by the 1940 Act and this Declaration, the Trust shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons providing services to the Trust or serving in any capacity at the request of the Trust or provide for the advance payment of expenses for such Persons, provided that such indemnification has been approved by a majority of the Trustees.

Section 5.03. No Bond Required of Trustees. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his duties hereunder.

Section 5.04. No Duty of Investigation; No Notice in Trust Instruments, etc. No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, the Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall deem advisable or is required by the 1940 Act.

Section 5.05. Reliance on Experts, etc. Each Trustee and officer or employee of the Trust shall, in the performance of its duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Trust, upon an opinion of counsel, or upon reports made to the Trust by any of the Trust’s officers or employees or by any advisor, administrator, manager, distributor, selected dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Trustees, officers or employees of the Trust, regardless of whether such counsel or expert may also be a Trustee.

ARTICLE VI

Shares of Beneficial Interest

Section 6.01. Beneficial Interest. The beneficial interest in the Trust shall be divided into an unlimited number of shares of beneficial interest, par value $0.001 per share. Such Shares of beneficial interest may be issued in different classes and/or series of beneficial interests. All Shares issued in accordance with the terms hereof, including, without limitation, Shares issued in connection with a dividend in Shares or a split of Shares, shall be fully paid and nonassessable when the consideration determined by the Trustees (if any) therefor shall have been received by the Trust.

Section 6.02. Other Securities. The Trustees may, subject to the requirements of the 1940 Act, authorize and issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the

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Trustees see fit, including preferred interests, debt securities or other senior securities. To the extent that the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement this Declaration as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of Shareholders. Any such supplement or amendment shall be filed as is necessary. In addition, any such supplement or amendment may set forth the rights, powers, preferences and privileges of such preferred shares and any such supplement or amendment shall operate either as additions to or modifications of the rights, powers, preferences and privileges of any such preferred shares under this Declaration. To the extent the provisions set forth in such supplement or amendment conflict with the provisions of this Declaration with respect to any such rights, powers and privileges of the preferred shares, such amendment or supplement shall control. Except as contemplated by the immediately preceding sentence, this Declaration shall control as to the Trust generally and the rights, powers, preferences and privileges of the other Shareholders of the Trust. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.

Section 6.03. Rights of Shareholders. The Shares shall be personal property giving only the rights in this Declaration specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business herein before described are vested exclusively in the Trust, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or assume any losses of the Trust or suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive, appraisal, conversion or exchange rights (except as specified by the Trustees when creating the Shares, as in preferred shares).

Section 6.04. Trust Only. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a Delaware statutory trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

Section 6.05. Issuance of Shares. The Trustees, in their discretion, may from time to time without vote of the Shareholders issue Shares including preferred shares that may have been established pursuant to Section 6.02, in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and businesses. The Trustees may from time to time, without a vote of the Shareholders, divide, reclassify or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances and redemptions of Shares may be made in whole Shares and/or 1/1,000ths of a Share or multiples thereof as the Trustees may determine.

Section 6.06. Register of Shares. A register shall be kept at the offices of the Trust or any transfer agent duly appointed by the Trustees under the direction of the Trustees which shall contain the

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names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Separate registers shall be established and maintained for each class or series of Shares. Each such register shall be conclusive as to who are the holders of the Shares of the applicable class or series of Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to him as herein provided, until he has given his address to a transfer agent or such other officer or agent of the Trustees as shall keep the register for entry thereon. It is not contemplated that certificates will be issued for the Shares; however, the Trustees, in their discretion, may authorize the issuance of share certificates and promulgate appropriate fees therefore and rules and regulations as to their use.

Section 6.07. Transfer Agent and Registrar. The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

Section 6.08. Transfer of Shares. To the fullest extent permitted by law, the Shares shall not be transferable, except as determined otherwise by the Adviser in its sole discretion, and any transfer of Shares shall be made on the records of the Trust only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters (including compliance with any securities laws and contractual restrictions) as may reasonably be required. If a transfer is approved by the Adviser, upon such delivery the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer.

Any person becoming entitled to any Shares in consequence of the death, bankruptcy, or incompetence of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, bankruptcy or incompetence, or other operation of law.

Section 6.09. Notices. Any and all notices to which any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given if mailed, postage prepaid, addressed to any Shareholder of record at his last known address as recorded on the applicable register of the Trust.

Section 6.10. Derivative Actions.

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(a) No person, other than a Trustee, who is not a Shareholder shall be entitled to bring any derivative action, suit or other proceeding on behalf of the Trust. No Shareholder may maintain a derivative action on behalf of the Trust unless holders of at least ten percent (10%) of the outstanding Shares join in the bringing of such action.

(b) In addition to the requirements set forth in Section 3816 of the Delaware Statutory Trust Statute, a Shareholder may bring a derivative action on behalf of the Trust only if the following conditions are met: (i) the Shareholder or Shareholders must make a pre-suit demand upon the Trustees to bring the subject action unless an effort to cause the Trustees to bring such an action is not likely to succeed; and a demand on the Trustees shall only be deemed not likely to succeed and therefore excused if a majority of the Trustees, or a majority of any committee established to consider the merits of such action, is composed of Trustees who are not “independent trustees” (as that term is defined in the Delaware Statutory Trust Statute); and (ii) unless a demand is not required under clause (i) of this paragraph, the Trustees must be afforded a reasonable amount of time to consider such Shareholder request and to investigate the basis of such claim; and the Trustees shall be entitled to retain counsel or other advisors in considering the merits of the request and may require an undertaking by the Shareholders making such request to reimburse the Trust for the expense of any such advisors in the event that the Trustees determine not to bring such action. For purposes of this Section 6.10, the Trustees may designate a committee of one or more Trustees to consider a Shareholder demand. This Section 6.10 shall not apply to any claims brought under federal securities law, or the rules and regulations thereunder.

ARTICLE VII

Custodians

Section 7.01. Appointment and Duties. The Trustees may employ a custodian or custodians meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Trust. Any custodian shall have authority as agent of the Trust as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the By-Laws of the Trust and the 1940 Act, including without limitation authority:

(i) to hold the securities owned by the Trust and deliver the same upon written order;

(ii) to receive any receipt for any moneys due to the Trust and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

(iii) to disburse such funds upon orders or vouchers;

(iv) if authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and

(v) if authorized to do so by the Trustees, to compute the net income or net asset value of the Trust;

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all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

Section 7.02. Central Certificate System. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Securities Exchange Act of 1934, as amended, or such other Person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust.

ARTICLE VIII

Redemption

Section 8.01. Redemptions. Holders of Shares of the Trust shall not be entitled to require the Trust to repurchase or redeem Shares of the Trust.

Section 8.02. Disclosure of Holding. The holders of Shares or other securities of the Trust shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Trust as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

Section 8.03. Redemption by Trust. Each Share is subject to redemption (out of the assets of the Trust) by the Trust at the redemption price equal to the then current net asset value per Share of the Trust determined in accordance with Section 9.01 at any time if the Trustees determine in their sole discretion that a Shareholder has breached any of its representations or warranties contained in such Shareholder’s subscription agreement with the Trust, and upon such redemption the holders of the Shares so redeemed shall have no further right with respect thereto other than to receive payment of such redemption price.

ARTICLE IX

Net Asset Value and Distributions

Section 9.01. Net Asset Value. The net asset value of each outstanding Share of the Trust shall be determined at such time or times on such days as the Trustees may determine, in accordance with the 1940 Act. The method of determination of net asset value shall be determined by the

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Trustees. The power and duty to make the net asset value calculations may be delegated by the Trustees.

Section 9.02. Distributions to Shareholders.

(a) The Trustees may from time to time distribute ratably among the Shareholders of any class of Shares, or any series of any such class, in accordance with the number of outstanding full and fractional Shares of such class or any series of such class, such proportion of the net profits, surplus (including paid-in surplus), capital, or assets held by the Trust as the Trustees may deem proper or as may otherwise be determined in accordance with this Declaration. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Trust or any assets thereof) or Shares of any class or series or any combination thereof, and the Trustees may distribute ratably among the Shareholders of any class of shares or series of any such class, in accordance with the number of outstanding full and fractional Shares of such class or any series of such class, additional Shares of any class or series in such manner, at such times, and on such terms as the Trustees may deem proper or as may otherwise be determined in accordance with this Declaration. The Trustees may cause the Trust to enter into a distribution reinvestment program with terms and conditions as agreed to by the Trustees from time to time.

(b) Distributions pursuant to this Section 9.02 may be among the Shareholders of record of the applicable class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify.

(c) The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Trust or to meet obligations of the Trust, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.

(d) Inasmuch as the computation of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.

Section 9.03. Power to Modify Foregoing Procedures. Notwithstanding any of the foregoing provisions of this Article IX, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the per share asset value of the Trust’s Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Trust to comply with any provision of the 1940 Act, or any securities exchange or association registered under the Securities Exchange Act of 1934, as amended, or any order of exemption issued by the Commission, all as in effect now or hereafter amended or modified.

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ARTICLE X

Shareholders

Section 10.01. Meetings of Shareholders. A special meeting of the Shareholders may be called at any time by a majority of the Trustees or the Chief Executive Officer and shall be called by any Trustee for any proper purpose upon written request of Shareholders of the Trust holding in the aggregate not less than thirty-three and one-third percent (331⁄3%) of the outstanding Shares of the Trust, such request specifying the purpose or purposes for which such meeting is to be called, provided that in the case of a meeting called by any Trustee at the request of Shareholders for the purpose of electing Trustees or removing the Adviser, written request of Shareholders of the Trust holding in the aggregate not less than fifty-one percent (51%) of the outstanding Shares of the Trust or class or series of Shares having voting rights on the matter shall be required. For a special Shareholder meeting to be called for a proper purpose (as used in the preceding sentence), it is not a requirement that such purpose relate to a matter on which Shareholders are entitled to vote, provided that if such meeting is called for a purpose for which Shareholders are not entitled to vote, no vote will be taken at such meeting. Any shareholder meeting, including a special meeting, shall be held within or without the State of Delaware on such day and at such time as the Trustees shall designate.

Section 10.02. Voting. Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by the 1940 Act, this Declaration or resolution of the Trustees. This Declaration expressly provides that no matter for which voting, consent or other approval is required by the Delaware Statutory Trust Statute in the absence of the contrary provision in the Declaration shall require any vote. Except as otherwise provided herein, any matter required to be submitted to Shareholders and affecting one or more classes or series of Shares shall require approval by the required vote of all the affected classes and series of Shares voting together as a single class; provided, however, that as to any matter with respect to which a separate vote of any class or series of Shares is required by the 1940 Act, such requirement as to a separate vote by that class or series of Shares shall apply in addition to a vote of all the affected classes and series voting together as a single class. Shareholders of a particular class or series of Shares shall not be entitled to vote on any matter that affects only one or more other classes or series of Shares.

Section 10.03. Notice of Meeting and Record Date. Any and all notices to which any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given if presented personally to a Shareholder, left at his or her residence or usual place of business or sent via United States mail or by electronic transmission to a Shareholder at his or her address as it is registered with the Trust. If mailed, such notice shall be deemed to be given when deposited in the United States mail addressed to the Shareholder at his or her address as it is registered with the Trust with postage thereon prepaid. Notice of all meetings of Shareholders, stating the time, place and purposes of the meeting, shall be given by the Trustees by mail to each Shareholder of record entitled to vote thereat at its registered address, mailed at least 10 days and not more than 90 days before the meeting or otherwise in compliance with applicable law. Only the business stated in the notice of the meeting shall be considered at such meeting. Any meeting of Shareholders, whether or not a quorum is present, may be adjourned for any lawful purpose by the Chairman, the Trustees (or their designees) or a majority of the votes properly cast upon the

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question of adjourning a meeting. Any adjourned meeting may be held as adjourned one or more times without further notice not later than 120 days after the record date. For the purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than 90 nor less than 10 days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes.

Section 10.04. Quorum and Required Vote.

(a) Unless otherwise required by the 1940 Act, the holders of one third of the Shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum at such meeting of the Shareholders for purposes of conducting business on such matter. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters.

(b) Subject to any provision of applicable law, this Declaration, the By-laws or a resolution of the Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, (i) the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the subject matter shall be the act of the Shareholders with respect to such matter, and (ii) where a separate vote of one or more classes or series of Shares is required on any matter, the affirmative vote of a majority of the Shares of such class or series of Shares present in person or represented by proxy at the meeting shall be the act of the Shareholders of such class or series with respect to such matter. Each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. There shall be no cumulative voting in the election or removal of Trustees. The voting procedures and the number of votes required to elect a Trustee shall be as set forth in the Bylaws, which may be amended by the Board.

Section 10.05. Proxies, etc. At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed or authorized proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the Trust. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed or authorized by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management of such Share, he may vote by

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his guardian or such other person appointed or having such control, and such vote may be given in person or by proxy.

Section 10.06. Reports. The Trustees shall cause to be prepared at least annually and more frequently to the extent and in the form required by law, regulation or any exchange on which Trust Shares are listed a report of operations containing a balance sheet and statement of income and undistributed income of the Trust prepared in conformity with generally accepted accounting principles and an opinion of an independent public accountant on such financial statements. Copies of such reports shall be mailed to all Shareholders of record within the time required by the 1940 Act, and in any event within a reasonable period preceding the meeting of Shareholders. The Trustees shall, in addition, furnish to the Shareholders at least semi-annually to the extent required by law, interim reports containing an unaudited balance sheet of the Trust as of the end of such period and an unaudited statement of income and surplus for the period from the beginning of the current fiscal year to the end of such period.

Section 10.07. Inspection of Records. The records of the Trust shall be open to inspection by Shareholders to the extent permitted by Section 3819 of the Delaware Statutory Trust Statute but subject to such reasonable regulation as the Trustees may determine.

Section 10.08. Delivery by Electronic Transmission or Otherwise. Notwithstanding any provision in this Declaration to the contrary, any notice, proxy, vote, consent, report, instrument or writing of any kind or any signature referenced in, or contemplated by, this Declaration or the By-laws may, in the sole discretion of the Trustees, be given, granted or otherwise delivered by electronic transmission (within the meaning of the Delaware Statutory Trust Statute), including via the internet, or in any other manner permitted by applicable law.

Section 10.09. Shareholder Action by Written Consent. Any action required or permitted to be taken at any meeting of the Shareholders may be taken without a meeting, without a prior notice and without a vote if the consent, setting forth the action to be taken is given in writing or by electronic transmission by the Shareholders having not less than the minimum number of votes that would be necessary to authorize or take such action at a meeting at which all Shareholders entitled to vote thereon were present and voted.

ARTICLE XI

Duration; Amendment; Mergers, Etc.

Section 11.01. Duration of the Trust. The Trust shall continue perpetually unless termination pursuant to the provisions contained herein or pursuant to any applicable provision of the Delaware Statutory Trust Statute.

Section 11.02. Dissolution by the Trustees. The Trust may be dissolved at any time upon affirmative vote by a majority of the Trustees. Shareholders of the Trust shall not be entitled to vote on the dissolution or plan of liquidation of the Trust under this Article XI except to the extent required by the 1940 Act.

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Section 11.03. Dissolution by Shareholder Vote. The Trust may be dissolved at any time, without the necessity for concurrence by the Board of Trustees, upon affirmative vote by the holders of more than 50% of the outstanding Shares entitled to note on the matter.

Section 11.04. Liquidation. Upon dissolution of the Trust, the Board of Trustees shall cause the Trust to liquidate and wind-up in a manner consistent with Section 3808 of the Statutory Trust Act, including the distribution to the Shareholders of any assets of the Trust. Upon dissolution and the completion of the winding up of the affairs of the Trust, the Trust shall be termination by the executing and filing with the Secretary of State of the State of Delaware by one or more Trustees of a certificate of cancellation of the certificate of trust of the Trust.

Section 11.05. Amendment Procedure.

(a) Except as provided in subsection (c) of this Section 11.05, the Trustees may, without Shareholder vote, amend or otherwise supplement this Declaration, including but not limited to, to classify the Board of Trustees, to impose advance notice provisions for Trustee nominations or for shareholder proposals, and to require super-majority approval of transactions with significant shareholders or other provisions that may be characterized as anti-takeover in nature. Shareholders shall have the right to vote only on the following matters: (i) on any amendment which would eliminate their right to vote granted in this Declaration, (ii) on any amendment to this Section 11.05(a) and (iii) on any amendment submitted to them by the Trustees.

(b) An amendment duly adopted by the requisite vote of the Board of Trustees and, if required, the Shareholders as aforesaid, shall become effective at the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification in recordable form signed by a majority of the Trustees setting forth an amendment and reciting that it was duly adopted by the Trustees and, if required, the Shareholders as aforesaid, or a copy of the Declaration, as amended, in recordable form, and executed by a majority of the Trustees, shall be conclusive evidence of such amendment when lodged among the records of the Trust or at such other time designated by the Board.

(c) The Trustees may, without Shareholder vote, amend or otherwise supplement this Declaration for purposes of complying or conforming this Declaration as necessary to satisfy any North American Securities Administrators Association guidelines.

Section 11.06. Subsidiaries. Without approval or vote by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, partnerships, associations or other organizations to take over all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest and to sell, convey, and transfer all or a portion of the Trust Property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Trust holds or is about to acquire shares or any other interests.

Section 11.07. Merger, Consolidation, Incorporation.

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(a) Notwithstanding anything else herein, the Trustees may, without Shareholder approval unless such approval is required by the 1940 Act or if such transaction is reasonably anticipated to result in a material dilution of the net asset value per Share of the Trust, (i) cause the Trust to convert into or merge, reorganize or consolidate with or into one or more trusts, partnerships, limited liability companies, business development companies, associations, corporations or other business entities (or a series of any of the foregoing to the extent permitted by law) (including trusts, partnerships, limited liability companies, associations, corporations or other business entities created by the Trustees to accomplish such conversion, merger or consolidation) and that, in any case, is formed, organized or existing under the laws of the United States or of a state, commonwealth, possession or colony of the United States, (ii) cause the Shares to be exchanged under or pursuant to any state or federal statute to the extent permitted by law, (iii) cause the Trust to incorporate under the laws of a state, commonwealth, possession or colony of the United States, (iv) sell or convey all or substantially all of the assets of the Trust to another trust, partnership, limited liability company, association, corporation or other business entity (or a series of any of the foregoing to the extent permitted by law) (including a trust, partnership, limited liability company, association, corporation or other business entity created by the Trustees to accomplish such sale and conveyance), organized under the laws of the United States or of any state, commonwealth, possession or colony of the United States for adequate consideration as determined by the Trustees which may include the assumption of all outstanding obligations, taxes and other liabilities, accrued or contingent of the Trust, and which may include shares of beneficial interest, stock or other ownership interest of such trust, partnership, limited liability company, association, corporation or other business entity (or series thereof) or (v) at any time sell or convert into money all or any part of the assets of the Trust. Any agreement of merger, reorganization, consolidation, exchange or conversion or certificate of merger, certificate of conversion or other applicable certificate may be signed by a majority of the Trustees or an authorized officer of the Trust and facsimile signatures conveyed by electronic or telecommunication means shall be valid.

(b) Pursuant to and in accordance with the provisions of Section 3815(f) of the Act, and notwithstanding anything to the contrary contained in this Declaration, an agreement of merger or consolidation approved by the Trustees in accordance with this Section 11.07 may affect any amendment to the Declaration or effect the adoption of a new declaration of the Trust or change the name of the Trust if the Trust is the surviving or resulting entity in the merger or consolidation.

(c) Notwithstanding anything else herein, the Trustees may, without Shareholder approval unless such approval is required by the 1940 Act, create one or more statutory or business trusts, limited liability companies, limited partnerships, or other entities or associations to which all or any part of the assets, liabilities, profits or losses of the Trust may be transferred and may provide for the conversion of Shares in the Trust into beneficial or ownership interests in any such newly created trust or trusts, limited liability companies, limited partnerships, or other entities or associations, or any series or classes thereof.

ARTICLE XII

Miscellaneous

Section 12.01. Filing.

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Execution Version

(a) This Declaration and any amendment or supplement hereto shall be filed in such places as may be required or as the Trustees deem appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee stating that such action was duly taken in a manner provided herein, and shall, upon insertion in the Trust’s minute book, be conclusive evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements theretofore made, may be executed from time to time by a majority of the Trustees and shall, upon insertion in the Trust’s minute book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration and the various amendments and supplements thereto.

(b) The Trustees hereby ratify the previous filing of the Certificate of Trust with the Office of the Secretary of State of the State of Delaware in accordance with the Delaware Statutory Trust Statute.

Section 12.02. Governing Law. The trust set forth in this instrument is made in the State of Delaware, and the Trust and this Declaration, and the rights and obligations of the Trustees and Shareholders hereunder, are to be governed by and construed and administered according to the Delaware Statutory Trust Statute and the laws of said State; provided, however, that there shall not be applicable to the Trust, the Trustees or this Declaration (a) the provisions of Sections 3540 and 3561 of Title 12 of the Delaware Code or (b) any provisions of the laws (statutory or common) of the State of Delaware (other than the Delaware Statutory Trust Statute) pertaining to trusts which relate to or regulate: (i) the filing with any court or governmental body or agency of trustee accounts or schedules of trustee fees and charges, (ii) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust, (iii) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (iv) fees or other sums payable to trustees, officers, agents or employees of a trust, (v) the allocation of receipts and expenditures to income or principal, (vi) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other manner of holding of trust assets, or (vii) the establishment of fiduciary or other standards or responsibilities or limitations on the acts or powers of trustees, which are inconsistent with the limitations or liabilities or authorities and powers of the Trustees set forth or referenced in this Declaration. The Trust shall be of the type commonly called a “statutory trust”, and without limiting the provisions hereof, the Trust may exercise all powers which are ordinarily exercised by such a trust under Delaware law. The Trust specifically reserves the right to exercise any of the powers or privileges afforded to trusts or actions that may be engaged in by trusts under the Delaware Statutory Trust Statute, and the absence of a specific reference herein to any such power, privilege or action shall not imply that the Trust may not exercise such power or privilege or take such actions.

Section 12.03. Exclusive Delaware Jurisdiction. Each Trustee, each officer and each Person legally or beneficially owning a Share or an interest in a Share of the Trust (whether through a broker, dealer, bank, trust company or clearing corporation or an agent of any of the foregoing or otherwise), to the fullest extent permitted by law, including Section 3804(e) of the Delaware Statutory Trust Statute, (i) irrevocably agrees that any claims, suits, actions or proceedings asserting a claim governed by the internal affairs (or similar) doctrine or arising out of or relating in any way to the Trust, the Delaware Statutory Trust Statute, this Declaration or the Bylaws

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Execution Version

(including, without limitation, any claims, suits, actions or proceedings to interpret, apply or enforce (A) the provisions of this Declaration or the Bylaws, or (B) the duties (including fiduciary duties), obligations or liabilities of the Trust to the Shareholders or the Trustees, or of officers or the Trustees to the Trust, to the Shareholders or each other, or (C) the rights or powers of, or restrictions on, the Trust, the officers, the Trustees or the Shareholders, or (D) any provision of the Delaware Statutory Trust Statute or other laws of the State of Delaware pertaining to trusts made applicable to the Trust pursuant to Section 3809 of the Delaware Statutory Trust Statute, or (E) any other instrument, document, agreement or certificate contemplated by any provision of the Delaware Statutory Trust Statute, the Declaration or the Bylaws relating in any way to the Trust (regardless, in each case, of whether such claims, suits, actions or proceedings (x) sound in contract, tort, fraud or otherwise, (y) are based on common law, statutory, equitable, legal or other grounds, or (z) are derivative or direct claims)), shall be exclusively brought in the Court of Chancery of the State of Delaware or, if such court does not have subject matter jurisdiction thereof, any other court in the State of Delaware with subject matter jurisdiction, (ii) irrevocably submits to the exclusive jurisdiction of such courts in connection with any such claim, suit, action or proceeding, (iii) irrevocably agrees not to, and waives any right to, assert in any such claim, suit, action or proceeding that (A) it is not personally subject to the jurisdiction of such courts or any other court to which proceedings in such courts may be appealed, (B) such claim, suit, action or proceeding is brought in an inconvenient forum, or (C) the venue of such claim, suit, action or proceeding is improper, (iv) consents to process being served in any such claim, suit, action or proceeding by mailing, certified mail, return receipt requested, a copy thereof to such party at the address in effect for notices hereunder, and agrees that such service shall constitute good and sufficient service of process and notice thereof; provided, nothing in clause (iv) hereof shall affect or limit any right to serve process in any other manner permitted by law, and (v) irrevocably waives any and all right to trial by jury in any such claim, suit, action or proceeding. This Section 12.03 shall not apply to any claims brought under federal securities law, or the rules and regulations thereunder.

Section 12.04. Other Agreements. Consistent with applicable law (including the 1940 Act), the Trust, the Adviser and/or affiliates of the Adviser may negotiate agreements (“Side Letters”) with certain Shareholders that will result in different investment terms than the terms applicable to other Shareholders and that may have the effect of establishing rights under, or altering or supplementing the terms of, this Declaration or disclosure contained in any offering document of the Shares. As a result of such Side Letters, certain Shareholders may receive additional benefits which other Shareholders will not receive. Unless agreed otherwise in the Side Letter, in general, the Trust, the Adviser and affiliates of the Adviser will not be required to notify any or all of the other Shareholders of any such Side Letters or any of the rights and/or terms or provisions thereof, nor will the Trust, the Adviser or affiliates of the Adviser be required to offer such additional and/or different rights and/or terms to any or all of the other Shareholders. The Trust, the Adviser and/or affiliates of the Adviser may enter into such Side Letters with any Shareholder as each may determine in its sole discretion at any time. The other Shareholders will have no recourse against the Trust, the Trustees, the Adviser and/or any of their affiliates in the event certain investors receive additional and/or different rights and/or terms as a result of Side Letters. Any such exceptions or departures contained in any Side Letter with a Shareholder shall govern with respect to such Shareholder notwithstanding the provisions of this Declaration (including with respect to amendments to this Declaration) or any applicable subscription agreements.

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Execution Version

Section 12.05. Counterparts. This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

Section 12.06. Reliance by Third Parties. Any certificate executed by an individual who, according to the records of the Trust, or of any recording office in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the name of the Trust, (c) the due authorization of the execution of any instrument or writing, (d) the form of any vote passed at a meeting of Trustees or Shareholders, (e) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (f) the form of any By-Laws adopted by or the identity of any officers elected by the Trustees, or (g) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees and their successors.

Section 12.07. Provisions in Conflict with Law or Regulation.

(a) The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the regulated investment company provisions of the Internal Revenue Code or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

(b) If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction.

[SIGNATURE PAGE FOLLOWS]

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Execution Version

IN WITNESS WHEREOF, the undersigned have caused this Declaration to be executed as of the day and year first above written.

/s/ Ronnie Jaber

Ronnie Jaber, as Trustee

/s/ Kelly Marshall

Kelly Marshall, as Trustee

/s/ Henry Van Dyke

Henry Van Dyke, as Trustee

[Signature Page to Third Amended and Restated Agreement and Declaration of Trust]

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EX-14.1

Confidential – Not for dissemination outside Onex

February 2024

ONEX PARTNERS

ONCAP MANAGEMENT PARTNERS

ONEX CREDIT PARTNERS

ONEX FALCON INVESTMENT ADVISORS

ONEX CREDIT ADVISOR, LLC

ONEX CANADA ASSET MANAGEMENT INC.

Code of Ethics

This Code of Ethics sets forth proprietary and confidential information regarding the business of Onex Partners, ONCAP Management Partners, Onex Credit Partners, Onex Falcon Investment Advisors, Onex Credit Advisor and Onex Canada Asset Management and may not be shared with any persons outside Onex without the express prior consent of the Chief Compliance Officer.

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TABLE OF CONTENTS

compliance mission statement 3

INTRODUCTION 5

Fiduciary Commitment 5

Conflicts of Interest 5

Diversion of Firm Business or Investment Opportunity 5

Improper Use of Firm Property or Titles 6

Violations of the Code 6

iNSIDER Trading 7

Expert Networks 7

Restricted List 8

PERSONAL SECURITIES TRANSACTIONS 9

Opening or Maintaining Securities Accounts 9

Covered Securities 10

Reporting and Certification of Broker Accounts, Holdings and Transactions 10

Transaction Pre-clearance 11

Quarterly Certifications 12

Records 12

GIFTS AND ENTERTAINMENT 13

Gifts and Entertainment 13

Charitable Donations 14

“PAY-to-play” Political contributions 16

OUTSIDE BUSINESS ACTIVITES 17

Exhibits 18

compliance mission statement TC "Onex PARTNERS MANAGER overview" \f C \l "1"

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Onex Partners Manager LP (“Onex Partners Manager”), ONCAP Management Partners L.P. (“ONCAP Manager”), Onex Credit Partners, LLC (“Onex Credit Manager”), Onex Falcon Investment Advisors, LLC (“Onex Falcon Manager”), Onex Credit Advisor, LLC (“Onex Credit Advisor”) and Onex Canada Asset Management Inc (“OCAM Manager”) (each a “Manager”, and together, the “Managers”) are committed to upholding the highest standards of integrity in the conduct of their affairs with their managed funds (“Funds”) and separate account clients (together with Funds, “Clients”), counterparties and regulators and to ensuring compliance with the laws and regulations governing their businesses. Adherence to those standards is central to the Managers’ ongoing operations. For convenience, the term “Manager” is used throughout the Code of Ethics and each Manager’s Compliance Manual (together, “EmployeeCompliance Policies”) to apply to all the Managers both collectively and individually without distinction unless the context provides or implies otherwise.

Aside from certain regional registrations applicable to certain of the Managers, each Manager has registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Rules governing that registration prohibit the Managers from providing investment advice, including to their respective Clients, unless they have implemented written policies and procedures reasonably designed to prevent violations of the Advisers Act and the rules thereunder. These policies and procedures, which are also designed to detect and promptly correct any violations that have occurred, are set forth in the Employee Compliance Policies and form the primary written component of the Managers’ compliance program.

The Employee Compliance Policies apply to:

•all partners, officers, directors, personnel and other individuals associated with each Manager and its affiliates;

•all finance, tax, legal, investor relations and administrative personnel of Onex Corporation (“Onex” or “Firm”); and

•any other person that Compliance has determined will be subject to the Employee Compliance Policies including, but not limited to, certain independent contractors performing functions analogous to those performed by individuals referred to above.

Each such individual is referred to in the Employee Compliance Policies as a “Covered Person”. Unless otherwise determined by Compliance, all employees of Onex will be treated as Covered Persons.

The SEC has stressed many times the importance of establishing a “culture of compliance.” As Onex is a public company in Canada, it has a long history of adherence to detailed regulation and to the highest standards in the conduct of its business and affairs and has always fostered a culture of compliance. Accordingly, employees may already be familiar with many of the principles underlying the processes and requirements set forth herein. The following concepts are important to creating a strong culture of compliance:

•Tone at the top: The Firm’s senior management and key executives should make it clear that they expect the firm and all of its Covered Persons to operate ethically and in a manner consistent with their fiduciary and legal obligations.

•Training: The Firm should make sure that all personnel understand compliance expectations and how these expectations apply to their activities.

•Establish and implement strong policies and procedures to prevent and detect violations: The Firm’s operations should be periodically reviewed to ensure that key risk areas are covered by strong internal controls.

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•Test for compliance: These controls should be tested regularly in order to confirm that they are followed, are effective and are appropriate, as well as to consider how they might be improved.

•Deal with problems quickly and appropriately: Clients should be provided redress when appropriate and violators should be dealt with through fitting remedial measures.

•Implement a superior compliance program: The Chief Compliance Officer (“CCO”) should be given appropriate resources, access and respect.

•Empower individuals to question conduct: Personnel should be encouraged to identify questionable conduct before it becomes a problem and to help identify situations that should be remedied. They should know with whom to discuss concerns and should feel encouraged to do so.

•Self-assess periodically: As its business, investor base and personnel change, the firm should assess periodically whether new compliance issues have arisen and modify its compliance practices appropriately.

It is important that you read the Employee Compliance Policies and familiarize yourself with the general requirements of the regulatory system, as well as the particular requirements as they apply to your activities. Failure to comply with the Employee Compliance Policies or with any instruction or direction from Compliance may result in civil or criminal liability and will be treated as a breach of the terms of employment. This may give rise to disciplinary action, potentially including termination of your employment if circumstances warrant.

The CCO is available to respond to questions you may have about the Employee Compliance Policies.

_______________

Yonah Feder

Chief Compliance Officer

Onex Corporation

212-582-2211

yfeder@onex.com

The Firm has developed an online platform (the “Compliance Portal”) in order to facilitate compliance with all required disclosures and certifications set forth in this Code of Ethics.

Each Covered Person is required to certify using the Compliance Portal within 10 days of becoming a Covered Person, that he or she understands and accepts the terms of the Employee Compliance Policies and will comply with its provisions. (See Exhibit A-1). No later than 45 days after the beginning of each year thereafter, each Covered Person is required to certify that he or she has complied with the Employee Compliance Policies and that he or she reaffirms his or her commitment to continue to comply with its provisions. (See Exhibit A-2).

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INTRODUCTION

Rule 204A-1 under the Advisers Act requires a registered investment adviser to adopt and enforce a Code of Ethics applicable to its “supervised persons”. The Code of Ethics is required to set forth standards of business conduct reflecting the applicable fiduciary standards, to mandate compliance with applicable U.S. federal securities laws, and to establish monitoring and other procedures. A copy of the Manager’s Code of Ethics and any amendment thereto shall be provided to each Covered Person and will be made available to Clients upon written request.

Fiduciary Commitment

Each of the Managers is a fiduciary to its Clients. In the most basic terms, this requires a commitment by the Manager and its Covered Persons to put the interests of Clients first. This objective guides the management of client relationships and the conduct expected of Covered Persons. To that end, all Covered Persons are required to:

•place the interests of Clients above any personal interests;

•seek to identify conflicts of interest and observe established resolution procedures as contemplated herein;

•avoid inappropriate or misleading statements that may be attributed to the Firm;

•conduct all personal securities transactions in the manner set forth in this Code of Ethics;

•report any violations of this Code of Ethics to Compliance; and

•comply with the provisions of applicable securities laws.

Any questions with respect to this Code of Ethics should be directed to Compliance.

Conflicts of Interest

It is of vital importance that conflicts of interest are identified and managed appropriately, both to comply with applicable laws and with the Manager’s duties to its Clients as well as to avoid any harm to the Firm’s reputation or integrity.

A conflict of interest refers to situations in which personal or other considerations may affect, or appear to affect, objectivity, judgment or ability to act in the best interests of Clients. Conflicts of interest may be real, potential or perceived in nature. Conflicts of interest may arise, for example, between a Client and the Manager or another Onex entity, or between Clients. In addition, Covered Persons may have personal conflicts, such as a material interest in a transaction to be entered into with or for a Client or a relationship that gives or may give rise to a conflict of interest in relation to a transaction or with a Client more generally.

While ultimate responsibility for addressing conflicts in respect of Clients rests with the Manager and Compliance, all Covered Persons are responsible for alerting Compliance to any conflicts they may identify.

Diversion of Firm Business or Investment Opportunity

No Covered Person may receive personal gain or profit from any business opportunity that comes to his or her attention and in which he or she knows the Manager or one of its Clients might be expected to participate or have an interest, other than in accordance with the applicable Governing Agreements (as defined below) and any other agreement to which he or she may be party, without disclosing all necessary facts to Compliance in writing, and thereafter obtaining written authorization to participate from Compliance, in addition to any other applicable notification, approval or consent requirements.

Any personal or family interest of a Covered Person in any of the Manager’s business activities or transactions must be immediately disclosed to Compliance. For example, if a Covered Person becomes aware that a transaction being considered or undertaken by the Manager or one of its Clients may benefit,

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either directly or indirectly, another Covered Person or an Immediate Family Member thereof, he or she must immediately disclose this possibility to Compliance.

Improper Use of Firm Property or Titles

No Covered Person may improperly utilize property or services of the Firm or of other Covered Persons. For purposes of this restriction, “property” means both tangible and intangible property, including the funds, premises, equipment, supplies, information, business plans, business opportunities, investment track record, confidential research, intellectual property and proprietary processes of the Firm. In addition, business cards used by Covered Persons must at all times accurately reflect such person’s status and title within the Firm. No Covered Person may use his or her position with the Firm in respect of any non-Firm business, or to advance interests (personal or otherwise) that may be considered to conflict with those of Onex, the Manager and its affiliates.

Violations of the Code

Each Covered Person is responsible for compliance with this Code of Ethics. A breach of the Code of Ethics may lead to disciplinary proceedings, including termination of such Covered Person’s position with the Firm.

Any breaches or possible breaches of the Code of Ethics should be reported to Compliance, who will be responsible for completing and maintaining a record of the breach and any follow-up action. Any concerns of a possible breach of the Code of Ethics by or involving Compliance should be reported to the other members of the Compliance Committee, who will similarly be responsible for investigating the matter and determining and pursuing appropriate follow-up action.

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INSIDER TRADING

Covered Persons, whether on behalf of themselves or others, are not permitted to buy or sell any security (or derivative instrument) relating to a publicly-traded issuer (or cause another person to do so) if the Covered Person is in possession of “material” non-public information relating to the security, the issuer and/or the transaction. Covered Persons are also prohibited from disclosing such information to a third party where it may be used in a securities transaction or where such disclosure would be prohibited under applicable law, and from engaging in any other behavior that would constitute insider trading or market abuse in any relevant jurisdiction.

In general, whether information is “material” turns on whether such information would reasonably affect, or have a significant impact on, an investor’s decision to buy or sell the securities, or whether the particular information would have been viewed by a reasonable investor as having significantly altered the “total mix” of information made available. Covered Persons who have any questions about whether information is “material” in any specific context should contact Compliance, who may consult outside legal counsel. The Firm and the Covered Persons involved may be exposed to potential insider trading liability under applicable law if the Firm or any Covered Person executes transactions in securities for which the Firm or the Covered Persons possess material non-public information. Covered Persons are prohibited from disclosing material non-public or other confidential information to any person outside of the Firm, except to the extent that the person has a bona fide need to know such information in connection with the Firm’s business, including in the administration of the Manager’s compliance policies and procedures.

It is important that the Firm and all Covered Persons avoid any appearance of impropriety and remain in full compliance with applicable securities laws and the highest ethical standards. Accordingly, Covered Persons must exercise good judgment and comply with applicable laws and the Manager’s policies and procedures when engaging in securities transactions. In certain jurisdictions, the laws governing insider trading may be broader than those applicable in the U.S. Covered Persons who trade in securities, whether on behalf of the Firm or in a personal capacity, must be aware of and comply with applicable insider trading laws in all relevant jurisdictions.

Any questions regarding insider trading laws should be raised with Compliance. If there is any doubt whether a transaction is permissible or information may be disclosed, this doubt should be resolved in favor of not taking the contemplated action.

Expert Networks

While expert networks are a generally accepted and widely relied-upon source of primary research in the private investment industry, they are routinely subject to considerable scrutiny.

Covered Persons who interact with an expert that was recently or is currently connected to a public company, should assess interactions with heightened sensitivity. Interactions with experts that was recently or is currently connected to a public company requires Compliance approval. Discussions about a public company or a division thereof, or about a business that has substantial and relevant exposure to a public company, could lead to the exposure of MNPI. If a Covered Person believes MNPI may have been shared during an expert network consultation, they must notify Compliance immediately. Compliance will decide whether a name should be added to the Restricted List.

When participating in an expert network call, Covered Persons should generally refrain from sharing any information about the Firm and must keep all Firm information confidential. This includes, but is not limited to, the name of the Firm, the Fund, or the potential target company.

From time to time, Compliance may chaperone certain expert network calls in which both the Covered Person and expert are unaware of the presence of the chaperone, specifically interactions with an expert that was recently or is currently connected to a public company.

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Restricted List

Compliance will place on a Restricted List any publicly-traded company that is either an operating company of any Fund, an issuer in which the Manager has contractually agreed not to trade (e.g., pursuant to “lock up” provisions), a regulated entity in which the Manager has a position in that is approaching regulatory limits (e.g., 5% of the equity of a bank holding company) or is an affiliate of the Firm or for which the Firm can reasonably be considered to possess material, non-public information (e.g., in connection with a potential going-private transaction or investment or other transaction with or involving publicly-traded securities or a proposed sale of an operating company to a publicly-traded issuer).

•Covered Persons who receive material, non-public information are required to report the receipt of such information to Compliance.

oThis trigger will often precede the entering into of a confidentiality or nondisclosure agreement with a potential operating company target or its owners, though, in some cases, there may never be any such agreement.

oIn any event, where a confidentiality agreement is being negotiated or is entered into with or related to a public company, it should be presumed that the Manager has received or will receive material, non-public information in respect of such target and the fact should be promptly reported to Compliance.

oNot only should the main target company be reported, but also any other publicly-traded affiliate or business that is specifically relevant to the transaction or the opportunity.

oFor greater clarity, private companies for which the Firm can reasonably be considered to possess material, non-public information are also required to be placed on the Restricted List if such private companies are issuers of publicly-traded debt. That concept includes debt securities listed on a stock exchange as well as any other debt that a retail investor could purchase for his or her own account, whether or not he or she is required to meet basic net worth or investment size minimums.

•Covered Persons are strictly prohibited from trading for their own account in securities of or relating to issuers on the Restricted List (including, without limitation, equity, debt, options and warrants) unless otherwise approved in advance by Compliance.

•Covered Persons are also prohibited from communicating to anyone outside the Firm that a security is on the Restricted List.

•In connection with any personal investment, Covered Persons must preclear the transaction in the Compliance Portal, which in turn runs the preclearance request against the Restricted List, prior to transacting in such security.

•In connection with each Covered Person’s Quarterly Certifications (as described below), such Covered Person will be required to certify that any personal trading was conducted in compliance with these Restricted List procedures.

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PERSONAL SECURITIES TRANSACTIONS

Unless otherwise determined by Compliance, all Covered Persons are subject to the restrictions and reporting requirements in respect of personal trading described below.

The Manager permits its Covered Persons to have an interest in a fully-disclosed securities account, subject to the requirements set forth herein. This policy applies not only to Covered Persons but also to their “Immediate Family Members”, as is required by law. “Immediate Family Members” refers to (i) a Covered Person’s spouse or domestic partner, (ii) any natural or adopted children or other relatives who live in the Covered Person’s household, (iii) family trusts and trusts of which the Covered Person is a trustee, and (iv) personal or family holding companies or similar entities. The rules and procedures set forth below apply in respect of any securities and securities accounts in which a Covered Person or any of his Immediate Family Members have any control or direction.

The Manager reserves the right to require or prohibit the sale or transfer of any security that may be construed to be in conflict with the best interests of a Client or in violation of the Firm’s general standards of conduct. Among other things, Covered Persons should be aware that, having engaged in a trade, they may find themselves at risk of being “frozen” in a position if the Firm receives material, non-public information about the underlying security or another circumstance arises that prevents further trading in that security. The Firm will not be responsible for any losses in personal accounts arising from the implementation of this Code of Ethics.

Opening or Maintaining Securities Accounts

A Covered Person and his or her Immediate Family Members may maintain a securities account with any financial institution or broker-dealer as long as an arrangement has been made for the financial institution or broker-dealer to provide trade confirmations and account statements to or as directed by Compliance. This requirement applies to all brokerage accounts at a financial institution or broker–dealer that holds or will from time to time hold Covered Securities (defined below) and over which the Covered Person and/or any of his or her Immediate Family Members either (i) direct, instruct or execute any or all of the trades; or (ii) have trading authority; or (iii) have any formal or informal influence over investment decisions. Such accounts are referred to as “Reportable Broker Accounts”.

For greater certainty, accounts that only hold Onex shares are also considered to be Reportable Broker Accounts even when the Covered Person is required to file and has duly filed public insider trading reports disclosing such holdings and transactions.

The disclosure of the existence of Reportable Broker Accounts, as well as the above-referenced arrangements for provision of trade confirmations and account statements, must be completed within 10 days of a new employee joining the Firm using the Compliance Portal (See Exhibit B). Thereafter, Covered Persons (on their own behalf and on behalf of their Immediate Family Members) must request the approval of Compliance via the Compliance Portal prior to opening a new Reportable Broker Account. Approval will be given only if Compliance is satisfied that the required reporting and other procedures associated with securities accounts will be implemented.

Exclusions. Notwithstanding the foregoing, certain accounts (“Fully Discretionary Accounts”) may be excluded if both of the following conditions are satisfied:

•all transactions therein (which may include private placements and IPOs) are, as a factual matter, carried out without the account holder’s prior knowledge or consent and the Covered Person has no formal or informal influence or control (including, for greater certainty, as a result of any personal relationship with the relevant broker or otherwise) over the trading in the account; and

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•investment discretion as to the trading of underlying securities is, as both a contractual and factual matter, held by a third-party investment manager notwithstanding that the account documentation may preserve the legal right of the account holder to direct or block any proposed trade or trades.

These may include, for example, formal blind trusts and fully managed discretionary accounts, including “separately managed accounts” where the account holder may set the overall investment objective and make decisions in respect of currencies, markets, industries, security types or other strategies as a general matter but has no other involvement or insight in respect of the underlying trades.

Covered Persons must certify each quarter that (i) any excluded accounts meet the above criteria and (ii) they did not suggest, direct or otherwise consult with the third-party discretionary manager(s) with respect to purchases or sale of investments in Fully Discretionary Accounts.

Covered Securities

Under Rule 204A-1, all securities are considered Covered Securities, with five exceptions: (i) direct obligations of the U.S. government (e.g., treasury securities); (ii) bankers’ acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt obligations, including repurchase agreements; (iii) shares issued by money market funds; (iv) shares of open-end mutual funds and ETFs; and (v) shares issued by unit investment trusts that are invested exclusively in one or more open-end funds, none of which are advised or sub-advised by the Manager. Accordingly, “Covered Securities” are not limited to publicly-traded securities, but also include interests in private companies and other “securities” broadly defined.

Set forth below is a non-exhaustive list of examples of the instruments that comprise Covered Securities.

•notes, bonds and other evidence of indebtedness;

•stocks (whether public or private);

•partnership and limited liability company interests (whether public or private) including, for example, hedge funds or real estate funds;

•puts, calls, straddles and options; and

•warrants or rights to subscribe for any instrument.

Notwithstanding the foregoing, Covered Persons are not currently required by this policy to report holdings of or transactions in securities of or relating to Fund operating companies to the extent that such securities are held pursuant to a program maintained by the Firm and, to the knowledge of the Covered Person, are tracked by the Firm’s finance department (e.g., an investment through the Onex management incentive plan or carried interest or co-investment programs), as the Manager has determined that all relevant information is otherwise available in its books and records. Otherwise, Covered Persons are generally prohibited from investing in any security of or relating to an Onex or Fund operating company. Any exception to this (e.g., if a Covered Person holds such securities at the time he or she joined the Firm) must be immediately brought to the attention of Compliance, who shall have full authority to determine any action to be taken.

Reporting and Certification of Broker Accounts, Holdings and Transactions

Covered Persons (on their own behalf and on behalf of their Immediate Family Members) are required to certify from time to time that they have disclosed all Reportable Broker Accounts. The reporting requirements will be satisfied only where (i) such accounts are properly registered in the Compliance Portal, and (ii) Covered Persons have caused the relevant financial institution or broker-dealer to provide duplicate trade confirmations to or as directed by Compliance.

Although the Manager does not currently limit Covered Persons and their Immediate Family Members to holding accounts at specific brokerage firms, the Manager prohibits the holding of Reportable Broker Accounts with any firm that fails to satisfy such delivery requirement.

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Unless otherwise determined by Compliance, Covered Persons must certify compliance with the foregoing via the Compliance Portal no later than 10 days after becoming a Covered Person and no later than 45 days after the beginning of each year thereafter. (See Exhibit B and C respectively).

In the event that a Covered Person (or a member of his or her immediate family) engages in a securities transaction other than in a registered Reportable Broker Account (excluding private investments, which are addressed below), such Covered Person must promptly inform Compliance, providing the following particulars:

•The date of the transaction, the title, and, as applicable, the exchange ticker symbol or CUSIP number, interest rate and maturity date, number or principal amount of each reportable security involved;

•The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

•The price of the reportable security at which the transaction was effected;

•The name of the broker, dealer or bank, if any, with or through which the transaction was effected; and

•The date the report is submitted.

Although Covered Persons generally are not required to report holdings of or transactions in securities held in accounts listed under Exclusions above (because such accounts have been determined not to be Reportable Broker Accounts), Compliance reserves the discretion to require Covered Persons to provide holdings and transactions reports in respect of such excluded accounts at such time as he or she determines to be necessary or appropriate.

Transaction Pre-clearance

Covered Persons must obtain the approval of Compliance, or, for securities of Onex, the General Counsel (“GC”) and Chief Financial Officer (“CFO”), before they or any of their Immediate Family Members participate directly or indirectly in any transaction in (or in respect of) all Covered Securities, including a security of Onex, an Onex Fund or Fund operating company or any private transaction (e.g., private placements and limited offerings, including, without limitation, offerings exempt from registration under the Securities Act pursuant to section 4(2) or section 4(6) or pursuant to Rule 504, Rule 505 or Rule 506 thereunder). (See Exhibit D and E).

For greater certainty:

•the requirement to pre-clear private transactions applies to private transactions with respect to both publicly-held and privately-held issuers; and

•the approval of Compliance, GC or CFO may be given or withheld in his or her sole discretion and may be subject to such conditions as he or she may deem appropriate.

•Approval will generally be refused where the proposed transaction would be inconsistent with the terms of the Governing Agreements of any Fund. At the date hereof, certain of the Governing Agreements specifically prohibit some or all Covered Persons from owning interests in the Firm’s operating companies other than through the Firm’s carried interest or other investment programs and the Manager generally intends to extend such prohibition to all Covered Persons.

Programs by which the Firm or its affiliates grant or issue securities of Onex, its affiliates or interests in investment vehicles managed by the Managers or one of their affiliates (e.g., an investment through the Onex management incentive plan or carried interest or co-investment programs) are deemed to have been pre-approved by Compliance, GC and CFO, and Covered Persons do not need to seek further approval in connection with such programs.

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IPOs and Private Transactions: Covered Persons seeking to participate in private transactions must submit a pre-clearance request using the Compliance Portal (or in such other form as Compliance may approve in his or her discretion) before the expected date of participation in such transaction (or in such time period as Compliance may approve in his or her discretion). In any event, no Covered Person may effect any such transaction without the prior written consent of Compliance. (See Exhibit E). Covered Persons are generally prohibited from participating in IPOs.

IPOs and private transactions in Fully Discretionary Accounts (as defined above under “Exclusions”) will not be subject to the pre-clearance requirements set forth in this section as long as the conditions set forth above under “Exclusions” are met.

Onex Securities: Covered Persons must obtain the approval of Onex’ GC and CFO prior to the execution of any trade involving Onex shares.

Quarterly Certifications

Unless otherwise determined by Compliance, Covered Persons are required to certify via the Compliance Portal no later than 30 days after the end of each calendar quarter (other than year-end after which Covered Persons have 45 days to certify) that all transactions in Covered Securities, both public and private, have been reported as required herein. (See Exhibit C).

Records

All required certifications in respect of personal trading, a record of each transaction pre-clearance form and copies of the Restricted List and/or a log of changes thereto will be maintained in accordance with the Manager’s books and records policy.

GIFTS AND ENTERTAINMENT

Gifts and Entertainment

No Covered Person may give a gift or other benefit with respect to an investment or transaction (or potential investment or transaction) with or involving Onex, the Managers or any Client or otherwise in the course

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of the Firm’s business that could be regarded as an attempt to improperly influence the recipient or as an inducement to the recipient to act in violation of law or regulation.

Similarly, no Covered Person may accept a gift or other benefit that could be viewed as an inducement to act contrary to his or her duties to Onex, the Managers or any Client or otherwise improperly.

Finally, No Covered Person may give, offer or accept cash gifts or cash equivalents to or from an investor, prospective investor, or any entity that does business with or potentially could conduct business with or on behalf of the Managers.

Each Covered Person should contact Compliance in advance of giving any gift, hosting any guest, or giving any other benefit to a third party that is known or believed by the Covered Person to be a government official in any jurisdiction or to be otherwise subject to additional laws in respect of bribery and corruption, even if the matter would not otherwise require disclosure pursuant to this Gifts and Entertainment Policy.

Without limiting the foregoing, the following must be disclosed to Compliance via the Compliance Portal, regardless of whether the cost is being personally funded or is being paid or reimbursed by Onex, the Manager, any Client, Fund investor, service provider or material business contact:

•Gifts to or from an existing or prospective Fund investor, service provider (e.g., lawyer, accountant or consultant) or other material business contact of Onex, the Manager, a Client or a Fund operating company with a value of $500 or more (based on the higher of face or market value), annually.

•Events or other “entertainment” that involve an existing or prospective Fund investor, service provider (e.g., lawyer, accountant or consultant) or other material business contact of Onex, the Manager, a Client or a Fund operating company and have a cost or value in excess of $750 per person, annually.

Without limiting the foregoing, the following must be pre-cleared by Compliance via the Compliance Portal, regardless of whether the cost is being personally funded or is being paid or reimbursed by Onex, the Manager, any Client, Fund LP, service provider or material business contact:

•Gifts to or from an existing or prospective Fund LP, service provider (e.g., lawyer, accountant or consultant) or other material business contact of Onex, the Manager, a Client or a Fund operating company with a value of $1,000 or more (based on the higher of face or market value), annually.

•Events or other “entertainment” that involve an existing or prospective Fund investor, service provider (e.g., lawyer, accountant or consultant) or other material business contact of Onex, the Manager, a Client or a Fund operating company and have a cost or value in excess of $1,500 per person, annually, or could be reasonably be considered excessive or extravagant. The Manager generally expects Covered Persons to specifically request pre-approval from Compliance in advance such events as the Super Bowl, the Ryder Cup, the Kentucky Derby, PGA Major Championships, Stanley Cup playoffs, MLB playoffs, and extended travel or entertainment such as golf or ski weekends.

The disclosure/pre-clearance form must be filed by or on behalf of a Covered Person in the Compliance Portal. The form includes a specific requirement for the Covered Person to certify that, in his or her view acting reasonably and in good faith, one of the following applies:

•No Improper Influence (where Covered Person is recipient or guest): The gift or entertainment (i) will not improperly influence the Covered Person’s conduct in the selection of service providers, the admission of investors, the allocation of business or the terms of any of the foregoing and will not otherwise cause or encourage the Covered Person to act other than in the best interests of Onex, the Manager or Clients.

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•No Improper Influence (where Covered Person is giver or host): The gift or entertainment is not an effort (i) to improperly influence the other person’s conduct with respect to his or her employer, organization or client or with respect to Onex, the Manager, the Clients or (ii) to encourage or facilitate a breach of law.

In addition, the disclosure/pre-clearance form requires certification that the disclosed gift or event is in the ordinary course of the Manager’s business and that the Covered Person believes in good faith that the gift or event would not be viewed by a reasonable and knowledgeable third party as "excessive or extravagant" in the context of the Manager’s business and normal market practice.

Covered Persons are required to obtain Compliance approval before proceeding if they are unable to certify, reasonably and in good faith to the foregoing.

Personal relationships: Gifts and entertainment to, from or with individuals with which the Covered Person has a familial or personal relationship apart from the Covered Person’s association with the Manager are not subject to this limitation or to the approval requirements described above, provided that, it is manifestly clear under the circumstances that it is the personal relationship and not the Manager’s business that is the motivation for the gift or entertainment.

Covered Persons are cautioned that “reasonableness” is a subjective concept and Covered Persons should resolve any uncertainty as to whether disclosure is required in favor of completing and filing a disclosure form. Covered Persons will be required to periodically certify their full compliance with this policy. Further, Compliance will have full discretion and authority to inquire into any disclosed matter and to require further information in connection therewith.

Charitable Donations

The Firm may from time to time receive a request from an existing or prospective Fund investor, an existing or prospective separate account client, or service provider (including a personal request from an executive of any such organization or, in the case of an investor or prospective investor, another individual in a position to influence investment decisions) to make a donation to or participate in an event benefitting a charitable organization. Onex has a long history of responsible charitable giving and would propose to continue to make donations consistent with its past practices unless a particular donation is, or would reasonably be construed as, an improper effort to influence the making of a Fund investment or the award or continuation of another relationship relevant to the business of a Fund or of the Manager. Accordingly:

•The Firm may make a donation or provide other sponsorship or support to a recognized charity without Compliance approval provided that (i) the charity is not itself a Fund investor, prospective Fund investor, separate account client, prospective separate account client or affiliate thereof and (ii) the amount does not exceed $10,000 per recipient per annum; and

•The Firm may make a donation or provide a sponsorship not permitted by (i) above only with the prior approval of Compliance, which generally will be forthcoming where Compliance is satisfied that the donation is not and could not reasonably be construed as an improper attempt to influence the Manager’s business or activities or the investment decision of an existing or prospective investor. Request for approval must be submitted via the Compliance Portal.

For greater certainty, Covered Persons may make personal charitable donations, although they should be mindful of the principles set forth above and the potential appearance of impropriety even in personal donations.

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“PAY-TO-PLAY” POLITICAL CONTRIBUTIONS

The SEC’s rules on political contributions by registered investment advisers and their personnel, which are one element of the “pay-to-play” rules and regulations, are highly detailed and a breach can have very serious consequences to the Firm. Not only can those consequences involve disciplinary action by the SEC, they can also include the forfeiture of management fees, carried interest and the right to expense reimbursement from relevant Fund investors.

Moreover, various states, local governments and individual public pension plans have also passed legislation, issued regulations or promulgated policies prohibiting or restricting campaign contributions by sponsors that manage or seek to manage public assets. Accordingly, as a matter of policy, all Covered Persons are prohibited from engaging in any of the activities listed below. Specifically, Covered Persons are prohibited from:

•making any contributions of cash, property or time (including participation in campaign activities) to any holder of or candidate for any U.S. state or local governmental office or to any state or local political party;

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•giving any gift or anything of value or offering any favors or preferential treatment to any official (including any candidate) or employee of a U.S. state or local government body;

•encouraging, influencing or directing any third party, including, for example, spouses, family members, friends, consultants, attorneys or companies affiliated with the Firm (including any of Onex’s or a Fund’s operating companies) to do any of the foregoing; and

•holding a public office in the United States.

These restrictions do not apply to contributions to U.S. federal officials and candidates (other than any U.S. federal candidate that is concurrently a state or local government official or candidate, or held one of these positions within the previous 2 years) or to national political parties (provided that such donations are given to a nationwide organ of such party, and not to a local or state branch thereof). Contributions to U.S. federal officials and candidates or to national political parties will, however, require pre-clearance from Compliance via the Compliance Portal.

The prohibitions set out above include contributions to any political action committee (PAC) other than: (a) one created and mandated exclusively for the benefit or support of a U.S. federal official or candidate to whom the Covered Person would be permitted by this Code of Ethics to contribute directly, or (b) one of broader scope and purpose where the Covered Person has expressly directed his or her contribution to be used exclusively for the benefit or support of one or more such permitted federal officials or candidates.

The rules on political donations are only one element of the SEC’s “pay-to-play” regime and are therefore closely linked to rules governing the use of placement agents and on engaging in lobbying activities. Political contributions and other political activities that relate exclusively to Canadian or other non-U.S. jurisdictions are not subject to the rules set forth above. However, Covered Persons should be aware that activities not prohibited by the rules on political contributions may nonetheless be restricted by laws or rules in the relevant jurisdiction and should consult Compliance prior to making any such contribution or engaging in political activity.

OUTSIDE BUSINESS ACTIVITIES

In general, Covered Persons are expected to dedicate substantially all of their business time and attention to the Firm and the Firm’s business, subject to certain exceptions described in the governing documents for each of the Manager’s Clients, including a Client’s management agreement, a Fund’s limited partnership agreement and other governing documents (collectively, the “Governing Agreements”).

Unless considered an “Other Permitted Investment Activity”, otherwise permitted under the Governing Agreements, or otherwise disclosed to and approved by Compliance (see Exhibit F-4 and F-5), Covered Persons may not (i) engage in any other business activities, (ii) serve as an officer, director or employee of, or in any similar capacity with, any person or entity engaged in business-related activities (other than Onex or Fund entities or operating companies), (iii) participate in, or assist with, fundraising activities with respect to any investment endeavor of any person or entity unrelated to Onex (regardless of whether competitive with Onex), or (iv) serve as general partner or managing member of, or in any similar capacity with (including as a member of an investment committee), any partnership, limited liability company or other entity operating as a private investment fund.

Covered Persons must report any material change in their duties or responsibilities with respect to any previously-approved outside business activity. In addition, Compliance may impose such additional restrictions or limitations on a Covered Person’s outside endeavors as he or she deems appropriate.

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Covered Persons are also required to disclose their association with charities, civic foundations or similar non-profit organizations when they act as directors or officers of such organizations.

With respect to any outside activities in which a Covered Person is permitted to engage, such Covered Person must not imply (i) that he or she is acting on behalf of or as a representative of the Firm, or (ii) that the Firm has endorsed or approved the outside business activity.

EXHIBITS

Exhibit A-1: Initial Acknowledgement of Provisions of Code of Ethics & Compliance Policies and Procedures

Exhibit A-2: Certification of Compliance (Quarterly and Annual)

Exhibit B: Initial Disclosure of Broker Accounts and Private Investments

Exhibit C: Certification of Personal Investing (Quarterly and Annual)

Exhibit D: Pre-Clearance Form: Trade

Exhibit E: Pre-Clearance Form: Private Transactions

Exhibit F-1: Initial Compliance Questionnaire

Exhibit F-2: Compliance Questionnaire Annual Update

Exhibit F-3: Certification regarding Certain Relationships

Exhibit F-4: Disclosure of Outside Business Activities

Exhibit F-5: Certification of Outside Business Activities (Quarterly and Annual)

17

EX-31.1

Exhibit 31.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO RULE 13A-14 OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2022

I, Ronnie Jaber, Chief Executive Officer of Onex Direct Lending BDC Fund, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Onex Direct Lending BDC Fund (the "registrant");

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 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)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; and

c)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 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 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 9, 2024

/s/ Ronnie Jaber

Ronnie Jaber

Chief Executive Officer

(Principal Executive Officer)

EX-31.2

Exhibit 31.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO RULE 13A-14 OF THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2022

I, Edward U. Gilpin, Chief Financial Officer of Onex Direct Lending BDC Fund certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Onex Direct Lending BDC Fund (the "registrant");

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 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)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; and

c)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 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 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 9, 2024

/s/ Edward U. Gilpin

Edward U. Gilpin

Chief Financial Officer

(Principal Financial Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Report”) of Onex Direct Lending BDC Fund (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Ronnie Jaber, 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/ Ronnie Jaber

Name: Ronnie Jaber

Chief Executive Officer

(Principal Executive Officer)

Date: May 9, 2024

EX-32.2

Exhibit 32.2

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (the “Report”) of Onex Direct Lending BDC Fund (the “Registrant”), as filed with the Securities and Exchange Commission on the date hereof, I, Ted Gilpin, 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/ Edward U. Gilpin

Name: Edward U. Gilpin

Chief Financial Officer

(Principal Financial Officer)

Date: May 9, 2024

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 07, 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	Q1
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Onex Direct Lending BDC Fund
No Trading Symbol Flag	true
Entity Central Index Key	0001860424
Current Fiscal Year End Date	--12-31
Securities Act File Number	814-01405
Entity Tax Identification Number	00-0000000
Entity Address, Address Line One	930 Sylvan Avenue
Entity Address, City or Town	Englewood Cliffs
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07632
City Area Code	201
Local Phone Number	541-2121
Title of 12(b) Security	None
Security Exchange Name	NONE
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,778,850

XML

Consolidated Statements of Assets and Liabilities (Unaudited) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Assets:
Non-controlled/non-affiliated investments, at fair value (amortized cost of $500,616,799 and $541,963,717, respectively)	$ 490,514,500	$ 533,065,800
Cash and cash equivalents	20,522,389	9,813,406
Restricted cash	4,120,330	2,742,185
Interest and other receivables	14,508,934	4,275,291
Deferred financing costs (net of $2,318,047 and $2,040,130 in amortized expenses, respectively)	565,097	843,014
Prepaid expenses	156,372	222,390
Total Assets	530,387,622	550,962,086
Liabilities:
Credit facility (Note 5)	262,000,000	263,000,000
Payable for investments purchased	2,238,736	8,100,000
Management fee payable (Note 3)	810,205	864,947
Incentive fee payable (Note 3)	1,177,141	960,462
Administration fee payable (Note 3)	1,090,368	910,036
Interest payable	3,592,829	3,654,305
Accrued expenses and other liabilities	775,584	771,027
Total Liabilities	271,684,863	278,260,777
Commitments and Contingencies (Note 10)
Total Net Assets	258,702,759	272,701,309
Net Assets:
Common shares, $0.001 par value (unlimited shares authorized, 10,620,435 and 11,196,319 shares issued and outstanding, respectively)	10,622	11,198
Additional paid-in capital	266,563,774	280,591,727
Accumulated distributable earnings (losses)	(7,871,637)	(7,901,616)
Net Assets	$ 258,702,759	$ 272,701,309
Net Asset Value Per Share	$ 24.36	$ 24.36

XML

Consolidated Statements of Assets and Liabilities (Unaudited) (Parenthetical) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Amortized cost non-controlled/non-affiliated investments, at fair value	$ 500,616,799	$ 541,963,717
Amortized expenses of deferred financing costs	$ 2,318,047	$ 2,040,130
Common shares, par value	$ 0.001	$ 0.001
Common shares, shares authorized	unlimited	unlimited
Common shares, shares issued	10,620,435	11,196,319
Common shares, shares outstanding	10,620,435	11,196,319

XML

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Non-controlled, non-affiliated investments:
Interest income	$ 16,105,033	$ 14,872,222
Payment-in-kind interest income	602,748	340,667
Other income	584,494	346,240
Total Investment Income	17,292,275	15,559,129
Expenses:
Management fee	810,205	1,646,178
Incentive fee	1,177,141	2,329,914
Administration fee	250,000	278,000
Professional fees	433,073	336,487
Trustees' fees	43,000	43,000
Interest and credit facility expense	5,706,692	4,404,196
Other general and administrative expense	132,178	221,329
Total Expenses	8,552,289	9,259,104
Incentive fee waiver		(900,000)
Recoupment of expense support	500,000
Net Expenses	9,052,289	8,359,104
Net Investment Income (Loss)	8,239,986	7,200,025
Net realized gains (losses) on investments:
Non-controlled, non-affiliated investments	1,110,970	56,032
Net change in unrealized appreciation (depreciation) on investments:
Non-controlled, non-affiliated investments	(1,204,382)	(1,374,421)
Net realized and unrealized gain (loss)	(93,412)	(1,318,389)
Net Increase (Decrease) in Net Assets Resulting from Operations	$ 8,146,574	$ 5,881,636
Net investment income (loss) per common share - Basic and Diluted	$ 0.76	$ 0.59
Net increase (decrease) in net assets resulting from operations per common share - Basic and Diluted	$ 0.75	$ 0.48
Weighted Average Common Shares Outstanding - Basic	10,844,459	12,300,303
Weighted Average Common Shares Outstanding - Diluted	10,844,459	12,300,303

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Consolidated Statements of Changes in Net Assets (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Beginning balance, shares
Beginning balance	$ 272,701,309	$ 305,912,779
Net investment income (loss)	8,239,986	7,200,025
Net realized gain (loss) on investments	1,110,970	56,032
Net change in unrealized appreciation (depreciation) on investments	$ (1,204,382)	$ (1,374,421)
Issuance of common shares, shares	21,853	44,339
Issuance of common shares	$ 532,335	$ 1,088,965
Redemption of common shares	(16,495,112)	(10,270,713)
Distributions to shareholders	(8,116,595)	(7,007,486)
Shares issued in connection with distribution reinvestment plan	$ 1,934,248	$ 4,393,175
Ending balance, shares	10,620,435	12,260,748
Ending balance	$ 258,702,759	$ 299,998,356
Common Shares
Beginning balance, shares	11,196,319	12,455,723
Beginning balance	$ 11,198	$ 12,456
Issuance of common shares, shares	21,853	44,339
Issuance of common shares	$ 22	$ 44
Redemption of common shares, shares	(677,139)	(418,189)
Redemption of common shares	$ (677)	$ (418)
Shares issued in connection with distribution reinvestment plan, shares	79,402	178,875
Shares issued in connection with distribution reinvestment plan	$ 79	$ 179
Ending balance, shares	10,620,435	12,260,748
Ending balance	$ 10,622	$ 12,261
Capital in Excess of Par
Beginning balance	280,591,727	311,618,675
Issuance of common shares	532,313	1,088,921
Redemption of common shares	(16,494,435)	(10,270,295)
Shares issued in connection with distribution reinvestment plan	1,934,169	4,392,996
Ending balance	266,563,774	306,830,297
Total Distributable Earnings (Losses)
Beginning balance	(7,901,616)	(5,718,352)
Net investment income (loss)	8,239,986	7,200,025
Net realized gain (loss) on investments	1,110,970	56,032
Net change in unrealized appreciation (depreciation) on investments	(1,204,382)	(1,374,421)
Distributions to shareholders	(8,116,595)	(7,007,486)
Ending balance	$ (7,871,637)	$ (6,844,202)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities:
Net increase (decrease) in net assets resulting from operations	$ 8,146,574	$ 5,881,636
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gains)/losses on investments	(1,110,970)	(56,032)
Net change in unrealized (appreciation) depreciation on investments	1,204,382	1,374,421
Net accretion of discount on investments	(302,242)	(633,295)
Amortization of deferred financing costs	277,917	277,917
Payment-in-kind interest income	(602,748)	(340,667)
Purchases and drawdowns of investments	(16,026,952)	(24,846,991)
Sales and repayments of investments	59,389,830	3,268,069
(Increase) decrease in operating assets:
Interest and other receivables	(10,233,643)	4,054,187
Prepaid expenses	66,018	49,777
Increase (decrease) in operating liabilities:
Management fee payable	(54,742)	16,515
Incentive fee payable	216,679	(295,674)
Administration fee payable	180,332	(641,309)
Interest payable	(61,476)	626,876
Payable for investments purchased	(5,861,264)
Accrued expenses and other liabilities	4,557	166,478
Net cash provided by (used in) operating activities	35,232,252	(11,098,092)
Cash Flows from Financing Activities:
Proceeds from issuance of common shares	532,335	1,088,965
Redemption of common shares	(16,495,112)	(10,270,713)
Distributions to shareholders	(6,182,347)	(2,614,311)
Borrowings on credit facility	18,000,000	44,000,000
Payments on credit facility	(19,000,000)
Net cash provided by (used in) financing activities	(23,145,124)	32,203,941
Net increase (decrease) in cash and cash equivalents	12,087,128	21,105,849
Cash and cash equivalents and restricted cash, beginning of period	12,555,591	6,431,079
Cash and cash equivalents and restricted cash, end of period	24,642,719	27,536,928
Supplemental and Non-Cash Information
Cash paid for interest	5,490,251	3,499,403
Reinvestments of distributions	1,934,248	4,393,175
Reconciliation of Cash and Cash Equivalents and Restricted Cash
Cash and cash equivalents	20,522,389	27,042,779
Restricted cash	4,120,330	494,149
Total cash and cash equivalents and restricted cash	$ 24,642,719	$ 27,536,928

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Consolidated Schedule of Investments - USD ($)		3 Months Ended		12 Months Ended
		Mar. 31, 2024		Dec. 31, 2023
Schedule of Investments [Line Items]
Amortized Cost		$ 500,616,799		$ 541,963,717
Fair Value		490,514,500		533,065,800
Total Net Assets		258,702,759		272,701,309
Unfunded Commitment		19,283,150		19,662,986
Investment, Identifier [Axis]: APT Opco, LLC Type Delayed Draw Term Loan
Schedule of Investments [Line Items]
Total Commitment		4,761,905		4,761,905
Funded Commitment		1,539,881		1,547,619
Expired Commitment		3,222,024		3,214,286
Investment, Identifier [Axis]: Amplity Parent, Inc. Type Revolver
Schedule of Investments [Line Items]
Total Commitment		2,227,032		2,227,032
Funded Commitment		1,493,795		1,488,145
Unfunded Commitment		733,237		738,887
Investment, Identifier [Axis]: Apryse Software Corp (fka PDFTron US Acquisition Corp.) Type Delayed Draw Term Loan
Schedule of Investments [Line Items]
Total Commitment		1,625,000		1,625,000
Funded Commitment		1,625,000
Unfunded Commitment				1,625,000
Investment, Identifier [Axis]: Celerion Buyer Inc. Type Delayed Draw Term Loan
Schedule of Investments [Line Items]
Total Commitment		2,301,790		2,301,790
Unfunded Commitment		2,301,790		2,301,790
Investment, Identifier [Axis]: Celerion Buyer Inc. Type Revolver
Schedule of Investments [Line Items]
Total Commitment		1,150,895		1,150,895
Unfunded Commitment		1,150,895		1,150,895
Investment, Identifier [Axis]: Crash Champions Intermediate, LLC Type Delayed Draw Term Loan
Schedule of Investments [Line Items]
Total Commitment				2,713,178
Funded Commitment				2,713,178
Investment, Identifier [Axis]: Crash Champions Intermediate, LLC Type Revolver
Schedule of Investments [Line Items]
Total Commitment				930,233
Funded Commitment				403,101
Unfunded Commitment				527,132
Investment, Identifier [Axis]: Expired Commitment
Schedule of Investments [Line Items]
Expired Commitment		19,081,399		25,700,927
Investment, Identifier [Axis]: Foundation Risk Partners, Corp. Type Delayed Draw Term Loan
Schedule of Investments [Line Items]
Total Commitment		9,306,818		9,306,818
Funded Commitment		9,306,818		9,306,818
Investment, Identifier [Axis]: Funded Commitment
Schedule of Investments [Line Items]
Funded Commitment		31,651,840		34,277,976
Investment, Identifier [Axis]: IMB Midco LLC (formerly, WSP Midco LLC) Type Delayed Draw Term Loan
Schedule of Investments [Line Items]
Total Commitment				3,401,460
Expired Commitment				3,401,460
Investment, Identifier [Axis]: IMB Midco LLC (formerly, WSP Midco LLC) Type Revolver
Schedule of Investments [Line Items]
Total Commitment		850,365		850,365
Unfunded Commitment		850,365		850,365
Investment, Identifier [Axis]: Jackson Paper Manufacturing Company Type Revolver
Schedule of Investments [Line Items]
Total Commitment		1,333,333		1,333,333
Unfunded Commitment		1,333,333		1,333,333
Investment, Identifier [Axis]: Kelso Industries LLC. Type Revolver
Schedule of Investments [Line Items]
Total Commitment				1,342,105
Funded Commitment				939,473
Unfunded Commitment				402,632
Investment, Identifier [Axis]: Liabilities in Excess of Other Assets
Schedule of Investments [Line Items]
Liabilities in Excess of Other Assets	[1],[2]	$ 231,811,741
Liabilities in Excess of Other Assets, percentage	[1]	89.60%
Investment, Identifier [Axis]: MIS Acquisition, LLC Type Revolver
Schedule of Investments [Line Items]
Total Commitment		$ 1,866,667		1,866,667
Unfunded Commitment		1,866,667		1,866,667
Investment, Identifier [Axis]: Milestone Technologies, Inc. Type Revolver
Schedule of Investments [Line Items]
Total Commitment		1,551,724		1,551,724
Funded Commitment		310,345		206,897
Unfunded Commitment		1,241,379		1,344,827
Investment, Identifier [Axis]: Montana Buyer Inc. Type Revolver
Schedule of Investments [Line Items]
Total Commitment		2,450,000		2,450,000
Funded Commitment		350,000		350,000
Unfunded Commitment		2,100,000		2,100,000
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments
Schedule of Investments [Line Items]
Amortized Cost	[1],[3],[4]	500,616,799
Fair Value	[1],[2],[3]	$ 490,514,500
% of Net Assets	[1],[3]	189.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments
Schedule of Investments [Line Items]
Amortized Cost		$ 491,031,626	[1],[4]	532,378,544	[5],[6]
Fair Value		$ 483,893,506	[1],[2]	$ 526,032,489	[5],[7]
% of Net Assets		187.00%	[1]	192.90%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Automotive
Schedule of Investments [Line Items]
Amortized Cost	[5],[6]			$ 18,783,611
Fair Value	[5],[7]			$ 19,279,402
% of Net Assets	[5]			7.10%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Automotive Crash Champions Intermediate, LLC 2022 Term Loan Reference Rate and Spread 1M SOFR + 7.00% Floor 0.75% Interest Rate 12.36% Initial Acquisition Date 8/8/2022 Maturity Date 8/1/2029
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[9]			1M SOFR + 7.00%
Reference Rate and Spread %	[5],[8],[9]			7.00%
Floor	[5],[9]			0.75%
Interest Rate	[5],[8],[9]			12.36%
Initial Acquisition Date	[5],[9]			Aug. 08, 2022
Maturity Date	[5],[9]			Aug. 01, 2029
Par/Shares	[5],[9]			$ 9,925,000
Amortized Cost	[5],[6],[9]			9,571,368
Fair Value	[5],[7],[9]			$ 9,911,105
% of Net Assets	[5],[9]			3.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Automotive Crash Champions Intermediate, LLC Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 7.00% Floor 0.75% Interest Rate 12.36% Initial Acquisition Date 8/8/2022 Maturity Date 8/1/2029
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[9]			1M SOFR + 7.00%
Reference Rate and Spread %	[5],[8],[9]			7.00%
Floor	[5],[9]			0.75%
Interest Rate	[5],[8],[9]			12.36%
Initial Acquisition Date	[5],[9]			Aug. 08, 2022
Maturity Date	[5],[9]			Aug. 01, 2029
Par/Shares	[5],[9]			$ 2,686,046
Amortized Cost	[5],[6],[9]			2,639,580
Fair Value	[5],[7],[9]			$ 2,682,286
% of Net Assets	[5],[9]			1.00%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Automotive Crash Champions Intermediate, LLC Initial Term Loan Reference Rate and Spread 1M SOFR + 7.00% Floor 0.75% Interest Rate 12.36% Initial Acquisition Date 8/8/2022 Maturity Date 8/1/2029
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[9]			1M SOFR + 7.00%
Reference Rate and Spread %	[5],[8],[9]			7.00%
Floor	[5],[9]			0.75%
Interest Rate	[5],[8],[9]			12.36%
Initial Acquisition Date	[5],[9]			Aug. 08, 2022
Maturity Date	[5],[9]			Aug. 01, 2029
Par/Shares	[5],[9]			$ 6,293,023
Amortized Cost	[5],[6],[9]			6,183,816
Fair Value	[5],[7],[9]			$ 6,284,213
% of Net Assets	[5],[9]			2.30%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Automotive Crash Champions Intermediate, LLC Revolving Credit Loan Reference Rate and Spread PRIME + 5.25% Floor 0.75% Interest Rate 13.75% Initial Acquisition Date 8/8/2022 Maturity Date 8/1/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[10],[11]			PRIME + 5.25%
Reference Rate and Spread %	[5],[8],[10],[11]			5.25%
Floor	[5],[10],[11]			0.75%
Interest Rate	[5],[8],[10],[11]			13.75%
Initial Acquisition Date	[5],[10],[11]			Aug. 08, 2022
Maturity Date	[5],[10],[11]			Aug. 01, 2028
Par/Shares	[5],[10],[11]			$ 403,101
Amortized Cost	[5],[6],[10],[11]			388,847
Fair Value	[5],[7],[10],[11]			$ 401,798
% of Net Assets	[5],[10],[11]			0.10%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco
Schedule of Investments [Line Items]
Amortized Cost		$ 11,498,155	[1],[4]	$ 16,845,603	[5],[6]
Fair Value		$ 11,633,690	[1],[2]	$ 16,823,761	[5],[7]
% of Net Assets		4.50%	[1]	6.20%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco Project Cloud Holdings, LLC Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 6.50% Floor 1.00% Interest Rate 11.96% Initial Acquisition Date 4/10/2023 Maturity Date 3/31/2029
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[9],[10],[11]			1M SOFR + 6.50%
Reference Rate and Spread %	[5],[8],[9],[10],[11]			6.50%
Floor	[5],[9],[10],[11]			1.00%
Interest Rate	[5],[8],[9],[10],[11]			11.96%
Initial Acquisition Date	[5],[9],[10],[11]			Apr. 10, 2023
Maturity Date	[5],[9],[10],[11]			Mar. 31, 2029
Par/Shares	[5],[9],[10],[11]			$ 1,525,424
Amortized Cost	[5],[6],[9],[10],[11]			1,504,853
Fair Value	[5],[7],[9],[10],[11]			$ 1,483,017
% of Net Assets	[5],[9],[10],[11]			0.50%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco Project Cloud Holdings, LLC Revolving Loan Reference Rate and Spread 1M SOFR + 6.50% Floor 1.00% Interest Rate 11.68% Initial Acquisition Date 6/5/2023 Maturity Date 3/31/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[12],[13],[14],[15]	1M SOFR + 6.50%
Reference Rate and Spread %	[1],[12],[14],[15]	6.50%
Floor	[1],[12],[15]	1.00%
Interest Rate	[1],[12],[13],[15]	11.68%
Initial Acquisition Date	[1],[12],[15]	Jun. 05, 2023
Maturity Date	[1],[12],[15]	Mar. 31, 2028
Par/Shares	[1],[12],[15]	$ 610,170
Amortized Cost	[1],[4],[12],[15]	579,549
Fair Value	[1],[2],[12],[15]	$ 593,939
% of Net Assets	[1],[12],[15]	0.20%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco Project Cloud Holdings, LLC Revolving Loan Reference Rate and Spread 1M SOFR + 6.50% Floor 1.00% Interest Rate 11.96% Initial Acquisition Date 4/10/2023 Maturity Date 3/31/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[10],[11]			1M SOFR + 6.50%
Reference Rate and Spread %	[5],[8],[10],[11]			6.50%
Floor	[5],[10],[11]			1.00%
Interest Rate	[5],[8],[10],[11]			11.96%
Initial Acquisition Date	[5],[10],[11]			Apr. 10, 2023
Maturity Date	[5],[10],[11]			Mar. 31, 2028
Par/Shares	[5],[10],[11]			$ 915,253
Amortized Cost	[5],[6],[10],[11]			883,107
Fair Value	[5],[7],[10],[11]			$ 881,329
% of Net Assets	[5],[10],[11]			0.30%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco Project Cloud Holdings, LLC Term Loan Reference Rate and Spread 1M SOFR + 6.50% Floor 1.00% Interest Rate 11.68% Initial Acquisition Date 6/5/2023 Maturity Date 3/31/2029
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	1M SOFR + 6.50%
Reference Rate and Spread %	[1],[13],[16]	6.50%
Floor	[1],[16]	1.00%
Interest Rate	[1],[13],[16]	11.68%
Initial Acquisition Date	[1],[16]	Jun. 05, 2023
Maturity Date	[1],[16]	Mar. 31, 2029
Par/Shares	[1],[16]	$ 11,188,559
Amortized Cost	[1],[4],[16]	10,918,606
Fair Value	[1],[2],[16]	$ 11,039,751
% of Net Assets	[1],[16]	4.30%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Beverage, Food & Tobacco Project Cloud Holdings, LLC Term Loan Reference Rate and Spread 1M SOFR + 6.50% Floor 1.00% Interest Rate 11.96% Initial Acquisition Date 4/10/2023 Maturity Date 3/31/2029
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[9]			1M SOFR + 6.50%
Reference Rate and Spread %	[5],[8],[9]			6.50%
Floor	[5],[9]			1.00%
Interest Rate	[5],[8],[9]			11.96%
Initial Acquisition Date	[5],[9]			Apr. 10, 2023
Maturity Date	[5],[9]			Mar. 31, 2029
Par/Shares	[5],[9]			$ 14,872,881
Amortized Cost	[5],[6],[9]			14,457,643
Fair Value	[5],[7],[9]			$ 14,459,415
% of Net Assets	[5],[9]			5.30%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services
Schedule of Investments [Line Items]
Amortized Cost		$ 69,455,721	[1],[4]	$ 84,365,628	[5],[6]
Fair Value		$ 70,051,191	[1],[2]	$ 84,555,545	[5],[7]
% of Net Assets		27.10%	[1]	31.00%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services BCP V Everise Acquisition LLC Cov-Lite Term Loan B Reference Rate and Spread 3M SOFR + 6.00% Interest Rate 11.33% Initial Acquisition Date 12/14/2023 Maturity Date 12/14/2029
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	3M SOFR + 6.00%
Reference Rate and Spread %	[1],[13],[16]	6.00%
Interest Rate	[1],[13],[16]	11.33%
Initial Acquisition Date	[1],[16]	Dec. 14, 2023
Maturity Date	[1],[16]	Dec. 14, 2029
Par/Shares	[1],[16]	$ 9,000,000
Amortized Cost	[1],[4],[16]	8,123,826
Fair Value	[1],[2],[16]	$ 8,100,000
% of Net Assets	[1],[16]	3.10%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services BCP V Everise Acquisition LLC Cov-Lite Term Loan B Reference Rate and Spread 3M SOFR + 6.00% Interest Rate 11.39% Initial Acquisition Date 12/14/2023 Maturity Date 12/14/2029
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8]			3M SOFR + 6.00%
Reference Rate and Spread %	[5],[8]			6.00%
Interest Rate	[5],[8]			11.39%
Initial Acquisition Date	[5]			Dec. 14, 2023
Maturity Date	[5]			Dec. 14, 2029
Par/Shares	[5]			$ 9,000,000
Amortized Cost	[5],[6]			8,100,000
Fair Value	[5],[7]			$ 8,100,000
% of Net Assets	[5]			3.00%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Kelso Industries LLC Eight Amendment Term Loan Reference Rate and Spread 1M SOFR + 6.50% Floor 1.00% Interest Rate 12.02% Initial Acquisition Date 11/17/2023 Maturity Date 5/16/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[9]			1M SOFR + 6.50%
Reference Rate and Spread %	[5],[8],[9]			6.50%
Floor	[5],[9]			1.00%
Interest Rate	[5],[8],[9]			12.02%
Initial Acquisition Date	[5],[9]			Nov. 17, 2023
Maturity Date	[5],[9]			May 16, 2027
Par/Shares	[5],[9]			$ 15,657,895
Amortized Cost	[5],[6],[9]			15,351,747
Fair Value	[5],[7],[9]			$ 15,344,737
% of Net Assets	[5],[9]			5.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Kelso Industries LLC Revolving Loan Reference Rate and Spread 1M SOFR + 6.50% Floor 1.00% Interest Rate 12.04% Initial Acquisition Date 11/17/2023 Maturity Date 5/16/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[10],[11]			1M SOFR + 6.50%
Reference Rate and Spread %	[5],[8],[10],[11]			6.50%
Floor	[5],[10],[11]			1.00%
Interest Rate	[5],[8],[10],[11]			12.04%
Initial Acquisition Date	[5],[10],[11]			Nov. 17, 2023
Maturity Date	[5],[10],[11]			May 16, 2027
Par/Shares	[5],[10],[11]			$ 939,473
Amortized Cost	[5],[6],[10],[11]			913,577
Fair Value	[5],[7],[10],[11]			$ 912,632
% of Net Assets	[5],[10],[11]			0.30%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services MIS Acquisition, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 6.75% Floor 1.00% Interest Rate 12.07% Initial Acquisition Date 11/16/2023 Maturity Date 11/17/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	3M SOFR + 6.75%
Reference Rate and Spread %	[1],[13],[16]	6.75%
Floor	[1],[16]	1.00%
Interest Rate	[1],[13],[16]	12.07%
Initial Acquisition Date	[1],[16]	Nov. 16, 2023
Maturity Date	[1],[16]	Nov. 17, 2028
Par/Shares	[1],[16]	$ 26,068,000
Amortized Cost	[1],[4],[16]	25,328,957
Fair Value	[1],[2],[16]	$ 25,549,247
% of Net Assets	[1],[16]	9.90%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services MIS Acquisition, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 6.75% Floor 1.00% Interest Rate 12.12% Initial Acquisition Date 11/16/2023 Maturity Date 11/17/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[9]			3M SOFR + 6.75%
Reference Rate and Spread %	[5],[8],[9]			6.75%
Floor	[5],[9]			1.00%
Interest Rate	[5],[8],[9]			12.12%
Initial Acquisition Date	[5],[9]			Nov. 16, 2023
Maturity Date	[5],[9]			Nov. 17, 2028
Par/Shares	[5],[9]			$ 26,133,333
Amortized Cost	[5],[6],[9]			25,360,599
Fair Value	[5],[7],[9]			$ 25,349,333
% of Net Assets	[5],[9]			9.30%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services MIS Acquisition, LLC Revolving Loan Reference Rate and Spread 3M SOFR + 6.75% Floor 1.00% Initial Acquisition Date 11/16/2023 Maturity Date 11/17/2028
Schedule of Investments [Line Items]
Reference Rate and Spread		3M SOFR + 6.75%	[1],[12],[13],[15],[17],[18]	3M SOFR + 6.75%	[5],[8],[10],[11],[19],[20]
Reference Rate and Spread %		6.75%	[1],[12],[13],[15],[17],[18]	6.75%	[5],[8],[10],[11],[19],[20]
Floor		1.00%	[1],[12],[13],[15],[17],[18]	1.00%	[5],[10],[11],[19],[20]
Initial Acquisition Date		Nov. 16, 2023	[1],[12],[15],[17],[18]	Nov. 16, 2023	[5],[10],[11],[19],[20]
Maturity Date		Nov. 17, 2028	[1],[12],[15],[17],[18]	Nov. 17, 2028	[5],[10],[11],[19],[20]
Amortized Cost		$ (53,022)	[1],[4],[12],[15],[17],[18]	$ (55,014)	[5],[6],[10],[11],[19],[20]
Fair Value		$ (37,147)	[1],[2],[12],[15],[17],[18]	$ (56,000)	[5],[7],[10],[11],[19],[20]
% of Net Assets		0.00%	[1],[12],[15],[17],[18]	0.00%	[5],[10],[11],[19],[20]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. First Amendment Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 12.21% Initial Acquisition Date 1/3/2024 Maturity Date 12/7/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[1]	3M SOFR + 6.75%
Reference Rate and Spread %	[1]	6.75%
Floor	[1]	1.00%
Interest Rate	[1]	12.21%
Initial Acquisition Date	[1]	Jan. 03, 2024
Maturity Date	[1]	Dec. 07, 2028
Par/Shares	[1]	$ 1,344,828
Amortized Cost	[1]	1,312,749
Fair Value	[1]	$ 1,321,966
% of Net Assets	[1]	0.50%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Revolving Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 12.00% Initial Acquisition Date 12/7/2022 Maturity Date 12/8/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[10],[11]			3M SOFR + 6.50%
Reference Rate and Spread %	[5],[8],[10],[11]			6.50%
Floor	[5],[10],[11]			1.00%
Interest Rate	[5],[8],[10],[11]			12.00%
Initial Acquisition Date	[5],[10],[11]			Dec. 07, 2022
Maturity Date	[5],[10],[11]			Dec. 08, 2028
Par/Shares	[5],[10],[11]			$ 206,897
Amortized Cost	[5],[6],[10],[11]			181,384
Fair Value	[5],[7],[10],[11]			$ 173,534
% of Net Assets	[5],[10],[11]			0.10%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Revolving Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 12.21% Initial Acquisition Date 12/7/2022 Maturity Date 12/8/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[12],[13],[15]	3M SOFR + 6.75%
Reference Rate and Spread %	[1],[12],[13],[15]	6.75%
Floor	[1],[12],[15]	1.00%
Interest Rate	[1],[12],[13],[15]	12.21%
Initial Acquisition Date	[1],[12],[15]	Dec. 07, 2022
Maturity Date	[1],[12],[15]	Dec. 08, 2028
Par/Shares	[1],[12],[15]	$ 310,345
Amortized Cost	[1],[4],[12],[15]	286,120
Fair Value	[1],[2],[12],[15]	$ 283,966
% of Net Assets	[1],[12],[15]	0.10%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 12.00% Initial Acquisition Date 12/7/2022 Maturity Date 12/7/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[9]			3M SOFR + 6.50%
Reference Rate and Spread %	[5],[8],[9]			6.50%
Floor	[5],[9]			1.00%
Interest Rate	[5],[8],[9]			12.00%
Initial Acquisition Date	[5],[9]			Dec. 07, 2022
Maturity Date	[5],[9]			Dec. 07, 2028
Par/Shares	[5],[9]			$ 13,313,793
Amortized Cost	[5],[6],[9]			13,084,993
Fair Value	[5],[7],[9]			$ 13,027,547
% of Net Assets	[5],[9]			4.80%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Milestone Technologies, Inc. Term Loan (First Lien) Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 12.21% Initial Acquisition Date 12/7/2022 Maturity Date 12/7/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	3M SOFR + 6.75%
Reference Rate and Spread %	[1],[13],[16]	6.75%
Floor	[1],[16]	1.00%
Interest Rate	[1],[13],[16]	12.21%
Initial Acquisition Date	[1],[16]	Dec. 07, 2022
Maturity Date	[1],[16]	Dec. 07, 2028
Par/Shares	[1],[16]	$ 13,280,172
Amortized Cost	[1],[4],[16]	13,060,879
Fair Value	[1],[2],[16]	$ 13,054,409
% of Net Assets	[1],[16]	5.00%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 5.75% Floor 0.75% Interest Rate 11.08% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/2029
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	1M SOFR + 5.75%
Reference Rate and Spread %	[1],[13],[16]	5.75%
Floor	[1],[16]	0.75%
Interest Rate	[1],[13],[16]	11.08%
Initial Acquisition Date	[1],[16]	Jul. 22, 2022
Maturity Date	[1],[16]	Jul. 22, 2029
Par/Shares	[1],[16]	$ 21,428,750
Amortized Cost	[1],[4],[16]	21,081,369
Fair Value	[1],[2],[16]	$ 21,428,750
% of Net Assets	[1],[16]	8.30%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 5.75% Floor 0.75% Interest Rate 11.11% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/2029
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[9]			1M SOFR + 5.75%
Reference Rate and Spread %	[5],[8],[9]			5.75%
Floor	[5],[9]			0.75%
Interest Rate	[5],[8],[9]			11.11%
Initial Acquisition Date	[5],[9]			Jul. 22, 2022
Maturity Date	[5],[9]			Jul. 22, 2029
Par/Shares	[5],[9]			$ 21,483,000
Amortized Cost	[5],[6],[9]			21,115,534
Fair Value	[5],[7],[9]			$ 21,366,992
% of Net Assets	[5],[9]			7.80%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Revolving Loan Reference Rate and Spread FFR + 4.75% Floor 0.75% Interest Rate 11.08% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[12],[13],[15]	FFR + 4.75%
Reference Rate and Spread %	[1],[12],[13],[15]	4.75%
Floor	[1],[12],[15]	0.75%
Interest Rate	[1],[12],[13],[15]	11.08%
Initial Acquisition Date	[1],[12],[15]	Jul. 22, 2022
Maturity Date	[1],[12],[15]	Jul. 22, 2028
Par/Shares	[1],[12],[15]	$ 350,000
Amortized Cost	[1],[4],[12],[15]	314,843
Fair Value	[1],[2],[12],[15]	$ 350,000
% of Net Assets	[1],[12],[15]	0.10%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Business Services Montana Buyer Inc. Revolving Loan Reference Rate and Spread FFR + 4.75% Floor 0.75% Interest Rate 11.11% Initial Acquisition Date 7/22/2022 Maturity Date 7/22/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[10],[11]			FFR + 4.75%
Reference Rate and Spread %	[5],[8],[10],[11]			4.75%
Floor	[5],[10],[11]			0.75%
Interest Rate	[5],[8],[10],[11]			11.11%
Initial Acquisition Date	[5],[10],[11]			Jul. 22, 2022
Maturity Date	[5],[10],[11]			Jul. 22, 2028
Par/Shares	[5],[10],[11]			$ 350,000
Amortized Cost	[5],[6],[10],[11]			312,808
Fair Value	[5],[7],[10],[11]			$ 336,770
% of Net Assets	[5],[10],[11]			0.10%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Construction & Building
Schedule of Investments [Line Items]
Amortized Cost		$ 13,639,645	[1],[4]	$ 13,658,316	[5],[6]
Fair Value		$ 13,156,781	[1],[2]	$ 13,446,800	[5],[7]
% of Net Assets		5.10%	[1]	4.90%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Construction & Building Steele Solutions, Inc. Initial Term Loan Reference Rate and Spread 3M SOFR + 7.25% Floor 0.50% Interest Rate 12.91% Initial Acquisition Date 3/18/2022 Maturity Date 3/18/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[9]			3M SOFR + 7.25%
Reference Rate and Spread %	[5],[8],[9]			7.25%
Floor	[5],[9]			0.50%
Interest Rate	[5],[8],[9]			12.91%
Initial Acquisition Date	[5],[9]			Mar. 18, 2022
Maturity Date	[5],[9]			Mar. 18, 2027
Par/Shares	[5],[9]			$ 13,881,774
Amortized Cost	[5],[6],[9]			13,683,161
Fair Value	[5],[7],[9]			$ 13,500,025
% of Net Assets	[5],[9]			5.00%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Construction & Building Steele Solutions, Inc. Initial Term Loan Reference Rate and Spread 3M SOFR + 7.25% Floor 0.50% Interest Rate 13.34% Initial Acquisition Date 3/18/2022 Maturity Date 3/18/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	3M SOFR + 7.75%
Reference Rate and Spread %	[1],[13],[16]	7.75%
Floor	[1],[16]	0.50%
Interest Rate	[1],[13],[16]	13.34%
Initial Acquisition Date	[1],[16]	Mar. 18, 2022
Maturity Date	[1],[16]	Mar. 18, 2027
Par/Shares	[1],[16]	$ 13,846,452
Amortized Cost	[1],[4],[16]	13,662,561
Fair Value	[1],[2],[16]	$ 13,241,362
% of Net Assets	[1],[16]	5.10%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Construction & Building Steele Solutions, Inc. Revolving Loan Reference Rate and Spread 3M SOFR + 7.25% Floor 0.50% Initial Acquisition Date 3/18/2022 Maturity Date 3/18/2027
Schedule of Investments [Line Items]
Reference Rate and Spread		3M SOFR + 7.75%	[1],[12],[13],[15],[17],[18]	3M SOFR + 7.25%	[5],[8],[10],[11],[19],[20]
Reference Rate and Spread %		7.75%	[1],[12],[13],[15],[17],[18]	7.25%	[5],[8],[10],[11],[19],[20]
Floor		0.50%	[1],[12],[15],[17],[18]	0.50%	[5],[10],[11],[19],[20]
Initial Acquisition Date		Mar. 18, 2022	[1],[12],[15],[17],[18]	Mar. 18, 2022	[5],[10],[11],[19],[20]
Maturity Date		Mar. 18, 2027	[1],[12],[15],[17],[18]	Mar. 18, 2027	[5],[10],[11],[19],[20]
Amortized Cost		$ (22,916)	[1],[4],[12],[15],[17],[18]	$ (24,845)	[5],[6],[10],[11],[19],[20]
Fair Value		$ (84,581)	[1],[2],[12],[15],[17],[18]	$ (53,225)	[5],[7],[10],[11],[19],[20]
% of Net Assets		0.00%	[1],[12],[15],[17],[18]	0.00%	[5],[10],[11],[19],[20]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable
Schedule of Investments [Line Items]
Amortized Cost		$ 48,546,339	[1],[4]	$ 50,459,203	[5],[6]
Fair Value		$ 49,389,498	[1],[2]	$ 51,235,893	[5],[7]
% of Net Assets		19.10%	[1]	18.80%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable BCDI Meteor Acquisition, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 7.00% Floor 1.00% Interest Rate 12.40% Initial Acquisition Date 12/29/2022 Maturity Date 10/29/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	3M SOFR + 7.00%
Reference Rate and Spread %	[1],[13],[16]	7.00%
Floor	[1],[16]	1.00%
Interest Rate	[1],[13],[16]	12.40%
Initial Acquisition Date	[1],[16]	Dec. 29, 2022
Maturity Date	[1],[16]	Oct. 29, 2028
Par/Shares	[1],[16]	$ 24,750,000
Amortized Cost	[1],[4],[16]	24,242,215
Fair Value	[1],[2],[16]	$ 24,663,375
% of Net Assets	[1],[16]	9.50%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable BCDI Meteor Acquisition, LLC Initial Term Loan Reference Rate and Spread 3M SOFR + 7.00% Floor 1.00% Interest Rate 12.45% Initial Acquisition Date 12/29/2022 Maturity Date 10/29/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[9]			3M SOFR + 7.00%
Reference Rate and Spread %	[5],[8],[9]			7.00%
Floor	[5],[9]			1.00%
Interest Rate	[5],[8],[9]			12.45%
Initial Acquisition Date	[5],[9]			Dec. 29, 2022
Maturity Date	[5],[9]			Oct. 29, 2028
Par/Shares	[5],[9]			$ 24,812,500
Amortized Cost	[5],[6],[9]			24,279,227
Fair Value	[5],[7],[9]			$ 24,556,931
% of Net Assets	[5],[9]			9.00%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable Hy Cite Enterprises, LLC Term Loan Reference Rate and Spread 3M SOFR + 8.00% Floor 1.50% Interest Rate 13.59% Initial Acquisition Date 11/12/2021 Maturity Date 11/12/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	3M SOFR + 8.00%
Reference Rate and Spread %	[1],[13],[16]	8.00%
Floor	[1],[16]	1.50%
Interest Rate	[1],[13],[16]	13.59%
Initial Acquisition Date	[1],[16]	Nov. 12, 2021
Maturity Date	[1],[16]	Nov. 12, 2026
Par/Shares	[1],[16]	$ 24,726,123
Amortized Cost	[1],[4],[16]	24,304,124
Fair Value	[1],[2],[16]	$ 24,726,123
% of Net Assets	[1],[16]	9.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Durable Hy Cite Enterprises, LLC Term Loan Reference Rate and Spread 3M SOFR + 8.00% Floor 1.50% Interest Rate 13.65% Initial Acquisition Date 11/12/2021 Maturity Date 11/12/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[9]			3M SOFR + 8.00%
Reference Rate and Spread %	[5],[8],[9]			8.00%
Floor	[5],[9]			1.50%
Interest Rate	[5],[8],[9]			13.65%
Initial Acquisition Date	[5],[9]			Nov. 12, 2021
Maturity Date	[5],[9]			Nov. 12, 2026
Par/Shares	[5],[9]			$ 26,678,962
Amortized Cost	[5],[6],[9]			26,179,976
Fair Value	[5],[7],[9]			$ 26,678,962
% of Net Assets	[5],[9]			9.80%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable
Schedule of Investments [Line Items]
Amortized Cost		$ 40,430,755	[1],[4]	$ 40,618,853	[5],[6]
Fair Value		$ 38,534,727	[1],[2]	$ 38,723,754	[5],[7]
% of Net Assets		14.90%	[1]	14.20%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Connect America.com, LLC Incremental Term Facility Reference Rate and Spread 6M SOFR + 7.00% Floor 1.00% Interest Rate 12.74% Initial Acquisition Date 4/6/2022 Maturity Date 6/30/2026
Schedule of Investments [Line Items]
Reference Rate and Spread		6M SOFR + 7.00%	[1],[13],[16]	6M SOFR + 7.00%	[5],[8],[9]
Reference Rate and Spread %		7.00%	[1],[13],[16]	7.00%	[5],[8],[9]
Floor		1.00%	[1],[16]	1.00%	[5],[9]
Interest Rate		12.74%	[1],[13],[16]	12.74%	[5],[8],[9]
Initial Acquisition Date		Apr. 06, 2022	[1],[16]	Apr. 06, 2022	[5],[9]
Maturity Date		Jun. 30, 2026	[1],[16]	Jun. 30, 2026	[5],[9]
Par/Shares		$ 1,226,126	[1],[16]	$ 1,231,767	[5],[9]
Amortized Cost		1,204,922	[1],[4],[16]	1,208,056	[5],[6],[9]
Fair Value		$ 1,223,060	[1],[2],[16]	$ 1,216,370	[5],[7],[9]
% of Net Assets		0.50%	[1],[16]	0.40%	[5],[9]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Connect America.com, LLC Term Facility Reference Rate and Spread 6M SOFR + 7.00% Floor 1.00% Interest Rate 12.43% Initial Acquisition Date 10/1/2021 Maturity Date 6/30/2026
Schedule of Investments [Line Items]
Reference Rate and Spread		6M SOFR + 7.00%	[1],[13],[16]	6M SOFR + 7.00%	[5],[8],[9]
Reference Rate and Spread %		7.00%	[1],[13],[16]	7.00%	[5],[8],[9]
Floor		1.00%	[1],[16]	1.00%	[5],[9]
Interest Rate		12.43%	[1],[13],[16]	12.43%	[5],[8],[9]
Initial Acquisition Date		Oct. 01, 2021	[1],[16]	Oct. 01, 2021	[5],[9]
Maturity Date		Jun. 30, 2026	[1],[16]	Jun. 30, 2026	[5],[9]
Par/Shares		$ 20,750,618	[1],[16]	$ 20,846,085	[5],[9]
Amortized Cost		20,525,186	[1],[4],[16]	20,597,404	[5],[6],[9]
Fair Value		$ 20,698,741	[1],[2],[16]	$ 20,585,509	[5],[7],[9]
% of Net Assets		8.00%	[1],[16]	7.50%	[5],[9]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Wellful Inc. Amendment No. 1 Incremental Term Loan Reference Rate and Spread 3M SOFR + 6.25% Floor 0.75% Interest Rate 11.69% Initial Acquisition Date 11/16/2021 Maturity Date 4/21/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16],[21]	3M SOFR + 6.25%
Reference Rate and Spread %	[1],[13],[16],[21]	6.25%
Floor	[1],[16],[21]	0.75%
Interest Rate	[1],[13],[16],[21]	11.69%
Initial Acquisition Date	[1],[16],[21]	Nov. 16, 2021
Maturity Date	[1],[16],[21]	Apr. 21, 2027
Par/Shares	[1],[16],[21]	$ 4,812,500
Amortized Cost	[1],[4],[16],[21]	4,643,209
Fair Value	[1],[2],[16],[21]	$ 4,235,746
% of Net Assets	[1],[16],[21]	1.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Wellful Inc. Amendment No. 1 Incremental Term Loan Reference Rate and Spread 3M SOFR + 6.25% Floor 0.75% Interest Rate 11.72% Initial Acquisition Date 11/16/2021 Maturity Date 4/21/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[9],[22]			3M SOFR + 6.25%
Reference Rate and Spread %	[5],[8],[9],[22]			6.25%
Floor	[5],[9],[22]			0.75%
Interest Rate	[5],[8],[9],[22]			11.72%
Initial Acquisition Date	[5],[9],[22]			Nov. 16, 2021
Maturity Date	[5],[9],[22]			Apr. 21, 2027
Par/Shares	[5],[9],[22]			$ 4,843,750
Amortized Cost	[5],[6],[9],[22]			4,664,448
Fair Value	[5],[7],[9],[22]			$ 4,313,965
% of Net Assets	[5],[9],[22]			1.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Wellful Inc. Initial Term Loan (First Lien) Reference Rate and Spread 6M SOFR + 6.25% Floor 0.75% Interest Rate 11.69% Initial Acquisition Date 11/16/2021 Maturity Date 4/21/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16],[21]	6M SOFR + 6.25%
Reference Rate and Spread %	[1],[13],[16],[21]	6.25%
Floor	[1],[16],[21]	0.75%
Interest Rate	[1],[13],[16],[21]	11.69%
Initial Acquisition Date	[1],[16],[21]	Nov. 16, 2021
Maturity Date	[1],[16],[21]	Apr. 21, 2027
Par/Shares	[1],[16],[21]	$ 14,062,500
Amortized Cost	[1],[4],[16],[21]	14,057,438
Fair Value	[1],[2],[16],[21]	$ 12,377,180
% of Net Assets	[1],[16],[21]	4.80%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Goods: Non-durable Wellful Inc. Initial Term Loan (First Lien) Reference Rate and Spread 6M SOFR + 6.25% Floor 0.75% Interest Rate 11.72% Initial Acquisition Date 11/16/2021 Maturity Date 4/21/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[9],[22]			6M SOFR + 6.25%
Reference Rate and Spread %	[5],[8],[9],[22]			6.25%
Floor	[5],[9],[22]			0.75%
Interest Rate	[5],[8],[9],[22]			11.72%
Initial Acquisition Date	[5],[9],[22]			Nov. 16, 2021
Maturity Date	[5],[9],[22]			Apr. 21, 2027
Par/Shares	[5],[9],[22]			$ 14,156,250
Amortized Cost	[5],[6],[9],[22]			14,148,945
Fair Value	[5],[7],[9],[22]			$ 12,607,910
% of Net Assets	[5],[9],[22]			4.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Services
Schedule of Investments [Line Items]
Amortized Cost		$ 11,831,295	[1],[4]	$ 9,636,433	[5]
Fair Value		$ 11,650,334	[1],[2]	$ 8,699,485	[5]
% of Net Assets		4.50%	[1]	3.20%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Services KUEHG Corp. Initial Term Loan Reference Rate and Spread 3M SOFR + 5.00% Floor 0.50% Interest Rate 10.30% Initial Acquisition Date 3/26/2024 Maturity Date 6/12/2030
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[3],[12],[13],[15],[17],[18]	3M SOFR + 5.00%
Reference Rate and Spread %	[1],[3],[12],[13],[15],[17],[18]	5.00%
Floor	[1],[3],[12],[15],[17],[18]	0.50%
Interest Rate	[1],[3],[12],[15],[17],[18]	10.30%
Initial Acquisition Date	[1],[3],[12],[15],[17],[18]	Mar. 26, 2024
Maturity Date	[1],[3],[12],[15],[17],[18]	Jun. 12, 2030
Par/Shares	[1],[3],[4],[12],[15],[17],[18]	$ 2,244,361
Amortized Cost	[1],[3],[4],[12],[15],[17],[18]	2,239,687
Fair Value	[1],[2],[3],[12],[15],[17],[18]	$ 2,238,750
% of Net Assets	[1],[3],[12],[15],[17],[18]	0.90%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Services Zips Car Wash, LLC Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 7.25% Floor 1.00% Interest Rate 12.68% Initial Acquisition Date 7/13/2022 Maturity Date 12/31/2024
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[12],[13],[15],[16]	1M SOFR + 7.25%
Reference Rate and Spread %	[1],[12],[13],[15],[16]	7.25%
Floor	[1],[12],[15],[16]	1.00%
Interest Rate	[1],[12],[13],[15],[16]	12.68%
Initial Acquisition Date	[1],[12],[15],[16]	Jul. 13, 2022
Maturity Date	[1],[12],[15],[16]	Dec. 31, 2024
Par/Shares	[1],[12],[15],[16]	$ 9,652,907
Amortized Cost	[1],[4],[12],[15],[16]	9,591,608
Fair Value	[1],[2],[12],[15],[16]	$ 9,411,584
% of Net Assets	[1],[12],[15],[16]	3.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Consumer Services Zips Car Wash, LLC Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 7.25% Floor 1.00% Interest Rate 12.71% Initial Acquisition Date 7/13/2022 Maturity Date 3/1/2024
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[8],[9],[10],[11]			1M SOFR + 7.25%
Reference Rate and Spread %	[5],[8],[9],[10],[11]			7.25%
Floor	[5],[9],[10],[11]			1.00%
Interest Rate	[5],[8],[9],[10],[11]			12.71%
Initial Acquisition Date	[5],[9],[10],[11]			Jul. 13, 2022
Maturity Date	[5],[9],[10],[11]			Mar. 01, 2024
Par/Shares	[5],[9],[10],[11]			$ 9,648,940
Amortized Cost	[5],[6],[9],[10],[11]			9,636,433
Fair Value	[5],[7],[9],[10],[11]			$ 8,699,485
% of Net Assets	[5],[9],[10],[11]			3.20%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Financial Services
Schedule of Investments [Line Items]
Amortized Cost	[1],[4]	$ 7,919,288
Fair Value	[1],[2]	$ 7,912,718
% of Net Assets	[1]	3.10%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Financial Services The Ultimus Group Midco, LLC Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 5.50% Floor 0.75% Initial Acquisition Date 3/7/2024 Maturity Date 3/7/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[3],[12],[13],[15],[17],[18]	3M SOFR + 5.50%
Reference Rate and Spread %	[1],[3],[12],[13],[15],[17],[18]	5.50%
Floor	[1],[3],[12],[15],[17],[18]	0.75%
Initial Acquisition Date	[1],[3],[12],[15],[17],[18]	Mar. 07, 2024
Maturity Date	[1],[3],[12],[15],[17],[18]	Mar. 07, 2026
Amortized Cost	[1],[3],[4],[12],[15],[17],[18]	$ (5,910)
Fair Value	[1],[2],[3],[12],[15],[17],[18]	$ (11,924)
% of Net Assets	[1],[3],[12],[15],[17],[18]	0.00%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Financial Services The Ultimus Group Midco, LLC Revolving Loan Reference Rate and Spread 3M SOFR + 5.50% Floor 0.75% Initial Acquisition Date 3/7/2024 Maturity Date 3/7/2030
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[3],[12],[13],[15],[17],[18]	3M SOFR + 5.50%
Reference Rate and Spread %	[1],[3],[12],[13],[15],[17],[18]	5.50%
Floor	[1],[3],[12],[15],[17],[18]	0.75%
Initial Acquisition Date	[1],[3],[12],[15],[17],[18]	Mar. 07, 2024
Maturity Date	[1],[3],[12],[15],[17],[18]	Mar. 07, 2030
Amortized Cost	[1],[3],[4],[12],[15],[17],[18]	$ (7,871)
Fair Value	[1],[2],[3],[12],[15],[17],[18]	$ (7,949)
% of Net Assets	[1],[3],[12],[15],[17],[18]	0.00%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Financial Services The Ultimus Group Midco, LLC Term Loan Reference Rate and Spread 3M SOFR + 5.50% Floor 0.75% Interest Rate 10.93% Initial Acquisition Date 3/7/2024 Maturity Date 3/7/2031
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[3],[13]	3M SOFR + 5.50%
Reference Rate and Spread %	[1],[3],[13]	5.50%
Floor	[1],[3]	0.75%
Interest Rate	[1],[3],[13]	10.93%
Initial Acquisition Date	[1],[3]	Mar. 07, 2024
Maturity Date	[1],[3]	Mar. 07, 2031
Par/Shares	[1],[3]	$ 8,012,719
Amortized Cost	[1],[3],[4]	7,933,069
Fair Value	[1],[2],[3]	$ 7,932,591
% of Net Assets	[1],[3]	3.10%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper
Schedule of Investments [Line Items]
Amortized Cost		$ 11,090,445	[1],[4]	$ 11,074,806	[5]
Fair Value		$ 10,614,250	[1],[2]	$ 10,917,405	[5]
% of Net Assets		4.10%	[1]	4.00%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper Jackson Paper Manufacturing Company Initial Term Loan Reference Rate and Spread 3M SOFR + 7.25% Floor 1.00% Interest Rate 12.68% Initial Acquisition Date 10/1/2021 Maturity Date 8/26/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	3M SOFR + 7.25%
Reference Rate and Spread %	[1],[13],[16]	7.25%
Floor	[1],[16]	1.00%
Interest Rate	[1],[13],[16]	12.68%
Initial Acquisition Date	[1],[16]	Oct. 01, 2021
Maturity Date	[1],[16]	Aug. 26, 2026
Par/Shares	[1],[16]	$ 11,245,718
Amortized Cost	[1],[4],[16]	11,105,143
Fair Value	[1],[2],[16]	$ 10,681,183
% of Net Assets	[1],[16]	4.10%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper Jackson Paper Manufacturing Company Initial Term Loan Reference Rate and Spread 3M SOFR + 7.25% Floor 1.00% Interest Rate 12.79% Initial Acquisition Date 10/1/2021 Maturity Date 8/26/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9]			3M SOFR + 7.25%
Reference Rate and Spread %	[5],[9]			7.25%
Floor	[5],[9]			1.00%
Interest Rate	[5],[9]			12.79%
Initial Acquisition Date	[5],[9]			Oct. 01, 2021
Maturity Date	[5],[9]			Aug. 26, 2026
Par/Shares	[5],[9]			$ 11,245,718
Amortized Cost	[5],[9]			11,091,029
Fair Value	[5],[9]			$ 10,952,205
% of Net Assets	[5],[9]			4.00%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Forest Products & Paper Jackson Paper Manufacturing Company Revolving Loan Reference Rate and Spread 3M SOFR + 7.25% Floor 1.00% Initial Acquisition Date 10/1/2021 Maturity Date 8/26/2026
Schedule of Investments [Line Items]
Reference Rate and Spread		3M SOFR + 7.25%	[1],[12],[13],[15],[17],[18]	3M SOFR + 7.25%	[5],[10],[11],[19],[20]
Reference Rate and Spread %		7.25%	[1],[12],[13],[15],[17],[18]	7.25%	[5],[10],[11],[19],[20]
Floor		1.00%	[1],[12],[15],[17],[18]	1.00%	[5],[10],[11],[19],[20]
Initial Acquisition Date		Oct. 01, 2021	[1],[12],[15],[17],[18]	Oct. 01, 2021	[5],[10],[11],[19],[20]
Maturity Date		Aug. 26, 2026	[1],[12],[15],[17],[18]	Aug. 26, 2026	[5],[10],[11],[19],[20]
Amortized Cost		$ (14,698)	[1],[4],[12],[15],[17],[18]	$ (16,223)	[5],[10],[11],[19],[20]
Fair Value		$ (66,933)	[1],[2],[12],[15],[17],[18]	$ (34,800)	[5],[10],[11],[19],[20]
% of Net Assets		0.00%	[1],[12],[15],[17],[18]	0.00%	[5],[10],[11],[19],[20]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals
Schedule of Investments [Line Items]
Amortized Cost		$ 97,774,667	[1],[4]	$ 97,528,130	[5]
Fair Value		$ 94,333,192	[1],[2]	$ 94,446,748	[5]
% of Net Assets		36.50%	[1]	34.60%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals APT Opco, LLC Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 12.08% Initial Acquisition Date 12/28/2021 Maturity Date 12/28/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[12],[13],[15],[16]	3M SOFR + 6.50%
Reference Rate and Spread %	[1],[12],[13],[15],[16]	6.50%
Floor	[1],[12],[15],[16]	1.00%
Interest Rate	[1],[12],[13],[15],[16]	12.08%
Initial Acquisition Date	[1],[12],[15],[16]	Dec. 28, 2021
Maturity Date	[1],[12],[15],[16]	Dec. 28, 2026
Par/Shares	[1],[12],[15],[16]	$ 1,532,143
Amortized Cost	[1],[4],[12],[15],[16]	1,520,215
Fair Value	[1],[2],[12],[15],[16]	$ 1,522,950
% of Net Assets	[1],[12],[15],[16]	0.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals APT Opco, LLC Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 12.13% Initial Acquisition Date 12/28/2021 Maturity Date 12/28/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9],[10],[11]			3M SOFR + 6.50%
Reference Rate and Spread %	[5],[9],[10],[11]			6.50%
Floor	[5],[9],[10],[11]			1.00%
Interest Rate	[5],[9],[10],[11]			12.13%
Initial Acquisition Date	[5],[9],[10],[11]			Dec. 28, 2021
Maturity Date	[5],[9],[10],[11]			Dec. 28, 2026
Par/Shares	[5],[9],[10],[11]			$ 1,536,012
Amortized Cost	[5],[9],[10],[11]			1,522,969
Fair Value	[5],[9],[10],[11]			$ 1,523,724
% of Net Assets	[5],[9],[10],[11]			0.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals APT Opco, LLC Senior Secured Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 12.07% Initial Acquisition Date 12/28/2021 Maturity Date 12/28/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	3M SOFR + 6.50%
Reference Rate and Spread %	[1],[13],[16]	6.50%
Floor	[1],[16]	1.00%
Interest Rate	[1],[13],[16]	12.07%
Initial Acquisition Date	[1],[16]	Dec. 28, 2021
Maturity Date	[1],[16]	Dec. 28, 2026
Par/Shares	[1],[16]	$ 19,782,738
Amortized Cost	[1],[4],[16]	19,540,999
Fair Value	[1],[2],[16]	$ 19,664,042
% of Net Assets	[1],[16]	7.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals APT Opco, LLC Senior Secured Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 1.00% Interest Rate 12.11% Initial Acquisition Date 12/28/2021 Maturity Date 12/28/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9]			3M SOFR + 6.50%
Reference Rate and Spread %	[5],[9]			6.50%
Floor	[5],[9]			1.00%
Interest Rate	[5],[9]			12.11%
Initial Acquisition Date	[5],[9]			Dec. 28, 2021
Maturity Date	[5],[9]			Dec. 28, 2026
Par/Shares	[5],[9]			$ 19,833,333
Amortized Cost	[5],[9]			19,571,109
Fair Value	[5],[9]			$ 19,674,667
% of Net Assets	[5],[9]			7.20%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Restatement Date Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 7.50% Floor 1.00% Interest Rate 11.43% (1.50% PIK) Initial Acquisition Date 2/4/2022 Maturity Date 1/31/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	1M SOFR + 7.50%
Reference Rate and Spread %	[1],[13],[16]	7.50%
Floor	[1],[16]	1.00%
Interest Rate	[13]	12.93%
Interest Rate, PIK	[13]	1.50%
Initial Acquisition Date	[1],[16]	Feb. 04, 2022
Maturity Date	[1],[16]	Jan. 31, 2027
Par/Shares	[1],[16]	$ 21,707,295
Amortized Cost	[1],[4],[16]	21,483,285
Fair Value	[1],[2],[16]	$ 17,582,909
% of Net Assets	[1],[16]	6.80%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Restatement Date Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 7.50% Floor 1.00% Interest Rate 12.96% (1.50% PIK) Initial Acquisition Date 2/4/2022 Maturity Date 1/31/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9]			1M SOFR + 7.50%
Reference Rate and Spread %	[5],[9]			7.50%
Floor	[5],[9]			1.00%
Interest Rate	[5],[9]			12.96%
Interest Rate, PIK	[5],[9]			1.50%
Initial Acquisition Date	[5],[9]			Feb. 04, 2022
Maturity Date	[5],[9]			Jan. 31, 2027
Par/Shares	[5],[9]			$ 21,625,196
Amortized Cost	[5],[9]			21,377,471
Fair Value	[5],[9]			$ 17,881,874
% of Net Assets	[5],[9]			6.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Revolving Credit Facility Reference Rate and Spread 1M SOFR + 7.50% Floor 1.00% Interest Rate 11.43% (1.50% PIK) Initial Acquisition Date 2/4/2022 Maturity Date 1/31/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[12],[13],[15]	1M SOFR + 7.50%
Reference Rate and Spread %	[1],[12],[13],[15]	7.50%
Floor	[1],[12],[15]	1.00%
Interest Rate	[12],[13],[15]	12.93%
Interest Rate, PIK	[12],[15]	1.50%
Initial Acquisition Date	[1],[12],[15]	Feb. 04, 2022
Maturity Date	[1],[12],[15]	Jan. 31, 2027
Par/Shares	[1],[12],[15]	$ 1,493,795
Amortized Cost	[1],[4],[12],[15]	1,471,985
Fair Value	[1],[2],[12],[15]	$ 1,070,659
% of Net Assets	[1],[12],[15]	0.40%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Amplity Parent, Inc. Revolving Credit Facility Reference Rate and Spread 1M SOFR + 7.50% Floor 1.00% Interest Rate 12.96% (1.50% PIK) Initial Acquisition Date 2/4/2022 Maturity Date 1/31/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[10],[11]			1M SOFR + 7.50%
Reference Rate and Spread %	[5],[10],[11]			7.50%
Floor	[5],[10],[11]			1.00%
Interest Rate	[5],[10],[11]			12.96%
Interest Rate, PIK	[5],[10],[11]			1.50%
Initial Acquisition Date	[5],[10],[11]			Feb. 04, 2022
Maturity Date	[5],[10],[11]			Jan. 31, 2027
Par/Shares	[5],[10],[11]			$ 1,488,145
Amortized Cost	[5],[10],[11]			1,464,351
Fair Value	[5],[10],[11]			$ 1,102,646
% of Net Assets	[5],[10],[11]			0.40%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Delayed Draw Term Loan Reference Rate and Spread 6M SOFR +6.50% Floor 0.75% Initial Acquisition Date 11/7/2022 Maturity Date 11/3/2029
Schedule of Investments [Line Items]
Reference Rate and Spread		6M SOFR +6.50%	[1],[12],[13],[15],[17],[18]	6M SOFR +6.50%	[5],[10],[11],[19],[20]
Reference Rate and Spread %		6.50%	[1],[12],[13],[15],[17],[18]	6.50%	[5],[10],[11],[19],[20]
Floor		0.75%	[1],[12],[15],[17],[18]	0.75%	[5],[10],[11],[19],[20]
Initial Acquisition Date		Nov. 07, 2022	[1],[12],[15],[17],[18]	Nov. 07, 2022	[5],[10],[11],[19],[20]
Maturity Date		Nov. 03, 2029	[1],[12],[15],[17],[18]	Nov. 03, 2029	[5],[10],[11],[19],[20]
Amortized Cost		$ (44,554)	[1],[4],[12],[15],[17],[18]	$ (46,870)	[5],[10],[11],[19],[20]
Fair Value	[1],[2],[12],[15],[17],[18]	$ 0
% of Net Assets		0.00%	[1],[12],[15],[17],[18]	0.00%	[5],[10],[11],[19],[20]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Revolving Loan Reference Rate and Spread 6M SOFR +6.50% Floor 0.75% Initial Acquisition Date 11/7/2022 Maturity Date 11/3/2028
Schedule of Investments [Line Items]
Reference Rate and Spread		6M SOFR +6.50%	[1],[12],[13],[15],[17],[18]	6M SOFR +6.50%	[5],[10],[11],[19],[20]
Reference Rate and Spread %		6.50%	[1],[12],[13],[15],[17],[18]	6.50%	[5],[10],[11],[19],[20]
Floor		0.75%	[1],[12],[15],[17],[18]	0.75%	[5],[10],[11],[19],[20]
Initial Acquisition Date		Nov. 07, 2022	[1],[12],[15],[17],[18]	Nov. 07, 2022	[5],[10],[11],[19],[20]
Maturity Date		Nov. 03, 2028	[1],[12],[15],[17],[18]	Nov. 03, 2028	[5],[10],[11],[19],[20]
Amortized Cost		$ (22,053)	[1],[4],[12],[15],[17],[18]	$ (23,249)	[5],[10],[11],[19],[20]
Fair Value	[1],[2],[12],[15],[17],[18]	$ 0
% of Net Assets		0.00%	[1],[12],[15],[17],[18]	0.00%	[5],[10],[11],[19],[20]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Term Loan (First Lien) Reference Rate and Spread 6M SOFR +6.50% Floor 0.75% Interest Rate 11.77% Initial Acquisition Date 11/7/2022 Maturity Date 11/3/2029
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	6M SOFR +6.50%
Reference Rate and Spread %	[1],[13],[16]	6.50%
Floor	[1],[16]	0.75%
Interest Rate	[1],[13],[16]	11.77%
Initial Acquisition Date	[1],[16]	Nov. 07, 2022
Maturity Date	[1],[16]	Nov. 03, 2029
Par/Shares	[1],[16]	$ 14,365,473
Amortized Cost	[1],[4],[16]	14,076,017
Fair Value	[1],[2],[16]	$ 14,365,473
% of Net Assets	[1],[16]	5.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Celerion Buyer, Inc. Term Loan (First Lien) Reference Rate and Spread 6M SOFR +6.50% Floor 0.75% Interest Rate 11.93% Initial Acquisition Date 11/7/2022 Maturity Date 11/3/2029
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9]			6M SOFR +6.50%
Reference Rate and Spread %	[5],[9]			6.50%
Floor	[5],[9]			0.75%
Interest Rate	[5],[9]			11.93%
Initial Acquisition Date	[5],[9]			Nov. 07, 2022
Maturity Date	[5],[9]			Nov. 03, 2029
Par/Shares	[5],[9]			$ 14,401,841
Amortized Cost	[5],[9]			14,095,275
Fair Value	[5],[9]			$ 14,401,841
% of Net Assets	[5],[9]			5.30%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals MMS Bidco LLC Term Loan (First Lien) Reference Rate and Spread 6M SOFR +6.00% Floor 1.00% Interest Rate 11.69% Initial Acquisition Date 6/30/2022 Maturity Date 6/30/2027
Schedule of Investments [Line Items]
Reference Rate and Spread		6M SOFR + 6.00%	[1],[13],[16]	6M SOFR + 6.00%	[5],[9]
Reference Rate and Spread %		6.00%	[1],[13],[16]	6.00%	[5],[9]
Floor		1.00%	[1],[16]	1.00%	[5],[9]
Interest Rate		11.69%	[1],[13],[16]	11.69%	[5],[9]
Initial Acquisition Date		Jun. 30, 2022	[1],[16]	Jun. 30, 2022	[5],[9]
Maturity Date		Jun. 30, 2027	[1],[16]	Jun. 30, 2027	[5],[9]
Par/Shares		$ 24,625,000	[1],[16]	$ 24,687,500	[5],[9]
Amortized Cost		24,259,540	[1],[4],[16]	24,313,767	[5],[9]
Fair Value		$ 24,625,000	[1],[2],[16]	$ 24,643,063	[5],[9]
% of Net Assets		9.50%	[1],[16]	9.00%	[5],[9]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Spark DSO, LLC First Lien Term Loan Reference Rate and Spread 3M SOFR + 7.75% Floor 1.00% Interest Rate 13.23%(5.75% PIK) Initial Acquisition Date 2/9/2022 Maturity Date 4/19/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	3M SOFR + 7.75%
Reference Rate and Spread %	[1],[13],[16]	7.75%
Floor	[1],[16]	1.00%
Interest Rate	[13]	13.23%
Interest Rate, PIK		5.75%
Initial Acquisition Date	[1],[16]	Feb. 09, 2022
Maturity Date	[1],[16]	Apr. 19, 2026
Par/Shares	[1],[16]	$ 14,995,373
Amortized Cost	[1],[4],[16]	14,919,040
Fair Value	[1],[2],[16]	$ 14,930,893
% of Net Assets	[1],[16]	5.80%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Spark DSO, LLC First Lien Term Loan Reference Rate and Spread 3M SOFR + 7.75% Floor 1.00% Interest Rate 13.29%(5.75% PIK) Initial Acquisition Date 2/9/2022 Maturity Date 4/19/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9]			3M SOFR + 7.75%
Reference Rate and Spread %	[5],[9]			7.75%
Floor	[5],[9]			1.00%
Interest Rate	[5],[9]			13.29%
Interest Rate, PIK	[5],[9]			5.75%
Initial Acquisition Date	[5],[9]			Feb. 09, 2022
Maturity Date	[5],[9]			Apr. 19, 2026
Par/Shares	[5],[9]			$ 14,779,515
Amortized Cost	[5],[9]			14,692,572
Fair Value	[5],[9]			$ 14,662,757
% of Net Assets	[5],[9]			5.40%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Spark DSO, LLC Revolver Reference Rate and Spread 1M SOFR + 7.75% Floor 1.00% Interest Rate 13.23% (5.75% PIK) Initial Acquisition Date 2/9/2022 Maturity Date 4/19/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[12],[13],[15]	1M SOFR + 7.75%
Reference Rate and Spread %	[1],[12],[13],[15]	7.75%
Floor	[1],[12],[15]	1.00%
Interest Rate	[12],[13],[15]	13.23%
Interest Rate, PIK	[12],[15]	5.75%
Initial Acquisition Date	[1],[12],[15]	Feb. 09, 2022
Maturity Date	[1],[12],[15]	Apr. 19, 2026
Par/Shares	[1],[12],[15]	$ 579,328
Amortized Cost	[1],[4],[12],[15]	570,193
Fair Value	[1],[2],[12],[15]	$ 571,266
% of Net Assets	[1],[12],[15]	0.20%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Healthcare & Pharmaceuticals Spark DSO, LLC Revolver Reference Rate and Spread 1M SOFR + 7.75% Floor 1.00% Interest Rate 13.29% (5.75% PIK) Initial Acquisition Date 2/9/2022 Maturity Date 4/19/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[10],[11]			1M SOFR + 7.75%
Reference Rate and Spread %	[5],[10],[11]			7.75%
Floor	[5],[10],[11]			1.00%
Interest Rate	[5],[10],[11]			13.29%
Interest Rate, PIK	[5],[10],[11]			5.75%
Initial Acquisition Date	[5],[10],[11]			Feb. 09, 2022
Maturity Date	[5],[10],[11]			Apr. 19, 2026
Par/Shares	[5],[10],[11]			$ 570,988
Amortized Cost	[5],[10],[11]			560,735
Fair Value	[5],[10],[11]			$ 556,176
% of Net Assets	[5],[10],[11]			0.20%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries
Schedule of Investments [Line Items]
Amortized Cost		$ 80,244,280	[1],[4]	$ 90,618,235	[5]
Fair Value		$ 80,793,240	[1],[2]	$ 90,843,387	[5]
% of Net Assets		31.20%	[1]	33.30%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Apryse Software Corp (fka PDFTron US Acquisition Corp.) 2022-1 Incremental Term Loan Reference Rate and Spread 1M SOFR + 5.50% Floor 1.00% Interest Rate 10.81% Initial Acquisition Date 3/23/2022 Maturity Date 7/15/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16],[23]	1M SOFR + 5.50%
Reference Rate and Spread %	[1],[13],[16],[23]	5.50%
Floor	[1],[16],[23]	1.00%
Interest Rate	[1],[13],[16],[23]	10.81%
Initial Acquisition Date	[1],[16],[23]	Mar. 23, 2022
Maturity Date	[1],[16],[23]	Jul. 15, 2027
Par/Shares	[1],[16],[23]	$ 12,781,414
Amortized Cost	[1],[4],[16],[23]	12,605,965
Fair Value	[1],[2],[16],[23]	$ 12,773,745
% of Net Assets	[1],[16],[23]	4.90%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Apryse Software Corp (fka PDFTron US Acquisition Corp.) 2022-1 Incremental Term Loan Reference Rate and Spread 1M SOFR + 5.50% Floor 1.00% Interest Rate 10.86% Initial Acquisition Date 3/23/2022 Maturity Date 7/15/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9],[24]			1M SOFR + 5.50%
Reference Rate and Spread %	[5],[9],[24]			5.50%
Floor	[5],[9],[24]			1.00%
Interest Rate	[5],[9],[24]			10.86%
Initial Acquisition Date	[5],[9],[24]			Mar. 23, 2022
Maturity Date	[5],[9],[24]			Jul. 15, 2027
Par/Shares	[5],[9],[24]			$ 12,814,019
Amortized Cost	[5],[9],[24]			12,627,721
Fair Value	[5],[9],[24]			$ 12,778,140
% of Net Assets	[5],[9],[24]			4.70%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Apryse Software Corp (fka PDFTron US Acquisition Corp.) 2023-1 Incremental Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Initial Acquisition Date 3/21/2023 Maturity Date 3/21/2025
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9],[10],[11],[19],[20],[24]			1M SOFR + 6.00%
Reference Rate and Spread %	[5],[9],[10],[11],[19],[20],[24]			6.00%
Floor	[5],[9],[10],[11],[19],[20],[24]			1.00%
Initial Acquisition Date	[5],[9],[10],[11],[19],[20],[24]			Mar. 21, 2023
Maturity Date	[5],[9],[10],[11],[19],[20],[24]			Mar. 21, 2025
Amortized Cost	[5],[9],[10],[11],[19],[20],[24]			$ (13,354)
Fair Value	[5],[9],[10],[11],[19],[20],[24]			$ (4,550)
% of Net Assets	[5],[9],[10],[11],[19],[20],[24]			0.00%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Apryse Software Corp (fka PDFTron US Acquisition Corp.) 2023-1 Incremental Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Interest Rate 11.32% Initial Acquisition Date 3/21/2023 Maturity Date 7/15/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[12],[13],[15],[16],[17],[18],[23]	1M SOFR + 6.00%
Reference Rate and Spread %	[1],[12],[13],[15],[16],[17],[18],[23]	6.00%
Floor	[1],[12],[15],[16],[17],[18],[23]	1.00%
Interest Rate	[1],[12],[15],[16],[17],[18],[23]	11.32%
Initial Acquisition Date	[1],[12],[15],[16],[17],[18],[23]	Mar. 21, 2023
Maturity Date	[1],[12],[15],[16],[17],[18],[23]	Jul. 15, 2027
Par/Shares	[1],[4],[12],[15],[16],[17],[18],[23]	$ 1,620,938
Amortized Cost	[1],[4],[12],[15],[16],[17],[18],[23]	1,608,709
Fair Value	[1],[2],[12],[15],[16],[17],[18],[23]	$ 1,619,965
% of Net Assets	[1],[12],[15],[16],[17],[18],[23]	0.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Apryse Software Corp (fka PDFTron US Acquisition Corp.) 2023-1 Incremental Term Loan Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Interest Rate 11.36% Initial Acquisition Date 3/21/2023 Maturity Date 7/15/2027
Schedule of Investments [Line Items]
Reference Rate and Spread		1M SOFR + 6.00%	[1],[13],[23]	1M SOFR + 6.00%	[5],[9],[24]
Reference Rate and Spread %		6.00%	[1],[13],[23]	6.00%	[5],[9],[24]
Floor		1.00%	[1],[23]	1.00%	[5],[9],[24]
Interest Rate		11.36%	[1],[13],[23]	11.36%	[5],[9],[24]
Initial Acquisition Date		Mar. 21, 2023	[1],[23]	Mar. 21, 2023	[5],[9],[24]
Maturity Date		Jul. 15, 2027	[1],[23]	Jul. 15, 2027	[5],[9],[24]
Par/Shares		$ 3,341,250	[1],[23]	$ 3,349,688	[5],[9],[24]
Amortized Cost		3,286,083	[1],[4],[23]	3,291,107	[5],[9],[24]
Fair Value		$ 3,339,245	[1],[2],[23]	$ 3,340,308	[5],[9],[24]
% of Net Assets		1.30%	[1],[23]	1.20%	[5],[9],[24]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Bullhorn, Inc. Amendment No. 1 Term Loan Reference Rate and Spread 1M SOFR + 5.50% Floor 1.00% Interest Rate 10.93% Initial Acquisition Date 11/10/2021 Maturity Date 9/30/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16],[23]	1M SOFR + 5.50%
Reference Rate and Spread %	[1],[13],[16],[23]	5.50%
Floor	[1],[16],[23]	1.00%
Interest Rate	[1],[13],[16],[23]	10.93%
Initial Acquisition Date	[1],[16],[23]	Nov. 10, 2021
Maturity Date	[1],[16],[23]	Sep. 30, 2026
Par/Shares	[1],[16],[23]	$ 14,678,370
Amortized Cost	[1],[4],[16],[23]	14,656,548
Fair Value	[1],[2],[16],[23]	$ 14,585,896
% of Net Assets	[1],[16],[23]	5.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Bullhorn, Inc. Amendment No. 1 Term Loan Reference Rate and Spread 1M SOFR + 5.50% Floor 1.00% Interest Rate 10.96% Initial Acquisition Date 11/10/2021 Maturity Date 9/30/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9],[24]			1M SOFR + 5.50%
Reference Rate and Spread %	[5],[9],[24]			5.50%
Floor	[5],[9],[24]			1.00%
Interest Rate	[5],[9],[24]			10.96%
Initial Acquisition Date	[5],[9],[24]			Nov. 10, 2021
Maturity Date	[5],[9],[24]			Sep. 30, 2026
Par/Shares	[5],[9],[24]			$ 14,716,177
Amortized Cost	[5],[9],[24]			14,686,944
Fair Value	[5],[9],[24]			$ 14,564,600
% of Net Assets	[5],[9],[24]			5.30%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries GS AcquisitionCo, Inc. Initial Term Loan Reference Rate and Spread 3M SOFR + 5.50% Floor 1.00% Interest Rate 11.00% Initial Acquisition Date 11/3/2021 Maturity Date 5/25/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9]			3M SOFR + 5.50%
Reference Rate and Spread %	[5],[9]			5.50%
Floor	[5],[9]			1.00%
Interest Rate	[5],[9]			11.00%
Initial Acquisition Date	[5],[9]			Nov. 03, 2021
Maturity Date	[5],[9]			May 22, 2026
Par/Shares	[5],[9]			$ 12,249,679
Amortized Cost	[5],[9]			12,226,819
Fair Value	[5],[9]			$ 12,117,382
% of Net Assets	[5],[9]			4.40%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Medallia, Inc. Initial Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 0.75% Interest Rate 11.91% (4.00% PIK) Initial Acquisition Date 10/29/2021 Maturity Date 10/29/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[14],[16]	3M SOFR + 6.50%
Reference Rate and Spread %	[1],[13],[14],[16]	6.50%
Floor	[1],[14],[16]	0.75%
Interest Rate	[1],[13],[14],[16]	11.91%
Interest Rate, PIK	[1],[13],[14],[16]	4.00%
Initial Acquisition Date	[1],[14],[16]	Oct. 29, 2021
Maturity Date	[1],[14],[16]	Oct. 29, 2028
Par/Shares	[1],[14],[16]	$ 25,663,766
Amortized Cost	[1],[4],[14],[16]	25,356,711
Fair Value	[1],[2],[14],[16]	$ 25,663,766
% of Net Assets	[1],[14],[16]	9.90%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries Medallia, Inc. Initial Term Loan Reference Rate and Spread 3M SOFR + 6.50% Floor 0.75% Interest Rate 11.95% (4.00% PIK) Initial Acquisition Date 10/29/2021 Maturity Date 10/29/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9],[25]			3M SOFR + 6.00%
Reference Rate and Spread %	[5],[9],[25]			6.00%
Floor	[5],[9],[25]			0.75%
Interest Rate	[5],[9],[25]			11.95%
Interest Rate, PIK	[5],[9],[25]			4.00%
Initial Acquisition Date	[5],[9],[25]			Oct. 29, 2021
Maturity Date	[5],[9],[25]			Oct. 29, 2028
Par/Shares	[5],[9],[25]			$ 25,409,669
Amortized Cost	[5],[9],[25]			25,089,506
Fair Value	[5],[9],[25]			$ 25,236,883
% of Net Assets	[5],[9],[25]			9.30%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries SailPoint Technologies Holdings Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 6.00% Floor 0.75% Interest Rate 11.31% Initial Acquisition Date 8/16/2022 Maturity Date 8/16/2029
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	1M SOFR + 6.00%
Reference Rate and Spread %	[1],[13],[16]	6.00%
Floor	[1],[16]	0.75%
Interest Rate	[1],[13],[16]	11.31%
Initial Acquisition Date	[1],[16]	Aug. 16, 2022
Maturity Date	[1],[16]	Aug. 16, 2029
Par/Shares	[1],[16]	$ 23,123,123
Amortized Cost	[1],[4],[16]	22,757,617
Fair Value	[1],[2],[16]	$ 22,834,084
% of Net Assets	[1],[16]	8.80%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries SailPoint Technologies Holdings Inc. Initial Term Loan Reference Rate and Spread 1M SOFR + 6.00% Floor 0.75% Interest Rate 11.36% Initial Acquisition Date 8/16/2022 Maturity Date 8/16/2029
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9]			1M SOFR + 6.00%
Reference Rate and Spread %	[5],[9]			6.00%
Floor	[5],[9]			0.75%
Interest Rate	[5],[9]			11.36%
Initial Acquisition Date	[5],[9]			Aug. 16, 2022
Maturity Date	[5],[9]			Aug. 16, 2029
Par/Shares	[5],[9]			$ 23,123,123
Amortized Cost	[5],[9]			22,738,403
Fair Value	[5],[9]			$ 22,834,084
% of Net Assets	[5],[9]			8.40%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments High Tech Industries SailPoint Technologies Holdings Inc. Revolving Loan Reference Rate and Spread 1M SOFR + 6.00% Floor 0.75% Initial Acquisition Date 8/16/2022 Maturity Date 8/16/2028
Schedule of Investments [Line Items]
Reference Rate and Spread		1M SOFR + 6.00%	[1],[12],[13],[15],[17],[18]	1M SOFR + 6.00%	[5],[10],[11],[19],[20]
Reference Rate and Spread %		6.00%	[1],[12],[13],[15],[17],[18]	6.00%	[5],[10],[11],[19],[20]
Floor		0.75%	[1],[12],[15],[17],[18]	0.75%	[5],[10],[11],[19],[20]
Initial Acquisition Date		Aug. 16, 2022	[1],[12],[15],[17],[18]	Aug. 16, 2022	[5],[10],[11],[19],[20]
Maturity Date		Aug. 16, 2028	[1],[12],[15],[17],[18]	Aug. 16, 2028	[5],[10],[11],[19],[20]
Amortized Cost		$ (27,353)	[1],[4],[12],[15],[17],[18]	$ (28,911)	[5],[10],[11],[19],[20]
Fair Value		$ (23,461)	[1],[2],[12],[15],[17],[18]	$ (23,460)	[5],[10],[11],[19],[20]
% of Net Assets		0.00%	[1],[12],[15],[17],[18]	0.00%	[5],[10],[11],[19],[20]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Insurance
Schedule of Investments [Line Items]
Amortized Cost		$ 28,408,839	[1],[4]	$ 28,553,018	[5]
Fair Value		$ 29,043,921	[1],[2]	$ 29,096,663	[5]
% of Net Assets		11.20%	[1]	10.70%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Insurance Foundation Risk Partners, Corp. Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 6.75% Floor 0.75% Interest Rate 12.16% Initial Acquisition Date 3/8/2023 Maturity Date 10/29/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[3],[12],[13],[15],[16]	3M SOFR + 6.75%
Reference Rate and Spread %	[1],[3],[12],[13],[15],[16]	6.75%
Floor	[1],[3],[12],[15],[16]	0.75%
Interest Rate	[1],[3],[12],[13],[15],[16]	12.16%
Initial Acquisition Date	[1],[3],[12],[15],[16]	Mar. 08, 2023
Maturity Date	[1],[3],[12],[15],[16]	Oct. 29, 2028
Par/Shares	[1],[3],[12],[15],[16]	$ 9,250,313
Amortized Cost	[1],[3],[4],[12],[15],[16]	9,129,804
Fair Value	[1],[2],[3],[12],[15],[16]	$ 9,250,313
% of Net Assets	[1],[3],[12],[15],[16]	3.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Insurance Foundation Risk Partners, Corp. Delayed Draw Term Loan Reference Rate and Spread 3M SOFR + 6.75% Floor 0.75% Interest Rate 12.20% Initial Acquisition Date 3/8/2023 Maturity Date 10/29/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9],[10],[11],[26]			3M SOFR + 6.75%
Reference Rate and Spread %	[5],[9],[10],[11],[26]			6.75%
Floor	[5],[9],[10],[11],[26]			0.75%
Interest Rate	[5],[9],[10],[11],[26]			12.20%
Initial Acquisition Date	[5],[9],[10],[11],[26]			Mar. 08, 2023
Maturity Date	[5],[9],[10],[11],[26]			Oct. 29, 2028
Par/Shares	[5],[9],[10],[11],[26]			$ 9,273,580
Amortized Cost	[5],[9],[10],[11],[26]			9,247,274
Fair Value	[5],[9],[10],[11],[26]			$ 9,267,088
% of Net Assets	[5],[9],[10],[11],[26]			3.40%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Insurance Foundation Risk Partners, Corp. Term Loan Reference Rate and Spread 3M SOFR + 6.75% Floor 0.75% Interest Rate 12.16% Initial Acquisition Date 3/8/2023 Maturity Date 10/29/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[3],[13],[16]	3M SOFR + 6.75%
Reference Rate and Spread %	[1],[3],[13],[16]	6.75%
Floor	[1],[3],[16]	0.75%
Interest Rate	[1],[3],[13],[16]	12.16%
Initial Acquisition Date	[1],[3],[16]	Mar. 08, 2023
Maturity Date	[1],[3],[16]	Oct. 29, 2028
Par/Shares	[1],[3],[16]	$ 19,793,608
Amortized Cost	[1],[3],[4],[16]	19,279,035
Fair Value	[1],[2],[3],[16]	$ 19,793,608
% of Net Assets	[1],[3],[16]	7.70%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Insurance Foundation Risk Partners, Corp. Term Loan Reference Rate and Spread 3M SOFR + 6.75% Floor 0.75% Interest Rate 12.20% Initial Acquisition Date 3/8/2023 Maturity Date 10/29/2028
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9],[26]			3M SOFR + 6.75%
Reference Rate and Spread %	[5],[9],[26]			6.75%
Floor	[5],[9],[26]			0.75%
Interest Rate	[5],[9],[26]			12.20%
Initial Acquisition Date	[5],[9],[26]			Mar. 08, 2023
Maturity Date	[5],[9],[26]			Oct. 29, 2028
Par/Shares	[5],[9],[26]			$ 19,843,466
Amortized Cost	[5],[9],[26]			19,305,744
Fair Value	[5],[9],[26]			$ 19,829,575
% of Net Assets	[5],[9],[26]			7.30%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Keystone Purchaser, LLC Term Loan Reference Rate and Spread 6M SOFR + 5.75% Floor 1.00% Interest Rate 11.26% Initial Acquisition Date 2/1/2022 Maturity Date 5/7/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[14],[16]	6M SOFR + 5.75%
Reference Rate and Spread %	[1],[13],[14],[16]	5.75%
Floor	[1],[14],[16]	1.00%
Interest Rate	[1],[13],[14],[16]	11.26%
Initial Acquisition Date	[1],[14],[16]	Feb. 01, 2022
Maturity Date	[1],[14],[16]	May 07, 2027
Par/Shares	[1],[14],[16]	$ 21,030,493
Amortized Cost	[1],[4],[14],[16]	20,746,020
Fair Value	[1],[2],[14],[16]	$ 20,763,406
% of Net Assets	[1],[14],[16]	8.00%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo Keystone Purchaser, LLC Term Loan Reference Rate and Spread 6M SOFR + 5.75% Floor 1.00% Interest Rate 11.64% Initial Acquisition Date 2/1/2022 Maturity Date 5/7/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9],[25]			6M SOFR + 5.75%
Reference Rate and Spread %	[5],[9],[25]			5.75%
Floor	[5],[9],[25]			1.00%
Interest Rate	[5],[9],[25]			11.64%
Initial Acquisition Date	[5],[9],[25]			Feb. 01, 2022
Maturity Date	[5],[9],[25]			May 07, 2027
Par/Shares	[5],[9],[25]			$ 21,084,476
Amortized Cost	[5],[9],[25]			20,789,872
Fair Value	[5],[9],[25]			$ 20,504,652
% of Net Assets	[5],[9],[25]			7.50%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance
Schedule of Investments [Line Items]
Amortized Cost		$ 32,424,785	[1],[4]	$ 32,428,029	[5]
Fair Value		$ 32,618,318	[1],[2]	$ 32,668,272	[5]
% of Net Assets		12.60%	[1]	12.00%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance Pansophic Learning Ltd. Senior Secured Term Loan Reference Rate and Spread 1M SOFR + 7.25% Floor 1.00% Interest Rate 12.84% Initial Acquisition Date 3/25/2022 Maturity Date 3/25/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	1M SOFR + 7.25%
Reference Rate and Spread %	[1],[13],[16]	7.25%
Floor	[1],[16]	1.00%
Interest Rate	[1],[13],[16]	12.84%
Initial Acquisition Date	[1],[16]	Mar. 25, 2022
Maturity Date	[1],[16]	Mar. 25, 2027
Par/Shares	[1],[16]	$ 13,000,000
Amortized Cost	[1],[4],[16]	12,982,258
Fair Value	[1],[2],[16]	$ 13,000,000
% of Net Assets	[1],[16]	5.00%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance Pansophic Learning Ltd. Senior Secured Term Loan Reference Rate and Spread 1M SOFR + 7.25% Floor 1.00% Interest Rate 12.90% Initial Acquisition Date 3/25/2022 Maturity Date 3/25/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9]			3M SOFR + 7.25%
Reference Rate and Spread %	[5],[9]			7.25%
Floor	[5],[9]			1.00%
Interest Rate	[5],[9]			12.90%
Initial Acquisition Date	[5],[9]			Mar. 25, 2022
Maturity Date	[5],[9]			Mar. 25, 2027
Par/Shares	[5],[9]			$ 13,000,000
Amortized Cost	[5],[9]			12,954,884
Fair Value	[5],[9]			$ 13,000,000
% of Net Assets	[5],[9]			4.80%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance S4T Holdings Corp. Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Interest Rate 11.45% Initial Acquisition Date 12/27/2021 Maturity Date 12/27/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[12],[13],[15]	1M SOFR + 6.00%
Reference Rate and Spread %	[1],[12],[13],[15]	6.00%
Floor	[1],[12],[15]	1.00%
Interest Rate	[1],[12],[13],[15]	11.45%
Initial Acquisition Date	[1],[12],[15]	Dec. 27, 2021
Maturity Date	[1],[12],[15]	Dec. 27, 2026
Par/Shares	[1],[12],[15]	$ 4,511,500
Amortized Cost	[1],[4],[12],[15]	4,493,056
Fair Value	[1],[2],[12],[15]	$ 4,511,500
% of Net Assets	[1],[12],[15]	1.70%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance S4T Holdings Corp. Delayed Draw Term Loan Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Interest Rate 11.47% Initial Acquisition Date 12/27/2021 Maturity Date 12/27/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9],[10],[11]			1M SOFR + 6.00%
Reference Rate and Spread %	[5],[9],[10],[11]			6.00%
Floor	[5],[9],[10],[11]			1.00%
Interest Rate	[5],[9],[10],[11]			11.47%
Initial Acquisition Date	[5],[9],[10],[11]			Dec. 27, 2021
Maturity Date	[5],[9],[10],[11]			Dec. 27, 2026
Par/Shares	[5],[9],[10],[11]			$ 4,522,818
Amortized Cost	[5],[9],[10],[11]			4,501,421
Fair Value	[5],[9],[10],[11]			$ 4,522,818
% of Net Assets	[5],[9],[10],[11]			1.70%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance S4T Holdings Corp. Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Interest Rate 11.45% Initial Acquisition Date 12/27/2021 Maturity Date 12/27/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	1M SOFR + 6.00%
Reference Rate and Spread %	[1],[13],[16]	6.00%
Floor	[1],[16]	1.00%
Interest Rate	[1],[13],[16]	11.45%
Initial Acquisition Date	[1],[16]	Dec. 27, 2021
Maturity Date	[1],[16]	Dec. 27, 2026
Par/Shares	[1],[16]	$ 15,106,818
Amortized Cost	[1],[4],[16]	14,949,471
Fair Value	[1],[2],[16]	$ 15,106,818
% of Net Assets	[1],[16]	5.80%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Sovereign & Public Finance S4T Holdings Corp. Term Loan (First Lien) Reference Rate and Spread 1M SOFR + 6.00% Floor 1.00% Interest Rate 11.47% Initial Acquisition Date 12/27/2021 Maturity Date 12/27/2026
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9]			1M SOFR + 6.00%
Reference Rate and Spread %	[5],[9]			6.00%
Floor	[5],[9]			1.00%
Interest Rate	[5],[9]			11.47%
Initial Acquisition Date	[5],[9]			Dec. 27, 2021
Maturity Date	[5],[9]			Dec. 27, 2026
Par/Shares	[5],[9]			$ 15,145,454
Amortized Cost	[5],[9]			14,971,724
Fair Value	[5],[9]			$ 15,145,454
% of Net Assets	[5],[9]			5.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Transportation: Cargo
Schedule of Investments [Line Items]
Amortized Cost		$ 20,746,020	[1],[4]	$ 20,789,872	[5]
Fair Value		$ 20,763,406	[1],[2]	$ 20,504,652	[5]
% of Net Assets		8.00%	[1]	7.50%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Wholesale
Schedule of Investments [Line Items]
Amortized Cost		$ 17,021,392	[1],[4]	$ 17,018,807	[5],[6]
Fair Value		$ 13,398,240	[1],[2]	$ 14,790,722	[5],[7]
% of Net Assets		5.20%	[1]	5.40%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC (formerly, WSP Midco LLC) Initial Term Loan Reference Rate and Spread 3M SOFR + 7.00% Floor 1.00% Interest Rate 11.71% Initial Acquisition Date 10/1/2021 Maturity Date 4/27/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[1],[13],[16]	3M SOFR + 7.00%
Reference Rate and Spread %	[1],[13],[16]	7.00%
Floor	[1],[16]	1.00%
Interest Rate	[1],[16]	11.71%
Initial Acquisition Date	[1],[16]	Oct. 01, 2021
Maturity Date	[1],[16]	Apr. 27, 2027
Par/Shares	[1],[16]	$ 17,243,102
Amortized Cost	[1],[4],[16]	17,030,764
Fair Value	[1],[2],[16]	$ 13,578,943
% of Net Assets	[1],[16]	5.20%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC (formerly, WSP Midco LLC) Initial Term Loan Reference Rate and Spread 3M SOFR + 7.00% Floor 1.00% Interest Rate 12.53% Initial Acquisition Date 10/1/2021 Maturity Date 4/27/2027
Schedule of Investments [Line Items]
Reference Rate and Spread	[5],[9]			3M SOFR + 7.00%
Reference Rate and Spread %	[5],[9]			7.00%
Floor	[5],[9]			1.00%
Interest Rate	[5],[9]			12.53%
Initial Acquisition Date	[5],[9]			Oct. 01, 2021
Maturity Date	[5],[9]			Apr. 27, 2027
Par/Shares	[5],[9]			$ 17,257,983
Amortized Cost	[5],[9]			17,028,940
Fair Value	[5],[9]			$ 14,906,583
% of Net Assets	[5],[9]			5.50%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Debt Investments Wholesale IMB Midco LLC (formerly, WSP Midco LLC) Revolving Loan Reference Rate and Spread 3M SOFR + 7.00% Floor 1.00% Initial Acquisition Date 10/1/2021 Maturity Date 4/27/2027
Schedule of Investments [Line Items]
Reference Rate and Spread		3M SOFR + 7.00%	[1],[12],[13],[15],[17],[18]	3M SOFR + 7.00%	[5],[10],[11],[19],[20]
Reference Rate and Spread %		7.00%	[1],[12],[13],[15],[17],[18]	7.00%	[5],[10],[11],[19],[20]
Floor		1.00%	[1],[12],[15],[17],[18]	1.00%	[5],[10],[11],[19],[20]
Initial Acquisition Date		Oct. 01, 2021	[1],[12],[15],[17],[18]	Oct. 01, 2021	[5],[10],[11],[19],[20]
Maturity Date		Apr. 27, 2027	[1],[12],[15],[17],[18]	Apr. 27, 2027	[5],[10],[11],[19],[20]
Amortized Cost		$ (9,372)	[1],[4],[12],[15],[17],[18]	$ (10,133)	[5],[10],[11],[19],[20]
Fair Value		$ (180,703)	[1],[2],[12],[15],[17],[18]	$ (115,861)	[5],[10],[11],[19],[20]
% of Net Assets		(0.10%)	[1],[12],[15],[17],[18]	0.00%	[5],[10],[11],[19],[20]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity
Schedule of Investments [Line Items]
Amortized Cost	[1],[4]	$ 9,585,173
Fair Value	[1],[2]	$ 6,620,994
% of Net Assets	[1]	2.60%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Business Services
Schedule of Investments [Line Items]
Amortized Cost		$ 2,479,662	[1],[4]	$ 2,479,662	[5],[6]
Fair Value		$ 2,889,888	[1],[2]	$ 2,749,811	[5],[7]
% of Net Assets		1.10%	[1]	1.00%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Business Services KeyData Associates Inc. Common Equity Initial Acquisition Date 10/1/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Oct. 01, 2021	[1],[23]	Oct. 01, 2021	[5],[24]
Par/Shares		1,250,000	[23]	1,250,000	[5],[24]
Amortized Cost		$ 979,662	[1],[4],[23]	$ 979,662	[5],[6],[24]
Fair Value		$ 1,405,188	[1],[2],[23]	$ 1,249,811	[5],[7],[24]
% of Net Assets		0.50%	[1],[23]	0.50%	[5],[24]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Business Services Milestone Technologies, Inc. (Maverick Acquisition Holdings, LP) Common Equity Initial Acquisition Date 12/7/2022
Schedule of Investments [Line Items]
Initial Acquisition Date		Dec. 07, 2022	[1]	Dec. 07, 2022	[5]
Par/Shares		1,500,000		1,500,000	[5]
Amortized Cost		$ 1,500,000	[1],[4]	$ 1,500,000	[5],[6]
Fair Value		$ 1,484,700	[1],[2]	$ 1,500,000	[5],[7]
% of Net Assets		0.60%	[1]	0.60%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Consumer Goods: Non-durable
Schedule of Investments [Line Items]
Amortized Cost		$ 3,131,511	[1],[4]	$ 3,131,511	[5],[6]
Fair Value		$ 3,335,343	[1],[2]	$ 3,348,236	[5],[7]
% of Net Assets		1.30%	[1]	1.20%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Consumer Goods: Non-durable Connect America.com, LLC Common Equity Initial Acquisition Date 12/15/2022
Schedule of Investments [Line Items]
Initial Acquisition Date		Dec. 15, 2022	[1],[27]	Dec. 15, 2022	[5],[28]
Par/Shares		24,048	[27]	24,048	[5],[28]
Amortized Cost		$ 3,131,511	[1],[4],[27]	$ 3,131,511	[5],[6],[28]
Fair Value		$ 3,335,343	[1],[2],[27]	$ 3,348,236	[5],[7],[28]
% of Net Assets		1.30%	[1],[27]	1.20%	[5],[28]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Sovereign & Public Finance
Schedule of Investments [Line Items]
Amortized Cost	[1],[4]	$ 200,000
Fair Value	[1],[2]	$ 395,763
% of Net Assets	[1]	0.20%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Sovereign & Public Finance S4T Holdings Corp. (Vistria ESS Holdings, LLC) Equity Units Initial Acquisition Date 12/27/2021
Schedule of Investments [Line Items]
Initial Acquisition Date		Dec. 27, 2021	[1]	Dec. 27, 2021	[5]
Par/Shares		200		200	[5]
Amortized Cost		$ 200,000	[1],[4]	$ 200,000	[5],[6]
Fair Value		$ 395,763	[1],[2]	$ 359,543	[5],[7]
% of Net Assets		0.20%	[1]	0.10%	[5]
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Wholesale
Schedule of Investments [Line Items]
Amortized Cost	[1],[4]	$ 3,774,000
Fair Value	[1],[2]	$ 0
% of Net Assets	[1]	0.00%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC (formerly, WSP Holdco LLC) Class A Common Units Initial Acquisition Date 10/1/2021
Schedule of Investments [Line Items]
Initial Acquisition Date	[1],[29]	Oct. 01, 2021
Par/Shares	[29]	3,400
Amortized Cost	[1],[4],[29]	$ 3,400,000
Fair Value	[1],[2],[29]	$ 0
% of Net Assets	[1],[29]	0.00%
Investment, Identifier [Axis]: Non-controlled/Non-affiliated investments Equity Wholesale IMB Holdco LLC (formerly, WSP Holdco LLC) Series P Units Initial Acquisition Date 5/15/2023
Schedule of Investments [Line Items]
Initial Acquisition Date	[1],[29]	May 15, 2023
Par/Shares	[29]	374
Amortized Cost	[1],[4],[29]	$ 374,000
Fair Value	[1],[2],[29]	$ 0
% of Net Assets	[1],[29]	0.00%
Investment, Identifier [Axis]: Project Cloud Holdings, LLC Type Delayed Draw Term Loan
Schedule of Investments [Line Items]
Total Commitment		$ 1,525,424		$ 1,525,424
Funded Commitment		1,525,424		1,525,424
Investment, Identifier [Axis]: Project Cloud Holdings, LLC Type Revolver
Schedule of Investments [Line Items]
Total Commitment		1,220,338		1,220,338
Funded Commitment		610,169		915,253
Unfunded Commitment		610,169		305,085
Investment, Identifier [Axis]: S4T Holdings Corp. Type Delayed Draw Term Loan
Schedule of Investments [Line Items]
Total Commitment		4,545,455		4,545,455
Funded Commitment		4,545,455		4,545,455
Investment, Identifier [Axis]: SailPoint Technologies Holdings Inc. Type Revolver
Schedule of Investments [Line Items]
Total Commitment		1,876,877		1,876,877
Unfunded Commitment		1,876,877		1,876,877
Investment, Identifier [Axis]: Spark DSO, LLC Type Revolver
Schedule of Investments [Line Items]
Total Commitment		2,500,000		2,500,000
Funded Commitment		579,328		570,988
Expired Commitment		625,000		625,000
Unfunded Commitment		1,295,672		1,304,012
Investment, Identifier [Axis]: Steele Solutions, Inc Type Revolver
Schedule of Investments [Line Items]
Total Commitment				1,935,484
Unfunded Commitment				1,935,484
Investment, Identifier [Axis]: Steele Solutions, Inc. Type Delayed Draw Term Loan
Schedule of Investments [Line Items]
Total Commitment				3,225,806
Expired Commitment				3,225,806
Investment, Identifier [Axis]: Steele Solutions, Inc. Type Revolver
Schedule of Investments [Line Items]
Total Commitment		1,935,484
Unfunded Commitment		1,935,484
Investment, Identifier [Axis]: The Ultimus Group Midco, LLC Type Delayed Draw Term Loan
Schedule of Investments [Line Items]
Total Commitment		1,192,369
Unfunded Commitment		1,192,369
Investment, Identifier [Axis]: The Ultimus Group Midco, LLC Type Revolver
Schedule of Investments [Line Items]
Total Commitment		794,913
Unfunded Commitment		794,913
Investment, Identifier [Axis]: Total Commitment
Schedule of Investments [Line Items]
Total Commitment		70,016,389		79,641,889
Investment, Identifier [Axis]: Total Net Assets
Schedule of Investments [Line Items]
Total Net Assets	[1],[2]	$ 258,702,759
Net assets, Percentage	[1]	100.00%
Investment, Identifier [Axis]: Unfunded Commitment
Schedule of Investments [Line Items]
Unfunded Commitment		$ 19,283,150		19,662,986
Investment, Identifier [Axis]: Zips Car Wash, LLC Type Delayed Draw Term Loan
Schedule of Investments [Line Items]
Total Commitment		25,000,000		25,000,000
Funded Commitment		9,765,625		9,765,625
Expired Commitment		$ 15,234,375		$ 15,234,375

[1] All of the Company’s investments are issued by eligible portfolio companies, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted as Canadian dollar ("CAD").

[2] Unless otherwise noted, the fair value of the Company’s investments is determined using significant unobservable inputs (classified as Level 3 within the fair value hierarchy) by the Adviser in its role as "valuation designee" in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Company's board of trustees (the "Board"). Although the Board designated the Adviser as "valuation designee," the Board ultimately is responsible for fair value determinations under the 1940 Act. (See Note 2 to the consolidated financial statements).

[3] Represents co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. See “Note 3. Related Party Transactions.”

[4] The amortized cost represents the initial cost adjusted for the accretion of discount or amortization of premium, as applicable, using the effective interest method.

[5] All of the Company’s investments are issued by eligible portfolio companies, as defined in the 1940 Act, unless otherwise noted. All of the Company’s investments are issued by U.S. portfolio companies unless otherwise noted as Canadian dollar ("CAD").

[6] The amortized cost represents the initial cost adjusted for the accretion of discount or amortization of premium, as applicable, using the effective interest method.

[7] Unless otherwise noted, the fair value of the Company’s investments is determined using significant unobservable inputs (classified as Level 3 within the fair value hierarchy) by the Adviser in its role as "valuation designee" in accordance with Rule 2a-5 under the 1940 Act, pursuant to valuation policies and procedures that have been approved by the Board. Although the Board designated the Adviser as "valuation designee," the Board ultimately is responsible for fair value determinations under the 1940 Act. (See Note 2 to the consolidated financial statements)

[8] Represents the interest rate in effect as of the reporting date and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to the London Interbank Offered Rate (“LIBOR” or “L”) or Secured Overnight Financing Rate (“SOFR” or “S”) or Canadian Dollar Offered Rate (“CDOR” or “C”) or alternative base rate (commonly known as the U.S. Prime Rate (“Prime” or “P”), unless otherwise noted), which reset periodically based on the terms of the loan agreement. As of December 31, 2023, the 1-Month SOFR or “1M SOFR” was 5.35%, the 3-Month SOFR or “3M SOFR” was 5.33%, the 6-Month SOFR or “6M SOFR” was 5.16%, and the Prime was 8.50%.

[9] Security, or a portion thereof, is held through Onex Direct Lending BDC SPV LLC, a wholly-owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral supporting the amounts outstanding under the Société Générale debt facility.

[10] As of December 31, 2023, the Company had the following commitments to fund various revolving and delayed draw term loans. Such commitments are subject to certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied.

[11] The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and/or unused fee rate.

[12] As of March 31, 2024, the Company had the following commitments to fund various revolving and delayed draw term loans. Such commitments are subject to certain conditions set forth in the documents governing these loans and there can be no assurance that such conditions will be satisfied.

[13] Represents the interest rate in effect as of the reporting date and may be subject to an interest rate floor. Variable rate loans bear interest at a rate that may be determined by reference to the Secured Overnight Financing Rate (“SOFR” or “S”) or alternative base rate (commonly known as the U.S. Prime Rate (“Prime” or “P”), unless otherwise noted), which reset periodically based on the terms of the loan agreement. As of March 31, 2024, the 1-Month SOFR or “1M SOFR” was 5.33%, the 3-Month SOFR or “3M SOFR” was 5.30%, the 6-Month SOFR or “6M SOFR” was 5.22%, and the Prime was 8.50%.

[14] The stated interest rate represents the weighted average interest rate of all contracts.

[15] The undrawn portion of these committed revolvers and delayed draw term loans includes a commitment and/or unused fee rate.

[16] Security, or a portion thereof, is held through Onex Direct Lending BDC SPV LLC, a wholly-owned subsidiary and a bankruptcy remote special purpose entity, and is pledged as collateral supporting the amounts outstanding under the Société Générale debt facility.

[17] The maturity date disclosed represents the commitment period of the unfunded term loan or revolver.

[18] The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

[19] The maturity date disclosed represents the commitment period of the unfunded term loan or revolver.

[20] The negative cost is the result of the capitalized discount being greater than the principal amount outstanding on the loan. The negative fair value is the result of the capitalized discount on the loan.

[21] Level 2 investment.

[22] Level 2 investment.

[23] This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. Non-qualifying assets represented 6.4% of total assets as of March 31, 2024.

[24] This portfolio company is not a qualifying asset under Section 55(a) of the 1940 Act. The status of these assets under the 1940 Act is subject to change. The Company monitors the status of these assets on an ongoing basis. Under the 1940 Act, the Company may not acquire any non-qualifying asset unless, at the time such acquisition is made, qualifying assets represent at least 70% of total assets. Non-qualifying assets represented 5.8% of total assets as of December 31, 2023.

[25] The stated interest rate represents the weighted average interest rate of all contracts.

[26] Represents co-investment made with the Company’s affiliates in accordance with the terms of the exemptive relief that the Company received from the SEC. See “Note 3. Related Party Transactions.”

[27] Security is held through Connect America OFDL BDC Holdings, LLC, a wholly-owned subsidiary.

[28] Security is held through Connect America OFDL BDC Holdings, LLC, a wholly-owned subsidiary.

[29] Security is held through Onex Direct Lending BDC Blocker LLC, a wholly-owned blocker subsidiary.

XML

Consolidated Schedule of Investments (Parenthetical) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Schedule of Investments [Line Items]
Qualifying assets minimum percentage of total assets	70.00%	70.00%
Non-qualifying Assets Percentage of Assets	6.40%	5.80%
Estimated cost basis of investments for U.S. federal tax purposes		$ 541,963,717
Gross unrealized appreciation		4,457,241
Gross unrealized depreciation		$ 13,355,158
1-Month SOFR
Schedule of Investments [Line Items]
Reference Rate and Spread %	5.33%	5.35%
3-Month SOFR
Schedule of Investments [Line Items]
Reference Rate and Spread %	5.30%	5.33%
6-Month SOFR
Schedule of Investments [Line Items]
Reference Rate and Spread %	5.22%	5.16%
Prime
Schedule of Investments [Line Items]
Reference Rate and Spread %	8.50%	8.50%

XML

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 8,146,574	$ 5,881,636

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
Non Rule 10B51 Arr Modified Flag	false
Rule 10b5-1 Arr Modified [Flag]	false

XML

Organization

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1. Organization

Onex Direct Lending BDC Fund (formerly known as Onex Falcon Direct Lending BDC Fund) (the “Company”, “we”, “us”, or “our”), a Delaware statutory trust formed on April 27, 2021, is a non-diversified, closed-end management investment company that has elected to be treated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company also elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).

The Company commenced operations on October 1, 2021.

On August 25, 2021, the Company formed a wholly-owned blocker entity, Onex Direct Lending BDC Blocker LLC (formerly known as Onex Falcon Direct Lending BDC Blocker LLC) (the “ODL Blocker”), which holds certain of the Company’s portfolio equity investments. On September 21, 2021, the Company formed a wholly-owned, special-purpose, bankruptcy-remote subsidiary, Onex Direct Lending BDC SPV, LLC (formerly known as Onex Falcon Direct Lending BDC SPV, LLC) (the “ODL SPV”), which holds certain of the Company’s portfolio loan investments that are used as collateral for the debt financing facility provided by Société Générale. On December 13, 2022, the Company formed a wholly-owned entity, Connect America OFDL BDC Holdings, LLC (the “OFDL Holdings”), which holds certain of the Company's portfolio equity investments.

Effective March 5, 2024, Onex Falcon Investment Advisors, LLC, the Company’s prior investment adviser, assigned the Investment Advisory Agreement (as defined below) to Onex Credit Advisor, LLC. The Company is managed by the Adviser. The Adviser, subject to the overall supervision of the Board, provides investment advisory services to the Company. The Adviser also provides administrative services necessary for the Company to operate.

The Company’s investment objective is to generate current income while preserving capital and, to a lesser extent, capital appreciation by targeting investment opportunities with favorable risk-adjusted returns.

The Company invests primarily in high-quality senior secured first lien loans and other credit investments of “middle market companies” located in the United States. The Company defines “high-quality” as investments deemed by the Adviser, after diligence and underwriting, to have favorable risk-reward characteristics including, but not limited to, a low probability of default, favorable investment terms, and an appropriate capital structure to companies of high creditworthiness with stable cash flow generation. The Company may also seek to invest in the subordinated debt and equity, including warrants, options, and convertible instruments, of middle market companies.

The Company’s fiscal year ends on December 31.

XML

Significant Accounting Policies

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Significant Accounting Policies

Note 2. Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. These unaudited consolidated financial statements (“consolidated financial statements”) reflect adjustments that in the opinion of the Company are necessary for the fair presentation of the financial position and results of operations as of and for the periods presented herein and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Form 10-K for the year ended December 31, 2023, as filed with the SEC. The Company is considered an investment company under U.S. GAAP and therefore applies the accounting and reporting guidance applicable to investment companies.

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material.

Consolidation

In accordance with U.S. GAAP guidance on consolidation, 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 services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries, ODL SPV, ODL Blocker and OFDL Holdings, in its consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

Segments

In accordance with U.S. GAAP guidance on segment reporting, the Company has determined that its operations comprise a single reporting segment.

Cash and Cash Equivalents and Restricted Cash

Cash consists of deposits held at a custodian bank. Cash equivalents consists of money market investments. The carrying amounts for money market investments approximate fair value. Restricted cash consists of deposits pledged as collateral. Cash, cash equivalents and restricted cash are held at major financial institutions and, at times, may exceed the insured limits under applicable law.

Investments

Investment transactions are recorded on the trade date. Realized gains or losses on investments are calculated using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are recognized.

Valuation Procedures

The Board has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Although the Board designated the Adviser as “valuation designee,” the Board ultimately is responsible for fair value determinations under the 1940 Act.

Investments for which market quotations are readily available are typically valued at the average bid and ask prices of such market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. To validate market quotations, the Company will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities for which market quotations are not readily available or are deemed not to represent fair value, are valued at fair value as determined in good faith by the Adviser, in accordance with a valuation policy approved by the Board and a consistently applied valuation process. Accordingly, such investments go through the Company’s multi-step valuation process as described below. Investments purchased within the quarter before the valuation date may each be valued at cost, unless such valuation, in the judgment of the Adviser, does not represent fair value.

The Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following:

•The Company’s quarterly valuation process begins with each portfolio company or investment being initially valued using certain inputs, among others, provided by the Adviser's investment professionals that are responsible for the portfolio investment;

•Preliminary valuation conclusions are then documented and discussed with the Adviser's senior investment team;

•At least once annually, the valuation for each portfolio investment is reviewed by an independent valuation firm. In each case, the Company’s independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments; and

•The Adviser then reviews the valuations and determines the fair value of each investment.

As part of the valuation process, the Adviser may consider other information and may use valuation methods including but not limited to (i) market quotes for similar investments, (ii) recent trading activity, (iii) discounting forecasted cash flows of the investment, (iv) models that consider the implied yields from comparable debt, (v) third party appraisals, (vi) sale negotiations and purchase offers received from independent parties and (vii) estimated value of underlying assets to be received in any liquidation or restructuring.

As part of the valuation process, the Adviser will primarily use the “income approach” by using a present value technique that discounts the estimated contractual cash flows. Discount rates applied to estimated contractual cash flows for an underlying asset vary by specific investment, industry, priority and nature of the debt security and are assessed relative to leveraged loan and high-yield bond indices at the valuation date. The use of market indices as part of the valuation methodology is subject to adjustment for many factors, including priority, collateral used as security, structure, performance and other quantitative and qualitative attributes of the asset being valued. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Board or its delegates will consider whether the pricing indicated by the external event corroborates its valuation.

When the Company determines its NAV as of the last day of a month that is not also the last day of a calendar quarter, the Company intends to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Adviser’s valuation team will generally value such assets at the most recent quarterly valuation unless the Adviser determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser’s valuation team determines such a change has occurred with respect to one or more investments, the Adviser’s valuation team will determine whether to update the value for each relevant investment, using positive assurance from an independent valuation firm where applicable in accordance with our valuation policy, pursuant to authority delegated by the Board.

Financial Accounting Standards Board Accounting Standards Codification Topic 820: Fair Value Measurements and Disclosures (“ASC 820”) specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation.

The Company classifies the inputs used to measure fair values into the following hierarchy:

•Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible to the Company at the measurement date.

•Level 2—Valuations are based on similar assets or liabilities in active markets, or quoted prices identical or similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly and model-based valuation techniques for which all significant inputs are observable.

•Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuation techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and it considers factors specific to the investment.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various additional criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company reviews pricing provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality, such as the depth of the relevant market relative to the size of the Company’s position.

A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances present at each valuation date. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a

portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment, including the impact of changes in broader market indices and credit spreads, and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

Revenue Recognition

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. Accrued interest is generally reversed when a loan is placed on non-accrual status. Payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the outstanding principal and interest. Non-accrual loans may be restored to accrual status when past due principal and interest is paid current and are likely to remain current based on management’s judgment.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Loan origination fees, original issue discount and market discount are capitalized, and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.

Payment-in-Kind Interest

Payment-in-kind (“PIK”) interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan and recorded as interest income and generally becomes due at maturity. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of distributions, even though the Company has not yet collected the cash.

Deferred Financing Costs

Origination and other expenses related to the Company’s revolving credit facility are recorded as deferred financing costs and amortized as part of interest expense using the straight-line method over the stated life of the debt instrument.

Organization and Offering Costs

Organization costs include, among other things, the cost of incorporating, including the cost of legal services, printing, consulting services and other fees pertaining to the Company’s organization. Costs associated with the organization of the Company are expensed as incurred. Offering costs include legal expenses related to the preparation of the Company’s private placement memorandum in connection with the Company's offering of common shares. Offering costs are capitalized as deferred offering expenses and are amortized over twelve months from incurrence.

Earnings per Share

Basic earnings per share is calculated by dividing net income or loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated in the same manner, with further adjustments to reflect the dilutive effect of common share equivalents outstanding.

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act. The Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as distributions. Rather, any tax liability related to income earned and distributed would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more likely than not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of capital gains in excess of capital losses (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. For this purpose, however, any net ordinary income or capital gains retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% nondeductible U.S. federal excise tax on this income.

The Company has analyzed the tax positions taken on federal and state income tax returns for all open tax years and has concluded that no provision for income tax for uncertain tax positions is required in the Company’s consolidated financial statements. The Company’s major tax jurisdictions are U.S. federal, New York State, and foreign jurisdictions where the Company makes significant investments. The Company’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Distributions to Common Shareholders

Distributions to the Company’s shareholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board and is generally based upon earnings estimated by the Adviser. Net realized capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains.

The Company has adopted an “opt out” dividend reinvestment plan (“DRP”) for its shareholders. As a result, if the Company makes a cash distribution, its shareholders will have their cash distributions reinvested in additional shares of the Company including fractional shares as necessary, unless they specifically “opt out” of the DRP to receive the distribution in cash. Under the DRP, cash distributions to participating shareholders will be reinvested in additional shares of the Company at a purchase price equal to the net asset value per share as of the last day of the calendar quarter immediately preceding the date such distribution was declared.

The Company may distribute taxable distributions that are payable in cash or shares at the election of each shareholder. Under certain applicable provisions of the Code and the U.S. Treasury regulations, distributions payable in cash or in common shares at the election of shareholders are treated as taxable distributions. As a result, a U.S. shareholder may be required to pay tax with respect to such distributions in excess of any cash received. If a U.S. shareholder sells the shares it receives in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution, depending on the market price of the Company’s shares at the time of the sale. Furthermore, with respect to non-U.S. shareholders, the Company may be required to withhold U.S. tax with respect to such distributions, including in respect of all or a portion of such distribution that is payable in shares.

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (1) all assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the date of valuation; and (2) purchases and sales of investments, borrowings and repayments of such borrowings, and income and expense items

denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments.

Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

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Related Party Transactions

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Related Party Transactions

Note 3. Related Party Transactions

Administration Agreement

Pursuant to an agreement between the Company and the Company’s prior investment adviser, Onex Falcon Investment Advisors, LLC, effective September 16, 2021, as amended and restated on March 5, 2024 between the Company and the Adviser (the “Administration Agreement”), the Adviser (or, in such context, the “Administrator”) performs, oversees, or arranges for, the performance of administrative and compliance services necessary for the operations of the Company, which includes office facilities, equipment, bookkeeping and recordkeeping services and such other services as the Adviser, subject to review by the Board, shall from time to time determine to be necessary or useful to perform its obligations under the Administration Agreement. Under the Administration Agreement, the Adviser also provides managerial assistance on the Company’s behalf to those companies that have accepted the Company’s offer to provide such assistance.

In addition, pursuant to the Administration Agreement, the Adviser may pay third-party providers of goods or services and the Company will pay or reimburse the Adviser for certain expenses incurred by any such third parties for work done on its behalf.

The Company reimburses the Adviser for the allocable portion of the Adviser’s overhead and other expenses incurred by the Adviser and requested to be reimbursed by the Adviser in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the Company’s Chief Compliance Officer and Chief Financial Officer and their respective staffs. In addition, if requested to provide significant managerial assistance to the Company’s portfolio companies, the Company will reimburse the allocated costs incurred by the Adviser and Administrator in providing those services. No person who is an officer, trustee or employee of the Adviser or its affiliates and who serves as a trustee of the Company receives any compensation from the Company for his or her services as a trustee.

For the three months ended March 31, 2024 and 2023, the Company incurred administrative fees of $0.3 million and $0.3 million, respectively.

Investment Advisory Agreement

Effective March 5, 2024, the Company’s prior investment adviser, Onex Falcon Investment Advisors, LLC, assigned the investment advisory agreement effective September 16, 2021, as amended and restated on August 9, 2023, to the Adviser, a wholly-owned subsidiary of Onex Corp., pursuant to Rule 2a-6 under the 1940 Act. The Adviser serves as the Company’s investment adviser pursuant to the second amended and restated investment advisory agreement between the Company and the Adviser dated March 5, 2024 (the “Investment Advisory Agreement”). Pursuant to the Investment Advisory Agreement, the Adviser provides overall investment advisory services for the Company and in accordance with the terms of the Investment Advisory Agreement and the Company’s investment objective, policies and restrictions as in effect from time to time: determines the composition of the Company’s portfolio, the nature and timing of the changes to, the portfolio and the manner of implementing such changes; identifies investment opportunities and makes investment decisions for the Company; monitors investments; performs due diligence on prospective portfolio companies; exercises voting rights in respect of portfolio securities and other investments; serve on, and exercise observer rights for, boards of directors and similar committees of the Company’s portfolio companies; negotiates, obtains and manages financing facilities and other forms of leverage; and provides the Company with such other investment advisory and related services as the Company may, from time to time, reasonably require for the investment of capital.

The Investment Advisory Agreement will be in effect for a period of two years from its effective date and will remain in effect from year-to-year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company, and (ii) the vote of a majority of the Company’s Board who are not parties to the Investment Advisory Agreement or “interested persons” of the Company, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act. The Investment Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice and, in certain circumstances, upon 120 days’ written notice, by the vote of a majority of the outstanding voting shares of the Company or by the vote of the Board or by the Adviser.

Under the terms of the Investment Advisory Agreement, the Company will pay the Adviser a base management fee and a performance-based incentive fee.

Prior to July 1, 2023, the base management fee was payable quarterly in arrears at an annual rate of 1.25% of the Company’s total assets (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter. Beginning on July 1, 2023, the base management fee is payable quarterly in arrears at an annual rate of 1.25% of the Company’s net assets as of the end of the most recently completed calendar quarter; provided that the base management fee shall not be greater than 1.25% of the Company’s total assets (excluding cash and cash equivalents) at the end of the most recently completed calendar quarter.

For the three months ended March 31, 2024 and 2023, management fees were $0.8 million and $1.6 million, respectively.

The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on the Company’s income (such fee referred to herein as the “Subordinated Incentive Fee on Income”) and a portion is based on the Company’s capital gains (such fee referred to herein as the “Incentive Fee on Capital Gains”), each as described below.

(1)Subordinated Incentive Fee on Income

The Subordinated Incentive Fee on Income will be determined and paid quarterly in arrears based on the amount by which (x) the “Pre-Incentive Fee Net Investment Income” (as defined below) in respect of the current calendar quarter and the eleven preceding calendar quarters (in either case, the “Trailing Twelve Quarters”) exceeds (y) the Preferred Return Amount (as defined below) in respect of the Trailing Twelve Quarters. For purposes of the Subordinated Incentive Fee on Income calculations, each calendar quarter comprising the relevant Trailing Twelve Quarters that commenced prior to October 1, 2023 shall be known as a “Legacy Fee Quarter” while a calendar quarter that commenced on or after October 1, 2023 shall be known as a “Current Fee Quarter.” The Preferred Return Amount will be determined on a quarterly basis, and will be calculated by multiplying 1.75% by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Preferred Return Amount will be calculated after making appropriate adjustments to the Company’s NAV at the beginning of each applicable calendar quarter for Company subscriptions and distributions during the applicable calendar quarter. The amount of the Subordinated Incentive Fee on Income that will be paid to the Adviser for a particular quarter will equal the excess of the Subordinated Incentive Fee on Income so calculated less the aggregate Subordinated Incentive Fees on Income that were paid to the Adviser and/or earned, but waived, by the Adviser, in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters.

For this purpose, “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including, without limitation, any accrued income that the Company has not yet received in cash and any other fees such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) (the “Ordinary Income”) accrued during the calendar quarter, minus the Company’s operating expenses accrued during the calendar quarter (including, without limitation, the Management Fee, administration expenses and any interest expense and distributions paid on any issued and outstanding preferred shares, but excluding the Subordinated Incentive Fee on Income and the Incentive Fee on Capital Gains). For the avoidance of doubt, Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.

“Net Capital Loss” in respect of a particular period means the difference, if positive, between (i) aggregate capital losses, whether realized or unrealized, in such period and (ii) aggregate capital gains, whether realized or unrealized, in such period.

Prior to October 1, 2023, the calculation of the Subordinated Incentive Fee on Income for each quarter is as follows:

(A)No Subordinated Incentive Fee on Income shall be payable to the Adviser in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Preferred Return Amount;

(B)100% of the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Preferred Return Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying 2.0588% by the Company’s NAV at the beginning of each applicable calendar quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is intended to provide the Adviser with an incentive fee of 15.0% on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches 2.0588% per quarter (8.24% annualized) during the Trailing Twelve Quarters; and

(C)For any quarter in which the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Subordinated Incentive Fee on Income shall equal 15.0% of the amount of the Company’s Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Preferred Return Amount and Catch-Up Amount will have been achieved.

Beginning on October 1, 2023, the calculation of the Subordinated Incentive Fee on Income for each quarter is as follows:

(A)No Subordinated Incentive Fee on Income shall be payable to the Adviser in any calendar quarter in which the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters does not exceed the Preferred Return Amount;

(B)100% of the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters, if any, that exceeds the Preferred Return Amount but is less than or equal to an amount (the “Catch-Up Amount”) determined on a quarterly basis by multiplying (i) 2.0588% by the Company’s NAV at the beginning of each applicable Legacy Fee Quarter comprising the relevant Trailing Twelve Quarters, or (ii) 2.0% by the Company’s NAV at the beginning of each applicable Current Fee Quarter comprising the relevant Trailing Twelve Quarters. The Catch-Up Amount is intended to provide the Adviser with an incentive fee of 15.0%, with respect to each Legacy Fee Quarter, and 12.5%, with respect to each Current Fee Quarter, on all of the Company’s Pre-Incentive Fee Net Investment Income when the Company’s Pre-Incentive Fee Net Investment Income reaches 2.0588% or 2.0% (8.24% or 8.0% annualized, respectively), as applicable, during the Trailing Twelve Quarters; and

(C)For any quarter in which the Company’s Pre-Incentive Fee Net Investment Income for the Trailing Twelve Quarters exceeds the Catch-Up Amount, the Subordinated Incentive Fee on Income shall equal 15.0% for each Legacy Fee Quarter and 12.5% for each Current Fee Quarter of the amount of the Company’s Pre-Incentive Fee Net Investment Income for such Trailing Twelve Quarters, as the Preferred Return Amount and Catch-Up Amount will have been achieved, provided, however, that the Subordinated Incentive Fee on Income for any quarter shall not be greater than 15.0% or 12.5%, as applicable, of the amount of the Company’s current quarter’s Pre-Incentive Fee Net Investment Income.

The Subordinated Incentive Fee on Income is subject to a cap (the “Incentive Fee Cap”). The Incentive Fee Cap in any quarter is an amount equal to (a) 15.0% of the Cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Legacy Fee Quarters included in the relevant Trailing Twelve Quarters and 12.5% of the cumulative Pre-Incentive Fee Net Return (as defined below) during the relevant Current Fee Quarters included in the relevant Trailing Twelve Quarters less (b) the aggregate Subordinated Incentive Fees on Income that were paid to the Adviser and/or earned, but waived, by the Adviser in the preceding eleven calendar quarters (or portion thereof) comprising the relevant Trailing Twelve Quarters. For this purpose, “Cumulative Pre-Incentive Fee Net Return” during the relevant Trailing Twelve Quarters means (x) Pre-Incentive Fee Net Investment Income in respect of the Trailing Twelve Quarters less (y) any Net Capital Loss, if any, in respect of the Trailing Twelve Quarters. If, in any quarter, the Incentive Fee Cap is zero or a negative value, the Company shall pay no Subordinated Incentive Fee on Income to the Adviser in that quarter. If, in any quarter, the Incentive Fee Cap is a positive value but is less than the Subordinated Incentive Fee on Income calculated in accordance with the above, the Company shall pay the Adviser the Incentive Fee Cap for such quarter. If, in any quarter, the Incentive Fee Cap is equal to or greater than the Subordinated Incentive Fee on Income calculated in accordance with the above, the Company shall pay the Adviser the Subordinated Incentive Fee on Income for such quarter.

(2)Incentive Fee on Capital Gains

The Incentive Fee on Capital Gains shall be determined and payable in arrears as of the end of each calendar year (or upon termination of the Investment Advisory Agreement). This fee shall equal 15.0% prior to October 1, 2023 and 12.5% beginning October 1, 2023 of the Company’s realized capital gains on a cumulative basis from inception, calculated as of the end of each calendar year, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any Incentive Fees on Capital Gains previously paid to the Adviser. The aggregate unrealized capital depreciation of the Company shall be calculated as the sum of the differences, if negative, between (a) the valuation of each investment in the Company’s portfolio as of the applicable calculation date and (b) the accreted or amortized cost basis of such investment.

For accounting purposes only, the Company accrues, but does not pay, a capital gains incentive fee with respect to unrealized capital appreciation. The accrual of this theoretical capital gains incentive fee assumes all unrealized capital appreciation is realized in order to reflect a theoretical capital gains incentive fee that would be payable to the Investment Adviser at each measurement date. It should be noted that a fee so calculated and accrued would not be payable under the Investment Advisers Act of 1940 (the “Advisers Act”) or the Investment Advisory Agreement, and would not be paid based upon such computation of capital gains incentive fees in subsequent periods. Amounts actually paid to the Adviser will be consistent with the Advisers Act and formula reflected in the Investment Advisory Agreement which specifically excludes consideration of unrealized capital gain.

For the three months ended March 31, 2024 and 2023, incentive fees were $1.2 million and $2.3 million, respectively, of which the Adviser voluntarily waived $0.9 million for the three months ended March 31, 2023.

Revolving Loan Agreement

On September 8, 2022, the Company entered into an unsecured revolving loan agreement (the “Revolving Onex Loan”) with Onex Credit Finance Corporation, a subsidiary of the ultimate parent entity of the Adviser (the “Onex Entity”), whereby the Onex

Entity could advance amounts to the Company (each such amount, an “Onex Loan”) with a maximum outstanding principal amount of $80.0 million and a maturity date with respect to each Onex Loan of the day falling two years after the funding of such Onex Loan. The Company was required to meet certain criteria, including a leverage ratio threshold, before the Onex Entity was obligated to make a loan to the Company. The Revolving Onex Loan was intended to provide the Company with the ability to fund investments, pay related costs and expenses, and general corporate purposes. Amounts drawn under an Onex Loan bore interest at SOFR plus a spread of 2.60%.

On May 5, 2023, the Company terminated the Revolving Onex Loan and entered into an unsecured revolving loan agreement with Onex Credit Finance II Corporation (“OCF II”) (the “Revolving OCF II Loan”), a subsidiary of the ultimate parent entity of the Adviser, whereby OCF II may advance amounts to the Company (each such amount, an “Onex Loan II”) with a maximum outstanding principal amount of $80.0 million and a maturity date with respect to each Onex Loan II of the day falling two years after the funding of such Onex Loan II. The Company is required to meet certain criteria, including a leverage ratio threshold, before OCF II is obligated to make a loan to the Company. The Revolving OCF II Loan is intended to provide the Company with the ability to fund investments, pay related costs and expenses, and general corporate purposes. Amounts drawn under an Onex Loan II will bear interest at SOFR plus a spread of 2.60%.

Co-Investment Exemptive Relief

As a BDC, the Company is subject to certain regulatory restrictions in making its investments. For example, BDCs generally are not permitted to co-invest with certain affiliated entities in transactions originated by the BDC or its affiliates in the absence of an exemptive order from the SEC. However, BDCs are permitted to, and may, simultaneously co-invest in transactions where price is the only negotiated term. On March 29, 2022, the SEC issued an order, which was amended on September 26, 2023 (the “Order”) granting the Company's application for exemptive relief to co-invest in portfolio companies with certain other funds managed by the Adviser or its affiliates (“Affiliated Funds”) and, subject to satisfaction of certain conditions, proprietary accounts of the Adviser or its affiliates (“Proprietary Accounts”) in a manner consistent with the Company’s investment objective, positions, policies, strategies and restrictions as well as regulatory requirements and other pertinent factors. Pursuant to the Order, the Company is permitted to co-invest with Affiliated Funds and/or Proprietary Accounts if, among other things, a “required majority” (as defined in Section 57(o) of the 1940 Act) of its independent trustees make certain conclusions in connection with a co-investment transaction, including that (1) the terms of the transactions, including the consideration to be paid, are reasonable and fair to the Company and its shareholders and do not involve overreaching of the Company or its shareholders on the part of any person concerned, and (2) the transaction is consistent with the interests of the Company’s shareholders and is consistent with its investment objective and strategies and certain criteria established by the Board.

Organization and Offering Costs

Under the Investment Advisory Agreement and the Administrative Agreement, the Company, either directly or through reimbursements to the Adviser or its affiliates, is responsible for its organization and offering costs. Prior to the Company’s commencement of operations, the Adviser funded the Company’s organization and offering costs in the amount of $0.8 million, which has been reimbursed by the Company or offset against the Expense Payment due from the Adviser in connection with the Expense Support Agreement (described below).

Expense Support Agreement

On September 15, 2021, the Company entered into the Expense Support Agreement with the Adviser.

Commencing with the fourth quarter of 2021 and on a quarterly basis thereafter, the Adviser may elect to pay certain expenses of the Company from time to time, which the Company will be obligated to reimburse to the Adviser at a later date if certain conditions are met. Any payment so required to be made by the Adviser is referred to herein as an “Expense Payment.”

The Adviser’s obligation to make an Expense Payment becomes a liability of the Adviser, and the right to such Expense Payment becomes an asset of the Company, no later than the last business day of the applicable calendar quarter. The Expense Payment for any calendar quarter shall, as promptly as possible, be: (i) paid by the Adviser to the Company in any combination of cash or other immediately available funds, and/or (ii) offset against amounts due from the Company to the Adviser.

Pursuant to the Expense Support Agreement, “Available Operating Funds” means the sum of (i) the Company’s net investment company taxable income (including net short-term capital gains reduced by net long-term capital losses), (ii) the Company’s net capital gains (including the excess of net long-term capital gains over net short-term capital losses), and (iii) dividends and other distributions paid to or otherwise earned by the Company on account of investments in portfolio companies (to the extent such amounts listed in clause (iii) are not included under clauses (i) and (ii) above.)

Following any calendar quarter in which Available Operating Funds exceed the cumulative distributions paid to the Company’s shareholders in such calendar quarter (the amount of such excess being hereinafter referred to as “Excess Operating funds”), the Company shall pay such Excess Operating Funds, or a portion thereof in accordance with the stipulation below, as applicable, to the Adviser until such time as all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar quarter have been reimbursed or waived. Any payments required to be made by the Company pursuant to the preceding sentence are referred to herein as a “Reimbursement Payment.”

The amount of the Reimbursement Payment for any calendar quarter will be equal to the lesser of (i) the Excess Operating Funds in such calendar quarter, and (ii) the aggregate amount of all Expense Payments made by the Adviser to the Company within three years prior to the last business day of such calendar quarter that have not been previously reimbursed by the Company to the Adviser. No Reimbursement Payment shall be made if: (1) the Effective Rate of Distributions Per Share (defined below) declared by the Company at the time of such proposed Reimbursement Payment is less than the Effective Rate of Distributions Per Share at the time the Expense Payment was made to which such Reimbursement Payment relates, or (2) the Company’s Operating Expense Ratio at the time of such proposed Reimbursement Payment is greater than the Operating Expense Ratio at the time the Expense Payment was made to which such Reimbursement Payment relates. For purposes of the Expense Support Agreement, “Effective Rate of Distributions Per Share” means the annualized rate (based on a 365 day year) of regular cash distributions per share exclusive of returns of capital, distribution rate reductions due to distribution and shareholder fees, and declared special dividends or special distributions, if any. The “Operating Expense Ratio” is calculated by dividing Operating Expenses, less organizational and offering expenses, base management and incentive fees owed to the Adviser, and interest expense, by the Company’s net assets.

The Company’s obligation to make a Reimbursement Payment becomes a liability to the Company, and the right to such Reimbursement Payment becomes an asset of the Adviser, no later than the last business day of the applicable calendar quarter. The Reimbursement Payment for any calendar quarter shall, as promptly as possible, be paid by the Company to the Adviser in any combination of cash or other immediately available funds. Any Reimbursement Payments shall be deemed to have reimbursed the Adviser for Expense Payments in chronological order beginning with the oldest Expense Payment eligible for reimbursement.

The Expense Support Agreement may be terminated at any time, without penalty, by the Company or the Adviser, with or without notice. The Expense Support Agreement automatically terminates in the event of (a) the termination by the Company of the Investment Advisory Agreement, or (b) the Board determines to dissolve or liquidate the Company.

The following table summarizes the Expense Payments that may be subject to reimbursement pursuant to the Expense Support Agreement:

Quarter Ended	Expense Payment Received from the Adviser		Reimbursement Payment made to Adviser		Unreimbursed Expense Payment Waived by Adviser		Eligible for Reimbursement Through
December 31, 2021	$	2,858,000	$	1,959,766	$	898,234	December 31, 2024

For the three months ended March 31, 2024, the Company reimbursed $0.5 million to the Adviser and the Adviser has agreed to permanently waive the remaining balance outstanding of $0.9 million.

Shares held by Affiliated Accounts

As of March 31, 2024 and December 31, 2023, certain entities affiliated with the Company held shares of the Company. As of March 31, 2024 and December 31, 2023, the Adviser and its affiliate held an aggregate of 696,833 and 653,383 shares, approximately 6.6% and 5.8% of the Company’s outstanding shares, respectively.

Potential Conflicts of Interest

The members of the senior management and investment teams of the Adviser serve or may serve as officers, trustees or principals of entities that operate in the same, related or an unrelated line of business as the Company does. In serving in these multiple and other capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may or may not be in the Company’s best interests or in the best interest of the Company’s shareholders. The Company’s investment objectives may overlap with the investment objectives of such investment funds, accounts or other investment vehicles.

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Investments and Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments and Fair Value Measurements

Note 4. Investments and Fair Value Measurements

The following table summarizes the composition of the Company’s investment portfolio at amortized cost and fair value as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Senior Secured Loans	$	491,031,626	$	483,893,506	$	532,378,544	$	526,032,489
Equity		9,585,173		6,620,994		9,585,173		7,033,311
Total Investments	$	500,616,799	$	490,514,500	$	541,963,717	$	533,065,800

Generally, under the 1940 Act, the Company would be presumed to “control” a portfolio company if it owned more than 25% of its voting securities or it had the power to exercise control over the management or policies of such portfolio company, and would be an “affiliated person” of a portfolio company if it owned 5% or more of its voting securities. As of March 31, 2024 and December 31, 2023, the Company did not “control” and was not an “affiliated person” of any of its portfolio companies, each as defined in the 1940 Act.

The following tables summarize the industry and geographic composition of the Company’s investment portfolio based on fair value as of March 31, 2024 and December 31, 2023:

	March 31, 2024					December 31, 2023
	Fair Value		Percentage			Fair Value		Percentage
Automotive	$	—		—	%	$	19,279,402		3.6	%
Beverage, Food & Tobacco		11,633,690		2.4	%		16,823,761		3.2	%
Business Services		72,941,079		14.9	%		87,305,356		16.4	%
Construction & Building		13,156,781		2.7	%		13,446,800		2.5	%
Consumer Goods: Durable		49,389,498		10.1	%		51,235,893		9.6	%
Consumer Goods: Non-durable		41,870,070		8.5	%		42,071,990		7.9	%
Consumer Services		11,650,334		2.4	%		8,699,485		1.6	%
Financial Services		7,912,718		1.6	%		—		—	%
Forest Products & Paper		10,614,250		2.2	%		10,917,405		2.0	%
Healthcare & Pharmaceuticals		94,333,192		19.2	%		94,446,748		17.8	%
High Tech Industries		80,793,240		16.5	%		90,843,387		17.1	%
Insurance		29,043,921		5.9	%		29,096,663		5.5	%
Sovereign & Public Finance		33,014,081		6.7	%		33,027,815		6.2	%
Transportation: Cargo		20,763,406		4.2	%		20,504,652		3.8	%
Wholesale		13,398,240		2.7	%		15,366,443		2.8	%
Total Investments	$	490,514,500		100.0	%	$	533,065,800		100.0	%

	March 31, 2024					December 31, 2023
	Fair Value		Percentage			Fair Value		Percentage
United States	$	489,109,312		99.7	%	$	531,815,989		99.8	%
Canada		1,405,188		0.3	%		1,249,811		0.2	%
Total Investments	$	490,514,500		100.0	%	$	533,065,800		100.0	%

The following table summarizes the fair value hierarchy of the Company’s investment portfolio as of March 31, 2024:

	Level 1		Level 2		Level 3		Total
Senior Secured Loans	$	—	$	16,612,926	$	467,280,580	$	483,893,506
Equity		—		—		6,620,994		6,620,994
Total Investments	$	—	$	16,612,926	$	473,901,574	$	490,514,500

The following table summarizes the fair value hierarchy of the Company’s investment portfolio as of December 31, 2023:

	Level 1		Level 2		Level 3		Total
Senior Secured Loans	$	—	$	16,921,875	$	509,110,614	$	526,032,489
Equity		—		—		7,033,311		7,033,311
Total Investments	$	—	$	16,921,875	$	516,143,925	$	533,065,800

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2024:

	Senior Secured Loans			Equity			Total
Balance as of January 1, 2024	$	509,110,614		$	7,033,311		$	516,143,925
Purchases and drawdowns of investments		16,026,952			—			16,026,952
Proceeds from principal pre-payments and sales of investments		(59,264,830	)		—			(59,264,830	)
Payment-in-kind		602,748			—			602,748
Net accretion of discount on investments		291,122			—			291,122
Net change in unrealized appreciation (depreciation) on investments		(595,862	)		(412,317	)		(1,008,179	)
Net realized gain (loss) on investments		1,109,836			—			1,109,836
Transfers into Level 3 (1)		—			—			—
Transfers out of Level 3 (1)		—			—			—
Balance as of March 31, 2024	$	467,280,580		$	6,620,994		$	473,901,574
Net change in unrealized appreciation (depreciation) on Level 3 investments still held	$	(239,300	)	$	(412,317	)	$	(651,617	)

(1)Transfers into Level 3, if any, are due to a decrease in the quantity and reliability of broker quotes obtained and transfers out of Level 3, if any, are due to an increase in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs.

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2023:

	Senior Secured Loans			Equity			Total
Balance as of January 1, 2023	$	478,620,993		$	8,588,300		$	487,209,293
Purchases of investments		24,846,991			—			24,846,991
Proceeds from principal pre-payments and sales of investments		(2,235,331	)		—			(2,235,331	)
Payment-in-kind		340,667			—			340,667
Net accretion of discount on investments		584,139			—			584,139
Net change in unrealized appreciation (depreciation) on investments		455,984			(1,369,635	)		(913,651	)
Net realized gain (loss) on investments		39,883			—			39,883
Transfers into Level 3 (1)		—			—			—
Transfers out of Level 3 (1)		(24,132,031	)		—			(24,132,031	)
Balance as of March 31, 2023	$	478,521,295		$	7,218,665		$	485,739,960
Net change in unrealized appreciation (depreciation) on Level 3 investments still held	$	455,984		$	(1,369,635	)	$	(913,651	)

(1)Transfers into Level 3, if any, are due to a decrease in the quantity and reliability of broker quotes obtained and transfers out of Level 3, if any, are due to an increase in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs.

The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of March 31, 2024 were as follows:

Investment type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)	Impact to Valuation from an Increase in Input
Senior Secured Loans	$	249,502,720	Discounted cash flow	Discount rate	6.2% - 13.9% (9.9%)	Decrease
		186,128,151	Yield analysis	Market yield	5.3% - 20.7% (10.9%)	Decrease
		13,398,240	Enterprise value waterfall	EBITDA multiple	12.0x (12.0x)	Increase
		18,251,469	Recent transactions	Transaction price	N/A	N/A
Equity		6,620,994	Enterprise value waterfall	EBITDA multiple	12.0x - 15.7x (14.3x)	Increase
	$	473,901,574

For the three months ended March 31, 2024, the valuation technique for certain investments classified as Wholesale amounting to $13,398,240 changed to enterprise value waterfall approach. These investments were previously valued utilizing the yield analysis approach. The change was due to market conditions and is more reflective of the go forward performance.

The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of December 31, 2023 were as follows:

Investment type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)	Impact to Valuation from an Increase in Input
Senior Secured Loans	$	382,741,551	Discounted cash flow	Discount rate	6.2% - 108.9% (12.4%)	Decrease
		76,718,361	Yield analysis	Market yield	11.2% - 16.4% (12.6%)	Decrease
		49,650,702	Recent transactions	Transaction price	N/A	N/A
Equity		7,033,311	Enterprise value waterfall	EBITDA multiple	12.5x - 15.4x (14.2x)	Increase
	$	516,143,925

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Borrowings

3 Months Ended

Mar. 31, 2024

Debt Instruments [Abstract]

Borrowings

Note 5. Borrowings

On October 4, 2021, the ODL SPV, as borrower, and the Company, solely in its capacities as equity holder and collateral manager, entered into a Loan and Servicing Agreement with Société Générale, as initial lender and agent, and certain financial institutions (the “Lenders”), and U.S. Bank National Association as collateral agent and collateral custodian (the “SPV Facility”), as amended on December 27, 2021, as further amended on March 31, 2022, July 14, 2022 and on April 4, 2023, pursuant to which the amount made available to ODL SPV was increased from $100.0 million to $340.0 million. Borrowings under the SPV Facility will bear interest at SOFR plus a spread of 1.75% or 2.40% based on certain conditions (or an alternative rate of interest for certain loans denominated in Canadian Dollars, Euros or Sterling). ODL SPV will also pay an unused commitment fee at rate of (1) 1.00% if the amount drawn under the SPV Facility is less than the minimum commitment usage (the “Minimum Commitment Usage”) and (2) 0.40% if the amount drawn under the SPV Facility is greater than or equal to the Minimum Commitment Usage. The Minimum Commitment Usage is equal to (1) 0.0% for the first six months ended April 4, 2022; (2) 37.5% for the period from April 5, 2022 through June 27, 2022; (3) 75% for the period from June 28, 2022 through July 13, 2022; (4) $150.0 million for the period from July 14, 2022 through January 13, 2023; and (5) $255.0 million thereafter. The Company also pays a fee of 0.20% per annum on the outstanding balance under the SPV Facility beginning on July 14, 2022. The SPV Facility terminates on October 2, 2026.

In connection with the SPV Facility, on October 4, 2021, the Company entered into a sale and contribution agreement with the ODL SPV, which provides for the sale and contribution of certain loans to the ODL SPV and for future sales from the Company to the ODL SPV on an ongoing basis. Such loans sold and contributed to ODL SPV constitute part of the initial portfolio of assets securing the SPV Facility.

The SPV Facility includes customary covenants, including certain financial maintenance covenants, limitation on the activities of ODL SPV, including limitations on incurrence of incremental indebtedness, and customary events of default. The SPV Facility is secured by a lien on assets held by the ODL SPV and on any payments received by ODL SPV in respect of those assets.

Further, as discussed in Note 3 above, on September 8, 2022, the Company entered into the Revolving Onex Loan with the Onex Entity. On May 5, 2023, the Company terminated the Revolving Onex Loan and entered into the Revolving OCF II Loan with OCF II.

Debt obligations consisted of the following as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
	Total Borrowing Capacity		Principal Outstanding		Total Borrowing Capacity		Principal Outstanding
SPV Facility	$	340,000,000	$	262,000,000	$	340,000,000	$	263,000,000
Revolving OCF II Loan		80,000,000		—		80,000,000		—
	$	420,000,000	$	262,000,000	$	420,000,000	$	263,000,000

Due to the short-term nature of the SPV Facility, the outstanding principal balance approximates fair value. The fair value of the credit facility would be categorized as Level 3.

For the three months ended March 31, 2024 and 2023, the components of interest expense were as follows:

	Three Months Ended March 31,
	2024			2023
Interest expense	$	5,428,775		$	4,126,279
Amortization of deferred financing costs		277,917			277,917
Total interest and credit facility expense	$	5,706,692		$	4,404,196
Average debt outstanding	$	271,967,391		$	220,901,099
Weighted average interest rate		7.4	%		6.4	%

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Share Transactions

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Share Transactions

Note 6. Share Transactions

The Company is authorized to issue an unlimited number of common shares at $0.001 par value per share.

The following table summarizes the total shares issued and proceeds received during the three months ended March 31, 2024:

Period Ended	Shares Issued		Proceeds Received
March 31, 2024		21,853	$	532,335
		21,853	$	532,335

The following table summarizes the total shares issued and proceeds received during the three months ended March 31, 2023:

Period Ended	Shares Issued		Proceeds Received
March 31, 2023		44,339	$	1,088,965
		44,339	$	1,088,965

Distributions

The Company may fund its cash distributions to shareholders from any sources of funds available to it, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets, non-capital gains proceeds from the sale of assets, dividends or other distributions paid to the Company on account of preferred and common equity investments in portfolio companies and fee and expense reimbursement waivers from the Adviser or the Administrator, if any. The Company has not established limits on the amount of funds it may use from available sources to make distributions. During certain periods, the Company’s distributions may exceed its taxable earnings. As a result, it is possible that a portion of the distributions the Company makes may represent a return of capital. A return of capital generally is a return of a shareholder’s investment rather than a return of earnings or gains derived from the Company’s investment activities.

With respect to distributions, the Company has adopted an “opt out” DRP for common shareholders. As a result, in the event of a declared distribution, each shareholder that has not “opted out” of the DRP will have their distributions automatically reinvested in additional common shares rather than receiving cash distributions. Shareholders who receive distributions in the form of common shares will be subject to the same U.S. federal, state and local tax consequences as if they received cash distributions.

The following table summarizes the distribution declarations and common shares issued pursuant to the distribution reinvestment plan for the three months ended March 31, 2024:

Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued
March 1, 2024	March 5, 2024	March 21, 2024	$	0.77	$	8,116,595		79,402
			$	0.77	$	8,116,595		79,402

The following table summarizes the distribution declarations and common shares issued pursuant to the distribution reinvestment plan for the three months ended March 31, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued
March 2, 2023	March 2, 2023	March 23, 2023	$	0.58	$	7,007,486		178,875
			$	0.58	$	7,007,486		178,875

Share Repurchase Program

In the first quarter of 2023, the Company began offering, and on a quarterly basis, intends to continue offering, to repurchase up to 5% of the Company’s outstanding shares as of the close of the previous calendar quarter. Although the Company intends to offer to repurchase up to 5% of its common shares outstanding in each quarter, the Board has in the past, and may in the future, increase the size of the tender offer, if the Board determines such an increase to be in the best interest of the Company and its shareholders. The Board has complete discretion to determine whether the Company will offer to repurchase any of its common shares, and if so, the terms of such repurchase. At the discretion of the Board, the Company may use cash on hand, cash available from borrowings, and cash from the sale of investments as of the end of the applicable period to repurchase shares.

All shares purchased by the Company pursuant to the terms of each offer to repurchase will be retired and thereafter will be authorized and unissued shares.

Any periodic repurchase offers are subject in part to the Company’s available cash and compliance with the BDC and RIC qualification and diversification rules promulgated under the 1940 Act and the Code, respectively. While the Company intends to continue to conduct quarterly tender offers as described above, the Company is not required to do so and may suspend or terminate the share repurchase program at any time.

The following table presents the share repurchases completed during the three months ended March 31, 2024:

Tender Offer Date	Tender Offer Expiration	Tender Offer		Price Paid per Share		Total Number of Shares Repurchased		Maximum Number of Shares that may yet be purchased under the repurchase plan (1)
January 12, 2024	February 9, 2024		736,400	$	24.36		677,139		—
							677,139

(1)All repurchase requests were satisfied in full.

The following table presents the share repurchases completed during the three months ended March 31, 2023:

Tender Offer Date	Tender Offer Expiration	Tender Offer		Price Paid per Share		Total Number of Shares Repurchased		Maximum Number of Shares that may yet be purchased under the repurchase plan (1)
January 13, 2023	February 10, 2023		622,786	$	24.56		418,189		—
							418,189

(1)All repurchase requests were satisfied in full.

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Earnings Per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Earnings Per Share

Note 7. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
Net increase in net assets resulting from operations	$	8,146,574	$	5,881,636
Weighted average common shares outstanding—basic and diluted		10,844,459		12,300,303
Net increase in net assets resulting from operations per common share—basic and diluted	$	0.75	$	0.48

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Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 8. Income Taxes

The Company has elected to be treated as a RIC under the Code, and intends to operate in a manner so as to continue to qualify for the tax treatment applicable to RICs. As a RIC, the Company is not subject to federal income tax on the portion of its taxable income and gains distributed currently to its shareholders as a distribution. The Company’s quarterly distributions, if any, are determined by the Board. The Company anticipates distributing substantially all of its taxable income and gains, within the Subchapter M rules, and thus the Company anticipates that it will not incur any federal or state income tax at the RIC level. As a RIC, the Company is also subject to a federal excise tax based on distributive requirements of its taxable income on a calendar year basis.

Depending on the level of taxable income earned in a tax year, the Company may choose to carry forward taxable income in excess of current year distributions into the next tax year and pay a 4% excise tax on such income, to the extent required.

Taxable Subsidiaries

Certain of the Company's subsidiaries are subject to U.S. federal and state corporate-level income taxes. As of March 31, 2024 and December 31, 2023, there were deferred tax assets of $0.8 million and $0.6 million, offset by valuation allowances of $0.8 million and $0.6 million, respectively, for taxable subsidiaries. The cumulative deferred tax asset has been fully offset by a valuation allowance due to uncertainty about the Company's ability to utilize these net operating losses in future years.

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Financial Highlights

3 Months Ended

Mar. 31, 2024

Investment Company, Financial Highlights [Abstract]

Financial Highlights

Note 9. Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024			2023
Per share data:
Net asset value, beginning of period	$	24.36		$	24.56
Results of operations:
Net investment income (loss) (1)		0.76			0.59
Net realized and unrealized gain (loss) (6)		0.01			(0.10	)
Net increase (decrease) in net assets resulting from operations (1)		0.77			0.49
Shareholder distributions: (2)
Distributions from net investment income		(0.77	)		(0.58	)
Net decrease in net assets resulting from shareholder distributions		(0.77	)		(0.58	)
Net asset value, end of period	$	24.36		$	24.47
Shares outstanding, end of period		10,620,435			12,260,748
Total return based on net asset value (3)		3.16	%		1.99	%
Ratio/Supplemental Data:
Net assets, end of period	$	258,702,759		$	299,998,356
Ratio of net investment income (loss) to average net assets (4)		14.19	%		11.03	%
Ratio of total expenses to average net assets (4)		11.46	%		10.00	%
Ratio of net expenses to average net assets (4)		11.64	%		9.70	%
Average debt outstanding	$	271,967,391		$	220,901,099
Portfolio turnover		3	%		1	%
Total amount of senior securities outstanding	$	262,000,000		$	255,000,000
Asset coverage per unit (5)	$	1,987		$	2,176

(1)The per share data was derived using weighted average shares outstanding during the period.

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

(3)Total return based on net asset value is calculated as the change in net asset value per share during the period, and reflects reinvestment of any distributions to common shareholders. Total return is not annualized.

(4)The computation of average net assets during the period is based on averaging net assets for the period reported. Ratio, excluding incentive fees, and nonrecurring expenses and waivers, such as organization and offering costs and reimbursement of expense support to the Adviser, is annualized. Net expenses include reimbursement of expense support to the Adviser for the three months ended March 31, 2024. Net expenses include incentive fee waiver from the Adviser for the three months ended March 31, 2023.

(5)Asset coverage per unit is the ratio of the carrying value of the Company’s consolidated total assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(6)The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption is derived from total change in net asset value during the period and differs from the amount calculated using average shares because of the timing of issuances of the Company’s shares in relation to changes in net asset value during the period.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 10. Commitments and Contingencies

In the normal course of its business, the Company may enter into contracts that require it to make certain representations and warranties and which provide for general indemnifications. Given that these would involve future claims against the Company that have not yet been made, the Company’s potential exposure under these arrangements is unknown. Based upon past experience, management expects the risk of loss under these indemnification provisions to be remote.

From time to time, the Company may be a party to certain legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of the Company’s rights under contracts with its portfolio companies. As of March 31, 2024, the Company is not aware of any pending or threatened litigation.

See Note 3 for a discussion of the Company's conditional reimbursement to the Adviser under the Expense Support Agreement.

The Company may, from time to time, enter into commitments to fund investments. As of March 31, 2024 and December 31, 2023, the Company had the following outstanding commitments to fund investments in current portfolio companies:

	March 31, 2024		December 31, 2023
Unfunded delayed draw term loan commitments	$	3,494,159	$	3,926,790
Unfunded revolver obligations		15,788,991		15,736,196
	$	19,283,150	$	19,662,986

The Company maintains sufficient capacity to cover outstanding unfunded portfolio company commitments that the Company may be required to fund.

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Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 11. Subsequent Events

Management has evaluated subsequent events through the date of issuance of these financial statements and has determined that there are no subsequent events outside the ordinary scope of business that require adjustment to, or disclosure in, the financial statements other than those disclosed below.

On April 1, 2024, the Company, in connection with its private placement of its common shares, issued 158,415 common shares for an aggregate amount of $3.9 million.

On May 9, 2024, the Board declared a quarterly dividend of $0.70 per share for the Company’s shareholders of record as of May 14, 2024, payable on June 20, 2024.

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Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) pursuant to the requirements for reporting on Form 10-Q and Regulation S-X, as appropriate. These unaudited consolidated financial statements (“consolidated financial statements”) reflect adjustments that in the opinion of the Company are necessary for the fair presentation of the financial position and results of operations as of and for the periods presented herein and notes thereto should be read in conjunction with the consolidated financial statements and notes thereto in the Company's Form 10-K for the year ended December 31, 2023, as filed with the SEC. The Company is considered an investment company under U.S. GAAP and therefore applies the accounting and reporting guidance applicable to investment companies.

Use of Estimates

Use of Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material.

Consolidation

Consolidation

In accordance with U.S. GAAP guidance on consolidation, 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 services to the Company. Accordingly, the Company consolidated the accounts of the Company’s wholly-owned subsidiaries, ODL SPV, ODL Blocker and OFDL Holdings, in its consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.

Segments

Segments

In accordance with U.S. GAAP guidance on segment reporting, the Company has determined that its operations comprise a single reporting segment.

Cash and Cash Equivalents and Restricted Cash

Cash and Cash Equivalents and Restricted Cash

Cash consists of deposits held at a custodian bank. Cash equivalents consists of money market investments. The carrying amounts for money market investments approximate fair value. Restricted cash consists of deposits pledged as collateral. Cash, cash equivalents and restricted cash are held at major financial institutions and, at times, may exceed the insured limits under applicable law.

Investments

Investments

Investment transactions are recorded on the trade date. Realized gains or losses on investments are calculated using the specific identification method as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment without regard to unrealized appreciation or depreciation previously recognized, and include investments charged off during the period, net of recoveries. Net change in unrealized appreciation or depreciation reflects the change in portfolio investment values during the reporting period, including any reversal of previously recorded unrealized appreciation or depreciation when gains or losses are recognized.

Valuation Procedures

Valuation Procedures

The Board has designated the Adviser as its “valuation designee” pursuant to Rule 2a-5 under the 1940 Act, and in that role the Adviser is responsible for performing fair value determinations relating to all of the Company’s investments, including periodically assessing and managing any material valuation risks and establishing and applying fair value methodologies, in accordance with valuation policies and procedures that have been approved by the Board. Although the Board designated the Adviser as “valuation designee,” the Board ultimately is responsible for fair value determinations under the 1940 Act.

Investments for which market quotations are readily available are typically valued at the average bid and ask prices of such market quotations, which are generally obtained from independent pricing services, broker-dealers or market makers. To validate market quotations, the Company will utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities for which market quotations are not readily available or are deemed not to represent fair value, are valued at fair value as determined in good faith by the Adviser, in accordance with a valuation policy approved by the Board and a consistently applied valuation process. Accordingly, such investments go through the Company’s multi-step valuation process as described below. Investments purchased within the quarter before the valuation date may each be valued at cost, unless such valuation, in the judgment of the Adviser, does not represent fair value.

The Adviser undertakes a multi-step valuation process, which includes, among other procedures, the following:

•The Company’s quarterly valuation process begins with each portfolio company or investment being initially valued using certain inputs, among others, provided by the Adviser's investment professionals that are responsible for the portfolio investment;

•Preliminary valuation conclusions are then documented and discussed with the Adviser's senior investment team;

•At least once annually, the valuation for each portfolio investment is reviewed by an independent valuation firm. In each case, the Company’s independent third party valuation firms consider observable market inputs together with significant unobservable inputs in arriving at their valuation recommendations for such investments; and

•The Adviser then reviews the valuations and determines the fair value of each investment.

As part of the valuation process, the Adviser may consider other information and may use valuation methods including but not limited to (i) market quotes for similar investments, (ii) recent trading activity, (iii) discounting forecasted cash flows of the investment, (iv) models that consider the implied yields from comparable debt, (v) third party appraisals, (vi) sale negotiations and purchase offers received from independent parties and (vii) estimated value of underlying assets to be received in any liquidation or restructuring.

As part of the valuation process, the Adviser will primarily use the “income approach” by using a present value technique that discounts the estimated contractual cash flows. Discount rates applied to estimated contractual cash flows for an underlying asset vary by specific investment, industry, priority and nature of the debt security and are assessed relative to leveraged loan and high-yield bond indices at the valuation date. The use of market indices as part of the valuation methodology is subject to adjustment for many factors, including priority, collateral used as security, structure, performance and other quantitative and qualitative attributes of the asset being valued. When an external event such as a purchase transaction, public offering or subsequent equity or debt sale occurs, the Board or its delegates will consider whether the pricing indicated by the external event corroborates its valuation.

When the Company determines its NAV as of the last day of a month that is not also the last day of a calendar quarter, the Company intends to update the value of securities with reliable market quotations to the most recent market quotation. For securities without reliable market quotations, the Adviser’s valuation team will generally value such assets at the most recent quarterly valuation unless the Adviser determines that a significant observable change has occurred since the most recent quarter end with respect to the investment (which determination may be as a result of a material event at a portfolio company, material change in market spreads, secondary market transaction in the securities of an investment or otherwise). If the Adviser’s valuation team determines such a change has occurred with respect to one or more investments, the Adviser’s valuation team will determine whether to update the value for each relevant investment, using positive assurance from an independent valuation firm where applicable in accordance with our valuation policy, pursuant to authority delegated by the Board.

Financial Accounting Standards Board Accounting Standards Codification Topic 820: Fair Value Measurements and Disclosures (“ASC 820”) specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. ASC 820 also provides guidance regarding a fair value hierarchy, which prioritizes information used to measure fair value and the effect of fair value measurements on earnings and provides for enhanced disclosures determined by the level of information used in the valuation.

The Company classifies the inputs used to measure fair values into the following hierarchy:

•Level 1—Valuations are based on quoted prices in active markets for identical assets or liabilities that are accessible to the Company at the measurement date.

•Level 2—Valuations are based on similar assets or liabilities in active markets, or quoted prices identical or similar assets or liabilities in markets that are not active or for which all significant inputs are observable, either directly or indirectly and model-based valuation techniques for which all significant inputs are observable.

•Level 3—Valuations are based on inputs that are unobservable and significant to the overall fair value measurement. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models incorporating significant unobservable inputs, such as discounted cash flow models and other similar valuation techniques. The valuation of Level 3 assets and liabilities generally requires significant management judgment due to the inability to observe inputs to valuation.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment’s level within the fair value hierarchy is based on the lowest level of observable input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and it considers factors specific to the investment.

Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs. In addition to using the above inputs in investment valuations, the Company applies the valuation policy approved by its Board that is consistent with ASC 820. Consistent with the valuation policy, the Company evaluates the source of inputs, including any markets in which its investments are trading (or any markets in which securities with similar attributes are trading), in determining fair value. When a security is valued based on prices provided by reputable dealers or pricing services (that is, broker quotes), the Company subjects those prices to various additional criteria in making the determination as to whether a particular investment would qualify for treatment as a Level 2 or Level 3 investment. For example, the Company reviews pricing provided by dealers or pricing services in order to determine if observable market information is being used, versus unobservable inputs. Some additional factors considered include the number of prices obtained as well as an assessment as to their quality, such as the depth of the relevant market relative to the size of the Company’s position.

A determination of fair value involves subjective judgments and estimates and depends on the facts and circumstances present at each valuation date. Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Company’s investments may fluctuate from period to period. Additionally, the fair value of such investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values that may ultimately be realized. Further, such investments are generally less liquid than publicly traded securities and may be subject to contractual and other restrictions on resale. If the Company were required to liquidate a

portfolio investment in a forced or liquidation sale, it could realize amounts that are different from the amounts presented and such differences could be material.

In addition, changes in the market environment, including the impact of changes in broader market indices and credit spreads, and other events that may occur over the life of the investments may cause the gains or losses ultimately realized on these investments to be different than the unrealized gains or losses reflected herein.

Revenue Recognition

Revenue Recognition

Interest income is recorded on an accrual basis and includes the accretion of discounts and amortization of premiums. Discounts from and premiums to par value on debt investments purchased are accreted/amortized into interest income over the life of the respective security using the effective interest method. The amortized cost of debt investments represents the original cost, including origination fees and upfront fees received that are deemed to be an adjustment to yield, adjusted for the accretion of discounts and amortization of premiums, if any.

Loans are generally placed on non-accrual status when there is reasonable doubt that principal or interest will be collected in full. The Company considers many factors relevant to an investment when placing it on or removing it from non-accrual status including, but not limited to, the delinquency status of the investment, economic and business conditions, the overall financial condition of the underlying investment, the value of the underlying collateral, bankruptcy status, if any, and any other facts or circumstances relevant to the investment. Accrued interest is generally reversed when a loan is placed on non-accrual status. Payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability of the outstanding principal and interest. Non-accrual loans may be restored to accrual status when past due principal and interest is paid current and are likely to remain current based on management’s judgment.

Dividend income on preferred equity securities is recorded on the accrual basis to the extent that such amounts are payable by the portfolio company and are expected to be collected. Dividend income on common equity securities is recorded on the record date for private portfolio companies or on the ex-dividend date for publicly-traded portfolio companies.

Loan origination fees, original issue discount and market discount are capitalized, and the Company amortizes such amounts as interest income over the respective term of the loan or security. Upon the prepayment of a loan or security, any unamortized loan origination fees and original issue discount are recorded as interest income. The Company records prepayment premiums on loans and securities as fee income when it receives such amounts.

Payment-in-Kind Interest

Payment-in-Kind Interest

Payment-in-kind (“PIK”) interest, computed at the contractual rate specified in each loan agreement, is added to the principal balance of the loan and recorded as interest income and generally becomes due at maturity. To maintain the Company’s status as a RIC, this non-cash source of income must be paid out to shareholders in the form of distributions, even though the Company has not yet collected the cash.

Deferred Financing Costs

Deferred Financing Costs

Origination and other expenses related to the Company’s revolving credit facility are recorded as deferred financing costs and amortized as part of interest expense using the straight-line method over the stated life of the debt instrument.

Organization and Offering Costs

Organization and Offering Costs

Organization costs include, among other things, the cost of incorporating, including the cost of legal services, printing, consulting services and other fees pertaining to the Company’s organization. Costs associated with the organization of the Company are expensed as incurred. Offering costs include legal expenses related to the preparation of the Company’s private placement memorandum in connection with the Company's offering of common shares. Offering costs are capitalized as deferred offering expenses and are amortized over twelve months from incurrence.

Earnings per Share

Earnings per Share

Basic earnings per share is calculated by dividing net income or loss attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated in the same manner, with further adjustments to reflect the dilutive effect of common share equivalents outstanding.

Income Taxes

Income Taxes

The Company has elected to be regulated as a BDC under the 1940 Act. The Company has elected to be treated for U.S. federal income tax purposes, and intends to qualify annually, as a RIC. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. federal income or excise taxes on any ordinary income or capital gains that it distributes at least annually to its shareholders as distributions. Rather, any tax liability related to income earned and distributed would represent obligations of the Company’s investors and would not be reflected in the consolidated financial statements of the Company.

The Company evaluates tax positions taken or expected to be taken in the course of preparing its consolidated financial statements to determine whether the tax positions are “more likely than not” to be sustained by the applicable tax authority. Tax positions not deemed to meet the “more likely than not” threshold are reserved and recorded as a tax benefit or expense in the current year. All penalties and interest associated with income taxes are included in income tax expense. Conclusions regarding tax positions are subject to review and may be adjusted at a later date based on factors including, but not limited to, ongoing analyses of tax laws, regulations and interpretations thereof.

To qualify for and maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements. In addition, to qualify for RIC tax treatment, the Company must distribute to its shareholders, for each taxable year, at least 90% of its “investment company taxable income” for that year, which is generally its ordinary income plus the excess, if any, of its realized net short-term capital gains over its realized net long-term capital losses.

In addition, based on the excise tax distribution requirements, the Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of capital gains in excess of capital losses (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. For this purpose, however, any net ordinary income or capital gains retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% nondeductible U.S. federal excise tax on this income.

The Company has analyzed the tax positions taken on federal and state income tax returns for all open tax years and has concluded that no provision for income tax for uncertain tax positions is required in the Company’s consolidated financial statements. The Company’s major tax jurisdictions are U.S. federal, New York State, and foreign jurisdictions where the Company makes significant investments. The Company’s federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

Distributions to Common Shareholders

Distributions to Common Shareholders

Distributions to the Company’s shareholders are recorded on the record date. The amount to be paid out as a distribution is determined by the Board and is generally based upon earnings estimated by the Adviser. Net realized capital gains, if any, would generally be distributed at least annually, although the Company may decide to retain such capital gains.

The Company has adopted an “opt out” dividend reinvestment plan (“DRP”) for its shareholders. As a result, if the Company makes a cash distribution, its shareholders will have their cash distributions reinvested in additional shares of the Company including fractional shares as necessary, unless they specifically “opt out” of the DRP to receive the distribution in cash. Under the DRP, cash distributions to participating shareholders will be reinvested in additional shares of the Company at a purchase price equal to the net asset value per share as of the last day of the calendar quarter immediately preceding the date such distribution was declared.

The Company may distribute taxable distributions that are payable in cash or shares at the election of each shareholder. Under certain applicable provisions of the Code and the U.S. Treasury regulations, distributions payable in cash or in common shares at the election of shareholders are treated as taxable distributions. As a result, a U.S. shareholder may be required to pay tax with respect to such distributions in excess of any cash received. If a U.S. shareholder sells the shares it receives in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the distribution, depending on the market price of the Company’s shares at the time of the sale. Furthermore, with respect to non-U.S. shareholders, the Company may be required to withhold U.S. tax with respect to such distributions, including in respect of all or a portion of such distribution that is payable in shares.

Foreign Currency Translation

Foreign Currency Translation

Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (1) all assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the date of valuation; and (2) purchases and sales of investments, borrowings and repayments of such borrowings, and income and expense items

denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments.

Investments denominated in foreign currencies and foreign currency transactions may involve certain considerations and risks not typically associated with those of domestic origin. These risks include, but are not limited to, currency fluctuations and revaluations and future adverse political, social and economic developments, which could cause investments in foreign markets to be less liquid and prices more volatile than those of comparable U.S. companies or U.S. government securities.

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Related Party Transaction (Tables)

3 Months Ended

Mar. 31, 2024

Related Party Transactions [Abstract]

Summary of Expense Payment Subject to Reimbursement

The following table summarizes the Expense Payments that may be subject to reimbursement pursuant to the Expense Support Agreement:

Quarter Ended	Expense Payment Received from the Adviser		Reimbursement Payment made to Adviser		Unreimbursed Expense Payment Waived by Adviser		Eligible for Reimbursement Through
December 31, 2021	$	2,858,000	$	1,959,766	$	898,234	December 31, 2024

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Investments and Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Investment Portfolio at Amortized Cost and Fair Value

The following table summarizes the composition of the Company’s investment portfolio at amortized cost and fair value as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Senior Secured Loans	$	491,031,626	$	483,893,506	$	532,378,544	$	526,032,489
Equity		9,585,173		6,620,994		9,585,173		7,033,311
Total Investments	$	500,616,799	$	490,514,500	$	541,963,717	$	533,065,800

Schedule of Investment Portfolio by Industry and Geographic Composition

The following tables summarize the industry and geographic composition of the Company’s investment portfolio based on fair value as of March 31, 2024 and December 31, 2023:

	March 31, 2024					December 31, 2023
	Fair Value		Percentage			Fair Value		Percentage
Automotive	$	—		—	%	$	19,279,402		3.6	%
Beverage, Food & Tobacco		11,633,690		2.4	%		16,823,761		3.2	%
Business Services		72,941,079		14.9	%		87,305,356		16.4	%
Construction & Building		13,156,781		2.7	%		13,446,800		2.5	%
Consumer Goods: Durable		49,389,498		10.1	%		51,235,893		9.6	%
Consumer Goods: Non-durable		41,870,070		8.5	%		42,071,990		7.9	%
Consumer Services		11,650,334		2.4	%		8,699,485		1.6	%
Financial Services		7,912,718		1.6	%		—		—	%
Forest Products & Paper		10,614,250		2.2	%		10,917,405		2.0	%
Healthcare & Pharmaceuticals		94,333,192		19.2	%		94,446,748		17.8	%
High Tech Industries		80,793,240		16.5	%		90,843,387		17.1	%
Insurance		29,043,921		5.9	%		29,096,663		5.5	%
Sovereign & Public Finance		33,014,081		6.7	%		33,027,815		6.2	%
Transportation: Cargo		20,763,406		4.2	%		20,504,652		3.8	%
Wholesale		13,398,240		2.7	%		15,366,443		2.8	%
Total Investments	$	490,514,500		100.0	%	$	533,065,800		100.0	%

	March 31, 2024					December 31, 2023
	Fair Value		Percentage			Fair Value		Percentage
United States	$	489,109,312		99.7	%	$	531,815,989		99.8	%
Canada		1,405,188		0.3	%		1,249,811		0.2	%
Total Investments	$	490,514,500		100.0	%	$	533,065,800		100.0	%

Summary of Fair Value Hierarchy of Investment Portfolio

The following table summarizes the fair value hierarchy of the Company’s investment portfolio as of March 31, 2024:

	Level 1		Level 2		Level 3		Total
Senior Secured Loans	$	—	$	16,612,926	$	467,280,580	$	483,893,506
Equity		—		—		6,620,994		6,620,994
Total Investments	$	—	$	16,612,926	$	473,901,574	$	490,514,500

The following table summarizes the fair value hierarchy of the Company’s investment portfolio as of December 31, 2023:

	Level 1		Level 2		Level 3		Total
Senior Secured Loans	$	—	$	16,921,875	$	509,110,614	$	526,032,489
Equity		—		—		7,033,311		7,033,311
Total Investments	$	—	$	16,921,875	$	516,143,925	$	533,065,800

Summary of Changes in Fair Value of Investments for Which Level 3 Inputs Were Used to Determine Fair Value

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2024:

	Senior Secured Loans			Equity			Total
Balance as of January 1, 2024	$	509,110,614		$	7,033,311		$	516,143,925
Purchases and drawdowns of investments		16,026,952			—			16,026,952
Proceeds from principal pre-payments and sales of investments		(59,264,830	)		—			(59,264,830	)
Payment-in-kind		602,748			—			602,748
Net accretion of discount on investments		291,122			—			291,122
Net change in unrealized appreciation (depreciation) on investments		(595,862	)		(412,317	)		(1,008,179	)
Net realized gain (loss) on investments		1,109,836			—			1,109,836
Transfers into Level 3 (1)		—			—			—
Transfers out of Level 3 (1)		—			—			—
Balance as of March 31, 2024	$	467,280,580		$	6,620,994		$	473,901,574
Net change in unrealized appreciation (depreciation) on Level 3 investments still held	$	(239,300	)	$	(412,317	)	$	(651,617	)

(1)Transfers into Level 3, if any, are due to a decrease in the quantity and reliability of broker quotes obtained and transfers out of Level 3, if any, are due to an increase in the quantity and reliability of broker quotes obtained as assessed by the Adviser. Transfers between levels, if any, are recognized at the beginning of the period in which the transfer occurs.

The following table presents changes in the fair value of investments for which Level 3 inputs were used to determine the fair value for the three months ended March 31, 2023:

	Senior Secured Loans			Equity			Total
Balance as of January 1, 2023	$	478,620,993		$	8,588,300		$	487,209,293
Purchases of investments		24,846,991			—			24,846,991
Proceeds from principal pre-payments and sales of investments		(2,235,331	)		—			(2,235,331	)
Payment-in-kind		340,667			—			340,667
Net accretion of discount on investments		584,139			—			584,139
Net change in unrealized appreciation (depreciation) on investments		455,984			(1,369,635	)		(913,651	)
Net realized gain (loss) on investments		39,883			—			39,883
Transfers into Level 3 (1)		—			—			—
Transfers out of Level 3 (1)		(24,132,031	)		—			(24,132,031	)
Balance as of March 31, 2023	$	478,521,295		$	7,218,665		$	485,739,960
Net change in unrealized appreciation (depreciation) on Level 3 investments still held	$	455,984		$	(1,369,635	)	$	(913,651	)

Summary of Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level 3 Investments

The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of March 31, 2024 were as follows:

Investment type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)	Impact to Valuation from an Increase in Input
Senior Secured Loans	$	249,502,720	Discounted cash flow	Discount rate	6.2% - 13.9% (9.9%)	Decrease
		186,128,151	Yield analysis	Market yield	5.3% - 20.7% (10.9%)	Decrease
		13,398,240	Enterprise value waterfall	EBITDA multiple	12.0x (12.0x)	Increase
		18,251,469	Recent transactions	Transaction price	N/A	N/A
Equity		6,620,994	Enterprise value waterfall	EBITDA multiple	12.0x - 15.7x (14.3x)	Increase
	$	473,901,574

For the three months ended March 31, 2024, the valuation technique for certain investments classified as Wholesale amounting to $13,398,240 changed to enterprise value waterfall approach. These investments were previously valued utilizing the yield analysis approach. The change was due to market conditions and is more reflective of the go forward performance.

The valuation techniques and significant unobservable inputs used in the valuation of Level 3 investments as of December 31, 2023 were as follows:

Investment type	Fair Value		Valuation Technique	Unobservable Input	Range (Weighted Average)	Impact to Valuation from an Increase in Input
Senior Secured Loans	$	382,741,551	Discounted cash flow	Discount rate	6.2% - 108.9% (12.4%)	Decrease
		76,718,361	Yield analysis	Market yield	11.2% - 16.4% (12.6%)	Decrease
		49,650,702	Recent transactions	Transaction price	N/A	N/A
Equity		7,033,311	Enterprise value waterfall	EBITDA multiple	12.5x - 15.4x (14.2x)	Increase
	$	516,143,925

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Borrowings (Tables)

3 Months Ended

Mar. 31, 2024

Debt Instruments [Abstract]

Summary of Debt Obligations

Debt obligations consisted of the following as of March 31, 2024 and December 31, 2023:

	March 31, 2024				December 31, 2023
	Total Borrowing Capacity		Principal Outstanding		Total Borrowing Capacity		Principal Outstanding
SPV Facility	$	340,000,000	$	262,000,000	$	340,000,000	$	263,000,000
Revolving OCF II Loan		80,000,000		—		80,000,000		—
	$	420,000,000	$	262,000,000	$	420,000,000	$	263,000,000

Schedule of Components of Interest Expense

For the three months ended March 31, 2024 and 2023, the components of interest expense were as follows:

	Three Months Ended March 31,
	2024			2023
Interest expense	$	5,428,775		$	4,126,279
Amortization of deferred financing costs		277,917			277,917
Total interest and credit facility expense	$	5,706,692		$	4,404,196
Average debt outstanding	$	271,967,391		$	220,901,099
Weighted average interest rate		7.4	%		6.4	%

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Share Transactions (Tables)

3 Months Ended

Mar. 31, 2024

Stockholders' Equity Note [Abstract]

Summary of Total Shares Issued and Proceeds Received

The following table summarizes the total shares issued and proceeds received during the three months ended March 31, 2024:

Period Ended	Shares Issued		Proceeds Received
March 31, 2024		21,853	$	532,335
		21,853	$	532,335

The following table summarizes the total shares issued and proceeds received during the three months ended March 31, 2023:

Period Ended	Shares Issued		Proceeds Received
March 31, 2023		44,339	$	1,088,965
		44,339	$	1,088,965

Summary of Distribution Declarations and Common Shares Issued Pursuant to Distribution Reinvestment Plan

The following table summarizes the distribution declarations and common shares issued pursuant to the distribution reinvestment plan for the three months ended March 31, 2024:

Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued
March 1, 2024	March 5, 2024	March 21, 2024	$	0.77	$	8,116,595		79,402
			$	0.77	$	8,116,595		79,402

The following table summarizes the distribution declarations and common shares issued pursuant to the distribution reinvestment plan for the three months ended March 31, 2023:

Date Declared	Record Date	Payment Date	Amount Per Share		Distribution Declared		DRP Shares Issued
March 2, 2023	March 2, 2023	March 23, 2023	$	0.58	$	7,007,486		178,875
			$	0.58	$	7,007,486		178,875

Summary of Share Repurchases

The following table presents the share repurchases completed during the three months ended March 31, 2024:

Tender Offer Date	Tender Offer Expiration	Tender Offer		Price Paid per Share		Total Number of Shares Repurchased		Maximum Number of Shares that may yet be purchased under the repurchase plan (1)
January 12, 2024	February 9, 2024		736,400	$	24.36		677,139		—
							677,139

(1)All repurchase requests were satisfied in full.

The following table presents the share repurchases completed during the three months ended March 31, 2023:

Tender Offer Date	Tender Offer Expiration	Tender Offer		Price Paid per Share		Total Number of Shares Repurchased		Maximum Number of Shares that may yet be purchased under the repurchase plan (1)
January 13, 2023	February 10, 2023		622,786	$	24.56		418,189		—
							418,189

(1)All repurchase requests were satisfied in full.

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Summary of Computation of Basic and Diluted Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024		2023
Net increase in net assets resulting from operations	$	8,146,574	$	5,881,636
Weighted average common shares outstanding—basic and diluted		10,844,459		12,300,303
Net increase in net assets resulting from operations per common share—basic and diluted	$	0.75	$	0.48

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Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2024

Investment Company, Financial Highlights [Abstract]

Schedule of Financial Highlights

The following is a schedule of financial highlights for the three months ended March 31, 2024 and 2023:

	Three Months Ended March 31,
	2024			2023
Per share data:
Net asset value, beginning of period	$	24.36		$	24.56
Results of operations:
Net investment income (loss) (1)		0.76			0.59
Net realized and unrealized gain (loss) (6)		0.01			(0.10	)
Net increase (decrease) in net assets resulting from operations (1)		0.77			0.49
Shareholder distributions: (2)
Distributions from net investment income		(0.77	)		(0.58	)
Net decrease in net assets resulting from shareholder distributions		(0.77	)		(0.58	)
Net asset value, end of period	$	24.36		$	24.47
Shares outstanding, end of period		10,620,435			12,260,748
Total return based on net asset value (3)		3.16	%		1.99	%
Ratio/Supplemental Data:
Net assets, end of period	$	258,702,759		$	299,998,356
Ratio of net investment income (loss) to average net assets (4)		14.19	%		11.03	%
Ratio of total expenses to average net assets (4)		11.46	%		10.00	%
Ratio of net expenses to average net assets (4)		11.64	%		9.70	%
Average debt outstanding	$	271,967,391		$	220,901,099
Portfolio turnover		3	%		1	%
Total amount of senior securities outstanding	$	262,000,000		$	255,000,000
Asset coverage per unit (5)	$	1,987		$	2,176

(1)The per share data was derived using weighted average shares outstanding during the period.

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

(3)Total return based on net asset value is calculated as the change in net asset value per share during the period, and reflects reinvestment of any distributions to common shareholders. Total return is not annualized.

(4)The computation of average net assets during the period is based on averaging net assets for the period reported. Ratio, excluding incentive fees, and nonrecurring expenses and waivers, such as organization and offering costs and reimbursement of expense support to the Adviser, is annualized. Net expenses include reimbursement of expense support to the Adviser for the three months ended March 31, 2024. Net expenses include incentive fee waiver from the Adviser for the three months ended March 31, 2023.

(5)Asset coverage per unit is the ratio of the carrying value of the Company’s consolidated total assets, less liabilities and indebtedness not represented by senior securities, to the aggregate amount of senior securities representing indebtedness. Asset coverage per unit is expressed in terms of dollar amounts per $1,000 of indebtedness and is calculated on a consolidated basis.

(6)The amount shown at this caption is the balancing figure derived from the other figures in the schedule. The amount shown at this caption is derived from total change in net asset value during the period and differs from the amount calculated using average shares because of the timing of issuances of the Company’s shares in relation to changes in net asset value during the period.

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Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Outstanding Commitments to Fund Investments

As of March 31, 2024 and December 31, 2023, the Company had the following outstanding commitments to fund investments in current portfolio companies:

	March 31, 2024		December 31, 2023
Unfunded delayed draw term loan commitments	$	3,494,159	$	3,926,790
Unfunded revolver obligations		15,788,991		15,736,196
	$	19,283,150	$	19,662,986

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Significant Accounting Policies - Additional Information (Details)	3 Months Ended
	Mar. 31, 2024 USD ($) Segment
Accounting Policies [Abstract]
Number of reporting segment | Segment	1
Minimum percentage of investment company taxable income distribute to shareholders for each taxable year to qualify for RIC tax treatment	90.00%
Percentage of nondeductible federal excise tax on undistributed income	4.00%
Description of excise tax distribution requirements	Company is subject to a 4% nondeductible federal excise tax on undistributed income unless the Company distributes in a timely manner in each taxable year an amount at least equal to the sum of (1) 98% of its net ordinary income (taking into account certain deferrals and elections) for the calendar year, (2) 98.2% of capital gains in excess of capital losses (both long-term and short-term) for the one-year period ending October 31 in that calendar year and (3) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. For this purpose, however, any net ordinary income or capital gains retained by the Company that is subject to corporate income tax is considered to have been distributed. The Company, at its discretion, may carry forward taxable income in excess of calendar year distributions and pay a 4% nondeductible U.S. federal excise tax on this income.
Provision for income tax for uncertain tax positions | $	$ 0
Foreign currency translation, description	Amounts denominated in foreign currencies are translated into U.S. dollars on the following basis: (1) all assets and liabilities denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates effective on the date of valuation; and (2) purchases and sales of investments, borrowings and repayments of such borrowings, and income and expense items denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates prevailing on the transaction dates. The portion of gains and losses on foreign investments resulting from fluctuations in foreign currencies is included in net realized and unrealized gain or loss from investments.

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Related Party Transactions - Additional Information (Details) - USD ($)					3 Months Ended		6 Months Ended	9 Months Ended	12 Months Ended
	Oct. 01, 2023	Jul. 01, 2023	May 05, 2023	Sep. 08, 2022	Mar. 31, 2024	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2021	Dec. 31, 2023
Related Party Transaction [Line Items]
Administrative fees					$ 250,000	$ 278,000
Percentage of incentive fee on capital gains	12.50%							15.00%
Management fee					$ 810,205	1,646,178
Subordinated incentive fee	0.00%				0.00%
Percentage of pre incentive fee net investment income	100.00%				100.00%
Incentive fee percentage of pre incentive net fee investment income	15.00%				15.00%
Incentive fees					$ 1,177,141	2,329,914
Incentive fee waiver						900,000
Maximum outstanding principal amount of loan					420,000,000					$ 420,000,000
Reimbursement payment made to adviser					500,000				$ 1,959,766
Remaining outstanding balance agreed to waive reimbursement payment to adviser					$ 900,000
Percentage of management fee to be payable on net assets		1.25%
Maximum
Related Party Transaction [Line Items]
Incentive fee percentage of pre incentive net fee investment income	15.00%				15.00%
Minimum
Related Party Transaction [Line Items]
Incentive fee percentage of pre incentive net fee investment income	12.50%				12.50%
Onex Falcon Investment Advisors, LLC
Related Party Transaction [Line Items]
Number of shares held by affiliated entity					696,833					653,383
Percentage of shares held by affiliated entitie					6.60%					5.80%
Onex Credit Finance Corporation
Related Party Transaction [Line Items]
Maximum outstanding principal amount of loan				$ 80,000,000
Line of credit term				2 years
Onex Credit Finance II Corporation
Related Party Transaction [Line Items]
Maximum outstanding principal amount of loan			$ 80,000,000
Line of credit term			2 years
Line of credit, Interest rate description					SOFR plus a spread of 2.60%
SOFR | Onex Credit Finance Corporation
Related Party Transaction [Line Items]
Interest on loan				2.60%
Line of credit, Interest rate description					SOFR plus a spread of 2.60%
SOFR | Onex Credit Finance II Corporation
Related Party Transaction [Line Items]
Interest on loan			2.60%
Administration Agreement
Related Party Transaction [Line Items]
Administrative fees					$ 300,000	300,000
Investment Advisory Agreement
Related Party Transaction [Line Items]
Investment advisory agreement terms					The Investment Advisory Agreement will be in effect for a period of two years from its effective date and will remain in effect from year-to-year thereafter if approved annually by (i) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company, and (ii) the vote of a majority of the Company’s Board who are not parties to the Investment Advisory Agreement or “interested persons” of the Company, of the Adviser or of any of their respective affiliates, as defined in the 1940 Act. The Investment Advisory Agreement may be terminated at any time, without the payment of any penalty, upon 60 days’ written notice and, in certain circumstances, upon 120 days’ written notice, by the vote of a majority of the outstanding voting shares of the Company or by the vote of the Board or by the Adviser.
Investment advisory agreement effective term					2 years
Annual Rate of Percentage of Assets							1.25%
Management fee					$ 800,000	$ 1,600,000
Incentive Fee, Description					The incentive fee consists of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on the Company’s income (such fee referred to herein as the “Subordinated Incentive Fee on Income”) and a portion is based on the Company’s capital gains (such fee referred to herein as the “Incentive Fee on Capital Gains”)
Organization and offering costs					$ 800,000

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Related Party Transaction - Summary of Expense Payment Subject to Reimbursement (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2021
Noninterest Expense [Abstract]
Advisor Expense Payment		$ 2,858,000
Reimbursement payment made to adviser	$ 500,000	1,959,766
Unreimbursed expense payment waived by adviser		$ 898,234
Eligible Reimbursement Period		Dec. 31, 2024

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Investments and Fair Value Measurements - Schedule of Investment Portfolio at Amortized cost and Fair Value (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Summary of Investment Holdings [Line Items]
Amortized Cost	$ 500,616,799	$ 541,963,717
Fair Value	490,514,500	533,065,800
Senior Secured Loans
Summary of Investment Holdings [Line Items]
Amortized Cost	491,031,626	532,378,544
Fair Value	483,893,506	526,032,489
Equity
Summary of Investment Holdings [Line Items]
Amortized Cost	9,585,173	9,585,173
Fair Value	$ 6,620,994	$ 7,033,311

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Investments and Fair Value Measurements - Schedule of Investment Portfolio by Industry (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Summary of Investment Holdings [Line Items]
Fair Value	$ 490,514,500	$ 533,065,800
Percentage	100.00%	100.00%
Automotive
Summary of Investment Holdings [Line Items]
Fair Value		$ 19,279,402
Percentage		3.60%
Beverage, Food & Tobacco
Summary of Investment Holdings [Line Items]
Fair Value	$ 11,633,690	$ 16,823,761
Percentage	2.40%	3.20%
Business Services
Summary of Investment Holdings [Line Items]
Fair Value	$ 72,941,079	$ 87,305,356
Percentage	14.90%	16.40%
Construction & Building
Summary of Investment Holdings [Line Items]
Fair Value	$ 13,156,781	$ 13,446,800
Percentage	2.70%	2.50%
Consumer Goods: Durable
Summary of Investment Holdings [Line Items]
Fair Value	$ 49,389,498	$ 51,235,893
Percentage	10.10%	9.60%
Consumer Goods: Non-durable
Summary of Investment Holdings [Line Items]
Fair Value	$ 41,870,070	$ 42,071,990
Percentage	8.50%	7.90%
Consumer Services
Summary of Investment Holdings [Line Items]
Fair Value	$ 11,650,334	$ 8,699,485
Percentage	2.40%	1.60%
Financial Services
Summary of Investment Holdings [Line Items]
Fair Value	$ 7,912,718
Percentage	1.60%
Forest Products & Paper
Summary of Investment Holdings [Line Items]
Fair Value	$ 10,614,250	$ 10,917,405
Percentage	2.20%	2.00%
Healthcare & Pharmaceuticals
Summary of Investment Holdings [Line Items]
Fair Value	$ 94,333,192	$ 94,446,748
Percentage	19.20%	17.80%
High Tech Industries
Summary of Investment Holdings [Line Items]
Fair Value	$ 80,793,240	$ 90,843,387
Percentage	16.50%	17.10%
Insurance
Summary of Investment Holdings [Line Items]
Fair Value	$ 29,043,921	$ 29,096,663
Percentage	5.90%	5.50%
Sovereign & Public Finance
Summary of Investment Holdings [Line Items]
Fair Value	$ 33,014,081	$ 33,027,815
Percentage	6.70%	6.20%
Transportation: Cargo
Summary of Investment Holdings [Line Items]
Fair Value	$ 20,763,406	$ 20,504,652
Percentage	4.20%	3.80%
Wholesale
Summary of Investment Holdings [Line Items]
Fair Value	$ 13,398,240	$ 15,366,443
Percentage	2.70%	2.80%

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Investments and Fair Value Measurements - Schedule of Investment Portfolio by Geographic Composition (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Summary of Investment Holdings [Line Items]
Fair Value	$ 490,514,500	$ 533,065,800
Percentage	100.00%	100.00%
United States
Summary of Investment Holdings [Line Items]
Fair Value	$ 489,109,312	$ 531,815,989
Percentage	99.70%	99.80%
Canada
Summary of Investment Holdings [Line Items]
Fair Value	$ 1,405,188	$ 1,249,811
Percentage	0.30%	0.20%

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Investments and Fair Value Measurements - Summary of Fair Value Hierarchy of Investment Portfolio (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Summary of Investment Holdings [Line Items]
Total Investments	$ 490,514,500	$ 533,065,800
Level 2
Summary of Investment Holdings [Line Items]
Total Investments	16,612,926	16,921,875
Level 3
Summary of Investment Holdings [Line Items]
Total Investments	473,901,574	516,143,925
Senior Secured Loans
Summary of Investment Holdings [Line Items]
Total Investments	483,893,506	526,032,489
Senior Secured Loans | Level 2
Summary of Investment Holdings [Line Items]
Total Investments	16,612,926	16,921,875
Senior Secured Loans | Level 3
Summary of Investment Holdings [Line Items]
Total Investments	467,280,580	509,110,614
Equity
Summary of Investment Holdings [Line Items]
Total Investments	6,620,994	7,033,311
Equity | Level 3
Summary of Investment Holdings [Line Items]
Total Investments	$ 6,620,994	$ 7,033,311

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Investments and Fair Value Measurements - Summary of Changes in Fair Value of Investments for Which Level 3 Inputs Were Used to Determine Fair Value (Details) - Level 3 - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of January 1	$ 516,143,925	$ 487,209,293
Purchases and drawdowns of investments	16,026,952	24,846,991
Proceeds from principal pre-payments and sales of investments	(59,264,830)	(2,235,331)
Payment-in-kind	602,748	340,667
Net accretion of discount on investments	291,122	584,139
Net change in unrealized appreciation (depreciation) on investments	(1,008,179)	(913,651)
Net realized gain (loss) on investments	1,109,836	39,883
Transfers out of Level 3		(24,132,031)
Balance as of March 31	473,901,574	485,739,960
Net change in unrealized appreciation (depreciation) on Level 3 investments still held	(651,617)	(913,651)
Senior Secured Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of January 1	509,110,614	478,620,993
Purchases and drawdowns of investments	16,026,952	24,846,991
Proceeds from principal pre-payments and sales of investments	(59,264,830)	(2,235,331)
Payment-in-kind	602,748	340,667
Net accretion of discount on investments	291,122	584,139
Net change in unrealized appreciation (depreciation) on investments	(595,862)	455,984
Net realized gain (loss) on investments	1,109,836	39,883
Transfers out of Level 3		(24,132,031)
Balance as of March 31	467,280,580	478,521,295
Net change in unrealized appreciation (depreciation) on Level 3 investments still held	(239,300)	455,984
Equity
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance as of January 1	7,033,311	8,588,300
Net change in unrealized appreciation (depreciation) on investments	(412,317)	(1,369,635)
Balance as of March 31	6,620,994	7,218,665
Net change in unrealized appreciation (depreciation) on Level 3 investments still held	$ (412,317)	$ (1,369,635)

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Investments and Fair Value Measurements - Summary of Valuation Techniques and Significant Unobservable Inputs Used in Valuation of Level 3 Investments (Details) - Level 3	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 473,901,574	$ 516,143,925
Senior Secured Loans | Discounted Cash Flow | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 249,502,720	$ 382,741,551
Impact to valuation from an increase in input	Decrease	Decrease
Senior Secured Loans | Discounted Cash Flow | Discount Rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	6.2	6.2
Senior Secured Loans | Discounted Cash Flow | Discount Rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	13.9	108.9
Senior Secured Loans | Discounted Cash Flow | Discount Rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	9.9	12.4
Senior Secured Loans | Yield Analysis | Market Yield
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 186,128,151	$ 76,718,361
Impact to valuation from an increase in input	Decrease	Decrease
Senior Secured Loans | Yield Analysis | Market Yield | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	5.3	11.2
Senior Secured Loans | Yield Analysis | Market Yield | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	20.7	16.4
Senior Secured Loans | Yield Analysis | Market Yield | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	10.9	12.6
Senior Secured Loans | Enterprise Value Waterfall | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 13,398,240
Range	12
Impact to valuation from an increase in input	Increase
Senior Secured Loans | Enterprise Value Waterfall | EBITDA Multiple | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	12
Equity | Recent Transactions | Transaction Price
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 18,251,469	$ 49,650,702
Equity | Enterprise Value Waterfall | EBITDA Multiple
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value	$ 6,620,994	$ 7,033,311
Impact to valuation from an increase in input	Increase	Increase
Equity | Enterprise Value Waterfall | EBITDA Multiple | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	12	12.5
Equity | Enterprise Value Waterfall | EBITDA Multiple | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	15.7	15.4
Equity | Enterprise Value Waterfall | EBITDA Multiple | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Range	14.3	14.2

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Borrowings - Additional Information (Details) - SPV Facility - Onex Falcon Direct Lending BDC SPV LLC - USD ($) $ in Millions			1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 14, 2022	Oct. 04, 2021	Jul. 13, 2022	Mar. 31, 2024	Jun. 27, 2022	Jan. 13, 2023	Apr. 04, 2022	Dec. 31, 2023	Apr. 04, 2023
Debt Instrument [Line Items]
Amount available under credit facility		$ 100.0							$ 340.0
Minimum commitment fee percentage	0.20%		75.00%		37.50%		0.00%
Line of credit facility, Commitment fee description				ODL SPV will also pay an unused commitment fee at rate of (1) 1.00% if the amount drawn under the SPV Facility is less than the minimum commitment usage (the “Minimum Commitment Usage”) and (2) 0.40% if the amount drawn under the SPV Facility is greater than or equal to the Minimum Commitment Usage. The Minimum Commitment Usage is equal to (1) 0.0% for the first six months ended April 4, 2022; (2) 37.5% for the period from April 5, 2022 through June 27, 2022; (3) 75% for the period from June 28, 2022 through July 13, 2022; (4) $150.0 million for the period from July 14, 2022 through January 13, 2023; and (5) $255.0 million thereafter. The Company also pays a fee of 0.20% per annum on the outstanding balance under the SPV Facility beginning on July 14, 2022. The SPV Facility terminates on October 2, 2026.
Commitment fee amount						$ 150.0		$ 255.0
Minimum
Debt Instrument [Line Items]
Unused commitment fee percentage		0.40%
Maximum
Debt Instrument [Line Items]
Unused commitment fee percentage		1.00%
SOFR
Debt Instrument [Line Items]
Debt instrument interest rate description				SOFR plus a spread of 1.75%
SOFR | Minimum
Debt Instrument [Line Items]
Interest on loan		1.75%
SOFR | Maximum
Debt Instrument [Line Items]
Interest on loan		2.40%

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Borrowings - Summary of Debt Obligations (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Debt Instrument [Line Items]
Total Borrowing Capacity	$ 420,000,000	$ 420,000,000
Principal Outstanding	262,000,000	263,000,000	$ 255,000,000
SPV Facility
Debt Instrument [Line Items]
Total Borrowing Capacity	340,000,000	340,000,000
Principal Outstanding	262,000,000	263,000,000
Revolving OCF II Loan
Debt Instrument [Line Items]
Total Borrowing Capacity	$ 80,000,000	$ 80,000,000

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Borrowings - Schedule of Components of Interest Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Interest Expense, Debt [Abstract]
Interest expense	$ 5,428,775	$ 4,126,279
Amortization of Debt Issuance Costs	277,917	277,917
Total interest and credit facility expense	5,706,692	4,404,196
Average debt outstanding	$ 271,967,391	$ 220,901,099
Weighted average interest rate	7.40%	6.40%

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Share Transactions - Additional Information (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items]
Common shares, par value		$ 0.001	$ 0.001
Maximum
Deferred Compensation Arrangement with Individual, Share-Based Payments [Line Items]
Share repurchase outstanding percentage	5.00%

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Share Transactions - Summary of Total Shares Issued and Proceeds (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share Transactions [Abstract]
Common shares issued	21,853	44,339
Proceeds Received	$ 532,335	$ 1,088,965

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Share Transactions - Summary of Distribution Declarations and Common Shares Issued Pursuant to the Distribution Reinvestment Plan (Details) - Cash Distribution - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Amount Per Share	$ 0.77	$ 0.58
Distribution Declared	$ 8,116,595	$ 7,007,486
DRP Shares Issued	79,402	178,875
March 1, 2024
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Date Declared	Mar. 01, 2024
Amount Per Share	$ 0.77
Distribution Declared	$ 8,116,595
DRP Shares Issued	79,402
March 5, 2024
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Record Date	Mar. 05, 2024
March 21, 2024
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Payment Date	Mar. 21, 2024
March 2, 2023
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Date Declared		Mar. 02, 2023
Record Date		Mar. 02, 2023
Amount Per Share		$ 0.58
Distribution Declared		$ 7,007,486
DRP Shares Issued		178,875
March 23, 2023
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Payment Date		Mar. 23, 2023

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Share Transactions - Summary of Share Repurchases (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Total Number of Shares Repurchased	677,139	418,189
January 12, 2024
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Tender Offer Date	Jan. 12, 2024
Tender Offer Expiration	Feb. 09, 2024
Tender Offer	736,400
Price Paid per Share	$ 24.36
Total Number of Shares Repurchased	677,139
January 13, 2023
Distribution Made to Limited Liability Company (LLC) Member [Line Items]
Tender Offer Date		Jan. 13, 2023
Tender Offer Expiration		Feb. 10, 2023
Tender Offer		622,786
Price Paid per Share		$ 24.56
Total Number of Shares Repurchased		418,189

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Earnings Per Share - Summary of Computation of Basic and Diluted Earnings Per Common Share (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net increase in net assets resulting from operations	$ 8,146,574	$ 5,881,636
Weighted average common shares outstanding - basic	10,844,459	12,300,303
Weighted average common shares outstanding - diluted	10,844,459	12,300,303
Net increase in net assets resulting from operations per common share - basic	$ 0.75	$ 0.48
Net increase in net assets resulting from operations per common share - diluted	$ 0.75	$ 0.48

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Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Excise tax rate on taxable income carry forward	4.00%
Deferred tax assets	$ 0.8	$ 0.6
Deferred tax assets valuation allowance	$ 0.8	$ 0.6

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Financial Highlights - Schedule of Financial Highlights (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investment Company, Financial Highlights [Roll Forward]
Net asset value, beginning of period	$ 24.36	$ 24.56
Results of operations:
Net investment income (loss)	0.76	0.59
Net realized and unrealized gain (loss)	0.01	(0.1)
Net increase (decrease) in net assets resulting from operations	0.77	0.49
Shareholder distributions:
Distributions from net investment income	(0.77)	(0.58)
Net decrease in net assets resulting from shareholder distributions	(0.77)	(0.58)
Net asset value, end of period	$ 24.36	$ 24.47
Ending balance, shares	10,620,435	12,260,748
Total return based on net asset value	3.16%	1.99%
Ratio/Supplemental Data:
Ending balance	$ 258,702,759	$ 299,998,356
Ratio of net investment income (loss) to average net assets	14.19%	11.03%
Ratio of total expenses to average net assets	11.46%	10.00%
Ratio of net expenses to average net assets	11.64%	9.70%
Average debt outstanding	$ 271,967,391	$ 220,901,099
Portfolio turnover	3.00%	1.00%
Total amount of senior securities outstanding	$ 262,000,000	$ 255,000,000	$ 263,000,000
Asset coverage per unit	$ 1,987	$ 2,176

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Financial Highlights - Schedule of Financial Highlights (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)
Investment Company, Financial Highlights [Abstract]
Asset coverage per unit expressed in terms of dollar amounts per indebtedness	$ 1,000

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Commitments and Contingencies - Schedule of Outstanding Commitments to Fund Investments (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023
Other Commitments [Line Items]
Unfunded commitment	$ 19,283,150	$ 19,662,986
Delayed Draw Term Loan
Other Commitments [Line Items]
Unfunded commitment	3,494,159	3,926,790
Revolver
Other Commitments [Line Items]
Unfunded commitment	$ 15,788,991	$ 15,736,196

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Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	May 09, 2024	Apr. 01, 2024	Mar. 31, 2024	Mar. 31, 2023
Subsequent Event [Line Items]
Common shares issued			21,853	44,339
Subsequent Event
Subsequent Event [Line Items]
Dividend declared per share	$ 0.7
Dividends payable, date declared	May 09, 2024
Dividends payable, date of record	May 14, 2024
Dividends payable, date to be paid	Jun. 20, 2024
Common Shares
Subsequent Event [Line Items]
Common shares issued			21,853	44,339
Private Placement | Common Shares | Subsequent Event
Subsequent Event [Line Items]
Common shares issued		158,415
Proceeds from issuance of common shares		$ 3.9