Investcorp Credit Management BDC (ICMB) 10-K 25 Sep 24 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2024	Sep. 25, 2024	Dec. 31, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Registrant Name	Investcorp Credit Management BDC, Inc.
Entity Central Index Key	0001578348
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--06-30
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Emerging Growth Company	false
Document Financial Statement Error Correction [Flag]	false
Entity Small Business	false
Entity Interactive Data Current	Yes
Entity Public Float			$ 37.8
Entity Common Stock, Shares Outstanding		14,403,752
Entity Shell Company	false
Entity File Number	814-01054
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2883380
Entity Address, Address Line One	280 Park Avenue 39th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017
ICFR Auditor Attestation Flag	false
City Area Code	212
Local Phone Number	257-5199
Document Annual Report	true
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ICMB
Security Exchange Name	NASDAQ
Auditor Firm ID	49
Auditor Name	RSM US LLP
Auditor Location	New York
Documents Incorporated by Reference	Portions of the Registrant’s definitive Proxy Statement relating to the Registrant’s 2024 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days following the end of the Company’s fiscal year, are incorporated by reference in Part III of this Annual Report on Form 10-K as indicated herein.

Consolidated Statements of Asse

Consolidated Statements of Assets and Liabilities - USD ($)		Jun. 30, 2024	Jun. 30, 2023
Assets
Affiliated investments, at fair value		$ 184,569,530	$ 220,111,329
Cash		158,768	1,093,758
Cash, restricted		4,950,036	8,057,458
Principal receivable		50,609	93,581
Interest receivable		1,301,516	2,041,877
Payment-in-kind interest receivable		66,625	46,088
Long-term receivable		631,667	0
Escrow Receivable		97,173	0
Other receivables		0	1,050
Prepaid expenses and other assets		411,821	361,719
Total Assets		192,237,745	231,806,860
Notes payable:
Revolving credit facility		43,000,000	71,900,000
2026 Notes payable		65,000,000	65,000,000
Deferred debt issuance costs		(1,654,870)	(1,220,556)
Unamortized discount		(124,443)	(195,553)
Notes payable, net		106,220,687	135,483,891
Payable for investments purchased		7,425,000	1,795,297
Dividend payable		0	2,590,520
Income-based incentive fees payable		128,876	576,023
Advisor fees		816,777	906,218
Interest payable		1,950,925	2,293,766
Directors' fees payable		0	15,755
Accrued expenses and other liabilities		685,271	445,082
Total Liabilities		117,227,536	144,106,552
Commitments and Contingencies (see Note 6)
Net Assets
Common stock, par value $0.001 per share (100,000,000 shares authorized 14,403,752 and 14,391,775 shares issued and outstanding, respectively)		14,404	14,392
Additional paid-in capital		203,103,263	203,327,714
Distributable earnings (loss)		(128,107,458)	(115,641,798)
Total Net Assets		75,010,209	87,700,308
Total Liabilities and Net Assets		$ 192,237,745	$ 231,806,860
Net Asset Value Per Share	[1]	$ 5.21	$ 6.09
Non-controlled, non-affiliated investments
Assets
Affiliated investments, at fair value		$ 181,948,376	$ 210,150,018
Affiliate Investments
Assets
Affiliated investments, at fair value		$ 2,621,154	$ 9,961,311
[1] All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

Consolidated Statements of As_2

Consolidated Statements of Assets and Liabilities (Parenthetical) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Affiliated investment at amortized cost	$ 204,469,040	$ 243,298,816
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	14,403,752	14,391,775
Common stock, shares outstanding	14,403,752	14,391,775
Non-controlled, non-affiliated investments
Affiliated investment at amortized cost	$ 189,319,802	$ 219,319,251
Affiliate Investments
Affiliated investment at amortized cost	$ 15,149,238	$ 23,979,565

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Investment Income:
Total interest income	$ 20,284,227	$ 23,801,570	$ 22,671,611
Total payment-in-kind interest income	2,106,424	1,320,239	311,190
Total dividend income	54,138	101,755	296,126
Total payment-in-kind dividend income	784,854	691,972	282,952
Total other fee income	648,659	768,617	869,486
Total investment income	23,878,302	26,684,153	24,431,365
Expenses:
Interest expense	8,606,309	8,413,409	6,633,587
Base management fees	3,800,693	4,201,394	4,594,588
Income-based incentive fees	(72,942)	401,597	(348,670)
Provision for tax expense	267,150	294,330	270,618
Professional fees	1,239,122	984,290	1,302,513
Allocation of administrative costs from Adviser	1,360,194	966,045	1,247,205
Amortization of deferred debt issuance costs	576,475	693,333	621,111
Amortization of original issue discount 2026 Notes	71,110	71,110	71,110
Insurance expense	479,502	506,963	512,347
Directors' fees	294,907	302,500	302,500
Custodian and administrator fees	316,128	292,267	334,214
Other expenses	713,789	516,160	446,330
Total expenses	17,652,437	17,643,398	15,987,453
Waiver of base management fees	(365,225)	(387,311)	(480,032)
Waiver of income-based incentive fees	0	0	0
Net expenses	17,287,212	17,256,087	15,507,421
Net Investment Income	6,591,090	9,428,066	8,923,944
Net realized gain (loss) from investments
Net realized gain (loss) from investments	(13,971,537)	(26,890,095)	(14,395,431)
Net change in unrealized appreciation (depreciation) in value of investments
Net change in unrealized appreciation (depreciation) on investments	3,287,977	20,696,532	8,058,117
Total realized gain (loss) and change in unrealized appreciation (depreciation) on investments	(10,683,560)	(6,193,563)	(6,337,314)
Net increase (decrease) in net assets resulting from operations	$ (4,092,470)	$ 3,234,503	$ 2,586,630
Net investment income per share, Basic	$ 0.46	$ 0.66	$ 0.62
Net investment income per share, Diluted	0.46	0.66	0.62
Basic net increase (decrease) in net assets from operations per share	(0.28)	0.22	0.18
Diluted net increase (decrease) in net assets from operations per share	$ (0.28)	$ 0.22	$ 0.18
Weighted average shares of common stock outstanding - Basic	14,396,201	14,389,163	14,304,641
Weighted average shares of common stock outstanding - Diluted	14,396,201	14,389,163	14,304,641
Distributions paid per common share	$ 0.6	$ 0.63	$ 0.6
Non-controlled, non-affiliated investments
Investment Income:
Total interest income	$ 20,271,776	$ 23,822,181	$ 22,641,798
Total payment-in-kind interest income	2,028,744	1,250,169	102,720
Total dividend income	54,138	101,755	0
Total payment-in-kind dividend income	784,854	691,972	282,952
Total other fee income	648,659	768,617	868,727
Net realized gain (loss) from investments
Net realized gain (loss) from investments	(7,731,553)	(26,890,095)	(6,198,762)
Net change in unrealized appreciation (depreciation) in value of investments
Net change in unrealized appreciation (depreciation) on investments	1,797,807	21,966,347	2,898,538
Affiliate Investments
Investment Income:
Total interest income	12,451	(20,611)	29,813
Total payment-in-kind interest income	77,680	70,070	208,470
Total dividend income	0	0	296,126
Total payment-in-kind dividend income	0	0	0
Total other fee income	0	0	759
Net realized gain (loss) from investments
Net realized gain (loss) from investments	(6,239,984)	0	(8,196,669)
Net change in unrealized appreciation (depreciation) in value of investments
Net change in unrealized appreciation (depreciation) on investments	$ 1,490,170	$ (1,269,815)	$ 5,159,579

Consolidated Statements of Chan

Consolidated Statements of Changes in Net Assets - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Net assets at beginning of period	$ 87,700,308	$ 93,509,392	$ 96,355,849
Increase (decrease) in net assets resulting from operations:
Net investment income	6,591,090	9,428,066	8,923,944
Net realized gain (loss) from investments	(13,971,537)	(26,890,095)	(14,395,431)
Net change in unrealized appreciation (depreciation) on investments	3,287,977	20,696,532	8,058,117
Net increase (decrease) in net assets resulting from operations	(4,092,470)	3,234,503	2,586,630
Stockholder distributions:
Distributions from net investment income	(8,637,842)	(9,065,336)	(8,630,756)
Distributions from capital gains	0	0	0
Net decrease in net assets resulting from stockholder distributions	(8,637,842)	(9,065,336)	(8,630,756)
Capital transactions:
Issuance of common shares (0 and 0 and 453,985, respectively)	0	0	3,141,576
Reinvestments of stockholder distributions	40,213	21,749	56,093
Net increase (decrease) in net assets resulting from capital transactions	40,213	21,749	3,197,669
Net increase (decrease) in net assets	(12,690,099)	(5,809,084)	(2,846,457)
Net assets at end of period	$ 75,010,209	$ 87,700,308	$ 93,509,392

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Net Assets (Parenthetical) - shares		12 Months Ended
	Sep. 03, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Issuance of common shares	453,985	0	0	453,985

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)		12 Months Ended
		Jun. 30, 2024		Jun. 30, 2023		Jun. 30, 2022
Cash Flows from Operating Activities
Net increase (decrease) in net assets resulting from operations		$ (4,092,470)		$ 3,234,503		$ 2,586,630
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Origination and purchase of investments		(62,524,462)		(51,269,621)		(144,746,910)
Payment in-kind interest and dividends		(2,870,741)		(1,968,260)		(633,752)
Sales and repayments of investments		92,303,435		61,928,745		153,877,788
Net realized (gain) loss on investments		13,971,537		26,890,095		14,395,431
Net change in unrealized appreciation/depreciation on investments		(3,287,977)		(20,696,532)		(8,058,117)
Amortization of discount/premium on investments		(2,049,993)		(1,311,770)		(2,662,806)
Amortization of deferred debt issuance costs		576,474		693,333		621,111
Amortization of original issue discount		71,110		71,110		71,110
Net (increase) decrease in operating assets:
Interest receivable		740,361		256,566		203,148
Payment-in-kind interest receivable		(20,537)		(43,951)		39,610
Principal receivable		42,972		741,462		5,040,250
Long-term receivable		(631,667)		0		0
Escrow receivable		(97,173)		0		0
Other receivables		1,050		(1,050)		427,208
Prepaid expenses and other assets		(50,102)		48,682		(34,204)
Net increase (decrease) in operating liabilities:
Payable for investments purchased		5,629,703		1,548,313		246,984
Interest payable		(342,841)		719,410		624,996
Directors fees payable		(15,755)		(5,025)		(8,079)
Accrued expenses and other liabilities		240,189		(375,015)		(294,737)
Base management fees payable		(89,441)		(147,845)		(16,517)
Income-based incentive fees payable		(447,147)		393,928		(465,790)
Net cash (used in) provided by operating activities		37,056,525		20,707,078		21,213,354
Cash Flows from Financing Activities:
Payments for deferred financing costs		(1,010,788)		0		(1,300,000)
Issuance of common shares		0		0		3,141,576
Distributions to stockholders		(11,188,149)		(8,610,939)		(8,505,056)
Repayments of Term loan		0		0		(102,000,000)
Proceeds from borrowing on revolving financing facility		37,100,000		46,900,000		182,835,346
Repayments of borrowing on revolving financing facility		(66,000,000)		(59,000,000)		(98,835,346)
Net cash (used in) provided by financing activities		(41,098,937)		(20,710,939)		(24,663,480)
Net change in cash		(4,042,412)		(3,861)		(3,450,126)
Cash:
Cash and restricted cash at beginning of year	[1]	9,151,216	[2]	9,155,077	[2]	12,605,203
Cash and restricted cash at end of period	[2]	5,108,804		9,151,216	[1]	9,155,077	[1]
Supplemental and non-cash financing cash flow information:
Cash paid for interest		8,949,150		7,693,998		6,008,590
Cash paid for taxes		267,150		294,330		270,618
Issuance of shares pursuant to Dividend Reinvestment Plan		40,213		21,749		56,093
Non-cash purchase of investments		(37,002,608)		(16,865,488)		(2,903,400)
Non-cash sale of investments		$ 37,002,608		$ 16,865,488		$ 2,903,400
[1] Represents $ 1,093,758 , $ 2,550,021 and $ 5,845,249 of unrestricted cash as of June 30, 2024, June 30, 2023 and June 30, 2022, respectively, and $ 8,057,458 , $ 6,605,056 and $ 6,759,954 of restricted cash for the same periods. Represents $ 158,768 , $ 1,093,758 and $ 2,550,021 of unrestricted cash as of June 30, 2024, June 30, 2023 and June 30, 2022, respectively, and $ 4,950,036 , $ 8,057,457 and $ 6,605,056 of restric ted cash for the same periods.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Unrestricted cash	$ 158,768	$ 1,093,758
Cash, restricted	4,950,036	8,057,458
Beginning Of Period [Member]
Unrestricted cash	1,093,758	2,550,021	$ 5,845,249
Cash, restricted	8,057,458	6,605,056	6,759,954
End Of Period [Member]
Unrestricted cash	158,768	1,093,758	2,550,021
Cash, restricted	$ 4,950,036	$ 8,057,457	$ 6,605,056

Consolidated Schedule of Invest

Consolidated Schedule of Investments - USD ($)		12 Months Ended
		Jun. 30, 2024		Jun. 30, 2023		Jun. 30, 2022
Schedule Of Investments [Line Items]
Affiliated investment at amortized cost		$ 204,469,040		$ 243,298,816
Investments at Fair Value		184,569,530		220,111,329
Investments at Fair Value		$ 184,569,530		$ 220,111,329
Percentage of Net Assets		100%		100%
Net realized gain (loss) from investments		$ (13,971,537)		$ (26,890,095)		$ (14,395,431)
Amount of Interest or Dividends Credited to Income		54,138		101,755		296,126
Investment, Identifier [Axis]: Affiliated Investments
Schedule Of Investments [Line Items]
Affiliated investment at amortized cost	[1],[2],[3]			23,979,565
Investments at Fair Value	[1],[2],[3]			$ 9,961,311
Percentage of Net Assets	[1],[2],[3]			11.36%
Investment, Identifier [Axis]: Affiliated Investments, Equity, Warrants and Other Investments
Schedule Of Investments [Line Items]
Affiliated investment at amortized cost		14,336,791	[4],[5],[6]	$ 14,336,791	[1],[2],[3]
Investments at Fair Value		$ 2,111,343	[4],[5],[6]	$ 6,433,865	[1],[2],[3]
Percentage of Net Assets		2.81%	[4],[5],[6]	7.34%	[1],[2],[3]
Investment, Identifier [Axis]: Affiliated Investments, Equity, Warrants and Other Investments, 1888 Industrial Services, LLC (Equity Interest), Energy Equipment & Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[1],[2],[3],[7],[8]			$ 11,881
Affiliated investment at amortized cost	[1],[2],[3],[8]			0
Investments at Fair Value	[1],[2],[3],[8]			$ 0
Percentage of Net Assets	[1],[2],[3],[8]			0%
Investment, Identifier [Axis]: Affiliated Investments, Equity, Warrants and Other Investments, Techniplas Foreign Holdco LP Common Stock, Auto Components
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[1],[2],[3],[7],[8]			$ 879,559
Affiliated investment at amortized cost	[1],[2],[3],[8]			14,336,791
Investments at Fair Value	[1],[2],[3],[8]			$ 6,433,865
Percentage of Net Assets	[1],[2],[3],[8]			7.34%
Investment, Identifier [Axis]: Affiliated Investments, Equity, Warrants and Other Investments, Techniplas Foreign Holdco LP Common Stock, Automobile Components
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[4],[5],[6],[9]	$ 879,559
Affiliated investment at amortized cost	[4],[5],[6],[9]	14,336,791
Investments at Fair Value	[4],[5],[6],[9]	$ 2,111,343
Percentage of Net Assets	[4],[5],[6],[9]	2.81%
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments
Schedule Of Investments [Line Items]
Affiliated investment at amortized cost		$ 812,447	[4],[5],[6],[10],[11]	$ 9,642,774	[1],[2],[3]
Investments at Fair Value		$ 509,811	[4],[5],[6],[10],[11]	$ 3,527,446	[1],[2],[3]
Percentage of Net Assets		0.68%	[4],[5],[6],[10],[11]	4.02%	[1],[2],[3]
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, 1888 Industrial Services, LLC - Term C, Energy Equipment & Services, 3M L + 5.00% (1.00% Floor), Initial Acquisition Date 6/25/2019, Maturity Date 8/31/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[12]			5%
Investment, Interest Rate, Floor	[12]			1%
Investment, Acquisition Date	[1],[2],[3]			Jun. 25, 2019
Maturity Date	[1],[2],[3]			Aug. 31, 2024
Principal Amount/ Shares	[1],[2],[3],[7]			$ 630,870
Affiliated investment at amortized cost	[1],[2],[3]			630,870
Investments at Fair Value	[1],[2],[3]			$ 630,870
Percentage of Net Assets	[1],[2],[3]			0.72%
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, 1888 Industrial Services, LLC – Revolver, Energy Equipment & Services, 3M L +5.00% (1.00% Floor), Initial Acquisition Date 10/11/2016, Maturity Date 3/31/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[12],[13]			5%
Investment, Interest Rate, Floor	[12],[13]			1%
Investment, Acquisition Date	[1],[2],[3],[12],[13]			Oct. 11, 2016
Maturity Date	[1],[2],[3],[12],[13]			Aug. 31, 2024
Principal Amount/ Shares	[1],[2],[3],[7],[12],[13]			$ 2,365,434
Affiliated investment at amortized cost	[1],[2],[3],[12],[13]			2,365,434
Investments at Fair Value	[1],[2],[3],[12],[13]			$ 591,359
Percentage of Net Assets	[1],[2],[3],[12],[13]			0.67%
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, 1888 Industrial Services, LLC – Term A, Energy Equipment & Services, 3M L +5.00% PIK (1.00% Floor), Initial Acquisition Date 9/30/2016, Maturity Date 8/31/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[7],[12]			5%
Investment, Interest Rate, Floor	[7],[12]			1%
Investment, Acquisition Date	[1],[2],[3],[7],[12]			Sep. 30, 2016
Maturity Date	[1],[2],[3],[7],[12]			Aug. 31, 2024
Principal Amount/ Shares	[1],[2],[3],[7],[12]			$ 5,911,230
Affiliated investment at amortized cost	[1],[2],[3],[7],[12]			5,911,230
Investments at Fair Value	[1],[2],[3],[7],[12]			$ 1,477,807
Percentage of Net Assets	[1],[2],[3],[7],[12]			1.69%
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, Techniplas Foreign Holdco LP, Auto Components, 10.00% PIK, Initial Acquisition Date 6/19/2020, Maturity Date 6/18/2027
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind	[7]			10%
Investment, Acquisition Date	[1],[2],[3],[7]			Jun. 19, 2020
Maturity Date	[1],[2],[3],[7]			Jun. 18, 2027
Principal Amount/ Shares	[1],[2],[3],[7]			$ 735,240
Affiliated investment at amortized cost	[1],[2],[3],[7]			735,240
Investments at Fair Value	[1],[2],[3],[7]			$ 827,410
Percentage of Net Assets	[1],[2],[3],[7]			0.94%
Investment, Identifier [Axis]: Affiliated Investments, Senior Secured First Lien Debt Investments, Techniplas Foreign Holdco LP, Automobile Components, 10.00% PIK, Initial Acquisition Date 6/19/2020, Maturity Date 6/18/2027
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind	[4],[5],[6],[10],[11]	10%
Investment, Acquisition Date	[4],[5],[6],[10],[11]	Jun. 19, 2020
Maturity Date	[4],[5],[6],[10],[11]	Jun. 18, 2027
Principal Amount/ Shares	[4],[5],[6],[10],[11]	$ 812,447
Affiliated investment at amortized cost	[4],[5],[6],[10],[11]	812,447
Investments at Fair Value	[4],[5],[6],[10],[11]	$ 509,811
Percentage of Net Assets	[4],[5],[6],[10],[11]	0.68%
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments
Schedule Of Investments [Line Items]
Investments at Fair Value		$ 2,621,154		$ 9,961,311		10,646,803
Gross Additions		77,207	[14]	632,273	[15]
Gross Reductions		(2,667,550)	[16]	(47,950)	[17]
Net realized gain (loss) from investments		(6,239,984)		0
Net Unrealized Gains (Losses)		1,490,170		(1,269,815)
Amount of Interest or Dividends Credited to Income		90,131	[18]	49,459	[19]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, 1888 Industrial Services, LLC, Common Equity Interest
Schedule Of Investments [Line Items]
Investments at Fair Value		0	[20]	0	[20],[21]	0	[21]
Gross Additions		0	[14],[20]	0	[15],[21]
Gross Reductions		0	[16],[20]	0	[17],[21]
Net realized gain (loss) from investments		0	[20]	0	[21]
Net Unrealized Gains (Losses)		0	[20]	0	[21]
Amount of Interest or Dividends Credited to Income		$ 0	[18],[20]	$ 0	[19],[21]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, 1888 Industrial Services, LLC, Revolver (3M LIBOR +5.00%)
Schedule Of Investments [Line Items]
Interest Rate		5%	[22]	5%	[23]
Investments at Fair Value		$ 0		$ 591,359		556,152
Gross Additions		0	[14]	140,826	[15]
Gross Reductions		(2,365,434)	[16]	0	[17]
Net realized gain (loss) from investments		0		0
Net Unrealized Gains (Losses)		1,774,075		(105,619)
Amount of Interest or Dividends Credited to Income		$ 12,451	[18]	$ 0	[19]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, 1888 Industrial Services, LLC, Senior Secured First Lien Term Loan A (3M LIBOR +5.00% PIK)
Schedule Of Investments [Line Items]
Interest Rate		5%	[22]	5%	[23]
Investments at Fair Value		$ 0		$ 1,477,807		1,477,807
Gross Additions		0	[14]	0	[15]
Gross Reductions		0	[16]	0	[17]
Net realized gain (loss) from investments		(5,911,230)		0
Net Unrealized Gains (Losses)		4,433,423		0
Amount of Interest or Dividends Credited to Income		$ 0	[18]	$ 0	[19]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, 1888 Industrial Services, LLC, Senior Secured First Lien Term Loan C (3M LIBOR +5.00%)
Schedule Of Investments [Line Items]
Interest Rate		5%	[22]	5%	[23]
Investments at Fair Value		$ 0		$ 630,870		678,820
Gross Additions		0	[14]	0	[15]
Gross Reductions		(302,116)	[16]	(47,950)	[17]
Net realized gain (loss) from investments		(328,754)		0
Net Unrealized Gains (Losses)		0		0
Amount of Interest or Dividends Credited to Income		0	[18]	20,611	[19]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, Techniplas Foreign Holdco LP, Common Stock
Schedule Of Investments [Line Items]
Investments at Fair Value		2,111,343	[20]	6,433,865	[20],[21]	7,002,759	[21]
Gross Additions		0	[14],[20]	421,396	[15],[21]
Gross Reductions		0	[16],[20]	0	[17],[21]
Net realized gain (loss) from investments		0	[20]	0	[21]
Net Unrealized Gains (Losses)		(4,322,522)	[20]	(990,290)	[21]
Amount of Interest or Dividends Credited to Income		$ 0	[18],[20]	$ 0	[19],[21]
Investment, Identifier [Axis]: Investment in non-controlled, Affiliated Investments, Techniplas Foreign Holdco LP, Senior Secured First Lien Term Loan (10.00% PIK)
Schedule Of Investments [Line Items]
Interest Rate		10%	[22]	10%	[23]
Investments at Fair Value		$ 509,811		$ 827,410		$ 931,265
Gross Additions		77,207	[14]	70,051	[15]
Gross Reductions		0	[16]	0	[17]
Net realized gain (loss) from investments		0		0
Net Unrealized Gains (Losses)		(394,806)		(173,906)
Amount of Interest or Dividends Credited to Income		77,680	[18]	70,070	[19]
Investment, Identifier [Axis]: Investments
Schedule Of Investments [Line Items]
Affiliated investment at amortized cost	[1],[2],[3]			243,298,816
Investments at Fair Value	[1],[2],[3]			$ 220,111,329
Percentage of Net Assets	[1],[2],[3]			250.98%
Investment, Identifier [Axis]: Liabilities in excess of other assets
Schedule Of Investments [Line Items]
Investments at Fair Value		$ (109,559,321)	[4],[5],[6]	$ (132,411,021)	[1],[2],[3]
Percentage of Net Assets		(146.06%)	[4],[5],[6]	(150.98%)	[1],[2],[3]
Investment, Identifier [Axis]: Net Assets
Schedule Of Investments [Line Items]
Investments at Fair Value		$ 75,010,209	[4],[5],[6]	$ 87,700,308	[1],[2],[3]
Percentage of Net Assets		100%	[4],[5],[6]	100%	[1],[2],[3]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments
Schedule Of Investments [Line Items]
Affiliated investment at amortized cost	[4],[5],[6]	$ 189,319,802
Investments at Fair Value	[4],[5],[6]	$ 181,948,376
Percentage of Net Assets	[4],[5],[6]	242.56%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments
Schedule Of Investments [Line Items]
Affiliated investment at amortized cost		$ 24,032,900	[4],[5],[6]	$ 14,861,168	[1],[3]
Investments at Fair Value		$ 25,530,871	[4],[5],[6]	$ 17,306,509	[1],[3]
Percentage of Net Assets		34.04%	[4],[5],[6]	19.73%	[1],[3]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, 4L Technologies Inc Common Stock, Electronic Equipment, Instruments & Components
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[1],[3],[7],[8]			$ 149,918
Affiliated investment at amortized cost	[1],[3],[8]			2,171,581
Investments at Fair Value	[1],[3],[8]			$ 95,947
Percentage of Net Assets	[1],[3],[8]			0.11%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, 4L Technologies Inc Preferred Stock, Electronic Equipment, Instruments & Components
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[1],[3],[7],[8]			$ 2,289
Affiliated investment at amortized cost	[1],[3],[8]			209,004
Investments at Fair Value	[1],[3],[8]			$ 2,037,299
Percentage of Net Assets	[1],[3],[8]			2.33%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, 4L Technologies, Inc. Common Stock, Electronic Equipment, Instruments & Components
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[4],[5],[6],[9]	$ 149,918
Affiliated investment at amortized cost	[4],[5],[6],[9]	2,171,581
Investments at Fair Value	[4],[5],[6],[9]	$ 62,965
Percentage of Net Assets	[4],[5],[6],[9]	0.08%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, 4L Technologies, Inc. Preferred Stock, Electronic Equipment, Instruments & Components
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[4],[5],[6],[9]	$ 2,289
Affiliated investment at amortized cost	[4],[5],[6],[9]	209,004
Investments at Fair Value	[4],[5],[6],[9]	$ 1,362,015
Percentage of Net Assets	[4],[5],[6],[9]	1.82%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Advanced Solutions International Preferred Equity, Software
Schedule Of Investments [Line Items]
Principal Amount/ Shares		$ 888,170	[4],[5],[6],[9]	$ 888,170	[1],[3],[7],[8]
Affiliated investment at amortized cost		1,000,000	[4],[5],[6],[9]	1,000,000	[1],[3],[8]
Investments at Fair Value		$ 1,794,103	[4],[5],[6],[9]	$ 1,758,577	[1],[3],[8]
Percentage of Net Assets		2.39%	[4],[5],[6],[9]	2.01%	[1],[3],[8]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, ArborWorks, LLC A-1 Common Units, Commercial Services & Supplies
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[4],[5],[6],[9]	$ 1,035
Affiliated investment at amortized cost	[4],[5],[6],[9]	0
Investments at Fair Value	[4],[5],[6],[9]	$ 0
Percentage of Net Assets	[4],[5],[6],[9]	0%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, ArborWorks, LLC A-1 Preferred, Commercial Services & Supplies
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[4],[5],[6],[9]	$ 8,633
Affiliated investment at amortized cost	[4],[5],[6],[9]	4,362,023
Investments at Fair Value	[4],[5],[6],[9]	$ 1,738,444
Percentage of Net Assets	[4],[5],[6],[9]	2.32%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, ArborWorks, LLC B-1 Preferred, Commercial Services & Supplies
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[4],[5],[6],[9]	$ 8,633
Affiliated investment at amortized cost	[4],[5],[6],[9]	0
Investments at Fair Value	[4],[5],[6],[9]	$ 0
Percentage of Net Assets	[4],[5],[6],[9]	0%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Arborworks Acquisition LLC (Equity Interest), Commercial Services & Supplies
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[1],[3],[7],[8]			$ 62
Affiliated investment at amortized cost	[1],[3],[8]			62,112
Investments at Fair Value	[1],[3],[8]			$ 0
Percentage of Net Assets	[1],[3],[8]			0%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Bioplan USA, Inc. - Common Stock, Containers & Packaging
Schedule Of Investments [Line Items]
Principal Amount/ Shares		$ 292,150	[4],[5],[6],[9]	$ 292,150	[8]
Affiliated investment at amortized cost		1,708,942	[4],[5],[6],[9]	1,708,941	[8]
Investments at Fair Value		$ 4,218,646	[4],[5],[6],[9]	$ 4,142,687	[8]
Percentage of Net Assets		5.62%	[4],[5],[6],[9]	4.72%	[8]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, CF Arch Holdings LLC (Equity Interest), Professional Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		$ 200,000	[4],[5],[6],[9]	$ 200,000	[8]
Affiliated investment at amortized cost		200,000	[4],[5],[6],[9]	200,000	[8]
Investments at Fair Value		$ 454,000	[4],[5],[6],[9]	$ 318,000	[8]
Percentage of Net Assets		0.61%	[4],[5],[6],[9]	0.36%	[8]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Discovery Behavioral Health Preferred Stock, Health Care Providers & Services, 13.50% PIK
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind	[4],[5],[6],[9]	13.50%
Principal Amount/ Shares	[4],[5],[6],[9]	$ 4,000
Affiliated investment at amortized cost	[4],[5],[6],[9]	4,000,000
Investments at Fair Value	[4],[5],[6],[9]	$ 5,400,000
Percentage of Net Assets	[4],[5],[6],[9]	7.20%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, FWS Parent Holding, LLC - Equity Interest, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[4],[5],[6],[9]	$ 4,405
Affiliated investment at amortized cost	[4],[5],[6],[9]	100,000
Investments at Fair Value	[4],[5],[6],[9]	$ 37,071
Percentage of Net Assets	[4],[5],[6],[9]	0.05%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Flatworld Intermediate Corporation - Equity Interest, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[8]			$ 4,405
Affiliated investment at amortized cost	[8]			100,000
Investments at Fair Value	[8]			$ 38,722
Percentage of Net Assets	[8]			0.04%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect Inc. – Backstop Warrants, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[1],[3],[7],[8]			$ 89,046
Affiliated investment at amortized cost	[1],[3],[8]			0
Investments at Fair Value	[1],[3],[8]			$ 133,720
Percentage of Net Assets	[1],[3],[8]			0.15%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect Inc. – Common Stock, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[1],[3],[7],[8]			$ 230,209
Affiliated investment at amortized cost	[1],[3],[8]			1,184,606
Investments at Fair Value	[1],[3],[8]			$ 575,914
Percentage of Net Assets	[1],[3],[8]			0.66%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect Inc. – Equity Investor Warrants, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[1],[3],[7],[8]			$ 13,457
Affiliated investment at amortized cost	[1],[3],[8]			0
Investments at Fair Value	[1],[3],[8]			$ 0
Percentage of Net Assets	[1],[3],[8]			0%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect Inc. – Investor Warrants, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[1],[3],[7],[8]			$ 89,046
Affiliated investment at amortized cost	[1],[3],[8]			0
Investments at Fair Value	[1],[3],[8]			$ 133,720
Percentage of Net Assets	[1],[3],[8]			0.15%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect Inc. – Series A Preferred, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[1],[3],[7],[8]			$ 59,749
Affiliated investment at amortized cost	[1],[3],[8]			5,974,924
Investments at Fair Value	[1],[3],[8]			$ 4,824,752
Percentage of Net Assets	[1],[3],[8]			5.50%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect, Inc - Equity Investor Warrants, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[4],[5],[6],[9]	$ 1,345,747
Affiliated investment at amortized cost	[4],[5],[6],[9]	0
Investments at Fair Value	[4],[5],[6],[9]	$ 0
Percentage of Net Assets	[4],[5],[6],[9]	0%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect, Inc. - Backstop Warrants, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[4],[5],[6],[9]	$ 8,904,634
Affiliated investment at amortized cost	[4],[5],[6],[9]	0
Investments at Fair Value	[4],[5],[6],[9]	$ 22,702
Percentage of Net Assets	[4],[5],[6],[9]	0.03%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect, Inc. - Common Stock, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[4],[5],[6],[9]	$ 230,191
Affiliated investment at amortized cost	[4],[5],[6],[9]	1,184,606
Investments at Fair Value	[4],[5],[6],[9]	$ 288,877
Percentage of Net Assets	[4],[5],[6],[9]	0.39%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect, Inc. - Investor Warrants, IT Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[4],[5],[6],[9]	$ 8,904,634
Affiliated investment at amortized cost	[4],[5],[6],[9]	0
Investments at Fair Value	[4],[5],[6],[9]	$ 22,702
Percentage of Net Assets	[4],[5],[6],[9]	0.03%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Fusion Connect, Inc. - Series A Preferred, IT Services, 12.50% PIK
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind		12.50%	[4],[5],[6],[9]	12.50%	[7]
Principal Amount/ Shares	[4],[5],[6],[9]	$ 500
Affiliated investment at amortized cost	[4],[5],[6],[9]	6,759,778
Investments at Fair Value	[4],[5],[6],[9]	$ 6,126,488
Percentage of Net Assets	[4],[5],[6],[9]	8.17%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Investcorp Transformer Aggregator LP Commercial Services & Supplies
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[4],[5],[6],[9]	$ 520,710
Affiliated investment at amortized cost	[4],[5],[6],[9]	528,249
Investments at Fair Value	[4],[5],[6],[9]	$ 1,269,377
Percentage of Net Assets	[4],[5],[6],[9]	1.70%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Investcorp Transformer Aggregator LP, Commercial Services & Supplies
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[1],[3],[7],[8]			$ 500,000
Affiliated investment at amortized cost	[1],[3],[8]			500,000
Investments at Fair Value	[1],[3],[8]			$ 880,000
Percentage of Net Assets	[1],[3],[8]			1.01%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Pegasus Aggregator Holdings LP, Trading Companies & Distributors
Schedule Of Investments [Line Items]
Principal Amount/ Shares		$ 9	[4],[5],[6],[9]	$ 9	[1],[3],[7],[8]
Affiliated investment at amortized cost		808,717	[4],[5],[6],[9]	750,000	[1],[3],[8]
Investments at Fair Value		$ 1,116,856	[4],[5],[6],[9]	$ 898,491	[1],[3],[8]
Percentage of Net Assets		1.49%	[4],[5],[6],[9]	1.02%	[1],[3],[8]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Sandvine Corporation - Common Stock One, Software
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[4],[5],[6],[9],[24]	$ 372,930
Affiliated investment at amortized cost	[4],[5],[6],[9],[24]	0
Investments at Fair Value	[4],[5],[6],[9],[24]	$ 0
Percentage of Net Assets	[4],[5],[6],[9],[24]	0%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Sandvine Corporation - Common Stock, Software
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[4],[5],[6],[9],[24]	$ 107,202
Affiliated investment at amortized cost	[4],[5],[6],[9],[24]	0
Investments at Fair Value	[4],[5],[6],[9],[24]	$ 0
Percentage of Net Assets	[4],[5],[6],[9],[24]	0%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Victors CCC Aggregator LP, Professional Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares		$ 500,000	[4],[5],[6],[9]	$ 500,000	[1],[3],[7],[8]
Affiliated investment at amortized cost		500,000	[4],[5],[6],[9]	500,000	[1],[3],[8]
Investments at Fair Value		$ 710,000	[4],[5],[6],[9]	$ 635,000	[1],[3],[8]
Percentage of Net Assets		0.95%	[4],[5],[6],[9]	0.72%	[1],[3],[8]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Work Genius Holdings, Inc (Equity Interest), Professional Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[4],[5],[6],[9]	$ 500
Affiliated investment at amortized cost	[4],[5],[6],[9]	500,000
Investments at Fair Value	[4],[5],[6],[9]	$ 906,625
Percentage of Net Assets	[4],[5],[6],[9]	1.21%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Equity, Warrants and Other Investments, Work Genius Holdings, Inc., Professional Services
Schedule Of Investments [Line Items]
Principal Amount/ Shares	[1],[3],[7],[8]			$ 500
Affiliated investment at amortized cost	[1],[3],[8]			500,000
Investments at Fair Value	[1],[3],[8]			$ 833,680
Percentage of Net Assets	[1],[3],[8]			0.95%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments
Schedule Of Investments [Line Items]
Affiliated investment at amortized cost		$ 165,286,902	[4],[5],[6]	$ 204,458,083	[1],[3],[25]
Investments at Fair Value		$ 156,417,505	[4],[5],[6]	$ 192,843,509	[1],[3],[25]
Percentage of Net Assets		208.53%	[4],[5],[6]	219.89%	[1],[3],[25]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, 4L Technologies, Inc. Electronic Equipment, Instruments & Components, 3M S + 7.50% (1.00% Floor), Initial Acquisition Date 2/4/2020, Maturity Date 6/30/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25]			7.50%
Investment, Interest Rate, Floor	[1],[3],[25]			1%
Investment, Acquisition Date	[1],[3],[25]			Feb. 04, 2020
Maturity Date	[1],[3],[25]			Jun. 30, 2025
Principal Amount/ Shares	[1],[3],[7],[25]			$ 1,132,352
Affiliated investment at amortized cost	[1],[3],[25]			1,132,352
Investments at Fair Value	[1],[3],[25]			$ 1,132,352
Percentage of Net Assets	[1],[3],[25]			1.29%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, 4L Technologies, Inc. Electronic Equipment, Instruments & Components, 3M S + 9.50% + 1.68%PIK (1.00% Floor), Initial Acquisition Date 2/4/2020, Maturity Date 6/30/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6]	9.50%
Investment, Interest Rate, Floor	[4],[5],[6]	1%
Investment, Interest Rate, Paid in Kind	[4],[5],[6]	1.68%
Investment, Acquisition Date	[4],[5],[6]	Feb. 04, 2020
Maturity Date	[4],[5],[6]	Jun. 30, 2025
Principal Amount/ Shares	[4],[5],[6]	$ 1,151,858
Affiliated investment at amortized cost	[4],[5],[6]	1,151,858
Investments at Fair Value	[4],[5],[6]	$ 1,220,970
Percentage of Net Assets	[4],[5],[6]	1.63%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, AHF Parent Holding, Inc. Building Products, 3M S + 6.25% (0.75% Floor), Initial Acquisition Date 2/9/2022, Maturity Date 2/1/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			6.25%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			0.75%
Investment, Acquisition Date	[1],[3],[25],[26]			Feb. 09, 2022
Maturity Date	[1],[3],[25],[26]			Feb. 01, 2028
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 4,687,500
Affiliated investment at amortized cost	[1],[3],[25],[26]			4,656,726
Investments at Fair Value	[1],[3],[25],[26]			$ 4,511,719
Percentage of Net Assets	[1],[3],[25],[26]			5.14%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, ALCV Purchaser, Inc. Specialty Retail, 3M S + 6.75% (1.00% Floor), Initial Acquisition Date 3/1/2021, Maturity Date 4/15/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		6.75%	[4],[5],[6],[27]	6.75%	[1],[3],[25],[26]
Investment, Interest Rate, Floor		1%	[4],[5],[6],[27]	1%	[1],[3],[25],[26]
Investment, Acquisition Date		Mar. 01, 2021	[4],[5],[6],[27]	Mar. 01, 2021	[1],[3],[25],[26]
Maturity Date		Apr. 15, 2026	[4],[5],[6],[27]	Apr. 15, 2026	[1],[3],[25],[26]
Principal Amount/ Shares		$ 5,000,000	[4],[5],[6],[27]	$ 5,200,000	[1],[3],[7],[25],[26]
Affiliated investment at amortized cost		4,968,582	[4],[5],[6],[27]	5,152,059	[1],[3],[25],[26]
Investments at Fair Value		$ 4,687,500	[4],[5],[6],[27]	$ 5,148,000	[1],[3],[25],[26]
Percentage of Net Assets		6.25%	[4],[5],[6],[27]	5.87%	[1],[3],[25],[26]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, AMCP Clean Acquisition Company, LLC, Hotels, Restaurants & Leisure, 3M S + 5.00% (0.50% Floor), Initial Acquisition Date 2/27/2024, Maturity Date 6/15/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	5%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	0.50%
Investment, Acquisition Date	[4],[5],[6],[27]	Feb. 27, 2024
Maturity Date	[4],[5],[6],[27]	Jun. 15, 2028
Principal Amount/ Shares	[4],[5],[6],[27]	$ 2,992,500
Affiliated investment at amortized cost	[4],[5],[6],[27]	2,950,295
Investments at Fair Value	[4],[5],[6],[27]	$ 2,947,612
Percentage of Net Assets	[4],[5],[6],[27]	3.93%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, AMCP Clean Acquisition Company, LLC, Hotels, Restaurants, and Leisure, 3M S + 4.25%, Initial Acquisition Date 4/6/2023, Maturity Date 7/10/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			4.25%
Investment, Acquisition Date	[1],[3],[25],[26]			Apr. 06, 2023
Maturity Date	[1],[3],[25],[26]			Jul. 10, 2025
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 6,981,712
Affiliated investment at amortized cost	[1],[3],[25],[26]			6,304,958
Investments at Fair Value	[1],[3],[25],[26]			$ 6,283,541
Percentage of Net Assets	[1],[3],[25],[26]			7.16%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Advanced Solutions International, Software, 3M S + 6.00% (1.00% Floor), Initial Acquisition Date 9/1/2020, Maturity Date 9/16/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			6%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			1%
Investment, Acquisition Date	[1],[3],[25],[26]			Sep. 01, 2020
Maturity Date	[1],[3],[25],[26]			Sep. 16, 2025
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 6,750,000
Affiliated investment at amortized cost	[1],[3],[25],[26]			6,675,818
Investments at Fair Value	[1],[3],[25],[26]			$ 6,750,000
Percentage of Net Assets	[1],[3],[25],[26]			7.70%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Amerequip, LLC, Machinery, 6M S + 7.40% (1.00% Floor), Initial Acquisition Date 9/1/2022, Maturity Date 8/31/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			7.40%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			1%
Investment, Acquisition Date	[1],[3],[25],[26]			Sep. 01, 2022
Maturity Date	[1],[3],[25],[26]			Aug. 31, 2027
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 4,994,516
Affiliated investment at amortized cost	[1],[3],[25],[26]			4,950,906
Investments at Fair Value	[1],[3],[25],[26]			$ 4,994,516
Percentage of Net Assets	[1],[3],[25],[26]			5.69%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Auto Auction Group, LLC, Automotive Retail, 3M S + 5.00% (0.75% Floor), Initial Acquisition Date 4/12/2023, Maturity Date 12/30/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	5%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	0.75%
Investment, Acquisition Date	[4],[5],[6],[27]	Apr. 12, 2023
Maturity Date	[4],[5],[6],[27]	Dec. 30, 2027
Principal Amount/ Shares	[4],[5],[6],[27]	$ 5,692,366
Affiliated investment at amortized cost	[4],[5],[6],[27]	5,395,211
Investments at Fair Value	[4],[5],[6],[27]	$ 5,678,135
Percentage of Net Assets	[4],[5],[6],[27]	7.57%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Auto Auction Group, LLC, Automotive Retail, 3M S + 5.00% (1.00% Floor), Initial Acquisition Date 4/12/2023, Maturity Date 12/30/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			5%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			1%
Investment, Acquisition Date	[1],[3],[25],[26]			Apr. 12, 2023
Maturity Date	[1],[3],[25],[26]			Dec. 30, 2027
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 4,239,241
Affiliated investment at amortized cost	[1],[3],[25],[26]			3,888,170
Investments at Fair Value	[1],[3],[25],[26]			$ 3,878,905
Percentage of Net Assets	[1],[3],[25],[26]			4.42%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Nuts Holdings, LLC - Term Loan A, Consumer Staples Distribution & Retail, 3M S + 6.75% 3.00% PIK (1.00% Floor), Initial Acquisition Date 4/4/2022, Maturity Date 4/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[7],[12],[25],[26]			6.75%
Investment, Interest Rate, Floor	[1],[3],[7],[12],[25],[26]			1%
Investment, Interest Rate, Paid in Kind	[1],[3],[7],[12],[25],[26]			3%
Investment, Acquisition Date	[1],[3],[7],[12],[25],[26]			Apr. 04, 2022
Maturity Date	[1],[3],[7],[12],[25],[26]			Apr. 10, 2026
Principal Amount/ Shares	[1],[3],[7],[12],[25],[26]			$ 3,788,372
Affiliated investment at amortized cost	[1],[3],[7],[12],[25],[26]			3,760,262
Investments at Fair Value	[1],[3],[7],[12],[25],[26]			$ 3,030,698
Percentage of Net Assets	[1],[3],[7],[12],[25],[26]			3.46%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Nuts Holdings, LLC - Term Loan A, Consumer Staples Distribution & Retail, 3M S + 9.75% PIK (1.00% Floor), Initial Acquisition Date 4/4/2022, Maturity Date 4/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	9.75%
Investment, Interest Rate, Paid in Kind	[4],[5],[6],[27]	1%
Investment, Acquisition Date	[4],[5],[6],[27]	Apr. 04, 2022
Maturity Date	[4],[5],[6],[27]	Apr. 10, 2026
Principal Amount/ Shares	[4],[5],[6],[27]	$ 4,494,842
Affiliated investment at amortized cost	[4],[5],[6],[27]	4,494,842
Investments at Fair Value	[4],[5],[6],[27]	$ 4,225,151
Percentage of Net Assets	[4],[5],[6],[27]	5.63%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Nuts Holdings, LLC - Term Loan B, Consumer Staples Distribution & Retail, 3M S + 11.75% PIK (1.00% Floor), Initial Acquisition Date 4/4/2022, Maturity Date 4/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27],[28]	11.75%
Investment, Interest Rate, Paid in Kind	[4],[5],[6],[27],[28]	1%
Investment, Acquisition Date	[4],[5],[6],[27],[28]	Apr. 04, 2022
Maturity Date	[4],[5],[6],[27],[28]	Apr. 10, 2026
Principal Amount/ Shares	[4],[5],[6],[27],[28]	$ 4,600,689
Affiliated investment at amortized cost	[4],[5],[6],[27],[28]	1,427,117
Investments at Fair Value	[4],[5],[6],[27],[28]	$ 1,116,748
Percentage of Net Assets	[4],[5],[6],[27],[28]	1.49%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Nuts Holdings, LLC - Term Loan B, Consumer Staples Distribution & Retail, 3M S + 8.75% 3.00% PIK (1.00% Floor), Initial Acquisition Date 4/4/2022, Maturity Date 4/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[7],[12],[25],[26]			8.75%
Investment, Interest Rate, Floor	[1],[3],[7],[12],[25],[26]			1%
Investment, Interest Rate, Paid in Kind	[1],[3],[7],[12],[25],[26]			3%
Investment, Acquisition Date	[1],[3],[7],[12],[25],[26]			Apr. 04, 2022
Maturity Date	[1],[3],[7],[12],[25],[26]			Apr. 10, 2026
Principal Amount/ Shares	[1],[3],[7],[12],[25],[26]			$ 3,788,372
Affiliated investment at amortized cost	[1],[3],[7],[12],[25],[26]			3,759,975
Investments at Fair Value	[1],[3],[7],[12],[25],[26]			$ 3,030,698
Percentage of Net Assets	[1],[3],[7],[12],[25],[26]			3.46%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) - Revolver, Software, P + 5.50% (1.00% Floor), Initial Acquisition Date 5/6/2016, Maturity Date 4/7/2023
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		5.50%	[4],[5],[6],[28],[29]	5.50%	[1],[3],[12],[25],[30]
Investment, Interest Rate, Floor		1%	[4],[5],[6],[28],[29]	1%	[1],[3],[12],[25],[30]
Investment, Acquisition Date		May 06, 2016	[4],[5],[6],[28],[29]	May 06, 2016	[1],[3],[12],[25],[30]
Maturity Date		Apr. 07, 2023	[4],[5],[6],[28],[29]	Apr. 07, 2023	[1],[3],[12],[25],[30]
Principal Amount/ Shares		$ 1,736,618	[4],[5],[6],[28],[29]	$ 1,736,618	[1],[3],[7],[12],[25],[30]
Affiliated investment at amortized cost		1,736,618	[4],[5],[6],[28],[29]	1,718,794	[1],[3],[12],[25],[30]
Investments at Fair Value		$ 0	[4],[5],[6],[28],[29]	$ 217,077	[1],[3],[12],[25],[30]
Percentage of Net Assets		0%	[4],[5],[6],[28],[29]	0.25%	[1],[3],[12],[25],[30]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Amerit Commercial Services & Supplies, 1M S + 7.00% (2.00% Floor), Initial Acquisition Date 12/13/2023, Maturity Date 12/24/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	7%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	2%
Investment, Acquisition Date	[4],[5],[6],[27]	Dec. 13, 2023
Maturity Date	[4],[5],[6],[27]	Dec. 24, 2025
Principal Amount/ Shares	[4],[5],[6],[27]	$ 7,425,000
Affiliated investment at amortized cost	[4],[5],[6],[27]	7,301,918
Investments at Fair Value	[4],[5],[6],[27]	$ 7,350,750
Percentage of Net Assets	[4],[5],[6],[27]	9.80%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Arborworks Acquisition LLC - Reinstated Term Loan (Take Back), Commercial Services & Supplies, 1M S + 6.50% PIK (1.00% Floor), Initial Acquisition Date 11/24/2021, Maturity Date 11/6/2028
Schedule Of Investments [Line Items]
Investment, Interest Rate, Floor	[4],[5],[6],[27]	1%
Investment, Interest Rate, Paid in Kind	[4],[5],[6],[27]	6.50%
Investment, Acquisition Date	[4],[5],[6],[27]	Nov. 24, 2021
Maturity Date	[4],[5],[6],[27]	Nov. 06, 2028
Principal Amount/ Shares	[4],[5],[6],[27]	$ 1,999,641
Affiliated investment at amortized cost	[4],[5],[6],[27]	1,999,641
Investments at Fair Value	[4],[5],[6],[27]	$ 1,919,656
Percentage of Net Assets	[4],[5],[6],[27]	2.56%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Arborworks Acquisition LLC - Revolver (New), Commercial Services & Supplies, 15.00% PIK, Initial Acquisition Date 11/6/2023, Maturity Date 11/6/2028
Schedule Of Investments [Line Items]
Investment, Interest Rate, Paid in Kind	[4],[5],[6],[31]	15%
Investment, Acquisition Date	[4],[5],[6],[31]	Nov. 06, 2023
Maturity Date	[4],[5],[6],[31]	Nov. 06, 2028
Principal Amount/ Shares	[4],[5],[6],[31]	$ 1,011,689
Affiliated investment at amortized cost	[4],[5],[6],[31]	1,011,689
Investments at Fair Value	[4],[5],[6],[31]	$ 1,011,689
Percentage of Net Assets	[4],[5],[6],[31]	1.35%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Arborworks Acquisition LLC - Revolver, Commercial Services & Supplies, 3M L + 7.00% (1.00% Floor), Initial Acquisition Date 11/24/2021, Maturity Date 11/9/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[13],[25],[30]			7%
Investment, Interest Rate, Floor	[1],[3],[13],[25],[30]			1%
Investment, Acquisition Date	[1],[3],[13],[25],[30]			Nov. 24, 2021
Maturity Date	[1],[3],[13],[25],[30]			Nov. 09, 2026
Principal Amount/ Shares	[1],[3],[7],[13],[25],[30]			$ 1,308,407
Affiliated investment at amortized cost	[1],[3],[13],[25],[30]			1,308,407
Investments at Fair Value	[1],[3],[13],[25],[30]			$ 981,305
Percentage of Net Assets	[1],[3],[13],[25],[30]			1.12%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Arborworks Acquisition LLC, Commercial Services & Supplies, 3M L + 7.00% + 3.00% PIK (1.00% Floor), Initial Acquisition Date 11/24/2021, Maturity Date 11/9/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26],[30]			7%
Investment, Interest Rate, Floor	[1],[3],[25],[26],[30]			1%
Investment, Interest Rate, Paid in Kind	[1],[3],[25],[26],[30]			3%
Investment, Acquisition Date	[1],[3],[25],[26],[30]			Nov. 24, 2021
Maturity Date	[1],[3],[25],[26],[30]			Nov. 09, 2026
Principal Amount/ Shares	[1],[3],[7],[25],[26],[30]			$ 8,033,532
Affiliated investment at amortized cost	[1],[3],[25],[26],[30]			7,976,037
Investments at Fair Value	[1],[3],[25],[26],[30]			$ 6,025,149
Percentage of Net Assets	[1],[3],[25],[26],[30]			6.87%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Archer Systems, LLC, Professional Services, 3M S + 6.00% (1.00% Floor), Initial Acquisition Date 8/11/2022, Maturity Date 8/11/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			6%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			1%
Investment, Acquisition Date	[1],[3],[25],[26]			Aug. 11, 2022
Maturity Date	[1],[3],[25],[26]			Aug. 11, 2027
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 5,414,246
Affiliated investment at amortized cost	[1],[3],[25],[26]			5,367,591
Investments at Fair Value	[1],[3],[25],[26]			$ 5,441,317
Percentage of Net Assets	[1],[3],[25],[26]			6.20%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Asurion, LLC , Insurance, 3MS +4.00% Initial Acquisition Date 6/13/2024, Maturity Date 8/21/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	4%
Investment, Acquisition Date	[4],[5],[6],[27]	Jun. 13, 2024
Maturity Date	[4],[5],[6],[27]	Aug. 21, 2028
Principal Amount/ Shares	[4],[5],[6],[27]	$ 7,480,964
Affiliated investment at amortized cost	[4],[5],[6],[27]	7,406,155
Investments at Fair Value	[4],[5],[6],[27]	$ 7,406,155
Percentage of Net Assets	[4],[5],[6],[27]	9.87%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Axiom Global Inc., Consumer Services,1MS +4.75%(0.75% Floor) Initial Acquisition Date 9/12/2023, Maturity Date 10/01/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	4.75%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	0.75%
Investment, Acquisition Date	[4],[5],[6],[27]	Sep. 12, 2023
Maturity Date	[4],[5],[6],[27]	Oct. 01, 2026
Principal Amount/ Shares	[4],[5],[6],[27]	$ 4,948,187
Affiliated investment at amortized cost	[4],[5],[6],[27]	4,891,149
Investments at Fair Value	[4],[5],[6],[27]	$ 4,923,445
Percentage of Net Assets	[4],[5],[6],[27]	6.56%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Bioplan USA, Inc. - Priority Term Loan, Containers & Packaging, 3M S + 10.00% (4.00% Floor), Initial Acquisition Date 2/28/2023, Maturity Date 3/8/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate		10%	[4],[5],[6],[27]	10%	[1],[3],[25],[26]
Investment, Interest Rate, Floor		4%	[4],[5],[6],[27]	4%	[1],[3],[25],[26]
Investment, Acquisition Date		Feb. 28, 2023	[4],[5],[6],[27]	Feb. 28, 2023	[1],[3],[25],[26]
Maturity Date		Mar. 08, 2027	[4],[5],[6],[27]	Mar. 08, 2027	[1],[3],[25],[26]
Principal Amount/ Shares		$ 3,367,275	[4],[5],[6],[27]	$ 3,367,275	[1],[3],[7],[25],[26]
Affiliated investment at amortized cost		3,420,188	[4],[5],[6],[27]	3,435,421	[1],[3],[25],[26]
Investments at Fair Value		$ 3,602,984	[4],[5],[6],[27]	$ 3,602,984	[1],[3],[25],[26]
Percentage of Net Assets		4.80%	[4],[5],[6],[27]	4.11%	[1],[3],[25],[26]
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Bioplan USA, Inc. - Take-Back Term Loan, Containers & Packaging, 3M S + 3.25% 5.00% PIK (4.00% Floor), Initial Acquisition Date 3/8/2023, Maturity Date 3/8/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[7],[25]			3.25%
Investment, Interest Rate, Floor	[1],[3],[7],[25]			4%
Investment, Interest Rate, Paid in Kind	[1],[3],[7],[25]			5%
Investment, Acquisition Date	[1],[3],[7],[25]			Mar. 08, 2023
Maturity Date	[1],[3],[7],[25]			Mar. 08, 2028
Principal Amount/ Shares	[1],[3],[7],[25]			$ 5,605,485
Affiliated investment at amortized cost	[1],[3],[7],[25]			5,303,003
Investments at Fair Value	[1],[3],[7],[25]			$ 5,213,101
Percentage of Net Assets	[1],[3],[7],[25]			5.94%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Bioplan USA, Inc. - Take-Back Term Loan, Containers & Packaging, 3M S + 4.75% + 3.50% PIK (4.00% Floor), Initial Acquisition Date 3/8/2023, Maturity Date 3/8/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[11],[27]	4.75%
Investment, Interest Rate, Floor	[4],[5],[6],[11],[27]	4%
Investment, Interest Rate, Paid in Kind	[4],[5],[6],[11],[27]	3.50%
Investment, Acquisition Date	[4],[5],[6],[11],[27]	Mar. 08, 2023
Maturity Date	[4],[5],[6],[11],[27]	Mar. 08, 2028
Principal Amount/ Shares	[4],[5],[6],[11],[27]	$ 5,844,496
Affiliated investment at amortized cost	[4],[5],[6],[11],[27]	5,595,919
Investments at Fair Value	[4],[5],[6],[11],[27]	$ 5,712,995
Percentage of Net Assets	[4],[5],[6],[11],[27]	7.62%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, CareerBuilder, LLC, Professional Services, 3M L + 6.75% (1.00% Floor), Initial Acquisition Date 7/27/2017, Maturity Date 7/31/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			6.75%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			1%
Investment, Acquisition Date	[1],[3],[25],[26]			Jul. 27, 2017
Maturity Date	[1],[3],[25],[26]			Jul. 31, 2026
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 6,017,119
Affiliated investment at amortized cost	[1],[3],[25],[26]			6,008,781
Investments at Fair Value	[1],[3],[25],[26]			$ 2,572,318
Percentage of Net Assets	[1],[3],[25],[26]			2.93%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, CareerBuilder, LLC, Professional Services, Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, CareerBuilder, LLC, Professional Services, 1MS + 2.50%+4.25%PIK (1.00% Floor), Initial Acquisition Date 7/27/2017, Maturity Date 7/31/2026(1.00% Floor), Initial Acquisition Date 7/27/2017, Maturity Date 7/31/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27],[28]	2.50%
Investment, Interest Rate, Floor	[4],[5],[6],[27],[28]	1%
Investment, Interest Rate, Paid in Kind	[4],[5],[6],[27],[28]	4.25%
Investment, Acquisition Date	[4],[5],[6],[27],[28]	Jul. 27, 2017
Maturity Date	[4],[5],[6],[27],[28]	Jul. 31, 2026
Principal Amount/ Shares	[4],[5],[6],[27],[28]	$ 5,924,347
Affiliated investment at amortized cost	[4],[5],[6],[27],[28]	5,177,709
Investments at Fair Value	[4],[5],[6],[27],[28]	$ 2,525,025
Percentage of Net Assets	[4],[5],[6],[27],[28]	3.37%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Congruex Group LLC, Construction & Engineering, 3MS+5.75%(0.75% Floor) Initial Acquisition Date 9/27/2023, Maturity Date 5/3/2029
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	5.75%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	0.75%
Investment, Acquisition Date	[4],[5],[6],[27]	Sep. 27, 2023
Maturity Date	[4],[5],[6],[27]	May 03, 2029
Principal Amount/ Shares	[4],[5],[6],[27]	$ 3,959,596
Affiliated investment at amortized cost	[4],[5],[6],[27]	3,910,347
Investments at Fair Value	[4],[5],[6],[27]	$ 3,662,626
Percentage of Net Assets	[4],[5],[6],[27]	4.88%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Cook & Boardman Group, LLC, Trading Companies & Distributors, 3M S + 5.75% (1.00% Floor), Initial Acquisition Date 10/12/2018, Maturity Date 10/17/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			5.75%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			1%
Investment, Acquisition Date	[1],[3],[25],[26]			Oct. 12, 2018
Maturity Date	[1],[3],[25],[26]			Oct. 17, 2025
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 9,547,181
Affiliated investment at amortized cost	[1],[3],[25],[26]			9,508,116
Investments at Fair Value	[1],[3],[25],[26]			$ 9,213,030
Percentage of Net Assets	[1],[3],[25],[26]			10.51%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Crafty Apes, LLC, Entertainment, 1M S + 7.06% (1.00% Floor),Initial Acquisition Date 12/23/2021, Maturity Date 11/1/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26],[32]			7.06%
Investment, Interest Rate, Floor	[1],[3],[25],[26],[32]			1%
Investment, Acquisition Date	[1],[3],[25],[26],[32]			Dec. 23, 2021
Maturity Date	[1],[3],[25],[26],[32]			Nov. 01, 2024
Principal Amount/ Shares	[1],[3],[7],[25],[26],[32]			$ 8,000,000
Affiliated investment at amortized cost	[1],[3],[25],[26],[32]			7,959,319
Investments at Fair Value	[1],[3],[25],[26],[32]			$ 7,640,000
Percentage of Net Assets	[1],[3],[25],[26],[32]			8.71%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Crafty Apes, LLC, Entertainment, 1M S + 9.25% PIK (1.00% Floor), Initial Acquisition Date 12/23/2021, Maturity Date 11/1/2025
Schedule Of Investments [Line Items]
Investment, Interest Rate, Floor	[4],[5],[6],[27],[33]	1%
Investment, Interest Rate, Paid in Kind	[4],[5],[6],[27],[33]	9.25%
Investment, Acquisition Date	[4],[5],[6],[27],[33]	Dec. 23, 2021
Maturity Date	[4],[5],[6],[27],[33]	Nov. 01, 2025
Principal Amount/ Shares	[4],[5],[6],[27],[33]	$ 9,250,602
Affiliated investment at amortized cost	[4],[5],[6],[27],[33]	8,832,319
Investments at Fair Value	[4],[5],[6],[27],[33]	$ 8,811,199
Percentage of Net Assets	[4],[5],[6],[27],[33]	11.75%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Crisis Prevention Institute, Inc., Human Resources & Employment Services, 3M S + 4.75% (0.50% Floor), Initial Acquisition Date 4/3/2024, Maturity Date 4/9/2031
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	4.75%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	0.50%
Investment, Acquisition Date	[4],[5],[6],[27]	Apr. 03, 2024
Maturity Date	[4],[5],[6],[27]	Apr. 09, 2031
Principal Amount/ Shares	[4],[5],[6],[27]	$ 3,000,000
Affiliated investment at amortized cost	[4],[5],[6],[27]	2,985,281
Investments at Fair Value	[4],[5],[6],[27]	$ 2,985,000
Percentage of Net Assets	[4],[5],[6],[27]	3.98%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Easy Way Leisure Corporation, Household Durables, 3M S + 7.00% (1.00% Floor), Initial Acquisition Date 8/2/2021, Maturity Date 1/15/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			7%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			1%
Investment, Acquisition Date	[1],[3],[25],[26]			Aug. 02, 2021
Maturity Date	[1],[3],[25],[26]			Jan. 15, 2026
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 7,805,376
Affiliated investment at amortized cost	[1],[3],[25],[26]			7,735,660
Investments at Fair Value	[1],[3],[25],[26]			$ 7,610,242
Percentage of Net Assets	[1],[3],[25],[26]			8.68%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Easy Way Leisure Corporation, Household Durables, 3M S + 7.50% + 2.00% PIK (1.00% Floor), Initial Acquisition Date 8/2/2021, Maturity Date 1/15/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	7.50%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	1%
Investment, Interest Rate, Paid in Kind	[4],[5],[6],[27]	2%
Investment, Acquisition Date	[4],[5],[6],[27]	Aug. 02, 2021
Maturity Date	[4],[5],[6],[27]	Jan. 15, 2026
Principal Amount/ Shares	[4],[5],[6],[27]	$ 7,625,716
Affiliated investment at amortized cost	[4],[5],[6],[27]	7,582,340
Investments at Fair Value	[4],[5],[6],[27]	$ 7,625,716
Percentage of Net Assets	[4],[5],[6],[27]	10.17%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Empire Office Inc., Trading Companies & Distributors, 1M L + 6.75% (1.50% Floor), Initial Acquisition Date 3/28/2019, Maturity Date 4/12/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			6.75%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			1.50%
Investment, Acquisition Date	[1],[3],[25],[26]			Mar. 28, 2019
Maturity Date	[1],[3],[25],[26]			Apr. 12, 2024
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 11,976,967
Affiliated investment at amortized cost	[1],[3],[25],[26]			11,923,473
Investments at Fair Value	[1],[3],[25],[26]			$ 11,947,025
Percentage of Net Assets	[1],[3],[25],[26]			13.62%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Evergreen North America Acquisitions, LLC - Revolver, Machinery, 3M S + 6.75% (1.00% Floor), Initial Acquisition Date 7/26/2022, Maturity Date 8/13/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[13],[25]			6.75%
Investment, Interest Rate, Floor	[1],[3],[13],[25]			1%
Investment, Acquisition Date	[1],[3],[13],[25]			Jul. 26, 2022
Maturity Date	[1],[3],[13],[25]			Aug. 13, 2026
Principal Amount/ Shares	[1],[3],[7],[13],[25]			$ 211,107
Affiliated investment at amortized cost	[1],[3],[13],[25]			211,107
Investments at Fair Value	[1],[3],[13],[25]			$ 20,794
Percentage of Net Assets	[1],[3],[13],[25]			0.24%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Evergreen North America Acquisitions, LLC, Machinery, 3M S + 6.75% (1.00% Floor), Initial Acquisition Date 7/26/2022, Maturity Date 8/13/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			6.75%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			1%
Investment, Acquisition Date	[1],[3],[25],[26]			Jul. 26, 2022
Maturity Date	[1],[3],[25],[26]			Aug. 13, 2026
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 4,467,360
Affiliated investment at amortized cost	[1],[3],[25],[26]			4,394,797
Investments at Fair Value	[1],[3],[25],[26]			$ 4,400,349
Percentage of Net Assets	[1],[3],[25],[26]			5.02%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Flatworld Intermediate Corporation, IT Services, 3M S + 6.50% (1.00% Floor), Initial Acquisition Date 10/3/2022, Maturity Date 10/1/2027Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Flatworld Intermediate Corporation, IT Services, 3M S + 6.50% (1.00% Floor), Initial Acquisition Date 10/3/2022, Maturity Date 10/1/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]					6.50%
Investment, Interest Rate, Floor	[1],[3],[25],[26]					1%
Investment, Acquisition Date	[1],[3],[25],[26]					Oct. 03, 2022
Maturity Date	[1],[3],[25],[26]					Oct. 01, 2027
Principal Amount/ Shares	[1],[3],[7],[25],[26]					$ 2,420,270
Affiliated investment at amortized cost	[1],[3],[25],[26]					2,376,950
Investments at Fair Value	[1],[3],[25],[26]					$ 2,359,764
Percentage of Net Assets	[1],[3],[25],[26]					2.69%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Flatworld Intermediate Corporation, IT Services, 3M S + 7.00% (1.00% Floor), Initial Acquisition Date 10/3/2022, Maturity Date 10/1/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27],[31]	7%
Investment, Interest Rate, Floor	[4],[5],[6],[27],[31]	1%
Investment, Acquisition Date	[4],[5],[6],[27],[31]	Oct. 03, 2022
Maturity Date	[4],[5],[6],[27],[31]	Oct. 01, 2027
Principal Amount/ Shares	[4],[5],[6],[27],[31]	$ 2,233,784
Affiliated investment at amortized cost	[4],[5],[6],[27],[31]	2,201,362
Investments at Fair Value	[4],[5],[6],[27],[31]	$ 2,183,524
Percentage of Net Assets	[4],[5],[6],[27],[31]	2.91%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Fleetpride, Inc., Trading Companies & Distributors, 1M S + 4.50%(0.50% Floor) Initial Acquisition Date 9/27/2023, Maturity Date 9/29/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	4.50%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	0.50%
Investment, Acquisition Date	[4],[5],[6],[27]	Sep. 27, 2023
Maturity Date	[4],[5],[6],[27]	Sep. 29, 2028
Principal Amount/ Shares	[4],[5],[6],[27]	$ 2,977,500
Affiliated investment at amortized cost	[4],[5],[6],[27]	2,949,229
Investments at Fair Value	[4],[5],[6],[27]	$ 2,962,612
Percentage of Net Assets	[4],[5],[6],[27]	3.94%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Fusion Connect, Inc. - 2022 Term Loan, IT Services, 3M S + 7.50% 1.00% PIK (1.00% Floor), Initial Acquisition Date 1/12/2022, Maturity Date 1/18/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[7],[25],[26]			7.50%
Investment, Interest Rate, Floor	[1],[3],[7],[25],[26]			1%
Investment, Interest Rate, Paid in Kind	[1],[3],[7],[25],[26]			1%
Investment, Acquisition Date	[1],[3],[7],[25],[26]			Jan. 12, 2022
Maturity Date	[1],[3],[7],[25],[26]			Jan. 18, 2027
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 6,838,831
Affiliated investment at amortized cost	[1],[3],[7],[25],[26]			6,684,667
Investments at Fair Value	[1],[3],[7],[25],[26]			$ 6,684,957
Percentage of Net Assets	[1],[3],[7],[25],[26]			7.62%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, INW Manufacturing, LLC, Food Products, 3M S + 5.75% (0.75% Floor) Initial Acquisition Date 5/5/2021, Maturity Date 3/25/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	5.75%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	0.75%
Investment, Acquisition Date	[4],[5],[6],[27]	May 05, 2021
Maturity Date	[4],[5],[6],[27]	Mar. 25, 2027
Principal Amount/ Shares	[4],[5],[6],[27]	$ 4,312,500
Affiliated investment at amortized cost	[4],[5],[6],[27]	4,243,162
Investments at Fair Value	[4],[5],[6],[27]	$ 3,967,500
Percentage of Net Assets	[4],[5],[6],[27]	5.29%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, INW Manufacturing, LLC, Food Products, 3M S + 5.75% (0.75% Floor), Initial Acquisition Date 5/5/2021, Maturity Date 3/25/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			5.75%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			0.75%
Investment, Acquisition Date	[1],[3],[25],[26]			May 05, 2021
Maturity Date	[1],[3],[25],[26]			Mar. 25, 2027
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 4,562,500
Affiliated investment at amortized cost	[1],[3],[25],[26]			4,467,824
Investments at Fair Value	[1],[3],[25],[26]			$ 4,288,750
Percentage of Net Assets	[1],[3],[25],[26]			4.89%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Klein Hersh, LLC, Professional Services, 3M S + 4.63% + 6.45% PIK (0.50% Floor) Initial Acquisition Date 4/21/2022, Maturity Date 4/27/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[11],[27],[28],[34]	4.63%
Investment, Interest Rate, Floor	[4],[5],[6],[11],[27],[28],[34]	0.50%
Investment, Interest Rate, Paid in Kind	[4],[5],[6],[11],[27],[28],[34]	6.45%
Investment, Acquisition Date	[4],[5],[6],[11],[27],[28],[34]	Apr. 21, 2022
Maturity Date	[4],[5],[6],[11],[27],[28],[34]	Apr. 27, 2027
Principal Amount/ Shares	[4],[5],[6],[11],[27],[28],[34]	$ 11,645,948
Affiliated investment at amortized cost	[4],[5],[6],[11],[27],[28],[34]	9,684,970
Investments at Fair Value	[4],[5],[6],[11],[27],[28],[34]	$ 5,581,240
Percentage of Net Assets	[4],[5],[6],[11],[27],[28],[34]	7.44%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Klein Hersh, LLC, Professional Services, 3M S + 4.63% 6.77% PIK (0.50% Floor), Initial Acquisition Date 4/21/2022, Maturity Date 4/27/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[7],[25],[26],[35]			4.63%
Investment, Interest Rate, Floor	[1],[3],[7],[25],[26],[35]			0.50%
Investment, Interest Rate, Paid in Kind	[1],[3],[7],[25],[26],[35]			6.77%
Investment, Acquisition Date	[1],[3],[7],[25],[26],[35]			Apr. 21, 2022
Maturity Date	[1],[3],[7],[25],[26],[35]			Apr. 27, 2027
Principal Amount/ Shares	[1],[3],[7],[25],[26],[35]			$ 10,390,813
Affiliated investment at amortized cost	[1],[3],[7],[25],[26],[35]			10,275,044
Investments at Fair Value	[1],[3],[7],[25],[26],[35]			$ 8,078,857
Percentage of Net Assets	[1],[3],[7],[25],[26],[35]			9.21%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, LABL, INC., Paper Packaging, 1M S + 5.00% (0.50% Floor) Initial Acquisition Date 9/27/2023, Maturity Date 10/30/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	5%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	0.50%
Investment, Acquisition Date	[4],[5],[6],[27]	Sep. 27, 2023
Maturity Date	[4],[5],[6],[27]	Oct. 30, 2028
Principal Amount/ Shares	[4],[5],[6],[27]	$ 4,964,428
Affiliated investment at amortized cost	[4],[5],[6],[27]	4,922,427
Investments at Fair Value	[4],[5],[6],[27]	$ 4,914,784
Percentage of Net Assets	[4],[5],[6],[27]	6.55%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, LaserAway Intermediate Holdings II, LLC, Diversified Consumer Services, 3M S + 5.75% (0.75% Floor) Initial Acquisition Date 10/12/2021, Maturity Date 10/14/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	5.75%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	0.75%
Investment, Acquisition Date	[4],[5],[6],[27]	Oct. 12, 2021
Maturity Date	[4],[5],[6],[27]	Oct. 14, 2027
Principal Amount/ Shares	[4],[5],[6],[27]	$ 7,194,708
Affiliated investment at amortized cost	[4],[5],[6],[27]	7,129,933
Investments at Fair Value	[4],[5],[6],[27]	$ 7,194,708
Percentage of Net Assets	[4],[5],[6],[27]	9.59%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, LaserAway Intermediate Holdings II, LLC, Diversified Consumer Services, 3M S + 5.75% (0.75% Floor), Initial Acquisition Date 10/12/2021, Maturity Date 10/14/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			5.75%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			0.75%
Investment, Acquisition Date	[1],[3],[25],[26]			Oct. 12, 2021
Maturity Date	[1],[3],[25],[26]			Oct. 14, 2027
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 7,268,500
Affiliated investment at amortized cost	[1],[3],[25],[26]			7,187,704
Investments at Fair Value	[1],[3],[25],[26]			$ 7,268,500
Percentage of Net Assets	[1],[3],[25],[26]			8.29%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Max US Bidco Inc., Food Products, 3M S + 5.00%, Initial Acquisition Date 10/4/2023, Maturity Date 10/2/2030
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	5%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	0.50%
Investment, Acquisition Date	[4],[5],[6],[27]	Oct. 04, 2023
Maturity Date	[4],[5],[6],[27]	Oct. 02, 2030
Principal Amount/ Shares	[4],[5],[6],[27]	$ 4,987,500
Affiliated investment at amortized cost	[4],[5],[6],[27]	4,755,238
Investments at Fair Value	[4],[5],[6],[27]	$ 4,875,281
Percentage of Net Assets	[4],[5],[6],[27]	6.50%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, NWN Parent Holdings LLC - Revolver, IT Services, 3M S + 8.00% (1.00% Floor), Initial Acquisition Date 5/5/2021, Maturity Date 5/7/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[13],[25]			8%
Investment, Interest Rate, Floor	[1],[3],[13],[25]			1%
Investment, Acquisition Date	[1],[3],[13],[25]			May 05, 2021
Maturity Date	[1],[3],[13],[25]			May 07, 2026
Principal Amount/ Shares	[1],[3],[7],[13],[25]			$ 400,000
Affiliated investment at amortized cost	[1],[3],[13],[25]			400,000
Investments at Fair Value	[1],[3],[13],[25]			$ 401,000
Percentage of Net Assets	[1],[3],[13],[25]			0.46%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, NWN Parent Holdings LLC, IT Services, 3M S + 8.00% (1.00% Floor), Initial Acquisition Date 5/5/2021, Maturity Date 5/7/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			8%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			1%
Investment, Acquisition Date	[1],[3],[25],[26]			May 05, 2021
Maturity Date	[1],[3],[25],[26]			May 07, 2026
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 8,402,893
Affiliated investment at amortized cost	[1],[3],[25],[26]			8,350,223
Investments at Fair Value	[1],[3],[25],[26]			$ 8,423,901
Percentage of Net Assets	[1],[3],[25],[26]			9.61%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Northstar Group Services, Inc., Commercial Services & Supplies, 6M S + 4.75% (0.50% Floor), Initial Acquisition Date 5/8/2024, Maturity Date 5/8/2030
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	4.75%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	0.50%
Investment, Acquisition Date	[4],[5],[6],[27]	May 08, 2024
Maturity Date	[4],[5],[6],[27]	May 08, 2030
Principal Amount/ Shares	[4],[5],[6],[27]	$ 5,500,000
Affiliated investment at amortized cost	[4],[5],[6],[27]	5,472,738
Investments at Fair Value	[4],[5],[6],[27]	$ 5,472,500
Percentage of Net Assets	[4],[5],[6],[27]	7.30%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, PVI Holdings, Inc., Trading Companies & Distributors, 3M S + 6.49% (1.00% Floor), Initial Acquisition Date 7/29/2022, Maturity Date 1/18/2028
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27],[36]	6.49%
Investment, Interest Rate, Floor	[4],[5],[6],[27],[36]	1%
Investment, Acquisition Date	[4],[5],[6],[27],[36]	Jul. 29, 2022
Maturity Date	[4],[5],[6],[27],[36]	Jan. 18, 2028
Principal Amount/ Shares	[4],[5],[6],[27],[36]	$ 3,930,000
Affiliated investment at amortized cost	[4],[5],[6],[27],[36]	3,902,420
Investments at Fair Value	[4],[5],[6],[27],[36]	$ 3,930,000
Percentage of Net Assets	[4],[5],[6],[27],[36]	5.24%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Potpourri Group, Inc., Internet & Direct Marketing Retail, 1M S + 8.25% (1.50% Floor), Initial Acquisition Date 6/27/2019, Maturity Date 7/3/2024
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			8.25%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			1.50%
Investment, Acquisition Date	[1],[3],[25],[26]			Jun. 27, 2019
Maturity Date	[1],[3],[25],[26]			Jul. 03, 2024
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 8,969,729
Affiliated investment at amortized cost	[1],[3],[25],[26]			8,942,153
Investments at Fair Value	[1],[3],[25],[26]			$ 8,969,729
Percentage of Net Assets	[1],[3],[25],[26]			10.23%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Retail Services WIS Corporation, Commercial Services & Supplies, 3M S + 8.35% (1.00% Floor), Initial Acquisition Date 5/20/2021, Maturity Date 5/20/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	8.35%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	1%
Investment, Acquisition Date	[4],[5],[6],[27]	May 20, 2021
Maturity Date	[4],[5],[6],[27]	May 20, 2025
Principal Amount/ Shares	[4],[5],[6],[27]	$ 6,156,855
Affiliated investment at amortized cost	[4],[5],[6],[27]	6,124,477
Investments at Fair Value	[4],[5],[6],[27]	$ 6,156,855
Percentage of Net Assets	[4],[5],[6],[27]	8.21%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Sandvine Corporation, Software, 2.00%, Initial Acquisition Date 2/3/2023, Maturity Date 6/28/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[24],[27],[37]	2%
Investment, Acquisition Date	[4],[5],[6],[24],[27],[37]	Feb. 03, 2023
Maturity Date	[4],[5],[6],[24],[27],[37]	Jun. 28, 2027
Principal Amount/ Shares	[4],[5],[6],[24],[27],[37]	$ 5,284,642
Affiliated investment at amortized cost	[4],[5],[6],[24],[27],[37]	3,254,202
Investments at Fair Value	[4],[5],[6],[24],[27],[37]	$ 3,250,055
Percentage of Net Assets	[4],[5],[6],[24],[27],[37]	4.33%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, South Coast Terminals, LLC, Chemicals, 1M S + 6.00% (1.00% Floor), Initial Acquisition Date 12/21/2021, Maturity Date 12/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[31]	6%
Investment, Interest Rate, Floor	[4],[5],[6],[31]	1%
Investment, Acquisition Date	[4],[5],[6],[31]	Dec. 21, 2021
Maturity Date	[4],[5],[6],[31]	Dec. 10, 2026
Principal Amount/ Shares	[4],[5],[6],[31]	$ 7,206,650
Affiliated investment at amortized cost	[4],[5],[6],[31]	7,166,474
Investments at Fair Value	[4],[5],[6],[31]	$ 7,206,650
Percentage of Net Assets	[4],[5],[6],[31]	9.61%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Victra Holdings, LLC, Specialty Retail, 3M S + 6.50% (0.75% Floor), Initial Acquisition Date 2/26/2024, Maturity Date 3/30/2029
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	6.50%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	0.75%
Investment, Acquisition Date	[4],[5],[6],[27]	Feb. 26, 2024
Maturity Date	[4],[5],[6],[27]	Mar. 30, 2029
Principal Amount/ Shares	[4],[5],[6],[27]	$ 1,948,667
Affiliated investment at amortized cost	[4],[5],[6],[27]	1,948,667
Investments at Fair Value	[4],[5],[6],[27]	$ 1,977,897
Percentage of Net Assets	[4],[5],[6],[27]	2.64%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Work Genius Holdings, Inc - Revolver, Professional Services, 3M S + 7.00% (1.00% Floor), Initial Acquisition Date 12/28/2022, Maturity Date 6/7/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6]	7%
Investment, Interest Rate, Floor	[4],[5],[6]	1%
Investment, Acquisition Date	[4],[5],[6]	Dec. 28, 2022
Maturity Date	[4],[5],[6]	Jun. 07, 2027
Principal Amount/ Shares	[4],[5],[6]	$ 750,000
Affiliated investment at amortized cost	[4],[5],[6]	750,000
Investments at Fair Value	[4],[5],[6]	$ 748,125
Percentage of Net Assets	[4],[5],[6]	1%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Work Genius Holdings, Inc, Professional Services, 3M S + 7.00% (1.00% Floor), Initial Acquisition Date 6/6/2022, Maturity Date 6/7/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	7%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	1%
Investment, Acquisition Date	[4],[5],[6],[27]	Jun. 06, 2022
Maturity Date	[4],[5],[6],[27]	Jun. 07, 2027
Principal Amount/ Shares	[4],[5],[6],[27]	$ 9,801,923
Affiliated investment at amortized cost	[4],[5],[6],[27]	9,737,425
Investments at Fair Value	[4],[5],[6],[27]	$ 9,777,418
Percentage of Net Assets	[4],[5],[6],[27]	13.03%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured First Lien Debt Investments, Xenon Arc, Inc., Trading Companies & Distributors, 3M S + 6.00% (0.75% Floor), Initial Acquisition Date 12/27/2021, Maturity Date 12/17/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[4],[5],[6],[27]	6%
Investment, Interest Rate, Floor	[4],[5],[6],[27]	0.75%
Investment, Acquisition Date	[4],[5],[6],[27]	Dec. 27, 2021
Maturity Date	[4],[5],[6],[27]	Dec. 17, 2027
Principal Amount/ Shares	[4],[5],[6],[27]	$ 8,805,000
Affiliated investment at amortized cost	[4],[5],[6],[27]	8,805,000
Investments at Fair Value	[4],[5],[6],[27]	$ 8,805,000
Percentage of Net Assets	[4],[5],[6],[27]	11.73%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, PVI Holdings, Inc., Trading Companies & Distributors, 3M S + 5.94% (1.00% Floor), Initial Acquisition Date 7/29/2022, Maturity Date 7/16/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26],[32],[38]			5.94%
Investment, Interest Rate, Floor	[1],[3],[25],[26],[32],[38]			1%
Investment, Acquisition Date	[1],[3],[25],[26],[32],[38]			Jul. 29, 2022
Maturity Date	[1],[3],[25],[26],[32],[38]			Jul. 16, 2027
Principal Amount/ Shares	[1],[3],[7],[25],[26],[32],[38]			$ 3,970,000
Affiliated investment at amortized cost	[1],[3],[25],[26],[32],[38]			3,935,901
Investments at Fair Value	[1],[3],[25],[26],[32],[38]			$ 3,970,000
Percentage of Net Assets	[1],[3],[25],[26],[32],[38]			4.53%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Retail Services WIS Corporation, Commercial Services & Supplies, 3M S + 7.75% (1.00% Floor), Initial Acquisition Date 5/20/2021, Maturity Date 5/20/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			7.75%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			1%
Investment, Acquisition Date	[1],[3],[25],[26]			May 20, 2021
Maturity Date	[1],[3],[25],[26]			May 20, 2025
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 6,508,087
Affiliated investment at amortized cost	[1],[3],[25],[26]			6,440,129
Investments at Fair Value	[1],[3],[25],[26]			$ 6,443,006
Percentage of Net Assets	[1],[3],[25],[26]			7.35%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Sandvine Corporation, Software, 3M S + 4.50%, Initial Acquisition Date 2/3/2023, Maturity Date 10/31/2025
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26],[39],[40]			4.50%
Investment, Acquisition Date	[1],[3],[25],[26],[39],[40]			Feb. 03, 2023
Maturity Date	[1],[3],[25],[26],[39],[40]			Oct. 31, 2025
Principal Amount/ Shares	[1],[3],[7],[25],[26],[39],[40]			$ 5,284,642
Affiliated investment at amortized cost	[1],[3],[25],[26],[39],[40]			5,074,088
Investments at Fair Value	[1],[3],[25],[26],[39],[40]			$ 5,046,833
Percentage of Net Assets	[1],[3],[25],[26],[39],[40]			5.75%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, South Coast Terminals, LLC, Chemicals, 1M L + 5.75% (1.00% Floor), Initial Acquisition Date 12/21/2021, Maturity Date 12/10/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			5.75%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			1%
Investment, Acquisition Date	[1],[3],[25],[26]			Dec. 21, 2021
Maturity Date	[1],[3],[25],[26]			Dec. 10, 2026
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 7,606,650
Affiliated investment at amortized cost	[1],[3],[25],[26]			7,550,110
Investments at Fair Value	[1],[3],[25],[26]			$ 7,568,617
Percentage of Net Assets	[1],[3],[25],[26]			8.63%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Work Genius Holdings, Inc - Revolver, Professional Services, 3M S + 7.50% (1.00% Floor), Initial Acquisition Date 12/28/2022, Maturity Date 6/7/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[13],[25]			7.50%
Investment, Interest Rate, Floor	[1],[3],[13],[25]			1%
Investment, Acquisition Date	[1],[3],[13],[25]			Dec. 28, 2022
Maturity Date	[1],[3],[13],[25]			Jun. 07, 2027
Principal Amount/ Shares	[1],[3],[7],[13],[25]			$ 750,000
Affiliated investment at amortized cost	[1],[3],[13],[25]			750,000
Investments at Fair Value	[1],[3],[13],[25]			$ 729,375
Percentage of Net Assets	[1],[3],[13],[25]			0.83%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Work Genius Holdings, Inc, Professional Services, 3M S + 7.50% (1.00% Floor), Initial Acquisition Date 6/6/2022, Maturity Date 6/7/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			7.50%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			1%
Investment, Acquisition Date	[1],[3],[25],[26]			Jun. 06, 2022
Maturity Date	[1],[3],[25],[26]			Jun. 07, 2027
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 9,901,923
Affiliated investment at amortized cost	[1],[3],[25],[26]			9,819,740
Investments at Fair Value	[1],[3],[25],[26]			$ 9,629,620
Percentage of Net Assets	[1],[3],[25],[26]			10.98%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Xenon Arc, Inc. - Revolver, Trading Companies & Distributors, 6M L + 5.25% (0.75% Floor), Initial Acquisition Date 12/27/2021, Maturity Date 12/17/2026
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[13],[25]			5.25%
Investment, Interest Rate, Floor	[1],[3],[13],[25]			0.75%
Investment, Acquisition Date	[1],[3],[13],[25]			Dec. 27, 2021
Maturity Date	[1],[3],[13],[25]			Dec. 17, 2026
Principal Amount/ Shares	[1],[3],[7],[13],[25]			$ 253,333
Affiliated investment at amortized cost	[1],[3],[13],[25]			253,333
Investments at Fair Value	[1],[3],[13],[25]			$ 253,333
Percentage of Net Assets	[1],[3],[13],[25]			0.29%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliated Investments, Senior Secured Second Lien Debt Investments, Xenon Arc, Inc., Trading Companies & Distributors, 6M L + 5.25% (0.75% Floor), Initial Acquisition Date 12/27/2021, Maturity Date 12/17/2027
Schedule Of Investments [Line Items]
Investment, Basis Spread, Variable Rate	[1],[3],[25],[26]			5.25%
Investment, Interest Rate, Floor	[1],[3],[25],[26]			0.75%
Investment, Acquisition Date	[1],[3],[25],[26]			Dec. 27, 2021
Maturity Date	[1],[3],[25],[26]			Dec. 17, 2027
Principal Amount/ Shares	[1],[3],[7],[25],[26]			$ 8,895,000
Affiliated investment at amortized cost	[1],[3],[25],[26]			8,818,485
Investments at Fair Value	[1],[3],[25],[26]			$ 8,895,000
Percentage of Net Assets	[1],[3],[25],[26]			10.14%
Investment, Identifier [Axis]: Non-Controlled/Non-Affiliates Investments
Schedule Of Investments [Line Items]
Affiliated investment at amortized cost	[1],[3]			$ 219,319,251
Investments at Fair Value	[1],[3]			$ 210,150,018
Percentage of Net Assets	[1],[3]			239.62%
Investment, Identifier [Axis]: Total Affiliated Investments
Schedule Of Investments [Line Items]
Affiliated investment at amortized cost	[4],[5],[6]	$ 15,149,238
Investments at Fair Value	[4],[5],[6]	$ 2,621,154
Percentage of Net Assets	[4],[5],[6]	3.49%
Investment, Identifier [Axis]: Total Investments
Schedule Of Investments [Line Items]
Affiliated investment at amortized cost	[4],[5],[6]	$ 204,469,040
Investments at Fair Value	[4],[5],[6]	$ 184,569,530
Percentage of Net Assets	[4],[5],[6]	246.06%
[1] All investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors. As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of this portfolio company because it owns 5 % or more, up to 25 % (inclusive), of the portfolio company’s outstanding voting securities (“non-controlled affiliate”). As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” a portfolio company if it owns more than 25 % of the portfolio company’s outstanding voting securities or has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). As of June 30, 2023 , the Company had no “Control Investments.” The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of June 30, 2023, the Company’s portfolio company investments that were subject to restrictions on sales total ed $ 220,111,329 at fair value and represented 250.98 % of the Company’s net assets. All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted. All investments were valued at fair value using Level 3 significant unobservable inputs as determined in good faith by the Company’s board of directors. The Company’s investments are generally acquired in private transactions exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). Unless otherwise indicated, all of the Company’s portfolio company investments are subject to restrictions on sales. As of June 30, 2024, the Company’s portfolio company investments that were subject to restrictions on sales totaled $ 184,569,530 at fair value and represented 246.06 % of the Company’s net assets. Principal amount includes capitalized PIK interest unless otherwise noted. Securities are non-income producing. Securities are non-income producing. As defined in the 1940 Act, the Company is deemed to be an “Affiliated Person” of this portfolio company because it owns 5 % or more, up to 25 % (inclusive), of the portfolio company’s outstanding voting securities (“non-controlled affiliate”). As defined in the 1940 Act, the Company is deemed to be both an “affiliated person” and “control” a portfolio company if it owns more than 25 % of the portfolio company’s outstanding voting securities or has the power to exercise control over the management or policies of such portfolio company (including through a management agreement). As of June 30, 2024 , the Company had no “Control Investments. Principal amount includes capitalized PIK interest unless otherwise noted. Classified as non-accrual asset. Refer to Note 6 for more detail on the unfunded commitments. Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments Gross additions include increases in the cost basis of investments resulting from new investments and follow-on investments. Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales Gross reductions include decreases in the total cost basis of investments resulting from principal repayments or sales. Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the Affiliate category Represents the total amount of interest, fees or dividends credited to income for the portion of the period an investment was included in the Affiliate category. Investment is non-income producing Investment is non-income producing. The fair value of all investments were determined using significant unobservable inputs The fair value of all investments were determined using significant unobservable inputs. A portfolio company domiciled in Canada. The jurisdiction of the security issuer may be a different country than the domicile of the portfolio company. All investments of the Company are in entities which are organized under the laws of the United States and have a principal place of business in the United States, unless otherwise noted. A portion or all is held by the Company indirectly through Investcorp Credit Management BDC SPV, LLC and pledged as collateral for the revolving credit facility held through Capital One, N.A. A portion or all is held by the Company indirectly through Investcorp Credit Management BDC SPV, LLC and pledged as collateral for the revolving credit facility held through Capital One, N.A. Classified as non-accrual asset. Security in default. Security in default. Refer to Note 6 for more detail on the unfunded commitments. The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 6.25 % (Floor 1.00 %) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate The Company has entered into an Agreement Amongst Lenders that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 7.50 % Cash (Floor 1.00 %) with an election for SOFR plus 9.25 % PIK (Floor 1.00 %) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate. The Company has entered into an Agreement Amongst Lenders that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 7.50 % plus 3.00 % PIK (Floor 0.50 %) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate. The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 4.63 % (Floor 0.50 %) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate. The Company has entered into an Agreement Among Lenders with the "first out" lenders, whereby the “first out” tranche will receive priority ahead of the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder in certain circumstances. Therefore, the Company receives a higher interest rate than the contractually stated interest rate of SOFR plus 6.00 % subject to a grid (Floor 1.00 %) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate. The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70 % of the Company’s total assets. As of June 30, 2024, non-qualifying assets represented 1.68 % of the Company’s total assets, at fair value The Company has entered into an intercreditor agreement that entitles the Company to the “last out” tranche of the first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. Therefore, the Company receives a higher interest rate than the contractual stated interest rate of SOFR plus 5.75 % (Floor 1.00 %) per the credit agreement and the Consolidated Schedule of Investments above reflects such higher rate. A portfolio company domiciled in Canada. The jurisdiction of the security issuer may be a different country than the domicile of the portfolio company. The investment is not a qualifying asset under Section 55(a) of the Investment Company Act of 1940, as amended (the “1940 Act”). The Company may not acquire any non-qualifying asset unless, at the time of acquisition, qualifying assets represent at least 70 % of the Company’s total assets. As of June 30, 2023, non-qualifying assets represente d 2.12 % of the Company’s total assets, at fair value.

Consolidated Schedule of Inve_2

Consolidated Schedule of Investments (Parenthetical) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Schedule Of Investments [Line Items]
Investments at Fair Value	$ 184,569,530	$ 220,111,329
Percentage of Net Assets	100%	100%
Percentage of voting interests acquired in portfolio		25%
Tranche One | Professional Services
Schedule Of Investments [Line Items]
Investment interest rate floor	0.50%
Tranche Two | Professional Services
Schedule Of Investments [Line Items]
Investment interest rate floor	1%	1%
Tranche Three | Professional Services
Schedule Of Investments [Line Items]
Investment interest rate floor	1%	1%
Tranche Three | Professional Services | Payment in kind [Member]
Schedule Of Investments [Line Items]
Investment interest rate floor	1%
SOFR [Member] | Tranche One | Professional Services
Schedule Of Investments [Line Items]
Debt instrument, interest rate, higher than stated percentage		4.63%
Debt instrument interest rate	7.50%
SOFR [Member] | Tranche One | Professional Services | Payment in kind [Member]
Schedule Of Investments [Line Items]
Debt instrument interest rate	3%
SOFR [Member] | Tranche Two | Professional Services
Schedule Of Investments [Line Items]
Debt instrument interest rate	6%	5.75%
SOFR [Member] | Tranche Three | Professional Services
Schedule Of Investments [Line Items]
Debt instrument interest rate	7.50%	6.25%
SOFR [Member] | Tranche Three | Professional Services | Payment in kind [Member]
Schedule Of Investments [Line Items]
Debt instrument interest rate	9.25%
Interest Rate Floor | Tranche One | Professional Services
Schedule Of Investments [Line Items]
Debt instrument, interest rate, higher than stated percentage		0.50%
One Month LIBOR [Member] | London Interbank Offered Rates (LIBOR) [Member]
Schedule Of Investments [Line Items]
Investment percentage		5.22%
Three Month LIBOR [Member] | London Interbank Offered Rates (LIBOR) [Member]
Schedule Of Investments [Line Items]
Investment percentage		5.55%
Six Month LIBOR [Member] | London Interbank Offered Rates (LIBOR) [Member]
Schedule Of Investments [Line Items]
Investment percentage		5.76%
PRIME Interest Rate [Member] | London Interbank Offered Rates (LIBOR) [Member]
Schedule Of Investments [Line Items]
Investment percentage	8.50%	8.25%
One Month SOFR [Member] | SOFR [Member]
Schedule Of Investments [Line Items]
Investment percentage		5.14%
One Month SOFR [Member] | London Interbank Offered Rates (LIBOR) [Member]
Schedule Of Investments [Line Items]
Investment percentage	5.34%
Three Month SOFR [Member] | SOFR [Member]
Schedule Of Investments [Line Items]
Investment percentage		5.27%
Three Month SOFR [Member] | London Interbank Offered Rates (LIBOR) [Member]
Schedule Of Investments [Line Items]
Investment percentage	5.32%
Six Month SOFR [Member] | SOFR [Member]
Schedule Of Investments [Line Items]
Investment percentage		5.39%
Six Month SOFR [Member] | London Interbank Offered Rates (LIBOR) [Member]
Schedule Of Investments [Line Items]
Investment percentage	5.25%
Minimum
Schedule Of Investments [Line Items]
Percentage of voting interests acquired in portfolio		5%
Maximum
Schedule Of Investments [Line Items]
Percentage of voting interests acquired in portfolio		25%
Investment | Portfolio [Member]
Schedule Of Investments [Line Items]
Investments at Fair Value	$ 184,569,530	$ 220,111,329
Percentage of Net Assets	246.06%	250.98%
Qualifying Assets
Schedule Of Investments [Line Items]
Percentage of Net Assets	70%	70%
Non Qualifying Assets
Schedule Of Investments [Line Items]
Percentage of Net Assets	1.68%	2.12%

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (4,092,470)	$ 3,234,503	$ 2,586,630

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 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

N-2

N-2 - USD ($)				3 Months Ended																								12 Months Ended
		Sep. 30, 2024	Sep. 15, 2023	Jun. 30, 2024		Mar. 31, 2024		Dec. 31, 2023		Sep. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022		Sep. 30, 2022		Jun. 30, 2022		Mar. 31, 2022		Dec. 31, 2021		Sep. 30, 2021		Jun. 30, 2024		Jun. 30, 2023		Jun. 30, 2021		Jun. 30, 2020		Jun. 30, 2019		Jun. 30, 2018		Jun. 30, 2017	Jun. 30, 2016		Jun. 30, 2015
Cover [Abstract]
Entity Central Index Key																												0001578348
Amendment Flag																												false
Securities Act File Number																												814-01054
Document Type																												10-K
Entity Registrant Name																												Investcorp Credit Management BDC, Inc.
Entity Address, Address Line One																												280 Park Avenue 39th Floor
Entity Address, City or Town																												New York
Entity Address, State or Province																												NY
Entity Address, Postal Zip Code																												10017
City Area Code																												212
Local Phone Number																												257-5199
Entity Well-known Seasoned Issuer																												No
Entity Emerging Growth Company																												false
Financial Highlights [Abstract]
Senior Securities [Table Text Block]																												Senior Securities Information about our senior securities is shown in the following table as of each of the fiscal years ended June 30, 2024, 2023, 2022, 2021, 2020, 2019, 2018, 2017, 2016 and 2015, respectively. Class and Year Total Amount (1) Asset (2) Involuntary (3) Average (4) Capital One Revolving Financing Fiscal Year ended June 30, 2024 $ 43,000,000 (5) $ 4,383 — N/A Fiscal Year ended June 30, 2023 $ 71,900,000 (5) $ 3,133 — N/A Fiscal Year ended June 30, 2022 $ 84,000,000 (5) $ 2,864 — N/A UBS Financing Facility Fiscal Year ended June 30, 2021 $ 102,000,000 (6) $ 2,567 — N/A Fiscal Year ended June 30, 2020 $ 132,000,000 (6) $ 2,200 — N/A Fiscal Year ended June 30, 2019 $ 133,026,670 (6) $ 2,329 — N/A Fiscal Year ended June 30, 2018 $ 119,823,000 (6) $ 2,431 — N/A Fiscal Year ended June 30, 2017 $ 102,000,000 $ 2,666 — N/A Fiscal Year ended June 30, 2016 $ 132,478,329 (7) $ 2,229 — N/A Fiscal Year ended June 30, 2015 $ 150,847,459 (7) $ 2,306 — N/A Citi Revolving Financing (8) Fiscal Year ended June 30, 2021 $ — N/A — N/A Fiscal Year ended June 30, 2020 $ — N/A — N/A Fiscal Year ended June 30, 2019 $ — N/A — N/A Fiscal Year ended June 30, 2018 $ — N/A — N/A Fiscal Year ended June 30, 2017 $ — N/A — N/A 6.125% notes due 2023 (9) Fiscal Year ended June 30, 2021 $ — $ — — $ — Fiscal Year ended June 30, 2020 $ 51,375,000 $ 5,674 — $ 926 Fiscal Year ended June 30, 2019 $ 34,500,000 $ 8,969 — $ 1,012 4.875% notes due 2026 (10) Fiscal Year ended June 30, 2024 $ 65,000,000 $ 2,900 — N/A Fiscal Year ended June 30, 2023 $ 65,000,000 $ 3,466 — N/A Fiscal Year ended June 30, 2022 $ 65,000,000 $ 3,701 — N/A Fiscal Year ended June 30, 2021 $ 65,000,000 $ 4,027 — N/A (1) Total amount of senior securities outstanding at the end of the period presented. (2) Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities and indebtedness not represented by senior securities, in relation 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. (3) The amount to which such class of senior security would be entitled upon the involuntary liquidation of the issuer in preference to any security junior to it. The “—” indicates information which the SEC expressly does not require to be disclosed for certain types of senior securities. (4) Not applicable, except for the 6.125% notes due 2023 (the “2023 Notes”), which were publicly traded. The Average Market Value Per Unit is calculated by taking the daily average closing price during the period and dividing it by twenty-five dollars per share and multiplying the result by one thousand to determine a unit price per thousand consistent with Asset Coverage Per Unit. (5) Includes senior securities outstanding under the Capital One Revolving Financing. (6) On November 19, 2021, we satisfied all obligations under the 2017 UBS Revolving Financing and the agreement was terminated. On November 19, 2021, we repaid the Term Financing in full in accordance with the terms of the Term Financing. (7) Includes senior securities under the 2013 UBS Revolving Financing and the Term Financing. In connection with the expiration of the 2013 UBS Revolving Financing in accordance with its terms on December 5, 2016, we repaid in full all indebtedness, liabilities and other obligations thereunder. (8) On December 8, 2017, we repaid in full all indebtedness, liabilities and other obligations under, and terminated, the Citi Revolving Financing. (9) On March 26, 2021, we caused notice to be issued to the holders of the 2023 Notes regarding our exercise of the option to redeem in full all $51,375,000 in aggregate principal amount of the 2023 Notes at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from April 1, 2021, through, but excluding, the redemption date, April 25, 2021. The 2023 Notes were redeemed on April 25, 2021. On March 31, 2021, we closed the public offering of $65,000,000 in aggregate principal amount of 4.875% notes due 2026 (the “2026 Notes”). The total net proceeds to us from the 2026 Notes after deducting underwriting discounts and commissions of approximately $1.3 million and estimated offering expenses of approximately $215,000, were approximately $63.1 million.
General Description of Registrant [Abstract]
Investment Objectives and Practices [Text Block]																												Our primary investment objective is to maximize current income and capital appreciation by investing directly in privately held middle-market companies. The Adviser pursues investments for us with favorable risk-adjusted returns, including debt investments that offer cash origination fees and lower leverage levels. The Adviser seeks to structure our debt investments with strong protections, including default penalties, information rights, and affirmative and negative financial covenants, such as lien protection and restrictions concerning change of control. We believe these protections, coupled with the other features of our investments, allow us to reduce our risk of capital loss and achieve attractive risk-adjusted returns, although there can be no assurance that we are always able to structure our investments to minimize risk of loss and achieve attractive risk-adjusted returns.
Risk Factors [Table Text Block]																												Item 1A. R isk Factors Investing in our securities involves a number of significant risks. Before you invest in our securities, you should be aware of various risks, including those described below. You should carefully consider these risk factors, together with all of the other information included in this annual report on Form 10-K, before you decide whether to make an investment in our securities. The risks set out below are the principal risks with respect to an investment in our securities generally and with respect to a BDC with investment objectives, investment policies, capital structures or trading markets similar to ours. However, they may not be the only risks we face. Additional risks and uncertainties not presently known to us or not presently deemed material by us may also impair our operations and performance. If any of the following events occur, our business, financial condition, results of operations and cash flows could be materially and adversely affected. In such case, the net asset value of our common stock and the trading price of our securities could decline, and you may lose all or part of your investment. The following is a summary of the principal risks that you should carefully consider before investing in our securities. Further details regarding each risk included in the below summary list can be found further below. Risks Relating to Our Business and Structure • We depend upon key personnel of the Adviser for our future success. If the Adviser were to lose any of its key personnel, our ability to achieve our investment objective could be significantly harmed. • Our relationship with Investcorp may create conflicts of interest. • Because we finance our investments with borrowed money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. • We may default under the Capital One Revolving Financing or any future borrowing facility we enter into or be unable to amend, repay or refinance any such facility on commercially reasonable terms, or at all, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. • Our financial condition, results of operations and cash flows will depend on our ability to manage our business effectively. • The involvement of our interested directors in the valuation process may create conflicts of interest. • We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses. • Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage. • Efforts to comply with Section 404 of the Sarbanes-Oxley Act involve significant expenditures, and if we fail to maintain an effective system of internal control over financial reporting, we may not be able to accurately report our financial results or prevent fraud. As a result, stockholders could lose confidence in our financial and other public reporting, which would harm our business and the trading price of our common stock. Risks Relating to the Adviser or Its Affiliates • Our incentive fee may induce the Adviser to make speculative investments. • The Adviser’s liability is limited under the Advisory Agreement and we have agreed to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account. • The Adviser can resign as the Adviser or administrator upon 60 days’ notice and we may not be able to find a suitable replacement within that time, or at all, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations. Risks Relating to Our Investments • Economic recessions or downturns could adversely affect our portfolio companies, leading to defaults on our investments, which would harm our operating results. • The lack of liquidity in our investments may adversely affect our business. • Our portfolio may be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated. • Risks related to the transition away from LIBOR. Risks Relating to an Investment in Our Common Stock • We cannot assure you that the market price of shares of our common stock will not decline. • There is a risk that you may not receive distributions or that our distributions may not grow over time or a portion of your distributions may be a return of capital. • The market price of our common stock may fluctuate significantly. Risks Relating to an Investment in Our Notes • The indenture under which our 4.875% notes due 2026 (the “2026 Notes”) are issued contains limited protection for holders of the 2026 Notes. • There is no active trading market for the 2026 Notes. If an active trading market does not develop for the 2026 Notes, you may not be able to sell them. Risks Relating to U.S. Federal Income Tax • We will be subject to corporate-level U.S. federal income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code. • We cannot predict how tax reform legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business. Risks Relating to the Current Environment • Global economic, regulatory and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability. Risks Relating to Our Business and Structure We depend upon key personnel of the Adviser for our future success. If the Adviser were to lose any of its key personnel, our ability to achieve our investment objective could be significantly harmed. We depend on the diligence, skill, experience and network of business contacts of the Investment Team of the Adviser, in particular Mr. Shaikh, who is also a member of the Investment Committee and our board of directors, and is our Chief Executive Officer. We can offer no assurance that Mr. Shaikh will continue to provide investment advice to us. The loss of Mr. Shaikh could limit our ability to achieve our investment objective and operate as we anticipate. In addition, we are dependent on the other members of the Investment Team. If any of the members of the Investment Team were to resign, we may not be able to hire investment professionals with similar expertise and ability to provide the same or equivalent services on acceptable terms. If we are unable to do so quickly, our operations are likely to experience a disruption, and our financial condition, business and results of operations may be adversely affected. Even if we are able to retain comparable professionals the integration of such investment professionals and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our business, financial condition, results of operations and cash flows. Our business model depends to a significant extent upon our Adviser’s network of relationships. Any inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. We depend upon the Adviser to maintain its relationships with private equity sponsors, placement agents, investment banks, management groups and other financial institutions and we expect to rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the Adviser or members of the Investment Team fail to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we may not be able to grow our investment portfolio. In addition, individuals with whom the Adviser has relationships are not obligated to provide us with investment opportunities, and we can offer no assurance that these relationships will generate investment opportunities for us in the future. Our relationship with Investcorp may create conflicts of interest. Investcorp has an approximate 76% interest in the Adviser. Pursuant to the Investcorp Services Agreement, the Adviser is able to utilize personnel of Investcorp International and its affiliates to provide services to the Company from time-to-time on an as-needed basis related to human resources, compensation and technology services. The Adviser may rely on the Investcorp Services Agreement to satisfy its obligations under the Administration Agreement. The personnel of Investcorp International may also provide services for the funds managed by Investcorp, which could result in conflicts of interest and may distract them from their responsibilities to us. There are significant potential conflicts of interest that could negatively affect our investment returns. There may be times when the Adviser or the members of the Investment Team have interests that differ from those of our stockholders, giving rise to conflicts of interest. The members of the Investment Committee and the Investment Team serve, or may serve, as officers, directors, members, or principals of entities that operate in the same or a related line of business as we do or of investment funds, accounts, or investment vehicles managed by the Adviser, Investcorp or their affiliates. Similarly, the Adviser or the members of the Investment Team may have other clients with similar, different or competing investment objectives. In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the best interests of us or our stockholders. In addition, the Adviser and some of its affiliates, including our officers and our non-Independent Directors, are not prohibited from raising money for, or managing, another investment entity that makes the same types of investments as those we target. In addition, another investment account or vehicle managed or controlled by the Adviser or its affiliates may hold securities, loans or other instruments of a portfolio company in a different class or a different part of the capital structure than securities, loans or other instruments of such portfolio company held by us. As a result, such other investment account or vehicle or such other client of the Adviser or its affiliates may pursue or enforce rights or activities, or refrain from pursuing or enforcing rights or activities, on behalf of its own account, that could have an adverse effect on us. The members of the Investment Team may, from time to time, possess material non-public information, limiting our investment discretion. Members of the Investment Team may serve as directors of, or in a similar capacity with, portfolio companies in which we invest. In the event that material nonpublic information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on us. Because we finance our investments with borrowed money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. The use of leverage magnifies the potential for gain or loss on amounts invested. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in our securities. If we continue to use leverage to partially finance our investments through banks, insurance companies and other lenders, you will experience increased risks of investment in our common stock. Lenders of these funds have fixed dollar claims on our assets that are superior to the claims of our common stockholders, and we would expect such lenders to seek recovery against our assets in the event of a default. As of June 30, 2024, substantially all of our assets were pledged as collateral under the Capital One Revolving Financing. In addition, under the terms of the Capital One Revolving Financing and any borrowing facility or other debt instrument we may enter into, we are likely to be required to use the net proceeds of any investments that we sell to repay a portion of the amount borrowed under such facility or instrument before applying such net proceeds to any other uses. If the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged, thereby magnifying losses or eliminating our stake in a leveraged investment. Similarly, any decrease in our revenue or income will cause our net income to decline more sharply than it would have had we not borrowed. Such a decline would also negatively affect our ability to make distributions with respect to our common stock or preferred stock. Our ability to service any debt will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, as the Base Management Fee payable to the Adviser will be payable based on the value of our gross assets, including those assets acquired through the use of leverage, the Adviser will have a financial incentive to incur leverage, which may not be consistent with our stockholders’ interests. In addition, our common stockholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the Base Management Fee payable to the Adviser. As a BDC, we generally are required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred stock that we may issue in the future, of at least 150%. If this ratio declines below 150%, we will not be able to incur additional debt and could be required to sell a portion of our investments to repay some debt when it is otherwise disadvantageous for us to do so. This could have a material adverse effect on our operations, and we may not be able to make distributions. The amount of leverage that we employ will depend on the Adviser’s and our board of directors’ assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us. Illustration . The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual results may be higher or lower than those appearing below. Assumed Return on Our Portfolio (1) (net of expenses) (10.0)% (5.0)% 0.0% 5.0% 10.0% Corresponding net return to common stockholder ( 32.7 )% ( 19.9 )% ( 7.1 )% 5.7 % 18.6 % (1) Assumes $192.2 million in total assets, $106.2 million in debt outstanding, $75.0 million in net assets, and an average cost of funds of 5.00%. Actual interest payments may be different. In addition, our debt facilities may impose financial and operating covenants that restrict our business activities, including limitations that hinder our ability to finance additional loans and investments or to make the distributions required to maintain our qualification as a RIC under the Code. We may default under the Capital One Revolving Financing or any future borrowing facility we enter into or be unable to amend, repay or refinance any such facility on commercially reasonable terms, or at all, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. In the event we default under the Capital One Revolving Financing or any other future borrowing facility, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at prices that may be disadvantageous to us in order to meet our outstanding payment obligations and/or support working capital requirements under the Capital One Revolving Financing or such future borrowing facility, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under the Capital One Revolving Financing or such future borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. Provisions in the Capital One Revolving Financing or any other future borrowing facility may limit our discretion in operating our business. The Capital One Revolving Financing is, and any future borrowing facility may be, backed by all or a portion of our loans and securities on which the lenders in the Capital One Revolving Financing will or, in the case of a future facility, may have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. We expect that any security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, any security interests as well as negative covenants under the Capital One Revolving Financing or any other borrowing facility may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under the Capital One Revolving Financing or any other borrowing facility were to decrease, we would be required to secure additional assets in an amount equal to any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under the Capital One Revolving Financing or any other borrowing facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make stockholder distributions. In addition, under the Capital One Revolving Financing or any future borrowing facility we will be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage, which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under the Capital One Revolving Financing or any other borrowing facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition. This could reduce our revenues and, by delaying any cash payment allowed to us under the Capital One Revolving Financing or any other borrowing facility until the lenders have been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and maintain our qualification as a RIC. Because we borrow money to make our investments, if market interest rates were to increase, our cost of capital could increase, which could reduce our net investment income. Because we borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates would not have a material adverse effect on our net investment income in the event we use debt to finance our investments. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. There is no limit on our ability to enter derivative transactions. In addition, a rise in the general level of interest rates typically leads to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates may result in an increase of the amount of our pre-incentive fee net investment income and, as a result, an increase in incentive fees payable to the Adviser. Our financial condition, results of operations and cash flows will depend on our ability to manage our business effectively. Our ability to achieve our investment objective will depend on our ability to manage our business and to grow our investments and earnings. This will depend, in turn, on the Adviser’s ability to identify, invest in and monitor portfolio companies that meet our investment criteria. The achievement of our investment objective on a cost-effective basis will depend upon the Adviser’s execution of our investment process, its ability to provide competent, attentive and efficient services to us and, to a lesser extent, our access to financing on acceptable terms. The Adviser’s investment professionals may have substantial responsibilities in connection with the management of other investment funds, accounts and investment vehicles. The personnel of the Adviser may also be called upon to provide managerial assistance to our portfolio companies. These activities may distract them from identifying new investment opportunities for us or slow our rate of investment. Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition, results of operations and cash flows. The involvement of our interested directors in the valuation process may create conflicts of interest. We expect to make most of our portfolio investments in the form of loans and securities that are not publicly traded and for which there are limited or no market-based price quotations available. As a result, our board of directors will determine the fair value of these loans and securities in good faith as described below in “— Most of our portfolio investments will be recorded at fair value as determined in good faith by our board of directors and, as a result, there may be uncertainty as to the value of our portfolio investments.” In connection with that determination, investment professionals from the Adviser may provide our board of directors with valuations based upon the most recent portfolio company financial statements available and projected financial results of each portfolio company. While the valuations for portfolio investments will be reviewed by an independent valuation firm periodically, the ultimate determination of fair value will be made by our board of directors and not by such third-party valuation firm. In addition, Mr. Mauer, an interested member of our board of directors, has a direct or indirect pecuniary interest in the Adviser. The participation of the Adviser’s investment professionals in our valuation process, and the pecuniary interest in the Adviser by Mr. Mauer, could result in a conflict of interest as the Adviser’s management fee is based, in part, on the value of our gross assets, and our incentive fees will be based, in part, on realized gains and realized and unrealized losses. We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses. A number of entities compete with us to make the types of investments that we make. We compete with public and private funds, other BDCs, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some of our competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source-of-income, asset diversification and distribution requirements we must satisfy to maintain our RIC qualification. The competitive pressures we face may have a material adverse effect on our business, financial condition, results of operations and cash flows. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we may not be able to identify and make investments that are consistent with our investment objective. With respect to the investments we make, we do not seek to compete based primarily on the interest rates we offer, and we believe that some of our competitors may make loans with interest rates that will be lower than the rates we offer. With respect to all investments, we may lose some investment opportunities if we do not match our competitors’ pricing, terms and structure. However, if we match our competitors’ pricing, terms and structure, we may experience decreased net interest income, lower yields and increased risk of credit loss. We may need to raise additional capital to grow because we must distribute most of our income. We may need additional capital to fund new investments and grow our portfolio of investments. We intend to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital. Unfavorable economic conditions could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. A reduction in the availability of new capital could limit our ability to grow. In addition, we are required to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our stockholders to maintain our qualification as a RIC. As a result, these earnings will not be available to fund new investments. An inability on our part to access the capital markets successfully could limit our ability to grow our business and execute our business strategy fully and could decrease our earnings, if any, which would have an adverse effect on the value of our securities. Our distributions to stockholders may be funded, in part, from waivers of investment advisory fees by the Adviser. To the extent any distributions by us are funded through waivers of the incentive fee portion of our investment advisory fees such distributions will not be based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or the Adviser continues to waive such fees. Any such waivers in no way imply that the Adviser will waive incentive fees in any future period. There can be no assurance that we will achieve the performance necessary or that the Adviser will waive all or any portion of the incentive fee necessary to be able to pay distributions at a specific rate or at all. Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage. We may issue debt securities or preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as “senior securities,” up to the maximum amount permitted by the 1940 Act. The 1940 Act generally prohibits us from incurring indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 150% (i.e., the amount of debt may not exceed 66 and 2 / 3 % of the value of our assets). On May 2, 2018, our board of directors, including a “required majority” approved the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, our asset coverage requirements for senior securities changed from 200% to 150%, effective May 2, 2019. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we would not be able to borrow additional funds until we were able to comply with the 150% asset coverage ratio under the 1940 Act. Also, any amounts that we use to service our indebtedness would not be available for distributions to our common stockholders. If we issue senior securities, we will be exposed to typical risks associated with leverage, including an increased risk of loss. Under the 1940 Act, we generally are prohibited from issuing or selling our common stock at a price below net asset value per share, which may be a disadvantage as compared with certain public companies. We may, however, sell our common stock, or warrants, options, or rights to acquire our common stock, at a price below the current net asset value of our common stock if our Board and Independent Directors determine that such sale is in our best interests and the best interests of our shareholders, and our shareholders, including a majority of those shareholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the fair value of such securities (less any distributing commission or discount). If we raise additional funds by issuing common stock or senior securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our shareholders at that time will decrease and you will experience dilution. Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited. We may invest in derivatives and other assets that are subject to many of the same types of risks related to the use of leverage. In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act regarding the ability of a BDC to use derivatives and other transactions that create future payment or delivery obligations. Under Rule 18f-4, BDCs that use derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program and testing requirements and requirements related to board reporting. These requirements apply unless the BDC qualifies as a “limited derivatives user,” as defined under Rule 18f-4. Under Rule 18f-4, a BDC may enter into an unfunded commitment agreement (which may include delayed draw and revolving loans) that will not be deemed to be a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that i
Effects of Leverage [Table Text Block]																														(10.0)% (5.0)% 0.0% 5.0% 10.0% Corresponding net return to common stockholder ( 32.7 )% ( 19.9 )% ( 7.1 )% 5.7 % 18.6 %
Return at Minus Ten [Percent]																												(32.70%)
Return at Minus Five [Percent]																												(19.90%)
Return at Zero [Percent]																												(7.10%)
Return at Plus Five [Percent]																												5.70%
Return at Plus Ten [Percent]																												18.60%
Effects of Leverage, Purpose [Text Block]																												Illustration . The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual results may be higher or lower than those appearing below. Assumed Return on Our Portfolio (1) (net of expenses) (10.0)% (5.0)% 0.0% 5.0% 10.0% Corresponding net return to common stockholder ( 32.7 )% ( 19.9 )% ( 7.1 )% 5.7 % 18.6 % (1) Assumes $192.2 million in total assets, $106.2 million in debt outstanding, $75.0 million in net assets, and an average cost of funds of 5.00%. Actual interest payments may be different.
Share Price [Table Text Block]																												Our common stock is traded on the NASDAQ Global Select Market under the symbol “ICMB.” The following table sets forth, for the periods indicated, the range of high and low sales prices of our common stock, as reported on the NASDAQ Global Select Market: NAV (1) Closing Sales (2) Premium or (3) Premium or (3) Distributions (4) Fiscal Year Ended High Low June 30, 2025 First quarter (through $ * $ 3.39 $ 3.05 * % * % $0.12 June 30, 2024 Fourth quarter 5.21 3.55 3.12 ( 31.86 )% ( 40.21 )% 0.15 Third quarter 5.49 3.73 2.99 ( 32.06 )% ( 45.54 )% 0.15 Second quarter 5.48 4.09 3.23 ( 25.36 )% ( 41.06 )% 0.15 First quarter 5.83 4.35 3.68 ( 25.47 )% ( 36.88 )% 0.15 June 30, 2023 Fourth quarter 6.09 3.98 3.24 ( 34.97 )% ( 46.99 )% 0.18 Third quarter 6.13 4.23 3.39 ( 31.00 )% ( 44.70 )% 0.15 Second quarter 6.36 4.32 3.42 ( 32.08 )% ( 46.23 )% 0.15 First quarter 6.47 4.85 3.52 ( 25.04 )% ( 45.60 )% 0.15 June 30, 2022 Fourth quarter 6.50 5.35 3.75 ( 17.69 )% ( 42.31 )% 0.15 Third quarter 6.93 5.72 5.08 ( 17.46 )% ( 26.70 )% 0.15 Second quarter 7.09 5.70 4.87 ( 19.61 )% ( 31.38 )% 0.15 First quarter 7.00 6.42 5.30 ( 8.29 )% ( 24.29 )% 0.15 (1) Net asset value (“ NAV”) is determined as of the last date in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period. (2) Closing sales price is determined as the high or low closing sales price noted within the respective quarter, not adjusted for dividends. (3) Calculated as of the respective high or low sales price divided by the quarter end NAV. (4) Represents the regular and special, if applicable, distribution declared in the specified quarter. We have adopted an “opt out” dividend reinvestment plan for our common stockholders. As a result, if we declare a distribution, stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash distributions. See “Dividend Reinvestment Plan.” * The last reported sale price for our common stock on the NASDAQ Global Select Market on September 24, 2024 was $3.16 per share. As of September 24, 2024, we had 30 stockholders of record, which did not include stockholders for whom shares are held in nominee or “street” name.
Share Price			$ 5.21	$ 3.36	[1]							$ 3.62	[1]							$ 4.24	[1]							$ 3.36	[1]	$ 3.62	[1]	$ 5.4	[1]	$ 3.49	[1]
NAV Per Share	[1]			$ 5.21								$ 6.09								$ 6.5								$ 5.21		$ 6.09		$ 6.92		$ 7.79		$ 10.51
Latest Premium (Discount) to NAV [Percent]			39.35%
Capital Stock, Long-Term Debt, and Other Securities [Abstract]
Security Dividends [Text Block]																												Our dividends, if any, are determined by our board of directors. We intend each taxable year to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code. If we qualify as a RIC, we will not be taxed on our investment company taxable income or realized net capital gains, to the extent that such taxable income or gains are distributed, or deemed to be distributed, to stockholders on a timely basis. To qualify for RIC tax treatment, we must, among other things, distribute at least 90% of our net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any. Depending on the level of taxable income earned in a tax year, we may choose to carry forward taxable income in excess of current year distributions into the next tax year and pay a 4% U.S. federal excise tax on such income. Any such carryover taxable income must be distributed through a dividend declared prior to filing the final tax return related to the year which generated such taxable income. We may, in the future, make actual distributions to our stockholders of our net capital gains. We can offer no assurance that we will achieve results that will permit the payment of any cash distributions and, if we issue senior securities, we may be prohibited from making distributions if doing so causes us to fail to maintain the asset coverage ratios stipulated by the 1940 Act or if distributions are limited by the terms of any of our borrowings. We have adopted an “opt out” dividend reinvestment plan (“DRIP”) for our common stockholders. As a result, if we make cash distributions, then stockholders’ cash distributions will be automatically reinvested in additional shares of our common stock, unless they specifically “opt out” of the dividend reinvestment plan so as to receive cash distributions. The following table reflects, for the periods indicated, the distributions per share that our board of directors has declared on our common stock: Fiscal Year Ended Distribution Date Declared Record Date Pay Date Amount Per Share June 30, 2025 First Quarter Base September 18, 2024 October 16, 2024 November 6, 2024 $0.12 June 30, 2024 Fourth Quarter Base April 12, 2024 May 26, 2024 June 14, 2024 $0.12 Fourth Quarter Supplemental April 12, 2024 May 26, 2024 June 14, 2024 $0.03 Third Quarter Base February 8, 2024 March 15, 2024 April 5, 2024 $0.12 Third Quarter Supplemental February 8, 2024 March 15, 2024 April 5, 2024 $0.03 Second Quarter Base November 9, 2023 December 14, 2023 January 8, 2024 $0.12 Second Quarter Supplemental November 9, 2023 December 14, 2023 January 8, 2024 $0.03 First Quarter Base September 14, 2023 October 12, 2023 November 2, 2023 $0.12 First Quarter Supplemental September 14, 2023 October 12, 2023 November 2, 2023 $0.03 June 30, 2023 Fourth Quarter Base May 4, 2023 June 16, 2023 July 7, 2023 $0.13 Fourth Quarter Supplemental May 4, 2023 June 16, 2023 July 7, 2023 $0.05 Third Quarter Base February 2, 2023 March 10, 2023 March 30, 2023 $0.13 Third Quarter Supplemental February 2, 2023 March 10, 2023 March 30, 2023 $0.02 Second Quarter Base November 11, 2022 December 16, 2022 January 10, 2023 $0.13 Second Quarter Supplemental November 11, 2022 December 16, 2022 January 10, 2023 $0.02 First Quarter Base August 25, 2022 September 23, 2022 October 14, 2022 $0.15 June 30, 2022 Fourth Quarter Base May 5, 2022 June 17, 2022 July 8, 2022 $0.15 Third Quarter Base February 3, 2022 March 11, 2022 March 31, 2022 $0.15 Second Quarter Base November 3, 2021 December 10, 2021 January 4, 2022 $0.15 First Quarter Base August 25, 2021 September 24, 2021 October 14, 2021 $0.15 Total $2.64
Other Securities [Table Text Block]																												Sales of Unregistered Securities Except as previously reported by the Company on its current reports on Form 8-K, the Company did not engage in any sales of unregistered securities during the fiscal year ended June 30, 2024 .
Risks Relating to Our Business and Structure [Member]
General Description of Registrant [Abstract]
Risk [Text Block]																												Risks Relating to Our Business and Structure We depend upon key personnel of the Adviser for our future success. If the Adviser were to lose any of its key personnel, our ability to achieve our investment objective could be significantly harmed. We depend on the diligence, skill, experience and network of business contacts of the Investment Team of the Adviser, in particular Mr. Shaikh, who is also a member of the Investment Committee and our board of directors, and is our Chief Executive Officer. We can offer no assurance that Mr. Shaikh will continue to provide investment advice to us. The loss of Mr. Shaikh could limit our ability to achieve our investment objective and operate as we anticipate. In addition, we are dependent on the other members of the Investment Team. If any of the members of the Investment Team were to resign, we may not be able to hire investment professionals with similar expertise and ability to provide the same or equivalent services on acceptable terms. If we are unable to do so quickly, our operations are likely to experience a disruption, and our financial condition, business and results of operations may be adversely affected. Even if we are able to retain comparable professionals the integration of such investment professionals and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our business, financial condition, results of operations and cash flows. Our business model depends to a significant extent upon our Adviser’s network of relationships. Any inability of the Adviser to maintain or develop these relationships, or the failure of these relationships to generate investment opportunities, could adversely affect our business. We depend upon the Adviser to maintain its relationships with private equity sponsors, placement agents, investment banks, management groups and other financial institutions and we expect to rely to a significant extent upon these relationships to provide us with potential investment opportunities. If the Adviser or members of the Investment Team fail to maintain such relationships, or to develop new relationships with other sources of investment opportunities, we may not be able to grow our investment portfolio. In addition, individuals with whom the Adviser has relationships are not obligated to provide us with investment opportunities, and we can offer no assurance that these relationships will generate investment opportunities for us in the future. Our relationship with Investcorp may create conflicts of interest. Investcorp has an approximate 76% interest in the Adviser. Pursuant to the Investcorp Services Agreement, the Adviser is able to utilize personnel of Investcorp International and its affiliates to provide services to the Company from time-to-time on an as-needed basis related to human resources, compensation and technology services. The Adviser may rely on the Investcorp Services Agreement to satisfy its obligations under the Administration Agreement. The personnel of Investcorp International may also provide services for the funds managed by Investcorp, which could result in conflicts of interest and may distract them from their responsibilities to us. There are significant potential conflicts of interest that could negatively affect our investment returns. There may be times when the Adviser or the members of the Investment Team have interests that differ from those of our stockholders, giving rise to conflicts of interest. The members of the Investment Committee and the Investment Team serve, or may serve, as officers, directors, members, or principals of entities that operate in the same or a related line of business as we do or of investment funds, accounts, or investment vehicles managed by the Adviser, Investcorp or their affiliates. Similarly, the Adviser or the members of the Investment Team may have other clients with similar, different or competing investment objectives. In serving in these multiple capacities, they may have obligations to other clients or investors in those entities, the fulfillment of which may not be in the best interests of us or our stockholders. In addition, the Adviser and some of its affiliates, including our officers and our non-Independent Directors, are not prohibited from raising money for, or managing, another investment entity that makes the same types of investments as those we target. In addition, another investment account or vehicle managed or controlled by the Adviser or its affiliates may hold securities, loans or other instruments of a portfolio company in a different class or a different part of the capital structure than securities, loans or other instruments of such portfolio company held by us. As a result, such other investment account or vehicle or such other client of the Adviser or its affiliates may pursue or enforce rights or activities, or refrain from pursuing or enforcing rights or activities, on behalf of its own account, that could have an adverse effect on us. The members of the Investment Team may, from time to time, possess material non-public information, limiting our investment discretion. Members of the Investment Team may serve as directors of, or in a similar capacity with, portfolio companies in which we invest. In the event that material nonpublic information is obtained with respect to such companies, or we become subject to trading restrictions under the internal trading policies of those companies or as a result of applicable law or regulations, we could be prohibited for a period of time from purchasing or selling the securities of such companies, and this prohibition may have an adverse effect on us. Because we finance our investments with borrowed money, the potential for gain or loss on amounts invested in us is magnified and may increase the risk of investing in us. The use of leverage magnifies the potential for gain or loss on amounts invested. The use of leverage is generally considered a speculative investment technique and increases the risks associated with investing in our securities. If we continue to use leverage to partially finance our investments through banks, insurance companies and other lenders, you will experience increased risks of investment in our common stock. Lenders of these funds have fixed dollar claims on our assets that are superior to the claims of our common stockholders, and we would expect such lenders to seek recovery against our assets in the event of a default. As of June 30, 2024, substantially all of our assets were pledged as collateral under the Capital One Revolving Financing. In addition, under the terms of the Capital One Revolving Financing and any borrowing facility or other debt instrument we may enter into, we are likely to be required to use the net proceeds of any investments that we sell to repay a portion of the amount borrowed under such facility or instrument before applying such net proceeds to any other uses. If the value of our assets decreases, leveraging would cause net asset value to decline more sharply than it otherwise would have had we not leveraged, thereby magnifying losses or eliminating our stake in a leveraged investment. Similarly, any decrease in our revenue or income will cause our net income to decline more sharply than it would have had we not borrowed. Such a decline would also negatively affect our ability to make distributions with respect to our common stock or preferred stock. Our ability to service any debt will depend largely on our financial performance and will be subject to prevailing economic conditions and competitive pressures. Moreover, as the Base Management Fee payable to the Adviser will be payable based on the value of our gross assets, including those assets acquired through the use of leverage, the Adviser will have a financial incentive to incur leverage, which may not be consistent with our stockholders’ interests. In addition, our common stockholders will bear the burden of any increase in our expenses as a result of our use of leverage, including interest expenses and any increase in the Base Management Fee payable to the Adviser. As a BDC, we generally are required to meet a coverage ratio of total assets to total borrowings and other senior securities, which include all of our borrowings and any preferred stock that we may issue in the future, of at least 150%. If this ratio declines below 150%, we will not be able to incur additional debt and could be required to sell a portion of our investments to repay some debt when it is otherwise disadvantageous for us to do so. This could have a material adverse effect on our operations, and we may not be able to make distributions. The amount of leverage that we employ will depend on the Adviser’s and our board of directors’ assessment of market and other factors at the time of any proposed borrowing. We cannot assure you that we will be able to obtain credit at all or on terms acceptable to us. Illustration . The following table illustrates the effect of leverage on returns from an investment in our common stock assuming various annual returns, net of expenses. The calculations in the table below are hypothetical and actual results may be higher or lower than those appearing below. Assumed Return on Our Portfolio (1) (net of expenses) (10.0)% (5.0)% 0.0% 5.0% 10.0% Corresponding net return to common stockholder ( 32.7 )% ( 19.9 )% ( 7.1 )% 5.7 % 18.6 % (1) Assumes $192.2 million in total assets, $106.2 million in debt outstanding, $75.0 million in net assets, and an average cost of funds of 5.00%. Actual interest payments may be different. In addition, our debt facilities may impose financial and operating covenants that restrict our business activities, including limitations that hinder our ability to finance additional loans and investments or to make the distributions required to maintain our qualification as a RIC under the Code. We may default under the Capital One Revolving Financing or any future borrowing facility we enter into or be unable to amend, repay or refinance any such facility on commercially reasonable terms, or at all, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. In the event we default under the Capital One Revolving Financing or any other future borrowing facility, our business could be adversely affected as we may be forced to sell a portion of our investments quickly and prematurely at prices that may be disadvantageous to us in order to meet our outstanding payment obligations and/or support working capital requirements under the Capital One Revolving Financing or such future borrowing facility, any of which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, following any such default, the agent for the lenders under the Capital One Revolving Financing or such future borrowing facility could assume control of the disposition of any or all of our assets, including the selection of such assets to be disposed and the timing of such disposition, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. Provisions in the Capital One Revolving Financing or any other future borrowing facility may limit our discretion in operating our business. The Capital One Revolving Financing is, and any future borrowing facility may be, backed by all or a portion of our loans and securities on which the lenders in the Capital One Revolving Financing will or, in the case of a future facility, may have a security interest. We may pledge up to 100% of our assets and may grant a security interest in all of our assets under the terms of any debt instrument we enter into with lenders. We expect that any security interests we grant will be set forth in a pledge and security agreement and evidenced by the filing of financing statements by the agent for the lenders. In addition, we expect that the custodian for our securities serving as collateral for such loan would include in its electronic systems notices indicating the existence of such security interests and, following notice of occurrence of an event of default, if any, and during its continuance, will only accept transfer instructions with respect to any such securities from the lender or its designee. If we were to default under the terms of any debt instrument, the agent for the applicable lenders would be able to assume control of the timing of disposition of any or all of our assets securing such debt, which would have a material adverse effect on our business, financial condition, results of operations and cash flows. In addition, any security interests as well as negative covenants under the Capital One Revolving Financing or any other borrowing facility may limit our ability to create liens on assets to secure additional debt and may make it difficult for us to restructure or refinance indebtedness at or prior to maturity or obtain additional debt or equity financing. In addition, if our borrowing base under the Capital One Revolving Financing or any other borrowing facility were to decrease, we would be required to secure additional assets in an amount equal to any borrowing base deficiency. In the event that all of our assets are secured at the time of such a borrowing base deficiency, we could be required to repay advances under the Capital One Revolving Financing or any other borrowing facility or make deposits to a collection account, either of which could have a material adverse impact on our ability to fund future investments and to make stockholder distributions. In addition, under the Capital One Revolving Financing or any future borrowing facility we will be subject to limitations as to how borrowed funds may be used, which may include restrictions on geographic and industry concentrations, loan size, payment frequency and status, average life, collateral interests and investment ratings, as well as regulatory restrictions on leverage, which may affect the amount of funding that may be obtained. There may also be certain requirements relating to portfolio performance, including required minimum portfolio yield and limitations on delinquencies and charge-offs, a violation of which could limit further advances and, in some cases, result in an event of default. An event of default under the Capital One Revolving Financing or any other borrowing facility could result in an accelerated maturity date for all amounts outstanding thereunder, which could have a material adverse effect on our business and financial condition. This could reduce our revenues and, by delaying any cash payment allowed to us under the Capital One Revolving Financing or any other borrowing facility until the lenders have been paid in full, reduce our liquidity and cash flow and impair our ability to grow our business and maintain our qualification as a RIC. Because we borrow money to make our investments, if market interest rates were to increase, our cost of capital could increase, which could reduce our net investment income. Because we borrow money to make investments, our net investment income will depend, in part, upon the difference between the rate at which we borrow funds and the rate at which we invest those funds. As a result, we can offer no assurance that a significant change in market interest rates would not have a material adverse effect on our net investment income in the event we use debt to finance our investments. In periods of rising interest rates, our cost of funds would increase, which could reduce our net investment income. We may use interest rate risk management techniques in an effort to limit our exposure to interest rate fluctuations. Such techniques may include various interest rate hedging activities to the extent permitted by the 1940 Act. There is no limit on our ability to enter derivative transactions. In addition, a rise in the general level of interest rates typically leads to higher interest rates applicable to our debt investments. Accordingly, an increase in interest rates may result in an increase of the amount of our pre-incentive fee net investment income and, as a result, an increase in incentive fees payable to the Adviser. Our financial condition, results of operations and cash flows will depend on our ability to manage our business effectively. Our ability to achieve our investment objective will depend on our ability to manage our business and to grow our investments and earnings. This will depend, in turn, on the Adviser’s ability to identify, invest in and monitor portfolio companies that meet our investment criteria. The achievement of our investment objective on a cost-effective basis will depend upon the Adviser’s execution of our investment process, its ability to provide competent, attentive and efficient services to us and, to a lesser extent, our access to financing on acceptable terms. The Adviser’s investment professionals may have substantial responsibilities in connection with the management of other investment funds, accounts and investment vehicles. The personnel of the Adviser may also be called upon to provide managerial assistance to our portfolio companies. These activities may distract them from identifying new investment opportunities for us or slow our rate of investment. Any failure to manage our business and our future growth effectively could have a material adverse effect on our business, financial condition, results of operations and cash flows. The involvement of our interested directors in the valuation process may create conflicts of interest. We expect to make most of our portfolio investments in the form of loans and securities that are not publicly traded and for which there are limited or no market-based price quotations available. As a result, our board of directors will determine the fair value of these loans and securities in good faith as described below in “— Most of our portfolio investments will be recorded at fair value as determined in good faith by our board of directors and, as a result, there may be uncertainty as to the value of our portfolio investments.” In connection with that determination, investment professionals from the Adviser may provide our board of directors with valuations based upon the most recent portfolio company financial statements available and projected financial results of each portfolio company. While the valuations for portfolio investments will be reviewed by an independent valuation firm periodically, the ultimate determination of fair value will be made by our board of directors and not by such third-party valuation firm. In addition, Mr. Mauer, an interested member of our board of directors, has a direct or indirect pecuniary interest in the Adviser. The participation of the Adviser’s investment professionals in our valuation process, and the pecuniary interest in the Adviser by Mr. Mauer, could result in a conflict of interest as the Adviser’s management fee is based, in part, on the value of our gross assets, and our incentive fees will be based, in part, on realized gains and realized and unrealized losses. We operate in a highly competitive market for investment opportunities, which could reduce returns and result in losses. A number of entities compete with us to make the types of investments that we make. We compete with public and private funds, other BDCs, commercial and investment banks, commercial financing companies and, to the extent they provide an alternative form of financing, private equity and hedge funds. Many of our competitors are substantially larger and have considerably greater financial, technical and marketing resources than we do. For example, we believe some of our competitors may have access to funding sources that are not available to us. In addition, some of our competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of investments and establish more relationships than us. Furthermore, many of our competitors are not subject to the regulatory restrictions that the 1940 Act imposes on us as a BDC or the source-of-income, asset diversification and distribution requirements we must satisfy to maintain our RIC qualification. The competitive pressures we face may have a material adverse effect on our business, financial condition, results of operations and cash flows. As a result of this competition, we may not be able to take advantage of attractive investment opportunities from time to time, and we may not be able to identify and make investments that are consistent with our investment objective. With respect to the investments we make, we do not seek to compete based primarily on the interest rates we offer, and we believe that some of our competitors may make loans with interest rates that will be lower than the rates we offer. With respect to all investments, we may lose some investment opportunities if we do not match our competitors’ pricing, terms and structure. However, if we match our competitors’ pricing, terms and structure, we may experience decreased net interest income, lower yields and increased risk of credit loss. We may need to raise additional capital to grow because we must distribute most of our income. We may need additional capital to fund new investments and grow our portfolio of investments. We intend to access the capital markets periodically to issue debt or equity securities or borrow from financial institutions in order to obtain such additional capital. Unfavorable economic conditions could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. A reduction in the availability of new capital could limit our ability to grow. In addition, we are required to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our stockholders to maintain our qualification as a RIC. As a result, these earnings will not be available to fund new investments. An inability on our part to access the capital markets successfully could limit our ability to grow our business and execute our business strategy fully and could decrease our earnings, if any, which would have an adverse effect on the value of our securities. Our distributions to stockholders may be funded, in part, from waivers of investment advisory fees by the Adviser. To the extent any distributions by us are funded through waivers of the incentive fee portion of our investment advisory fees such distributions will not be based on our investment performance, and can only be sustained if we achieve positive investment performance in future periods and/or the Adviser continues to waive such fees. Any such waivers in no way imply that the Adviser will waive incentive fees in any future period. There can be no assurance that we will achieve the performance necessary or that the Adviser will waive all or any portion of the incentive fee necessary to be able to pay distributions at a specific rate or at all. Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage. We may issue debt securities or preferred stock and/or borrow money from banks or other financial institutions, which we refer to collectively as “senior securities,” up to the maximum amount permitted by the 1940 Act. The 1940 Act generally prohibits us from incurring indebtedness unless immediately after such borrowing we have an asset coverage for total borrowings of at least 150% (i.e., the amount of debt may not exceed 66 and 2 / 3 % of the value of our assets). On May 2, 2018, our board of directors, including a “required majority” approved the modified asset coverage requirements set forth in Section 61(a)(2) of the 1940 Act. As a result, our asset coverage requirements for senior securities changed from 200% to 150%, effective May 2, 2019. If the value of our assets declines, we may be unable to satisfy this test. If that happens, we would not be able to borrow additional funds until we were able to comply with the 150% asset coverage ratio under the 1940 Act. Also, any amounts that we use to service our indebtedness would not be available for distributions to our common stockholders. If we issue senior securities, we will be exposed to typical risks associated with leverage, including an increased risk of loss. Under the 1940 Act, we generally are prohibited from issuing or selling our common stock at a price below net asset value per share, which may be a disadvantage as compared with certain public companies. We may, however, sell our common stock, or warrants, options, or rights to acquire our common stock, at a price below the current net asset value of our common stock if our Board and Independent Directors determine that such sale is in our best interests and the best interests of our shareholders, and our shareholders, including a majority of those shareholders that are not affiliated with us, approve such sale. In any such case, the price at which our securities are to be issued and sold may not be less than a price that, in the determination of our Board, closely approximates the fair value of such securities (less any distributing commission or discount). If we raise additional funds by issuing common stock or senior securities convertible into, or exchangeable for, our common stock, then the percentage ownership of our shareholders at that time will decrease and you will experience dilution. Our ability to enter into transactions involving derivatives and financial commitment transactions may be limited. We may invest in derivatives and other assets that are subject to many of the same types of risks related to the use of leverage. In October 2020, the SEC adopted Rule 18f-4 under the 1940 Act regarding the ability of a BDC to use derivatives and other transactions that create future payment or delivery obligations. Under Rule 18f-4, BDCs that use derivatives are subject to a value-at-risk leverage limit, a derivatives risk management program and testing requirements and requirements related to board reporting. These requirements apply unless the BDC qualifies as a “limited derivatives user,” as defined under Rule 18f-4. Under Rule 18f-4, a BDC may enter into an unfunded commitment agreement (which may include delayed draw and revolving loans) that will not be deemed to be a derivatives transaction, such as an agreement to provide financing to a portfolio company, if the BDC has, among other things, a reasonable belief, at the time it enters into such an agreement, that it will have sufficient cash and cash equivalents to meet its obligations with respect to all of its unfunded commitment agreements, in each case as it becomes due. Collectively, these requirements may limit our ability to use derivatives and/or enter into certain other financial contracts. We have adopted updated policies and procedures in compliance with Rule 18f-4. We do not expect to enter into derivatives transactions. Future legislation or rules may modify how we treat derivatives and other financial arrangements for purposes of our compliance with the leverage limitations of the 1940 Act. Future legislation or rules may modify how leverage is calculated under the 1940 Act and, therefore, may increase or decrease the amount of leverage currently available to us under the 1940 Act, which may be materially adverse to us and our shareholders. If we do not invest a sufficient portion of our assets in qualifying assets, we could fail to maintain our qualification as a BDC or be precluded from investing according to our current business strategy. As a BDC, we may not acquire any assets other than “qualifying assets” unless, at the time of and after giving effect to such acquisition, at least 70% of our total assets are qualifying assets. We believe that most of the investments that we may acquire in the future will constitute qualifying assets. However, we may be precluded from investing in what we believe to be attractive investments if such investments are not qualifying assets for purposes of the 1940 Act. If we do not invest a sufficient portion of our assets in qualifying assets, we could violate the 1940 Act provisions applicable to BDCs. As a result of such violation, specific rules under the 1940 Act could prevent us, for example, from making follow-on investments in existing portfolio companies (which could result in the dilution of our position) or could require us to dispose of investments at inappropriate times in order to come into compliance with the 1940 Act. If we need to dispose of such investments quickly, it could be difficult to dispose of such investments on favorable terms. We may not be able to find a buyer for such investments and, even if we do find a buyer, we may have to sell the investments at a substantial loss. Any such outcomes would have a material adverse effect on our business, financial condition, results of operations and cash flows. If we do not maintain our status as a BDC, we would be subject to regulation as a registered closed-end investment company under the 1940 Act. As a registered closed-end investment company, we would be subject to substantially more regulatory restrictions under the 1940 Act, which would significantly decrease our operating flexibility. Substantially all of our portfolio investments are recorded at fair value as determined in good faith by our board of directors and, as a result, there may be uncertainty as to the value of our portfolio investments. Substantially all of our portfolio investments are securities that are not publicly traded. The fair value of loans, securities and other investments that are not publicly traded may not be readily determinable, and we will value these investments at fair value as determined in good faith by our board of directors, including to reflect significant events affecting the value of our investments. Most, if not all, of our investments (other than cash and cash equivalents) will be classified as Level 3 under ASC 820. This means that our portfolio valuations will be based on unobservable inputs and our own assumptions about how market participants would price the asset or liability in question. Inputs into the determination of fair value of our portfolio investments require significant management judgment or estimation. Even if observable market data are available, such information may be the result of consensus pricing information or broker quotes, which include a disclaimer that the broker would not be held to such a price in an actual transaction. The non-binding nature of consensus pricing and/or quotes accompanied by disclaimers materially reduces the reliability of such information. We have retained the services of independent service providers to review the valuation of these loans and securities. The types of factors that the board of directors may take into account in determining the fair value of our investments generally include, as appropriate, comparison to publicly traded securities including such factors as yield, maturity and measures of credit quality, the enterprise value of a portfolio company, the nature and realizable value of any collateral, the portfolio company’s ability to make payments and its earnings and discounted cash flow, the markets in which the portfolio company does business and other relevant factors. Because such valuations, and particularly valuations of private securities and private companies, are inherently uncertain, may fluctuate over short periods of time and may be based on estimates, our determinations of fair value may differ materially from the values that would have been used if a ready market for these loans and securities existed. Our net asset value could be adversely affected if our determinations regarding the fair value of our investments were materially higher than the values that we ultimately realize upon the disposal of such loans and securities. We adjust quarterly the valuation of our portfolio to reflect our board of directors’ determination of the fair value of each investment in our portfolio. Any changes in fair value are recorded in our statement of operations as net change in unrealized appreciation or depreciation. Efforts to comply with Section 404 of the Sarbanes-Oxley Act involve si
Risks Relating to the Adviser or Its Affiliates [Member]
General Description of Registrant [Abstract]
Risk [Text Block]																												Risks Relating to the Adviser or Its Affiliates The Adviser’s incentive fee structure may create incentives to it that are not fully aligned with the interests of our stockholders. In the course of our investing activities, we pay the Base Management Fee and Incentive Fee to the Adviser. We have entered into the Advisory Agreement with the Adviser that provides that the Base Management Fee will be based on the value of our gross assets. As a result, investors in our common stock will invest on a “gross” basis and receive distributions on a “net” basis after expenses, resulting in a lower rate of return than one might achieve through direct investments. Because the Base Management Fee is based on the value of our gross assets, the Adviser will benefit when we incur debt or use leverage. This fee structure may encourage the Adviser to cause us to borrow money to finance additional investments. Under certain circumstances, the use of borrowed money may increase the likelihood of default, which would disfavor our stockholders. Our board of directors is charged with protecting our interests by monitoring how the Adviser addresses these and other conflicts of interests associated with its management services and compensation. While our board of directors is not expected to review or approve each investment decision, borrowing or incurrence of leverage, the Independent Directors will periodically review the Adviser’s services and fees as well as its portfolio management decisions and portfolio performance. In connection with these reviews, the Independent Directors will consider whether our fees and expenses (including those related to leverage) remain appropriate. As a result of this arrangement, the Adviser may from time to time have interests that differ from those of our stockholders, giving rise to a conflict. Our Incentive Fee may induce the Adviser to make speculative investments. The Adviser receives an Incentive Fee based, in part, upon net capital gains realized on our investments. Unlike that portion of the Income-Based Fee, there is no hurdle rate applicable to the Capital Gains Fee. Additionally, under the incentive fee structure, the Adviser may benefit when we recognize capital gains and, because the Adviser will determine when to sell a holding, the Adviser will control the timing of the recognition of such capital gains. As a result, the Adviser may have a tendency to invest more capital in investments likely to result in capital gains, compared to income-producing securities. Such a practice could result in our investing in more speculative securities than would otherwise be the case, which could result in higher investment losses, particularly during economic downturns. We may be obligated to pay the Adviser incentive compensation even if we incur a loss and may pay more than 20.0% of our net capital gains because we cannot recover payments made in previous years. The Adviser is entitled to incentive compensation for each fiscal quarter in an amount equal to a percentage of the excess of our investment income for that quarter (before deducting incentive compensation) above a threshold return for that quarter. Thus, we may be required to pay the Adviser incentive compensation for a fiscal quarter even if there is a decline in the value of our portfolio or we incur a net loss for that quarter. If we pay an incentive fee of 20% of our realized capital gains (net of all realized capital losses and unrealized capital depreciation on a cumulative basis) and thereafter experience additional realized capital losses or unrealized capital depreciation, we will not be able to recover any portion of the incentive fee previously paid. PIK interest payments we receive will increase our assets under management and, as a result, will increase the amount of Base Management Fees and Incentive Fees payable by us to the Adviser. Certain of our debt investments contain provisions providing for the payment of PIK interest. Because PIK interest results in an increase in the size of the loan balance of the underlying loan, the receipt by us of PIK interest will have the effect of increasing our assets under management. As a result, because the Base Management Fee that we pay to the Adviser is based on the value of our gross assets, receipt of PIK interest will result in an increase in the amount of the Base Management Fee payable by us. In addition, any such increase in a loan balance due to the receipt of PIK interest will cause such loan to accrue interest on the higher loan balance, which will result in an increase in our pre-incentive fee net investment income and, as a result, an increase in incentive fees that are payable to the Adviser. Our incentive fee arrangements with the Adviser may vary from those of other investment funds, account or investment vehicles that the Adviser may manage in the future, which may create an incentive for the Adviser to devote time and resources to a higher fee-paying fund. If the Adviser is paid a higher performance-based fee from any other fund that it may manage in the future, it may have an incentive to devote more research and development or other activities, and/or recommend the allocation of investment opportunities, to such higher fee-paying fund. For example, to the extent the Adviser’s incentive compensation is not subject to a hurdle or total return requirement with respect to another fund, it may have an incentive to devote time and resources to such other fund. As a result, the investment professionals of the Adviser may devote time and resources to a higher fee-paying fund. The Adviser’s liability is limited under the Advisory Agreement and we have agreed to indemnify the Adviser against certain liabilities, which may lead the Adviser to act in a riskier manner on our behalf than it would when acting for its own account. Under the Advisory Agreement, the Adviser has not assumed any responsibility to us other than to render the services called for under that agreement. It will not be responsible for any action of our board of directors in following or declining to follow the Adviser’s advice or recommendations. Under the Advisory Agreement, the Adviser, its officers, members and personnel, and any person controlling or controlled by the Adviser will not be liable to us, any subsidiary of ours, our directors, our stockholders or any subsidiary’s stockholders or partners for acts or omissions performed in accordance with and pursuant to the Advisory Agreement, except those resulting from acts constituting gross negligence, willful misconduct, bad faith or reckless disregard of the duties that the Adviser owes to us under the Advisory Agreement. In addition, as part of the Advisory Agreement, we have agreed to indemnify the Adviser and each of its officers, directors, members, managers and employees from and against any claims or liabilities, including reasonable legal fees and other expenses reasonably incurred, arising out of or in connection with our business and operations or any action taken or omitted on our behalf pursuant to authority granted by the Advisory Agreement, except where attributable to gross negligence, willful misconduct, bad faith or reckless disregard of such person’s duties under the Advisory Agreement. These protections may lead the Adviser to act in a riskier manner when acting on our behalf than it would when acting for its own account. The Adviser can resign as the Adviser or administrator upon 60 days’ notice and we may not be able to find a suitable replacement within that time, or at all, resulting in a disruption in our operations that could adversely affect our financial condition, business and results of operations. The Adviser has the right under the Advisory Agreement to resign as the Adviser at any time upon not less than 60 days’ written notice, whether we have found a replacement or not. Similarly, the Adviser has the right under the Administration Agreement to resign at any time upon not less than 60 days’ written notice, whether we have found a replacement or not. If the Adviser were to resign, we may not be able to find a new investment adviser or administrator or hire internal management with similar expertise and ability to provide the same or equivalent services on acceptable terms within 60 days, or at all. If we are unable to do so quickly, our operations are likely to experience a disruption, our financial condition, business and results of operations as well as our ability to pay distributions to our stockholders are likely to be adversely affected and the market price of our shares may decline. In addition, the coordination of our internal management and investment or administrative activities, as applicable, is likely to suffer if we are unable to identify and reach an agreement with a single institution or group of executives having the expertise possessed by the Adviser. Even if we are able to retain comparable management, whether internal or external, the integration of such management and their lack of familiarity with our investment objective may result in additional costs and time delays that may adversely affect our business, financial condition, results of operations and cash flows. There are conflicts related to other arrangements with the Adviser. We have entered into a license agreement with the Adviser under which the Adviser has agreed to grant us a non-exclusive, royalty-free license to use the name “Investcorp.” See “Business — Management Agreements — License Agreement.” In addition, we have entered into the Administration Agreement with the Adviser pursuant to which we are required to pay to the Adviser our allocable portion of overhead and other expenses incurred by the Adviser in performing its obligations under such Administration Agreement, such as rent, equipment and our allocable portion of the cost of our Chief Financial Officer and Chief Compliance Officer and his respective staff’s compensation and compensation-related expenses. This will create conflicts of interest that our board of directors will monitor. For example, under the terms of the license agreement, we will be unable to preclude the Adviser from licensing or transferring the ownership of the “Investcorp” name to third parties, some of whom may compete against us. Consequently, we will be unable to prevent any damage to goodwill that may occur as a result of the activities of the Adviser or others. Furthermore, in the event the license agreement is terminated, we will be required to change our name and cease using “Investcorp” as part of our name. Any of these events could disrupt our recognition in the market place, damage any goodwill we may have generated and otherwise harm our business.
Risks Relating to our Investments [Member]
General Description of Registrant [Abstract]
Risk [Text Block]																												Risks Relating to our Investments Economic recessions or downturns could adversely affect our portfolio companies, leading to defaults on our investments, which would harm our operating results. Many of the portfolio companies in which we expect to make investments, including those currently included in our portfolio, are likely to be susceptible to economic slowdowns or recessions and may be unable to repay our loans during such periods. In such event, the number of our non-performing assets is likely to increase and the value of our portfolio is likely to decrease during such periods. Adverse economic conditions may decrease the value of collateral securing some of our loans and debt securities and the value of our equity investments. Economic slowdowns or recessions could lead to financial losses in our portfolio and a decrease in revenues, net income and assets. Unfavorable economic conditions also could increase our funding costs, limit our access to the capital markets or result in a decision by lenders not to extend credit to us. These events could prevent us from increasing our investments and harm our operating results. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its assets, which could trigger cross-defaults under other agreements and jeopardize our portfolio company’s ability to meet its obligations under the loans and debt securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms with a defaulting portfolio company. The lack of liquidity in our investments may adversely affect our business. All of our assets may be invested in illiquid loans and securities, and a substantial portion of our investments in leveraged companies will be subject to legal and other restrictions on resale or will otherwise be less liquid than more broadly traded public securities. The illiquidity of these investments may make it difficult for us to sell such investments if the need arises. In addition, if we are required to liquidate all or a portion of our portfolio quickly, we may realize significantly less than the value at which we have previously recorded our investments. Also, as noted above, we may be limited or prohibited in our ability to sell or otherwise exit certain positions in our initial portfolio as such a transaction could be considered a joint transaction prohibited by the 1940 Act. Price declines and illiquidity in the corporate debt markets may adversely affect the fair value of our portfolio investments, reducing our net asset value through increased net unrealized depreciation. As a BDC, we are required to carry our investments at market value or, if no market value is ascertainable, at fair value as determined in good faith by our board of directors. As part of the valuation process, we may take into account the following types of factors, if relevant, in determining the fair value of our investments: • available current market data, including relevant and applicable market trading and transaction comparables; • applicable market yields and multiples; • security covenants; • call protection provisions; • information rights; • the nature and realizable value of any collateral; • the portfolio company’s ability to make payments, its earnings and discounted cash flows and the markets in which it does business; • comparisons of financial ratios of peer companies that are public; • comparable merger and acquisition transactions; and • principal market and enterprise values. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, we use the pricing indicated by the external event to corroborate our valuation. We record decreases in the market values or fair values of our investments as unrealized depreciation. Declines in prices and liquidity in the corporate debt markets may result in significant net unrealized depreciation in our portfolio. The effect of all of these factors on our portfolio may reduce our net asset value by increasing net unrealized depreciation in our portfolio. Depending on market conditions, we could incur substantial realized losses and may suffer additional unrealized losses in future periods, which could have a material adverse effect on our business, financial condition, results of operations and cash flows. We may hold the loans and debt securities of leveraged companies that may, due to the significant operating volatility typical of such companies, enter into bankruptcy proceedings, and we could lose all or part of our investment, which would harm our operating results. Investment in leveraged companies involves a number of significant risks. Leveraged companies in which we invest may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold. Such developments may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees that we may have obtained in connection with our investment. Smaller leveraged companies also may have less predictable operating results and may require substantial additional capital to support their operations, finance their expansion or maintain their competitive position. Leveraged companies may also experience bankruptcy or similar financial distress. The bankruptcy process has a number of significant inherent risks. Many events in a bankruptcy proceeding are the product of contested matters and adversarial proceedings and are beyond the control of the creditors. A bankruptcy filing by a portfolio company may adversely and permanently affect that company. If the proceeding is converted to a liquidation, the value of the portfolio company may not equal the liquidation value that was believed to exist at the time of the investment. The duration of a bankruptcy proceeding is also difficult to predict, and a creditor’s return on investment can be adversely affected by delays until the plan of reorganization or liquidation ultimately becomes effective. The administrative costs in connection with a bankruptcy proceeding are frequently high and would be paid out of the debtor’s estate prior to any return to creditors. Because the standards for classification of claims under bankruptcy law are vague, our influence with respect to the class of securities or other obligations we own may be lost by increases in the number and amount of claims in the same class or by different classification and treatment. In the early stages of the bankruptcy process, it is often difficult to estimate the extent of, or even to identify, any contingent claims that might be made. In addition, certain claims that have priority by law (for example, claims for taxes) may be substantial. A portfolio company’s failure to satisfy financial or operating covenants imposed by us or other lenders could lead to defaults and, potentially, termination of its loans and foreclosure on its assets. This could trigger cross-defaults under other agreements and jeopardize such portfolio company’s ability to meet its obligations under the loans or debt or equity securities that we hold. We may incur expenses to the extent necessary to seek recovery upon default or to negotiate new terms, which may include the waiver of certain financial covenants, with a defaulting portfolio company. Credit risk is the potential loss we may incur from a failure of a company to make payments according to the terms of a contract. We are subject to credit risk because of our strategy of investing in the debt of leveraged companies and our involvement in derivative instruments. Our exposure to credit risk on our investments is limited to the fair value of the investments. Our derivative contracts are executed pursuant to an International Swaps and Derivatives Association master agreement. Any material exposure due to counter-party risk under the Capital One Revolving Financing, generally, could have a material adverse effect on our operating results. There may be circumstances where our debt investments could be subordinated to claims of other creditors or we could be subject to lender liability claims. If one of our portfolio companies were to go bankrupt, even though we may have structured our interest as senior debt, depending on the facts and circumstances, including the extent to which we may have actually provided managerial assistance to that portfolio company, a bankruptcy court might re-characterize our debt holding and subordinate all or a portion of our claim to that of other creditors. In addition, lenders can be subject to lender liability claims for actions taken by them where they become too involved in the borrower’s business or exercise control over the borrower. It is possible that we could become subject to a lender’s liability claim, including as a result of actions taken if we actually render significant managerial assistance. Our investments in private and middle-market portfolio companies are risky, and we could lose all or part of our investment. Investment in private and middle-market companies involves a number of significant risks. Generally, little public information exists about these companies, and we will rely on the ability of the Adviser’s investment professionals to obtain adequate information to evaluate the potential returns and risks from investing in these companies. If we are unable to uncover all material information about these companies, we may not make a fully informed investment decision, and we may lose money on our investments. Middle-market companies may have limited financial resources and may be unable to meet their obligations under their loans and debt securities that we hold, which may be accompanied by a deterioration in the value of any collateral and a reduction in the likelihood of our realizing any guarantees we may have obtained in connection with our investment. In addition, such companies typically have shorter operating histories, narrower product lines and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors’ actions and market conditions, as well as general economic downturns. Additionally, middle-market companies are more likely to depend on the management talents and efforts of a small group of persons. Therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on one or more of the portfolio companies we invest in and, in turn, on us. Middle-market companies also may be parties to litigation and may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence. In addition, our executive officers, directors and investment adviser may, in the ordinary course of business, be named as defendants in litigation arising from our investments in portfolio companies. Our investments may include PIK interest. To the extent that we invest in loans with a PIK interest component and the accretion of PIK interest constitutes a portion of our income, we will be exposed to risks associated with the requirement to include such non-cash income in taxable and accounting income prior to receipt of cash, including the following: • loans with a PIK interest component may have higher interest rates that reflect the payment deferral and increased credit risk associated with these instruments, and PIK instruments generally represent a significantly higher credit risk than coupon loans; • loans with a PIK interest component may have unreliable valuations because their continuing accruals require continuing judgments about the collectability of the deferred payments and the value of any associated collateral; • the deferral of PIK interest increases the loan-to-value ratio, which is a fundamental measure of loan risk; and • even if the accounting conditions for PIK interest accrual are met, the borrower could still default when the borrower’s actual payment is due at the maturity of the loan. We may expose ourselves to risks if we engage in hedging transactions. If we engage in hedging transactions, we may expose ourselves to risks associated with such transactions. We may utilize instruments such as forward contracts, currency options and interest rate swaps, caps, collars and floors to seek to hedge against fluctuations in the relative values of our portfolio positions from changes in currency exchange rates and market interest rates. Hedging against a decline in the values of our portfolio positions does not eliminate the possibility of fluctuations in the values of such positions or prevent losses if the values of such positions decline. However, such hedging can establish other positions designed to gain from those same developments, thereby offsetting the decline in the value of such portfolio positions. Such hedging transactions may also limit the opportunity for gain if the values of the underlying portfolio positions should increase. Moreover, it may not be possible to hedge against an exchange rate or interest rate fluctuation that is so generally anticipated that we are not able to enter into a hedging transaction at an acceptable price. The success of our hedging transactions will depend on our ability to correctly predict movements in currencies and interest rates. Therefore, while we may enter into such transactions to seek to reduce currency exchange rate and interest rate risks, unanticipated changes in currency exchange rates or interest rates may result in poorer overall investment performance than if we had not engaged in any such hedging transactions. In addition, the degree of correlation between price movements of the instruments used in a hedging strategy and price movements in the portfolio positions being hedged may vary. Moreover, for a variety of reasons, we may not seek to establish a perfect correlation between such hedging instruments and the portfolio holdings being hedged. Any such imperfect correlation may prevent us from achieving the intended hedge and expose us to risk of loss. In addition, it may not be possible to hedge fully or perfectly against currency fluctuations affecting the value of securities denominated in non-U.S. currencies because the value of those securities is likely to fluctuate as a result of factors not related to currency fluctuations. We are a non-diversified investment company within the meaning of the 1940 Act, and therefore we are not limited with respect to the proportion of our assets that may be invested in securities of a single issuer. We are classified as a non-diversified investment company within the meaning of the 1940 Act, which means that we are not limited by the 1940 Act with respect to the proportion of our assets that we may invest in securities of a single issuer. Beyond the asset diversification requirements associated with our qualification as a RIC under the Code, we do not have fixed guidelines for diversification. To the extent that we assume large positions in the securities of a small number of issuers or our investments are concentrated in relatively few industries, our net asset value may fluctuate to a greater extent than that of a diversified investment company as a result of changes in the financial condition or the market’s assessment of the issuer. We may also be more susceptible to any single economic or regulatory occurrence than a diversified investment company. Our portfolio may be concentrated in a limited number of industries, which may subject us to a risk of significant loss if there is a downturn in a particular industry in which a number of our investments are concentrated. Our portfolio may be concentrated in a limited number of industries. A downturn in any particular industry in which we are invested could significantly impact the aggregate returns we realize. As of June 30, 2024, our investments in the commercial services and supplies industry represented approximately 13.50% of the fair value of our portfolio and our investments in the professional services industry represented approximately 11.22% of the fair value of our portfolio. If an industry in which we have significant investments suffers from adverse business or economic conditions, as these industries have to varying degrees, a material portion of our investment portfolio could be affected adversely, which, in turn, could adversely affect our financial position and results of operations. Our investments in the commercial services and supplies industry face considerable uncertainties including uncertainty related to seasonality and market forces. Our investments in portfolio companies that operate in the commercial services and supplies industry represent approximately 13.50% of our total portfolio as of June 30, 2024. There are unique risks in investing in companies in the commercial services and supply industry and a downturn in the industry could significantly impact the aggregate returns we realize. For example, the operating results and financial condition of our portfolio companies in the commercial services and supplies industry could be adversely affected due to a number of factors, including but not limited to a decrease in demand for their services or supplies relating to seasonality or market forces, termination of contracts with, or other disruptions in or decay of relationships with, their customers or other third parties, such as third-party suppliers or manufacturers, and various other factors. Some market forces that could adversely affect the operating results and financial condition of our portfolio companies in the commercial services and supplies industry may be particular to our specific portfolio companies as a result of direct competition or other factors. In addition, there are risks involved with sales, marketing, managerial and related capabilities of our portfolio companies in the commercial services and supplies industry. For example, recruiting and training a workforce is expensive and time-consuming and could delay the provision of commercial services, result in diminished services, or delay the delivery of supplies. We likely will have little control over the risks that face our portfolio companies in the commercial services and supplies sector, and any of these companies may fail to devote the necessary resources and attention to sell and market their services or products effectively, which could render them unable to generate revenues and reach or sustain profitability. Any of these factors could have a negative impact on the value of our investments in portfolio companies operating in this industry, and therefore could negatively impact our business and results of operations. Our investments in the professional services industry face considerable uncertainties including significant regulatory challenges. Our investments in portfolio companies that operate in the professional services industry represent approximately 11.22% of our total portfolio as of June 30, 2024. Our investments in portfolio companies in the professional services sector include those that provide services related to data and information, building, cleaning and maintenance services, and energy efficiency services. Portfolio companies in the professional services sector are subject to many risks, including the negative impact of regulation, changing technology, a competitive marketplace and difficulty in obtaining financing. Portfolio companies in the professional services industry must respond quickly to technological changes and understand the impact of these changes on customers’ preferences. Adverse economic, business, or regulatory developments affecting the professional services sector could have a negative impact on the value of our investments in portfolio companies operating in this industry, and therefore could negatively impact our business and results of operations. Our failure to make follow-on investments in our portfolio companies could impair the value of our portfolio. Following an initial investment in a portfolio company, we may make additional investments in that portfolio company as “follow-on” investments, including exercising warrants, options or convertible securities that were acquired in the original or subsequent financing; in seeking to: • increase or maintain in whole or in part our position as a creditor or our equity ownership percentage in a portfolio company; • preserve or enhance the value of our investment. We have discretion to make follow-on investments, subject to the availability of capital resources. Failure on our part to make follow-on investments may, in some circumstances, jeopardize the continued viability of a portfolio company and our initial investment, or may result in a missed opportunity for us to increase our participation in a successful operation. Even if we have sufficient capital to make a desired follow-on investment, we may elect not to make a follow-on investment because we may not want to increase our level of risk, because we prefer other opportunities or because we are inhibited by compliance with BDC requirements of the 1940 Act or the desire to maintain our qualification as a RIC. Because we generally do not hold controlling equity interests in our portfolio companies, we may not be able to exercise control over our portfolio companies or to prevent decisions by management of our portfolio companies that could decrease the value of our investments. We do not hold controlling equity positions in any of the portfolio companies included in our portfolio and, although we may do so in the future, we do not currently intend to hold controlling equity positions in our portfolio companies. As a result, we will be subject to the risk that a portfolio company may make business decisions with which we disagree, and that the management and/or stockholders of a portfolio company may take risks or otherwise act in ways that are adverse to our interests. Due to the lack of liquidity of the debt and equity investments that we expect to hold in our portfolio companies, we may not be able to dispose of our investments in the event we disagree with the actions of a portfolio company and may therefore suffer a decrease in the value of our investments. Prepayments of our debt investments by our portfolio companies could adversely impact our results of operations and ability to make stockholder distributions and result in a decline in the market price of our shares. We are subject to the risk that the debt investments we make in portfolio companies may be repaid prior to maturity. We expect that our investments will generally allow for repayment at any time subject to certain penalties. When this occurs, we intend to generally reinvest these proceeds in temporary investments, pending their future investment in accordance with our investment strategy. These temporary investments will typically have substantially lower yields than the debt being prepaid, and we could experience significant delays in reinvesting these amounts. Any future investment may also be at lower yields than the debt that was repaid. As a result, our results of operations could be materially adversely affected if one or more of our portfolio companies elects to prepay amounts owed to us. Additionally, prepayments could negatively impact our ability to make, or the amount of, stockholder distributions with respect to our common stock, which could result in a decline in the market price of our shares. Our portfolio companies may incur debt that ranks equally with, or senior to, our investments in such companies. We intend to invest a portion of our capital in second lien and subordinated loans issued by our portfolio companies. The portfolio companies usually have, or may be permitted to incur, other debt that ranks equally with, or senior to, the loans in which we invest. By their terms, such debt instruments may provide that the holders are entitled to receive payment of interest or principal on or before the dates on which we are entitled to receive payments in respect of the loans in which we invest. Also, in the event of insolvency, liquidation, dissolution, reorganization or bankruptcy of a portfolio company, holders of debt instruments ranking senior to our investment in that portfolio company would typically be entitled to receive payment in full before we receive any distribution in respect of our investment. After repaying senior creditors, a portfolio company may not have any remaining assets to use for repaying its obligation to us. In the case of debt ranking equally with loans in which we invest, we would have to share any distributions on an equal and ratable basis with other creditors holding such debt in the event of an insolvency, liquidation, dissolution, reorganization or bankruptcy of the relevant portfolio company. Additionally, certain loans that we may make to portfolio companies may be secured on a second priority basis by the same collateral securing senior secured debt of such companies. The first priority liens on the collateral will secure the portfolio company’s obligations under any outstanding senior debt and may secure certain other future debt that may be permitted to be incurred by the portfolio company under the agreements governing the loans. The holders of obligations secured by first priority liens on the collateral will generally control the liquidation of, and be entitled to receive proceeds from, any realization of the collateral to repay their obligations in full before us. In addition, the value of the collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of all of the collateral would be sufficient to satisfy the loan obligations secured by the second priority liens after payment in full of all obligations secured by the first priority liens on the collateral. If such proceeds were not sufficient to repay amounts outstanding under the loan obligations secured by the second priority liens, then we, to the extent not repaid from the proceeds of the sale of the collateral, will only have an unsecured claim against the portfolio company’s remaining assets, if any. We may also make unsecured loans to portfolio companies, meaning that such loans will not benefit from any interest in collateral of such companies. Liens on such portfolio companies’ collateral, if any, will secure the portfolio company’s obligations under its outstanding secured debt and may secure certain future debt that is permitted to be incurred by the portfolio company under its secured loan agreements. The holders of obligations secured by such liens will generally control the liquidation of, and be entitled to receive proceeds from, any realization of such collateral to repay their obligations in full before us. In addition, the value of such collateral in the event of liquidation will depend on market and economic conditions, the availability of buyers and other factors. There can be no assurance that the proceeds, if any, from sales of such collateral would be sufficient to satisfy our unsecured loan obligations after payment in full of all secured loan obligations. If such proceeds were not sufficient to repay the outstanding secured loan obligations, then our unsecured claims would rank equally with the unpaid portion of such secured creditors’ claims against the portfolio company’s remaining assets, if any. The rights we may have with respect to the collateral securing the loans we make to our portfolio companies with senior debt outstanding may also be limited pursuant to the terms of one or more intercreditor agreements that we enter into with the holders of such senior debt. Under a typical intercreditor agreement, at any time that obligations that have the benefit of the first priority liens are outstanding, any of the following actions that may be taken in respect of the collateral will be at the direction of the holders of the obligations secured by the first priority liens: • the ability to cause the commencement of enforcement proceedings against the collateral; • the ability to control the conduct of such proceedings; • the approval of amendments to collateral documents; • releases of liens on the collateral; and • waivers of past defaults under collateral documents. We may not have the ability to control or direct such actions, even if our rights are adversely affected. The disposition of our investments may result in contingent liabilities. We currently expect that substantially all of our investments will involve loans and private securities. In connection with the disposition of such an investment, we may be required to make representations about the business and financial affairs of the portfolio company typical of those made in connection with the sale of a business. We may also be required to indemnify the purchasers of such investment to the extent that any such representations turn out to be inaccurate or with respect to potential liabilities. These arrangements may result in contingent liabilities that ultimately result in funding obligations that we must satisfy through our return of distributions previously made to us. Risks related to the transition away from LIBOR. Following their publication on June 30, 2023, no settings of LIBOR continue to be published on a representative basis and publication of many non-U.S. dollar LIBOR settings has been entirely discontinued. On July 29, 2021, the U.S. Federal Reserve System, in conjunction with the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions, formally recommended replacing U.S.-dollar LIBOR with SOFR, a new index calculated by short-term repurchase agreements, backed by Treasury securities. In April 2018, the Bank of England began publishing its proposed alternative rate, the Sterling Overnight Index Average (“SONIA”). Each of SOFR and SONIA significantly differ from LIBOR, both in the actual rate and how it is calculated. Further, on March 15, 2022, the Consolidation Appropriations Act of 2022, which includes the Adjustable Interest Rate (LIBOR) Act (“LIBOR Act”), was signed into law in the United States. This legislation establishes a uniform benchmark replacement process for certain financial contracts that mature after June 30, 2023 that do not contain clearly defined or practicable LIBOR fallback provisions. The legislation also creates a safe harbor that shields lenders from litigation if they choose to utilize a replacement rate recommended by the Board of Governors of the Federal Reserve. In addition, the U.K. Financial Conduct Authority (“FCA”), which regulates the publisher of LIBOR (ICE Benchmark Administration) has announced that it will require the continued publication of the one-, three- and six-month tenors of U.S.-dollar LIBOR on a non-representative synthetic basis until the end of September 2024, which may result in certain non-U.S. law-governed contracts and U.S. law-governed contracts not covered by the federal legislation remaining on synthetic U.S.-dollar LIBOR until the end of this period. Although the transition process away from LIBOR has become increasingly well-defined (e.g. the LIBOR Act now provides a uniform benchmark replacement for certain LIBOR-based instruments in the United States), the transition process is complex and it could cause a disruption in the credit markets generally and could have adverse impacts on our business financial condition and results of operations, including, among other things, increased volatility or illiquidity in markets for instruments that continue to rely on LIBOR or which have been transitioned away from LIBOR to a different rate like SOFR and, in any case, could result in a reduction in the value of certain investments held by the Company. We may not realize gains from our equity investments. When we invest in loans and debt securities, we may acquire warrants or other equity securities of portfolio companies as well. We may also invest in equity securities directly. To the extent we hold equity investments, we will attempt to dispose of them and realize gains upon our disposition of them. However, the equity interests we receive may not appreciate in value and may decline in value. As a result, we may not be able to realize gains from our equity interests, and any gains that we do realize on the disposition of any equity interes
Risks Relating to an Investment in Our Common Stock [Member]
General Description of Registrant [Abstract]
Risk [Text Block]																												Risks Relating to an Investment in Our Common Stock We cannot assure you that the market price of shares of our common stock will not decline. Shares of closed-end investment companies, including BDCs, frequently trade at a discount from their net asset value and our stock may also be discounted in the market. This characteristic of closed-end investment companies is separate and distinct from the risk that our net asset value per share of common stock may decline. In the past, shares of BDCs, including at times shares of our common stock, have traded at prices per share below net asset value per share. We cannot predict whether our common stock will trade at a price per share above, at or below net asset value per share. In addition, if our common stock trades below its net asset value per share, we will generally not be able to sell additional shares of our common stock to the public at its market price without first obtaining the approval of a majority of our shareholders (including a majority of our unaffiliated shareholders) and our independent directors for such issuance. There is a risk that you may not receive distributions or that our distributions may not grow over time or a portion of your distributions may be a return of capital. We intend to make distributions on a quarterly basis to our stockholders out of assets legally available for distribution. We cannot assure you that we will achieve investment results that will allow us to make a specified level of cash distributions or year-to-year increases in cash distributions. Our ability to pay distributions might be adversely affected by the impact of one or more of the risk factors described in this annual report on Form 10-K. Due to the asset coverage test applicable to us under the 1940 Act as a BDC, we may be limited in our ability to make distributions. If we violate certain covenants under our existing or future borrowing or financing arrangements or other leverage, we may be limited in our ability to make distributions. If we declare a distribution and because more of our stockholders have opted to receive cash distributions rather than participate in our dividend reinvestment plan, we may be forced to sell some of our investments in order to make cash distribution payments. To the extent we make distributions to stockholders that include a return of capital, such portion of the distribution essentially constitutes a return of the stockholder’s investment. Although such return of capital may not be taxable, such distributions would generally decrease a stockholder’s basis in our common stock and may therefore increase such stockholder’s tax liability for capital gains upon the future sale of such stock. A return of capital distribution may cause a stockholder to recognize a capital gain from the sale of our common stock even if the stockholder sells its shares for less than the original purchase price. All distributions will be made at the discretion of our board of directors and will depend on our earnings, financial condition, maintenance of RIC status, compliance with applicable BDC regulations, and such other factors as our board of directors may deem relative from time to time. We cannot assure you that we will make distributions to our stockholders in the future. We may in the future choose to pay dividends in our own stock, in which case you may be required to pay tax in excess of the cash you receive. We may distribute taxable dividends that are payable in part in our stock. Under certain applicable provisions of the Code and the Treasury regulations, distributions payable in cash or in shares of stock at the election of stockholders are treated as taxable dividends. The Internal Revenue Service has issued a revenue procedure indicating that this rule will apply if the total amount of cash to be distributed is not less than 20% of the total distribution. Under this revenue procedure, if too many stockholders elect to receive their distributions in cash, each such stockholder would receive a pro rata share of the total cash to be distributed and would receive the remainder of their distribution in shares of stock. If we decide to make any distributions consistent with this revenue procedure that are payable in part in our stock, taxable stockholders receiving such dividends will be required to include the full amount of the dividend (whether received in cash, our stock, or combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly designated as a capital gain dividend) to the extent of our current and accumulated earnings and profits for U.S. federal income tax purposes. As a result, a U.S. stockholder may be required to pay tax with respect to such dividends in excess of any cash received. If a U.S. stockholder sells the stock it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale. Furthermore, with respect to non-U.S. stockholders, we may be required to withhold U.S. tax with respect to such dividends, including in respect of all or a portion of such dividend that is payable in stock. If a significant number of our stockholders determine to sell shares of our stock in order to pay taxes owed on dividends, it may put downward pressure on the trading price of our stock. Stockholders may experience dilution in their ownership percentage if they do not participate in our dividend reinvestment plan. All distributions declared in cash payable to stockholders that are participants in our dividend reinvestment plan are generally automatically reinvested in shares of our common stock. As a result, stockholders that do not participate in the dividend reinvestment plan may experience dilution over time. Stockholders who receive distributions in shares of common stock may experience accretion to the net asset value of their shares if our shares are trading at a premium and dilution if our shares are trading at a discount. The level of accretion or discount would depend on various factors, including the proportion of our stockholders who participate in the plan, the level of premium or discount at which our shares are trading and the amount of the distribution payable to a stockholder. Our shares might trade at premiums that are unsustainable or at discounts from net asset value. Shares of BDCs like us may, during some periods, trade at prices higher than their net asset value per share and, during other periods, as frequently occurs with closed-end investment companies, trade at prices lower than their net asset value per share. The perceived value of our investment portfolio may be affected by a number of factors including perceived prospects for individual companies we invest in, market conditions for common stock generally, for initial public offerings and other exit events for venture capital backed companies, and the mix of companies in our investment portfolio over time. Negative or unforeseen developments affecting the perceived value of companies in our investment portfolio could result in a decline in the trading price of our common stock relative to our net asset value per share. The possibility that our shares will trade at a discount from net asset value or at premiums that are unsustainable are risks separate and distinct from the risk that our net asset value per share will decrease. The risk of purchasing shares of a BDC that might trade at a discount or unsustainable premium is more pronounced for investors who wish to sell their shares in a relatively short period of time because, for those investors, realization of a gain or loss on their investments is likely to be more dependent upon changes in premium or discount levels than upon increases or decreases in net asset value per share. Investing in our common stock may involve an above average degree of risk. The investments we make in accordance with our investment objective may result in a higher amount of risk, and higher volatility or loss of principal, than alternative investment options. Our investments in portfolio companies may be speculative and, therefore, an investment in our common stock may not be suitable for someone with lower risk tolerance. The market price of our common stock may fluctuate significantly. The market price and liquidity of the market for our securities may be significantly affected by numerous factors, some of which are beyond our control and may not be directly related to our operating performance. These factors include: • price and volume fluctuations in the overall stock market from time to time; • investor demand for our shares; • significant volatility in the market price and trading volume of securities of BDCs or other companies in our sector, which is not necessarily related to the operating performance of these companies; • changes in regulatory policies or tax guidelines, particularly with respect to RICs or BDCs; • loss of our qualification as a RIC or BDC; • changes in earnings or variations in operating results; • changes in the value of our portfolio of investments; • increases in the interest rates we pay; • changes in accounting guidelines governing valuation of our investments; • any shortfall in revenue or net income or any increase in losses from levels expected by investors or securities analysts; • departure of the Adviser’s key personnel; • change in the Adviser’s relationship with Investcorp under the Investcorp Services Agreement; • operating performance of companies comparable to us; and • general economic trends and other external factors. In the past, following periods of volatility in the market price of a company’s securities, securities class action litigation has often been brought against that company. Due to the potential volatility of our stock price, we may become the target of securities litigation in the future. Securities litigation could result in substantial costs and divert management’s attention and resources from our business. Sales of substantial amounts of our common stock in the public market may have an adverse effect on the market price of our common stock. Our two largest investors are Investcorp and Stifel. Investcorp owns approximately 25% and Stifel owns approximately 15% of our total outstanding common stock. The shares held by Investcorp and Stifel are generally freely tradable in the public market, subject to the volume limitations, applicable holding periods and other provisions of Rule 144 under the Securities Act. Sales of substantial amounts of our common stock, the availability of such common stock for sale or the registration of such common stock for sale and the ability of our stockholders, including Investcorp and Stifel to sell their respective shares at a price per share that is below our then current net asset value per share could adversely affect the prevailing market prices for our common stock. If this occurs and continues it could impair our ability to raise additional capital through the sale of securities should we desire to do so and negatively impact the market of our common stock. Our board of directors is authorized to reclassify any unissued shares of common stock into one or more classes of preferred stock, which could convey special rights and privileges to its owners. Under Maryland General Corporation Law and our charter, our board of directors is authorized to classify and reclassify any authorized but unissued shares of stock into one or more classes of stock, including preferred stock. Prior to issuance of shares of each class or series, the board of directors will be required by Maryland law and our charter to set the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to stockholder distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the board of directors could authorize the issuance of shares of preferred stock with terms and conditions that could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of our common stock or that otherwise might be in their best interest. The cost of any such reclassification would be borne by our common stockholders. The issuance of preferred shares convertible into shares of common stock may also reduce the net income and net asset value per share of our common stock upon conversion, provided, that we will only be permitted to issue such convertible preferred stock to the extent we comply with the requirements of Section 61 of the 1940 Act, including obtaining common stockholder approval. These effects, among others, could have an adverse effect on your investment in our common stock. Certain matters under the 1940 Act require the separate vote of the holders of any issued and outstanding preferred stock. For example, the 1940 Act provides that holders of preferred stock are entitled to vote separately from holders of common stock to elect two preferred stock directors. We currently have no plans to issue preferred stock
Risks Relating to an Investment in Our Notes [Member]
General Description of Registrant [Abstract]
Risk [Text Block]																												Risks Relating to an Investment in Our Notes The 2026 Notes are unsecured and therefore are effectively subordinated to any secured indebtedness we have currently incurred or may incur in the future and rank pari passu with, or equal to, all outstanding and future unsecured indebtedness issued by us and our general liabilities. The 2026 Notes are not secured by any of our assets or any of the assets of any of our subsidiaries. As a result, the 2026 Notes are effectively subordinated to any secured indebtedness we or our subsidiaries have outstanding (including the Capital One Revolving Financing) or that we or our subsidiaries may incur in the future (or any indebtedness that is initially unsecured as to which we subsequently grant a security interest) to the extent of the value of the assets securing such indebtedness. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of any of our secured indebtedness or secured indebtedness of our subsidiaries may assert rights against the assets pledged to secure that indebtedness in order to receive full payment of their indebtedness before the assets may be used to pay other creditors, including the holders of the 2026 Notes. As of June 30, 2024, we had, through SPV LLC, $43.0 million in outstanding indebtedness under the Capital One Revolving Financing, which are secured by the assets held at SPV LLC. The indebtedness under the Capital One Revolving Financing is effectively senior to the 2026 Notes to the extent of the value of the assets securing such indebtedness. The 2026 Notes also rank pari passu with, or equal to, our general liabilities, which consist of trade and other payables, including any outstanding dividend payable, base and incentive management fees payable, interest and debt fees payable, vendor payables and accrued expenses such as auditor fees, legal fees, director fees, etc. In total, these general liabilities were $11.0 million as of June 30, 2024. The 2026 Notes are structurally subordinated to the indebtedness and other liabilities of our subsidiaries. The 2026 Notes are obligations exclusively of Investcorp Credit Management BDC, Inc., and not of any of our subsidiaries. None of our subsidiaries is a guarantor of the 2026 Notes, and the 2026 Notes will not be required to be guaranteed by any subsidiary we may acquire or create in the future. Any assets of our subsidiaries will not be directly available to satisfy the claims of our creditors, including holders of the 2026 Notes. Except to the extent we are a creditor with recognized claims against our subsidiaries, all claims of creditors of our subsidiaries will have priority over our equity interests in such entities (and therefore the claims of our creditors, including holders of the 2026 Notes) with respect to the assets of such entities. Even if we are recognized as a creditor of one or more of these entities, our claims would still be effectively subordinated to any security interests in the assets of any such current or future subsidiary and to any indebtedness or other liabilities of any such current or future subsidiary senior to our claims, including under the Capital One Revolving Financing. Consequently, the 2026 Notes are structurally subordinated to all indebtedness and other liabilities, including trade payables, of any of our existing or future subsidiaries. The indenture under which the 2026 Notes are issued contains limited protection for holders of the 2026 Notes. The Indenture offers limited protection to holders of the 2026 Notes. The terms of the Indenture and the 2026 Notes do not restrict our or any of our subsidiaries’ ability to engage in, or otherwise be a party to, a variety of corporate transactions, circumstances or events that could have a material adverse impact on your investment in the 2026 Notes. In particular, the terms of the Indenture and the 2026 Notes do not place any restrictions on our or our subsidiaries’ ability to: • issue securities or otherwise incur additional indebtedness or other obligations, including (1) any indebtedness or other obligations that would be equal in right of payment to the 2026 Notes, (2) any indebtedness or other obligations that would be secured and therefore rank effectively senior in right of payment to the 2026 Notes to the extent of the values of the assets securing such debt, (3) indebtedness of ours that is guaranteed by one or more of our subsidiaries and which therefore is structurally senior to the 2026 Notes and (4) securities, indebtedness or obligations issued or incurred by our subsidiaries that would be senior to our equity interests in our subsidiaries and therefore rank structurally senior to the 2026 Notes with respect to the assets of our subsidiaries, in each case other than an incurrence of indebtedness or other obligation that would cause a violation of Section 18(a)(1)(A) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions, whether or not we continue to be subject to such provisions of the 1940 Act, but giving effect, in either case, to any exemptive relief granted to us by the SEC, which generally prohibit us from incurring additional indebtedness, including through the issuance of additional debt securities, unless our asset coverage, as defined in the 1940 Act, equals at least 150% after such incurrence or issuance. See “— Regulations governing our operation as a BDC affect our ability to, and the way in which we raise additional capital. As a BDC, the necessity of raising additional capital may expose us to risks, including the typical risks associated with leverage .” • pay dividends on, or purchase or redeem or make any payments in respect of, capital stock or other securities ranking junior in right of payment to the 2026 Notes, including subordinated indebtedness, in each case other than dividends, purchases, redemptions or payments that would cause a violation of Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act or any successor provisions, giving effect to any no-action relief granted by the SEC to another BDC and upon which we may reasonably rely (or to us if we determine to seek such similar SEC no-action or other relief) permitting the BDC to declare any cash dividend or distribution notwithstanding the prohibition contained in Section 18(a)(1)(B) as modified by Section 61(a)(2) of the 1940 Act in order to maintain the BDC’s status as a RIC under Subchapter M of the Code; • sell assets (other than certain limited restrictions on our ability to consolidate, merge or sell all or substantially all of our assets); • enter into transactions with affiliates • create liens (including liens on the shares of our subsidiaries) or enter into sale and leaseback transactions; • make investments; or • create restrictions on the payment of dividends or other amounts to us from our subsidiaries. Furthermore, the terms of the Indenture and the 2026 Notes do not protect holders of the 2026 Notes in the event that we experience changes (including significant adverse changes) in our financial condition, results of operations or credit ratings, if any, as they do not require that we or our subsidiaries adhere to any financial tests or ratios or specified levels of net worth, revenues, income, cash flow or liquidity. Our ability to recapitalize, incur additional debt (including additional debt that matures prior to the maturity of the 2026 Notes) and take a number of other actions that are not limited by the terms of the 2026 Notes may have important consequences for you as a holder of the 2026 Notes, including making it more difficult for us to satisfy our obligations with respect to the 2026 Notes or negatively affecting the market value of the 2026 Notes. Other debt we issue or incur in the future could contain more protections for its holders than the Indenture and the 2026 Notes, including additional covenants and events of default. The issuance or incurrence of any such debt with incremental protections could affect the market for trading levels and prices of the 2026 Notes. There is no active trading market for the 2026 Notes. If an active trading market does not develop for the 2026 Notes, you may not be able to sell them. The 2026 Notes are not listed on any securities exchange or for quotation on any automated dealer quotation system. As such, there currently is no trading market. If the 2026 Notes are traded in the future, they may trade at a discount to their initial offering price depending on prevailing interest rates, the market for similar securities, our credit ratings, our financial condition, performance and prospects, general economic conditions, or other relevant factors. Although the underwriter has informed us that it intends to make a market in the 2026 Notes, it is not obligated to do so, and the underwriter may discontinue any market-making activities in the 2026 Notes without notice at any time in its sole discretion. Accordingly, there is no assurance that a liquid trading market will develop or be maintained for the 2026 Notes, that holders will be able to sell the 2026 Notes at a particular time or that the price holders of the 2026 Notes receive when they sell will be favorable. To the extent an active trading market does not develop, the liquidity and trading price for the 2026 Notes may be harmed. Accordingly, holders may be required to bear the financial risk of an investment in the 2026 Notes for an indefinite period of time. If we default on our obligations to pay our other indebtedness, we may not be able to make payments on the 2026 Notes. Any default under the agreements governing our indebtedness, including a default under the Capital One Revolving Financing or other indebtedness to which we may be a party that is not waived by the required lenders, and the remedies sought by lenders or the holders of such indebtedness could make us unable to pay principal, premium, if any, and interest on the 2026 Notes and substantially decrease the market value of the 2026 Notes. If we are unable to generate sufficient cash flow and are otherwise unable to obtain funds necessary to meet required payments of principal, premium, if any, and interest on our indebtedness, or if we otherwise fail to comply with the various covenants, including financial and operating covenants, in the instruments governing our indebtedness (including the Capital One Revolving Financing), we could be in default under the terms of the agreements governing such indebtedness, including the 2026 Notes. In the event of such default, the holders of such indebtedness could elect to declare all the funds borrowed thereunder to be due and payable, together with accrued and unpaid interest, the lenders under the Capital One Revolving Financing or other debt we may incur in the future could elect to terminate their commitment, cease making further loans and institute foreclosure proceedings against our assets, and we could be forced into bankruptcy or liquidation. Our ability to generate sufficient cash flow in the future is, to some extent, subject to general economic, financial, competitive, legislative and regulatory factors as well as other factors that are beyond our control. We cannot assure you that our business will generate cash flow from investment activities, or that future borrowings will be available to us under the Capital One Revolving Financing or otherwise, in an amount sufficient to enable us to meet our payment obligations under the 2026 Notes, our other debt, and to fund other liquidity needs. If our operating performance declines and we are not able to generate sufficient cash flow to service our debt obligations, we may in the future need to refinance or restructure our debt, including any 2026 Notes sold, sell assets, reduce or delay capital investments, seek to raise additional capital or seek to obtain waivers from the lenders under the Capital One Revolving Financing or other debt that we may incur in the future to avoid being in default. If we are unable to implement one or more of these alternatives, we may not be able to meet our payment obligations under the 2026 Notes and our other debt. If we breach our covenants under the Capital One Revolving Financing or any of our other debt and seek a waiver, we may not be able to obtain a waiver from the required lenders or holders thereof. If this occurs, we would be in default under the Capital One Revolving Financing or other debt, the lenders or holders could exercise rights as described above, and we could be forced into bankruptcy or liquidation. If we are unable to repay debt, lenders having secured obligations could proceed against the collateral securing the debt, including the Capital One Revolving Financing. Because the Capital One Revolving Financing has, and any future borrowing or financing arrangements will likely have, customary cross-default provisions, if we have a default under the terms of the 2026 Notes, the obligations under the Capital One Revolving Financing or any future credit facility may be accelerated and we may be unable to repay or finance the amounts due. We may choose to redeem the 2026 Notes when prevailing interest rates are relatively low. The 2026 Notes are redeemable in whole or in part upon certain conditions at any time or from time to time at our option. We may choose to redeem the 2026 Notes from time to time, especially if prevailing interest rates are lower than the rate borne by the 2026 Notes. If prevailing rates are lower at the time of redemption, and we redeem the 2026 Notes, you likely would not be able to reinvest the redemption proceeds in a comparable security at an effective interest rate as high as the interest rate on the 2026 Notes being redeemed. We may not be able to repurchase the 2026 Notes upon a Change of Control Repurchase Event. We may not be able to repurchase the 2026 Notes upon a Change of Control Repurchase Event (as defined in the Indenture) because we may not have sufficient funds. We would not be able to borrow under the Capital One Revolving Financing to finance such a repurchase of the 2026 Notes, and we expect that any future credit facility would have similar limitations. Upon a Change of Control Repurchase Event, holders of the 2026 Notes may require us to repurchase for cash some or all of the 2026 Notes at a repurchase price equal to 100% of the aggregate principal amount of the 2026 Notes being repurchased, plus accrued and unpaid interest to, but not including, the repurchase date. The terms of the Capital One Revolving Financing also provide that certain change of control events will constitute an event of default thereunder entitling the lenders to accelerate any indebtedness outstanding under the Capital One Revolving Financing at that time and to terminate the Capital One Revolving Financing. Our and our subsidiaries’ future financing facilities may contain similar restrictions and provisions. Our failure to purchase such tendered Notes upon the occurrence of such Change of Control Repurchase Event would cause an event of default under the indenture governing the 2026 Notes and a cross-default under the agreements governing the Capital One Revolving Financing, which may result in the acceleration of such indebtedness requiring us to repay that indebtedness immediately. If the holders of the 2026 Notes exercise their right to require us to repurchase 2026 Notes upon a Change of Control Repurchase Event, the financial effect of this repurchase could cause a default under our current and future debt instruments, and we may not have sufficient funds to repay any such accelerated indebtedness.
Risks Related to U.S. Federal Income Tax [Member]
General Description of Registrant [Abstract]
Risk [Text Block]																												Risks Related to U.S. Federal Income Tax We will be subject to corporate-level U.S. federal income tax if we are unable to maintain our qualification as a RIC under Subchapter M of the Code. To maintain our qualification as a RIC under Subchapter M of the Code, we must meet certain source-of-income, asset diversification and distribution requirements. The source-of-income requirement will be satisfied if we obtain at least 90% of our income for each year from dividends, interest, gains from the sale of stock or securities or similar sources. The distribution requirement for a RIC is satisfied if we distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to our stockholders on an annual basis. Because we incur debt, we will be subject to certain asset coverage ratio requirements under the 1940 Act and financial covenants under loan and credit agreements that could, under certain circumstances, restrict us from making distributions necessary to maintain our qualification as a RIC. If we are unable to obtain cash from other sources, we may fail to maintain our qualification as a RIC and, thus, may be subject to corporate-level U.S. federal income tax. To maintain our qualification as a RIC, we must also meet certain asset diversification requirements at the end of each calendar quarter. Failure to meet these tests may result in our having to dispose of certain investments quickly in order to prevent the loss of our qualification as a RIC. Because most of our investments are in private or thinly traded public companies, any such dispositions may be made at disadvantageous prices and may result in substantial losses. No certainty can be provided that we will satisfy the asset diversification requirements of the other requirements necessary to maintain our qualification as a RIC. If we fail to maintain our qualification as a RIC for any reason and become subject to corporate-level U.S. federal income tax, the resulting taxes could substantially reduce our net assets, the amount of income available for distributions to our stockholders and the amount of funds available for new investments. Such a failure would have a material adverse effect on us and our stockholders. See “Business — Taxation as a Regulated Investment Company.” We may have difficulty paying our required distributions if we recognize income before, or without, receiving cash representing such income. For U.S. federal income tax purposes, we will include in income certain amounts that we have not yet received in cash, such as the accrual of OID. This may arise if we receive warrants in connection with the making of a loan and in other circumstances, or through contracted PIK interest, which represents contractual interest added to the loan balance and due at the end of the loan term. Such OID, which could be significant relative to our overall investment activities and increases in loan balances as a result of contracted PIK arrangements will be included in income before we receive any corresponding cash payments. We also may be required to include in income certain other amounts that we will not receive in cash. Since in certain cases we may recognize income before or without receiving cash representing such income, we may have difficulty meeting the requirement to distribute at least 90% of our net ordinary income and net short-term capital gains in excess of net long-term capital losses, if any, to maintain our qualification as a RIC. In such a case, we may have to sell some of our investments at times we would not consider advantageous or raise additional debt or equity capital or reduce new investment originations to meet these distribution requirements. If we are not able to obtain such cash from other sources, we may fail to maintain our qualification as a RIC and thus be subject to corporate-level U.S. federal income tax. See “Business — Taxation as a Regulated Investment Company.” We cannot predict how tax reform legislation will affect us, our investments, or our stockholders, and any such legislation could adversely affect our business. Legislative or other actions relating to taxes could have a negative effect on us. The rules dealing with U.S. federal income taxation are constantly under review by persons involved in the legislative process and by the IRS and the U.S. Treasury Department. Recent legislation has made many changes to the Code, including significant changes to the taxation of business entities, the deductibility of interest expense, and the tax treatment of capital investment. We cannot predict with certainty how any changes in the tax laws might affect us, our stockholders, or our portfolio investments. New legislation and any U.S. Treasury regulations, administrative interpretations or court decisions interpreting such legislation could significantly and negatively affect our ability to qualify for tax treatment as a RIC or the U.S. federal income tax consequences to us and our stockholders of such qualification, or could have other adverse consequences. Investors are urged to consult with their tax adviser regarding tax legislative, regulatory or administrative developments and proposals and their potential effect on an investment in our securities.
Risks Relating to the Current Environment [Member]
General Description of Registrant [Abstract]
Risk [Text Block]																												Risks Relating to the Current Environment Political, social and economic uncertainty creates and exacerbates risks. Social, political, economic and other conditions and events (such as natural disasters, epidemics and pandemics, terrorism, conflicts and social unrest) will occur that create uncertainty and have significant impacts on issuers, industries, governments and other systems, including the financial markets, to which companies and their investments are exposed. As global systems, economies and financial markets are increasingly interconnected, events that once had only local impact are now more likely to have regional or even global effects. Events that occur in one country, region or financial market will, more frequently, adversely impact issuers in other countries, regions or markets, including in established markets such as the United States. These impacts can be exacerbated by failures of governments and societies to adequately respond to an emerging event or threat. Uncertainty can result in or coincide with, among other things: increased volatility in the financial markets for securities, derivatives, loans, credit and currency; a decrease in the reliability of market prices and difficulty in valuing assets (including portfolio company assets); greater fluctuations in spreads on debt investments and currency exchange rates; increased risk of default (by both government and private obligors and issuers); further social, economic, and political instability; nationalization of private enterprise; greater governmental involvement in the economy or in social factors that impact the economy; changes to governmental regulation and supervision of the loan, securities, derivatives and currency markets and market participants and decreased or revised monitoring of such markets by governments or self-regulatory organizations and reduced enforcement of regulations; limitations on the activities of investors in such markets; controls or restrictions on foreign investment, capital controls and limitations on repatriation of invested capital; the significant loss of liquidity and the inability to purchase, sell and otherwise fund investments or settle transactions (including, but not limited to, a market freeze); unavailability of currency hedging techniques; substantial, and in some periods extremely high, rates of inflation, which can last many years and have substantial negative effects on credit and securities markets as well as the economy as a whole; recessions; and difficulties in obtaining and/or enforcing legal judgments. The effects of a public health emergency may materially and adversely impact (i) the value and performance of us and our portfolio companies, (ii) the ability of our borrowers to continue to meet loan covenants or repay loans provided by us on a timely basis or at all, which may require us to restructure our investments or write down the value of our investments, (iii) our ability to repay debt obligations, on a timely basis or at all, or (iv) our ability to source, manage and divest investments and achieve our investment objectives, all of which could result in significant losses to us. We will also be negatively affected if the operations and effectiveness of the Adviser or a portfolio company (or any of the key personnel or service providers of the foregoing) is compromised or if necessary or beneficial systems and processes are disrupted. Any public health emergency or any outbreak of other existing or new epidemic diseases, or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies. The extent of the impact of any public health emergency on our and our portfolio companies’ operational and financial performance will depend on many factors, including the duration and scope of such public health emergency, the actions taken by governmental authorities to contain its financial and economic impact, the extent of any related travel advisories and restrictions implemented, the impact of such public health emergency on overall supply and demand, goods and services, investor liquidity, consumer confidence and levels of economic activity and the extent of its disruption to important global, regional and local supply chains and economic markets, all of which are highly uncertain and cannot be predicted. In addition, our and our portfolio companies’ operations may be significantly impacted, or even temporarily or permanently halted, as a result of government quarantine measures, voluntary and precautionary restrictions on travel or meetings and other factors related to a public health emergency, including its potential adverse impact on the health of any of our or our portfolio companies’ personnel. This could create widespread business continuity issues for us and our portfolio companies. These factors may also cause the valuation of our investments to differ materially from the values that we may ultimately realize. Any public health emergency or the threat thereof, and the resulting financial and economic market uncertainty could have a significant adverse impact on us and the fair value of our investments and our portfolio companies. Adverse developments in the credit markets may impair our ability to secure debt financing. In past economic downturns, such as the financial crisis in the United States that began in mid-2007 and during other times of extreme market volatility, many commercial banks and other financial institutions stopped lending or significantly curtailed their lending activity. In addition, in an effort to stem losses and reduce their exposure to segments of the economy deemed to be high risk, some financial institutions limited routine refinancing and loan modification transactions and even reviewed the terms of existing facilities to identify bases for accelerating the maturity of existing lending facilities. As a result, it may be difficult for us to obtain desired financing to finance the growth of our investments on acceptable economic terms, or at all, during such periods of market volatility. If we are unable to consummate borrowing or financing arrangements on commercially reasonable terms, our liquidity may be reduced significantly. If we are unable to repay amounts outstanding under any facility we may enter into and are declared in default or are unable to renew or refinance any such facility, it would limit our ability to initiate significant originations or to operate our business in the normal course. These situations may arise due to circumstances that we may be unable to control, such as inaccessibility of the credit markets, a severe decline in the value of the U.S. dollar, a further economic downturn or an operational problem that affects third parties or us and could materially damage our business. Further downgrades of the U.S. credit rating, impending automatic spending cuts or another government shutdown could negatively impact our liquidity, financial condition and earnings. U.S. debt ceiling and budget deficit concerns have increased the possibility of additional credit-rating downgrades and economic slowdowns, or a recession in the United States. Although U.S. lawmakers passed legislation to raise the federal debt ceiling on multiple occasions, including a suspension of the federal debt ceiling in June 2023, ratings agencies have lowered or threatened to lower the long-term sovereign credit rating on the United States. The impact of this or any further downgrades to the U.S. government’s sovereign credit rating or its perceived creditworthiness could adversely affect the U.S. and global financial markets and economic conditions. Absent further quantitative easing by the Federal Reserve, these developments could cause interest rates and borrowing costs to rise, which may negatively impact our ability to access the debt markets on favorable terms. In addition, disagreement over the federal budget has caused the U.S. federal government to shut down for periods of time. Continued adverse political and economic conditions could have a material adverse effect on our business, financial condition and results of operations. Global economic, regulatory and market conditions may adversely affect our business, results of operations and financial condition, including our revenue growth and profitability. From time to time, social and political tensions in the United States and around the world, may contribute to increased market volatility, may have long-term effects on the U.S. and worldwide financial markets, and may cause economic uncertainties or deterioration in the United States and worldwide. For example, U.S. and global capital markets experienced extreme volatility and disruption during the economic downturn that began in mid-2007, and the U.S. economy was in a recession for several consecutive calendar quarters during the same period. Volatility in the global financial markets resulting from relapse of the Eurozone crisis, geopolitical developments in Eastern Europe, turbulence in the Chinese stock markets and global commodity markets, the United Kingdom’s departure from the European Union (the “EU”) or otherwise could have a material adverse effect on our business, financial condition and results of operations. Volatility in the global financial markets could have an adverse effect on the United States and could result from a number of causes, including a relapse in the Eurozone crisis, geopolitical developments in Eastern Europe, turbulence in the Chinese stock markets and global commodity markets or otherwise. In 2010, a financial crisis emerged in Europe, triggered by high budget deficits and rising direct and contingent sovereign debt in Greece, Ireland, Italy, Portugal and Spain, which created concerns about the ability of these nations to continue to service their sovereign debt obligations. While the financial stability of many of such countries has improved significantly, risks resulting from any future debt crisis in Europe or any similar crisis could have a detrimental impact on the global economic recovery, sovereign and non-sovereign debt in these countries and the financial condition of European financial institutions. Market and economic disruptions have affected, and may in the future affect, consumer confidence levels and spending, personal bankruptcy rates, levels of incurrence and default on consumer debt and home prices, among other factors. Uncertainty between the United States and other countries with respect to trade policies, treaties and tariffs, among other factors, have caused disruptions in the global markets, including markets in which we participate. We cannot assure you that these market conditions will not continue or worsen in the future. Furthermore, we cannot assure you that market disruptions in Europe, including the increased cost of funding for certain governments and financial institutions, will not impact the global economy, and we cannot assure you that assistance packages will be available, or if available, be sufficient to stabilize countries and markets in Europe or elsewhere affected by a financial crisis. To the extent uncertainty regarding any economic recovery in Europe negatively impacts consumer confidence and consumer credit factors, our business, financial condition and results of operations could be significantly and adversely affected. The occurrence of events similar to those in recent years, such as the aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria, Russia, Ukraine and the Middle East, ongoing epidemics of infectious diseases in certain parts of the world, such as the COVID-19 outbreak, terrorist attacks in the U.S. and around the world, social and political discord, debt crises, sovereign debt downgrades, continued tensions between North Korea and the United States and the international community generally, new and continued political unrest in various countries, such as Venezuela, the exit or potential exit of one or more countries from the EU or the Economic and Monetary Union, the change in the U.S. president and the new administration, among others, may result in market volatility, may have long term effects on the U.S. and worldwide financial markets, and may cause further economic uncertainties in the U.S. and worldwide. In addition, the foreign and fiscal policies of foreign nations, such as Russia and China, may have a severe impact on the worldwide and U.S. financial markets. Capital markets disruption and economic uncertainty may make it difficult to extend the maturity of, or refinance, our existing indebtedness or obtain new indebtedness and any failure to do so could have a material adverse effect on our business, financial condition or results of operations. Capital markets disruptions and economic uncertainty may make it difficult to extend the maturity of or refinance our existing indebtedness or obtain new indebtedness with similar terms and any failure to do so could have a material adverse effect on our business. The debt capital that will be available to us in the future, if at all, may be at a higher cost and on less favorable terms and conditions than what we currently experience, including being at a higher cost in rising rate environments. If we are unable to raise or refinance debt, then our equity investors may not benefit from the potential for increased returns on equity resulting from leverage and we may be limited in our ability to make new commitments or to fund existing commitments to our portfolio companies. An inability to extend the maturity of, or refinance, our existing indebtedness or obtain new indebtedness could have a material adverse effect on our business, financial condition or results of operations.
General Risks [Member]
General Description of Registrant [Abstract]
Risk [Text Block]																												General Risks We are subject to risks related to corporate social responsibility. Our business faces increasing public scrutiny related to environmental, social and governance (“ESG”) activities. We risk damage to our brand and reputation if we fail to act responsibly in a number of areas, such as environmental stewardship, corporate governance and transparency and considering ESG factors in our investment processes. Adverse incidents with respect to ESG activities could impact the value of our brand, the cost of our operations and relationships with investors, all of which could adversely affect our business and results of operations. The consideration of ESG factors as part of the Adviser’s investment process and the exclusion of certain investments due to ESG considerations may reduce the types and number of investment opportunities available to us. As a result, we may underperform compared to other funds that do not consider ESG factors or exclude investments due to ESG considerations. However, the Adviser will likely not make investment decisions for us solely on the basis of ESG considerations. In evaluating an investment that may have scored less favorably on ESG factors initially, the Adviser will consider other factors in its investment decision. Additionally, new regulatory initiatives related to ESG could adversely affect our business. The failure in cyber security systems, as well as the occurrence of events unanticipated in our disaster recovery systems and management continuity planning could impair our ability to conduct business effectively. The occurrence of a disaster such as a cyber-attack against us or against a third-party that has access to our data or networks, a natural catastrophe, an industrial accident, a terrorist attack or war, disease pandemics, events unanticipated in our disaster recovery systems, consequential employee error or a support failure from external providers, could have an adverse effect on our ability to communicate or conduct business and on our results of operations and financial condition, particularly if those events affect our computer-based data processing, transmission, storage, and retrieval systems or impact the availability, integrity, or confidentiality of our data. We depend heavily upon computer systems to perform necessary business functions. Despite our implementation of a variety of security measures, our computers, networks, and data, like those of other companies, could be subject to cyber-attacks and unauthorized access, use, alteration, or destruction, such as from physical and electronic break-ins or unauthorized tampering, employee personation, social engineering or “phishing” attempts. Like other companies, we may experience threats to our data and systems, including malware and computer virus attacks, unauthorized access, system failures and disruptions. If one or more of these events occurs, it could potentially jeopardize the confidential, proprietary and other information processed, stored in, and transmitted through our computer systems and networks. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks (i.e., efforts to make network services unavailable to intended users) on websites, servers or other online systems. Cyber security incidents and cyber-attacks have been occurring more frequently and will likely continue to increase. Such an attack could cause interruptions or malfunctions in our operations, which could result in financial losses, litigation, regulatory penalties, client dissatisfaction or loss, reputational damage, and increased costs associated with mitigation of damages and remediation. Third parties with which we do business may also be sources of cybersecurity or other technological risk. We outsource certain functions and these relationships allow for the storage and processing of our information, as well as client, counterparty, employee, and borrower information. While we engage in actions to reduce our exposure resulting from outsourcing, ongoing threats may result in unauthorized access, loss, exposure, destruction, or other cybersecurity incident that affects our data, resulting in increased costs and other consequences as described above. Substantial costs may be incurred in order to prevent any cyber incidents in the future. The costs related to cyber or other security threats or disruptions may not be fully insured or indemnified by other means. Privacy and information security laws and regulation changes, and compliance with those changes, may result in cost increases due to system changes and the development of new administrative processes. In addition, we may be required to expend significant additional resources to modify our protective measures and to investigate and remediate vulnerabilities or other exposures arising from operational and security risks. There is no assurance that any efforts to mitigate cybersecurity risks undertaken by us, our affiliates, or our or their respective third-party service providers will be effective. In addition, cybersecurity has become a top priority for regulators around the world, and some jurisdictions have enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal data. There may be substantial financial penalties or fines for breach of privacy laws (which may include insufficient security for personal or other sensitive information). Non-compliance with any applicable privacy or data security laws represents a serious risk to our business. Some jurisdictions have also enacted laws requiring companies to notify individuals of data security breaches involving certain types of personal information. Breaches in security could potentially jeopardize our, the Adviser’s employees’ or our investors’ or counterparties’ confidential or other information processed and stored in, or transmitted through, our or the Adviser’s computer systems and networks (or those of our third-party service providers), or otherwise cause interruptions or malfunctions in our, the Adviser’s employees’, our investors’, our portfolio companies’, our counterparties’ or third parties’ operations, which could result in significant losses, increased costs, disruption of our business, liability to our investors, our portfolio companies and other counterparties, fines or penalties, litigation, regulatory intervention or reputational damage, which could also lead to loss of investors. Additionally, remote working environments may be less secure and more susceptible to cyber-attacks, including phishing and social engineering attempts. We are dependent on information systems and systems failures could significantly disrupt our business, which may, in turn, negatively affect the market price of our common stock and our ability to pay dividends. Our business is highly dependent on the communications and information systems of the Adviser, which are provided to us on behalf of the Adviser by Investcorp pursuant to the Investcorp Services Agreement directly or through third party service providers. Any failure or interruption of those systems, including as a result of the termination of the Investcorp Services Agreement or an agreement with any third-party service providers, could cause delays or other problems in our activities. Our financial, accounting, data processing, backup or other operating systems and facilities may fail to operate properly or become disabled or damaged as a result of a number of factors including events that are wholly or partially beyond our control and adversely affect our business. There could be: • sudden electrical or telecommunications outages; • natural disasters such as earthquakes, tornadoes and hurricanes; • disease pandemics; • events arising from local or larger scale political or social matters, including terrorist acts; and • cyber-attacks. These events, in turn, could have a material adverse effect on our operating results and negatively affect the market price of our common stock and our ability to pay dividends to our stockholders. Increased geopolitical unrest, terrorist attacks, or acts of war may affect any market for our common stock, impact the businesses in which we invest, and harm our business, operating results, and financial conditions. Terrorist activity and the continued threat of terrorism and acts of civil or international hostility, both within the United States and abroad, as well as ongoing military and other actions and heightened security measures in response to these types of threats, may cause significant volatility and declines in the global markets, loss of life, property damage, disruptions to commerce and reduced economic activity, which may negatively impact the businesses in which we invest directly or indirectly and, in turn, could have a material adverse impact on our business, operating results, and financial condition. Losses from terrorist attacks are generally uninsurable. Changes to United States tariff and import/export regulations may have a negative effect on our portfolio companies and, in turn, harm us. There has been ongoing discussion and commentary regarding potential significant changes to United States trade policies, treaties and tariffs. There is significant uncertainty about the future relationship between the United States and other countries with respect to the trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the United States. Any of these factors could depress economic activity and restrict our portfolio companies’ access to suppliers or customers and have a material adverse effect on their business, financial condition and results of operations, which in turn would negatively impact us. Economic sanction laws in the United States and other jurisdictions may prohibit us and our affiliates from transacting with certain countries, individuals and companies. Economic sanction laws in the United States and other jurisdictions may prohibit us or our affiliates from transacting with certain countries, individuals and companies. In the United States, the U.S. Department of the Treasury’s Office of Foreign Assets Control administers and enforces laws, executive orders and regulations establishing U.S. economic and trade sanctions, which prohibit, among other things, transactions with, and the provision of services to, certain non-U.S. countries, territories, entities and individuals. These types of sanctions may significantly restrict or completely prohibit investment activities in certain jurisdictions, and if we, our portfolio companies or other issuers in which we invest were to violate any such laws or regulations, we may face significant legal and monetary penalties. The Foreign Corrupt Practices Act, or FCPA, and other anti-corruption laws and regulations, as well as anti-boycott regulations, may also apply to and restrict our activities, our portfolio companies and other issuers of our investments. If an issuer or we were to violate any such laws or regulations, such issuer or we may face significant legal and monetary penalties. The U.S. government has indicated that it is particularly focused on FCPA enforcement, which may increase the risk that an issuer or us becomes the subject of such actual or threatened enforcement. In addition, certain commentators have suggested that private investment firms and the funds that they manage may face increased scrutiny and/or liability with respect to the activities of their underlying portfolio companies. As such, a violation of the FCPA or other applicable regulations by us or an issuer of our portfolio investments could have a material adverse effect on us. We are committed to complying with the FCPA and other anti-corruption laws and regulations, as well as anti-boycott regulations, to which it is subject. As a result, we may be adversely affected because of our unwillingness to enter into transactions that violate any such laws or regulations. Impact of Russian Invasion of Ukraine The Russian invasion of Ukraine has negatively affected the global economy and has resulted in significant disruptions in financial markets and increased macroeconomic uncertainty. In addition, governments around the world have responded to Russia’s invasion by imposing economic sanctions and export controls on certain industry sectors, companies and individuals in or associated with Russia. Russia has imposed its own restrictions against investors and countries outside Russia and has proposed additional measures aimed at non-Russian-owned businesses. Businesses in the U.S. and globally have experienced shortages in materials and increased costs for transportation, energy and raw materials due, in part, to the negative effects of the war on the global economy. The escalation or continuation of the war between Russia and Ukraine or other hostilities presents heightened risks relating to cyber-attacks, the frequency and volume of failures to settle securities transactions, supply chain disruptions, inflation, as well as the potential for increased volatility in commodity, currency and other financial markets. The extent and duration of the war, sanctions and resulting market disruptions, as well as the potential adverse consequences for our portfolio companies are difficult to predict. The effect of global climate change may impact the operations of our portfolio companies. There may be evidence of global climate change. Climate change creates physical and financial risk and some of our portfolio companies may be adversely affected by climate change. For example, the needs of customers of energy companies vary with weather conditions, primarily temperature and humidity. To the extent weather conditions are affected by climate change, energy use could increase or decrease depending on the duration and magnitude of any changes. Increases in the cost of energy could adversely affect the cost of operations of our portfolio companies if the use of energy products or services is material to their business. A decrease in energy use due to weather changes may affect some of our portfolio companies’ financial condition, through decreased revenues. Extreme weather conditions in general require more system backup, adding to costs, and can contribute to increased system stresses, including service interruptions. Energy companies could also be affected by the potential for lawsuits against or taxes or other regulatory costs imposed on greenhouse gas emitters, based on links drawn between greenhouse gas emissions and climate change. We may experience fluctuations in our quarterly operating results. We could experience fluctuations in our quarterly operating results due to a number of factors, including the interest rate payable on the loans and debt securities we acquire, the default rate on such loans and securities, the level of our expenses, variations in and the timing of the recognition of realized and unrealized gains or losses, the degree to which we encounter competition in our markets and general economic conditions. In light of these factors, results for any period should not be relied upon as being indicative of performance in future periods. New or amended laws or regulations governing our operations may adversely affect our business. We and our portfolio companies will be subject to regulation by laws at the U.S. federal, state and local levels. These laws and regulations, as well as their interpretation, may change from time to time, and new laws, regulations and interpretations may also come into effect. Any such new or changed laws or regulations could have a material adverse effect on our business. Additionally, changes to the laws and regulations governing our operations related to permitted investments may cause us to alter our investment strategy in order to avail ourselves of new or different opportunities. Such changes could result in material differences to the strategies and plans set forth in this annual report on Form 10-K and our filings with the SEC, and may shift our investment focus from the areas of expertise of the Adviser to other types of investments in which the Adviser may have little or no expertise or experience. Any such changes, if they occur, could have a material adverse effect on our results of operations and the value of your investment. We, the Adviser, and our portfolio companies may maintain cash balances at financial institutions that exceed federally insured limits and may otherwise be materially affected by adverse developments affecting the financial services industry, such as actual events or concerns involving liquidity, defaults or non-performance by financial institutions or transactional counterparties. Our cash and our Adviser’s cash is held in accounts at U.S. banking institutions that we believe are of high quality. Cash held by us, our Adviser and by our portfolio companies in non-interest-bearing and interest-bearing operating accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance limits. If such banking institutions were to fail, we, our Adviser, or our portfolio companies could lose all or a portion of those amounts held in excess of such insurance limitations. In addition, actual events involving limited liquidity, defaults, non-performance or other adverse developments that affect financial institutions, transactional counterparties or other companies in the financial services industry or the financial services industry generally, or concerns or rumors about any events of these kinds or other similar risks, have in the past and may in the future lead to market-wide liquidity problems, which could adversely affect our, our Adviser’s and our portfolio companies’ business, financial condition, results of operations, or prospects. Although we and our Adviser assess our and our portfolio companies’ banking relationships as we believe necessary or appropriate, our and our portfolio companies’ access to funding sources and other credit arrangements in amounts adequate to finance or capitalize our respective current and projected future business operations could be significantly impaired by factors that affect us, our Adviser or our portfolio companies, the financial institutions with which we, our Adviser or our portfolio companies have arrangements directly, or the financial services industry or economy in general. These factors could include, among others, events such as liquidity constraints or failures, the ability to perform obligations under various types of financial, credit or liquidity agreements or arrangements, disruptions or instability in the financial services industry or financial markets, or concerns or negative expectations about the prospects for companies in the financial services industry. These factors could involve financial institutions or financial services industry companies with which we, our Adviser or our portfolio companies have financial or business relationships, but could also include factors involving financial markets or the financial services industry generally. In addition, investor concerns regarding the U.S. or international financial systems could result in less favorable commercial financing terms, including higher interest rates or costs and tighter financial and operating covenants, or systemic limitations on access to credit and liquidity sources, thereby making it more difficult for us, our Adviser, or our portfolio companies to acquire financing on acceptable terms or at all.
Capital One Revolving Financing [Member]
Financial Highlights [Abstract]
Senior Securities Amount	[2],[3]			$ 43,000,000								$ 71,900,000								$ 84,000,000								$ 43,000,000		$ 71,900,000
Senior Securities Coverage per Unit	[4]			$ 4,383								$ 3,133								$ 2,864								$ 4,383		$ 3,133
UBS Financing Facility [Member]
Financial Highlights [Abstract]
Senior Securities Amount	[3]																															$ 102,000,000	[5]	$ 132,000,000	[5]	$ 133,026,670	[5]	$ 119,823,000	[5]	$ 102,000,000	$ 132,478,329	[6]	$ 150,847,459	[6]
Senior Securities Coverage per Unit	[4]																															$ 2,567		$ 2,200		$ 2,329		$ 2,431		$ 2,666	$ 2,229		$ 2,306
Citi Revolving Financing [Member]
Financial Highlights [Abstract]
Senior Securities Amount	[3],[7]																															$ 0		$ 0				$ 0		$ 0
6.125% notes due 2023 [Member]
Financial Highlights [Abstract]
Senior Securities Amount	[3],[8]																															$ 0		$ 51,375,000		$ 34,500,000
Senior Securities Coverage per Unit	[4],[8]																															$ 0		$ 5,674		$ 8,969
Senior Securities Average Market Value per Unit	[8],[9]																															$ 0		$ 926		$ 1,012
4.875% notes due 2026 [Member]
Financial Highlights [Abstract]
Senior Securities Amount	[3],[10]			$ 65,000,000								$ 65,000,000								$ 65,000,000								$ 65,000,000		$ 65,000,000		$ 65,000,000
Senior Securities Coverage per Unit	[4],[10]			$ 2,900								$ 3,466								$ 3,701								$ 2,900		$ 3,466		$ 4,027
Common Stock [Member]
General Description of Registrant [Abstract]
Lowest Price or Bid		$ 3.05		3.12	[11]	$ 2.99	[11]	$ 3.23	[11]	$ 3.68	[11]	3.24	[11]	$ 3.39	[11]	$ 3.42	[11]	$ 3.52	[11]	3.75	[11]	$ 5.08	[11]	$ 4.87	[11]	$ 5.3	[11]
Highest Price or Bid		$ 3.39		$ 3.55	[11]	$ 3.73	[11]	$ 4.09	[11]	$ 4.35	[11]	$ 3.98	[11]	$ 4.23	[11]	$ 4.32	[11]	$ 4.85	[11]	$ 5.35	[11]	$ 5.72	[11]	$ 5.7	[11]	$ 6.42	[11]
Highest Price or Bid, Premium (Discount) to NAV [Percent]	[12]			(31.86%)		(32.06%)		(25.36%)		(25.47%)		(34.97%)		(31.00%)		(32.08%)		(25.04%)		(17.69%)		(17.46%)		(19.61%)		(8.29%)
Lowest Price or Bid, Premium (Discount) to NAV [Percent]	[12]			(40.21%)		(45.54%)		(41.06%)		(36.88%)		(46.99%)		(44.70%)		(46.23%)		(45.60%)		(42.31%)		(26.70%)		(31.38%)		(24.29%)
NAV Per Share	[13]			$ 5.21		$ 5.49		$ 5.48		$ 5.83		$ 6.09		$ 6.13		$ 6.36		$ 6.47		$ 6.5		$ 6.93		$ 7.09		$ 7		$ 5.21		$ 6.09
[1] All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. Includes senior securities outstanding under the Capital One Revolving Financing. Total amount of senior securities outstanding at the end of the period presented. Asset coverage per unit is the ratio of the carrying value of our total assets, less all liabilities and indebtedness not represented by senior securities, in relation 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. On November 19, 2021, we satisfied all obligations under the 2017 UBS Revolving Financing and the agreement was terminated. On November 19, 2021, we repaid the Term Financing in full in accordance with the terms of the Term Financing. Includes senior securities under the 2013 UBS Revolving Financing and the Term Financing. In connection with the expiration of the 2013 UBS Revolving Financing in accordance with its terms on December 5, 2016, we repaid in full all indebtedness, liabilities and other obligations thereunder. On December 8, 2017, we repaid in full all indebtedness, liabilities and other obligations under, and terminated, the Citi Revolving Financing. On March 26, 2021, we caused notice to be issued to the holders of the 2023 Notes regarding our exercise of the option to redeem in full all $51,375,000 in aggregate principal amount of the 2023 Notes at 100% of their principal amount ($25 per Note), plus the accrued and unpaid interest thereon from April 1, 2021, through, but excluding, the redemption date, April 25, 2021. The 2023 Notes were redeemed on April 25, 2021. Not applicable, except for the 6.125% notes due 2023 (the “2023 Notes”), which were publicly traded. The Average Market Value Per Unit is calculated by taking the daily average closing price during the period and dividing it by twenty-five dollars per share and multiplying the result by one thousand to determine a unit price per thousand consistent with Asset Coverage Per Unit. On March 31, 2021, we closed the public offering of $65,000,000 in aggregate principal amount of 4.875% notes due 2026 (the “2026 Notes”). The total net proceeds to us from the 2026 Notes after deducting underwriting discounts and commissions of approximately $1.3 million and estimated offering expenses of approximately $215,000, were approximately $63.1 million. Closing sales price is determined as the high or low closing sales price noted within the respective quarter, not adjusted for dividends. Calculated as of the respective high or low sales price divided by the quarter end NAV. NAV”) is determined as of the last date in the relevant quarter and therefore may not reflect the NAV per share on the date of the high and low sales prices. The NAVs shown are based on outstanding shares at the end of each period.

Organization

Organization	12 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Note 1. Organization Investcorp Credit Management BDC, Inc. (“ICMB” or the “Company”), a Maryland corporation formed in May 2013, is a closed-end, externally managed, non-diversified management investment company that has elected to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), and has elected to be treated as a regulated investment company (“RIC”) under Subchapter M of the Internal Revenue Code (the “Code”) for U.S. federal income tax purposes. The Company is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services — Investment Companies. On February 11, 2014, the Company completed its initial public offering (the “Offering”), selling 7,666,666 shares of its common stock, par value $ 0.001 , including the underwriters’ over-allotment, at a price of $ 15.00 per share with net proceeds of approximately $ 111.5 million. CM Finance LLC, a Maryland limited liability company, commenced operations in March 2012. Immediately prior to the Offering, CM Finance LLC was merged with and into the Company (the “Merger”). In connection with the Merger, the Company issued 6,000,000 shares of common stock and $ 39.8 million in debt to the pre-existing CM Finance LLC investors, consisting of funds managed by Cyrus Capital Partners, L.P. (the “Original Investors” or the “Cyrus Funds”). The Company had no assets or operations prior to completion of the Merger and, as a result, the books and records of CM Finance LLC became the books and records of the Company, as the surviving entity. Immediately after the Merger, the Company issued 2,181,818 shares of its common stock to Stifel Venture Corp. in exchange for $ 32.7 million in cash. The Company used all of the proceeds of the sale of shares to Stifel (“Stifel”), to repurchase 2,181,818 shares of common stock from the Original Investors. Immediately after the completion of the Offering, the Company had 13,666,666 shares outstanding. The Company used a portion of the net proceeds of the Offering to repay 100 % of the debt issued to the Original Investors in connection with the Merger. CM Investment Partners LLC (the “Adviser”) serves as the Company’s investment adviser. On August 30, 2019, Investcorp Credit Management US LLC (“Investcorp”), a subsidiary of Investcorp Bank Holdings B.S.C., acquired the interests in the Adviser, which were previously held by the Cyrus Funds and Stifel and paid off certain debt owed by the Adviser, resulting in Investcorp having a majority ownership interest in the Adviser (the “Investcorp Transaction”). On August 30, 2019, CM Finance, Inc. changed its name to Investcorp Credit Management BDC, Inc. In connection with the Investcorp Transaction, on June 26, 2019, the Company entered into a definitive stock purchase and transaction agreement with Investcorp BDC Holdings Limited (“Investcorp BDC”), an affiliate of Investcorp (the “Stock Purchase Agreement”). Under the Stock Purchase Agreement, Investcorp BDC was required by August 30, 2021 to purchase (i) 680,985 newly issued shares of the Company’s common stock, par value $ 0.001 per share, at the most recently determined net asset value per share of the Company’s common stock at the time of such purchase, as adjusted as necessary to comply with Section 23 of the 1940 Act, and (ii) 680,985 shares of the Company’s common stock in open-market or secondary transactions. Investcorp BDC has completed all required purchases under the Stock Purchase Agreement. In connection with the Investcorp Transaction, on June 26, 2019, the Company’s board of directors, including all of the directors who are not “interested persons” of the Company, as defined in Section 2(a)(19) of the 1940 Act (each, an “Independent Director”), unanimously approved a new investment advisory agreement (the “Advisory Agreement”) which was subsequently approved by the Company’s stockholders at a special meeting of stockholders held on August 28, 2019. In connection with the closing of the Investcorp Transaction, on August 30, 2019, the Company entered into the Advisory Agreement and a new administration agreement (the “Administration Agreement”) with the Adviser as its investment adviser and administrator, respectively. The Advisory Agreement and the Administration Agreement are substantially similar to the Company’s prior investment advisory agreement between the Company and the Adviser and the Company’s prior administration agreement, respectively. The Company’s primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing directly in debt and related equity of privately held middle-market companies to help these companies fund acquisitions, growth or refinancing. The Company invests primarily in middle-market companies in the form of standalone first and second lien, unitranche loans and mezzanine loans. The Company may also invest in unsecured debt, bonds and in the equity of portfolio companies through warrants and other instruments. As a BDC, the Company is required to comply with certain regulatory requirements. For instance, as a BDC, the Company must not acquire any assets other than “qualifying assets” specified in the 1940 Act unless, at the time the acquisition is made, at least 70 % of total assets are qualifying assets. Qualifying assets include investments in “eligible portfolio companies.” Under the relevant Securities and Exchange Commission (“SEC”) rules, the term “eligible portfolio company” includes all private operating companies, operating companies whose securities are not listed on a national securities exchange, and certain public operating companies that have listed their securities on a national securities exchange and have a market capitalization of less than $ 250 million, in each case organized and with their principal place of business in the United States. From time-to-time, the Company may form taxable subsidiaries that are taxed as corporations for U.S. federal income tax purposes (the “Taxable Subsidiaries”). At June 30, 2024 and June 30, 2023 , the Company had no taxable subsidiaries. The taxable subsidiaries, if any, allow the Company to hold equity securities of portfolio companies organized as pass-through entities while continuing to satisfy the requirements applicable to a RIC under the Code.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2. Significant Accounting Policies The following is a summary of significant accounting policies followed by the Company. a. Basis of Presentation The accompanying consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and all values are stated in U.S. dollars, unless noted otherwise. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the periods included herein as required by U.S. GAAP. These adjustments are normal and recurring in nature. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments and other amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates utilized in preparing the Company’s consolidated financial statements are reasonable and prudent. Actual results could differ materially from these estimates. All material inter-company balances and transactions have been eliminated. As permitted under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, CM Finance SPV Ltd. (“SPV”), CM Finance SPV LLC (“LLC”) and Investcorp Credit Management BDC SPV LLC (“SPV LLC”), which are special purpose vehicles used to finance certain investments in its consolidated financial statements. The effects of all material intercompany balances and transactions have been eliminated in consolidation. The Company reclassified prior period affiliate and other information in the accompanying consolidated balance sheet and income statements to conform to its current period presentation. These reclassifications had no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported. b. Revenue Recognition, Security Transactions, and Realized/Unrealized Gains or Losses Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Origination, closing, commitment, and amendment fees, and purchase and original issue discounts (“OID”) associated with loans to portfolio companies are accreted into interest income over the respective terms of the applicable loans. Accretion of discounts or premiums is calculated by the effective interest or straight-line method, as applicable, as of the purchase date and adjusted only for material amendments or prepayments. Upon the prepayment of a loan or debt security, any prepayment penalties are included in other fee income and unamortized fees and discounts are recorded as interest income and are non-recurring in nature. During the years ended June 30, 2024, June 30, 2023 and June 30, 2022, $ 1,002,168 , $ 491,359 and $ 1,256,008 of prepayment penalties and unamortized discounts upon prepayment were recorded as interest income, respectively. Structuring fees and similar fees are recognized as income as earned, usually when received. Structuring fees, excess deal deposits, net profits interests and overriding royalty interests are included in other fee income. Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. However, capitalized PIK interest will not be reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. As of June 30, 2024 , the Company had four loans on non-accrual status comprised of American Nuts Holdings, LLC - Term B, American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, CareerBuilder, LLC and Klein Hersh, LLC which collectively represented 5.00 % of the Company’s portfolio at fair value. As of June 30, 2023 , the Company had six loans on non-accrual status, 1888 Industrial Services, LLC – Term A, Term C and Revolver, American Nuts Holdings, LLC - Term A and Term B, and American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, which collectively represented 4.08 % of the Company’s portfolio at fair value. Dividend income is recorded on the ex-dividend date. Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are determined by calculating the difference between the net proceeds from the disposition and the amortized cost basis of the investments, without regard to unrealized gains or losses previously recognized. Realized gains or losses on the sale of investments are calculated using the specific identification method. The Company reports changes in fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the Consolidated Statements of Operations. The Company holds debt investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on an accrual basis to the extent that such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. The Company earned PIK interest of $ 2,106,424 , $ 1,320,239 and $ 311,190 during the years ended June 30, 2024, June 30, 2023 and June 30, 2022, respectively. The Company may hold equity investments in its portfolio that contain a PIK dividend provision. PIK dividends, which represent contractual dividend payments added to the investment balance, are recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company earned PIK dividends of $ 784,854 , $ 691,972 and $ 282,952 dur ing the years ended June 30, 2024, June 30, 2023 and June 30, 2022 , respectively. c. Paid In Capital The Company records the proceeds from the sale of its common stock to common stock and additional paid-in capital, net of commissions and marketing support fees. d. Net Increase (Decrease) in Net Assets Resulting from Operations per Share The net increase (decrease) in net assets resulting from operations per share is calculated based upon the weighted average number of shares of common stock outstanding during the reporting period. e. Distributions Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Company’s board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are generally distributed annually, although the Company may decide to retain such capital gains for investment. The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s board of directors authorizes, and the Company declares, a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution. f. Cash and Restricted Cash Cash and restricted cash consist of bank demand deposits. The Company deposits its cash in financial institutions, and, at times, such balance may be in excess of the Federal Deposit Insurance Corporation insurance limits. All of the Company’s cash deposits are held at large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote. The Company has restrictions on the uses of the cash held by SPV, LLC and SPV LLC based on the terms of the relevant financing arrangement. For more information on the Company’s financing arrangements and borrowings, see Note 5. g. Due from the Sale of 1888 Industrial Services, LLC During the year ended June 30, 2024 , the Company completed the sale of its investments in 1888 Industrial Services, LLC resulting in $ 2.5 million in proceeds of which a portion is Long-term receivable in the amount of $ 631,667 and a portion is an Escrow receivable in the amount of $ 97,173 on the Consolidated Statements of Assets and Liabilities. The escrow is held as recourse for indemnity claims that may arise under the sale agreement. As of June 30, 2024 , the Long-term receivable and the Escrow receivable are recorded at estimated fair value using Level 3 inputs. For the Escrow receivable, fair value is determined using a discounted cash flow analysis with the unobservable inputs being a probability of collection ( 50 %) and a discount rate ( 8.6 %). For the Long-term receivable, fair value is determined using a discounted cash flow analysis with the unobservable input being a discount rate ( 8.6 %). h. Deferred Offering Costs Deferred offering costs consist of fees and expenses incurred in connection with the offer and sale of the Company’s common stock and bonds, including legal, accounting, printing fees and other related expenses, as well as costs incurred in connection with the filing of a shelf registration statement. These costs are capitalized when incurred and recognized as a reduction of offering proceeds when the offering is completed. i. Investment Transactions and Expenses Purchases of loans, including revolving credit agreements, are recorded on a fully committed basis until the funded and unfunded portions are known or estimable, which in many cases may not be until settlement. Expenses are accrued as incurred. Deferred debt issuance costs and deferred financing costs, incurred in connection with the Company’s financing arrangements and borrowings, are amortized using the straight-line method which approximates the effective interest method over the life of the debt. j. Investment Valuation The Company applies fair value accounting to all of its financial instruments in accordance with the 1940 Act and ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its investments and financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. Fair value is defined as the price that would be received upon a sale of an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so). Securities that are traded on securities exchanges (including such securities traded in the after-hours market) are valued on the basis of the closing price on the valuation date (if such prices are available). Securities that are traded on more than one securities exchange are valued at the closing price on the primary securities exchange on which such securities are traded on the valuation date (or if reported on the consolidated tape, then their last sales price on the consolidated tape). Listed options for which the last sales price falls between the last “bid” and “ask” prices for such options are valued at their last sales price on the date of the valuation on the primary securities exchange on which such options are traded. Options for which the last sales price on the valuation date does not fall between the last “bid” and “ask” prices are valued at the average of the last “bid” and “ask” prices for such options on that date. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. The Company held no Level 1 investments as of June 30, 2024 or June 30, 2023. Investments that are not traded on securities exchanges but are traded on the over-the-counter (“OTC”) markets (such as term loans, notes and warrants) are valued using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable) and fundamental data relating to the issuer. These investments are categorized in Level 2 of the fair value hierarchy, or in instances when lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3. Investments for which market quotations are not readily available or may be considered unreliable are fair valued, in good faith, using a method determined to be appropriate in the given circumstances. The valuation methods used include the Cost Approach, the Market Approach and the Income Approach. Inputs used in these approaches may include, but are not limited to, interest rate yield curves, credit spreads, recovery rates, comparable company transactions, trading multiples, and volatilities. The valuation method of the Company may change as changes in the underlying company dictates, such as moving from the Cost Approach to Market Approach when underlying conditions change at the company. Because of the inherent uncertainty of valuation in these circumstances, the fair values for the aforementioned investments may differ significantly from values that would have been used had a ready and liquid market for such investments existed or from the amounts that might ultimately be realized, and such differences could be material. The Adviser seeks to ensure that the Company’s valuation policies and procedures, as approved by the Company’s board of directors, are consistently applied across all investments of the Company. The valuations are continuously monitored and the valuation process for Level 3 investments is completed on a quarterly basis and is designed to subject the valuation of Level 3 investments to an appropriate level of consistency, oversight and review. The valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Adviser responsible for the portfolio investment. These investment professionals prepare the preliminary valuations based on their evaluation of financial and operating data, company specific developments, market valuations of comparable securities from the same company or that of comparable companies as well as any other relevant factors including recent purchases and sales that may have occurred preceding month-end. Valuation models are typically calibrated upon initial funding and are re-calibrated as necessary upon subsequent material events (including, but not limited to additional financing activity, changes in comparable companies, and recent trades). The preliminary valuation conclusions are then documented and discussed with senior management of the Adviser. On a periodic basis and at least once annually, independent valuation firm(s) engaged by the Company conduct independent appraisals and review the Adviser’s preliminary valuations and make their own independent assessment. The Valuation Committee of the Company’s board of directors then reviews the preliminary valuations of the Adviser and that of the independent valuation firms. The Valuation Committee discusses the valuations and makes a recommendation to the Company’s board of directors regarding the fair value of each investment in good faith based on the input of the Adviser and the independent valuation firm(s). Upon recommendation by the Valuation Committee and a review of the valuation materials of the Adviser and the third-party independent valuation firm(s), the board of directors of the Company determines, in good faith, the fair value of each investment. For more information on the classification of the Company’s investments by major categories, see Note 4. The fair value of the Company’s assets and liabilities that qualify as financial instruments under U.S. GAAP approximates the carrying amounts presented in the Consolidated Statements of Assets and Liabilities. k. Income Taxes The Company has elected to be treated, for U.S. federal income tax purposes, as a RIC under Subchapter M of the Code. To qualify and maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements and distribute to stockholders, for each taxable year, at least 90 % of the Company’s “investment company taxable income’’ which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. If the Company continues to qualify as a RIC and continues to satisfy the annual distribution requirement, the Company will not have to pay corporate-level U.S. federal income taxes on any income that the Company distributes to its stockholders. The Company intends to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. The Company will also be subject to nondeductible U.S. federal excise taxes if the Company does not distribute to its stockholders at least 98 % of net ordinary income, 98.2 % of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no U.S. federal income taxes. The Company incurred excise tax expenses of $ 264,386 , $ 294,330 , and $ 264,756 for the years ended December 31, 2023, 2022 and 2021, respectively (included in the provision for tax expenses on the consolidated statement of operations). Book and tax basis differences that are permanent differences are reclassified among the Company’s capital accounts, as appropriate at year-end. Additionally, the tax character of distributions is determined in accordance with the Code, which differs from U.S. GAAP. During the years ended June 30, 2024, 2023 and 2022, the Company recorded distributions of $ 8.6 million , $ 9.1 million and $ 8.6 million, respectively. For certain years, the tax character of a portion of distributions may be return of capital. U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Company’s policy is to recognize accrued interest and penalties associated with uncertain tax positions as part of the tax provision. The Company has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions. The tax years ended June 30, 2021 through the present remain subject to examination by taxing authorities. This conclusion may be subject to review and adjustment at a later date based on factors, including but not limited to, ongoing analysis and changes to laws, regulations, and interpretations thereof. Permanent differences between investment company taxable income and net investment income for financial reporting purposes are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. During the years ended June 30, 2024, June 30, 2023 and June 30, 2022, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of Taxable Subsidiary partnership investments and nondeductible taxes paid as follows: 2024 2023 2022 Additional paid-in capital $ ( 264,652 ) $ ( 284,155 ) $ ( 264,971 ) Distributable earnings 264,652 284,155 264,971 The tax character of all distributions paid by the Company during the years ended June 30, 2024, June 30, 2023 and June 30, 2022 were ordinary income. At June 30, 2024, June 30, 2023 and June 30, 2022, the components of distributable earnings/(loss) on a tax basis are as follows: 2024 2023 2022 Undistributed net investment income $ 7,476,383 $ 11,648,379 $ 9,342,951 Accumulated capital gains (losses) and other ( 14,786,107 ) ( 27,970,779 ) ( 15,703,257 ) Capital loss carryover ( 101,070,039 ) ( 73,713,555 ) ( 57,692,925 ) Unrealized appreciation (depreciation) ( 19,727,695 ) ( 23,015,323 ) ( 43,884,017 ) Distributions payable — ( 2,590,520 ) ( 2,157,872 ) Distributable earnings (loss) $ ( 128,107,458 ) $ ( 115,641,798 ) $ ( 110,095,120 ) For U.S. federal income tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. These capital losses can be carried forward for an indefinite period and will retain their character as either short-term or long-term capital losses. As of June 30, 2024, the Company had a net short-term capital loss carryforward of $ 2,016,805 and a net long-term capital loss carryforward of $ 99,053,234 available to be carried forward for an indefinite period . A RIC may elect to defer any capital losses incurred after October 31 of a taxable year (“post-October”) to the beginning of the following fiscal year. As of June 30, 2024, the Company had a post-October short-term capital loss deferral of $ 264,276 and a post-October long-term capital loss deferral of $ 14,467,636 . These losses are deemed to arise on July 1, 2024 . l. Incentive Fee Under the Advisory Agreement, the Company has agreed to pay the Adviser a fee for investment advisory and management services consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee (the “Incentive Fee”). The Incentive Fee has two components: one based on the Company’s pre-Incentive Fee net investment income (the “Income-Based Fee”) and one based on capital gains (the “Capital Gains Fee”). Under the Advisory Agreement, the Income-Based Fee is calculated and payable quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding fiscal quarter, subject to a total return requirement (the “Total Return Requirement”) and deferral of non-cash amounts, and is 20.0% of the amount, if any, by which the Company’s Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets attributable to its common stock, for the immediately preceding fiscal quarter, exceeds a 2.0% (which is 8.0% annualized) hurdle rate and a “catch-up” provision measured as of the end of each fiscal quarter. Under this provision, in any fiscal quarter, the Adviser receives no Incentive Fee until the Company’s Pre-Incentive Fee Net Investment Income equals the hurdle rate of 2.0%, but then receives, as a “catch-up,” 100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% (which is 10.0% annualized). The effect of the “catch-up” provision is that, subject to the Total Return Requirement and deferral provisions discussed below, if Pre-Incentive Fee Net Investment Income exceeds 2.5% in any fiscal quarter, the Adviser receives 20.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial assistance and consulting fees or other fees that we receive from portfolio companies) accrued during the fiscal quarter, minus the Company’s operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement and any interest expense and any distributions paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount (“OID”), debt instruments with payment-in-kind (“PIK”) interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. No Income-Based Fee is payable under the Advisory Agreement except to the extent 20.0% of the cumulative net increase in net assets resulting from operations over the fiscal quarter for which fees are being calculated and the Lookback Period (as defined below) exceeds the cumulative Incentive Fees accrued and/or paid for the Lookback Period. The “cumulative net increase in net assets resulting from operations” is the amount, if positive, of the sum of Pre-Incentive Fee Net Investment Income, realized gains and losses and unrealized appreciation and depreciation of the Company for the then current fiscal quarter and the Lookback Period. The “Lookback Period” means (1) through June 30, 2024, the period that commences on the last day of the fiscal quarter in which the Advisory Agreement became effective and ends on the last day of the fiscal quarter immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated, and (2) after June 30, 2024, the eleven fiscal quarters immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated. For the year ended June 30, 2024, the Company wrote off $ 72,942 in previously deferred Income-Based Fees and incurred no Income-Based Fees. As of June 30, 2024, $ 128,876 in incentive fees related to Income-Based Fees incurred by the Company were payable to the Adviser, of which fees of $ 16,929 are payable and fees of $ 111,947 generated from deferred interest (i.e. PIK and certain discount accretion) are not payable until such amounts are received in cash. For the year ended June 30, 2023, the Company incurred $ 401,597 of Income-Based Fees. As of June 30, 2023, $ 201,817 in incentive fees related to Income-Based Fees incurred by the Company are currently payable to the Adviser and $ 201,817 in incentive fees related to Income-Based Fees incurred by the Company were generated from deferred interest (i.e. PIK and certain discount accretion) and are not payable until such amounts are received in cash . For the year ended June 30, 2022, the Company wrote off $ 348,670 in previously deferred Income-Based incentive fees and incurred no incentive fees related to Pre-Incentive Fee Net Investment Income, of which none was waived. As of June 30, 2022, $ 182,095 in incentive fees related to Income-Based Fees incurred by the Company were generated from deferred interest (i.e., PIK and certain discount accretion) and are not payable until such amounts are received in cash. Any voluntary waivers of the incentive fee in no way implies that the Adviser will agree to waive any incentive fee in any future period. Any portion of the incentive fees waived are not subject to recapture. Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), commencing with the fiscal year ended June 30, 2021, and is equal to 20.0% of the Company’s cumulative aggregate realized capital gains from the Commencement Date through the end of that fiscal year, computed net of the Company’s aggregate cumulative realized capital losses and the Company’s aggregate cumulative unrealized capital depreciation through the end of such year, less the aggregate amount of any previously paid Capital Gains Fees. If such amount is negative, then no Capital Gains Fee will be payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a fiscal year end, the termination date will be treated as though it were a fiscal year end for purposes of calculating and paying the Capital Gains Fee. As required by U.S. GAAP, we accrue the Capital Gains Fee on unrealized gains. This accrual reflects the Incentive Fees that would be payable to the Adviser if our entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an Incentive Fee with respect to unrealized gains unless and until such gains are actually realized. There can be no assurance that such unrealized capital appreciation will be realized in the future. Accordingly, the amount of the accrued Capital Gains Fee at a reporting date may vary from the Capital Gains Fee that is ultimately realized, and the differences could be material. As of June 30, 2024, June 30, 2023 and June 30, 2022 , there was no Capital Gains Fee accrued, earned or payable to the Adviser under the Advisory Agreement.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	12 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Note 3. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standards setting bodies that are adopted by the Company as of the specified effective date. The Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial statements upon adoption. In June 2022, the FASB issued ASU 2022-03, "Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions", which was issued to (1) clarify the guidance in Topic 820, Fair Value Measurement, when measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, (2) to amend a related illustrative example, and (3) to introduce new disclosure requirements for equity securities subject to contractual sale restrictions that are measured at fair value in accordance with Topic 820. The new guidance is effective for interim and annual periods beginning after December 15, 2023. The Company adopted the new standard and its adoption did not have a material impact to the consolidated financial statements and related disclosures.

Investments

Investments	12 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Note 4. Investments The Company’s investments, at any time, may include securities and other financial instruments, including, without limitation, corporate and government bonds, convertible securities, collateralized loan obligations, term loans, revolvers and delayed draw facilities, trade claims, equity securities, privately negotiated securities, direct placements, working interests, warrants and investment derivatives (such as credit default swaps, recovery swaps, total return swaps, options, forward contracts, and futures) (all of the foregoing collectively referred to in these financial statements as “investments”). a. Certain Risk Factors In the ordinary course of business, the Company manages a variety of risks including market risk, liquidity risk and credit risk. The Company identifies, measures and monitors risk through various control mechanisms, including trading limits and diversifying exposures and activities across a variety of instruments, markets and counterparties. Market risk is the risk of potential adverse changes to the value of financial instruments because of changes in market conditions, including as a result of changes in the credit quality of a particular issuer, credit spreads, interest rates, and other movements and volatility in security prices or commodities. In particular, the Company may invest in issuers that are experiencing or have experienced financial or business difficulties (including difficulties resulting from the initiation or prospect of significant litigation or bankruptcy proceedings), which involves significant risks. The Company manages its exposure to market risk through the use of risk management strategies and various analytical monitoring techniques. With respect to liquidity risk, the Company’s assets may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making the purchase or sale of such securities and financial instruments at desired prices or in desired quantities difficult. Furthermore, the sale of any such investments may be possible only at substantial discounts, and it may be extremely difficult to value any such investments accurately. Credit risk is the potential loss the Company may incur from a failure of an issuer to make payments according to the terms of a contract. The Company is subject to credit risk because of its strategy of investing in the debt of leveraged companies and its involvement in derivative instruments. The Company’s exposure to credit risk on its investments is limited to the fair value of the investments. With regard to derivatives, the Company attempts to limit its credit risk by considering its counterparty’s (or its guarantor’s) credit rating. b. Investments Investment purchases, sales and principal payments/paydowns are summarized below for the years ended June 30, 2024, June 30, 2023 and June 30, 2022, respectively. These purchase and sale amounts exclude derivative instruments as well as non-cash restructurings. Year ended June 30, 2024 2023 2022 Investment purchases, at cost (including PIK interest) $ 65,395,203 $ 53,237,881 $ 145,380,662 Investment sales and repayments 92,303,435 61,928,745 153,877,788 The composition of the Company’s investments as of June 30, 2024, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows: Investment Type Investments at Percentage of Investments at Percentage of Senior Secured First Lien Debt Investments $ 166,099,349 81.23 % $ 156,927,316 85.02 % Equity, Warrants and Other Investments 38,369,691 18.77 27,642,214 14.98 Total $ 204,469,040 100.00 % $ 184,569,530 100.00 % The composition of the Company’s investments as of June 30, 2023, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows: Investment Type Investments at Percentage of Investments at Percentage of Senior Secured First Lien Debt Investments $ 214,100,857 88.00 % $ 196,370,955 89.21 % Equity, Warrants and Other Investments 29,197,959 12.00 23,740,374 10.79 Total $ 243,298,816 100.00 % $ 220,111,329 100.00 % The Company uses Global Industry Classification Standard (“GICS”) codes to identify the industry groupings in its portfolio. The following table shows the portfolio composition by industry grouping at fair value at June 30, 2024: Industry Classification Investments at Percentage of Commercial Services & Supplies $ 24,919,271 13.50 % Professional Services 20,702,433 11.22 Trading Companies & Distributors 16,814,468 9.11 Containers & Packaging 13,534,625 7.34 Food Products 8,842,781 4.79 Entertainment 8,811,199 4.77 IT Services 8,681,364 4.70 Household Durables 7,625,716 4.13 Insurance 7,406,155 4.01 Chemicals 7,206,650 3.90 Diversified Consumer Services 7,194,708 3.90 Specialty Retail 6,665,397 3.61 Automotive Retail 5,678,135 3.08 Health Care Providers & Services 5,400,000 2.93 Consumer Staples Distribution & Retail 5,341,899 2.89 Software 5,044,158 2.73 Consumer Services 4,923,445 2.67 Paper Packaging 4,914,784 2.66 Construction & Engineering 3,662,626 1.99 Human Resources & Employment Services 2,985,000 1.62 Hotels, Restaurants & Leisure 2,947,612 1.60 Electronic Equipment, Instruments & Components 2,645,950 1.43 Automobile Components 2,621,154 1.42 Total $ 184,569,530 100.00 % The following table shows the portfolio composition by industry grouping at fair value at June 30, 2023: Industry Classification Investments at Percentage of Trading Companies & Distributors $ 35,176,879 15.98 % Professional Services 28,238,167 12.83 IT Services 23,576,450 10.71 Commercial Services & Supplies 14,329,460 6.51 Software 13,772,487 6.26 Containers & Packaging 12,958,772 5.89 Machinery 9,602,806 4.36 Internet & Direct Marketing Retail 8,969,729 4.08 Entertainment 7,640,000 3.47 Household Durables 7,610,242 3.46 Chemicals 7,568,617 3.44 Diversified Consumer Services 7,268,500 3.30 Automobile Components 7,261,275 3.30 Hotels, Restaurants, and Leisure 6,283,541 2.85 Consumer Staples Distribution & Retail 6,061,396 2.75 Specialty Retail 5,148,000 2.34 Building Products 4,511,719 2.05 Food Products 4,288,750 1.95 Automotive Retail 3,878,905 1.76 Electronic Equipment, Instruments & Components 3,265,598 1.48 Energy Equipment & Services 2,700,036 1.23 Total $ 220,111,329 100.00 % The following table shows the portfolio composition by geographic grouping at fair value at June 30, 2024: Geographic Region Investments at Percentage of U.S. Northeast $ 58,910,596 31.92 % U.S. West 56,404,520 30.56 U.S. Southeast 31,435,714 17.03 U.S. Midwest 24,434,485 13.24 U.S. Mid-Atlantic 6,717,548 3.64 U.S. Southwest 3,416,612 1.85 International 3,250,055 1.76 Total $ 184,569,530 100.00 % The following table shows the portfolio composition by geographic grouping at fair value at June 30, 2023: Geographic Region Investments at Percentage of U.S. Northeast $ 94,658,227 43.00 % U.S. West 44,911,266 20.40 U.S. Midwest 26,602,440 12.09 U.S. Southeast 20,803,349 9.45 U.S. Mid-Atlantic 17,721,607 8.05 U.S. Southwest 10,367,607 4.71 International 5,046,833 2.30 Total $ 220,111,329 100.00 % The Company’s primary investment objective is to maximize total return to stockholders in the form of current income and capital appreciation by investing directly in debt and related equity of privately held middle-market companies to help these companies fund acquisitions, growth or refinancing. During the year ended June 30, 2024, the Company made investments in new and existing portfolio companies of approximately $ 60.4 million , to which it was not previously contractually committed to provide financial support. During the year ended June 30, 2024, the Company made investments of $ 2.2 million in companies to which it was committed to provide financial support through the terms of the revolvers and delayed draw term loans. The details of the Company’s investments have been disclosed on the Consolidated Schedule of Investments. c. Derivatives Derivative contracts include total return swaps and embedded derivatives in Notes Payable. The Company enters into derivative contracts as part of its investment strategies. The Company may enter into derivative contracts as part of its investment strategies. On October 28, 2020, the SEC adopted a rule that modifies the conditions by which BDCs can enter into, or “cover” open positions pursuant to, certain derivatives contracts that involve potential future payment obligations (the “Derivatives Rule”). The Derivatives Rule requires a BDC entering into a derivatives contract to develop and implement a derivatives risk management program, to comply with an outer limit on asset coverage ratio based on the VaR (“value-at-risk”) test, and to report its derivative activity to its board of directors on a regular basis. The Derivatives Rule also contains exceptions to these conditions for any fund that limits its exposure to derivatives positions to 10 percent of its net assets. At June 30, 2024 and June 30, 2023 , the Company held no derivative contracts. d. Fair Value Measurements ASC 820 defines fair value as the price that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. ASC 820 also establishes a framework for measuring fair value and a valuation hierarchy that prioritizes the inputs used in the valuation of an asset or liability based upon their transparency. The valuation hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Classification within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assets and liabilities measured at fair value have been classified in the following three categories: Level 1 — valuation is based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — valuation is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as (a) quoted prices for similar assets or liabilities in active markets; (b) quoted prices for identical or similar assets or liabilities in markets that are not active, that is, markets in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers, or in which little information is released publicly; (c) inputs other than quoted prices that are observable for the asset or liability; or (d) inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 — valuation is based on unobservable inputs for the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. However, the fair value measurement objective remains the same, that is, an exit price from the perspective of a market participant that holds the asset or owes the liability. Therefore, unobservable inputs reflect the Company’s own assumptions about the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Unobservable inputs are developed based on the best information available under the circumstances, which might include the Company’s own data. The Company’s own data used to develop unobservable inputs is adjusted if information is reasonably available without undue cost and effort that indicates that market participants would use different assumptions. The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of the market and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. Estimates of fair value for cash and restricted cash are measured using observable, quoted market prices, or Level 1 inputs. All other fair value significant estimates are measured using unobservable inputs, or Level 3 inputs. The following table summarizes the classifications within the fair value hierarchy of the Company’s assets and liabilities measured at fair value as of June 30, 2024: Level 1 Level 2 Level 3 Total Assets Investments Senior Secured First Lien Debt Investments $ — $ — $ 156,927,316 $ 156,927,316 Equity, Warrants and Other Investments — — 27,642,214 27,642,214 Total Investments $ — $ — $ 184,569,530 $ 184,569,530 The following table summarizes the classifications within the fair value hierarchy of the Company’s assets and liabilities measured at fair value as of June 30, 2023: Level 1 Level 2 Level 3 Total Assets Investments Senior Secured First Lien Debt Investments $ — $ — $ 196,370,955 $ 196,370,955 Equity, Warrants and Other Investments — — 23,740,374 23,740,374 Total Investments $ — $ — $ 220,111,329 $ 220,111,329 The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended June 30, 2024: Senior Secured Senior Secured Unsecured Equity, Warrants Total Fair value at June 30, 2023 $ 196,370,955 $ — $ — $ 23,740,374 $ 220,111,329 Purchases (including PIK interest) 60,523,383 — — 4,871,820 65,395,203 Sales and repayments ( 92,303,435 ) — — — ( 92,303,435 ) Amortization 2,049,993 — — — 2,049,993 Net realized gains (losses) ( 13,909,425 ) — — ( 62,112 ) ( 13,971,537 ) Transfers in — — — 4,362,023 4,362,023 Transfers out ( 4,362,023 ) — — — ( 4,362,023 ) Net change in unrealized appreciation (depreciation) 8,557,868 — — ( 5,269,891 ) 3,287,977 Fair value at June 30, 2024 $ 156,927,316 $ — $ — $ 27,642,214 $ 184,569,530 Change in unrealized appreciation (depreciation) relating to assets still held as of June 30, 2024 $ ( 69,131 ) $ — $ — $ ( 5,332,004 ) $ ( 5,401,135 ) The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended June 30, 2023: Senior Secured Senior Secured Unsecured Equity, Warrants Total Fair value at June 30, 2022 $ 214,858,036 $ — $ — $ 18,825,950 $ 233,683,986 Purchases (including PIK interest) 51,824,515 — — 1,413,366 53,237,881 Sales and repayments ( 61,928,745 ) — — — ( 61,928,745 ) Amortization 1,311,770 — — — 1,311,770 Net realized gains (losses) ( 9,515,487 ) ( 17,374,608 ) — — ( 26,890,095 ) Transfers in — — — 1,708,942 1,708,942 Transfers out ( 1,708,942 ) — — — ( 1,708,942 ) Net change in unrealized (depreciation) appreciation 1,529,808 17,374,608 — 1,792,116 20,696,532 Fair value at June 30, 2023 $ 196,370,955 $ — $ — $ 23,740,374 $ 220,111,329 Change in unrealized appreciation (depreciation) relating to assets still held as of June 30, 2023 $ ( 7,507,021 ) $ — $ — $ 1,377,567 $ ( 6,129,454 ) Transfers into Level 3 during or at the end of the reporting period are reported under Level 1 or Level 2 as of the beginning of the period. Transfers out of Level 3 during or at the end of the reporting period are reported under Level 3 as of the beginning of the period. Changes in unrealized gains (losses) relating to Level 3 instruments are included in net change in unrealized (depreciation) appreciation on investments and derivatives on the Consolidated Statements of Operations. During the year ended June 30, 2024 , $ 4,362,023 transferred from Senior Secured First Lien Debt Investments Level 3 to Equity, Warrants and Other Investments Level 3 due to restructuring . During the year ended June 30, 2023 , $ 1,708,942 transferred from Senior Secured First Lien Debt Investments Level 3 to Equity, Warrants and Other Investments Level 3 due to restructuring and during the year ended June 30, 2022 , $ 1,184,506 transferred from Senior Secured First Lien Debt Investments Level 3 to Equity, Warrants and Other Investments Level 3 due to restructuring. The following tables provide quantitative information regarding the Company’s Level 3 fair value measurements as of June 30, 2024 and June 30, 2023 . This information presents the significant unobservable inputs that were used in the valuation of each type of investment. These inputs are not representative of the inputs that could have been used in the valuation of any one investment. For example, the highest market yield presented in the table for senior secured notes is appropriate for valuing a specific investment but may not be appropriate for valuing any other investment. Accordingly, the ranges of inputs presented below do not represent uncertainty in, or possible ranges of, fair value measurements of the Company’s Level 3 investments. In addition to the techniques and inputs noted in the tables below, according to our valuation policy we may also use other valuation techniques and methodologies when determining our fair value measurements. The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values. Fair Value as of June 30, 2024 Valuation Unobservable Weighted Range Senior Secured First Lien Debt Investments $ 118,225,491 Income Approach Market Yields 13.8 % 10.3 %- 22.8 % Senior Secured First Lien Debt Investments 10,365,103 Market Comparable Approach EBITDA Multiple 9.3 x 4.5 x- 13.3 x Senior Secured First Lien Debt Investments — Market Comparable Approach Revenue Multiple N/A N/A Senior Secured First Lien Debt Investments 15,863,655 Recent Transaction Recent Transaction N/A N/A Senior Secured First Lien Debt Investments 12,473,067 Recovery Analysis Recovery Amount* N/A N/A Equity, Warrants, and Other Investments 6,126,488 Income Approach Market Yields 16.5 % 16.5 % Equity, Warrants, and Other Investments 21,515,726 Market Comparable Approach EBITDA multiple 10.3 x 4.5 x- 18.2 x Equity, Warrants, and Other Investments — Recent Transaction Recent Transaction N/A N/A * Recovery amounts involve various unobservable inputs including probabilities of different recovery scenarios, valuation multiples under such scenarios, and the timing to realize the associated recovery values. Fair Value as of Valuation Unobservable Weighted Range Senior Secured First Lien Debt Investments $ 161,776,983 Income Approach Market Yields 13.3 % 10.1 % - 18.0 % Senior Secured First Lien Debt Investments 13,895,260 Market Comparable Approach EBITDA Multiple 17.3 x 5.7 x – 21.2 x Senior Secured First Lien Debt Investments 5,272,355 Market Comparable Approach Revenue Multiple 0.3 x 0.30 x – 0.38 x Senior Secured First Lien Debt Investments 15,209,280 Recent Transaction Recent Transaction N/A N/A Senior Secured First Lien Debt Investments 217,077 Recovery Analysis Recovery Amount N/A N/A Equity, Warrants and Other Investments 4,824,752 Income Approach Market Yields 18.0 % 18.0 % Equity, Warrants and Other Investments 18,915,622 Market Comparable Approach EBITDA multiple 8.7 x 5.7 x – 24.2 x Equity, Warrants and Other Investments — Market Comparable Approach Revenue Multiple 0.3 x 0.3 x Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value and such changes could result in a significant increase or decrease in the fair value. Significant increases in illiquidity discounts, PIK discounts and market yields would result in significantly lower fair value measurements.

Borrowings

Borrowings	12 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Borrowings	Note 5. Borrowings The Company, through SPV, was previously party to a $ 122.0 million financing transaction (as amended, the “Term Financing”) due December 5, 2021 with UBS AG, London Branch (together with its affiliates “UBS”). The Term Financing was collateralized by the portion of the Company’s assets held by SPV (the “SPV Assets”). The Company subsequently repaid $ 20.0 million of the Term Financing on April 15, 2020. Borrowings under the Term Financing, as amended, bore interest with respect to the $ 102.0 million (i) at a rate per annum equal to one-month London Interbank Offered Rate (“LIBOR”) plus 3.55 % from December 5, 2019 through December 4, 2020, and (ii) at a rate per annum equal to one-month LIBOR plus 3.15 % from December 5, 2020 through December 4, 2021. On November 19, 2021, the Company repaid the Term Financing in full in accordance with the terms of the Term Financing and the agreement was terminated. As of June 30, 2024, and June 30, 2023 , there were no borrowings outstanding under the Term Financing. On November 20, 2017, as subsequently amended, the Company entered into a $ 50 million revolving financing facility with UBS, which was subsequently amended on June 21, 2019 to reduce the size of the facility to $ 30.0 million and extend the maturity date (as amended, the “Revolving Financing”). On September 30, 2020, the Company amended the Revolving Financing to reduce the size of the Revolving Financing to $ 20.0 million and extend the maturity date to December 5, 2021 . Borrowings under the Revolving Financing generally bore interest at a rate per annum equal to one-month LIBOR plus 3.15 %. The Company paid a fee on any undrawn amounts of 0.75 % per annum. Any amounts borrowed under the Revolving Financing would mature, and all accrued and unpaid interest was due and payable, on the same day as the Term Financing, which was December 5, 2021. On November 19, 2021, the Company satisfied all obligations under the Revolving Financing and the agreement was terminated. As of June 30, 2024 and June 30, 2023 , there were no borrowings outstanding under the Revolving Financing. On August 23, 2021, the Company, through SPV LLC entered into a five-year, $ 115 million senior secured revolving credit facility (the “Capital One Revolving Financing”) with Capital One, N.A. (“Capital One”), which is secured by collateral consisting primarily of loans in the Company’s investment portfolio. On June 14, 2023 , we amended the Capital One Revolving Financing to decrease the facility size from $ 115 million to $ 100 million. On January 17, 2024 , we amended the Capital One Revolving Financing to (i) extend the maturity date to January 17, 2029 , (ii) increase the applicable interest spreads under the Capital One Revolving Financing and (iii) extend the Scheduled Revolving Period End Date (as defined in the Capital One Revolving Financing) to January 17, 2027 . The Capital One Revolving Financing, which will expire on January 17, 2029 (the “Maturity Date”), features a three-year reinvestment period and a two-year amortization period. Effective January 17, 2024, borrowings under the Capital One Revolving Financing generally bear interest at a rate per annum equal to the Secured Overnight Financing Rate (“ SOFR”) plus 3.10 %. The default interest rate will be equal to the interest rate then in effect plus 2.00 %. The Capital One Revolving Financing required the payment of an upfront fee of 1.125 % ($ 1.3 million) of the available borrowings under the Capital One Revolving Financing at the closing, and requires the payment of an unused fee of (i) 0.75 % annually for any undrawn amounts below 50 % of the Capital One Revolving Financing, (ii) 0.50 % annually for any undrawn amounts between 50 % and 75 % of the Capital One Revolving Financing, and (iii) 0.25 % annually for any undrawn amounts above 75 % of the Capital One Revolving Financing. Borrowings under the Capital One Revolving Financing are based on a borrowing base. The Capital One Revolving Financing generally requires payment of interest and fees on a quarterly basis. All outstanding principal is due on the Maturity Date. The Capital One Revolving Financing also requires mandatory prepayment of interest and principal upon certain events. As of June 30, 2024 and June 30, 2023, there were $ 43.0 million and $ 71.9 million borrowings outstanding under the Capital One Revolving Financing. Restricted cash (as shown on the Consolidated Statements of Assets and Liabilities) is held by the trustee of the Capital One Revolving Financing and is restricted to purchases of investments by SPV LLC that must meet certain eligibility criteria identified by the loan, security and investment management agreement governing the Capital One Revolving Financing. As of June 30, 2024, SPV LLC had a notional amount of $ 167.7 million , which included $ 153.4 million of the Company’s portfolio investments at fair value, no accrued interest receivable and $ 5.0 million in cash held by the trustees of the Capital One Revolving Financing. As of June 30, 2023 , SPV LLC had a notional amount of $ 194.0 million, which included $ 181.5 million of the Company’s portfolio investments at fair value, no accrued interest receivable and $ 8.1 million in cash held by the trustees of the Capital One Revolving Financing. For the year ended June 30, 2024, the weighted average outstanding debt balance and the weighted average stated interest rate under the Capital One Revolving Financing, in aggregate was $ 63.7 million and 8.09 % , respectively. For the year ended June 30, 2023 , the weighted average outstanding debt balance and the weighted average stated interest rate under the Capital One Revolving Financing, in aggregate was $ 80.4 million and 5.95 %, respectively. The fair value of the Company’s borrowing is estimated based on the rate at which similar facilities would be priced. At June 30, 2024 and June 30, 2023, the fair value of the Company’s total borrowings was estimated at $ 43.0 million and $ 71.9 million, respectively under the Capital One Revolving Financing, which the Company concluded was a Level 3 fair value. On March 31, 2021, the Company closed the public offering of $ 65 million in aggregate principal amount of 4.875 % notes due 2026 (the “2026 Notes”). The total net proceeds received by the Company from the sale of the 2026 Notes, after deducting the underwriting discount and commissions of $ 1.3 million and estimated offering expenses of approximately $ 215,000 payable by the Company, were approximately $ 63.1 million. The 2026 Notes will mature on April 1, 2026 , unless previously redeemed or repurchased in accordance with their terms, and bear interest at a rate of 4.875 %. The 2026 Notes are direct unsecured obligations and rank pari passu, which means equal in right of payment, with all outstanding and future unsecured, unsubordinated indebtedness issued by the Company. Because the 2026 Notes are not secured by any of the Company’s assets, they are effectively subordinated to all of the Company’s existing and future secured unsubordinated indebtedness (or any indebtedness that is initially unsecured as to which the Company subsequently grants a security interest), to the extent of the value of the assets securing such indebtedness. The 2026 Notes are structurally subordinated to all existing and future indebtedness and other obligations of any of the Company’s subsidiaries and financing vehicles, including, without limitation, borrowings under the Capital One Revolving Financing. The 2026 Notes are obligations exclusively of the Company and not of any of the Company’s subsidiaries. None of the Company’s subsidiaries is a guarantor of the 2026 Notes and the 2026 Notes will not be required to be guaranteed by any subsidiary the Company may acquire or create in the future. The 2026 Notes may be redeemed in whole or in part at any time or from time to time at the Company’s option, upon not less than 30 days nor more than 60 days written notice by mail prior to the date fixed for redemption thereof, at a redemption price (as determined by the Company) equal to the greater of the following amounts, plus, in each case, accrued and unpaid interest to, but excluding, the redemption date: (1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided , however, that if the Company redeems any 2026 Notes on or after January 1, 2026 (the date falling three months prior to the maturity date of the 2026 Notes), the redemption price for the 2026 Notes will be equal to 100 % of the principal amount of the 2026 Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the date of redemption; provided, further, that no such partial redemption shall reduce the portion of the principal amount of a 2026 Note not redeemed to less than $ 2,000 . Interest on the 2026 Notes is payable semi-annually on April 1 and October 1 of each year, commencing October 1, 2021. The Company may from time to time repurchase 2026 Notes in accordance with the 1940 Act and the rules promulgated thereunder. As of June 30, 2024, the carrying amount of the 2026 Notes was $ 64.9 million on an aggregate principal balance of $ 65.0 million at a weighted average effective yield of 5.29 % . As of June 30, 2024, the fair value of the 2026 Notes was $ 59.9 million . The Company concluded that this was Level 3 fair value under ASC 820. Long-Term Debt Maturities Set forth below is the aggregate principal amount of our long-term debt as of June 30, 2024 (excluding unamortized premiums, net, unamortized debt issuance costs and note payable) maturing during the following years: 2024 $ — 2025 — 2026 108,000,000 Total long-term debt $ 108,000,000

Indemnification, Guarantees, Co

Indemnification, Guarantees, Commitments and Contingencies	12 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Indemnification, Guarantees, Commitments and Contingencies	Note 6. Indemnification, Guarantees, Commitments and Contingencies In the normal course of business, the Company enters into contracts that provide a variety of representations and warranties and general indemnifications. Such contracts include those with certain service providers, brokers and trading counterparties. Any exposure to the Company under these arrangements is unknown as it would involve future claims that may be made against the Company; however, based on the Company’s experience, the risk of loss is remote and no such claims are expected to occur. As such, the Company has not accrued any liability in connection with such indemnifications. The Company’s Board of Directors declared the following quarterly distributions during the fiscal year: Declared Ex-Date Record Date Pay Date Amount Fiscal Quarter September 14, 2023 October 11, 2023 October 12, 2023 November 2, 2023 $ 0.1500 1st 2024 November 9, 2023 December 13, 2023 December 14, 2023 January 8, 2024 $ 0.1500 2nd 2024 February 8, 2024 March 14, 2024 March 15, 2024 April 5, 2024 $ 0.1500 3rd 2024 April 12, 2024 May 25, 2024 May 26, 2024 June 14, 2024 $ 0.1500 4th 2024 Loans funded by the Company may include revolving credit agreements or other financing commitments obligating the Company to advance additional amounts on demand. The Company generally sets aside sufficient liquid assets to cover its unfunded commitments, if any. The following table details the Company’s unfunded commitments as of June 30, 2024: Investments Unfunded Fair Annual Expiration Arborworks Acquisition LLC – Revolver (New) 230,547 — — 11/6/28 Flatworld Intermediate Corporation – Revolver 567,568 — 0.50 % 10/1/27 South Coast Terminals LLC – Revolver 967,742 — 0.50 % 12/10/26 Total Unfunded Commitments $ 1,765,857 $ — The following table details the Company’s unfunded commitments as of June 30, 2023: Investments Unfunded Fair Annual Expiration 1888 Industrial Services, LLC – Revolver $ 186,990 $ — 0.50 % 8/31/24 Amerequip, LLC – Revolver 967,742 — 0.50 % 8/31/27 Arborworks Acquisition LLC – Revolver 554,947 — 0.50 % 11/9/26 Archer Systems, LLC – Revolver 603,175 — 0.50 % 8/11/27 Evergreen North America Acquisitions, LLC – Revolver 276,064 — 0.50 % 8/13/26 Flatworld Intermediate Corporation – Revolver 567,567 — 0.50 % 10/1/27 NWN Parent Holdings LLC – Revolver 800,000 — 0.50 % 5/7/26 South Coast Terminals LLC – Revolver 967,742 — 0.50 % 12/10/26 Xenon Arc, Inc. – Revolver 746,667 — 0.50 % 12/17/26 Total Unfunded Commitments $ 5,670,894 $ —

Agreements and Related Party Tr

Agreements and Related Party Transactions	12 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Agreements and Related Party Transactions	Note 7. Agreements and Related Party Transactions The following table provides a summary of related party transactions under the Advisory and Administration Agreements with the Adviser for the years ended June 30, 2024, June 30, 2023 and June 30, 2022: For the year ended 2024 2023 2022 Base management fees $ 3,800,693 $ 4,201,394 $ 4,594,588 Waiver of base management fees ( 365,225 ) ( 387,311 ) ( 480,032 ) Income-based incentive fees ( 72,942 ) 401,597 ( 348,670 ) Waiver of income-based incentive fees — — — Capital gains fee — — — Allocation of administrative costs from Adviser 1,360,194 966,045 1,247,205 Total net expense to affiliates $ 4,722,720 $ 5,181,725 $ 5,013,091 The following table provides a summary of related party transactions under the Advisory and Administration Agreements with the Adviser as of June 30, 2024 and June 30, 2023: As of June 30, As of June 30, 2024 2023 Due from affiliate $ — $ — Total amount due from affiliate $ — $ — Base management fees payable $ 816,777 $ 906,218 Income-based incentive fees payable 128,876 576,023 Capital gains fee payable — — Allocation of administrative costs from Adviser payable (1) 52,874 172,308 Total amount due to affiliates $ 998,527 $ 1,654,549 (1) Balances are reported within Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities. Advisory Agreement The Company is party to the Advisory Agreement with the Adviser. Under the Advisory Agreement, the Base Management Fee is calculated at an annual rate of 1.75 % of the Company’s gross assets, including assets purchased with borrowed funds or other forms of leverage and excluding cash and cash equivalents (such amount, “Gross Assets”). For the year ended June 30, 2024, $ 3,800,693 in Base Management Fees were earned by the Adviser, of which $ 365,225 was waived. As of June 30, 2024, $ 816,777 of such fees were payable . For the year ended June 30, 2023 , $ 4,201,394 in Base Management Fees were earned by the Adviser, of which $ 387,311 was waived. As of June 30, 2023, $ 906,218 of such fees were payable. For the year ended June 30, 2022 , $ 4,594,588 in Base Management Fees were earned by the Adviser, of which $ 480,032 was waived. As of June 30, 2022 , $ 1,054,063 of such fees were payable. The Base Management Fee is calculated based on the average value of the Company’s Gross Assets at the end of the two most recently completed fiscal quarters. The Base Management Fee is payable quarterly in arrears and the Base Management Fees for any partial month or quarter will be appropriately pro-rated. Under the Advisory Agreement, the Income-Based Fee is calculated and payable quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding fiscal quarter, subject to a total return requirement (the “Total Return Requirement”) and deferral of non-cash amounts, and is 20.0 % of the amount, if any, by which the Company’s Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets attributable to its common stock, for the immediately preceding fiscal quarter, exceeds a 2.0 % (which is 8.0 % annualized) hurdle rate and a “catch-up” provision measured as of the end of each fiscal quarter. Under this provision, in any fiscal quarter, the Adviser receives no Incentive Fee until the Company’s Pre-Incentive Fee Net Investment Income equals the hurdle rate of 2.0 %, but then receives, as a “catch-up,” 100 % of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5 % (which is 10.0 % annualized). The effect of the “catch-up” provision is that, subject to the Total Return Requirement and deferral provisions discussed below, if Pre-Incentive Fee Net Investment Income exceeds 2.5 % in any fiscal quarter, the Adviser receives 20.0 % of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial assistance and consulting fees or other fees that we receive from portfolio companies) accrued during the fiscal quarter, minus the Company’s operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement and any interest expense and any distributions paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount (“OID”), debt instruments with payment-in-kind (“PIK”) interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. No Income-Based Fee is payable under the Advisory Agreement except to the extent 20.0 % of the cumulative net increase in net assets resulting from operations over the fiscal quarter for which fees are being calculated and the Lookback Period (as defined below) exceeds the cumulative Incentive Fees accrued and/or paid for the Lookback Period. The “cumulative net increase in net assets resulting from operations” is the amount, if positive, of the sum of Pre-Incentive Fee Net Investment Income, realized gains and losses and unrealized appreciation and depreciation of the Company for the then current fiscal quarter and the Lookback Period. The “Lookback Period” means (1) through June 30, 2024, the period that commences on the last day of the fiscal quarter in which the Advisory Agreement became effective and ends on the last day of the fiscal quarter immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated, and (2) after June 30, 2024, the eleven fiscal quarters immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated. For the year ended June 30, 2024, the Company wrote off $ 72,942 in previously deferred Income-Based Fees and incurred no Income-Based Fees. As of June 30, 2024, $ 128,876 in incentive fees related to Income-Based Fees incurred by the Company were payable to the Adviser, of which fees of $ 16,929 are payable and fees of $ 111,947 generated from deferred interest (i.e. PIK and certain discount accretion) are not payable until such amounts are received in cash. For the year ended June 30, 2023 , the Company incurred $ 401,597 of Income-Based Fees. As of June 30, 2023, $ 201,817 in incentive fees related to Income-Based Fees incurred by the Company are currently payable to the Adviser and $ 201,817 in incentive fees related to Income-Based Fees incurred by the Company were generated from deferred interest (i.e. PIK and certain discount accretion) and are not payable until such amounts are received in cash. For the year ended June 30, 2022 , the Company wrote off $ 348,670 in previously deferred Income-Based incentive fees and incurred no incentive fees related to Pre-Incentive Fee Net Investment Income, of which none was waived. For the year ended June 30, 2022 , $ 182,095 in incentive fees related to Income-Based Fees incurred by the Company were generated from deferred interest (i.e., PIK and certain discount accretion) and are not payable until such amounts are received in cash. Any voluntary waivers of the incentive fee in no way implies that the Adviser will agree to waive any incentive fee in any future period. Any portion of the incentive fees waived are not subject to recapture. Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), commencing with the fiscal year ended June 30, 2021, and is equal to 20.0 % of our cumulative aggregate realized capital gains from the Commencement Date through the end of that fiscal year, computed net of the Company’s aggregate cumulative realized capital losses and our aggregate cumulative unrealized capital depreciation through the end of such year, less the aggregate amount of any previously paid Capital Gains Fees. If such amount is negative, then no Capital Gains Fee will be payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a fiscal year end, the termination date will be treated as though it were a fiscal year end for purposes of calculating and paying the Capital Gains Fee. As required by U.S. GAAP, we accrue the Capital Gains Fee on unrealized gains. This accrual reflects the Incentive Fees that would be payable to the Adviser if our entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an Incentive Fee with respect to unrealized gains unless and until such gains are actually realized. There can be no assurance that such unrealized capital appreciation will be realized in the future. Accordingly, the amount of the accrued Capital Gains Fee at a reporting date may vary from the Capital Gains Fee that is ultimately realized, and the differences could be material. As of June 30, 2024, June 30, 2023 and June 30, 2022 , there was no Capital Gains Fee accrued, earned or payable to the Adviser under the Advisory Agreement. The Advisory Agreement provides that, absent willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of the reckless disregard of its duties and obligations under the Advisory Agreement, the Adviser and its officers, managers, partners, agents, employees, controlling persons and members, and any other person or entity affiliated with it, are entitled to indemnification from the Company for any damages, liabilities, costs and expenses (including reasonable attorneys’ fees and amounts reasonably paid in settlement) arising from the rendering of the Adviser’s services under the Advisory Agreement or otherwise as the Adviser. Mr. Mauer holds an approximate 17 % ownership interest in the Adviser. Investcorp holds an approximate 83 % ownership interest in the Adviser. Pursuant to the Advisory Agreement, the Company has agreed to pay to the Adviser a Base Management Fee and an Incentive Fee. Mr. Mauer, an interested member of the Board, has a direct or indirect pecuniary interest in the Adviser. The Incentive Fee will be computed and paid on income that we may not have yet received in cash at the time of payment. This fee structure may create an incentive for the Adviser to invest in certain types of speculative securities. Additionally, the Company will rely on investment professionals from the Adviser to assist the Board with the valuation of the Company’s portfolio investments. The Adviser’s Base Management Fee and Incentive Fee is based on the value of our investments and, therefore, there may be a conflict of interest when personnel of the Adviser are involved in the valuation process for the Company’s portfolio investments. Administration Agreement Pursuant to the Administration Agreement, the Adviser furnishes the Company with office facilities and equipment and will provide the Company with the clerical, bookkeeping, recordkeeping and other administrative services necessary to conduct day-to-day operations. Under the Administration Agreement, the Adviser performs, or oversees the performance of the Company’s required administrative services, which includes, among other things, being responsible for the financial records which it is required to maintain and preparing reports to its stockholders and reports filed with the SEC. In addition, the Adviser assists the Company in determining and publishing its net asset value, oversees the preparation and filing of its tax returns and the printing and dissemination of reports and other materials to its stockholders, and generally oversees the payment of its expenses and the performance of administrative and professional services rendered to it by others. Under the Administration Agreement, the Adviser also provides managerial assistance on the Company’s behalf to those portfolio companies that have accepted its offer to provide such assistance. In addition, the Adviser may satisfy certain of its obligations to the Company under the Administration Agreement through the services agreement with Investcorp International Inc., an affiliate of Investcorp, including supplying the Company with accounting and back-office professionals upon the request of the Adviser. The Company reimburses the Administrator or its affiliates for amounts paid or costs borne that properly constitute Company expenses as set forth in the Administration Agreement. Payments under the Administration Agreement equal an amount based upon the Company’s allocable portion (subject to the review of the Company’s board of directors) of the Adviser’s overhead in performing its obligations under the Administration Agreement, including rent and the allocable portion of the cost of the Company’s chief financial officer and chief compliance officer and their respective staffs. The Company incurred costs of $ 1,360,194 , $ 966,045 and $ 1,247,205 under the Administration Agreement for the years ended June 30, 2024, June 30, 2023 and June 30, 2022, respectively. As of June 30, 2024 and June 30, 2023, the Company recorded an Allocation of Administrative Costs from Adviser Payable of $ 52,874 and $ 172,308 , respectively, reported within Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities for reimbursement of expenses owed to the Adviser under the Administration Agreement. During the year ended June 30, 2024, the Company recorded approximately $ 356,000 of expenses that related to the fiscal year ended June 30, 2023. Of this amount, approximately $ 239,000 related to expenses allocated from the Adviser . Stock Purchase Agreement In connection with the Investcorp Transaction, on June 26, 2019, the Company entered into a definitive stock purchase and transaction agreement with Investcorp BDC Holdings Limited (“Investcorp BDC”), an affiliate of Investcorp (the “Stock Purchase Agreement”), pursuant to which Investcorp BDC was required by August 30, 2021, to purchase (i) 680,985 newly issued shares of the Company’s common stock, at the most recently determined net asset value per share of the Company’s common stock at the time of such purchase, as adjusted as necessary to comply with Section 23 of the 1940 Act, and (ii) 680,985 shares of the Company’s common stock in open-market or secondary transactions. Investcorp BDC completed all remaining required purchases under the Stock Purchase Agreement during the quarter ended September 30, 2021. Co-investment Exemptive Relief On July 20, 2021, the SEC issued an order, which superseded a prior order issued on March 19, 2019, granting the Company’s application for exemptive relief to co-invest, subject to the satisfaction of certain conditions, in certain private placement transactions with other funds managed by the Adviser or its affiliates and any future funds that are advised by the Adviser or its affiliated investment advisers (the “Exemptive Relief”). Under the terms of the Exemptive Relief, in order for the Company to participate in a co-investment transaction a “required majority” (as defined in Section 57(o) of the 1940 Act) of the directors who are not “interested persons” of the Company, as defined in Section 2(a)(19) of the 1940 Act (each, an “Independent Director”) must conclude that (i) the terms of the proposed transaction, including the consideration to be paid, are reasonable and fair to the Company and its stockholders and do not involve overreaching in respect of the Company or its stockholders on the part of any person concerned, and (ii) the proposed transaction is consistent with the interests of the Company’s stockholders and is consistent with the Company’s investment objectives and strategies. License Agreement The Company has entered into a license agreement with the Adviser under which the Adviser has agreed to grant the Company a non-exclusive, royalty-free license to use the name “Investcorp.” Under this agreement, the Company has a right to use the “Investcorp” name for so long as the Adviser or one of its affiliates remains the Company’s investment adviser. Other than with respect to this limited license, the Company has no legal right to the “Investcorp” name. This license agreement will remain in effect for so long as the Advisory Agreement with the Adviser is in effect and Investcorp is the majority owner of the Adviser.

Directors_ Fees

Directors’ Fees	12 Months Ended
	Jun. 30, 2024
Compensation Related Costs [Abstract]
Directors’ Fees	Note 8. Directors’ Fees Each Independent Director receives (i) an annual fee of $ 75,000 , and (ii) $ 2,500 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with attending in person or telephonically each regular board of directors meeting and each special telephonic meeting. Each Independent Director also receives $ 1,000 plus reimbursement of reasonable out-of-pocket expenses incurred in connection with each committee meeting attended in person and each telephonic committee meeting. The chairman of the audit committee receives an annual fee of $ 7,500 . The chairperson of the valuation committee, the nominating and corporate governance committee and the compensation committee receives an annual fee of $ 2,500 , $ 2,500 and $ 2,500 , respectively. The Company has obtained directors’ and officers’ liability insurance on behalf of the Company’s directors and officers. For the years ended June 30, 2024, June 30, 2023 and June 30, 2022, the Company recorded directors’ fees of $ 294,907 , $ 302,500 , and $ 302,500 , respectively. As of June 30, 2024 and June 30, 2023, the Company recorded directors’ fees payable of $ 0 and $ 15,755 , respectively.

Net Change in Net Assets Result

Net Change in Net Assets Resulting from Operations Per Share	12 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Net Change in Net Assets Resulting from Operations Per Share	Note 9. Net Change in Net Assets Resulting from Operations Per Share Basic earnings per share is computed by dividing earnings available to common stockholders by the weighted average number of shares outstanding during the period. Other potentially dilutive common shares, and the related impact to earnings, are considered when calculating earnings per share on a diluted basis. The following table sets forth the computation of the weighted average basic and diluted net increase in net assets per share from operations: Year Ended June 30, 2024 2023 2022 Net increase (decrease) in net assets resulting from operations $ ( 4,092,470 ) $ 3,234,503 $ 2,586,630 Weighted average shares of common stock outstanding 14,396,201 14,389,163 14,304,641 Basic/diluted net increase (decrease) in net assets from operations per share $ ( 0.28 ) $ 0.22 $ 0.18 On September 3, 2021, the Company issued 453,985 shares of common stock, par value $ 0.001 per share to Investcorp at a price of $ 6.92 per share for an aggregate offering price of $ 3,141,576 . The sale of the Company’s common stock to Investcorp BDC was made pursuant to the Stock Purchase Agreement and the issuance of the Company’s common stock was exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to Section 4(a)(2) thereof and Regulation D thereunder. Investcorp BDC is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D under the Securities Act.

Distributions

Distributions	12 Months Ended
	Jun. 30, 2024
Distributions [Abstract]
Distributions	Note 10. Distributions The following table reflects the distributions declared on shares of the Company’s common stock since the Offering in February 2014. Stockholders of record as of each respective record date were entitled to receive the distribution: Declaration Date Record Date Payment Date Amount Per Share March 14, 2014 March 24, 2014 March 31, 2014 $ 0.1812 May 14, 2014 June 16, 2014 July 1, 2014 $ 0.3375 September 4, 2014 September 18, 2014 October 1, 2014 $ 0.3375 November 6, 2014 December 18, 2014 January 5, 2015 $ 0.3375 January 28, 2015 March 18, 2015 April 2, 2015 $ 0.3469 May 6, 2015 June 8, 2015 July 5, 2015 $ 0.3469 June 10, 2015 # September 1, 2015 September 15, 2015 $ 0.4300 June 10, 2015 September 18, 2015 October 2, 2015 $ 0.3469 November 3, 2015 December 18, 2015 January 5, 2016 $ 0.3469 February 2, 2016 March 18, 2016 April 7, 2016 $ 0.3516 April 28, 2016 June 17, 2016 July 7, 2016 $ 0.3516 August 25, 2016 September 16, 2016 October 6, 2016 $ 0.3516 November 3, 2016 December 16, 2016 January 5, 2017 $ 0.3516 November 3, 2016 March 17, 2017 April 6, 2017 $ 0.2500 May 2, 2017 June 16, 2017 July 6, 2017 $ 0.2500 August 24, 2017 September 8, 2017 October 5, 2017 $ 0.2500 November 7, 2017 March 16, 2018 April 5, 2018 $ 0.2500 May 2, 2018 June 15, 2018 July 5, 2018 $ 0.2500 August 23, 2018 September 18, 2018 October 5, 2018 $ 0.2500 November 6, 2018 December 14, 2018 January 3, 2019 $ 0.2500 February 5, 2019 March 15, 2019 April 4, 2019 $ 0.2500 May 1, 2019 June 14, 2019 July 5, 2019 $ 0.2500 August 28, 2019 September 26, 2019 October 16, 2019 $ 0.2500 November 6, 2019 December 13, 2019 January 2, 2020 $ 0.2500 February 4, 2020 March 13, 2020 April 2, 2020 $ 0.2500 May 7, 2020 June 19, 2020 July 10, 2020 $ 0.1500 May 7, 2020 * June 19, 2020 July 10, 2020 $ 0.0300 August 26, 2020 September 25, 2020 October 15, 2020 $ 0.1500 August 26, 2020 * September 25, 2020 October 15, 2020 $ 0.0300 November 3, 2020 December 10, 2020 January 4, 2021 $ 0.1500 November 3, 2020 * December 10, 2020 January 4, 2021 $ 0.0300 February 3, 2021 March 12, 2021 April 1, 2021 $ 0.1500 February 3, 2021 * March 12, 2021 April 1, 2021 $ 0.0300 May 6, 2021 June 18, 2021 July 9, 2021 $ 0.1500 August 25, 2021 September 24, 2021 October 14, 2021 $ 0.1500 November 3, 2021 December 10, 2021 January 4, 2022 $ 0.1500 February 3, 2022 March 11, 2022 March 31, 2022 $ 0.1500 May 5, 2022 June 17, 2022 July 8, 2022 $ 0.1500 August 25, 2022 September 23, 2022 October 14, 2022 $ 0.1500 November 11, 2022 December 16, 2022 January 10, 2023 $ 0.1300 November 11, 2022 * December 16, 2022 January 10, 2023 $ 0.0200 February 2, 2023 March 10, 2023 March 30, 2023 $ 0.1300 February 2, 2023 * March 10, 2023 March 30, 2023 $ 0.0200 May 4, 2023 June 16, 2023 July 7, 2023 $ 0.1300 May 4, 2023 * June 16, 2023 July 7, 2023 $ 0.0500 September 14, 2023 October 12, 2023 November 2, 2023 $ 0.1300 September 14, 2023 * October 12, 2023 November 2, 2023 $ 0.0200 November 9, 2023 December 14, 2023 January 8, 2024 $ 0.1200 November 9, 2023 * December 14, 2023 January 8, 2024 $ 0.0300 February 8, 2024 March 15, 2024 April 5, 2024 $ 0.1200 February 8, 2024 * March 15, 2024 April 5, 2024 $ 0.0300 April 12, 2024 May 26, 2024 June 14, 2024 $ 0.1200 April 12, 2024 * May 26, 2024 June 14, 2024 $ 0.0300 # Special distribution * Supplemental distribution The following table reflects for U.S. federal income tax purposes the sources of the cash dividend distributions that the Company has paid on its common stock during the years ended June 30, 2024, June 30, 2023 and June 30, 2022: Year ended June 30, 2024 2023 2022 Distribution Amount Percentage Distribution Amount Percentage Distribution Amount Percentage Ordinary income and short-term capital gains $ 8,637,842 100 % $ 9,065,336 100 % $ 8,630,756 100 % Long-term capital gains Total $ 8,637,842 100 % $ 9,065,336 100 % $ 8,630,756 100 %

Share Transactions

Share Transactions	12 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Share Transactions	Note 11. Share Transactions The following table summarizes the total shares issued and repurchased for the years ended June 30, 2024, June 30, 2023 and June 30, 2022: Year ended June 30, 2024 2023 2022 Shares Amount Shares Amount Shares Amount Balance at beginning of period 14,391,775 $ 205,812,251 14,385,810 $ 205,790,502 13,921,767 $ 202,592,833 Issuance of common shares — — — — 453,985 3,141,576 Reinvestments of stockholder distributions 11,977 40,213 5,965 21,749 10,058 56,093 Balance at end of period 14,403,752 $ 205,852,464 14,391,775 $ 205,812,251 14,385,810 $ 205,790,502

Financial Highlights

Financial Highlights	12 Months Ended
	Jun. 30, 2024
Investment Company, Financial Highlights [Abstract]
Financial Highlights	Note 12. Financial Highlights The following represents the per share data and the ratios to average net assets for the Company: For the Years Ended June 30, 2024 2023 2022 2021 2020 Per Share Data: (1) Net asset value, beginning of year $ 6.09 $ 6.50 $ 6.92 $ 7.79 $ 10.51 Net investment income 0.46 0.65 0.62 0.65 1.03 Net realized and unrealized gains (losses) ( 0.74 ) ( 0.43 ) ( 0.44 ) ( 0.82 ) ( 2.82 ) Net increase (decrease) in net assets resulting from operations ( 0.28 ) 0.22 0.18 ( 0.17 ) ( 1.79 ) Capital transactions (2) Share repurchases — — — — — Dividends from net investment income ( 0.60 ) ( 0.63 ) ( 0.60 ) ( 0.70 ) ( 0.93 ) Distributions from net realized gains — — — — — Net decrease in net assets resulting from capital transactions ( 0.60 ) ( 0.63 ) ( 0.60 ) ( 0.70 ) ( 0.93 ) Offering costs — — — — — Net asset value, end of year $ 5.21 $ 6.09 $ 6.50 $ 6.92 $ 7.79 Market value per share, end of year $ 3.36 $ 3.62 $ 4.24 $ 5.40 $ 3.49 Total return based on market value (3) 10.52 % 1.65 % ( 11.29 ) % 80.93 % ( 43.32 ) % Shares outstanding at end of year 14,403,752 14,391,775 14,385,810 13,921,767 13,885,335 Ratio/Supplemental Data: Net assets, at end of year $ 75,010,209 $ 87,700,308 $ 93,509,392 $ 96,355,849 $ 108,124,995 Ratio of total expenses to average net assets 22.29 % 19.58 % 16.15 % 16.93 % 16.02 % Ratio of net expenses to average net assets 21.83 % 19.15 % 15.67 % 16.58 % 15.56 % Ratio of interest expense and fees and amortization of deferred debt issuance costs to average net assets 11.59 % 10.11 % 7.33 % 6.96 % 7.41 % Ratio of net investment income before fee waiver to average net assets 8.78 % 10.89 % 9.50 % 8.93 % 10.39 % Ratio of net investment income after fee waiver to average net assets 8.32 % 10.46 % 9.02 % 8.58 % 10.86 % Total Borrowings $ 108,000,000 $ 136,900,000 $ 149,000,000 $ $ 167,000,000 $ $ 183,375,000 Asset Coverage Ratio (4) 1.69 1.64 1.63 1.58 1.59 Portfolio Turnover Rate 31 % 22 % 58 % 35 % 33 % (1) All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. (2) The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period. (3) Total returns are historical and are calculated by determining the percentage change in the market value with all dividend distributions, if any, reinvested. Dividends and distributions are assumed to be reinvested at prices obtained under the company’s dividend reinvestment plan. Total investment return does not reflect sales load. (4) Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period . Total return is calculated based on a time-weighted rate of return methodology for the stockholders and is not annualized. Total return is reflected after all investment-related and operating expenses. A stockholder’s return may vary from these returns based on the timing of capital transactions. The ratios to average stockholders’ capital are calculated based on the monthly average stockholders’ capital during the period. The ratios to average stockholders’ capital are calculated based on the monthly average stockholders’ capital during the period. Credit facility related expenses include interest expense and amortization of deferred debt issuance costs.

Other Fee Income

Other Fee Income	12 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Other Fee Income	Note 13. Other Fee Income The other fee income consists of structuring fee income, amendment fee income and royalty income. The following tables summarize the Company’s other fee income for the years ended June 30, 2024, June 30, 2023 and June 30, 2022: Year Ended June 30, 2024 2023 2022 Amendment Fee $ 105,677 $ 80,186 $ 109,266 Prepayment Fee Income 179,485 401,125 525,263 Other Fees 363,497 287,306 234,957 Other Fee Income $ 648,659 $ 768,617 $ 869,486

Tax Information

Tax Information	12 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Tax Information	Note 14. Tax Information As of June 30, 2024, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows: Tax cost $ 204,297,727 Gross unrealized appreciation 9,137,901 Gross unrealized depreciation ( 28,865,596 ) Net unrealized investment depreciation $ ( 19,727,695 ) As of June 30, 2023, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows: Tax cost $ 243,126,654 Gross unrealized appreciation 7,371,220 Gross unrealized depreciation ( 30,386,545 ) Net unrealized investment depreciation $ ( 23,015,325 )

Subsequent Events

Subsequent Events	12 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
Subsequent Events	Note 15. Subsequen t Events The Company has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the consolidated financial statements were issued. Subsequent to June 30, 2024 and through September 25, 2024, the Company invested a total of $ 12.9 million, which included investments in three new portfolio companies and two existing portfolio companies. As of September 25, 2024, the Company had investments in 44 portfolio companies . On September 18 , 2024 , the Company’s board of directors declared a distribution for the quarter ended September 30, 2024 of $ 0.12 per share payable on November 6, 2024 to stockholders of record as of October 16, 2024 .

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	a. Basis of Presentation The accompanying consolidated financial statements are prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and all values are stated in U.S. dollars, unless noted otherwise. The financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair presentation of the results for the periods included herein as required by U.S. GAAP. These adjustments are normal and recurring in nature. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments and other amounts reported in the consolidated financial statements and accompanying notes. Management believes that the estimates utilized in preparing the Company’s consolidated financial statements are reasonable and prudent. Actual results could differ materially from these estimates. All material inter-company balances and transactions have been eliminated. As permitted under Regulation S-X and ASC Topic 946, the Company will generally not consolidate its investment in a portfolio company other than an investment company subsidiary or a controlled operating company whose business consists of providing services to the Company. Accordingly, the Company consolidated the results of the Company’s wholly-owned subsidiaries, CM Finance SPV Ltd. (“SPV”), CM Finance SPV LLC (“LLC”) and Investcorp Credit Management BDC SPV LLC (“SPV LLC”), which are special purpose vehicles used to finance certain investments in its consolidated financial statements. The effects of all material intercompany balances and transactions have been eliminated in consolidation. The Company reclassified prior period affiliate and other information in the accompanying consolidated balance sheet and income statements to conform to its current period presentation. These reclassifications had no effect on the Company’s consolidated financial position or the consolidated results of operations as previously reported.
Revenue Recognition, Security Transactions, and Realized/Unrealized Gains or Losses	b. Revenue Recognition, Security Transactions, and Realized/Unrealized Gains or Losses Interest income, adjusted for amortization of premium and accretion of discount, is recorded on an accrual basis. Origination, closing, commitment, and amendment fees, and purchase and original issue discounts (“OID”) associated with loans to portfolio companies are accreted into interest income over the respective terms of the applicable loans. Accretion of discounts or premiums is calculated by the effective interest or straight-line method, as applicable, as of the purchase date and adjusted only for material amendments or prepayments. Upon the prepayment of a loan or debt security, any prepayment penalties are included in other fee income and unamortized fees and discounts are recorded as interest income and are non-recurring in nature. During the years ended June 30, 2024, June 30, 2023 and June 30, 2022, $ 1,002,168 , $ 491,359 and $ 1,256,008 of prepayment penalties and unamortized discounts upon prepayment were recorded as interest income, respectively. Structuring fees and similar fees are recognized as income as earned, usually when received. Structuring fees, excess deal deposits, net profits interests and overriding royalty interests are included in other fee income. Management reviews all loans that become 90 days or more past due on principal or interest or when there is reasonable doubt that principal or interest will be collected for possible placement on non-accrual status. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. However, capitalized PIK interest will not be reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current, although management may make exceptions to this general rule if the loan has sufficient collateral value and is in the process of collection. As of June 30, 2024 , the Company had four loans on non-accrual status comprised of American Nuts Holdings, LLC - Term B, American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, CareerBuilder, LLC and Klein Hersh, LLC which collectively represented 5.00 % of the Company’s portfolio at fair value. As of June 30, 2023 , the Company had six loans on non-accrual status, 1888 Industrial Services, LLC – Term A, Term C and Revolver, American Nuts Holdings, LLC - Term A and Term B, and American Teleconferencing Services, Ltd. (d/b/a Premiere Global Services, Inc.) Revolver, which collectively represented 4.08 % of the Company’s portfolio at fair value. Dividend income is recorded on the ex-dividend date. Investment transactions are accounted for on a trade-date basis. Realized gains or losses on investments are determined by calculating the difference between the net proceeds from the disposition and the amortized cost basis of the investments, without regard to unrealized gains or losses previously recognized. Realized gains or losses on the sale of investments are calculated using the specific identification method. The Company reports changes in fair value of investments as a component of the net change in unrealized appreciation (depreciation) on investments in the Consolidated Statements of Operations. The Company holds debt investments in its portfolio that contain a payment-in-kind (“PIK”) interest provision. PIK interest, which represents contractually deferred interest added to the investment balance that is generally due at maturity, is recorded on an accrual basis to the extent that such amounts are expected to be collected. PIK interest is not accrued if the Company does not expect the issuer to be able to pay all principal and interest when due. The Company earned PIK interest of $ 2,106,424 , $ 1,320,239 and $ 311,190 during the years ended June 30, 2024, June 30, 2023 and June 30, 2022, respectively. The Company may hold equity investments in its portfolio that contain a PIK dividend provision. PIK dividends, which represent contractual dividend payments added to the investment balance, are recorded on an accrual basis to the extent that such amounts are expected to be collected. The Company earned PIK dividends of $ 784,854 , $ 691,972 and $ 282,952 dur ing the years ended June 30, 2024, June 30, 2023 and June 30, 2022 , respectively.
Paid In Capital	c. Paid In Capital The Company records the proceeds from the sale of its common stock to common stock and additional paid-in capital, net of commissions and marketing support fees.
Net Increase (Decrease) in Net Assets Resulting from Operations per Share	d. Net Increase (Decrease) in Net Assets Resulting from Operations per Share The net increase (decrease) in net assets resulting from operations per share is calculated based upon the weighted average number of shares of common stock outstanding during the reporting period.
Distributions	e. Distributions Dividends and distributions to common stockholders are recorded on the ex-dividend date. The amount to be paid out as a dividend or distribution is determined by the Company’s board of directors each quarter and is generally based upon the earnings estimated by management. Net realized capital gains, if any, are generally distributed annually, although the Company may decide to retain such capital gains for investment. The Company has adopted a dividend reinvestment plan that provides for reinvestment of any distributions the Company declares in cash on behalf of the Company’s stockholders, unless a stockholder elects to receive cash. As a result, if the Company’s board of directors authorizes, and the Company declares, a cash distribution, then the Company’s stockholders who have not “opted out” of the Company’s dividend reinvestment plan will have their cash distributions automatically reinvested in additional shares of the Company’s common stock, rather than receiving the cash distribution.
Cash and Restricted Cash	f. Cash and Restricted Cash Cash and restricted cash consist of bank demand deposits. The Company deposits its cash in financial institutions, and, at times, such balance may be in excess of the Federal Deposit Insurance Corporation insurance limits. All of the Company’s cash deposits are held at large established high credit quality financial institutions and management believes that the risk of loss associated with any uninsured balances is remote. The Company has restrictions on the uses of the cash held by SPV, LLC and SPV LLC based on the terms of the relevant financing arrangement. For more information on the Company’s financing arrangements and borrowings, see Note 5.
Due from the Sale of 1888 Industrial Services, LLC	g. Due from the Sale of 1888 Industrial Services, LLC During the year ended June 30, 2024 , the Company completed the sale of its investments in 1888 Industrial Services, LLC resulting in $ 2.5 million in proceeds of which a portion is Long-term receivable in the amount of $ 631,667 and a portion is an Escrow receivable in the amount of $ 97,173 on the Consolidated Statements of Assets and Liabilities. The escrow is held as recourse for indemnity claims that may arise under the sale agreement. As of June 30, 2024 , the Long-term receivable and the Escrow receivable are recorded at estimated fair value using Level 3 inputs. For the Escrow receivable, fair value is determined using a discounted cash flow analysis with the unobservable inputs being a probability of collection ( 50 %) and a discount rate ( 8.6 %). For the Long-term receivable, fair value is determined using a discounted cash flow analysis with the unobservable input being a discount rate ( 8.6 %).
Deferred Offering Costs	h. Deferred Offering Costs Deferred offering costs consist of fees and expenses incurred in connection with the offer and sale of the Company’s common stock and bonds, including legal, accounting, printing fees and other related expenses, as well as costs incurred in connection with the filing of a shelf registration statement. These costs are capitalized when incurred and recognized as a reduction of offering proceeds when the offering is completed.
Investment Transactions and Expenses	i. Investment Transactions and Expenses Purchases of loans, including revolving credit agreements, are recorded on a fully committed basis until the funded and unfunded portions are known or estimable, which in many cases may not be until settlement. Expenses are accrued as incurred. Deferred debt issuance costs and deferred financing costs, incurred in connection with the Company’s financing arrangements and borrowings, are amortized using the straight-line method which approximates the effective interest method over the life of the debt.
Investment Valuation	j. Investment Valuation The Company applies fair value accounting to all of its financial instruments in accordance with the 1940 Act and ASC Topic 820 — Fair Value Measurements and Disclosures (“ASC 820”). ASC 820 defines fair value, establishes a framework used to measure fair value and requires disclosures for fair value measurements. In accordance with ASC 820, the Company has categorized its investments and financial instruments carried at fair value, based on the priority of the valuation technique, into a three-level fair value hierarchy as discussed in Note 4. Fair value is a market-based measure considered from the perspective of the market participant who holds the financial instrument rather than an entity specific measure. Therefore, when market assumptions are not readily available, the Company’s own assumptions are set to reflect those that management believes market participants would use in pricing the financial instrument at the measurement date. Fair value is defined as the price that would be received upon a sale of an asset in an orderly transaction between market participants at the measurement date. Market participants are buyers and sellers in the principal (or most advantageous) market for the asset that (a) are independent of us, (b) are knowledgeable, having a reasonable understanding about the asset based on all available information (including information that might be obtained through due diligence efforts that are usual and customary), (c) are able to transact for the asset, and (d) are willing to transact for the asset or liability (that is, they are motivated but not forced or otherwise compelled to do so). Securities that are traded on securities exchanges (including such securities traded in the after-hours market) are valued on the basis of the closing price on the valuation date (if such prices are available). Securities that are traded on more than one securities exchange are valued at the closing price on the primary securities exchange on which such securities are traded on the valuation date (or if reported on the consolidated tape, then their last sales price on the consolidated tape). Listed options for which the last sales price falls between the last “bid” and “ask” prices for such options are valued at their last sales price on the date of the valuation on the primary securities exchange on which such options are traded. Options for which the last sales price on the valuation date does not fall between the last “bid” and “ask” prices are valued at the average of the last “bid” and “ask” prices for such options on that date. To the extent these securities are actively traded, and valuation adjustments are not applied, they are categorized in Level 1 of the fair value hierarchy. The Company held no Level 1 investments as of June 30, 2024 or June 30, 2023. Investments that are not traded on securities exchanges but are traded on the over-the-counter (“OTC”) markets (such as term loans, notes and warrants) are valued using various techniques, which may consider recently executed transactions in securities of the issuer or comparable issuers, market price quotations (when observable) and fundamental data relating to the issuer. These investments are categorized in Level 2 of the fair value hierarchy, or in instances when lower relative weight is placed on transaction prices, quotations, or similar observable inputs, they are categorized in Level 3. Investments for which market quotations are not readily available or may be considered unreliable are fair valued, in good faith, using a method determined to be appropriate in the given circumstances. The valuation methods used include the Cost Approach, the Market Approach and the Income Approach. Inputs used in these approaches may include, but are not limited to, interest rate yield curves, credit spreads, recovery rates, comparable company transactions, trading multiples, and volatilities. The valuation method of the Company may change as changes in the underlying company dictates, such as moving from the Cost Approach to Market Approach when underlying conditions change at the company. Because of the inherent uncertainty of valuation in these circumstances, the fair values for the aforementioned investments may differ significantly from values that would have been used had a ready and liquid market for such investments existed or from the amounts that might ultimately be realized, and such differences could be material. The Adviser seeks to ensure that the Company’s valuation policies and procedures, as approved by the Company’s board of directors, are consistently applied across all investments of the Company. The valuations are continuously monitored and the valuation process for Level 3 investments is completed on a quarterly basis and is designed to subject the valuation of Level 3 investments to an appropriate level of consistency, oversight and review. The valuation process begins with each portfolio company or investment being initially valued by the investment professionals of the Adviser responsible for the portfolio investment. These investment professionals prepare the preliminary valuations based on their evaluation of financial and operating data, company specific developments, market valuations of comparable securities from the same company or that of comparable companies as well as any other relevant factors including recent purchases and sales that may have occurred preceding month-end. Valuation models are typically calibrated upon initial funding and are re-calibrated as necessary upon subsequent material events (including, but not limited to additional financing activity, changes in comparable companies, and recent trades). The preliminary valuation conclusions are then documented and discussed with senior management of the Adviser. On a periodic basis and at least once annually, independent valuation firm(s) engaged by the Company conduct independent appraisals and review the Adviser’s preliminary valuations and make their own independent assessment. The Valuation Committee of the Company’s board of directors then reviews the preliminary valuations of the Adviser and that of the independent valuation firms. The Valuation Committee discusses the valuations and makes a recommendation to the Company’s board of directors regarding the fair value of each investment in good faith based on the input of the Adviser and the independent valuation firm(s). Upon recommendation by the Valuation Committee and a review of the valuation materials of the Adviser and the third-party independent valuation firm(s), the board of directors of the Company determines, in good faith, the fair value of each investment. For more information on the classification of the Company’s investments by major categories, see Note 4. The fair value of the Company’s assets and liabilities that qualify as financial instruments under U.S. GAAP approximates the carrying amounts presented in the Consolidated Statements of Assets and Liabilities.
Income Taxes	k. Income Taxes The Company has elected to be treated, for U.S. federal income tax purposes, as a RIC under Subchapter M of the Code. To qualify and maintain qualification as a RIC, the Company must, among other things, meet certain source of income and asset diversification requirements and distribute to stockholders, for each taxable year, at least 90 % of the Company’s “investment company taxable income’’ which is generally the Company’s net ordinary income plus the excess, if any, of realized net short-term capital gains over realized net long-term capital losses. If the Company continues to qualify as a RIC and continues to satisfy the annual distribution requirement, the Company will not have to pay corporate-level U.S. federal income taxes on any income that the Company distributes to its stockholders. The Company intends to make distributions in an amount sufficient to maintain RIC status each year and to avoid any federal income taxes on income. The Company will also be subject to nondeductible U.S. federal excise taxes if the Company does not distribute to its stockholders at least 98 % of net ordinary income, 98.2 % of capital gains, if any, and any recognized and undistributed income from prior years for which it paid no U.S. federal income taxes. The Company incurred excise tax expenses of $ 264,386 , $ 294,330 , and $ 264,756 for the years ended December 31, 2023, 2022 and 2021, respectively (included in the provision for tax expenses on the consolidated statement of operations). Book and tax basis differences that are permanent differences are reclassified among the Company’s capital accounts, as appropriate at year-end. Additionally, the tax character of distributions is determined in accordance with the Code, which differs from U.S. GAAP. During the years ended June 30, 2024, 2023 and 2022, the Company recorded distributions of $ 8.6 million , $ 9.1 million and $ 8.6 million, respectively. For certain years, the tax character of a portion of distributions may be return of capital. U.S. GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet a more-likely-than-not threshold would be recorded as a tax expense in the current year. The Company’s policy is to recognize accrued interest and penalties associated with uncertain tax positions as part of the tax provision. The Company has analyzed such tax positions and has concluded that no unrecognized tax benefits should be recorded for uncertain tax positions. The tax years ended June 30, 2021 through the present remain subject to examination by taxing authorities. This conclusion may be subject to review and adjustment at a later date based on factors, including but not limited to, ongoing analysis and changes to laws, regulations, and interpretations thereof. Permanent differences between investment company taxable income and net investment income for financial reporting purposes are reclassified among capital accounts in the financial statements to reflect their tax character. Differences in classification may also result from the treatment of short-term gains as ordinary income for U.S. federal income tax purposes. During the years ended June 30, 2024, June 30, 2023 and June 30, 2022, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of Taxable Subsidiary partnership investments and nondeductible taxes paid as follows: 2024 2023 2022 Additional paid-in capital $ ( 264,652 ) $ ( 284,155 ) $ ( 264,971 ) Distributable earnings 264,652 284,155 264,971 The tax character of all distributions paid by the Company during the years ended June 30, 2024, June 30, 2023 and June 30, 2022 were ordinary income. At June 30, 2024, June 30, 2023 and June 30, 2022, the components of distributable earnings/(loss) on a tax basis are as follows: 2024 2023 2022 Undistributed net investment income $ 7,476,383 $ 11,648,379 $ 9,342,951 Accumulated capital gains (losses) and other ( 14,786,107 ) ( 27,970,779 ) ( 15,703,257 ) Capital loss carryover ( 101,070,039 ) ( 73,713,555 ) ( 57,692,925 ) Unrealized appreciation (depreciation) ( 19,727,695 ) ( 23,015,323 ) ( 43,884,017 ) Distributions payable — ( 2,590,520 ) ( 2,157,872 ) Distributable earnings (loss) $ ( 128,107,458 ) $ ( 115,641,798 ) $ ( 110,095,120 ) For U.S. federal income tax purposes, net realized capital losses may be carried over to offset future capital gains, if any. These capital losses can be carried forward for an indefinite period and will retain their character as either short-term or long-term capital losses. As of June 30, 2024, the Company had a net short-term capital loss carryforward of $ 2,016,805 and a net long-term capital loss carryforward of $ 99,053,234 available to be carried forward for an indefinite period . A RIC may elect to defer any capital losses incurred after October 31 of a taxable year (“post-October”) to the beginning of the following fiscal year. As of June 30, 2024, the Company had a post-October short-term capital loss deferral of $ 264,276 and a post-October long-term capital loss deferral of $ 14,467,636 . These losses are deemed to arise on July 1, 2024 .
Capital Gains Incentive Fee	l. Incentive Fee Under the Advisory Agreement, the Company has agreed to pay the Adviser a fee for investment advisory and management services consisting of two components: a base management fee (the “Base Management Fee”) and an incentive fee (the “Incentive Fee”). The Incentive Fee has two components: one based on the Company’s pre-Incentive Fee net investment income (the “Income-Based Fee”) and one based on capital gains (the “Capital Gains Fee”). Under the Advisory Agreement, the Income-Based Fee is calculated and payable quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding fiscal quarter, subject to a total return requirement (the “Total Return Requirement”) and deferral of non-cash amounts, and is 20.0% of the amount, if any, by which the Company’s Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets attributable to its common stock, for the immediately preceding fiscal quarter, exceeds a 2.0% (which is 8.0% annualized) hurdle rate and a “catch-up” provision measured as of the end of each fiscal quarter. Under this provision, in any fiscal quarter, the Adviser receives no Incentive Fee until the Company’s Pre-Incentive Fee Net Investment Income equals the hurdle rate of 2.0%, but then receives, as a “catch-up,” 100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% (which is 10.0% annualized). The effect of the “catch-up” provision is that, subject to the Total Return Requirement and deferral provisions discussed below, if Pre-Incentive Fee Net Investment Income exceeds 2.5% in any fiscal quarter, the Adviser receives 20.0% of our Pre-Incentive Fee Net Investment Income as if a hurdle rate did not apply. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence, managerial assistance and consulting fees or other fees that we receive from portfolio companies) accrued during the fiscal quarter, minus the Company’s operating expenses for the quarter (including the Base Management Fee, expenses payable under the Administration Agreement and any interest expense and any distributions paid on any issued and outstanding preferred stock, but excluding the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount (“OID”), debt instruments with payment-in-kind (“PIK”) interest and zero coupon securities), accrued income that we have not yet received in cash. Pre-Incentive Fee Net Investment Income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. No Income-Based Fee is payable under the Advisory Agreement except to the extent 20.0% of the cumulative net increase in net assets resulting from operations over the fiscal quarter for which fees are being calculated and the Lookback Period (as defined below) exceeds the cumulative Incentive Fees accrued and/or paid for the Lookback Period. The “cumulative net increase in net assets resulting from operations” is the amount, if positive, of the sum of Pre-Incentive Fee Net Investment Income, realized gains and losses and unrealized appreciation and depreciation of the Company for the then current fiscal quarter and the Lookback Period. The “Lookback Period” means (1) through June 30, 2024, the period that commences on the last day of the fiscal quarter in which the Advisory Agreement became effective and ends on the last day of the fiscal quarter immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated, and (2) after June 30, 2024, the eleven fiscal quarters immediately preceding the fiscal quarter for which the Income-Based Fee is being calculated. For the year ended June 30, 2024, the Company wrote off $ 72,942 in previously deferred Income-Based Fees and incurred no Income-Based Fees. As of June 30, 2024, $ 128,876 in incentive fees related to Income-Based Fees incurred by the Company were payable to the Adviser, of which fees of $ 16,929 are payable and fees of $ 111,947 generated from deferred interest (i.e. PIK and certain discount accretion) are not payable until such amounts are received in cash. For the year ended June 30, 2023, the Company incurred $ 401,597 of Income-Based Fees. As of June 30, 2023, $ 201,817 in incentive fees related to Income-Based Fees incurred by the Company are currently payable to the Adviser and $ 201,817 in incentive fees related to Income-Based Fees incurred by the Company were generated from deferred interest (i.e. PIK and certain discount accretion) and are not payable until such amounts are received in cash . For the year ended June 30, 2022, the Company wrote off $ 348,670 in previously deferred Income-Based incentive fees and incurred no incentive fees related to Pre-Incentive Fee Net Investment Income, of which none was waived. As of June 30, 2022, $ 182,095 in incentive fees related to Income-Based Fees incurred by the Company were generated from deferred interest (i.e., PIK and certain discount accretion) and are not payable until such amounts are received in cash. Any voluntary waivers of the incentive fee in no way implies that the Adviser will agree to waive any incentive fee in any future period. Any portion of the incentive fees waived are not subject to recapture. Under the Advisory Agreement, the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), commencing with the fiscal year ended June 30, 2021, and is equal to 20.0% of the Company’s cumulative aggregate realized capital gains from the Commencement Date through the end of that fiscal year, computed net of the Company’s aggregate cumulative realized capital losses and the Company’s aggregate cumulative unrealized capital depreciation through the end of such year, less the aggregate amount of any previously paid Capital Gains Fees. If such amount is negative, then no Capital Gains Fee will be payable for such year. Additionally, if the Advisory Agreement is terminated as of a date that is not a fiscal year end, the termination date will be treated as though it were a fiscal year end for purposes of calculating and paying the Capital Gains Fee. As required by U.S. GAAP, we accrue the Capital Gains Fee on unrealized gains. This accrual reflects the Incentive Fees that would be payable to the Adviser if our entire investment portfolio was liquidated at its fair value as of the balance sheet date even though the Adviser is not entitled to an Incentive Fee with respect to unrealized gains unless and until such gains are actually realized. There can be no assurance that such unrealized capital appreciation will be realized in the future. Accordingly, the amount of the accrued Capital Gains Fee at a reporting date may vary from the Capital Gains Fee that is ultimately realized, and the differences could be material. As of June 30, 2024, June 30, 2023 and June 30, 2022 , there was no Capital Gains Fee accrued, earned or payable to the Adviser under the Advisory Agreement.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Schedule of Reclassified for Book Purposes Amounts Arising from Permanent Book or Tax Differences Related to the Different Tax Treatment of Paydown Gains and Losses	During the years ended June 30, 2024, June 30, 2023 and June 30, 2022, the Company reclassified for book purposes amounts arising from permanent book/tax differences related to the different tax treatment of Taxable Subsidiary partnership investments and nondeductible taxes paid as follows: 2024 2023 2022 Additional paid-in capital $ ( 264,652 ) $ ( 284,155 ) $ ( 264,971 ) Distributable earnings 264,652 284,155 264,971
Schedule of Distributable Earnings on Tax Basis	At June 30, 2024, June 30, 2023 and June 30, 2022, the components of distributable earnings/(loss) on a tax basis are as follows: 2024 2023 2022 Undistributed net investment income $ 7,476,383 $ 11,648,379 $ 9,342,951 Accumulated capital gains (losses) and other ( 14,786,107 ) ( 27,970,779 ) ( 15,703,257 ) Capital loss carryover ( 101,070,039 ) ( 73,713,555 ) ( 57,692,925 ) Unrealized appreciation (depreciation) ( 19,727,695 ) ( 23,015,323 ) ( 43,884,017 ) Distributions payable — ( 2,590,520 ) ( 2,157,872 ) Distributable earnings (loss) $ ( 128,107,458 ) $ ( 115,641,798 ) $ ( 110,095,120 )

Investments (Tables)

Investments (Tables)	12 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Schedule of Investment Purchases Sales And Principal Payments	Investment purchases, sales and principal payments/paydowns are summarized below for the years ended June 30, 2024, June 30, 2023 and June 30, 2022, respectively. These purchase and sale amounts exclude derivative instruments as well as non-cash restructurings. Year ended June 30, 2024 2023 2022 Investment purchases, at cost (including PIK interest) $ 65,395,203 $ 53,237,881 $ 145,380,662 Investment sales and repayments 92,303,435 61,928,745 153,877,788
Schedule of Investments	The composition of the Company’s investments as of June 30, 2024, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows: Investment Type Investments at Percentage of Investments at Percentage of Senior Secured First Lien Debt Investments $ 166,099,349 81.23 % $ 156,927,316 85.02 % Equity, Warrants and Other Investments 38,369,691 18.77 27,642,214 14.98 Total $ 204,469,040 100.00 % $ 184,569,530 100.00 % The composition of the Company’s investments as of June 30, 2023, by investment type, as a percentage of the total portfolio, at amortized cost and fair value, are as follows: Investment Type Investments at Percentage of Investments at Percentage of Senior Secured First Lien Debt Investments $ 214,100,857 88.00 % $ 196,370,955 89.21 % Equity, Warrants and Other Investments 29,197,959 12.00 23,740,374 10.79 Total $ 243,298,816 100.00 % $ 220,111,329 100.00 %
Schedule of Portfolio Composition by Industry Grouping at Fair Value	The Company uses Global Industry Classification Standard (“GICS”) codes to identify the industry groupings in its portfolio. The following table shows the portfolio composition by industry grouping at fair value at June 30, 2024: Industry Classification Investments at Percentage of Commercial Services & Supplies $ 24,919,271 13.50 % Professional Services 20,702,433 11.22 Trading Companies & Distributors 16,814,468 9.11 Containers & Packaging 13,534,625 7.34 Food Products 8,842,781 4.79 Entertainment 8,811,199 4.77 IT Services 8,681,364 4.70 Household Durables 7,625,716 4.13 Insurance 7,406,155 4.01 Chemicals 7,206,650 3.90 Diversified Consumer Services 7,194,708 3.90 Specialty Retail 6,665,397 3.61 Automotive Retail 5,678,135 3.08 Health Care Providers & Services 5,400,000 2.93 Consumer Staples Distribution & Retail 5,341,899 2.89 Software 5,044,158 2.73 Consumer Services 4,923,445 2.67 Paper Packaging 4,914,784 2.66 Construction & Engineering 3,662,626 1.99 Human Resources & Employment Services 2,985,000 1.62 Hotels, Restaurants & Leisure 2,947,612 1.60 Electronic Equipment, Instruments & Components 2,645,950 1.43 Automobile Components 2,621,154 1.42 Total $ 184,569,530 100.00 % The following table shows the portfolio composition by industry grouping at fair value at June 30, 2023: Industry Classification Investments at Percentage of Trading Companies & Distributors $ 35,176,879 15.98 % Professional Services 28,238,167 12.83 IT Services 23,576,450 10.71 Commercial Services & Supplies 14,329,460 6.51 Software 13,772,487 6.26 Containers & Packaging 12,958,772 5.89 Machinery 9,602,806 4.36 Internet & Direct Marketing Retail 8,969,729 4.08 Entertainment 7,640,000 3.47 Household Durables 7,610,242 3.46 Chemicals 7,568,617 3.44 Diversified Consumer Services 7,268,500 3.30 Automobile Components 7,261,275 3.30 Hotels, Restaurants, and Leisure 6,283,541 2.85 Consumer Staples Distribution & Retail 6,061,396 2.75 Specialty Retail 5,148,000 2.34 Building Products 4,511,719 2.05 Food Products 4,288,750 1.95 Automotive Retail 3,878,905 1.76 Electronic Equipment, Instruments & Components 3,265,598 1.48 Energy Equipment & Services 2,700,036 1.23 Total $ 220,111,329 100.00 %
Schedule of Portfolio Composition by Geographic Grouping at Fair Value	The following table shows the portfolio composition by geographic grouping at fair value at June 30, 2024: Geographic Region Investments at Percentage of U.S. Northeast $ 58,910,596 31.92 % U.S. West 56,404,520 30.56 U.S. Southeast 31,435,714 17.03 U.S. Midwest 24,434,485 13.24 U.S. Mid-Atlantic 6,717,548 3.64 U.S. Southwest 3,416,612 1.85 International 3,250,055 1.76 Total $ 184,569,530 100.00 % The following table shows the portfolio composition by geographic grouping at fair value at June 30, 2023: Geographic Region Investments at Percentage of U.S. Northeast $ 94,658,227 43.00 % U.S. West 44,911,266 20.40 U.S. Midwest 26,602,440 12.09 U.S. Southeast 20,803,349 9.45 U.S. Mid-Atlantic 17,721,607 8.05 U.S. Southwest 10,367,607 4.71 International 5,046,833 2.30 Total $ 220,111,329 100.00 %
Schedule of Fair Value Measurements of Assets	The following table summarizes the classifications within the fair value hierarchy of the Company’s assets and liabilities measured at fair value as of June 30, 2024: Level 1 Level 2 Level 3 Total Assets Investments Senior Secured First Lien Debt Investments $ — $ — $ 156,927,316 $ 156,927,316 Equity, Warrants and Other Investments — — 27,642,214 27,642,214 Total Investments $ — $ — $ 184,569,530 $ 184,569,530 The following table summarizes the classifications within the fair value hierarchy of the Company’s assets and liabilities measured at fair value as of June 30, 2023: Level 1 Level 2 Level 3 Total Assets Investments Senior Secured First Lien Debt Investments $ — $ — $ 196,370,955 $ 196,370,955 Equity, Warrants and Other Investments — — 23,740,374 23,740,374 Total Investments $ — $ — $ 220,111,329 $ 220,111,329
Schedule of Reconciliation of Investments Measured at Fair Value on a Recurring Basis Using Level 3 Inputs	The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended June 30, 2024: Senior Secured Senior Secured Unsecured Equity, Warrants Total Fair value at June 30, 2023 $ 196,370,955 $ — $ — $ 23,740,374 $ 220,111,329 Purchases (including PIK interest) 60,523,383 — — 4,871,820 65,395,203 Sales and repayments ( 92,303,435 ) — — — ( 92,303,435 ) Amortization 2,049,993 — — — 2,049,993 Net realized gains (losses) ( 13,909,425 ) — — ( 62,112 ) ( 13,971,537 ) Transfers in — — — 4,362,023 4,362,023 Transfers out ( 4,362,023 ) — — — ( 4,362,023 ) Net change in unrealized appreciation (depreciation) 8,557,868 — — ( 5,269,891 ) 3,287,977 Fair value at June 30, 2024 $ 156,927,316 $ — $ — $ 27,642,214 $ 184,569,530 Change in unrealized appreciation (depreciation) relating to assets still held as of June 30, 2024 $ ( 69,131 ) $ — $ — $ ( 5,332,004 ) $ ( 5,401,135 ) The following table provides a reconciliation of the beginning and ending balances for investments that use Level 3 inputs for the year ended June 30, 2023: Senior Secured Senior Secured Unsecured Equity, Warrants Total Fair value at June 30, 2022 $ 214,858,036 $ — $ — $ 18,825,950 $ 233,683,986 Purchases (including PIK interest) 51,824,515 — — 1,413,366 53,237,881 Sales and repayments ( 61,928,745 ) — — — ( 61,928,745 ) Amortization 1,311,770 — — — 1,311,770 Net realized gains (losses) ( 9,515,487 ) ( 17,374,608 ) — — ( 26,890,095 ) Transfers in — — — 1,708,942 1,708,942 Transfers out ( 1,708,942 ) — — — ( 1,708,942 ) Net change in unrealized (depreciation) appreciation 1,529,808 17,374,608 — 1,792,116 20,696,532 Fair value at June 30, 2023 $ 196,370,955 $ — $ — $ 23,740,374 $ 220,111,329 Change in unrealized appreciation (depreciation) relating to assets still held as of June 30, 2023 $ ( 7,507,021 ) $ — $ — $ 1,377,567 $ ( 6,129,454 )
Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs	The below tables are not intended to be all-inclusive, but rather provide information on the significant unobservable inputs as they relate to the Company’s determination of fair values. Fair Value as of June 30, 2024 Valuation Unobservable Weighted Range Senior Secured First Lien Debt Investments $ 118,225,491 Income Approach Market Yields 13.8 % 10.3 %- 22.8 % Senior Secured First Lien Debt Investments 10,365,103 Market Comparable Approach EBITDA Multiple 9.3 x 4.5 x- 13.3 x Senior Secured First Lien Debt Investments — Market Comparable Approach Revenue Multiple N/A N/A Senior Secured First Lien Debt Investments 15,863,655 Recent Transaction Recent Transaction N/A N/A Senior Secured First Lien Debt Investments 12,473,067 Recovery Analysis Recovery Amount* N/A N/A Equity, Warrants, and Other Investments 6,126,488 Income Approach Market Yields 16.5 % 16.5 % Equity, Warrants, and Other Investments 21,515,726 Market Comparable Approach EBITDA multiple 10.3 x 4.5 x- 18.2 x Equity, Warrants, and Other Investments — Recent Transaction Recent Transaction N/A N/A * Recovery amounts involve various unobservable inputs including probabilities of different recovery scenarios, valuation multiples under such scenarios, and the timing to realize the associated recovery values. Fair Value as of Valuation Unobservable Weighted Range Senior Secured First Lien Debt Investments $ 161,776,983 Income Approach Market Yields 13.3 % 10.1 % - 18.0 % Senior Secured First Lien Debt Investments 13,895,260 Market Comparable Approach EBITDA Multiple 17.3 x 5.7 x – 21.2 x Senior Secured First Lien Debt Investments 5,272,355 Market Comparable Approach Revenue Multiple 0.3 x 0.30 x – 0.38 x Senior Secured First Lien Debt Investments 15,209,280 Recent Transaction Recent Transaction N/A N/A Senior Secured First Lien Debt Investments 217,077 Recovery Analysis Recovery Amount N/A N/A Equity, Warrants and Other Investments 4,824,752 Income Approach Market Yields 18.0 % 18.0 % Equity, Warrants and Other Investments 18,915,622 Market Comparable Approach EBITDA multiple 8.7 x 5.7 x – 24.2 x Equity, Warrants and Other Investments — Market Comparable Approach Revenue Multiple 0.3 x 0.3 x

Borrowings (Tables)

Borrowings (Tables)	12 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of maturities of long-term debt	Long-Term Debt Maturities Set forth below is the aggregate principal amount of our long-term debt as of June 30, 2024 (excluding unamortized premiums, net, unamortized debt issuance costs and note payable) maturing during the following years: 2024 $ — 2025 — 2026 108,000,000 Total long-term debt $ 108,000,000

Indemnification, Guarantees, _2

Indemnification, Guarantees, Commitments and Contingencies (Tables)	12 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Summary of Quarterly Distributions By Board Of Directors	The Company’s Board of Directors declared the following quarterly distributions during the fiscal year: Declared Ex-Date Record Date Pay Date Amount Fiscal Quarter September 14, 2023 October 11, 2023 October 12, 2023 November 2, 2023 $ 0.1500 1st 2024 November 9, 2023 December 13, 2023 December 14, 2023 January 8, 2024 $ 0.1500 2nd 2024 February 8, 2024 March 14, 2024 March 15, 2024 April 5, 2024 $ 0.1500 3rd 2024 April 12, 2024 May 25, 2024 May 26, 2024 June 14, 2024 $ 0.1500 4th 2024
Summary of Unfunded Commitment	The following table details the Company’s unfunded commitments as of June 30, 2024: Investments Unfunded Fair Annual Expiration Arborworks Acquisition LLC – Revolver (New) 230,547 — — 11/6/28 Flatworld Intermediate Corporation – Revolver 567,568 — 0.50 % 10/1/27 South Coast Terminals LLC – Revolver 967,742 — 0.50 % 12/10/26 Total Unfunded Commitments $ 1,765,857 $ — The following table details the Company’s unfunded commitments as of June 30, 2023: Investments Unfunded Fair Annual Expiration 1888 Industrial Services, LLC – Revolver $ 186,990 $ — 0.50 % 8/31/24 Amerequip, LLC – Revolver 967,742 — 0.50 % 8/31/27 Arborworks Acquisition LLC – Revolver 554,947 — 0.50 % 11/9/26 Archer Systems, LLC – Revolver 603,175 — 0.50 % 8/11/27 Evergreen North America Acquisitions, LLC – Revolver 276,064 — 0.50 % 8/13/26 Flatworld Intermediate Corporation – Revolver 567,567 — 0.50 % 10/1/27 NWN Parent Holdings LLC – Revolver 800,000 — 0.50 % 5/7/26 South Coast Terminals LLC – Revolver 967,742 — 0.50 % 12/10/26 Xenon Arc, Inc. – Revolver 746,667 — 0.50 % 12/17/26 Total Unfunded Commitments $ 5,670,894 $ —

Agreements and Related Party _2

Agreements and Related Party Transactions (Tables)	12 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Summary of Related Party Transactions under the Advisory and Administration Agreements	The following table provides a summary of related party transactions under the Advisory and Administration Agreements with the Adviser for the years ended June 30, 2024, June 30, 2023 and June 30, 2022: For the year ended 2024 2023 2022 Base management fees $ 3,800,693 $ 4,201,394 $ 4,594,588 Waiver of base management fees ( 365,225 ) ( 387,311 ) ( 480,032 ) Income-based incentive fees ( 72,942 ) 401,597 ( 348,670 ) Waiver of income-based incentive fees — — — Capital gains fee — — — Allocation of administrative costs from Adviser 1,360,194 966,045 1,247,205 Total net expense to affiliates $ 4,722,720 $ 5,181,725 $ 5,013,091 The following table provides a summary of related party transactions under the Advisory and Administration Agreements with the Adviser as of June 30, 2024 and June 30, 2023: As of June 30, As of June 30, 2024 2023 Due from affiliate $ — $ — Total amount due from affiliate $ — $ — Base management fees payable $ 816,777 $ 906,218 Income-based incentive fees payable 128,876 576,023 Capital gains fee payable — — Allocation of administrative costs from Adviser payable (1) 52,874 172,308 Total amount due to affiliates $ 998,527 $ 1,654,549 (1) Balances are reported within Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities.

Net Change in Net Assets Resu_2

Net Change in Net Assets Resulting from Operations Per Share (Tables)	12 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of the Weighted Average basic and Diluted Net Assets Per Share from Operations	The following table sets forth the computation of the weighted average basic and diluted net increase in net assets per share from operations: Year Ended June 30, 2024 2023 2022 Net increase (decrease) in net assets resulting from operations $ ( 4,092,470 ) $ 3,234,503 $ 2,586,630 Weighted average shares of common stock outstanding 14,396,201 14,389,163 14,304,641 Basic/diluted net increase (decrease) in net assets from operations per share $ ( 0.28 ) $ 0.22 $ 0.18

Distributions (Tables)

Distributions (Tables)	12 Months Ended
	Jun. 30, 2024
Distributions [Abstract]
Schedule of Distributions Declared on Shares of Common Stock	The following table reflects the distributions declared on shares of the Company’s common stock since the Offering in February 2014. Stockholders of record as of each respective record date were entitled to receive the distribution: Declaration Date Record Date Payment Date Amount Per Share March 14, 2014 March 24, 2014 March 31, 2014 $ 0.1812 May 14, 2014 June 16, 2014 July 1, 2014 $ 0.3375 September 4, 2014 September 18, 2014 October 1, 2014 $ 0.3375 November 6, 2014 December 18, 2014 January 5, 2015 $ 0.3375 January 28, 2015 March 18, 2015 April 2, 2015 $ 0.3469 May 6, 2015 June 8, 2015 July 5, 2015 $ 0.3469 June 10, 2015 # September 1, 2015 September 15, 2015 $ 0.4300 June 10, 2015 September 18, 2015 October 2, 2015 $ 0.3469 November 3, 2015 December 18, 2015 January 5, 2016 $ 0.3469 February 2, 2016 March 18, 2016 April 7, 2016 $ 0.3516 April 28, 2016 June 17, 2016 July 7, 2016 $ 0.3516 August 25, 2016 September 16, 2016 October 6, 2016 $ 0.3516 November 3, 2016 December 16, 2016 January 5, 2017 $ 0.3516 November 3, 2016 March 17, 2017 April 6, 2017 $ 0.2500 May 2, 2017 June 16, 2017 July 6, 2017 $ 0.2500 August 24, 2017 September 8, 2017 October 5, 2017 $ 0.2500 November 7, 2017 March 16, 2018 April 5, 2018 $ 0.2500 May 2, 2018 June 15, 2018 July 5, 2018 $ 0.2500 August 23, 2018 September 18, 2018 October 5, 2018 $ 0.2500 November 6, 2018 December 14, 2018 January 3, 2019 $ 0.2500 February 5, 2019 March 15, 2019 April 4, 2019 $ 0.2500 May 1, 2019 June 14, 2019 July 5, 2019 $ 0.2500 August 28, 2019 September 26, 2019 October 16, 2019 $ 0.2500 November 6, 2019 December 13, 2019 January 2, 2020 $ 0.2500 February 4, 2020 March 13, 2020 April 2, 2020 $ 0.2500 May 7, 2020 June 19, 2020 July 10, 2020 $ 0.1500 May 7, 2020 * June 19, 2020 July 10, 2020 $ 0.0300 August 26, 2020 September 25, 2020 October 15, 2020 $ 0.1500 August 26, 2020 * September 25, 2020 October 15, 2020 $ 0.0300 November 3, 2020 December 10, 2020 January 4, 2021 $ 0.1500 November 3, 2020 * December 10, 2020 January 4, 2021 $ 0.0300 February 3, 2021 March 12, 2021 April 1, 2021 $ 0.1500 February 3, 2021 * March 12, 2021 April 1, 2021 $ 0.0300 May 6, 2021 June 18, 2021 July 9, 2021 $ 0.1500 August 25, 2021 September 24, 2021 October 14, 2021 $ 0.1500 November 3, 2021 December 10, 2021 January 4, 2022 $ 0.1500 February 3, 2022 March 11, 2022 March 31, 2022 $ 0.1500 May 5, 2022 June 17, 2022 July 8, 2022 $ 0.1500 August 25, 2022 September 23, 2022 October 14, 2022 $ 0.1500 November 11, 2022 December 16, 2022 January 10, 2023 $ 0.1300 November 11, 2022 * December 16, 2022 January 10, 2023 $ 0.0200 February 2, 2023 March 10, 2023 March 30, 2023 $ 0.1300 February 2, 2023 * March 10, 2023 March 30, 2023 $ 0.0200 May 4, 2023 June 16, 2023 July 7, 2023 $ 0.1300 May 4, 2023 * June 16, 2023 July 7, 2023 $ 0.0500 September 14, 2023 October 12, 2023 November 2, 2023 $ 0.1300 September 14, 2023 * October 12, 2023 November 2, 2023 $ 0.0200 November 9, 2023 December 14, 2023 January 8, 2024 $ 0.1200 November 9, 2023 * December 14, 2023 January 8, 2024 $ 0.0300 February 8, 2024 March 15, 2024 April 5, 2024 $ 0.1200 February 8, 2024 * March 15, 2024 April 5, 2024 $ 0.0300 April 12, 2024 May 26, 2024 June 14, 2024 $ 0.1200 April 12, 2024 * May 26, 2024 June 14, 2024 $ 0.0300 # Special distribution * Supplemental distribution
Schedule of Cash Dividend Distribution	The following table reflects for U.S. federal income tax purposes the sources of the cash dividend distributions that the Company has paid on its common stock during the years ended June 30, 2024, June 30, 2023 and June 30, 2022: Year ended June 30, 2024 2023 2022 Distribution Amount Percentage Distribution Amount Percentage Distribution Amount Percentage Ordinary income and short-term capital gains $ 8,637,842 100 % $ 9,065,336 100 % $ 8,630,756 100 % Long-term capital gains Total $ 8,637,842 100 % $ 9,065,336 100 % $ 8,630,756 100 %

Share Transactions (Tables)

Share Transactions (Tables)	12 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Summary Of Shares Issued	The following table summarizes the total shares issued and repurchased for the years ended June 30, 2024, June 30, 2023 and June 30, 2022: Year ended June 30, 2024 2023 2022 Shares Amount Shares Amount Shares Amount Balance at beginning of period 14,391,775 $ 205,812,251 14,385,810 $ 205,790,502 13,921,767 $ 202,592,833 Issuance of common shares — — — — 453,985 3,141,576 Reinvestments of stockholder distributions 11,977 40,213 5,965 21,749 10,058 56,093 Balance at end of period 14,403,752 $ 205,852,464 14,391,775 $ 205,812,251 14,385,810 $ 205,790,502

Financial Highlights (Tables)

Financial Highlights (Tables)	12 Months Ended
	Jun. 30, 2024
Investment Company, Financial Highlights [Abstract]
Schedule of Financial Highlights	The following represents the per share data and the ratios to average net assets for the Company: For the Years Ended June 30, 2024 2023 2022 2021 2020 Per Share Data: (1) Net asset value, beginning of year $ 6.09 $ 6.50 $ 6.92 $ 7.79 $ 10.51 Net investment income 0.46 0.65 0.62 0.65 1.03 Net realized and unrealized gains (losses) ( 0.74 ) ( 0.43 ) ( 0.44 ) ( 0.82 ) ( 2.82 ) Net increase (decrease) in net assets resulting from operations ( 0.28 ) 0.22 0.18 ( 0.17 ) ( 1.79 ) Capital transactions (2) Share repurchases — — — — — Dividends from net investment income ( 0.60 ) ( 0.63 ) ( 0.60 ) ( 0.70 ) ( 0.93 ) Distributions from net realized gains — — — — — Net decrease in net assets resulting from capital transactions ( 0.60 ) ( 0.63 ) ( 0.60 ) ( 0.70 ) ( 0.93 ) Offering costs — — — — — Net asset value, end of year $ 5.21 $ 6.09 $ 6.50 $ 6.92 $ 7.79 Market value per share, end of year $ 3.36 $ 3.62 $ 4.24 $ 5.40 $ 3.49 Total return based on market value (3) 10.52 % 1.65 % ( 11.29 ) % 80.93 % ( 43.32 ) % Shares outstanding at end of year 14,403,752 14,391,775 14,385,810 13,921,767 13,885,335 Ratio/Supplemental Data: Net assets, at end of year $ 75,010,209 $ 87,700,308 $ 93,509,392 $ 96,355,849 $ 108,124,995 Ratio of total expenses to average net assets 22.29 % 19.58 % 16.15 % 16.93 % 16.02 % Ratio of net expenses to average net assets 21.83 % 19.15 % 15.67 % 16.58 % 15.56 % Ratio of interest expense and fees and amortization of deferred debt issuance costs to average net assets 11.59 % 10.11 % 7.33 % 6.96 % 7.41 % Ratio of net investment income before fee waiver to average net assets 8.78 % 10.89 % 9.50 % 8.93 % 10.39 % Ratio of net investment income after fee waiver to average net assets 8.32 % 10.46 % 9.02 % 8.58 % 10.86 % Total Borrowings $ 108,000,000 $ 136,900,000 $ 149,000,000 $ $ 167,000,000 $ $ 183,375,000 Asset Coverage Ratio (4) 1.69 1.64 1.63 1.58 1.59 Portfolio Turnover Rate 31 % 22 % 58 % 35 % 33 % (1) All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. (2) The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period. (3) Total returns are historical and are calculated by determining the percentage change in the market value with all dividend distributions, if any, reinvested. Dividends and distributions are assumed to be reinvested at prices obtained under the company’s dividend reinvestment plan. Total investment return does not reflect sales load. (4) Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period .

Other Fee Income (Tables)

Other Fee Income (Tables)	12 Months Ended
	Jun. 30, 2024
Other Income and Expenses [Abstract]
Schedule of Other Fee Income	The other fee income consists of structuring fee income, amendment fee income and royalty income. The following tables summarize the Company’s other fee income for the years ended June 30, 2024, June 30, 2023 and June 30, 2022: Year Ended June 30, 2024 2023 2022 Amendment Fee $ 105,677 $ 80,186 $ 109,266 Prepayment Fee Income 179,485 401,125 525,263 Other Fees 363,497 287,306 234,957 Other Fee Income $ 648,659 $ 768,617 $ 869,486

Tax Information (Tables)

Tax Information (Tables)	12 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of aggregate Investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes	As of June 30, 2024, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows: Tax cost $ 204,297,727 Gross unrealized appreciation 9,137,901 Gross unrealized depreciation ( 28,865,596 ) Net unrealized investment depreciation $ ( 19,727,695 ) As of June 30, 2023, the Company’s aggregate investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes were as follows: Tax cost $ 243,126,654 Gross unrealized appreciation 7,371,220 Gross unrealized depreciation ( 30,386,545 ) Net unrealized investment depreciation $ ( 23,015,325 )

Organization - Additional Infor

Organization - Additional Information (Details) - USD ($)			12 Months Ended
	Sep. 03, 2021	Feb. 11, 2014	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Aug. 30, 2021	Jun. 30, 2021	Jun. 30, 2020
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, par value	$ 0.001		$ 0.001	$ 0.001
Issuance of common shares	453,985		0	0	453,985
Shares offering, price per share	$ 6.92
Common stock, shares issued			14,403,752	14,391,775
Issuance of common shares			$ 0	$ 0	$ 3,141,576
Common stock, shares outstanding			14,403,752	14,391,775	14,385,810		13,921,767	13,885,335
Repayment of debt percentage			100%
Qualifying assets percentage			70%
Amount of market capitalization			$ 250,000,000
Taxable subsidiaries			$ 0	$ 0
CM Finance LLC
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, shares issued			6,000,000
Issuance of debt			$ 39,800,000
Stifel Venture Corp
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, shares issued					2,181,818
Issuance of common shares			$ 32,700,000
Number of common stock shares repurchased			2,181,818
Common stock, shares outstanding			13,666,666
Investcorp Credit Management
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, par value						$ 0.001
Common stock, shares issued						680,985
Common stock, shares outstanding						680,985
IPO | Investcorp Credit Management | Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock, par value		$ 0.001
Issuance of common shares		7,666,666
Shares offering, price per share		$ 15
Proceeds from initial public offering		$ 111,500,000

Significant Accounting Polici_4

Significant Accounting Policies - Schedule of Reclassified for Book Purposes Amounts Arising from Permanent Book (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Additional paid-in capital	$ 203,103,263	$ 203,327,714
Subsidiaries [Member]
Additional paid-in capital	(264,652)	(284,155)	$ (264,971)
Distributable earnings	$ 264,652	$ 284,155	$ 264,971

Significant Accounting Polici_5

Significant Accounting Policies - Schedule of Distributable Earnings on Tax Basis (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Accounting Policies [Abstract]
Undistributed net investment income	$ 7,476,383	$ 11,648,379	$ 9,342,951
Accumulated capital gains (losses) and other	(14,786,107)	(27,970,779)	(15,703,257)
Capital loss carryover	(101,070,039)	(73,713,555)	(57,692,925)
Unrealized appreciation (depreciation)	(19,727,695)	(23,015,323)	(43,884,017)
Distributions payable	0	(2,590,520)	(2,157,872)
Distributable earnings (loss)	$ (128,107,458)	$ (115,641,798)	$ (110,095,120)

Significant Accounting Polici_6

Significant Accounting Policies - Additional Information (Details)	12 Months Ended
	Jun. 30, 2024 USD ($) Loans	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) Loans	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Number of loans on Non-accrual status | Loans	4		6
Percentage of portfolio at fair value	5%		4.08%
Interest Income	$ 1,002,168		$ 491,359		$ 1,256,008
Proceeds from sale of investment	2,500,000
Long-term receivable	631,667		0
Escrow Receivable	97,173		0
Paid in kind dividends	$ 0		0		0
Investment company taxable income	90%
Percentage of net ordinary income	98%
Percentage of capital gain	98.20%
Excise tax		$ 264,386		$ 294,330		$ 264,756
Distributions	$ 8,637,842		9,065,336		8,630,756
Short-term capital loss carryforward,net	2,016,805
Long-term capital loss carryforward,net	99,053,234
Short-term capital loss deferral	264,276
Long-term capital loss deferral	$ 14,467,636
Description of Pre-Incentive Fee Net Investment Income	the Income-Based Fee is calculated and payable quarterly in arrears based on the Company’s Pre-Incentive Fee Net Investment Income (as defined below) for the immediately preceding fiscal quarter, subject to a total return requirement (the “Total Return Requirement”) and deferral of non-cash amounts, and is 20.0% of the amount, if any, by which the Company’s Pre-Incentive Fee Net Investment Income, expressed as a rate of return on the value of our net assets attributable to its common stock, for the immediately preceding fiscal quarter, exceeds a 2.0% (which is 8.0% annualized) hurdle rate and a “catch-up” provision measured as of the end of each fiscal quarter. Under this provision, in any fiscal quarter, the Adviser receives no Incentive Fee until the Company’s Pre-Incentive Fee Net Investment Income equals the hurdle rate of 2.0%, but then receives, as a “catch-up,” 100% of the Company’s Pre-Incentive Fee Net Investment Income with respect to that portion of such Pre-Incentive Fee Net Investment Income, if any, that exceeds the hurdle rate but is less than 2.5% (which is 10.0% annualized). The effect of the “catch-up” provision is that, subject to the Total Return Requirement and deferral provisions discussed below, if Pre-Incentive Fee Net Investment Income exceeds 2.5% in any fiscal quarter, the Adviser receives 20.0% of our Pre-Incentive Fee Net Investment Income
Description of Income-Based Fee Payable	No Income-Based Fee is payable under the Advisory Agreement except to the extent 20.0% of the cumulative net increase in net assets resulting from operations over the fiscal quarter for which fees are being calculated and the Lookback Period (as defined below) exceeds the cumulative Incentive Fees accrued and/or paid for the Lookback Period.
Advisor fees	$ 816,777		906,218
Incentive Fees					0
Deferred Interest Income Paid in Kind	$ 2,106,424		1,320,239		311,190
Capital gains fee, description	the Capital Gains Fee is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Advisory Agreement, as of the termination date), commencing with the fiscal year ended June 30, 2021, and is equal to 20.0% of the Company’s cumulative aggregate realized capital gains from the Commencement Date through the end of that fiscal year, computed net of the Company’s aggregate cumulative realized capital losses and the Company’s aggregate cumulative unrealized capital depreciation through the end of such year, less the aggregate amount of any previously paid Capital Gains Fees. If such amount is negative, then no Capital Gains Fee will be payable for such year.
Escrow Receivable, Discount Rate	8.60%
Long-Term Receivable, Discount Rate	8.60%
Default Rate [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value Inputs Probability of collection	50%
Equity investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payment in kind, Interest received	$ 784,854		691,972		282,952
Deferred Income-Based Fees Write off	72,942				348,670
Income-Based Fee	0		401,597
Advisor fees	128,876		201,817
Incentive Fees	16,929
Deferred Interest Income Paid in Kind	111,947		201,817		182,095
Debt investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Payment in kind, Interest received	$ 2,106,424		$ 1,320,239		$ 311,190

Investments - Schedule of Inves

Investments - Schedule of Investment Purchases Sales And Principal Payments (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investment purchases, at cost (including PIK interest)	$ 65,395,203	$ 53,237,881	$ 145,380,662
Investment sales and repayments	$ 92,303,435	$ 61,928,745	$ 153,877,788

Investments - Schedule of Inv_2

Investments - Schedule of Investment (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Amortized Cost	$ 204,469,040	$ 243,298,816
Percentage of Total Portfolio	100%	100%
Investments at Fair Value	$ 184,569,530	$ 220,111,329
Percentage of Total Portfolio	100%	100%
Senior Secured First Lien Debt Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Amortized Cost	$ 166,099,349	$ 214,100,857
Percentage of Total Portfolio	81.23%	88%
Investments at Fair Value	$ 156,927,316	$ 196,370,955
Percentage of Total Portfolio	85.02%	89.21%
Equity, Warrants and Other Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Amortized Cost	$ 38,369,691	$ 29,197,959
Percentage of Total Portfolio	18.77%	12%
Investments at Fair Value	$ 27,642,214	$ 23,740,374
Percentage of Total Portfolio	14.98%	10.79%

Investments - Schedule of Portf

Investments - Schedule of Portfolio Composition by Industry Grouping at Fair Value (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 184,569,530	$ 220,111,329
Percentage of Net Assets	100%	100%
Trading Companies & Distributors
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 16,814,468	$ 35,176,879
Percentage of Net Assets	9.11%	15.98%
Commercial Services & Supplies
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 24,919,271	$ 14,329,460
Percentage of Net Assets	13.50%	6.51%
Professional Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 20,702,433	$ 28,238,167
Percentage of Net Assets	11.22%	12.83%
Containers & Packaging
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 13,534,625	$ 12,958,772
Percentage of Net Assets	7.34%	5.89%
Internet & Direct Marketing Retail
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value		$ 8,969,729
Percentage of Net Assets		4.08%
IT Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 8,681,364	$ 23,576,450
Percentage of Net Assets	4.70%	10.71%
Food Products
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 8,842,781	$ 4,288,750
Percentage of Net Assets	4.79%	1.95%
Entertainment
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 8,811,199	$ 7,640,000
Percentage of Net Assets	4.77%	3.47%
Household Durables
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 7,625,716	$ 7,610,242
Percentage of Net Assets	4.13%	3.46%
Insurance
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 7,406,155
Percentage of Net Assets	4.01%
Diversified Consumer Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 7,194,708	$ 7,268,500
Percentage of Net Assets	3.90%	3.30%
Chemicals
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 7,206,650	$ 7,568,617
Percentage of Net Assets	3.90%	3.44%
Specialty Retail
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 6,665,397	$ 5,148,000
Percentage of Net Assets	3.61%	2.34%
Software
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 5,044,158	$ 13,772,487
Percentage of Net Assets	2.73%	6.26%
Automotive Retail
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 5,678,135	$ 3,878,905
Percentage of Net Assets	3.08%	1.76%
Health Care Providers & Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 5,400,000
Percentage of Net Assets	2.93%
Automobile Components
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 2,621,154	$ 7,261,275
Percentage of Net Assets	1.42%	3.30%
Consumer Staples Distribution & Retail
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 5,341,899	$ 6,061,396
Percentage of Net Assets	2.89%	2.75%
Consumer Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 4,923,445
Percentage of Net Assets	2.67%
Construction & Engineering
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 3,662,626
Percentage of Net Assets	1.99%
Human Resources & Employment Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 2,985,000
Percentage of Net Assets	1.62%
Hotels Restaurants And Leisure
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 2,947,612	$ 6,283,541
Percentage of Net Assets	1.60%	2.85%
Paper Packaging
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 4,914,784
Percentage of Net Assets	2.66%
Electronic Equipment Instruments & Components
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 2,645,950	$ 3,265,598
Percentage of Net Assets	1.43%	1.48%
Machinery
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value		$ 9,602,806
Percentage of Net Assets		4.36%
Building Products
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value		$ 4,511,719
Percentage of Net Assets		2.05%
Energy Equipment & Services
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value		$ 2,700,036
Percentage of Net Assets		1.23%

Investments - Schedule of Por_2

Investments - Schedule of Portfolio Composition by Geographic Grouping at Fair Value (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Investments at Fair Value	$ 184,569,530	$ 220,111,329
Percentage of Net Assets	100%	100%
U.S Northeast
Investments at Fair Value	$ 58,910,596	$ 94,658,227
Percentage of Net Assets	31.92%	43%
U.S. West
Investments at Fair Value	$ 56,404,520	$ 44,911,266
Percentage of Net Assets	30.56%	20.40%
U.S. Midwest
Investments at Fair Value	$ 24,434,485	$ 26,602,440
Percentage of Net Assets	13.24%	12.09%
U.S. Southeast
Investments at Fair Value	$ 31,435,714	$ 20,803,349
Percentage of Net Assets	17.03%	9.45%
U.S. Mid-Atlantic
Investments at Fair Value	$ 6,717,548	$ 17,721,607
Percentage of Net Assets	3.64%	8.05%
U.S. Southwest
Investments at Fair Value	$ 3,416,612	$ 10,367,607
Percentage of Net Assets	1.85%	4.71%
International
Investments at Fair Value	$ 3,250,055	$ 5,046,833
Percentage of Net Assets	1.76%	2.30%

Investments - Additional Inform

Investments - Additional Information (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Schedule Of Investments [Line Items]
Investments	$ 184,569,530	$ 220,111,329
Deposit Contracts, Assets	$ 0	0
Description Of Derivatives	The Derivatives Rule also contains exceptions to these conditions for any fund that limits its exposure to derivatives positions to 10 percent of its net assets.
Investments Transfer	$ 4,362,023	$ 1,708,942	$ 1,184,506
New Portfolio Companies
Schedule Of Investments [Line Items]
Investments	60,400,000
Previously Committed Companies
Schedule Of Investments [Line Items]
Investments	$ 2,200,000

Investments - Schedule of Fair

Investments - Schedule of Fair Value Measurements of Assets (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	$ 184,569,530	$ 220,111,329
Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	0	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	0	0
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	184,569,530	220,111,329	$ 233,683,986
Senior Secured First Lien Debt Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	156,927,316	196,370,955
Senior Secured First Lien Debt Investments | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	0	0
Senior Secured First Lien Debt Investments | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	0	0
Senior Secured First Lien Debt Investments | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	156,927,316	196,370,955	214,858,036
Senior Secured Second Lien Debt Investments | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	0	0	0
Equity, Warrants and Other Investments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	27,642,214	23,740,374
Equity, Warrants and Other Investments | Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	0	0
Equity, Warrants and Other Investments | Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	0	0
Equity, Warrants and Other Investments | Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments at Fair Value	$ 27,642,214	$ 23,740,374	$ 18,825,950

Investments - Schedule of Recon

Investments - Schedule of Reconciliation of Investments Measured at Fair value on a recurring basis using Level 3 inputs (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance	$ 220,111,329
Purchases (including PIK interest)	65,395,203	$ 53,237,881	$ 145,380,662
Investment sales and repayments	92,303,435	61,928,745	153,877,788
Amortization	2,049,993	1,311,770	2,662,806
Net realized gains (losses)	(13,971,537)	(26,890,095)	(14,395,431)
Net change in unrealized appreciation (depreciation)	3,287,977	20,696,532	8,058,117
Investment Owned, at Fair Value, Ending Balance	$ 184,569,530	$ 220,111,329
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income, Operating, Paid in Kind	Interest Income, Operating, Paid in Kind
Senior Secured First Lien Debt Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance	$ 196,370,955
Investment Owned, at Fair Value, Ending Balance	156,927,316	$ 196,370,955
Equity, Warrants and Other Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance	23,740,374
Investment Owned, at Fair Value, Ending Balance	27,642,214	23,740,374
Fair Value, Inputs, Level 3
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance	220,111,329	233,683,986
Purchases (including PIK interest)	65,395,203	53,237,881
Investment sales and repayments	(92,303,435)	(61,928,745)
Amortization	2,049,993	1,311,770
Net realized gains (losses)	(13,971,537)	(26,890,095)
Transfers in	4,362,023	1,708,942
Transfers out	(4,362,023)	(1,708,942)
Net change in unrealized appreciation (depreciation)	3,287,977	20,696,532
Investment Owned, at Fair Value, Ending Balance	184,569,530	220,111,329	233,683,986
Change in unrealized appreciation (depreciation)	(5,401,135)	(6,129,454)
Fair Value, Inputs, Level 3 | Senior Secured First Lien Debt Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance	196,370,955	214,858,036
Purchases (including PIK interest)	60,523,383	51,824,515
Investment sales and repayments	(92,303,435)	(61,928,745)
Amortization	2,049,993	1,311,770
Net realized gains (losses)	(13,909,425)	(9,515,487)
Transfers in	0	0
Transfers out	(4,362,023)	(1,708,942)
Net change in unrealized appreciation (depreciation)	8,557,868	1,529,808
Investment Owned, at Fair Value, Ending Balance	156,927,316	196,370,955	214,858,036
Change in unrealized appreciation (depreciation)	(69,131)	(7,507,021)
Fair Value, Inputs, Level 3 | Senior Secured Second Lien Debt Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance	0	0
Purchases (including PIK interest)	0	0
Investment sales and repayments	0	0
Amortization	0	0
Net realized gains (losses)	0	(17,374,608)
Transfers in	0	0
Transfers out	0	0
Net change in unrealized appreciation (depreciation)	0	17,374,608
Investment Owned, at Fair Value, Ending Balance	0	0	0
Change in unrealized appreciation (depreciation)	0	0
Fair Value, Inputs, Level 3 | Unsecured Debt Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance	0	0
Purchases (including PIK interest)	0	0
Investment sales and repayments	0	0
Amortization	0	0
Net realized gains (losses)	0	0
Transfers in	0	0
Transfers out	0	0
Net change in unrealized appreciation (depreciation)	0	0
Investment Owned, at Fair Value, Ending Balance	0	0	0
Change in unrealized appreciation (depreciation)	0	0
Fair Value, Inputs, Level 3 | Equity, Warrants and Other Investments
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investment Owned, at Fair Value, Beginning Balance	23,740,374	18,825,950
Purchases (including PIK interest)	4,871,820	1,413,366
Investment sales and repayments	0	0
Amortization	0	0
Net realized gains (losses)	(62,112)	0
Transfers in	4,362,023	1,708,942
Transfers out	0	0
Net change in unrealized appreciation (depreciation)	(5,269,891)	1,792,116
Investment Owned, at Fair Value, Ending Balance	27,642,214	23,740,374	$ 18,825,950
Change in unrealized appreciation (depreciation)	$ (5,332,004)	$ 1,377,567

Investments - Schedule of Quant

Investments - Schedule of Quantitative Information Regarding Level 3 Fair Value Measurements Inputs (Details) - Fair Value, Inputs, Level 3	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Senior Secured First Lien Debt Investments | Measurement Input Market Yields | Income Approach
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 118,225,491	$ 161,776,983
Senior Secured First Lien Debt Investments | Measurement Input Market Yields | Income Approach | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.138	0.133
Senior Secured First Lien Debt Investments | Measurement Input Market Yields | Income Approach | Minimum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.103	0.101
Senior Secured First Lien Debt Investments | Measurement Input Market Yields | Income Approach | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.228	0.18
Senior Secured First Lien Debt Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 10,365,103	$ 13,895,260
Senior Secured First Lien Debt Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.093	0.173
Senior Secured First Lien Debt Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Minimum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.045	0.057
Senior Secured First Lien Debt Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.133	0.212
Senior Secured First Lien Debt Investments | Measurement Input, Revenue Multiple | Market Comparable Approach
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 0	$ 5,272,355
Senior Secured First Lien Debt Investments | Measurement Input, Revenue Multiple | Market Comparable Approach | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average		0.003
Senior Secured First Lien Debt Investments | Measurement Input, Revenue Multiple | Market Comparable Approach | Minimum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average		0.003
Senior Secured First Lien Debt Investments | Measurement Input, Revenue Multiple | Market Comparable Approach | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average		0.0038
Senior Secured First Lien Debt Investments | Measurement Input Recent Transaction | Recent Transaction
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	15,863,655	$ 15,209,280
Senior Secured First Lien Debt Investments | Measurement Input Recovery Amount | Recovery Analysis
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	12,473,067	217,077
Equity, Warrants and Other Investments | Measurement Input Market Yields | Income Approach
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 6,126,488	$ 4,824,752
Weighted Average	0.165
Equity, Warrants and Other Investments | Measurement Input Market Yields | Income Approach | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.165	0.18
Equity, Warrants and Other Investments | Measurement Input Market Yields | Income Approach | Minimum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average		0.18
Equity, Warrants and Other Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 21,515,726	$ 18,915,622
Equity, Warrants and Other Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.103	0.087
Equity, Warrants and Other Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Minimum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.045	0.057
Equity, Warrants and Other Investments | Measurement Input, EBITDA Multiple | Market Comparable Approach | Maximum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average	0.182	0.242
Equity, Warrants and Other Investments | Measurement Input, Revenue Multiple | Market Comparable Approach
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value		$ 0
Equity, Warrants and Other Investments | Measurement Input, Revenue Multiple | Market Comparable Approach | Weighted Average
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average		0.003
Equity, Warrants and Other Investments | Measurement Input, Revenue Multiple | Market Comparable Approach | Minimum
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Weighted Average		0.003
Equity, Warrants and Other Investments | Measurement Input Recent Transaction | Recent Transaction
Schedule Of Investment Income Reported Amounts By Category [Line Items]
Investments at Fair Value	$ 0

Borrowings - Additional Informa

Borrowings - Additional Information (Details) - USD ($)

12 Months Ended

Jan. 17, 2024

Jun. 14, 2023

Nov. 18, 2022

Aug. 23, 2021

Mar. 31, 2021

Sep. 30, 2020

Apr. 15, 2020

Jun. 30, 2024

Jun. 30, 2023

Dec. 04, 2021

Dec. 04, 2020

Dec. 05, 2021

Jun. 21, 2019

Nov. 20, 2017

Debt Instrument [Line Items]

Revolving credit facility

$ 43,000,000

$ 71,900,000

Fee Paid on Undrawn Amounts

0.50%

Total borrowings

108,000,000

Redeemed principal amount

2,000

Minimum

Debt Instrument [Line Items]

Fee Paid on Undrawn Amounts

0.25%

Maximum

Debt Instrument [Line Items]

Fee Paid on Undrawn Amounts

75%

Revolving Financing Facility

Debt Instrument [Line Items]

Debt Outstanding Amount

0

0

London Interbank Offered Rates (LIBOR) [Member]

Debt Instrument [Line Items]

Borrowings interest rate spread (percent)

3.55%

Bore interest rate per annum

3.15%

Fee Paid on Undrawn Amounts

0.75%

Term Financing

Debt Instrument [Line Items]

Borrowings under the Term Financing

$ 102,000,000

Repayments of Debt

$ 20,000,000

Debt Outstanding Amount

0

0

Term Financing | London Interbank Offered Rates (LIBOR) [Member]

Debt Instrument [Line Items]

Borrowings interest rate spread (percent)

3.15%

Term Financing | Related Party [Member]

Debt Instrument [Line Items]

Other Liabilities

$ 122,000,000

Capital One Revolving Finance

Debt Instrument [Line Items]

Borrowings interest rate spread (percent)

2%

Debt instrument fee percentage

1.125%

Revolving credit facility

$ 50,000,000

Line of Credit Facility, remaining borrowing capacity

$ 20,000,000

$ 30,000,000

Debt Instrument, maturity date

Jan. 17, 2029

Dec. 05, 2021

Fee Paid on Undrawn Amounts

0.75%

Secured revolving credit facility

$ 100,000,000

$ 115,000,000

Debt instrument, amendment date one

Jun. 14, 2023

Debt instrument, amendment date two

Jan. 17, 2024

Debt Instrument Maturity Expiration Date

Jan. 17, 2027

Debt Outstanding Amount

43,000,000

71,900,000

Reinvestment period

3 years

Amortization Period

2 years

Debt Instrument, unused borrowing capacity, description

The Capital One Revolving Financing required the payment of an upfront fee of 1.125% ($1.3 million) of the available borrowings under the Capital One Revolving Financing at the closing, and requires the payment of an unused fee of (i) 0.75% annually for any undrawn amounts below 50% of the Capital One Revolving Financing, (ii) 0.50% annually for any undrawn amounts between 50% and 75% of the Capital One Revolving Financing, and (iii) 0.25% annually for any undrawn amounts above 75% of the Capital One Revolving Financing. Borrowings under the Capital One Revolving Financing are based on a borrowing base.

Accrued Interest Receivable

0

0

Capital One Revolving Finance | Minimum

Debt Instrument [Line Items]

Fee Paid on Undrawn Amounts

50%

Capital One Revolving Finance | Maximum

Debt Instrument [Line Items]

Fee Paid on Undrawn Amounts

75%

Capital One Revolving Finance | Fair Value, Inputs, Level 3

Debt Instrument [Line Items]

Total borrowings

43,000,000

71,900,000

Capital One Revolving Finance | SPV LLC [Member]

Debt Instrument [Line Items]

Derivative, notional amount

167,700,000

194,000,000

Investments at Fair Value

153,400,000

181,500,000

Cash held by trustee

5,000,000

8,100,000

Weighted average outstanding balance

$ 63,700,000

$ 80,400,000

Weighted average interest rate

8.09%

5.95%

Capital One Revolving Finance | SOFR [Member]

Debt Instrument [Line Items]

Borrowings interest rate spread (percent)

3.10%

Payment of an upfront fee

$ 1,300,000

2026 Notes [Member]

Debt Instrument [Line Items]

Debt Instrument, maturity date

Apr. 01, 2026

Debt instrument, interest rate during period

5.29%

Proceeds from initial public offering

$ 65,000,000

Debt instrument interest rate

4.875%

4.875%

Payments for underwriting expense

$ 1,300,000

Proceeds from sale of notes

63,100,000

Offering expense

$ 215,000

Aggregate principal amount

$ 65,000,000

Debt instrument, interest rate, stated percentage

4.875%

4.875%

Debt instrument, description of variable rate basis

(1) 100% of the principal amount of the 2026 Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal and interest (exclusive of accrued and unpaid interest to the date of redemption) on the 2026 Notes to be redeemed, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) using the applicable Treasury Rate plus 50 basis points; provided

Debt instrument, redemption price, percentage

100%

Redeemed principal amount

$ 64,900,000

2026 Notes [Member] | Minimum

Debt Instrument [Line Items]

Redemption notice period

30 days

2026 Notes [Member] | Maximum

Debt Instrument [Line Items]

Redemption notice period

60 days

2026 Notes [Member] | Fair Value, Inputs, Level 3

Debt Instrument [Line Items]

Long-term debt, fair value

$ 59,900,000

Borrowings - Schedule of Debt M

Borrowings - Schedule of Debt Maturity (Details)	Jun. 30, 2024 USD ($)
Debt Disclosure [Abstract]
2024	$ 0
2025	0
2026	108,000,000
Total long-term debt	$ 108,000,000

Indemnification, Guarantees, _3

Indemnification, Guarantees, Commitments and Contingencies - Summary of Quarterly Distributions By Board Of Directors (Details) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Distributions Declared	Apr. 12, 2024	Feb. 08, 2024	Nov. 09, 2023	Sep. 14, 2023
Distributions Ex-Date	May 25, 2024	Mar. 14, 2024	Dec. 13, 2023	Oct. 11, 2023
Distributions Record Date	May 26, 2024	Mar. 15, 2024	Dec. 14, 2023	Oct. 12, 2023
Distributions Pay Date	Jun. 14, 2024	Apr. 05, 2024	Jan. 08, 2024	Nov. 02, 2023
Distributions Amount	$ 0.15	$ 0.15	$ 0.15	$ 0.15

Indemnification, Guarantees, _4

Indemnification, Guarantees, Commitments and Contingencies - Summary of Unfunded Commitment (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	$ 1,765,857	$ 5,670,894
Unfunded Commitment, Fair Value	0	0
1888 Industrial Services, LLC - Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount		186,990
Unfunded Commitment, Fair Value		$ 0
Unfunded Commitment, Annual Non-use Fee		0.50%
Unfunded Commitment, Expiration Date		Aug. 31, 2024
Ameriquip, LLC – Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount		$ 967,742
Unfunded Commitment, Fair Value		$ 0
Unfunded Commitment, Annual Non-use Fee		0.50%
Unfunded Commitment, Expiration Date		Aug. 31, 2027
Arborworks Acquisition LLC - Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	230,547	$ 554,947
Unfunded Commitment, Fair Value	$ 0	$ 0
Unfunded Commitment, Annual Non-use Fee	0%	0.50%
Unfunded Commitment, Expiration Date	Nov. 06, 2028	Nov. 09, 2026
Archer Systems, LLC - Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount		$ 603,175
Unfunded Commitment, Fair Value		$ 0
Unfunded Commitment, Annual Non-use Fee		0.50%
Unfunded Commitment, Expiration Date		Aug. 11, 2027
Evergreen North America Acquisitions, LLC - Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount		$ 276,064
Unfunded Commitment, Fair Value		$ 0
Unfunded Commitment, Annual Non-use Fee		0.50%
Unfunded Commitment, Expiration Date		Aug. 13, 2026
Flatworld Intermediate Corporation Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	$ 567,568	$ 567,567
Unfunded Commitment, Fair Value	$ 0	$ 0
Unfunded Commitment, Annual Non-use Fee	0.50%	0.50%
Unfunded Commitment, Expiration Date	Oct. 01, 2027	Oct. 01, 2027
NWN Parent Holdings LLC - Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount		$ 800,000
Unfunded Commitment, Fair Value		$ 0
Unfunded Commitment, Annual Non-use Fee		0.50%
Unfunded Commitment, Expiration Date		May 07, 2026
South Coast Terminals LLC – Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount	$ 967,742	$ 967,742
Unfunded Commitment, Fair Value	$ 0	$ 0
Unfunded Commitment, Annual Non-use Fee	0.50%	0.50%
Unfunded Commitment, Expiration Date	Dec. 10, 2026	Dec. 10, 2026
Xenon Arc, Inc. – Revolver
Loss Contingencies [Line Items]
Unfunded Commitment, Amount		$ 746,667
Unfunded Commitment, Fair Value		$ 0
Unfunded Commitment, Annual Non-use Fee		0.50%
Unfunded Commitment, Expiration Date		Dec. 17, 2026

Agreements and Related Party _3

Agreements and Related Party Transactions- Additional Information (Details) - USD ($)		12 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 26, 2019
Related Party Transaction [Line Items]
Base management fees		$ 3,800,693	$ 4,201,394	$ 4,594,588
Waiver of base management fees		(365,225)	(387,311)	(480,032)
Advisor fees		816,777	906,218
Income-based incentive fees payable		128,876	576,023
Due from affiliate		0	0
Allocation of administrative costs from Adviser		1,360,194	966,045	1,247,205
Allocation of administrative costs from Adviser payable	[1]	52,874	172,308
Total expenses		$ 17,652,437	17,643,398	15,987,453
Advisory Agreement
Related Party Transaction [Line Items]
Annual rate		1.75%
Base management fees		$ 3,800,693	4,201,394	4,594,588
Waiver of base management fees		365,225	(387,311)	(480,032)
Advisor fees		$ 816,777	906,218	1,054,063
Deferral non cash amount percentage		20%
Annualized rate of return		10%
Pre investment fee hurdle rate		2%
Pre investment fee net investment income		100%
Pre-incentive fee net investment income		20%
Income based fee		$ 72,942	401,597	0
Cumulative net increase		20%
Deferred income based fees written off percentage		2.50%
Deferred income based fees written off				348,670
Income Based Incentive Fees Payable Deferred		$ 111,947	201,817	182,095
Income Based Incentive Fees Payable Current		$ 16,929
Additional Income Based Fees Percentage		2.50%
Percentage of cumulative aggregate capital gains		20%
Capital gain fees		$ 0	0	$ 0
Adviser Interest		17%
Ownership Interest In Adviser		83%
Income-based incentive fees payable		$ 128,876	201,817
Advisory Agreement | Minimum
Related Party Transaction [Line Items]
Net asset attributable to common stock		2%
Advisory Agreement | Maximum
Related Party Transaction [Line Items]
Annualized rate of return		8%
Administration Agreement
Related Party Transaction [Line Items]
Allocation of administrative costs from Adviser			$ 239,000
Total expenses		$ 356,000
Stock Purchase Agreement
Related Party Transaction [Line Items]
Newly issued shares of common stock					680,985
Open market or secondary transactions shares of common stock					680,985
[1] Balances are reported within Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities.

Agreements and Related Party _4

Agreements and Related Party Transactions - Summary of Related Party Transactions under the Advisory and Administration Agreements (Details) - USD ($)		12 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Related Party Transactions [Abstract]
Base management fees		$ 3,800,693	$ 4,201,394	$ 4,594,588
Waiver of base management fees		(365,225)	(387,311)	(480,032)
Income-based incentive fees		(72,942)	401,597	(348,670)
Waiver of income-based incentive fees		0	0	0
Capital gains fee		0	0	0
Allocation of administrative costs from Adviser		1,360,194	966,045	1,247,205
Total net expense to affiliates		4,722,720	5,181,725	$ 5,013,091
Due from affiliate		0	0
Advisor fees		816,777	906,218
Income-based incentive fees payable		128,876	576,023
Capital gains fee payable		0	0
Allocation of administrative costs from Adviser payable	[1]	52,874	172,308
Due to Affiliates, Current, Total		$ 998,527	$ 1,654,549
[1] Balances are reported within Accrued Expenses and Other Liabilities on the Consolidated Statements of Assets and Liabilities.

Directors Fees - Additional Inf

Directors Fees - Additional Information (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Directors' fees	$ 294,907	$ 302,500	$ 302,500
Directors' fees payable	0	$ 15,755
Independent Director
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Annual fees	75,000
Reimbursement expense	2,500
Board of Directors Chairman
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Reimbursement expense	1,000
Chair Person Of Audit Committee
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Annual fees	7,500
Valuation Committee
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Annual fees	2,500
Nominating And Corporate Governance Committee
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Annual fees	2,500
Compensation Committee
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Annual fees	$ 2,500

Net Change in Net Assets Resu_3

Net Change in Net Assets Resulting from Operations Per Share - Schedule of Computation of the Weighted Average basic and Diluted Net Assets Per Share from Operations (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share, Basic [Abstract]
Net increase (decrease) in net assets resulting from operations	$ (4,092,470)	$ 3,234,503	$ 2,586,630
Weighted average shares of common stock outstanding - Basic	14,396,201	14,389,163	14,304,641
Weighted average shares of common stock outstanding - Diluted	14,396,201	14,389,163	14,304,641
Basic net increase (decrease) in net assets from operations per share	$ (0.28)	$ 0.22	$ 0.18
Diluted net increase (decrease) in net assets from operations per share	$ (0.28)	$ 0.22	$ 0.18

Net Change in Net Assets Resu_4

Net Change in Net Assets Resulting from Operations Per Share - Additional Information (Details) - USD ($)		12 Months Ended
	Sep. 03, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Issuance of common shares	453,985	0	0	453,985
Common stock, par value	$ 0.001	$ 0.001	$ 0.001
Shares offering, price per share	$ 6.92
Issuance of common shares	$ 3,141,576	$ 0	$ 0	$ 3,141,576

Distributions - Schedule of Dis

Distributions - Schedule of Distributions Declared on Shares of Common Stock (Details) - $ / shares

12 Months Ended

Jun. 30, 2024

Apr. 12, 2024

Feb. 08, 2024

Nov. 09, 2023

Sep. 14, 2023

May 04, 2023

Feb. 02, 2023

Nov. 11, 2022

Aug. 25, 2022

May 05, 2022

Feb. 03, 2022

Nov. 03, 2021

Aug. 25, 2021

May 06, 2021

Feb. 03, 2021

Nov. 03, 2020

Aug. 26, 2020

May 07, 2020

Feb. 04, 2020

Nov. 06, 2019

Aug. 28, 2019

May 01, 2019

Feb. 05, 2019

Nov. 06, 2018

Aug. 23, 2018

May 02, 2018

Nov. 07, 2017

Aug. 24, 2017

May 02, 2017

Nov. 03, 2016

Aug. 25, 2016

Apr. 28, 2016

Feb. 02, 2016

Nov. 03, 2015

Jun. 10, 2015

May 06, 2015

Jan. 28, 2015

Nov. 06, 2014

Sep. 04, 2014

May 14, 2014

Mar. 14, 2014

Declared on March 14, 2014 [Member]

Dividends Payable [Line Items]

Declaration Date

Mar. 14, 2014

Record Date

Mar. 24, 2014

Payment Date

Mar. 31, 2014

Amount Per Share

$ 0.1812

Declared On May 14, 2014 [Member]

Dividends Payable [Line Items]

Declaration Date

May 14, 2014

Record Date

Jun. 16, 2014

Payment Date

Jul. 01, 2014

Amount Per Share

$ 0.3375

Declared on September 4, 2014 [Member]

Dividends Payable [Line Items]

Declaration Date

Sep. 04, 2014

Record Date

Sep. 18, 2014

Payment Date

Oct. 01, 2014

Amount Per Share

$ 0.3375

Declared on November 6, 2014 [Member]

Dividends Payable [Line Items]

Declaration Date

Nov. 06, 2014

Record Date

Dec. 18, 2014

Payment Date

Jan. 05, 2015

Amount Per Share

$ 0.3375

Declared on January 28, 2015 [Member]

Dividends Payable [Line Items]

Declaration Date

Jan. 28, 2015

Record Date

Mar. 18, 2015

Payment Date

Apr. 02, 2015

Amount Per Share

$ 0.3469

Declared on May 6, 2015 [Member]

Dividends Payable [Line Items]

Declaration Date

May 06, 2015

Record Date

Jun. 08, 2015

Payment Date

Jul. 05, 2015

Amount Per Share

$ 0.3469

Special Distribution Declared on June 10, 2015 [Member]

Dividends Payable [Line Items]

Declaration Date

[1]

Jun. 10, 2015

Record Date

[1]

Sep. 01, 2015

Payment Date

[1]

Sep. 15, 2015

Amount Per Share

[1]

$ 0.43

Declared on June 10, 2015 [Member]

Dividends Payable [Line Items]

Declaration Date

Jun. 10, 2015

Record Date

Sep. 18, 2015

Payment Date

Oct. 02, 2015

Amount Per Share

$ 0.3469

Declared on November 3, 2015 [Member]

Dividends Payable [Line Items]

Declaration Date

Nov. 03, 2015

Record Date

Dec. 18, 2015

Payment Date

Jan. 05, 2016

Amount Per Share

$ 0.3469

Declared on February 2, 2016 [Member]

Dividends Payable [Line Items]

Declaration Date

Feb. 02, 2016

Record Date

Mar. 18, 2016

Payment Date

Apr. 07, 2016

Amount Per Share

$ 0.3516

Declared on April 28, 2016 [Member]

Dividends Payable [Line Items]

Declaration Date

Apr. 28, 2016

Record Date

Jun. 17, 2016

Payment Date

Jul. 07, 2016

Amount Per Share

$ 0.3516

Declared on August 25, 2016 [Member]

Dividends Payable [Line Items]

Declaration Date

Aug. 25, 2016

Record Date

Sep. 16, 2016

Payment Date

Oct. 06, 2016

Amount Per Share

$ 0.3516

Declared on November 3, 2016 [Member]

Dividends Payable [Line Items]

Declaration Date

Nov. 03, 2016

Record Date

Dec. 16, 2016

Payment Date

Jan. 05, 2017

Amount Per Share

$ 0.3516

Declared on November 3, 2016 One [Member]

Dividends Payable [Line Items]

Declaration Date

Nov. 03, 2016

Record Date

Mar. 17, 2017

Payment Date

Apr. 06, 2017

Amount Per Share

$ 0.25

Declared on August 24, 2017 [Member]

Dividends Payable [Line Items]

Declaration Date

Aug. 24, 2017

Record Date

Sep. 08, 2017

Payment Date

Oct. 05, 2017

Amount Per Share

$ 0.25

Declared on November 7, 2017 [Member]

Dividends Payable [Line Items]

Declaration Date

Nov. 07, 2017

Record Date

Mar. 16, 2018

Payment Date

Apr. 05, 2018

Amount Per Share

$ 0.25

Declared on May 2, 2017 [Member]

Dividends Payable [Line Items]

Declaration Date

May 02, 2017

Record Date

Jun. 16, 2017

Payment Date

Jul. 06, 2017

Amount Per Share

$ 0.25

Declared on May 2, 2018 [Member]

Dividends Payable [Line Items]

Declaration Date

May 02, 2018

Record Date

Jun. 15, 2018

Payment Date

Jul. 05, 2018

Amount Per Share

$ 0.25

Declared on August 23, 2018 [Member]

Dividends Payable [Line Items]

Declaration Date

Aug. 23, 2018

Record Date

Sep. 18, 2018

Payment Date

Oct. 05, 2018

Amount Per Share

$ 0.25

Declared on November 6, 2018 [Member]

Dividends Payable [Line Items]

Declaration Date

Nov. 06, 2018

Record Date

Dec. 14, 2018

Payment Date

Jan. 03, 2019

Amount Per Share

$ 0.25

Declared on February 5, 2019 [Member]

Dividends Payable [Line Items]

Declaration Date

Feb. 05, 2019

Record Date

Mar. 15, 2019

Payment Date

Apr. 04, 2019

Amount Per Share

$ 0.25

Declared on May 1, 2019 [Member]

Dividends Payable [Line Items]

Declaration Date

May 01, 2019

Record Date

Jun. 14, 2019

Payment Date

Jul. 05, 2019

Amount Per Share

$ 0.25

O 2019 M2 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

Aug. 28, 2019

Record Date

Sep. 26, 2019

Payment Date

Oct. 16, 2019

Amount Per Share

$ 0.25

O 2019 M5 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

Nov. 06, 2019

Record Date

Dec. 13, 2019

Payment Date

Jan. 02, 2020

Amount Per Share

$ 0.25

O 2020 M8 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

Feb. 04, 2020

Record Date

Mar. 13, 2020

Payment Date

Apr. 02, 2020

Amount Per Share

$ 0.25

O 2020 M11 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

May 07, 2020

Record Date

Jun. 19, 2020

Payment Date

Jul. 10, 2020

Amount Per Share

$ 0.15

O 2020 M11 Supplemental Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

[2]

May 07, 2020

Record Date

[2]

Jun. 19, 2020

Payment Date

[2]

Jul. 10, 2020

Amount Per Share

[2]

$ 0.03

O 2020 M2 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

Aug. 26, 2020

Record Date

Sep. 25, 2020

Payment Date

Oct. 15, 2020

Amount Per Share

$ 0.15

O 2020 M2 Supplemental Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

[2]

Aug. 26, 2020

Record Date

[2]

Sep. 25, 2020

Payment Date

[2]

Oct. 15, 2020

Amount Per Share

[2]

$ 0.03

O 2020 M5 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

Nov. 03, 2020

Record Date

Dec. 10, 2020

Payment Date

Jan. 04, 2021

Amount Per Share

$ 0.15

O 2020 M5 Supplemental Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

[2]

Nov. 03, 2020

Record Date

[2]

Dec. 10, 2020

Payment Date

[2]

Jan. 04, 2021

Amount Per Share

[2]

$ 0.03

O 2021 M8 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

Feb. 03, 2021

Record Date

Mar. 12, 2021

Payment Date

Apr. 01, 2021

Amount Per Share

$ 0.15

O 2021 M8 Supplemental Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

[2]

Feb. 03, 2021

Record Date

[2]

Mar. 12, 2021

Payment Date

[2]

Apr. 01, 2021

Amount Per Share

[2]

$ 0.03

O 2021 M11 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

May 06, 2021

Record Date

Jun. 18, 2021

Payment Date

Jul. 09, 2021

Amount Per Share

$ 0.15

O 2021 M2 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

Aug. 25, 2021

Record Date

Sep. 24, 2021

Payment Date

Oct. 14, 2021

Amount Per Share

$ 0.15

O 2021 M5 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

Nov. 03, 2021

Record Date

Dec. 10, 2021

Payment Date

Jan. 04, 2022

Amount Per Share

$ 0.15

O 2022 M8 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

Feb. 03, 2022

Record Date

Mar. 11, 2022

Payment Date

Mar. 31, 2022

Amount Per Share

$ 0.15

O 2022 M11 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

May 05, 2022

Record Date

Jun. 17, 2022

Payment Date

Jul. 08, 2022

Amount Per Share

$ 0.15

O 2022 M2 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

Aug. 25, 2022

Record Date

Sep. 23, 2022

Payment Date

Oct. 14, 2022

Amount Per Share

$ 0.15

O 2022 M5 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

Nov. 11, 2022

Record Date

Dec. 16, 2022

Payment Date

Jan. 10, 2023

Amount Per Share

$ 0.13

O 2022 M5 Supplemental Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

[2]

Nov. 11, 2022

Record Date

[2]

Dec. 16, 2022

Payment Date

[2]

Jan. 10, 2023

Amount Per Share

[2]

$ 0.02

O 2023 M8 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

Feb. 02, 2023

Record Date

Mar. 10, 2023

Payment Date

Mar. 30, 2023

Amount Per Share

$ 0.13

O 2023 M8 Supplemental Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

[2]

Feb. 02, 2023

Record Date

[2]

Mar. 10, 2023

Payment Date

[2]

Mar. 30, 2023

Amount Per Share

[2]

$ 0.02

O 2023 M11 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

May 04, 2023

Record Date

Jun. 16, 2023

Payment Date

Jul. 07, 2023

Amount Per Share

$ 0.13

O 2023 M11 Supplemental Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

[2]

May 04, 2023

Record Date

[2]

Jun. 16, 2023

Payment Date

[2]

Jul. 07, 2023

Amount Per Share

[2]

$ 0.05

O 2023 M3 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

Sep. 14, 2023

Record Date

Oct. 12, 2023

Payment Date

Nov. 02, 2023

Amount Per Share

$ 0.13

O 2023 M3 Supplemental Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

[2]

Sep. 14, 2023

Record Date

[2]

Oct. 12, 2023

Payment Date

[2]

Nov. 02, 2023

Amount Per Share

[2]

$ 0.02

O 2023 M5 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

Nov. 09, 2023

Record Date

Dec. 14, 2023

Payment Date

Jan. 08, 2024

Amount Per Share

$ 0.12

O 2023 M5 Supplemental Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

[2]

Nov. 09, 2023

Record Date

[2]

Dec. 14, 2023

Payment Date

[2]

Jan. 08, 2024

Amount Per Share

[2]

$ 0.03

O 2024 M8 Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

Feb. 08, 2024

Record Date

Mar. 15, 2024

Payment Date

Apr. 05, 2024

Amount Per Share

$ 0.12

O 2024 M8 Supplemental Dividends [Member]

Dividends Payable [Line Items]

Declaration Date

[2]

Feb. 08, 2024

Record Date

[2]

Mar. 15, 2024

Payment Date

[2]

Apr. 05, 2024

Amount Per Share

[2]

$ 0.03

Declared on April 12, 2024 [Member]

Dividends Payable [Line Items]

Declaration Date

Apr. 12, 2024

Record Date

May 26, 2024

Payment Date

Jun. 14, 2024

Amount Per Share

$ 0.12

Supplemental Distribution Declared on April 12, 2024 [Member]

Dividends Payable [Line Items]

Declaration Date

[2]

Apr. 12, 2024

Record Date

[2]

May 26, 2024

Payment Date

[2]

Jun. 14, 2024

Amount Per Share

[2]

$ 0.03

[1] Special distribution Supplemental distribution

Distributions - Schedule of Cas

Distributions - Schedule of Cash Dividend Distribution (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Distribution To Shareholders [Line Items]
Distributions	$ 8,637,842	$ 9,065,336	$ 8,630,756
Percentage	100%	100%	100%
Ordinary Income And Short-term Capital Gains [Member]
Distribution To Shareholders [Line Items]
Distributions	$ 8,637,842	$ 9,065,336	$ 8,630,756
Percentage	100%	100%	100%

Share Transactions - Summary Of

Share Transactions - Summary Of Shares Issued (Details) - USD ($)		12 Months Ended
	Sep. 03, 2021	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Balance at beginning of period, Shares		14,391,775
Issuance of common shares	453,985	0	0	453,985
Balance at end of period, Shares		14,403,752	14,391,775
Balance at beginning of period, Value		$ 14,392
Issuance of common shares	$ 3,141,576	0	$ 0	$ 3,141,576
Reinvestments of stockholder distributions, Value		40,213	21,749	$ 56,093
Balance at end of period, Value		$ 14,404	$ 14,392
Share Transaction [Member]
Balance at beginning of period, Shares		14,391,775	14,385,810	13,921,767
Issuance of common shares		0	0	453,985
Reinvestments of stockholder distributions, Shares		11,977	5,965	10,058
Balance at end of period, Shares		14,403,752	14,391,775	14,385,810
Balance at beginning of period, Value		$ 205,812,251	$ 205,790,502	$ 202,592,833
Issuance of common shares		0	0	3,141,576
Reinvestments of stockholder distributions, Value		40,213	21,749	56,093
Balance at end of period, Value		$ 205,852,464	$ 205,812,251	$ 205,790,502

Financial Highlights - Schedule

Financial Highlights - Schedule of Financial Highlights (Details) - USD ($)		12 Months Ended
		Jun. 30, 2024		Jun. 30, 2023		Jun. 30, 2022		Jun. 30, 2021		Jun. 30, 2020		Sep. 15, 2023
Investment Company [Abstract]
Net Asset Value Per Share, Beginning Balance	[1]	$ 6.09		$ 6.5		$ 6.92		$ 7.79		$ 10.51
Net investment income	[1]	0.46		0.65		0.62		0.65		1.03
Net realized and unrealized gains (losses)	[1]	(0.74)		(0.43)		(0.44)		(0.82)		(2.82)
Net increase (decrease) in net assets resulting from operations	[1]	(0.28)		0.22		0.18		(0.17)		(1.79)
Share repurchases	[1],[2]	0		0		0		0		0
Dividends from net investment income	[1],[2]	(0.6)		(0.63)		(0.6)		(0.7)		(0.93)
Distributions from net realized gains	[1],[2]	0		0		0		0		0
Net decrease in net assets resulting from capital transactions	[1],[2]	(0.6)		(0.63)		(0.6)		(0.7)		(0.93)
Offering costs	[1]	0		0		0		0		0
Net Asset Value Per Share, Ending Balance	[1]	5.21		6.09		6.5		6.92		7.79
Market value per share, end of year		$ 3.36	[1]	$ 3.62	[1]	$ 4.24	[1]	$ 5.4	[1]	$ 3.49	[1]	$ 5.21
Total return based on market value	[3]	10.52%		1.65%		(11.29%)		80.93%		(43.32%)
Shares outstanding at end of year		14,403,752		14,391,775		14,385,810		13,921,767		13,885,335
Net assets, at end of year		$ 75,010,209		$ 87,700,308		$ 93,509,392		$ 96,355,849		$ 108,124,995
Ratio of total expenses to average net assets		22.29%		19.58%		16.15%		16.93%		16.02%
Ratio of net expenses to average net assets		21.83%		19.15%		15.67%		16.58%		15.56%
Ratio of interest expense and fees and amortization of deferred debt issuance costs to average net assets		11.59%		10.11%		7.33%		6.96%		7.41%
Ratio of net investment income before fee waiver to average net assets(5)		8.78%		10.89%		9.50%		8.93%		10.39%
Ratio of net investment income after fee waiver to average net assets		8.32%		10.46%		9.02%		8.58%		10.86%
Total Borrowings		$ 108,000,000		$ 136,900,000		$ 149,000,000		$ 167,000,000		$ 183,375,000
Asset Coverage Ratio	[4]	1.69%		1.64%		1.63%		1.58%		1.59%
Portfolio Turnover Rate		31%		22%		58%		35%		33%
[1] All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date. The per share data for dividends and distributions declared reflects the actual amount of the dividends and distributions declared per share during the period. Total returns are historical and are calculated by determining the percentage change in the market value with all dividend distributions, if any, reinvested. Dividends and distributions are assumed to be reinvested at prices obtained under the company’s dividend reinvestment plan. Total investment return does not reflect sales load. Asset coverage ratio is equal to (i) the sum of (A) net assets at the end of the period and (B) debt outstanding at the end of the period, divided by (ii) total debt outstanding at the end of the period

Other Fee Income - Schedule of

Other Fee Income - Schedule of Other Fee Income (Details) - USD ($)	12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022
Other Income and Expenses [Abstract]
Amendment Fee	$ 105,677	$ 80,186	$ 109,266
Prepayment Fee Income	179,485	401,125	525,263
Other Fees	363,497	287,306	234,957
Other Fee Income	$ 648,659	$ 768,617	$ 869,486

Tax Information - Schedule Of A

Tax Information - Schedule Of Aggregate Investment unrealized appreciation and depreciation based on cost for U.S. federal income tax purposes (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Tax cost	$ 204,297,727	$ 243,126,654
Gross unrealized appreciation	9,137,901	7,371,220
Gross unrealized depreciation	(28,865,596)	(30,386,545)
Net unrealized investment depreciation	$ (19,727,695)	$ (23,015,325)

Selected Quarterly Financial Da

Selected Quarterly Financial Data (unaudited) - Quarterly Financial Data (Details) - USD ($)		12 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2019
Selected Quarterly Financial Information [Abstract]
Total Investment Income		$ 23,878,302	$ 26,684,153	$ 24,431,365
Total Investment Income per Common Share	[1]	$ 0.46	$ 0.65	$ 0.62	$ 0.65	$ 1.03
Net investment income		$ 6,591,090	$ 9,428,066	$ 8,923,944
Net Investment Income Limited Partnership Per Unit Basic		$ 0.46	$ 0.66	$ 0.62
Net Investment Income Limited Partnership Per Unit Diluted		$ 0.46	$ 0.66	$ 0.62
Net Realized and Unrealized Gain (Loss)		$ (10,683,560)	$ (6,193,563)	$ (6,337,314)
Net Realized and Unrealized Gain (Loss) per Common Share	[1]	$ (0.74)	$ (0.43)	$ (0.44)	(0.82)	(2.82)
Net Income (Loss)		$ (4,092,470)	$ 3,234,503	$ 2,586,630
Earnings per Common Share - Basic		$ (0.28)	$ 0.22	$ 0.18
Earnings per Common Share - Diluted		(0.28)	0.22	0.18
Net Asset Value per Common Share at End of Quarter	[1]	$ 5.21	$ 6.09	$ 6.5	$ 6.92	$ 7.79	$ 10.51
[1] All per share data activity is calculated based on the weighted average shares outstanding for the relevant period, except net increase (decrease) in net assets from capital share transactions, which is based on the common shares outstanding as of the relevant balance sheet date.

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	Sep. 25, 2024 USD ($) Company	Sep. 18, 2024 $ / shares	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)
Dividends Payable [Line Items]
Affiliated investment at amortized cost | $			$ 204,469,040	$ 243,298,816
Subsequent Event
Dividends Payable [Line Items]
Affiliated investment at amortized cost | $	$ 12,900,000
Number of new portfolio company	3
Number of existing portfolio company	2
Number of total portfolio companies	44
Declared on September 18, 2024 [Member] | Subsequent Event
Dividends Payable [Line Items]
Declaration Date		Sep. 18, 2024
Dividend amount per share | $ / shares		$ 0.12
Payment Date		Nov. 06, 2024
Record Date		Oct. 16, 2024