0001140361-23-052491 | 10-Q | XBRL Viewer | Silver Spike Investment Corp

Senior Secured First Lien Term Loan [Member]

$ 57,381,000

$ 50,254,550

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Senior Secured First Lien Term Loan [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Minimum [Member]

$ 49,497,000

$ 40,660,633

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Senior Secured First Lien Term Loan [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Maximum [Member]

0.116

0.072

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Senior Secured First Lien Term Loan [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Weighted Average [Member]

0.153

0.096

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Senior Secured First Lien Term Loan [Member] | Discounted Cash Flow [Member] | Volatility [Member] | Minimum [Member]

^[1]

0.132

0.084

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Senior Secured First Lien Term Loan [Member] | Discounted Cash Flow [Member] | Volatility [Member] | Maximum [Member]

0.20

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Senior Secured First Lien Term Loan [Member] | Discounted Cash Flow [Member] | Volatility [Member] | Weighted Average [Member]

0.20

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Senior Secured Notes [Member]

^[1]

0.20

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Senior Secured Notes [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Minimum [Member]

$ 7,884,000

$ 9,593,917

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Senior Secured Notes [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Maximum [Member]

0.079

0.116

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Senior Secured Notes [Member] | Discounted Cash Flow [Member] | Discount Rate [Member] | Weighted Average [Member]

0.142

0.187

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Senior Secured Notes [Member] | Discounted Cash Flow [Member] | Volatility [Member] | Minimum [Member]

^[1]

0.11

0.143

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Senior Secured Notes [Member] | Discounted Cash Flow [Member] | Volatility [Member] | Maximum [Member]

0.07

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Senior Secured Notes [Member] | Discounted Cash Flow [Member] | Volatility [Member] | Weighted Average [Member]

0.20

Fair Value Measurement Inputs and Valuation Techniques [Abstract]

Investment, Identifier [Axis]: AYR Wellness Inc. Senior Secured Notes Due12102024 Fixed Interest Rate 12.5%

^[1]

0.124

[1]	The weighted average is calculated based on the fair value of each investment.

INVESTMENTS

9 Months Ended

Sep. 30, 2023

INVESTMENTS [Abstract]

INVESTMENTS

NOTE 3 — INVESTMENTS

The Company seeks to invest in portfolio companies primarily in the form of loans (secured and unsecured), but may include equity warrants and direct equity investments. The loans typically pay interest with some amortization of principal. As of September 30, 2023, 86.0% of the portfolio (based on amortized cost) pays interest on a floating rate basis with a PRIME floor, and 14.0% of the portfolio (based on amortized cost) pays fixed interest. As of December 31, 2022, 80.9% of the portfolio (based on amortized cost) pays interest on a floating rate basis with a PRIME floor, and 19.1% of the portfolio (based on amortized cost) pays fixed interest. We will generally seek to obtain security interests in the assets of our portfolio companies that serve as collateral in support of the repayment of these loans. This collateral may take the form of first or second priority liens on the assets of a portfolio company. In some of our portfolio investments, we expect to receive nominally priced equity warrants and/or make direct equity investments in connection with a debt investment. In addition, a portion of our portfolio may be comprised of derivatives, including total return swaps.

We expect that our loans will typically have final maturities of three to six years. However, we expect that our portfolio companies often may repay these loans early, generally within three years from the date of initial investment.

Portfolio Composition

The Company’s portfolio investments are in companies conducting business in or supporting the cannabis industries. The following tables summarize the composition of the Company’s portfolio investments by industry at amortized cost and fair value and as a percentage of the total portfolio as of September 30, 2023 and December 31, 2022.

	September 30, 2023
	Amortized Cost					Fair Value
Industry	Amount		%			Amount		%
Wholesale Trade	$	57,488,336		100.0	%	$	57,381,000		100.0	%
Total	$	57,488,336		100.0	%	$	57,381,000		100.0	%

	December 31, 2022
	Amortized Cost					Fair Value
Industry	Amount		%			Amount		%
Wholesale Trade	$	50,527,898		100.0	%	$	50,254,550		100.0	%
Total	$	50,527,898		100.0	%	$	50,254,550		100.0	%

The geographic composition is determined by the location of headquarters of the portfolio company. The following tables summarize the composition of the Company’s portfolio investments by geographic region of the United States at amortized cost and fair value and as a percentage of the total portfolio as of September 30, 2023 and December 31, 2022. Geographic regions are defined as: West, for the states of WA, OR, ID, MT, WY, CO, AK, HI, UT, NV and CA; Midwest, for the states ND, SD, NE, KS, MO, IA, MN, WI, MI, IL, IN and OH; Northeast, for the states PA, NJ, NY, CT, RI, MA, VT, NH and ME; Southeast, for the states of AR, LA, MS, TN, KY, AL, FL, GA, SC, NC, VA, DE, WV and MD; and Southwest, for the states of AZ, NM, TX and OK.

	September 30, 2023
	Amortized Cost					Fair Value
Geographic Location	Amount		%			Amount		%
West	$	24,834,972		43.2	%	$	24,804,000		43.2	%
Midwest		24,578,030		42.8			24,447,500		42.6
Northeast		8,075,334		14.0			8,129,500		14.2
Total	$	57,488,336		100.0	%	$	57,381,000		100.0	%

	December 31, 2022
	Amortized Cost					Fair Value
Geographic Location	Amount		%			Amount		%
Midwest	$	24,420,752		48.4	%	$	24,358,686		48.5	%
West		20,479,987		40.5			20,268,705		40.3
Northeast		3,854,475		7.6			3,854,475		7.7
Southeast		1,772,684		3.5			1,772,684		3.5
Total	$	50,527,898		100.0	%	$	50,254,550		100.0	%

The following tables summarize the composition of the Company’s portfolio investments by investment type at amortized cost and fair value and as a percentage of the total portfolio as of September 30, 2023 and December 31, 2022.

	September 30, 2023
	Amortized Cost					Fair Value
Investment	Amount		%			Amount		%
Senior Secured First Lien Term Loan	$	49,445,187		86.0	%	$	49,497,000		86.3	%
Senior Secured Notes		8,043,149		14.0			7,884,000		13.7
Total	$	57,488,336		100.0	%	$	57,381,000		100.0	%

	December 31, 2022
	Amortized Cost					Fair Value
Investment	Amount		%			Amount		%
Senior Secured First Lien Term Loan	$	40,871,914		80.9	%	$	40,660,633		80.9	%
Senior Secured Notes		9,655,984		19.1			9,593,917		19.1
Total	$	50,527,898		100.0	%	$	50,254,550		100.0	%

Certain Risk Factors

In the ordinary course of business, the Company manages a variety of risks including market risk, credit risk, liquidity risk, interest rate risk, prepayment risk, risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets generally. These events can also impair the technology and other operational systems upon which the Company's service providers rely and could otherwise disrupt the Company’s service providers' ability to fulfill their obligations to the Company. 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.

Concentration risk is the risk that the Company’s focus on investments in cannabis companies may subject the Company to greater price volatility and risk of loss as a result of adverse economic, business or other developments affecting cannabis companies than funds investing in a broader range of industries or sectors. At times, the performance of investments in cannabis companies will lag the performance of other industries or sectors or the broader market as a whole.

Credit risk is the risk that a decline in the credit quality of an investment could cause the Company to lose money. The Company could lose money if the issuer or guarantor of a portfolio security fails to make timely payment or otherwise honor its obligations. Fixed income securities rated below investment grade (high-yield bonds) involve greater risks of default or downgrade and are generally more volatile than investment grade securities. Below investment grade securities involve greater risk of price declines than investment grade securities due to actual or perceived changes in an issuer’s creditworthiness. In addition, issuers of below investment grade securities may be more susceptible than other issuers to economic downturns. Such securities are subject to the risk that the issuer may not be able to pay interest or dividends and ultimately to repay principal upon maturity. Discontinuation of these payments could substantially adversely affect the market value of the security.

The Company’s investments may, at any time, include securities and other financial instruments or obligations that are illiquid or thinly traded, making 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.

Interest rate risk refers to the change in earnings that may result from changes in the level of interest rates. To the extent that the Company borrows money to make investments, including under any credit facility, net investment income (loss) will be affected by the difference between the rate at which the Company borrows funds and the rate at which the Company invests these funds. In periods of rising interest rates, the Company’s cost of borrowing funds would increase, which may reduce net investment income (loss). As a result, there can be no assurance that a significant change in market interest rates will not have a material adverse effect on net investment income (loss).

Prepayment risk is the risk that a loan in the Company’s portfolio will prepay due to the existence of favorable financing market conditions that allow the portfolio company the ability to replace existing financing with less expensive capital. As market conditions change, prepayment may be possible for each portfolio company. In some cases, the prepayment of a loan may reduce the Company’s achievable yield if the capital returned cannot be invested in transactions with equal or greater expected yields, which could have a material adverse effect on our business, financial condition and results of operations.

Schedule of Investments (Parenthetical) - USD ($)
$ in Thousands

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

Fixed interest rate

^[1]

12.50%

Investment, Identifier [Axis]: Curaleaf Holdings, Inc. Senior Secured Notes Due12152026 Fixed Interest Rate 8%

^[2]

2.05%

Fixed interest rate

^[1]

8.00%

Investment, Identifier [Axis]: Dreamfields Brands, Inc. Senior Secured First Lien Term Loan Due5/3/2026 Variable Interest Rate Prime Spread 8.75% PRIME Floor 7.5%

^[2]

4.60%

4.46%

^[1]

8.75%

^[1]

7.50%

Investment, Identifier [Axis]: Investments And Cash Equivalents

^[2]

4.80%

Investment, Identifier [Axis]: MariMed Inc. Senior Secured First Lien Term Loan Due 01/24/2026 Variable Interest Rate Prime Spread 5.75% Prime Floor 6.25% Paid-in-Kind 1.40%

99.78%

98.74%

^[1]

5.75%

^[1]

6.25%

Investment, Identifier [Axis]: Non Qualifying Assets

^[2]

4.71%

PIK Interest Rate

^[1]

1.40%

Aggregate fair value of securities

^[3]

27.60%

^[3]

$ 24,596

Investment, Identifier [Axis]: PharmaCann, Inc. Senior Secured Loan Due 6/30/2025 Fixed interest rate 12%

Fixed interest rate

^[1]

12.00%

Investment, Identifier [Axis]: STIIIZY Inc Senior Secured First Lien Term Loan Due5262026 Variable Interest Rate Prime Spread 8.5% Prime Floor 4.0% PIK 1.0%

^[2]

4.43%

4.59%

^[1],[4]

8.50%

^[1]

4.00%

Investment, Identifier [Axis]: Shryne Group, Inc. Senior Secured First Lien Term Loan Due 5/26/2026 Variable Interest Rate Prime Spread 8.5% Prime Floor 4.0%

^[2]

23.58%

PIK Interest Rate

^[1]

1.00%

^[1],[5]

8.50%

^[1]

4.00%

Investment, Identifier [Axis]: State Street Institutional U.S. Government Money Market Fund

^[2]

23.44%

Percentage of annualized seven-day yield

34.12%

^[6]

40.62%

^[7]

5.29%

^[6]

4.12%

^[7]

Annualized period of yield

7 days

^[6]

7 days

^[7]

Investment, Identifier [Axis]: Verano Holdings Corp Senior Secured First Lien Term Loan Due10302026 Variable Interest Rate Prime Spread65 Prime Floor625

^[1]

6.50%

^[4]

6.50%

^[5]

^[1]

6.25%

Investment, Identifier [Axis]: Wholesale Trade Debt Securities

^[2]

23.54%

23.58%

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

65.66%

58.12%

Prime rate

8.50%

^[4]

7.50%

^[5]

[1]	Interest rate is the fixed or variable rate of the debt investments.
[2]	The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies.
[3]	Under the Investment Company Act of 1940, as amended (the “1940 Act”), a business development company (“BDC”) may not acquire any “non-qualifying asset” (i.e., an asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets”), unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. As of September 30, 2023 the aggregate fair value of non-qualifying assets is $24,596 or 27.6% of the Company’s total assets.
[4]	As of September 30, 2023 PRIME is 8.50%.
[5]	As of December 31, 2022 PRIME is 7.50%.
[6]	The annualized seven-day yield as of September 30, 2023 is 5.29%.
[7]	The annualized seven-day yield as of December 31, 2022 is 4.12%.

RELATED PARTY TRANSACTIONS (Details)	3 Months Ended		9 Months Ended
RELATED PARTY TRANSACTIONS (Details)	Sep. 30, 2023 USD ($) qtr	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) qtr	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Investment Advisory Agreement [Abstract]
Management fee expenses incurred	$ 264,565	$ 110,426	$ 760,473	$ 165,467
Management fee payable	264,565		264,565		$ 170,965
Income-based incentive fee expenses	405,247	0	1,051,741	0
Income-based incentive fee payable	1,051,741		1,051,741		0
Capital gains incentive fee expenses	(5,000)	0	0	0
Capital gains incentive fee payable	0		0		0
Due from affiliate					0
Common stock purchased	0	0	0	85,269,770
Related Party [Member]
Investment Advisory Agreement [Abstract]
Due to affiliate	298		298		37
Due from affiliate	$ 0		0
Silver Spike Capital, LLC [Member] \| IPO [Member]
Investment Advisory Agreement [Abstract]
Common stock purchased			$ 63,000,000
Percentage of voting stock held	72.00%		72.00%
Cost of sales incurred			$ 2,070,000.00
Investment Advisory Agreement [Member]
Investment Advisory Agreement [Abstract]
Percentage of management fee payable			1.75%
Number of recent quarters \| qtr	2		2
Duration of incentive fee payable			quarterly
Percentage payable of Pre-Incentive Fee Net Investment Income	20.00%		20.00%
Percentage payable of Pre-Incentive Fee Net Investment Income subject to a preferred return, or "hurdle" per quarter	1.75%		1.75%
Percentage of Pre-Incentive Fee Net Investment Income subject to a preferred return, or "hurdle" per annum	7.00%		7.00%
Percentage payable of realized capital gains on a cumulative basis	20.00%		20.00%
Investment Advisory Agreement [Member] \| Related Party [Member]
Investment Advisory Agreement [Abstract]
Due to affiliate	$ 298		$ 298		$ 37
Investment Advisory Agreement [Member] \| Silver Spike Capital, LLC [Member]
Investment Advisory Agreement [Abstract]
Payment of related party expenses	$ 4,993	$ 1,075	$ 6,192	$ 388,559

Statements of Changes in Net Assets (Parenthetical)	9 Months Ended
Statements of Changes in Net Assets (Parenthetical)	Sep. 30, 2022 USD ($)
Statements of Changes in Net Assets [Abstract]
Offering costs	$ 1,609,184

SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2023

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including the requirements under ASC 946, Financial Services—Investment Companies and Articles 6 and 12 of Regulation S-X. In the opinion of management, all adjustments of a normal recurring nature considered necessary for the fair presentation of the financial statements have been made. The current period’s results of operations are not necessarily indicative of results that may be achieved for the year.

Use of Estimates

The preparation of the financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions affecting reported amounts of assets and liabilities at the date of the financial statements (i.e. fair value of investments) and the reported amounts of income, expenses, and gains and losses during the reported period. These estimates are based on the information that is currently available to the Company and on various other assumptions that the Company believes to be reasonable under the circumstances. Actual results could differ materially from those estimates under different assumptions and conditions.

Investment Valuation

The Company’s investments are recorded at their estimated fair value on the Statement of Assets and Liabilities. Investments for which market quotations are readily available will typically be valued at the bid price of those market quotations. To validate market quotations, we utilize a number of factors to determine if the quotations are representative of fair value, including the source and number of the quotations. Debt and equity securities that are not publicly traded or whose market prices are not readily available are valued at fair value as determined in good faith by the Adviser, as the Company’s valuation designee (the “Valuation Designee”), based on inputs that may include valuations, or ranges of valuations, provided by independent third-party valuation firm(s) engaged by the Adviser. Generally, the valuation approach used for debt investments is the income approach. The approach derives a value based on either determining the present value of a projected level of cash flow, including a terminal value, or by the capitalization of a normalized measure of future cash flow. The discounted cash flow (“DCF”) method, one of the methodologies under the income approach, involves estimating future cash flows under various scenarios and discounting them to the measurement date. The discount rate represents a return required by a market participant in order to make an investment in the subject company.

Alternatively, the market approach or asset approach may be used. The market approach is a way of determining a value indication by using one or more methods that compare the portfolio company to similar businesses. Value indicators are applied to relevant financial information of the entity being valued to estimate its fair value. There are two methodologies to consider under the market approach: the guideline company method (“GCM”) and the controlling transaction method (“CTM”). The GCM is based on the premise that the pricing multiples of comparable publicly traded companies can be used as a tool to value privately held companies. The publicly traded companies’ ratios and business enterprise value provide guidance in the valuation process. Considerations of factors such as size, growth, profitability and return on investment are also analyzed and compared to the subject business. The CTM is based on the same premise as the GCM. Guideline transactions include change-of-control transactions involving public or private businesses for companies engaged in similar lines of business or with similar economic characteristics. The valuation considers the price at which the merger or acquisition took place to other factors in order to create a pricing multiple that can be used to determine an estimate of value for the subject company.

The asset approach provides an indication of the portfolio company’s value by developing a valuation-based balance sheet. This approach requires adjusting the historical assets and liabilities listed on the U.S. GAAP-based balance sheet to estimated fair values. The excess of assets over liabilities represents the tangible value of the business enterprise. The asset approach does not consider the relevant earnings capacity of a going concern business.

Effective September 8, 2022, pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the Valuation Designee to perform the fair value determinations for the Company, subject to the oversight of the Board and certain Board reporting and other requirements.

As part of the valuation process, the Adviser takes into account relevant factors in determining the fair value of our investments, including: the estimated enterprise value of a portfolio company (i.e., the total fair value of the portfolio company’s debt and equity), the nature and realizable value of any collateral, the portfolio company’s ability to make payments based on its earnings and cash flow, the markets in which the portfolio company does business, a comparison of the portfolio company’s securities to any similar publicly traded securities, and overall changes in the interest rate environment and the credit markets. When an external event such as a purchase transaction, public offering or subsequent equity sale occurs, the Adviser considers whether the pricing indicated by the external event corroborates its valuation.

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

•	With respect to investments for which market quotations are readily available, those investments will typically be valued at the bid price of those market quotations;

•

With respect to investments for which market quotations are not readily available, the valuation process begins with the Adviser’s valuation committee establishing a preliminary valuation of each investment, which may be based on valuations, or ranges of valuations, provided by independent valuation firm(s);

•	Preliminary valuations are documented and discussed by the Adviser’s valuation committee and, where appropriate, the independent valuation firm(s); and

•	The Adviser determines the fair value of each investment.

We conduct this valuation process on a quarterly basis.

We apply Financial Accounting Standards Board Accounting Standards Codification 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value in accordance with U.S. GAAP and required disclosures of fair value measurements. ASC 820 determines fair value to be the price that would be received for an investment in a current sale, which assumes an orderly transaction between market participants on the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, we consider the principal market to be the market that has the greatest volume and level of activity. ASC 820 specifies a fair value hierarchy that prioritizes and ranks the level of observability of inputs used in determination of fair value. In accordance with ASC 820, these levels are summarized below:

•	Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date;

•	Level 2 – Valuations based on quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or for which all significant inputs are observable, either directly or indirectly; and

•	Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

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

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

Cash and Cash Equivalents

Cash and cash equivalents consists of funds deposited with financial institutions and short-term (maturity of 90 days or less) liquid investments and money market funds. Funds held in money market funds are considered Level 1 in the fair value hierarchy in accordance with ASC 820. Cash held in demand deposit accounts may exceed the Federal Deposit Insurance Corporation (“FDIC”) insured limit. The Company has not incurred any losses on these accounts, and the credit risk exposure is mitigated by the financial strength of the banking institution where the amounts are held. As of September 30, 2023 and December 31, 2022, cash and cash equivalents consisted of $29.82 million and $35.13 million, respectively, of which $29.82 million and $35.13 million, respectively, was held in the State Street Institutional U.S. Government Money Market Fund.

Earnings per share

Basic earnings per share is computed by dividing net increase (decrease) in net assets resulting from operations by the weighted-average number of common shares outstanding for the period. Other potentially dilutive common shares, and the related impact to earnings are considered when calculating earnings per share on a diluted basis.

Investment Transactions

Investment transactions are recorded on trade date. Realized gains or losses are recognized as the difference between the net proceeds received (excluding prepayment fees, if any) and the amortized cost basis of the investment using the specific identification method without regard to unrealized gains or losses previously recognized, and include investments written off during the period, net of recoveries. Current-period changes in fair value of investments are reflected as a component of the net change in unrealized appreciation (depreciation) on investments on the Statements of Operations. The net change in unrealized appreciation (depreciation) primarily reflects the change in investment fair values as of the last business day of the reporting period, including the reversal of previously recorded unrealized gains or losses with respect to investments realized during the period.

Investments traded but not yet settled, if any, are reported in payable for investments purchased and receivable for investments sold on the Statement of Assets and Liabilities.

Interest and Dividend Income

Interest income is recorded on the accrual basis and includes accretion and amortization of discounts or premiums, respectively. Discounts and premiums to par value on securities purchased are accreted and amortized, respectively, into interest income over the contractual life of the respective security using the effective yield method. The amortized cost of investments includes the original cost adjusted for the accretion and amortization of discounts and premiums, respectively. Upon prepayment of a loan or debt security, any prepayment premiums and unamortized discounts or premiums are recorded as interest income in the current period.

When a debt security becomes 90 days or more past due, or if management otherwise does not expect that principal, interest, and other obligations due will be collected in full, the Company will generally place the debt security on non-accrual status and cease recognizing interest income on that debt security until all principal and interest due has been paid or the Company believes the borrower has demonstrated the ability to repay its current and future contractual obligations. Any uncollected interest is reversed from income in the period that collection of the interest receivable is determined to be doubtful. However, the Company may make exceptions to this policy if the investment has sufficient collateral value and is in the process of collection. As of September 30, 2023 and December 31, 2022, there were no loan investments in the portfolio placed on non-accrual status.

We typically receive debt investment origination or closing fees in connection with investments. Such debt investment origination and closing fees are capitalized as unearned income and offset against investment cost basis on our Statements of Assets and Liabilities and accreted into interest income using the effective yield method over the term of the investment. Upon the prepayment of a debt investment, any unaccreted debt investment origination and closing fees are accelerated into interest income.

Interest income earned, excluding accretion of discounts and amortization of premiums, was $2,756,231 and $7,674,961 for the three and nine months ended September 30, 2023. Interest income earned, excluding accretion of discounts and amortization of premiums, was $1,140,058 and $1,540,214 for the three and nine months ended September 30, 2022. As of September 30, 2023 and December 31, 2022, $1,829,675 and $1,559,081, respectively were recorded as interest receivable.

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

Certain investments may have contractual PIK interest or dividends. PIK interest or dividends represents accrued interest or dividends that is added to the principal amount of the investment on the respective interest or dividend payment dates rather than being paid in cash and generally becomes due at maturity. If PIK interest or dividends are not expected to be realized by the Company, the investment generating PIK interest or dividends will be placed on non-accrual status. When an investment with PIK is placed on non-accrual status, the accrued, uncapitalized interest or dividends are generally reversed through interest or dividend income, respectively.

Fee Income

All transaction fees earned in connection with our investments are recognized as fee income and are generally non-recurring. Such fees typically include fees for services, including administrative, structuring and advisory services, provided to portfolio companies. We recognize income from fees for providing such structuring and advisory services when the services are rendered or the transactions are completed.

For the three and nine months ended September 30, 2023, the Company earned $31,250 and $162,500, respectively, in fee income. For the three and nine months ended September 30, 2022, the Company earned $0 and $410,000, respectively, in fee income.

Income Taxes

The Company adopted an initial tax year end of December 31, 2021 and was taxed as a corporation for U.S. federal income tax purposes for the tax period ended December 31, 2021. The Company adopted the tax year end of March 31, 2022 and elected to be treated for U.S. federal income tax purposes as a RIC under Subchapter M of the Code for the tax period January 1, 2022 through March 31, 2022, and intends to maintain such election in the current and future taxable years. To maintain its tax treatment as a RIC, the Company must meet specified source-of-income and asset diversification requirements and timely distribute to its stockholders for each taxable year at least 90% of its investment company taxable income. In order for the Company not to be subject to U.S. federal excise taxes, it must distribute annually an amount at least equal to the sum of (i) 98% of its net ordinary income for the calendar year, (ii) 98.2% of its capital gains in excess of capital losses for the one-year period ending on October 31 of the calendar year and (iii) any net ordinary income and capital gains in excess of capital losses for preceding years that were not distributed during such years. The Company, at its discretion (subject to the requirement to distribute 90% of its investment company taxable income as described above), may carry forward taxable income in excess of calendar year dividends and pay a 4% nondeductible U.S. federal excise tax on this income. If the Company chooses to do so, this generally would increase expenses and reduce the amount available to be distributed to stockholders. As of September 30, 2023 and December 31, 2022, $0 and $80,566 of accrued excise taxes remained payable.

The Company evaluates tax positions taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” to be sustained by the applicable tax authority in accordance with ASC Topic 740, Income Taxes (“ASC 740”). Tax benefits of positions not deemed to meet the more-likely-than-not threshold, or uncertain tax positions, would be recorded as tax expense in the current year. It is the Company’s policy to recognize accrued interest and penalties related to uncertain tax benefits in income tax expense.

Based on the analysis of the Company’s tax position, the Company has no uncertain tax positions that met the recognition or measurement criteria as of September 30, 2023 and December 31, 2022. The Company does not anticipate any significant increase or decrease in unrecognized tax benefits for the next twelve months. All of the Company’s tax returns remain subject to examination by U.S. federal and state tax authorities.

Distributions
Distributions to common stockholders are recorded on the record date. The amount of taxable income to be paid out as a distribution is determined by our Board of Directors each quarter and is generally based upon the future taxable income estimated by management. Capital gains, if any, are distributed at least annually, although the Company may decide to retain all or some of those capital gains for investment and pay U.S. federal income tax at corporate rates on those retained amounts. If the Company chooses to do so, this generally will increase expenses and reduce the amount available to be distributed to stockholders. Our distributions may exceed our earnings, and therefore, portions of the distributions that we make may be a return of the money originally invested and represent a return of capital distribution to shareholders for tax purposes.

Organization Expenses and Offering Costs

Organizational expenses

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

For the three and nine months ended September 30, 2023, the Company did not incur organizational expenses. For the three and nine months ended September 30, 2022, the Company incurred organizational expenses of $0 and $34,168, respectively. As of September 30, 2023 and December 31, 2022, there were no unpaid organizational expenses.

Offering costs

These costs consist primarily of legal fees and other costs incurred in connection with the Company’s share offerings, the preparation of the Company’s registration statement, and registration fees.

Costs associated with the offering of common shares of the Company are capitalized as deferred offering and, if any, are included in deferred offering costs on the Statements of Assets and Liabilities. Costs of approximately $0 and $1,690,184 were charged to capital upon the completion of the Company’s public offering during the three and nine months ended September 30, 2022. For the three and nine months ended September 30, 2023, no offering costs were charged to capital. As of September 30, 2023 and December 31, 2022, there were no unpaid offering costs.

New Accounting Standards

Management does not believe any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

FAIR VALUE OF FINANCIAL INSTRUMENTS

9 Months Ended

Sep. 30, 2023

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 4 — FAIR VALUE OF FINANCIAL INSTRUMENTS

ASC 820 defines fair value, establishes a framework for measuring fair value, and establishes a fair value hierarchy based on the quality of inputs used to measure fair value and enhances disclosure requirements for fair value measurements. The Company accounts for its investments at fair value. As of September 30, 2023 and December 31, 2022, the Company’s portfolio investments consisted of investments in secured loans and secured notes. The fair value amounts have been measured as of the reporting date and have not been reevaluated or updated for purposes of these financial statements subsequent to that date. As such, the fair values of these financial instruments subsequent to the reporting date may be different than amounts reported.

In accordance with ASC 820, the Company has categorized its investments based on the priority of the inputs to the valuation technique into a three-level fair value hierarchy. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical investments (Level 1) and the lowest priority to unobservable inputs (Level 3).

As required by ASC 820, when the inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement in its entirety. For example, a Level 3 fair value measurement may include inputs that are observable (Levels 1 and 2) and unobservable (Level 3). Therefore, the fair value related to such investments categorized within the Level 3 tables below may include components of the fair value that are attributable to both observable inputs (Levels 1 and 2) and unobservable inputs (Level 3). The fair value determination of each portfolio investment categorized as Level 3 required one or more unobservable inputs.

The use of significant unobservable inputs creates uncertainty in the measurement of fair value as of the reporting date. The significant unobservable inputs used in the fair value measurement of the Company’s investments may vary and may include debt investments’ yield (i.e. discount rate) and volatility assumptions.

The Company’s investments measured at fair value by investment type on a recurring basis as of September 30, 2023 were as follows:

	Fair Value Measurements at September 30, 2023 Using
Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Senior Secured First Lien Term Loan	$	-	$	-	$	49,497,000	$	49,497,000
Senior Secured Notes		-		-		7,884,000		7,884,000
Total	$	-	$	-	$	57,381,000	$	57,381,000

The Company’s investments measured at fair value by investment type on a recurring basis as of December 31, 2022 were as follows:

	Fair Value Measurements at December 31, 2022 Using
Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Senior Secured First Lien Term Loan	$	-	$	-	$	40,660,633	$	40,660,633
Senior Secured Notes		-		-		9,593,917		9,593,917
Total	$	-	$	-	$	50,254,550	$	50,254,550

The following tables provide a summary of the significant unobservable inputs used to fair value the Level 3 portfolio investments as of September 30, 2023 and December 31, 2022. The methodology for the determination of the fair value of the Company’s investments is discussed in “Note 2 – Significant Accounting Policies”. Discount Rate ranges are shown as spread over PRIME and Treasuries, respectively, for Senior Secured First Lien Term Loans, as of September 30, 2023 and December 31, 2022.

Investment Type	Fair Value as of September 30, 2023		Valuation Techniques/ Methodologies	Unobservable Input	Range			Weighted Average ⁽¹⁾
Senior Secured First Lien Term Loan	$	49,497,000	Discounted Cash Flow	Discount Rate		11.6% - 15.3	%		13.2	%
Senior Secured Notes		7,884,000	Discounted Cash Flow	Discount Rate		7.9% - 14.2	%		11.0	%
Total	$	57,381,000

Investment Type	Fair Value as of December 31, 2022		Valuation Techniques/ Methodologies	Unobservable Input	Range			Weighted Average ⁽¹⁾
Senior Secured First Lien Term Loan	$	40,660,633	Discounted Cash Flow	Discount Rate		7.2% - 9.6	%		8.4	%
Senior Secured First Lien Term Loan	$	40,660,633	Discounted Cash Flow	Volatility		20.0% - 20.0	%		20.0	%
Senior Secured Notes		9,593,917	Discounted Cash Flow	Discount Rate		11.6% - 18.7	%		14.3	%
Senior Secured Notes		9,593,917	Discounted Cash Flow	Volatility		7.0% - 20.0	%		12.4	%
Total	$	50,254,550

(1) The weighted average is calculated based on the fair value of each investment.

Significant increases (decreases) in discount rate in isolation would result in a significantly lower (higher) fair value assessment. Significant increases (decreases) in volatility in isolation would result in a significantly lower (higher) fair value assessment.

The following table provides a summary of changes in the fair value of the Company’s Level 3 portfolio investments for the nine months ended September 30, 2023:

	Senior Secured First Lien Term Loan			Senior Secured Notes			Total Investments
Fair Value as of December 31, 2022	$	40,660,633		$	9,593,917		$	50,254,550
Purchases		8,442,000			-			8,442,000
Accretion of discount and fees (amortization of premium), net		233,119			197,933			431,052
PIK interest		78,153			-			78,153
Proceeds from sales of investments and principal repayments		(180,000	)		(1,600,000	)		(1,780,000	)
Net realized gain (loss) on investments		-			(210,767	)		(210,767	)
Net change in unrealized appreciation (depreciation) on investments		263,095			(97,083	)		166,012
Balance as of September 30, 2023	$	49,497,000		$	7,884,000		$	57,381,000

Net change in unrealized appreciation/depreciation on Level 3 investments still held as of September 30, 2023	$	263,095		$	(97,083	)	$	166,012

The following table provides a summary of changes in the fair value of the Company’s Level 3 portfolio investments for the nine months ended September 30, 2022:

	Senior Secured First Lien Term Loan		Total Investments
Fair Value as of December 31, 2021	$	-	$	-
Purchases		24,417,500		24,417,500
Accretion of discount and fees (amortization of premium), net		49,966		49,966
PIK interest		-		-
Proceeds from sales of investments and principal repayments		-		-
Net realized gain (loss) on investments		-		-
Net change in unrealized appreciation (depreciation) on investments		-		-
Balance as of September 30, 2022	$	24,467,466	$	24,467,466

Net change in unrealized appreciation/depreciation on Level 3 investments still held as of September 30, 2022	$	-	$	-

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Statements of Assets and Liabilities (Parenthetical) - USD ($)

Sep. 30, 2023

Dec. 31, 2022

Sep. 30, 2022

^[1]

Jun. 15, 2021

ASSETS

Common stock, par value (in dollars per share)

$ 57,488,336

$ 50,527,898

NET ASSETS

$ 0.01

Common stock, shares authorized (in shares)

100,000,000

Common stock, shares issued (in shares)

6,214,705

6,214,672

386

Common stock, shares outstanding (in shares)

6,214,705

6,214,672

Investment, Unaffiliated Issuer [Member]

ASSETS

$ 57,488,336

$ 50,527,898

[1]	The Company was formed on January 25, 2021 and the effective date of the registration statement was February 3, 2022.

Cost of the investment.

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SIGNIFICANT ACCOUNTING POLICIES, Cash and Cash Equivalents (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 29,820,936	$ 35,125,320
State Street Institutional U.S. Government Money Market Fund [Member]
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	$ 29,820,000	$ 35,130,000

SIGNIFICANT ACCOUNTING POLICIES, Income Taxes (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Percentage of taxable income and gain planned to be distributed by company	90.00%
Minimum percentage of ordinary income	98.00%
Minimum percentage of capital gains	98.20%
Federal excise tax rate based on distribution requirements	4.00%
Accrued exercise taxes payable	$ 0	$ 80,566
Increase or decrease in unrecognized tax benefits	$ 0	$ 0
Minimum [Member]
Effective Income Tax Rate Reconciliation, Percent [Abstract]
Percentage of taxable income and gain planned to be distributed by company	90.00%

Statements of Cash Flows - USD ($)	9 Months Ended
Statements of Cash Flows - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities
Net increase (decrease) in net assets resulting from operations	$ 4,842,366	$ 556,129
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:
Net realized (gain) loss from investments	210,767	0
Net change in unrealized (appreciation) depreciation from investments	(166,012)	0
Net (accretion of discounts) and amortization of premiums	(431,052)	(49,966)
Purchase of investments	(8,442,000)	(24,417,500)
PIK interest capitalized	(78,153)	0
Proceeds from sales of investments and principal repayments	1,780,000	0
(Increase)/Decrease in operating assets:
Prepaid expenses	(71,515)	(119,787)
Other assets	(50,000)	0
Interest receivable	(270,594)	(252,547)
Deferred offering costs	0	1,395,059
Increase/(Decrease) in operating liabilities:
Management fee payable	93,600	110,426
Income-based incentive fees payable	1,051,741	0
Legal fees payable	108,452	155,139
Administrator fees payable	24,648	73,908
Valuation fees payable	94,130	83,083
Audit fees payable	25,165	0
Professional fees payable	(10,679)	50,185
Director's fee payable	2,719	32,049
Excise tax payable	(80,566)	0
Due to affiliate	261	(383,207)
Offering cost payable	0	(1,024,256)
Organizational costs payable	0	(430,276)
Other payables	(22,740)	2,238
Net cash provided by (used in) operating activities	(1,389,462)	(24,219,323)
Cash flows from financing activities
Issuance of common stock, net of offering cost	0	85,269,770
Distributions paid	(3,914,922)	0
Net cash provided by (used in) financing activities	(3,914,922)	85,269,770
Net increase (decrease) in cash & cash equivalents	(5,304,384)	61,050,447
Cash & cash equivalents, beginning of period	35,125,320	5,400
Cash & cash equivalents, end of period	29,820,936	61,055,847
Supplemental and non-cash financing activities
Reinvestment of dividend distributions	$ 321	$ 0

COMMON STOCK

9 Months Ended

Sep. 30, 2023

COMMON STOCK [Abstract]

COMMON STOCK

NOTE 7 — COMMON STOCK

In connection with its formation, the Company authorized 100,000,000 shares of its common stock with a par value of $0.01 per share. On June 15, 2021, the Company was initially capitalized by the issuance of 386 shares of its common stock for an aggregate purchase price of $5,400 to SSC.

Initial Public Offering

On February 4, 2022, the Company completed its initial public offering of 6,214,286 shares of common stock at a price of $14.00 per share, inclusive of the underwriters’ option to purchase additional shares, which was exercised on March 1, 2022, and raised capital of approximately $85 million (net of approximately $2 million of offering costs).

Distributions

The following table summarizes distributions declared and/or paid by the Company during the three and nine months ended September 30, 2023:

Declaration Date

Type

Record Date

Payment Date

Per Share
Amount

Dividends Paid

August 10, 2023

Quarterly

September 15, 2023

September 29, 2023

0.23

1,429,374

August 10, 2023

Special

September 15, 2023

September 29, 2023

0.40

2,485,869

During the three and nine months ended September 30, 2022, the Company did not have any distributions.

Dividend Reinvestment Plan

The Company’s dividend reinvestment plan (“DRIP”) provides for the reinvestment of distributions in the form of common stock on behalf of its stockholders, unless a stockholder has elected to receive distributions in cash. As a result, if the Company declares a cash distribution, its stockholders who have not “opted out” of the DRIP by the opt out date will have their cash distribution automatically reinvested into additional shares of the Company’s common stock. The share requirements of the DRIP may be satisfied through the issuance of common shares or through open market purchases of common shares by the DRIP plan administrator.

The Company’s DRIP is administered by its transfer agent on behalf of the Company’s record holders and participating brokerage firms. Brokerage firms and other financial intermediaries may decide not to participate in the Company’s DRIP but may provide a similar dividend reinvestment plan for their clients. During the three and nine months ended September 30, 2023, the Company issued the following shares of common stock under the DRIP:

Declaration Date	Type	Record Date	Payment Date	Shares
August 10, 2023	Quarterly	September 15, 2023	September 29, 2023		12
August 10, 2023	Special	September 15, 2023	September 29, 2023		21

During the three and nine months ended September 30, 2022, the Company issued no new shares of common stock under the DRIP.

The entire disclosure for equity.

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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

SIGNIFICANT ACCOUNTING POLICIES, Interest and Dividend Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Investments held by the Company	$ 0		$ 0		$ 0
Interest income earned, excluding accretion of discounts	2,756,231	$ 1,140,058	7,674,961	$ 1,540,214
Interest receivable	$ 1,829,675		$ 1,829,675		$ 1,559,081

SIGNIFICANT ACCOUNTING POLICIES, Organization Expenses and Offering Costs (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Organizational expenses	$ 0	$ 0	$ 0	$ 34,168
Organizational expenses unpaid	0		0		$ 0
Offering costs charged to capital	0	$ 0	0	$ 1,690,184
Offering costs unpaid	$ 0		$ 0		$ 0

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2023	Nov. 09, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	001-40564
Entity Registrant Name	SILVER SPIKE INVESTMENT CORP.
Entity Central Index Key	0001843162
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	86-2872887
Entity Address, Address Line One	600 Madison Avenue, Suite 1800
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	905-4923
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SSIC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,214,705

INVESTMENTS (Tables)

9 Months Ended

Sep. 30, 2023

INVESTMENTS [Abstract]

Portfolio Investments

	September 30, 2023
	Amortized Cost					Fair Value
Industry	Amount		%			Amount		%
Wholesale Trade	$	57,488,336		100.0	%	$	57,381,000		100.0	%
Total	$	57,488,336		100.0	%	$	57,381,000		100.0	%

	December 31, 2022
	Amortized Cost					Fair Value
Industry	Amount		%			Amount		%
Wholesale Trade	$	50,527,898		100.0	%	$	50,254,550		100.0	%
Total	$	50,527,898		100.0	%	$	50,254,550		100.0	%

	September 30, 2023
	Amortized Cost					Fair Value
Geographic Location	Amount		%			Amount		%
West	$	24,834,972		43.2	%	$	24,804,000		43.2	%
Midwest		24,578,030		42.8			24,447,500		42.6
Northeast		8,075,334		14.0			8,129,500		14.2
Total	$	57,488,336		100.0	%	$	57,381,000		100.0	%

	December 31, 2022
	Amortized Cost					Fair Value
Geographic Location	Amount		%			Amount		%
Midwest	$	24,420,752		48.4	%	$	24,358,686		48.5	%
West		20,479,987		40.5			20,268,705		40.3
Northeast		3,854,475		7.6			3,854,475		7.7
Southeast		1,772,684		3.5			1,772,684		3.5
Total	$	50,527,898		100.0	%	$	50,254,550		100.0	%

	September 30, 2023
	Amortized Cost					Fair Value
Investment	Amount		%			Amount		%
Senior Secured First Lien Term Loan	$	49,445,187		86.0	%	$	49,497,000		86.3	%
Senior Secured Notes		8,043,149		14.0			7,884,000		13.7
Total	$	57,488,336		100.0	%	$	57,381,000		100.0	%

	December 31, 2022
	Amortized Cost					Fair Value
Investment	Amount		%			Amount		%
Senior Secured First Lien Term Loan	$	40,871,914		80.9	%	$	40,660,633		80.9	%
Senior Secured Notes		9,655,984		19.1			9,593,917		19.1
Total	$	50,527,898		100.0	%	$	50,254,550		100.0	%

FAIR VALUE OF FINANCIAL INSTRUMENTS, Summary of Changes in Fair Value of Level 3 Portfolio Investments (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Changes in Fair Value of Level 3 Portfolio Investments [Abstract]
Fair value, beginning of period	$ 50,254,550	$ 0
Purchases	8,442,000	24,417,500
Accretion of discount and fees (amortization of premium), net	431,052	49,966
PIK interest	78,153	0
Proceeds from sales of investments and principal repayments	(1,780,000)	0
Net realized gain (loss) on investments	(210,767)	0
Net change in unrealized appreciation (depreciation) on investments	166,012	0
Fair value, end of period	57,381,000	24,467,466
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of September 30	166,012	0
Senior Secured First Lien Term Loan [Member]
Changes in Fair Value of Level 3 Portfolio Investments [Abstract]
Fair value, beginning of period	40,660,633	0
Purchases	8,442,000	24,417,500
Accretion of discount and fees (amortization of premium), net	233,119	49,966
PIK interest	78,153	0
Proceeds from sales of investments and principal repayments	(180,000)	0
Net realized gain (loss) on investments	0	0
Net change in unrealized appreciation (depreciation) on investments	263,095	0
Fair value, end of period	49,497,000	24,467,466
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of September 30	263,095	$ 0
Senior Secured Notes [Member]
Changes in Fair Value of Level 3 Portfolio Investments [Abstract]
Fair value, beginning of period	9,593,917
Purchases	0
Accretion of discount and fees (amortization of premium), net	197,933
PIK interest	0
Proceeds from sales of investments and principal repayments	(1,600,000)
Net realized gain (loss) on investments	(210,767)
Net change in unrealized appreciation (depreciation) on investments	(97,083)
Fair value, end of period	7,884,000
Net change in unrealized appreciation/depreciation on Level 3 investments still held as of September 30	$ (97,083)

INDEMNIFICATION	9 Months Ended
INDEMNIFICATION	Sep. 30, 2023
INDEMNIFICATION [Abstract]
INDEMNIFICATION	NOTE 8 — INDEMNIFICATION Under the Company’s organizational documents, the Company’s officers and directors are indemnified against certain liabilities arising out of the performance of their duties to the Company. In addition, in the normal course of business the Company enters into contracts that contain a variety of representations which provide general indemnifications. The Company’s maximum exposure under these agreements cannot be known; however, the Company expects any risk of loss to be remote.

INCOME TAXES

9 Months Ended

Sep. 30, 2023

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 10 — INCOME TAXES

The Company adopted a tax year end of March 31, with March 31, 2022 being the first tax period end for this elected tax year end. The Company elected to be treated as a regulated investment company (“RIC”) for U.S. federal income tax purposes under Subchapter M of the Code for the tax period January 1, 2022 through March 31, 2022, and intends to maintain such election in future taxable years. However, there is no guarantee that the Company will qualify to make such an election for any taxable year. As a RIC, the Company generally will not pay corporate-level income tax if it distributes to stockholders at least 90% of its investment company taxable income (“ICTI”) (which is generally its net ordinary taxable income and realized net short-term capital gains in excess of realized net long-term capital losses) and 90% of its tax-exempt income to maintain its RIC status. Depending on the level of ICTI earned in a tax year, the Company may choose to carry forward ICTI in excess of the current year distribution into the next tax year. Any such carryover ICTI must be distributed before the end of that next tax year through a dividend declared prior to filing the final tax return related to the year which generated such ICTI. The amount to be paid out as a distribution is determined by the Company’s Directors each quarter and is based upon the annual earnings estimated by the management of the Company. To the extent the Company’s earnings fall below the amount of dividend distributions declared, however, a portion of the total amount of the Company’s distributions for the tax year may be deemed a return of capital for tax purposes to the Company’s stockholders.

The Company’s taxable income for each period is an estimate and will not be finally determined until the Company files its tax return for each tax year. Therefore, the final taxable income earned in each tax year and carried forward for distribution in the following tax year may be different than this estimate.

Because federal income tax regulations differ from GAAP, distributions in accordance with tax regulations may differ from net investment income (loss) and realized gains recognized for financial reporting purposes. Differences may be permanent or temporary in nature. Permanent differences are reclassified among the capital accounts in the financial statements to reflect their appropriate tax character. Temporary differences arise when certain items of income, expense, gain or loss are recognized in different periods for book and tax purposes.

As of March 31, 2023, the Company’s most recent tax year end, the Company had no capital loss carryforwards for federal income tax purposes.

For income tax purposes, distributions paid to shareholders are reported as ordinary income, return of capital, long-term capital gains, or a combination thereof. For the six month period ending September 30, 2023, the Company had ordinary income distributions of $3,914,922, however the final determination of the tax character of distributions will not be made until we file our tax return for the tax year ending March 31, 2024. There were no distributions paid for the tax year ended March 31, 2023.

For the tax year ended March 31, 2023, the Company reclassified $121,099 from distributable earnings to additional paid-in-capital on the Statement of Assets and Liabilities arising from permanent book to tax differences primarily related to prior year post-financial statement updates and non-deductible excise tax. For the tax year ended March 31, 2022, the Company reclassified $295,235 from distributable earnings to additional paid-in-capital on the Statement of Assets and Liabilities arising from permanent book to tax differences primarily related to prior year post-financial statement updates and non-deductible excise tax.

As of March 31, 2023, the components of distributable earnings on a tax basis detailed below differ from the amounts reflected in the Company’s Statements of Assets and Liabilities by temporary book or tax differences primarily arising from the tax treatment of organizational costs.

	March 31, 2023
Undistributed ordinary income	$	3,418,714
Net unrealized appreciation (depreciation) on investments		713,009
Other temporary differences		(399,948	)
Total	$	3,731,775

The following table sets forth the tax cost basis and the estimated aggregate gross unrealized appreciation and depreciation from investments and cash equivalents for federal income tax purposes for the six months ended September 30, 2023, the tax year ended March 31, 2023, and the fiscal year ended December 31, 2022:

	September 30, 2023			March 31, 2023		December 31, 2022
Tax cost of investments and cash equivalents	$	87,309,272		$	87,454,317	$	85,653,218

Unrealized appreciation	$	154,529		$	713,009	$	-
Unrealized depreciation		(261,865	)		-		(273,348	)
Net unrealized appreciation (depreciation) from investments and cash equivalents	$	(107,336	)	$	713,009	$	(273,348	)

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Summary of Distributions Declared and/or Paid

SIGNIFICANT ACCOUNTING POLICIES, Fee Income (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Fee income	$ 31,250	$ 0	$ 162,500	$ 410,000

COMMON STOCK (Tables)

9 Months Ended

Sep. 30, 2023

COMMON STOCK [Abstract]

The following table summarizes distributions declared and/or paid by the Company during the three and nine months ended September 30, 2023:

Declaration Date

Type

Record Date

Payment Date

Per Share
Amount

Dividends Paid

August 10, 2023

Quarterly

September 15, 2023

September 29, 2023

0.23

1,429,374

August 10, 2023

Special

September 15, 2023

September 29, 2023

0.40

2,485,869

Schedule of Distribution Reinvestment Plan [Table Text Block]

During the three and nine months ended September 30, 2023, the Company issued the following shares of common stock under the DRIP:

Declaration Date	Type	Record Date	Payment Date	Shares
August 10, 2023	Quarterly	September 15, 2023	September 29, 2023		12
August 10, 2023	Special	September 15, 2023	September 29, 2023		21

EARNINGS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2023

EARNINGS PER SHARE [Abstract]

Computation of Weighted Average Basic and Diluted Net Increase (Decrease) in Net Assets Per Share from Operations

The following table sets forth the computation of the weighted average basic and diluted net increase (decrease) in net assets per share from operations for the three and nine months ended September 30, 2023 and 2022:

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net increase (decrease) in net assets resulting from operations	$	1,273,882	$	559,923	$	4,842,366	$	556,129
Weighted Average Shares Outstanding - basic and diluted		6,214,673		6,214,672		6,214,672		5,338,691
Net increase (decrease) in net assets resulting from operations per share - basic and diluted	$	0.20	$	0.09	$	0.78	$	0.10

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2023
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6 — COMMITMENTS AND CONTINGENCIES Commitments and contingencies have been reviewed and the Company has identified no commitments or contingencies as of September 30, 2023 and December 31, 2022.

Schedule of Investments - USD ($)

9 Months Ended

12 Months Ended

Sep. 30, 2023

Dec. 31, 2022

$ 57,488,336

$ 50,527,898

Investment, Identifier [Axis]: AYR Wellness Inc. Senior Secured Notes Due12102024 Fixed Interest Rate 12.5%

$ 57,381,000

$ 50,254,550

^[1],[2]

ssic:AYRWellnessIncMember

Investment, Significant Unobservable Input [true false]

^[2],[3]

ssic:SeniorSecuredNoteMember

true

^[2],[4]

Oct. 11, 2022

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

^[2]

Dec. 10, 2024

^[2],[5]

Level 3 [Member]

Investment, Issuer Geographic Region [Extensible Enumeration]

^[2],[6]

Southeast [Member]

^[2],[7]

$ 2,000,000

^[2]

1,773,000

^[2],[8]

$ 1,773,000

Investment, Identifier [Axis]: Curaleaf Holdings, Inc. Senior Secured Notes Due12152026 Fixed Interest Rate 8%

^[2]

2.05%

^[1],[2]

ssic:CuraleafHoldingsIncMember

Investment, Significant Unobservable Input [true false]

^[2]

ssic:SeniorSecuredNoteMember

^[9]

ssic:SeniorSecuredNoteMember

^[3]

true

^[2],[4]

Oct. 11, 2022

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

^[2]

Dec. 15, 2026

^[2],[5]

Level 3 [Member]

Investment, Issuer Geographic Region [Extensible Enumeration]

^[2],[6]

Northeast [Member]

^[2],[7]

$ 4,500,000

^[2]

3,954,000

3,854,000

^[2],[8]

$ 4,017,000

$ 3,854,000

Investment, Identifier [Axis]: Dreamfields Brands, Inc. Senior Secured First Lien Term Loan Due5/3/2026 Variable Interest Rate Prime Spread 8.75% PRIME Floor 7.5%

^[2]

4.60%

4.46%

^[1],[2]

ssic:DreamfieldsBrandsIncMember

Investment, Significant Unobservable Input [true false]

^[2],[9]

Senior Secured First Lien Term Loan [Member]

true

^[2],[4]

May 03, 2023

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

^[2]

May 03, 2026

^[2],[5]

Level 3 [Member]

Investment, Issuer Geographic Region [Extensible Enumeration]

^[2],[6]

West [Member]

^[2],[7]

$ 4,320,000

^[2]

4,223,000

^[2],[8]

$ 4,191,000

Investment, Identifier [Axis]: Investments And Cash Equivalents

^[2]

4.80%

$ 87,309,000

$ 85,653,000

^[8]

$ 87,202,000

$ 85,380,000

Investment, Identifier [Axis]: MariMed Inc. Senior Secured First Lien Term Loan Due 01/24/2026 Variable Interest Rate Prime Spread 5.75% Prime Floor 6.25% Paid-in-Kind 1.40%

99.78%

98.74%

^[1],[2]

ssic:MariMedIncMember

Investment, Significant Unobservable Input [true false]

^[2],[9]

Senior Secured First Lien Term Loan [Member]

true

^[2],[4]

Jan. 24, 2023

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

^[2]

Jan. 24, 2026

^[2],[5]

Level 3 [Member]

Investment, Issuer Geographic Region [Extensible Enumeration]

^[2],[6]

Northeast [Member]

^[2],[7]

$ 4,363,000

^[2]

4,121,000

^[2],[8]

$ 4,113,000

Investment, Identifier [Axis]: Non Qualifying Assets

^[2]

4.71%

Investment, Identifier [Axis]: PharmaCann, Inc. Senior Secured Loan Due 6/30/2025 Fixed interest rate 12%

^[10]

27.60%

^[1],[2]

ssic:PharmaCannIncMember

Investment, Significant Unobservable Input [true false]

^[2]

ssic:SeniorSecuredNoteMember

^[9]

ssic:SeniorSecuredNoteMember

^[3]

true

^[2],[4]

Jun. 30, 2022

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

^[2]

Jun. 30, 2025

^[2],[5]

Level 3 [Member]

Investment, Issuer Geographic Region [Extensible Enumeration]

^[2],[6]

Midwest [Member]

^[2],[7]

$ 4,250,000

^[2]

4,089,000

4,029,000

^[2],[8]

$ 3,868,000

$ 3,967,000

Investment, Identifier [Axis]: STIIIZY Inc Senior Secured First Lien Term Loan Due5262026 Variable Interest Rate Prime Spread 8.5% Prime Floor 4.0% PIK 1.0%

^[2]

4.43%

4.59%

^[1],[2]

ssic:ShryneGroupIncMember

Investment, Significant Unobservable Input [true false]

^[2],[9]

Senior Secured First Lien Term Loan [Member]

true

^[2],[4]

May 26, 2022

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

^[2]

May 26, 2026

^[2],[5]

Level 3 [Member]

Investment, Issuer Geographic Region [Extensible Enumeration]

^[2],[6]

West [Member]

^[2],[7]

$ 21,035,000

^[2]

20,612,000

^[2],[8]

$ 20,613,000

Investment, Identifier [Axis]: Shryne Group, Inc. Senior Secured First Lien Term Loan Due 5/26/2026 Variable Interest Rate Prime Spread 8.5% Prime Floor 4.0%

^[2]

23.58%

^[1],[2]

ssic:ShryneGroupIncMember

Investment, Significant Unobservable Input [true false]

^[2],[3]

Senior Secured First Lien Term Loan [Member]

true

^[2],[4]

May 26, 2022

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

^[2]

May 26, 2026

^[2],[5]

Level 3 [Member]

Investment, Issuer Geographic Region [Extensible Enumeration]

^[2],[6]

West [Member]

^[2],[7]

$ 21,000,000

^[2]

20,480,000

^[2],[8]

$ 20,269,000

Investment, Identifier [Axis]: State Street Institutional U.S. Government Money Market Fund

^[2]

23.44%

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

^[11]

Level 1 [Member]

^[12]

Level 1 [Member]

$ 29,821,000

^[12]

$ 35,125,000

^[8]

$ 29,821,000

^[12]

$ 35,125,000

Investment, Identifier [Axis]: Verano Holdings Corp Senior Secured First Lien Term Loan Due10302026 Variable Interest Rate Prime Spread65 Prime Floor625

34.12%

^[12]

40.62%

^[11]

^[1],[2]

ssic:VeranoHoldingsCorpMember

Investment, Significant Unobservable Input [true false]

^[2]

Senior Secured First Lien Term Loan [Member]

^[9]

Senior Secured First Lien Term Loan [Member]

^[3]

true

^[2],[4]

Oct. 27, 2022

Debt Securities, Fair Value by Fair Value Hierarchy Level [Extensible Enumeration]

^[2]

Oct. 30, 2026

^[2],[5]

Level 3 [Member]

Investment, Issuer Geographic Region [Extensible Enumeration]

^[2],[6]

Midwest [Member]

^[2],[7]

$ 21,000,000

^[2]

20,489,000

20,392,000

^[2],[8]

$ 20,579,000

$ 20,392,000

Investment, Identifier [Axis]: Wholesale Trade Debt Securities

^[2]

23.54%

23.58%

^[7]

$ 59,468,000

$ 52,750,000

57,488,000

50,528,000

^[8]

$ 57,381,000

$ 50,255,000

65.66%

58.12%

[1]	All portfolio companies are located in the United States, as determined by the location of the portfolio company’s headquarters.
[2]	The Company uses the North American Industry Classification System (“NAICS”) code for classifying the industry grouping of its portfolio companies.
[3]	No debt investment is non-income producing as of December 31, 2022.
[4]	Investment date represents the date of initial investment, at which date interest began accruing.
[5]	See Note 2 – Significant Accounting Policies and Note 4 — Fair Value of Financial Instruments in the accompanying notes to the financial statements.
[6]	Geographic regions are determined by the respective portfolio company’s headquarters’ location.
[7]	Principal is net of repayments, if any, as per the terms of the debt instrument’s contract.
[8]	All investments were valued at fair value. See Note 4 — Fair Value of Financial Instruments in the accompanying notes to the financial statements.
[9]	No debt investment is non-income producing as of September 30, 2023.
[10]	Under the Investment Company Act of 1940, as amended (the “1940 Act”), a business development company (“BDC”) may not acquire any “non-qualifying asset” (i.e., an asset other than assets of the type listed in Section 55(a) of the 1940 Act, which are referred to as “qualifying assets”), unless, at the time the acquisition is made, qualifying assets represent at least 70% of the BDC’s total assets. As of September 30, 2023 the aggregate fair value of non-qualifying assets is $24,596 or 27.6% of the Company’s total assets.
[11]	The annualized seven-day yield as of December 31, 2022 is 4.12%.
[12]	The annualized seven-day yield as of September 30, 2023 is 5.29%.

EARNINGS PER SHARE (Details) - USD ($)	3 Months Ended		9 Months Ended
EARNINGS PER SHARE (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Increase (Decrease) in Net Assets Per Share [Abstract]
Net increase (decrease) in net assets resulting from operations	$ 1,273,882	$ 559,923	$ 4,842,366	$ 556,129
Weighted Average Shares Outstanding - Basic (in shares)	6,214,673	6,214,672	6,214,672	5,338,691
Weighted Average Shares Outstanding - Diluted (in shares)	6,214,673	6,214,672	6,214,672	5,338,691
Net increase (decrease) in net assets resulting from operations per share - basic (in dollars per share)	$ 0.2	$ 0.09	$ 0.78	$ 0.1
Net increase (decrease) in net assets resulting from operations per share - diluted (in dollars per share)	$ 0.2	$ 0.09	$ 0.78	$ 0.1

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount after tax of income (loss) from continuing operations attributable to the parent.

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
COMMITMENTS AND CONTINGENCIES [Abstract]
Commitments and contingencies

Statements of Assets and Liabilities - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Investments at fair value:
Non-control/non-affiliate investments at fair value (amortized cost of $57,488,336 and $50,527,898, respectively)	$ 57,381,000	$ 50,254,550
Cash and cash equivalents	29,820,936	35,125,320
Interest receivable	1,829,675	1,559,081
Prepaid expenses	103,838	32,323
Other assets	50,000	0
Total assets	89,185,449	86,971,274
LIABILITIES
Income-based incentive fees payable	1,051,741	0
Management fee payable	264,565	170,965
Legal fees payable	150,667	42,215
Valuation fees payables	94,130	0
Administrator fees payable	81,954	57,306
Audit fees payable	75,165	50,000
Director's fee payable	34,768	32,049
Professional fees payable	18,065	28,744
Distributions payable	321	0
Excise tax payable	0	80,566
Total liabilities	1,782,597	495,545
Commitments and contingencies (Note 6)
NET ASSETS
Common Stock, $0.01 par value, 100,000,000 shares authorized, 6,214,672 and 6,214,672 shares issued and outstanding, respectively	62,147	62,147
Additional paid-in-capital	85,039,208	84,917,788
Distributable earnings/(Accumulated losses)	2,301,497	1,495,794
Total net assets	$ 87,402,852	$ 86,475,729
NET ASSET VALUE PER SHARE (in dollars per share)	$ 14.06	$ 13.91
Related Party [Member]
LIABILITIES
Other payables	$ 298	$ 37
Nonrelated Party [Member]
LIABILITIES
Other payables	10,923	33,663
Investment, Unaffiliated Issuer [Member]
Investments at fair value:
Non-control/non-affiliate investments at fair value (amortized cost of $57,488,336 and $50,527,898, respectively)	$ 57,381,000	$ 50,254,550

COMMON STOCK, Distribution Reinvestment Plan (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Quarterly Dividend [Member]
Distribution Reinvestment Plan [Abstract]
Shares (in shares)	12	0	12
Declaration date	Aug. 10, 2023		Aug. 10, 2023
Type	Quarterly		Quarterly
Record date	Sep. 15, 2023		Sep. 15, 2023
Payment date	Sep. 29, 2023		Sep. 29, 2023
Special Dividend [Member]
Distribution Reinvestment Plan [Abstract]
Shares (in shares)	21		21	0
Declaration date	Aug. 10, 2023		Aug. 10, 2023
Type	Special		Special
Record date	Sep. 15, 2023		Sep. 15, 2023
Payment date	Sep. 29, 2023		Sep. 29, 2023

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2023
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	NOTE 12 — SUBSEQUENT EVENTS The Company’s management evaluated subsequent events through the date on which the financial statements were issued. Other than the item listed below, there have been no subsequent events that occurred during such period that have required adjustment or disclosure in the financial statements. On November 8, 2023, the Company’s Board approved a special dividend of $0.45/share and a regular dividend of $0.25/share. The dividends are payable on December 29, 2023 to stockholders of record on December 20, 2023.

Statements of Changes in Net Assets - USD ($)	3 Months Ended		9 Months Ended
Statements of Changes in Net Assets - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Common Stock [Member]
Investment Company, Net Assets [Roll Forward]
Beginning balance	$ 62,147	$ 62,147	$ 62,147	$ 4
Beginning balance (in shares)	6,214,672	6,214,672	6,214,672	386
Net increase (decrease) in net assets resulting from operations
Net investment income (loss)	$ 0	$ 0	$ 0	$ 0
Net realized gain (loss) from investments	0	0	0	0
Net change in unrealized appreciation (depreciation) from investments	0	0	0	0
Total net increase (decrease) in net assets resulting from operations	0	0	0	0
Distributions to stockholders from:
Investment income-net	0		0
Capital transactions
Issuance of common stock	$ 0	$ 0	$ 0	$ 62,143
Issuance of common stock (in shares)	0	0	0	6,214,286
Reinvestment of stockholder distributions	$ 0		$ 0
Reinvestment of stockholder distributions (in shares)	33		33
Total net increase (decrease) in net assets from capital transactions	$ 0		$ 0
Total net increase (decrease) in net assets from capital transactions (in shares)	33		33
Total increase (decrease) in net assets	$ 0	$ 0	$ 0	$ 62,143
Total increase (decrease) in net assets (in shares)	33	0	33	6,214,286
Effect of permanent adjustments	$ 0	$ 0	$ 0	$ 0
Ending balance	$ 62,147	$ 62,147	$ 62,147	$ 62,147
Ending balance (in shares)	6,214,705	6,214,672	6,214,705	6,214,672
Additional Paid-in Capital [Member]
Investment Company, Net Assets [Roll Forward]
Beginning balance	$ 85,038,887	$ 84,917,788	$ 84,917,788	$ 5,396
Net increase (decrease) in net assets resulting from operations
Net investment income (loss)	0	0	0	0
Net realized gain (loss) from investments	0	0	0	0
Net change in unrealized appreciation (depreciation) from investments	0	0	0	0
Total net increase (decrease) in net assets resulting from operations	0	0	0	0
Distributions to stockholders from:
Investment income-net	0		0
Capital transactions
Issuance of common stock	0	0	0	85,207,627
Reinvestment of stockholder distributions	321		321
Total net increase (decrease) in net assets from capital transactions	321		321
Total increase (decrease) in net assets	321	0	321	85,207,627
Effect of permanent adjustments	0	0	121,099	(295,235)
Ending balance	85,039,208	84,917,788	85,039,208	84,917,788
Distributable Earnings/(Accumulated Loss) [Member]
Investment Company, Net Assets [Roll Forward]
Beginning balance	4,943,179	(216,108)	1,495,794	(507,549)
Net increase (decrease) in net assets resulting from operations
Net investment income (loss)	1,616,986	550,415	4,887,121	556,129
Net realized gain (loss) from investments	0	0	(210,767)	0
Net change in unrealized appreciation (depreciation) from investments	(343,104)	9,508	166,012	0
Total net increase (decrease) in net assets resulting from operations	1,273,882	559,923	4,842,366	556,129
Distributions to stockholders from:
Investment income-net	(3,915,564)		(3,915,564)
Capital transactions
Issuance of common stock	0	0	0	0
Reinvestment of stockholder distributions	0		0
Total net increase (decrease) in net assets from capital transactions	0		0
Total increase (decrease) in net assets	(2,641,682)	559,923	926,802	556,129
Effect of permanent adjustments	0	0	(121,099)	295,235
Ending balance	2,301,497	343,815	2,301,497	343,815
Beginning balance	90,044,213	84,763,827	86,475,729	(502,149)
Net investment income (loss)	1,616,986	550,415	4,887,121	556,129
Net realized gain (loss) from investments	0	0	(210,767)	0
Net change in unrealized appreciation (depreciation) from investments	(343,104)	9,508	166,012	0
Total net increase (decrease) in net assets resulting from operations	1,273,882	559,923	4,842,366	556,129
Investment income-net	(3,915,564)		(3,915,564)
Issuance of common stock	0	0	0	85,269,770
Reinvestment of stockholder distributions	321		321
Total net increase (decrease) in net assets from capital transactions	321		321
Total increase (decrease) in net assets	(2,641,361)	559,923	927,123	85,825,899
Effect of permanent adjustments	0	0	0	0
Ending balance	$ 87,402,852	$ 85,323,750	$ 87,402,852	$ 85,323,750

FINANCIAL HIGHLIGHTS

9 Months Ended

Sep. 30, 2023

FINANCIAL HIGHLIGHTS [Abstract]

FINANCIAL HIGHLIGHTS

NOTE 11 — FINANCIAL HIGHLIGHTS

The Company was formed on January 25, 2021 and the effective date of our registration statement was February 3, 2022. Prior to February 3, 2022, the Company had no operations, except for matters relating to our formation and organization as a BDC. The following presents financial highlights for the nine months ended September 30, 2023 and the period from February 3, 2022 to September 30, 2022:

	Nine Months Ended			Period from February 3, 2022 to
	September 30, 2023			September 30, 2022*
Per share data:
Net asset value at beginning of period	$	13.91		$	14.00
Net investment income (loss) ⁽¹⁾		0.79			0.05
Net realized and unrealized gains/(losses) on investments⁽¹⁾		(0.01	)		-
Net increase/(decrease) in net assets resulting from operations		0.78			0.05
Offering costs ⁽²⁾		-			(0.27	)
Permanent tax adjustments⁽²⁾		-			(0.05	)
Less distributions from net investment income (loss)		(0.63	)		-
Net asset value at end of period	$	14.06		$	13.73
Net assets at end of period	$	87,402,852		$	85,323,750
Shares outstanding at end of period		6,214,705			6,214,672
Weighted average net assets	$	88,458,750		$	84,331,724

Per share market value at end of period	$	9.68		$	10.00
Total return based on market value ⁽³⁾		(1.22	)%		(28.57	)%
Total return based on net asset value⁽³⁾		7.66	%		(1.93	)%

Ratio/Supplemental data:
Ratio of expenses to average net assets⁽⁴⁾		3.82	%		1.68	%
Ratio of net investment income (loss) to average net assets⁽⁴⁾		5.52	%		0.69	%
Portfolio turnover⁽⁴⁾		3	%		N/A

^*	The Company was formed on January 25, 2021 and the effective date of the registration statement was February 3, 2022.

⁽¹⁾

The per share data was derived by using the weighted average shares outstanding during the nine months ended September 30, 2023. For the period from February 3, 2022 to September 30, 2022, the per share data was derived by adding (deducting) the increase (decrease) per share in undistributed net investment income (loss) during the period presented to (from) dividends from net investment income (loss) per share.

⁽²⁾

The per share data was derived by using the shares outstanding during the period from February 3, 2022 to September 30, 2022. SSC has absorbed the cost of the sales load (i.e, underwriting discounts and commissions) incurred by the Company in connection with the initial public offering of its common stock.

⁽³⁾

Total return based on market value is based on the change in market price per share between the beginning and ending market prices per share in each period and assumes that common stock dividends are reinvested in accordance with our common stock dividend reinvestment plan. Total return based on net asset value is based upon the change in net asset value per share between the beginning and ending net asset values per share in each period and assumes that dividends are reinvested in accordance with our common stock dividend reinvestment plan. For periods less than a year, total return is not annualized.

⁽⁴⁾	Ratio is not annualized.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2023

Basis of Presentation

Use of Estimates

Investment Valuation

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

•	With respect to investments for which market quotations are readily available, those investments will typically be valued at the bid price of those market quotations;

•

•	Preliminary valuations are documented and discussed by the Adviser’s valuation committee and, where appropriate, the independent valuation firm(s); and

•	The Adviser determines the fair value of each investment.

We conduct this valuation process on a quarterly basis.

•	Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date;

•	Level 2 – Valuations based on quoted prices for similar assets or liabilities in active markets, or quoted prices for identical or similar assets or liabilities in markets that are not active, or for which all significant inputs are observable, either directly or indirectly; and

•	Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement.

Cash and Cash Equivalents

Earnings per share

Investment Transactions

Investments traded but not yet settled, if any, are reported in payable for investments purchased and receivable for investments sold on the Statement of Assets and Liabilities.

Interest and Dividend Income

Fee Income

Income Taxes

Distributions

Organization Expenses and Offering Costs

Organizational expenses

Costs associated with the organization of the Company are expensed as incurred. These expenses consist primarily of legal fees and other costs of organizing the Company.

Offering costs

New Accounting Standards

Management does not believe any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements.

ORGANIZATION (Details) - USD ($) $ / shares in Units, $ in Millions	Feb. 04, 2022	Sep. 30, 2023	Dec. 31, 2022
Debt Instruments [Abstract]
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
IPO [Member]
Debt Instruments [Abstract]
Number of shares issued (in shares)	6,214,286
Common stock, par value (in dollars per share)	$ 0.01
Shares issued	$ 87
Minimum [Member]
Debt Instruments [Abstract]
Debt investments term period		2 years
Maximum [Member]
Debt Instruments [Abstract]
Debt investments term period		6 years

EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2023

EARNINGS PER SHARE [Abstract]

EARNINGS PER SHARE

NOTE 9 — EARNINGS PER SHARE

	Three Months Ended		Three Months Ended		Nine Months Ended		Nine Months Ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Net increase (decrease) in net assets resulting from operations	$	1,273,882	$	559,923	$	4,842,366	$	556,129
Weighted Average Shares Outstanding - basic and diluted		6,214,673		6,214,672		6,214,672		5,338,691
Net increase (decrease) in net assets resulting from operations per share - basic and diluted	$	0.20	$	0.09	$	0.78	$	0.10

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2023

INCOME TAXES [Abstract]

Components of Accumulated Losses

	March 31, 2023
Undistributed ordinary income	$	3,418,714
Net unrealized appreciation (depreciation) on investments		713,009
Other temporary differences		(399,948	)
Total	$	3,731,775

Investments and Cash Equivalents for Federal Income tax

	September 30, 2023			March 31, 2023		December 31, 2022
Tax cost of investments and cash equivalents	$	87,309,272		$	87,454,317	$	85,653,218

Unrealized appreciation	$	154,529		$	713,009	$	-
Unrealized depreciation		(261,865	)		-		(273,348	)
Net unrealized appreciation (depreciation) from investments and cash equivalents	$	(107,336	)	$	713,009	$	(273,348	)

FINANCIAL HIGHLIGHTS (Details) - USD ($)

8 Months Ended

9 Months Ended

Sep. 30, 2022

^[1]

Sep. 30, 2023

Dec. 31, 2022

Per share data [Roll Forward]

Net asset value at beginning of period (in dollars per share)

$ 14

$ 13.91

Net investment income (loss) (in dollars per share)

^[2]

0.05

0.79

Net realized and unrealized gains/(losses) on investments (in dollars per share)

^[2]

(0.01)

Net increase/(decrease) in net assets resulting from operations (in dollars per share)

0.05

0.78

Offering costs (in dollars per share)

^[3]

(0.27)

Permanent tax adjustments (in dollars per share)

^[3]

(0.05)

Less distributions from net investment income (loss)

(0.63)

Net asset value at end of period (in dollars per share)

$ 13.73

$ 14.06

Net assets at end of period

$ 85,323,750

$ 87,402,852

Shares outstanding at end of period (in shares)

6,214,672

6,214,705

6,214,672

Weighted average net assets

$ 84,331,724

$ 88,458,750

Per share market value at end of period (in dollars per share)

$ 10

$ 9.68

Total return based on market value

^[4]

(28.57%)

(1.22%)

Total return based on net asset value

^[4]

(1.93%)

7.66%

Ratio/Supplemental data [Abstract]

Ratio of expenses to average net assets

^[5]

1.68%

3.82%

Ratio of net investment income (loss) to average net assets

^[5]

0.69%

5.52%

Portfolio turnover

^[5]

3.00%

[1]	The Company was formed on January 25, 2021 and the effective date of the registration statement was February 3, 2022.
[2]	The per share data was derived by using the weighted average shares outstanding during the nine months ended September 30, 2023. For the period from February 3, 2022 to September 30, 2022, the per share data was derived by adding (deducting) the increase (decrease) per share in undistributed net investment income (loss) during the period presented to (from) dividends from net investment income (loss) per share.
[3]	The per share data was derived by using the shares outstanding during the period from February 3, 2022 to September 30, 2022. SSC has absorbed the cost of the sales load (i.e, underwriting discounts and commissions) incurred by the Company in connection with the initial public offering of its common stock.
[4]	Total return based on market value is based on the change in market price per share between the beginning and ending market prices per share in each period and assumes that common stock dividends are reinvested in accordance with our common stock dividend reinvestment plan. Total return based on net asset value is based upon the change in net asset value per share between the beginning and ending net asset values per share in each period and assumes that dividends are reinvested in accordance with our common stock dividend reinvestment plan. For periods less than a year, total return is not annualized.
[5]	Ratio is not annualized.

FINANCIAL HIGHLIGHTS (Tables)

9 Months Ended

Sep. 30, 2023

FINANCIAL HIGHLIGHTS [Abstract]

Financial Highlights

The following presents financial highlights for the nine months ended September 30, 2023 and the period from February 3, 2022 to September 30, 2022:

	Nine Months Ended			Period from February 3, 2022 to
	September 30, 2023			September 30, 2022*
Per share data:
Net asset value at beginning of period	$	13.91		$	14.00
Net investment income (loss) ⁽¹⁾		0.79			0.05
Net realized and unrealized gains/(losses) on investments⁽¹⁾		(0.01	)		-
Net increase/(decrease) in net assets resulting from operations		0.78			0.05
Offering costs ⁽²⁾		-			(0.27	)
Permanent tax adjustments⁽²⁾		-			(0.05	)
Less distributions from net investment income (loss)		(0.63	)		-
Net asset value at end of period	$	14.06		$	13.73
Net assets at end of period	$	87,402,852		$	85,323,750
Shares outstanding at end of period		6,214,705			6,214,672
Weighted average net assets	$	88,458,750		$	84,331,724

Per share market value at end of period	$	9.68		$	10.00
Total return based on market value ⁽³⁾		(1.22	)%		(28.57	)%
Total return based on net asset value⁽³⁾		7.66	%		(1.93	)%

Ratio/Supplemental data:
Ratio of expenses to average net assets⁽⁴⁾		3.82	%		1.68	%
Ratio of net investment income (loss) to average net assets⁽⁴⁾		5.52	%		0.69	%
Portfolio turnover⁽⁴⁾		3	%		N/A

^*	The Company was formed on January 25, 2021 and the effective date of the registration statement was February 3, 2022.

⁽¹⁾

⁽²⁾

⁽³⁾

⁽⁴⁾	Ratio is not annualized.

FAIR VALUE OF FINANCIAL INSTRUMENTS, Investments Measured at Fair Value (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Assets [Abstract]
Fair value	$ 57,381,000	$ 50,254,550
Senior Secured First Lien Term Loan [Member]
Assets [Abstract]
Fair value	49,497,000	40,660,633
Senior Secured Notes [Member]
Assets [Abstract]
Fair value	7,884,000	9,593,917
Recurring [Member]
Assets [Abstract]
Fair value	57,381,000	50,254,550
Recurring [Member] \| Senior Secured First Lien Term Loan [Member]
Assets [Abstract]
Fair value	49,497,000	40,660,633
Recurring [Member] \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	7,884,000	9,593,917
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) Member
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) Member \| Senior Secured First Lien Term Loan [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) Member \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Senior Secured First Lien Term Loan [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Significant Other Observable Inputs (Level 2) [Member] \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	0	0
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Assets [Abstract]
Fair value	57,381,000	50,254,550
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Senior Secured First Lien Term Loan [Member]
Assets [Abstract]
Fair value	49,497,000	40,660,633
Recurring [Member] \| Significant Unobservable Inputs (Level 3) [Member] \| Senior Secured Notes [Member]
Assets [Abstract]
Fair value	$ 7,884,000	$ 9,593,917

Fair value of investment in security owned.

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FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

INCOME TAXES (Details) - USD ($)	3 Months Ended		6 Months Ended	9 Months Ended		12 Months Ended
INCOME TAXES (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
INCOME TAXES [Abstract]
Capital losses						$ 0
Distributions paid			$ 3,914,922	$ 3,914,922	$ 0	0
Income Taxes Summary [Abstract]
Effect of permanent adjustments	$ 0	$ 0		0	0
Components of Accumulated Losses [Abstract]
Undistributed ordinary income						3,418,714
Net unrealized appreciation (depreciation) from investments	(107,336)		(107,336)	(107,336)		713,009		$ (273,348)
Other temporary differences						(399,948)
Total						3,731,775
Aggregate Gross Unrealized Appreciation and Depreciation from Investments and Cash Equivalents for Federal Income Tax Purposes [Abstract]
Tax cost of investments and cash equivalents	87,309,272		87,309,272	87,309,272		87,454,317		85,653,218
Unrealized appreciation	154,529		154,529	154,529		713,009		0
Unrealized depreciation	(261,865)		(261,865)	(261,865)		0		(273,348)
Net unrealized appreciation (depreciation) from investments and cash equivalents	(107,336)		$ (107,336)	(107,336)		713,009		$ (273,348)
Additional Paid-in Capital [Member]
Income Taxes Summary [Abstract]
Effect of permanent adjustments	0	0		121,099	(295,235)	$ 121,099	$ 295,235
Accumulated Loss [Member]
Income Taxes Summary [Abstract]
Effect of permanent adjustments	$ 0	$ 0		$ (121,099)	$ 295,235

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2023

Investments Measured at Fair Value by Investment Type on Recurring Basis

The Company’s investments measured at fair value by investment type on a recurring basis as of September 30, 2023 were as follows:

	Fair Value Measurements at September 30, 2023 Using
Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Senior Secured First Lien Term Loan	$	-	$	-	$	49,497,000	$	49,497,000
Senior Secured Notes		-		-		7,884,000		7,884,000
Total	$	-	$	-	$	57,381,000	$	57,381,000

The Company’s investments measured at fair value by investment type on a recurring basis as of December 31, 2022 were as follows:

	Fair Value Measurements at December 31, 2022 Using
Assets	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Senior Secured First Lien Term Loan	$	-	$	-	$	40,660,633	$	40,660,633
Senior Secured Notes		-		-		9,593,917		9,593,917
Total	$	-	$	-	$	50,254,550	$	50,254,550

Significant Unobservable Inputs used in Fair Value Measurement Level 3 Portfolio Investments

Investment Type	Fair Value as of September 30, 2023		Valuation Techniques/ Methodologies	Unobservable Input	Range			Weighted Average ⁽¹⁾
Senior Secured First Lien Term Loan	$	49,497,000	Discounted Cash Flow	Discount Rate		11.6% - 15.3	%		13.2	%
Senior Secured Notes		7,884,000	Discounted Cash Flow	Discount Rate		7.9% - 14.2	%		11.0	%
Total	$	57,381,000

Investment Type	Fair Value as of December 31, 2022		Valuation Techniques/ Methodologies	Unobservable Input	Range			Weighted Average ⁽¹⁾
Senior Secured First Lien Term Loan	$	40,660,633	Discounted Cash Flow	Discount Rate		7.2% - 9.6	%		8.4	%
Senior Secured First Lien Term Loan	$	40,660,633	Discounted Cash Flow	Volatility		20.0% - 20.0	%		20.0	%
Senior Secured Notes		9,593,917	Discounted Cash Flow	Discount Rate		11.6% - 18.7	%		14.3	%
Senior Secured Notes		9,593,917	Discounted Cash Flow	Volatility		7.0% - 20.0	%		12.4	%
Total	$	50,254,550

(1) The weighted average is calculated based on the fair value of each investment.

Changes in Fair Value of Level 3 Portfolio Investments

The following table provides a summary of changes in the fair value of the Company’s Level 3 portfolio investments for the nine months ended September 30, 2023:

	Senior Secured First Lien Term Loan			Senior Secured Notes			Total Investments
Fair Value as of December 31, 2022	$	40,660,633		$	9,593,917		$	50,254,550
Purchases		8,442,000			-			8,442,000
Accretion of discount and fees (amortization of premium), net		233,119			197,933			431,052
PIK interest		78,153			-			78,153
Proceeds from sales of investments and principal repayments		(180,000	)		(1,600,000	)		(1,780,000	)
Net realized gain (loss) on investments		-			(210,767	)		(210,767	)
Net change in unrealized appreciation (depreciation) on investments		263,095			(97,083	)		166,012
Balance as of September 30, 2023	$	49,497,000		$	7,884,000		$	57,381,000

Net change in unrealized appreciation/depreciation on Level 3 investments still held as of September 30, 2023	$	263,095		$	(97,083	)	$	166,012

The following table provides a summary of changes in the fair value of the Company’s Level 3 portfolio investments for the nine months ended September 30, 2022:

	Senior Secured First Lien Term Loan		Total Investments
Fair Value as of December 31, 2021	$	-	$	-
Purchases		24,417,500		24,417,500
Accretion of discount and fees (amortization of premium), net		49,966		49,966
PIK interest		-		-
Proceeds from sales of investments and principal repayments		-		-
Net realized gain (loss) on investments		-		-
Net change in unrealized appreciation (depreciation) on investments		-		-
Balance as of September 30, 2022	$	24,467,466	$	24,467,466

Net change in unrealized appreciation/depreciation on Level 3 investments still held as of September 30, 2022	$	-	$	-

SUBSEQUENT EVENTS (Details) - $ / shares		3 Months Ended	9 Months Ended
SUBSEQUENT EVENTS (Details) - $ / shares	Nov. 08, 2023	Sep. 30, 2023	Sep. 30, 2023
Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.25
Quarterly Dividend [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 0.23
Special Dividend [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.4
Special Dividend [Member] \| Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.45

Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Statements of Operations - USD ($)	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Non-control/non-affiliate investment income
Fee income	$ 31,250	$ 0	$ 162,500	$ 410,000
EXPENSES
Income-based incentive fees	405,247	0	1,051,741	0
Management fee	264,565	110,426	760,473	165,467
Legal expenses	148,292	167,497	334,308	424,548
Audit expense	223,982	81,917	409,365	175,667
Administrator fees	84,617	65,035	250,314	174,732
Insurance expense	67,122	76,373	202,597	198,403
Director expenses	38,223	32,049	105,913	67,796
Valuation fees	22,890	0	116,955	0
Professional fees	15,841	39,903	51,808	80,788
Custodian fees	12,000	12,000	36,000	36,000
Organizational expenses	0	0	0	34,168
Capital gains incentive fees	(5,000)	0	0	0
Other expenses	22,210	44,902	61,918	86,483
Total expenses	1,299,989	630,102	3,381,392	1,444,052
NET INVESTMENT INCOME (LOSS)	1,616,986	550,415	4,887,121	556,129
NET REALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments	0	0	(210,767)	0
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS
Net change in unrealized appreciation/(depreciation) on investments	(343,104)	9,508	166,012	0
Net realized and unrealized gains (losses)	(343,104)	9,508	(44,755)	0
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$ 1,273,882	$ 559,923	$ 4,842,366	$ 556,129
NET INVESTMENT INCOME (LOSS) PER SHARE - BASIC (in dollars per share)	$ 0.26	$ 0.09	$ 0.79	$ 0.1
NET INVESTMENT INCOME (LOSS) PER SHARE - DILUTED (in dollars per share)	0.26	0.09	0.79	0.1
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - BASIC (in dollars per share)	0.2	0.09	0.78	0.1
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS PER SHARE - DILUTED (in dollars per share)	$ 0.2	$ 0.09	$ 0.78	$ 0.1
WEIGHTED AVERAGE SHARES OUTSTANDING - BASIC (in shares)	6,214,673	6,214,672	6,214,672	5,338,691
WEIGHTED AVERAGE SHARES OUTSTANDING - DILUTED (in shares)	6,214,673	6,214,672	6,214,672	5,338,691
Investment, Unaffiliated Issuer [Member]
Non-control/non-affiliate investment income
Interest income	$ 2,885,725	$ 1,180,517	$ 8,106,013	$ 1,590,181
Fee income	31,250	0	162,500	410,000
Total investment income	2,916,975	1,180,517	8,268,513	2,000,181
NET REALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from investments	0	0	(210,767)	0
NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION) ON INVESTMENTS
Net change in unrealized appreciation/(depreciation) on investments	$ (343,104)	$ 9,508	$ 166,012	$ 0

COMMON STOCK, Initial Public Offering and Distributions (Details) - USD ($)		3 Months Ended		9 Months Ended
	Feb. 04, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jun. 15, 2021
COMMON STOCK [Abstract]
Common stock shares authorized (in shares)		100,000,000		100,000,000		100,000,000
Common stock par value (in dollars per share)		$ 0.01		$ 0.01		$ 0.01
Common stock, shares issued (in shares)		6,214,705		6,214,705		6,214,672	386
Initial Public Offering [Abstract]
Amount of raised capital		$ 85,039,208		$ 85,039,208		$ 84,917,788	$ 5,400
Offering costs					$ 1,609,184
IPO [Member]
COMMON STOCK [Abstract]
Common stock par value (in dollars per share)	$ 0.01
Initial Public Offering [Abstract]
Number of shares issued (in shares)	6,214,286
Share price (in dollars per share)	$ 14
Amount of raised capital	$ 85,000,000
Offering costs	$ 2,000,000
Quarterly Dividend [Member]
Distributions [Abstract]
Declaration date		Aug. 10, 2023		Aug. 10, 2023
Type		Quarterly		Quarterly
Record date		Sep. 15, 2023		Sep. 15, 2023
Payment date		Sep. 29, 2023		Sep. 29, 2023
Per share amount (in dollars per share)		$ 0.23
Cash dividends paid		$ 1,429,374	$ 0
Special Dividend [Member]
Distributions [Abstract]
Declaration date		Aug. 10, 2023		Aug. 10, 2023
Type		Special		Special
Record date		Sep. 15, 2023		Sep. 15, 2023
Payment date		Sep. 29, 2023		Sep. 29, 2023
Per share amount (in dollars per share)				$ 0.4
Cash dividends paid				$ 2,485,869	$ 0

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2023
RELATED PARTY TRANSACTIONS [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 5 — RELATED PARTY TRANSACTIONS Pursuant to the investment advisory agreement between the Company and SSC (the “Investment Advisory Agreement”), fees payable to SSC are equal to (a) a base management fee of 1.75% of the average value of the Company’s gross assets at the end of the two most recent quarters (i.e., total assets held before deduction of any liabilities), which includes investments acquired with the use of leverage and excludes cash and cash equivalents and (b) an incentive fee based on the Company’s performance. The incentive fee consists of two parts. The first part is calculated and payable quarterly in arrears and equals 20% of the Company’s “Pre-Incentive Fee Net Investment Income” for the quarter, subject to a preferred return, or “hurdle,” of 1.75% per quarter (7% annualized), and a “catch-up” feature. The second part is determined and payable in arrears as of the end of each fiscal year (or upon termination of the Investment Advisory Agreement) and equals 20% of the Company’s realized capital gains on a cumulative basis from inception through the end of the fiscal year, if any, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis, less the aggregate amount of any previously paid capital gain incentive fee (the “Incentive Fee on Capital Gains”). While the Investment Advisory Agreement neither includes nor contemplates the inclusion of unrealized gains in the calculation of the Incentive Fee on Capital Gains, as required by U.S. GAAP, we accrue the Incentive Fee on Capital Gains on unrealized capital appreciation exceeding unrealized depreciation. This accrual reflects the Incentive Fee on Capital Gains that would be payable to SSC if the Company’s entire investment portfolio was liquidated at its fair value as of the balance sheet date even though SSC is not entitled to an Incentive Fee on Capital Gains with respect to unrealized capital appreciation unless and until such gains are actually realized. The management fee is payable quarterly in arrears. For the three and nine months ended September 30, 2023, the Company incurred management fee expenses of $264,565 and $760,473, respectively. For the three and nine months ended September 30, 2022, the Company incurred management fee expenses of $110,426 and $165,467, respectively. As of September 30, 2023 and December 31, 2022, $264,565 and $170,965, respectively, remained payable. For the three and nine months ended September 30, 2023, the Company incurred income-based incentive fee expenses of $405,247 and $1,051,741, respectively. For the three and nine months ended September 30, 2022, the Company did not incur any income-based incentive fee expenses. As of September 30, 2023 and December 31, 2022, $1,051,741 and $0, respectively, remained payable. For the three and nine months ended September 30, 2023, the Company incurred capital gains incentive fee expenses of $(5,000) and $0, respectively. For the three and nine months ended September 30, 2022, the Company did not incur any capital gains incentive fee expenses. As of September 30, 2023 and December 31, 2022, no amount remained payable. Pursuant to the administration agreement between the Company and SSC (the “Administration Agreement”), the Company is to reimburse the administrator, SSC, for the costs and expenses incurred by SSC in performing its obligations, including but not limited to maintaining and keeping all books and records and providing personnel and facilities. This includes costs and expenses incurred by SSC in connection with the delegation of its obligations to SS&C, the sub-administrator. The Company is generally not responsible for the compensation of SSC’s employees or any overhead expenses. However, we may reimburse SSC for an allocable portion of the compensation paid by SSC to our CCO and CFO and their respective staffs (based on a percentage of time such individuals devote, on an estimated basis, to our business affairs). For the three and nine months ended September 30, 2023 and 2022, the Adviser has waived any expense reimbursement, other than those associated with the delegation of its obligations to the sub-administrator. Due to affiliate in the accompanying Statements of Assets and Liabilities in the amount of $298 and $37 as of September 30, 2023 and December 31, 2022, respectively, is due to SSC for expenses paid on the Company’s behalf. For the three and nine months ended September 30, 2023, the Company paid $4,993 and $6,192, respectively, as reimbursement to SSC for expenses paid on the Company’s behalf. For the three and nine months ended September 30, 2022, the Company paid $1,075 and $388,559, respectively, for expenses on SSC’s behalf. As of September 30, 2023 and December 31, 2022 there were no amounts due from affiliates. For the three and nine months ended September 30, 2023, there were no amounts received by the Company that were due from affiliates. SSC was the seed investor of the Company and provided initial funding to the Company by purchasing approximately $63 million of the Company’s common stock in the Company’s initial public offering. SSC provided this “seed capital” to the Company for the purpose of facilitating the launch and initial operation of the Company, as opposed to for long term investment purposes. SSC does not expect to hold the Company’s common stock indefinitely, and may sell the Company’s common stock at a future point in time. In order for SSC’s sales of the shares of the Company not to be deemed to have been made “on the basis of” material nonpublic information, such sales may be made pursuant to a pre-approved trading plan that complies with Rule 10b5-1 under the Exchange Act and that may obligate SSC to make recurring sales of the Company’s common stock on a periodic basis. Sales of substantial amounts of the Company’s common stock, including by SSC or other large stockholders, or the availability of such common stock for sale, could adversely affect the prevailing market prices for the Company’s common stock. If this occurs and continues for a sustained period of time, it could impair the Company’s ability to raise additional capital through the sale of securities, should the Company desire to do so. SSC holds approximately 72% of the Company’s voting stock and has the ability to exercise substantial control over all corporate actions requiring stockholder approval, including the election and removal of directors, certain amendments of the Company’s charter, the Company’s ability to issue its common stock at a price below NAV per share, and the approval of any merger or other extraordinary corporate action. SSC has agreed to absorb $2.07 million, the cost of the sales load (i.e., underwriting discounts and commissions) incurred by the Company in connection with the initial public offering of its common stock. During the three and nine months ended September 30, 2023, SSC and certain related parties received quarterly and special dividend distributions from the Company relating to their shares held. Refer to “Note 7 – Common Stock” for further details on the Company’s dividend reinvestment plan and the distributions declared.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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