v3.26.1
CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities:    
Net increase in net assets resulting from operations $ 11,427,347 $ 4,067,685
Net income   4,067,685
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:    
Reversal of current expected credit losses   (699,424)
Net change in unrealized appreciation on investments (7,118,443) 685,478
Net accretion of discount on investments (1,107,387) (873,806)
Amortization of deferred financing costs 179,271 265,040
Stock-based compensation   553,749
Payment-in-kind interest (327,524) (118,869)
Purchases of investments (78,866,344)  
Proceeds from principal repayments and sale of investments 41,751,649  
Changes in operating assets and liabilities:    
Interest receivable (391,278) 166,813
Prepaid expenses and other assets 802,986 (98,710)
Accrued interest 1,302,440 1,405,842
Management fee payable 23,066  
Income based incentive fee payable 1,023,725  
Accrued management and incentive fees, net   (1,116,056)
Accrued direct administrative expenses 342,187 (628,984)
Accounts payable and other liabilities 114,157 312,616
Net cash used in operating activities (30,844,148) 3,921,374
Cash flows from investing activities:    
Issuance of and fundings on loans   (15,472,181)
Funding to title agent for loan closing   (10,080,000)
Principal repayment of loans   6,474,523
Net cash provided by (used in) investing activities   (19,077,658)
Cash flows from financing activities:    
Payment of financing costs (30,424) (16,007)
Borrowings on revolving credit facilities 188,300,000 26,500,000
Repayments on revolving credit facilities (83,300,000) (104,250,000)
Dividends paid to common shareholders   (7,369,866)
Net cash provided by financing activities 104,969,576 (85,135,873)
Net increase in cash and cash equivalents 74,125,428 (100,292,157)
Cash and cash equivalents, beginning of period 38,605,507 103,610,460
Cash and cash equivalents, end of period 112,730,935 3,318,303
Supplemental disclosure of non-cash activity:    
OID withheld from funding of loans 1,701,923 375,000
Distributions declared and not yet paid 1,176,442 5,197,082
Supplemental information:    
Interest paid during the period 244,829 144,389
Income taxes paid (net of refunds received) during the period 2,848 138
Amortization of deferred financing costs - revolving credit facilities    
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:    
Amortization of deferred financing costs 44,798 109,341
Amortization of deferred financing costs - senior notes    
Adjustments to reconcile net increase in net assets resulting from operations to net cash used in operating activities:    
Amortization of deferred financing costs $ 134,473 $ 155,699