v3.25.1
CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating activities:    
Net income $ 3,099,437 $ 1,762,345
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for (reversal of) current expected credit losses 117,648 0
Amortization of deferred financing costs 68,050 0
Accretion of deferred loan original issue discount and other discounts (292,672) (14,094)
Stock-based compensation 243,621 0
Interest drawn on loans (3,740,082) 0
Changes in operating assets and liabilities:    
Interest receivable (534,325) (838,558)
Prepaid expenses and other assets 378,337 0
Accrued interest 680 0
Accrued management and incentive fees (393,063) 0
Accrued direct administrative expenses (75,137) 0
Accounts payable and other liabilities 212,915 208,115
Net cash provided by (used in) operating activities (914,591) 1,117,808
Cash flows from investing activities:    
Issuance of and fundings on loans (104,743,576) (48,859,181)
Principal repayment of loans 9,015,769 2,445,037
Net cash (used in) provided by investing activities (95,727,807) (46,414,144)
Cash flows from financing activities:    
Net transfers and distributions from (to) Former Parent 0 17,000,000
Proceeds from sale of common stock 72,588,000 0
Payment of offering costs - equity offering (313,421) 0
Distributions 0 (2,600,000)
Payment of financing costs (34,207) 0
Borrowings on revolving credit facilities 81,060,000 0
Repayment of revolving credit facilities (236,700,000) 0
Dividends paid to common shareholders (2,941,964) 0
Net cash provided by (used in) financing activities (86,341,592) 14,400,000
Net increase (decrease) in cash and cash equivalents (182,983,990) (30,896,336)
Cash and cash equivalents, beginning of period 184,626,770 31,244,622
Cash and cash equivalents, end of period 1,642,780 348,286
Supplemental disclosure of non-cash activity:    
OID withheld from funding of loans 1,412,778 281,888
Dividends payable 4,026,448 0
Offering costs included in accounts payable and other liabilities 920,838 0
Supplemental information:    
Interest paid during the period 267,429 0
Income taxes paid during the period $ 0 $ 0