v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net income $ 6,457,751 $ 3,276,088
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for (reversal of) current expected credit losses 586,141 71,854
Amortization of deferred financing costs 173,931 0
Accretion of deferred loan original issue discount and premium, net (615,227) (35,236)
Stock-based compensation 502,687 0
Interest drawn on loans (8,103,971) 0
PIK interest (10,405) 0
Changes in operating assets and liabilities:    
Interest receivable (971,333) (585,227)
Prepaid expenses and other assets 248,624 (55,000)
Accrued interest 241,492 0
Accrued management and incentive fees 296,077 0
Accrued direct administrative expenses (40,337) 0
Accounts payable and other liabilities (2,768) 525,933
Net cash (used in) provided by operating activities (1,237,338) 3,198,412
Cash flows from investing activities:    
Issuance of and fundings on loans (120,416,392) (50,822,722)
Principal repayment of loans 11,542,613 13,264,734
Net cash (used in) provided by investing activities (108,873,779) (37,557,988)
Cash flows from financing activities:    
Net transfers and distributions from (to) Former Parent 0 14,400,000
Proceeds from sale of common stock 72,588,000 0
Payment of offering costs - equity offering (455,889) 0
Payment of financing costs (217,731) 0
Borrowings on revolving credit facilities 106,360,000 0
Repayment of revolving credit facilities (240,250,000) 0
Dividends paid to common shareholders (6,968,412) 0
Net cash (used in) provided by financing activities (68,944,032) 14,400,000
Net (decrease) increase in cash and cash equivalents (179,055,149) (19,959,576)
Cash and cash equivalents, beginning of period 184,626,770 31,244,622
Cash and cash equivalents, end of period 5,571,621 11,285,046
Supplemental disclosure of non-cash activity:    
OID withheld from funding of loans 1,366,528 281,888
Dividends payable 4,026,353 0
Offering costs included in accounts payable and other liabilities 854,894 0
Supplemental information:    
Interest paid during the period 1,003,948 0
Income taxes paid during the period $ 0 $ 0