v3.25.2
Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investment income        
Total investment income $ 51,464,997 $ 71,526,225 $ 107,353,912 $ 127,255,534
Operating expenses        
Interest and other debt expenses 17,087,833 19,726,829 34,172,466 32,957,053
Management fees 5,461,118 6,563,189 10,944,962 12,382,694
Professional fees 947,452 681,923 1,814,899 1,601,599
Administrative expenses 509,930 594,208 1,151,394 1,155,211
Insurance expense 218,463 205,953 436,926 351,066
Director fees 192,500 197,500 385,000 414,219
Custody fees 91,348 99,145 184,533 189,065
Incentive fees 0 6,815,672 0 12,696,050
Other operating expenses 1,182,050 816,274 2,114,708 1,421,772
Total operating expenses, before management fee waiver 25,690,694 35,700,693 51,204,888 63,168,729
Management fee waiver (Note 3) (1,820,372) 0 (3,648,320) 0
Total operating expenses, after management fee waiver 23,870,322 35,700,693 47,556,568 63,168,729
Net investment income 27,594,675 35,825,532 59,797,344 64,086,805
Net realized gain (loss):        
Net realized gain (loss) (66,297,375) (35,513,930) (107,214,713) (35,682,007)
Net change in unrealized appreciation (depreciation):        
Net change in unrealized appreciation (depreciation) [1] 22,796,116 (51,588,119) 52,405,373 (74,624,174)
Net realized and unrealized gain (loss) (43,501,259) (87,102,049) (54,809,340) (110,306,181)
Net increase (decrease) in net assets resulting from operations $ (15,906,584) $ (51,276,517) $ 4,988,004 $ (46,219,376)
Basic earnings (loss) per share $ (0.19) $ (0.6) $ 0.06 $ (0.63)
Diluted earnings (loss) per share $ (0.19) $ (0.6) $ 0.06 $ (0.63)
Basic weighted average common shares outstanding 85,042,931 85,591,134 85,060,179 73,819,497
Diluted weighted average common shares outstanding 85,042,931 85,591,134 85,060,179 73,819,497
Non-Controlled, Non-Affiliated Investments        
Investment income        
Interest income (excluding PIK) $ 41,609,217 $ 63,562,637 $ 85,065,954 $ 112,208,830
PIK interest income 5,449,424 2,034,356 11,238,339 4,440,033
Dividend income 449,575 594,372 885,526 906,696
Other income 1,399 3,293 1,965 5,346
Net realized gain (loss):        
Net realized gain (loss) (66,287,884) (22,703,792) (107,205,222) (22,871,869)
Net change in unrealized appreciation (depreciation):        
Net change in unrealized appreciation (depreciation) [1] 40,313,699 (57,619,007) 66,868,692 (63,771,066)
Non-Controlled, Affiliated Investments        
Investment income        
Interest income (excluding PIK) 338,648 384,684 676,647 732,319
PIK interest income 0 0 0 92,675
Dividend income 213,493 1,018,486 1,222,550 1,732,189
Net realized gain (loss):        
Net realized gain (loss) 0 (12,810,138) 0 (12,810,138)
Net change in unrealized appreciation (depreciation):        
Net change in unrealized appreciation (depreciation) [1] (3,203,412) 8,310,670 (2,282,254) (6,067,358)
Controlled Investments        
Investment income        
Interest income (excluding PIK) 2,270,542 2,696,570 4,579,811 5,555,650
PIK interest income 394,202 353,752 1,075,763 703,721
Dividend income 738,497 [1] 878,075 [1] 2,607,357 878,075
Net change in unrealized appreciation (depreciation):        
Net change in unrealized appreciation (depreciation) [1] (14,296,084) (2,137,940) (12,171,749) (4,650,847)
Interest Rate Swap        
Net realized gain (loss):        
Net realized gain (loss) (9,491) 0 (9,491) 0
Net change in unrealized appreciation (depreciation):        
Net change in unrealized appreciation (depreciation) [1] $ (18,087) $ (141,842) $ (9,316) $ (134,903)
[1]

(1) Includes $21,347,357 change in unrealized appreciation from application of Merger accounting under ASC 805 for the six months ended June 30, 2024 (see Note 12).