v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 3 Months Ended 6 Months Ended 41 Months Ended
Dec. 31, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Cash Flows from Operating Activities            
Net increase in net assets resulting from operations   $ 4,741,142 $ 3,405,563 $ 9,305,199 $ 7,336,985  
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:            
Purchases of investments       (51,138,817) (58,123,495)  
Proceeds from sales and repayments of investments       14,439,508 13,029,056  
Net change in unrealized (appreciation) depreciation on investments   (1,024,545) 417,099 (2,205,337) 83,638  
Net change in unrealized (appreciation) depreciation foreign currency translations   (22,698) 4,288 (35,732) 13,169  
Increase in investments due to PIK       (197,732) (333,142)  
Amortization of premium and accretion of discount, net       (473,368) (299,811)  
Deferred tax benefit       (38,266) (3,799)  
Amortization of loan structure fees       267,785 188,217  
Amortization of deferred offering costs   63,147 48,654 132,981 95,382  
Net realized gain on investments   (67,495)   (67,495)    
Changes in other assets and liabilities            
Increase in interest receivable       (67,100) (422,888)  
Decrease (increase) in other receivable       4,340 (123,392)  
Decrease in related party receivable       2,004 48,789  
Decrease in expense reimbursements receivable from the Advisor       117,709 49,497  
Decrease in prepaid expenses       88,479 42,526  
Increase in administrative services payable       22,066 6,585  
Increase (decrease) in interest payable       7,898 (32,557)  
Increase in income management fees payable       149,253    
Increase in income incentive fees payable       36,154 6,057  
Increase in capital gains incentive fees payable       272,733 30,074  
Increase (decrease) in unearned revenue       246,852 (96,169)  
Decrease in income tax payable       (11,893) (130,720)  
(Decrease) increase in other accrued expenses and liabilities       (214,744) 12,958  
Net Cash Used in Operating Activities       (29,357,523) (38,623,040)  
Cash Flows from Financing Activities            
Proceeds from issuance of common shares of beneficial interest       6,631,314 34,960,177 $ 166,686,437
Offering costs paid for common shares of beneficial interest issued       (96,081) (128,350)  
Purchase of common shares of beneficial interest in tender offer $ (1,999,989)     (342,751)    
Stockholder distributions paid       (7,816,165) (11,237,366)  
Borrowings under Credit Facilities       50,700,000 67,100,000  
Repayments of Credit Facilities       (18,050,000) (52,100,000)  
Financing costs paid on Credit Facilities       (155,948)    
Net Cash Provided by Financing Activities       30,870,369 38,594,461  
Net Increase (Decrease) in Cash and Cash Equivalents       1,512,846 (28,579)  
Cash and Cash Equivalents Balance at Beginning of Period       2,144,116 593,685  
Cash and Cash Equivalents Balance at End of Period $ 2,144,116 $ 3,656,962 $ 565,106 3,656,962 565,106 $ 3,656,962
Supplemental and Non-Cash Activities            
Cash paid for interest expense       5,982,088 4,232,791  
Income and excise tax paid       29,000 159,994  
Value of common shares of beneficial interest issued pursuant to Dividend Reinvestment Plan       $ 1,185,787 780,177  
Decrease in dividends payable         $ (3,551,068)