v3.25.2
Consolidated Statements of Cash Flows (Unaudited)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2024
USD ($)
Cash Flows from Operating Activities:      
Net increase (decrease) in net assets resulting from operations   $ 1,832,511 $ 11,447,099
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:      
Net realized (gains)/losses on investments $ 1,004,192 171,865 1,645,027
Net change in unrealized (appreciation) depreciation on investments 4,032,796 12,320,156 3,361,710
Net accretion of discount on investments   (1,647,587) (825,081)
Amortization of deferred financing costs   264,413 555,833
Payment-in-kind interest income (645,162) (1,505,068) (1,211,101)
Purchases and drawdowns of investments   (119,825,357) (70,791,018)
Sales and repayments of investments   160,307,311 103,361,349
(Increase) decrease in operating assets:      
Interest and other receivables   4,166,218 (2,564,850)
Receivable for investments sold   (2,501,597)  
Prefunded purchases of investments   (4,274,887)  
Prepaid expenses   157,575 132,036
Increase (decrease) in operating liabilities:      
Management fee payable   (104,746) (76,758)
Incentive fee payable   (293,105) (249,175)
Administration fee payable   (388,481) (60,381)
Interest payable   (1,134,509) (413,163)
Payable for investments purchased   (23,882,968) 26,157,603
Accrued expenses and other liabilities   (2,841,116) (109,936)
Net cash provided by (used in) operating activities   20,820,628 70,359,194
Cash Flows from Financing Activities:      
Proceeds from issuance of common shares   3,639,803 4,391,335
Redemption of common shares   (25,839,947) (24,144,901)
Distributions to shareholders   (10,691,971) (12,288,124)
Borrowings on credit facility   111,000,000 18,000,000
Payments on credit facility   (101,000,000) (55,000,000)
Net cash provided by (used in) financing activities   (22,892,115) (69,041,690)
Net increase (decrease) in cash and cash equivalents   (2,071,487) 1,317,504
Cash and cash equivalents and restricted cash, beginning of period   24,299,183 12,555,591
Cash and cash equivalents and restricted cash, end of period 22,227,696 22,227,696 13,873,095
Supplemental and Non-Cash Information      
Cash paid for interest   9,432,206 10,776,537
Reinvestments of distributions   799,456 3,153,845
Restructuring of portfolio investment   8,712,599  
Reconciliation of Cash and Cash Equivalents and Restricted Cash      
Cash and cash equivalents 21,210,038 21,210,038 13,873,095
Restricted cash 1,017,658 1,017,658  
Total cash and cash equivalents and restricted cash $ 22,227,696 $ 22,227,696 $ 13,873,095