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 interest income $ 3,761,771 $ 4,074,637 $ 7,264,951 $ 9,664,800
Total payment-in-kind interest income 341,884 767,526 783,152 1,400,844
Total dividend income 0 0 81,607 54,138
Total payment-in-kind dividend income 231,057 204,298 452,742 402,421
Total other fee income 210,487 72,858 331,511 215,205
Total investment income 4,545,199 5,119,319 8,913,963 11,737,408
Expenses:        
Interest expense 1,856,195 1,956,995 3,688,162 4,131,190
Base management fees 851,734 889,715 1,699,770 1,841,514
Income-based incentive fees (118,748) 0 (118,748) 0
Professional fees 277,287 257,800 618,570 612,734
Allocation of administrative costs from Adviser 227,874 241,918 481,897 467,774
Amortization of deferred debt issuance costs 153,824 152,590 307,648 305,181
Amortization of original issue discount - 2026 Notes 17,778 17,778 35,555 35,555
Insurance expense 126,009 127,768 246,511 253,534
Directors' fees 73,500 73,500 150,000 148,657
Custodian and administrator fees 74,000 101,236 148,237 169,267
Other expenses 243,714 118,556 283,887 497,962
Total expenses 3,783,167 3,937,856 7,541,489 8,463,368
Waiver of base management fees (72,026) (72,899) (146,169) (170,330)
Waiver of income-based incentive fees 0 0 0 0
Net expenses 3,711,141 3,864,957 7,395,320 8,293,038
Net investment income before taxes 834,058 1,254,362 1,518,643 3,444,370
Income tax expense (benefit), including excise tax expense 229,910 (54,740) 310,969 56,906
Net investment income after taxes 604,148 1,309,102 1,207,674 3,387,464
Net realized gain (loss) from investments        
Net realized gain (loss) from investments 2,208,625 (1,828,530) 581,343 (8,100,498)
Net change in unrealized appreciation (depreciation) in value of investments        
Net change in unrealized appreciation (depreciation) on investments (3,247,071) (1,432,718) (17,023) 5,172,628
Total realized gain (loss) and change in unrealized appreciation (depreciation) on investments (1,038,446) (3,261,248) 564,320 (2,927,870)
Net increase (decrease) in net assets resulting from operations $ (434,298) $ (1,952,146) $ 1,771,994 $ 459,594
Earnings (Loss) per share - basic $ (0.03) $ (0.14) $ 0.12 $ 0.03
Earnings (Loss) per share - diluted $ (0.03) $ (0.14) $ 0.12 $ 0.03
Weighted average shares of common stock outstanding - basic 14,419,405 14,401,118 14,416,218 14,399,035
Weighted average shares of common stock outstanding - diluted 14,419,405 14,401,118 14,416,218 14,399,035
Distributions declared per common share $ 0.12 $ 0.15 $ 0.24 $ 0.3
Non-Controlled, Non-Affiliated Investments        
Investment Income:        
Total interest income $ 3,778,683 $ 4,091,556 $ 7,266,885 $ 9,652,889
Total payment-in-kind interest income 342,127 747,479 762,015 1,361,244
Total dividend income 0 0 81,607 54,138
Total payment-in-kind dividend income 231,057 204,298 452,742 402,421
Total other fee income 210,487 72,858 331,511 215,205
Net realized gain (loss) from investments        
Net realized gain (loss) from investments 2,208,625 (1,828,530) 581,343 (1,860,514)
Net change in unrealized appreciation (depreciation) in value of investments        
Net change in unrealized appreciation (depreciation) on investments (2,852,187) 1,221,420 527,662 2,311,028
Non-Controlled, Affiliated Investments        
Investment Income:        
Total interest income (16,912) (16,919) (1,934) 11,911
Total payment-in-kind interest income 243 20,047 21,137 39,600
Total dividend income 0 0 0 0
Total payment-in-kind dividend income 0 0 0 0
Total other fee income 0 0 0 0
Net realized gain (loss) from investments        
Net realized gain (loss) from investments 0 0 0 (6,239,984)
Net change in unrealized appreciation (depreciation) in value of investments        
Net change in unrealized appreciation (depreciation) on investments $ (394,884) $ (2,654,138) $ (544,685) $ 2,861,600