v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities:    
Net (loss) income $ (9,096,966) $ 16,392,005
Net income from discontinued operations, net of tax 0 (2,756,124)
Net (loss) income from continuing operations (9,096,966) 13,635,881
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for (reversal of) current expected credit losses 15,152,142 (1,330,420)
Realized losses (gains) on investments, net 0 93,338
Change in unrealized losses (gains) on loans at fair value, net 1,741,448 5,033,694
Accretion of deferred loan original issue discount and other discounts (1,828,874) (5,278,643)
Amortization of deferred financing costs 482,423 506,551
Stock-based compensation 1,038,251 912,565
Payment-in-kind interest (266,550) (2,351,851)
Changes in operating assets and liabilities:    
Accounts receivable 0 55
Interest receivable 405,310 2,576,974
Prepaid expenses and other assets (448,170) 105,903
Accrued interest 46,601 (5,250)
Accrued management and incentive fees, net (1,251,888) 513,302
Accrued direct administrative expenses (520,473) (601,946)
Accounts payable and other liabilities 228,111 203,496
Net cash provided by (used in) operating activities of continuing operations 5,681,365 14,013,649
Net cash provided by (used in) operating activities of discontinued operations 0 2,678,448
Net cash provided by (used in) operating activities 5,681,365 16,692,097
Cash flows from investing activities:    
Issuance of and fundings on loans (29,183,647) (39,264,440)
Proceeds from sales of loans 0 96,061,029
Principal repayment of loans 25,635,763 39,838,299
Net cash (used in) provided by investing activities of continuing operations (3,547,884) 96,634,888
Net cash (used in) provided by investing activities of discontinued operations 0 (37,557,988)
Net cash (used in) provided by investing activities (3,547,884) 59,076,900
Cash flows from financing activities:    
Payment of financing costs (166,928) (225,000)
Redemption of preferred shares 0 (125,000)
Borrowings on revolving credit facilities 35,500,000 95,000,000
Repayments on revolving credit facilities (125,100,000) (102,000,000)
Dividends paid to common and preferred shareholders (12,566,948) (19,747,400)
Net cash (used in) provided by financing activities of continuing operations (102,333,876) (27,097,400)
Net cash provided by (used in) financing activities of discontinued operations 0 0
Net cash (used in) provided by financing activities (102,333,876) (27,097,400)
Net (decrease) increase in cash and cash equivalents (100,200,395) 48,671,597
Cash and cash equivalents, beginning of period 103,610,460 121,626,453
Cash and cash equivalents, end of period 3,410,065 170,298,050
Supplemental disclosure of non-cash activity:    
OID withheld from funding of loans 795,000 2,141,469
Dividends declared and not yet paid 3,389,267 13,020,269
Non-cash funding of new loan 0 14,672,640
Supplemental information:    
Interest paid during the period 3,144,421 2,675,138
Income taxes paid (net of refunds received) during the period 185,668 567,070
Line of Credit    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Amortization of deferred financing costs 169,393 191,887
Amortization of deferred financing costs - senior notes    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Amortization of deferred financing costs $ 313,030 $ 314,664