v3.25.2
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net increase (decrease) in net assets resulting from operations $ 5,786,075 $ 2,376,518
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:    
Net realized (gain) loss on investments (4,352,098) (2,034,517)
Net change in unrealized (gain) loss on investments 10,504,360 10,635,896
Net accretion of discounts and amortization of premiums (1,444,728) (940,978)
Purchases of investments (25,732,737) (2,134,380)
Proceeds from sales of investments 7,393,779 2,749,081
Proceeds from principal payments 35,043,274 46,038,238
Amortization of deferred financing costs 307,750 284,919
Payment-in-kind interest income (1,933,464) (2,563,758)
Changes in operating assets and liabilities:    
Interest receivable (827,415) (1,658,349)
Other receivables (1,182,154) 0
Prepaid expenses (27,890) 0
Management fees payable (Note 6) 303,295 107,234
Incentive fees payable (Note 6) 2,142,038 (1,617,470)
Credit facility interest payable 40,098 (588,870)
Professional fees payable 189,988 (826)
Deferred tax liabilities (1,709,967) 0
Other payables (900,145) 0
Taxes payable 391,259 (38,988)
Legal fees payable 29,052 36,293
Reimbursement expense payable 78,732 41,774
Net cash provided by (used in) operating activities 24,099,102 50,691,817
Cash flows from financing activities:    
Proceeds from issuance of common shares, including subscriptions received in advance 10,968,018 20,201,750
Payments in repurchase of shares (11,905,560) (9,531,587)
Proceeds from credit facility 33,700,000 6,000,000
Repayments of credit facility (47,500,000) (49,000,000)
Distributions paid (5,524,867) (6,022,443)
Deferred financing and debt issuance costs paid 15,625 (1,798,501)
Net cash provided by (used in) financing activities (20,246,784) (40,150,781)
Net increase (decrease) in cash 3,852,318 10,541,036
Cash, beginning of period 4,028,665 5,045,540
Cash, end of period 7,880,983 15,586,576
Non cash operating activities:    
Interest received in kind 1,933,464 2,563,758
Supplemental and non cash financing activities:    
Shares issued from dividend reinvestment plan (see Note 10) 5,458,336 5,839,036
Supplemental Information:    
Cash paid for interest $ 4,308,148 $ 6,836,432