v3.25.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:      
Net increase/(decrease) in net assets resulting from operations $ 1,238,889 $ (2,359,221) $ (1,085,293)
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:      
Purchases of investments (48,155,370) (48,266,763) 0
Repayments and sales of portfolio investments 20,414,660 7,966,315 12,219,301
Net realized losses on investments 2,100,215 2,087,522 848,927
Net Reductions to Subordinated Structured Notes and related investment cost 699,953 752,365 227,394
Amortization of offering costs 521,344 82,489 0
Payment-in-kind interest (498,497) (153,085) (19,781)
Amortization of premiums (accretion of purchase discounts) on investments, net (417,680) 83,879 (107,296)
Amortization of deferred financing costs 399,072 439,387 222,554
Net change in unrealized (gains)/losses on investments 295,330 (9,960) 726,332
Deferred financing costs 0 0 (47,987)
Settlement of Treasury Bills (199) (98) (67)
Net realized losses on extinguishment of debt 0 66,844 0
(Increase) Decrease in operating assets      
Interest receivable (199,717) (195,343) 46,562
Prepaid expenses and other assets (34,407) 63,498 61,319
Receivable for repayments of portfolio investments (69,143) 2,413 26,386
Receivable for investments sold 0 1,361,436 (1,361,436)
Increase (Decrease) in operating liabilities      
Due to Administrator (Note 5) 248,500 898,308 512,509
Accrued legal fees (344,473) (385,381) (99,509)
Interest payable (120,606) 78,422 (24,718)
Payable for open trades (77,877) 10,067,981 4,997,938
Accrued audit fees 3,750 (39,400) 41,260
Accrued expenses (48,653) 46,600 (30,013)
Tax payable 0 0 (4,935)
Net cash provided by/(used in) operating activities (24,044,909) (27,411,792) 17,149,447
Cash flows from financing activities:      
Gross proceeds from shares sold 10,010,400 20,000,000 0
Distributions paid to stockholders (472,923) (538,291) (616,122)
Repurchase of common stock (2,080,588) (449,532) (308,337)
Borrowings under Senior Secured Revolving Credit Facility (Note 10) 46,100,000 44,000,000 0
Repayments under Senior Secured Revolving Credit Facility (Note 10) (28,400,000) (16,200,000) 0
Repayments under Credit Facility (Note 10) 0 (8,600,000) (11,900,000)
Financing costs paid and deferred (19,201) (1,186,520) 0
Net cash provided by/(used in) financing activities 25,137,688 37,025,657 (12,824,459)
Net increase (decrease) in cash, cash equivalents and restricted cash 1,092,779 9,613,865 4,324,988
Cash, cash equivalents and restricted cash at beginning of year 15,406,421 5,792,556 1,467,568
Cash, cash equivalents and restricted cash at end of year 16,499,200 15,406,421 5,792,556
Supplemental disclosures:      
Cash paid for interest 3,467,173 725,862 1,061,071
Non-cash financing activities:      
Value of shares issued through reinvestment of distributions 2,742,292 805,259 527,904
Unpaid deferred offering costs (Note 5) 0 (540,145) (356,816)
Cash and cash equivalents 16,499,200 15,406,421 5,730,723
Restricted cash $ 0 $ 0 $ 61,833