v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Investment Income        
PIK interest income from non-control/non-affiliate investments $ 113,465 $ 97,706 $ 145,021 $ 166,986
Total Investment Income 2,029,763 2,296,155 4,221,119 4,461,365
Operating Expenses        
Interest expense and credit facility expenses (Note 10) 717,929 1,007,252 1,562,879 1,811,639
Base management fees (Note 4) 276,445 314,020 573,315 603,181
Administrator Costs (Note 4) 165,000 126,000 332,500 301,000
Audit and tax expense 83,750 100,000 168,593 254,500
Transfer agent’s fees and expenses 52,198 77,471 111,286 152,446
General and administrative 41,666 22,236 70,905 49,916
Offering costs 40,122 137,292 82,085 272,819
Legal expense 27,960 17,956 89,596 128,557
Insurance expense 18,646 31,907 34,872 63,815
Valuation services 18,274 13,581 24,274 29,887
Total Operating Expenses 1,441,990 1,847,715 3,050,305 3,667,760
Expense limitation reimbursement (Note 4) (724,061) (314,020) (1,487,426) (603,181)
Total Net Operating Expenses 717,929 1,533,695 1,562,879 3,064,579
Net Investment Income (Loss) before income taxes 1,311,834 762,460 2,658,240 1,396,786
Excise tax expense 26,328 0 26,328 0
Net Investment Income (Loss) 1,285,506 762,460 2,631,912 1,396,786
Net Realized Losses and Net Change in Unrealized Gains/(Losses) on Investments        
Net realized losses (831,255) (394,340) (1,901,577) (1,121,097)
Net change in unrealized gains/(losses) (2,658,325) (34,438) (4,643,399) 316,456
Net Realized Losses and Net Change in Unrealized Losses on Investments (3,489,580) (428,778) (6,544,976) (804,641)
Extinguishment of debt 0 0 (495,849) 0
Net Increase/(Decrease) in Net Assets Resulting from Operations (2,204,074) 333,682 (4,408,913) 592,145
Non-Control/ Non-Affiliate Investments        
Investment Income        
Interest income from non-control/non-affiliate investments 1,916,298 2,198,449 4,076,098 4,294,379
PIK interest income from non-control/non-affiliate investments $ 113,465 $ 97,706 $ 145,021 $ 166,986