v3.25.4
Consolidated Statements of Operations - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
INVESTMENT INCOME      
Total Investment Income $ 1,686,298 $ 4,673,427 $ 6,596,780
OPERATING EXPENSES      
Compensation expense 8,831,788 9,159,673 9,482,867
Directors’ fees 789,376 682,260 645,548
Interest expense 5,088,054 4,843,570 4,858,049
Professional fees 2,244,818 2,277,765 2,602,894
Income tax expense (190,787) 88,692 624,049
Other expenses 1,431,693 1,572,754 1,822,982
Total Operating Expenses 18,194,942 18,624,714 20,036,389
Net Investment Loss (16,508,644) (13,951,287) (13,439,609)
Realized Gain/(Loss) on Investments:      
Net Realized Gain/(Loss) on Investments 33,223,557 (5,020,314) (11,947,504)
Realized loss on partial repurchase of 6.00% Notes due December 30, 2026 (21,215) (183,668)
Change in Unrealized Appreciation/(Depreciation) of Investments:      
Net Change in Unrealized Appreciation/(Depreciation) of Investments 32,114,638 (18,968,978) 30,453,935
Net Change in Net Assets Resulting from Operations $ 48,808,336 $ (38,124,247) $ 5,066,822
Net Change in Net Assets Resulting from Operations per Common Share:      
Basic $ 2.01 $ (1.60) $ 0.19
Diluted [1] $ 1.78 $ (1.60) $ 0.19
Weighted-Average Common Shares Outstanding      
Basic 24,225,991 23,901,805 26,222,667
Diluted [1] 28,789,100 23,901,805 26,222,667
Non Controlled Non Affiliate Investments [Member]      
INVESTMENT INCOME      
Interest income [2] $ 1,337,851 $ 1,296,415 $ 795,847
Dividend income 348,447 1,232,239 211,310
Realized Gain/(Loss) on Investments:      
Net Realized Gain/(Loss) on Investments 33,223,557 8,375,641 (1,185,273)
Change in Unrealized Appreciation/(Depreciation) of Investments:      
Net Change in Unrealized Appreciation/(Depreciation) of Investments 34,173,155 (30,184,682) 10,349,592
Controlled Investments [Member]      
INVESTMENT INCOME      
Interest income 955,628 1,331,258
Dividend income 500,000
Interest income from U.S. Treasury bills 1,189,145 3,758,365
Realized Gain/(Loss) on Investments:      
Net Realized Gain/(Loss) on Investments (6,797,425)
Change in Unrealized Appreciation/(Depreciation) of Investments:      
Net Change in Unrealized Appreciation/(Depreciation) of Investments 2,941 6,785,776 (600,692)
Non Controlled Affiliate Investments [Member]      
Realized Gain/(Loss) on Investments:      
Net Realized Gain/(Loss) on Investments (6,598,530) (10,762,231)
Change in Unrealized Appreciation/(Depreciation) of Investments:      
Net Change in Unrealized Appreciation/(Depreciation) of Investments $ (2,061,458) $ 4,429,928 $ 20,705,035
[1] For the year ended December 31, 2024, 3,870,969 potentially dilutive common shares were excluded from the weighted-average common shares outstanding for diluted net decrease in net assets resulting from operations per common share because the effect of these shares would have been anti-dilutive. Refer to “Note 6 — Net Change in Net Assets Resulting from Operations per Common Share — Basic and Diluted”.
[2] Includes interest income earned on cash.