v3.25.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows from Operating Activities      
Net change in net assets resulting from operations $ 48,808,336 $ (38,124,247) $ 5,066,822
Adjustments to reconcile net change in net assets resulting from operations to net cash provided by operating activities:      
Net realized (gain)/loss on investments (33,223,557) 5,020,314 11,947,504
Net change in unrealized (appreciation)/depreciation of investments (32,114,638) 18,968,978 (30,453,935)
Stock-based compensation 569,661 1,738,687 2,448,807
Amortization of discount on 6.00% Notes due 2026 244,030 468,999 319,092
Amortization of discount on 6.50% Convertible Notes due 2029 238,257 73,196
Adjustments to escrow proceeds receivable (45,293) (331,816) 117,136
Accrued interest on U.S. Treasury bills 18,150 13,024
Purchases of investments in:      
Portfolio investments (12,061,627) (75,064,900) (24,485,431)
U.S. Treasury bills (253,585,717)
Proceeds from sales or maturity of investments in:      
Portfolio investments 61,314,345 26,107,936 16,008,100
U.S. Treasury bills 63,792,704 274,792,611
Change in operating assets and liabilities:      
Accounts payable and accrued expenses (140,872) 422,086 (362,519)
Interest and dividends receivable 637,312 (623,415) 6,159
Escrow proceeds receivable 45,298 263,995 319,039
Prepaid expenses and other assets 48,328 (361,028) 232,404
Net Cash Provided by Operating Activities 34,319,580 2,369,639 2,383,096
Cash Flows from Financing Activities      
Proceeds from the issuance of common stock, net 10,619,626
Gross proceeds from the issuance of 6.50% Convertible Notes due 2029 5,000,000 30,000,000
Deferred debt issuance costs (158,157) (1,021,789)
Repurchases of 6.00% Notes due 2026 (8,773,791) (30,076,852)
Realized loss on partial repurchase of 6.00% Notes due 2026 21,215 183,668
Repurchases of common stock (9,400,000) (14,178,685)
Deferred financing costs (30,193) (53,721)
Cash dividends paid (11,961,025) (143,657) (143,657)
Net Cash Used in Financing Activities (5,282,325) (10,512,351) (14,322,342)
Total Increase/(Decrease) in Cash Balance 29,037,255 (8,142,712) (11,939,246)
Cash and Restricted Cash Balance at Beginning of Year [1] 20,035,640 28,178,352 40,117,598
Cash and Restricted Cash Balance at End of Year [1] 49,072,895 20,035,640 28,178,352
Supplemental Information:      
Interest paid 4,641,476 4,359,287 4,500,000
Taxes paid (190,787) 88,692 533,894
Right of use asset obtained in exchange for operating lease liabilities $ (2,006) $ 466,029
[1] Refer to the Consolidated Statements of Assets and Liabilities for additional detail.