v3.25.4
Consolidated Statements of Cash Flows - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities    
Net income $ 36,010,478 $ 37,045,403
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion of deferred loan origination fees and other discounts (2,187,528) (1,697,139)
Paid-in-kind interest (6,162,563) (9,147,837)
Interest received through net settlement transactions (1,365,150)  
Provision (benefit) for current expected credit losses 731,051 (583,298)
Change in unrealized (gain) loss on investments (165,000) 240,604
Realized gain on debt securities, at fair value 0 (72,428)
Amortization of debt issuance costs 406,663 256,998
Stock based compensation 3,368,861 3,058,674
Changes in operating assets and liabilities:    
Interest receivable (2,555,977) (449,683)
Other receivables and assets, net (473,513) 185,256
Interest reserve (1,285,192) (3,971,608)
Related party payables 171,517 (8,128)
Related party receivables 2,180,402 (3,263,114)
Proceeds from the redemption of debt securities, at fair value 0 839,093
Management and incentive fees payable 235,418 (380,617)
Interest payable 199,313 597,435
Accounts payable and accrued expenses (316,172) 509,765
Net cash provided by operating activities 28,792,608 23,159,376
Cash flows from investing activities    
Issuance of and fundings of loans held for investment (75,984,388) (155,257,974)
Principal repayment of loans held for investment 79,221,108 102,461,111
Principal repayment of loans held at fair value 5,500,000 (5,500,000)
Proceeds from sale of loans 0 19,000,000
Net cash provided by/(used in) investing activities 8,736,720 (39,296,863)
Cash flows from financing activities    
Proceeds from sale of common stock 1,033,474 39,591,879
Proceeds from notes payable 0 50,000,000
Proceeds from borrowings on revolving loan 142,100,000 159,000,000
Repayment of borrowings on revolving loan (148,000,000) (170,000,000)
Dividends paid to common shareholders (43,843,629) (41,632,363)
Payment of debt issuance costs (109,999) (1,099,231)
Payment of offering costs (160,738) (1,220,390)
Net cash (used in)/provided by financing activities (48,980,892) 34,639,895
Net (decrease) increase in cash and cash equivalents (11,451,564) 18,502,408
Cash and cash equivalents, beginning of period 26,400,448 7,898,040
Cash and cash equivalents, end of period 14,948,884 26,400,448
Supplemental disclosure of non-cash financing and investing activities    
Interest reserve withheld from funding of loans 176,760 4,194,597
OID withheld from funding of loans held for investment 2,062,541 1,836,952
Dividends declared and not yet paid 11,157,220 13,605,153
Transfer of loans held for investment to loans held for sale 0 19,000,000
Non-cash exchange of loans with related party (Note 9) 0 5,960,888
Supplemental information:    
Interest paid during the period $ 6,939,666 $ 6,205,623