v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended 12 Months Ended
Dec. 31, 2024
Dec. 31, 2025
Jun. 30, 2024
Jun. 30, 2023
Cash Flows from Operating Activities        
Net increase (decrease) in net assets resulting from operations $ 6,042,089 $ (8,847,940) $ (4,092,470) $ 3,234,503
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:        
Origination and purchase of investments (23,516,420) (31,951,834) (62,524,462) (51,269,621)
Payment in-kind interest and dividends (2,785,373) (1,839,865) (2,870,741) (1,968,260)
Sales and repayments of investments 22,952,501 43,235,594 92,303,435 61,928,745
Net realized (gain) loss on investments 8,114,711 1,849,766 13,971,537 26,890,095
Net change in unrealized appreciation/depreciation on investments (11,010,561) 8,902,948 (3,287,977) (20,696,532)
Amortization of discount/premium on investments (802,286) (1,238,513) (2,049,993) (1,311,770)
Amortization of deferred debt issuance costs 306,004 615,294 576,474 693,333
Amortization of original issue discount 35,555 71,110 71,110 71,110
Net (increase) decrease in operating assets:        
Principal receivable (670,246) 665,478 42,972 741,462
Interest receivable (274,865) 767,678 740,361 256,566
Payment-in-kind interest receivable (18,774) (105,391) (20,537) (43,951)
Short-term receivable (160,901) 160,901 0 0
Long-term receivable 142,302 489,365 (631,667) 0
Escrow receivable 97,173 0 (97,173) 0
Other receivables 0 0 1,050 (1,050)
Prepaid expenses and other assets 314,497 (27,604) (50,102) 48,682
Net increase (decrease) in operating liabilities:        
Payable for investments purchased (5,950,323) (1,474,677) 5,629,703 1,548,313
Interest payable (56,004) (7,464) (342,841) 719,410
Base management fees payable (47,601) 17,810 (89,441) (147,845)
Income-based incentive fees payable 373,079 (150,384) (447,147) 393,928
Deferred income liability 0 440,084 0 0
Directors fees payable 81,323 (81,323) (15,755) (5,025)
Accrued expenses and other liabilities 71,831 159,792 240,189 (375,015)
Net cash (used in) provided by operating activities (6,762,289) 11,650,825 37,056,525 20,707,078
Cash Flows from Financing Activities:        
Payments for deferred financing costs (20,549) 0 (1,010,788) 0
Repurchases of common shares 0 (39,178) 0 0
Distributions to stockholders (1,721,419) (9,117,749) (11,188,149) (8,610,939)
Proceeds from borrowing on revolving financing facility 15,500,000 20,500,000 37,100,000 46,900,000
Repayments of borrowing on revolving financing facility 0 (20,100,000) (66,000,000) (59,000,000)
Net cash (used in) provided by financing activities 13,758,032 (8,756,927) (41,098,937) (20,710,939)
Net change in cash and cash equivalents 6,995,743 2,893,898 (4,042,412) (3,861)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 5,108,804 12,104,547 9,151,216 9,155,077
Cash and cash equivalents and restricted cash and cash equivalents at end of period 12,104,547 14,998,445 5,108,804 9,151,216
Supplemental and non-cash financing cash flow information:        
Cash paid for interest 3,808,417 7,612,917 8,949,150 7,693,998
Cash paid for taxes 0 470,019 267,150 294,330
Issuance of shares pursuant to Dividend Reinvestment Plan 7,031 110,487 40,213 21,749
Non-cash purchase of investments (29,716,835) 11,326,047 (37,002,608) (16,865,488)
Non-cash sale of investments 29,716,835 (11,326,047) 37,002,608 16,865,488
Cash and cash equivalents 771,483 4,582,403 158,768 1,093,758
Restricted cash and cash equivalents 11,333,064 10,416,042 4,950,036 8,057,458
Cash and cash equivalents and restricted cash and cash equivalents 12,104,547 14,998,445 5,108,804 9,151,216
Cash and restricted cash $ 12,104,547 $ 14,998,445 $ 5,108,804 $ 9,151,216