v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash Flows from Operating Activities:    
Net increase (decrease) in net assets resulting from operations $ (13,477,000) $ 380,599
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used in) operating activities:    
Net realized (gains)/losses on investments 78,776 (832,327)
Net change in unrealized (appreciation) depreciation on investments 18,357,855 8,287,360
Net accretion of discount on investments (580,805) (938,393)
Amortization of deferred financing costs 131,476 131,476
Payment-in-kind interest income (444,666) (859,906)
Purchases and drawdowns of investments (11,763,735) (74,871,132)
Sales and repayments of investments 37,494,618 63,658,972
(Increase) decrease in operating assets:    
Interest and other receivables 896,306 3,598,790
Receivable for investments sold (9,757,245) (2,271,932)
Prepaid expenses 80,465 78,691
Increase (decrease) in operating liabilities:    
Management fee payable (99,177) (64,875)
Incentive fee payable   (902,413)
Administration fee payable (299,859) (198,396)
Interest payable (109,964) (1,084,608)
Payable for investments purchased 2,949,765 (15,377,835)
Accrued expenses and other liabilities (154,188) (2,732,456)
Net cash provided by (used in) operating activities 23,302,622 (23,998,385)
Cash Flows from Financing Activities:    
Proceeds from issuance of common shares   3,539,803
Redemption of common shares (9,703,849) (13,462,393)
Distributions to shareholders (4,565,460) (5,424,234)
Borrowings on credit facility 18,000,000 70,000,000
Payments on credit facility (23,000,000) (40,000,000)
Net cash provided by (used in) financing activities (19,269,309) 14,653,176
Net increase (decrease) in cash and cash equivalents 4,033,313 (9,345,209)
Cash and cash equivalents and restricted cash, beginning of period 11,752,645 24,299,183
Cash and cash equivalents and restricted cash, end of period 15,785,958 14,953,974
Supplemental and Non-Cash Information    
Cash paid for interest 3,338,138 5,268,316
Reinvestments of distributions 218,851 514,413
Non-cash restructuring of portfolio investment 496,237  
Reconciliation of Cash and Cash Equivalents and Restricted Cash    
Cash and cash equivalents 13,786,607 14,103,359
Restricted cash 1,999,351 850,615
Total cash and cash equivalents and restricted cash $ 15,785,958 $ 14,953,974