v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities:    
Net income $ 7,329,375 $ 6,457,751
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Provision for current expected credit losses 617,531 586,141
Amortization of deferred financing costs 700,360 173,931
Accretion of deferred loan original issue discount and premium, net (1,663,895) (615,227)
Stock-based compensation 667,446 502,687
Interest drawn on loans (6,364,993) (8,103,971)
PIK interest (78,549) (10,405)
Equity in earnings of unconsolidated real estate joint venture (32,287) 0
Changes in operating assets and liabilities:    
Interest receivable (275,082) (971,333)
Prepaid expenses and other assets (295,831) 248,624
Accrued interest 78,403 241,492
Accrued management and incentive fees 186,279 296,077
Accrued direct administrative expenses 609,050 (40,337)
Accounts payable and other liabilities 58,395 (2,768)
Net cash provided by (used in) operating activities 1,536,202 (1,237,338)
Cash flows from investing activities:    
Issuance of and fundings on loans (108,315,156) (120,416,392)
Contributions to unconsolidated real estate joint venture (1,258,647) 0
Principal repayment of loans 96,130,931 11,542,613
Net cash used in investing activities (13,442,872) (108,873,779)
Cash flows from financing activities:    
Proceeds from sale of common stock 0 72,588,000
Payment of offering costs - equity offering 0 (455,889)
Payment of financing costs (512,890) (217,731)
Borrowings on revolving credit facilities 115,750,000 106,360,000
Repayment of revolving credit facilities (96,100,000) (240,250,000)
Dividends paid to common shareholders (8,082,193) (6,968,412)
Net cash provided by (used in) financing activities 11,054,917 (68,944,032)
Net decrease in cash and cash equivalents (851,753) (179,055,149)
Cash and cash equivalents, beginning of period 6,445,328 184,626,770
Cash and cash equivalents, end of period 5,593,575 5,571,621
Supplemental disclosure of non-cash activity:    
OID withheld from funding of loans 903,136 1,366,528
Non-cash investment in unconsolidated real estate joint venture 24,635,000 0
Dividends declared and not yet paid 4,055,220 4,026,353
Supplemental information:    
Interest paid during the period 4,934,655 1,003,948
Income taxes paid during the period $ 0 $ 0