| INVESTMENT INCOME |
NOTE 12. INVESTMENT INCOME
The following table sets forth the components of investment income for the three and six months ended June 30, 2026 and 2025, respectively:
|
|
|
Three Months
Ended
June 30,
2026
|
|
Three Months
Ended
June 30,
2025
|
|
Interest income – debt investments
|
|
|
|
|
|
|
|
Stated interest income
|
|
$
|
3,437,323 |
|
$
|
3,678,558 |
|
Original issue discount and market discount income
|
|
|
1,090,697 |
|
|
546,470 |
|
Discount income derived from unscheduled remittances at par
|
|
|
7,769 |
|
|
3,165 |
|
Total interest income – debt investments(1)
|
|
$
|
4,535,789 |
|
$
|
4,228,193 |
|
Interest income – debt investments – PIK(1)
|
|
$
|
896,600 |
|
$
|
857,257 |
|
Income from securitization vehicles and investments
|
|
$
|
3,508,746 |
|
$
|
3,855,072 |
|
Commitment, amendment and other fee income
|
|
|
|
|
|
|
|
Fee letters
|
|
$
|
148,790 |
|
$
|
143,380 |
|
Money market fund income and all other fees
|
|
|
312,168 |
|
|
438,279 |
|
Total commitment, amendment and other fee income
|
|
$
|
460,958 |
|
$
|
581,659 |
|
Total investment income
|
|
$
|
9,402,093 |
|
$
|
9,522,181 |
|
|
|
Six Months
Ended
June 30,
2026
|
|
Six Months
Ended
June 30,
2025
|
|
Interest income – debt investments
|
|
|
|
|
|
|
|
|
Stated interest income
|
|
$
|
6,754,841 |
|
$
|
7,638,839 |
|
|
Original issue discount and market discount income
|
|
|
2,085,493 |
|
|
1,416,719 |
|
|
Discount income/(amortization of premium) derived from unscheduled remittances at par
|
|
|
14,205 |
|
|
(961 |
)
|
|
Total interest income – debt investments(1)
|
|
$
|
8,854,539 |
|
$
|
9,054,597 |
|
|
Interest income – debt investments – PIK(1)
|
|
$
|
1,683,522 |
|
$
|
1,565,608 |
|
|
Income from securitization vehicles and investments
|
|
$
|
6,732,944 |
|
$
|
7,811,125 |
|
|
Commitment, amendment and other fee income
|
|
|
|
|
|
|
|
|
Fee letters
|
|
$
|
352,373 |
|
$
|
289,059 |
|
|
Money market fund income and all other fees(2)
|
|
|
721,393 |
|
|
962,842 |
|
|
Total commitment, amendment and other fee income
|
|
$
|
1,073,766 |
|
$
|
1,251,901 |
|
|
Total investment income
|
|
$
|
18,344,771 |
|
$
|
19,683,231 |
|
The 1940 Act requires that a BDC offer significant managerial assistance to its portfolio companies. The Company may receive fee income for managerial assistance it renders to portfolio companies in connection with its investments. For the three and six months ended June 30, 2026 and 2025, the Company received no fee income for managerial assistance.
|