v3.26.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 12,313,690 $ 18,918,686
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion of deferred loan origination fees and other discounts (1,284,494) (850,114)
Paid-in-kind interest (3,356,544) (3,116,093)
Provision (benefit) for current expected credit losses 4,389,145 74,014
Change in unrealized (loss)/gain on investment 430,000 (165,000)
Amortization of debt issuance costs 167,415 220,458
Stock based compensation 1,822,932 1,530,440
Changes in operating assets and liabilities:    
Interest receivable (1,067,745) (1,842,083)
Other receivables and assets, net (2,522,244) (65,505)
Interest reserve 2,517,497 (1,076,943)
Related party payables (153,492) (171,321)
Related party receivables 8,276 2,491,139
Management and incentive fees payable (1,494,248) (930,201)
Interest payable 325,180 (71,313)
Accounts payable and accrued expenses 123,801 (857,659)
Net cash provided by operating activities 12,219,169 14,088,505
Cash flows from investing activities    
Issuance of and fundings of loans held for investment (65,536,425) (10,327,017)
Principal repayment of loans held for investment 71,233,213 12,279,060
Issuance of and fundings of loans at fair value (40,612,435) 0
Net cash (used in)/provided by investing activities (34,915,647) 1,952,043
Cash flows from financing activities    
Proceeds from sale of common stock 0 1,033,474
Proceeds from borrowings on revolving loan 110,750,000 56,900,000
Repayment of borrowings on revolving loan (68,800,000) (40,700,000)
Dividends paid to common shareholders (20,821,026) (24,030,318)
Payment of offering costs (29,681) (82,068)
Net cash provided by/(used in) financing activities 21,099,293 (6,878,912)
Net (decrease)/increase in cash and cash equivalents (1,597,185) 9,161,636
Cash and cash equivalents, beginning of period 14,948,884 26,400,448
Cash and cash equivalents, end of period 13,351,699 35,562,084
Supplemental disclosure of non-cash financing and investing activities    
Interest reserve withheld from funding of loans 3,404,872 22,500
OID withheld from funding of loans held for investment 3,390,808 1,048,270
Dividends declared and not yet paid 10,017,764 9,905,074
Payable for investment purchased 0 9,461,774
Transfer of loans held for investment to loans held for sale 27,110,506 0
Non-cash exchange of loans with related party (Note 8) 27,110,506 0
Supplemental information:    
Interest paid during the period $ 3,932,383 $ 4,779,632