v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
INVESTMENT INCOME        
Total Investment Income $ 9,717,524 $ 8,739,234 $ 19,209,404 $ 16,790,093
OPERATING EXPENSES        
Management fees 1,514,461 1,196,103 2,958,030 2,231,932
Income incentive fee 632,714 625,799 1,288,621 1,204,114
Capital gains incentive fee 223,137 109,594 192,644 272,733
Professional fees 161,219 201,789 411,272 381,838
Amortization of deferred offering costs 22,753 63,147 54,493 132,981
Administrative services expenses 251,274 158,184 487,560 301,183
Trustees' fees 40,000 40,000 80,000 80,000
Insurance expense 10,676 22,126 30,567 44,010
Valuation fees 7,167 3,904 58,044 42,609
Interest expense and other fees 3,781,773 3,241,210 7,331,821 6,257,771
Income tax expense 3,910 14,758 46,251 17,107
Other general and administrative expenses 126,203 68,485 203,935 145,355
Total Operating Expenses 6,775,287 5,745,099 13,143,238 11,111,633
Expenses reimbursed/fees waived by Advisor (Note 2) (754,187) (651,064) (1,596,187) (1,273,490)
Net Operating Expenses 6,021,100 5,094,035 11,547,051 9,838,143
Net Investment Income 3,696,424 3,645,199 7,662,353 6,951,950
Net realized (loss) gain on non-controlled, non-affiliated investments (3,810,360) 67,495 (3,810,360) 67,495
Net realized gain on foreign currency translation 20,045 4,798 44,239 6,419
Net change in unrealized appreciation on non-controlled, non-affiliated investments     6,080,638 2,205,337
Net change in unrealized (depreciation) appreciation on foreign currency translations (1,686) 22,698 (18,527) 35,732
(Provision) benefit for taxes on net unrealized (gain) loss on investments (227,175) (23,593) (369,546) 38,266
Net Increase in Net Assets Resulting from Operations $ 5,927,795 $ 4,741,142 $ 9,588,797 $ 9,305,199
Net Investment Income Per Share - basic $ 0.28 $ 0.33 $ 0.58 $ 0.64
Net Investment Income Per Share - diluted 0.28 0.33 0.58 0.64
Net Increase in Net Assets Resulting from Operations Per Share - basic 0.45 0.43 0.73 0.86
Net Increase in Net Assets Resulting from Operations Per Share - diluted $ 0.45 $ 0.43 $ 0.73 $ 0.86
Weighted Average Common Shares of Beneficial Interest Outstanding - basic 13,187,428 10,935,215 13,150,920 10,851,870
Weighted Average Common Shares of Beneficial Interest Outstanding - diluted 13,187,428 10,935,215 13,150,920 10,851,870
Distributions Per Share - basic and diluted $ 0.34 $ 0.36 $ 0.69 $ 0.72
Non-controlled, affiliated investments        
INVESTMENT INCOME        
Interest income $ 672   $ 672  
Other income 5   5  
OPERATING EXPENSES        
Net change in unrealized appreciation on non-controlled, non-affiliated investments 176,952      
Non-controlled, non-affiliated        
INVESTMENT INCOME        
Interest income 9,540,879 $ 8,539,390 18,770,010 $ 16,442,548
Other income 175,968 199,844 438,717 347,545
OPERATING EXPENSES        
Net change in unrealized appreciation on non-controlled, non-affiliated investments $ 6,073,595 $ 1,024,545 $ 6,080,638 $ 2,205,337