v3.26.1
Consolidated Statements of Cash Flows - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net increase (decrease) in net assets resulting from operations $ 3,843,751 $ 5,637,489
Adjustments to reconcile net increase (decrease) in net assets resulting from operations to net cash provided by (used for) operating activities:    
Purchases of investments (73,289,326) (27,148,777)
Proceeds from sales of investments and principal repayments 33,812,690 37,825,202
Payment-in-kind investments (261,070) (111,213)
Net realized (gain) loss on investments (294,476) 0
Net change in unrealized (appreciation) depreciation on investments 3,715,068 532,466
Amortization of premium and accretion of discount, net (423,569) (476,550)
Amortization of debt issuance and deferred financing costs 900,133 724,038
Amortization of deferred offering costs 0 534,442
Increase or decrease in operating assets and liabilities:    
(Increase) decrease in interest receivable 12,680 (82,853)
(Increase) decrease in due to/from feeder 160,422 (21,248)
(Increase) decrease in receivable for investments sold (1,780,482) 2,777
(Increase) decrease in prepaid expenses (33,674) 61,458
(Increase) decrease in receivable due from Adviser 1,685,718 (644,928)
Increase (decrease) in interest and borrowing expenses payable 780,633 (302,950)
Increase (decrease) in payable to Adviser 0 (148,778)
Increase (decrease) in incentive fee payable 41,162 (330,888)
Increase (decrease) in management fees payable (2,143,463) 746,266
Increase (decrease) in professional fees payable 344,515 31,980
Increase (decrease) in directors' fees payable 44,017 0
Increase (decrease) in trustees' fees payable 0 (51,314)
Increase (decrease) in accrued expenses and other liabilities (18,245) 77,056
Increase (decrease) in administrator and custodian fees payable 110,220 129,919
Increase (decrease) in transfer agent fees payable 356 (8,658)
Increase (decrease) payable for investments purchased 4,792,778 (1,938,188)
Net cash provided by (used for) operating activities (28,000,162) 15,036,748
Cash flows from financing activities    
Issuance of common shares 7,368,724 12,300,000
Distributions paid (6,790,163) (4,910,204)
Redemption of common shares, net of early repurchase deduction (4,924,524) 0
Financing costs paid (1,465,877) (176,469)
Borrowings on credit facilities 92,250,000 2,000,000
Repayments of credit facilities (56,500,000) (39,000,000)
Proceeds on term loans 0 10,000,000
Net cash provided by (used for) financing activities 29,938,160 (19,786,673)
Net increase in (decrease) in cash 1,937,998 (4,749,925)
Cash and cash equivalents, beginning of period 7,449,117 11,736,791
Cash and cash equivalents, end of period 9,387,115 6,986,866
Supplemental and non-cash financing activities    
Cash paid during the period for interest 5,273,414 6,044,108
Issuance of common shares pursuant to distribution reinvestment plan $ 1,146,761 $ 279,049