v3.26.1
Consolidated Statements of Operations (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Investment Income:        
Total interest income $ 2,800,501 $ 3,761,771 $ 5,851,057 $ 7,264,951
Total payment-in-kind interest income 303,278 341,884 668,667 783,152
Total dividend income 0 0 61,659 81,607
Total payment-in-kind dividend income 0 231,057 0 452,742
Total other fee income 29,990 210,487 103,362 331,511
Other income 0 0 575 0
Total investment income 3,133,769 4,545,199 6,685,320 8,913,963
Expenses:        
Interest expense 2,232,555 1,856,195 3,922,569 3,688,162
Base management fees 714,933 851,734 1,530,524 1,699,770
Income-based incentive fees (944) (118,748) (944) (118,748)
Professional fees 614,369 277,287 999,816 618,570
Allocation of administrative costs from Adviser 16,226 227,874 269,659 481,897
Amortization of deferred debt issuance costs 275,669 153,824 429,493 307,648
Amortization of original issue discount - 2026 Notes 49,790 17,778 67,567 35,555
Insurance expense 94,217 126,009 198,898 246,511
Directors' fees 132,996 73,500 212,948 150,000
Custodian and administrator fees 61,572 74,000 134,928 148,237
Other expenses 169,626 243,714 276,510 283,887
Total expenses 4,361,009 3,783,167 8,041,968 7,541,489
Waiver of base management fees (714,933) (72,026) (1,170,716) (146,169)
Waiver of income-based incentive fees 0 0 0 0
Net expenses 3,646,076 3,711,141 6,871,252 7,395,320
Net investment income (loss) before taxes (512,307) 834,058 (185,932) 1,518,643
Income tax expense (benefit), including excise tax expense (141,293) 452,507 0 756,163
Net investment income (loss) after taxes (371,014) 381,551 (185,932) 762,480
Net realized gain (loss) from investments        
Net realized gain (loss) from investments (2,136,381) 2,208,625 (2,117,046) 581,343
Net change in unrealized appreciation (depreciation) in value of investments        
Net change in unrealized appreciation (depreciation) on investments 1,397,774 (3,247,071) (7,435,305) (17,023)
Total realized gain (loss) and change in unrealized appreciation (depreciation) on investments (738,607) (1,038,446) (9,552,351) 564,320
Net increase (decrease) in net assets resulting from operations $ (1,109,621) $ (656,895) $ (9,738,283) $ 1,326,800
Earnings per share - basic $ (0.08) $ (0.05) $ (0.68) $ 0.09
Earnings per share - diluted $ (0.08) $ (0.05) $ (0.68) $ 0.09
Weighted average shares of common stock outstanding - basic 14,432,472 14,419,405 14,432,472 14,416,218
Weighted average shares of common stock outstanding - diluted 14,432,472 14,419,405 14,432,472 14,416,218
Distributions declared per common share $ 0 $ 0.12 $ 0 $ 0.24
Investment, Unaffiliated Issuer [Member]        
Investment Income:        
Total interest income $ 2,786,708 $ 3,778,683 $ 5,824,135 $ 7,266,885
Total payment-in-kind interest income 107,669 342,127 287,104 762,015
Total dividend income 0 0 61,659 81,607
Total payment-in-kind dividend income 0 231,057 0 452,742
Total other fee income 29,990 210,487 103,362 331,511
Net realized gain (loss) from investments        
Net realized gain (loss) from investments 3,496,666 (2,852,187) (3,794,534) 527,662
Net change in unrealized appreciation (depreciation) in value of investments        
Net change in unrealized appreciation (depreciation) on investments (2,136,381) 2,208,625 (2,117,046) 581,343
Non-Controlled, Affiliated Investments        
Investment Income:        
Total interest income 13,793 (16,912) 26,922 (1,934)
Total payment-in-kind interest income 195,609 243 381,563 21,137
Total dividend income 0 0 0 0
Total payment-in-kind dividend income 0 0 0 0
Total other fee income 0 0 0 0
Net realized gain (loss) from investments        
Net realized gain (loss) from investments 0 0 0 0
Net change in unrealized appreciation (depreciation) in value of investments        
Net change in unrealized appreciation (depreciation) on investments $ (2,098,892) $ (394,884) $ (3,640,771) $ (544,685)