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Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Investment income      
Total investment income $ 57,935,794 $ 46,245,020 $ 67,115,500
Operating expenses      
Interest and other debt expenses 13,140,402 11,620,899 15,584,214
Management fees 8,311,686 7,784,188 10,799,832
Incentive fees on income 3,422,362 249,385 6,304,333
Incentive fees on capital gains(1) [1] (1,544,569) 1,544,569 0
Administrative expenses 1,407,775 1,354,283 1,457,979
Professional fees 836,788 1,100,008 1,964,252
Insurance expense 747,428 809,356 650,432
Director fees 613,750 622,500 652,250
Investment advisor expenses 103,276 350,000 350,000
Other operating expenses 1,525,774 1,011,273 1,433,054
Total expenses, before incentive fee waiver 28,564,672 26,446,461 39,196,346
Incentive fee waiver (see Note 3) 0 (79,383) (6,304,333)
Total expenses, net of incentive fee waiver 28,564,672 26,367,078 32,892,013
Net investment income [1] 29,371,122 19,877,942 34,223,487
Net realized gain (loss):      
Net realized gain (loss) 1,196,573 (19,077,032) (115,988,233)
Net change in unrealized appreciation (depreciation):      
Net change in unrealized appreciation (depreciation) on Interest Rate Swap (1,332,299) 0 0
Net change in unrealized appreciation (depreciation) on Foreign currency translation 0 (285,360) 135,427
Net change in unrealized appreciation (depreciation) (27,080,719) 65,687,318 (22,087,857)
Net realized and unrealized gain (loss) (25,884,146) 46,610,286 (138,076,090)
Net increase (decrease) in net assets resulting from operations $ 3,486,976 $ 66,488,228 $ (103,852,603)
Net investment income per share-basic [1] $ 0.40 $ 0.27 $ 0.49
Earnings (Loss) per share - basic [1] $ 0.05 $ 0.90 $ (1.49)
Weighted average shares outstanding—basic 73,314,124 74,153,145 69,801,849
Net investment income per share-diluted [1],[2] $ 0.40 $ 0.27 $ 0.49
Earnings (Loss) per share - diluted [1],[2] $ 0.05 $ 0.83 $ (1.49)
Weighted average shares outstanding—diluted 81,042,705 91,146,882 86,795,585
Non-Controlled, Non-Affiliated Investments      
Investment income      
Interest income (excluding PIK): $ 54,387,478 $ 40,366,030 $ 31,426,192
PIK interest income 1,138,311 2,092,736 5,026,084
PIK dividend income 319,524 15,177 0
Other income 1,633,795 839,678 620,705
Net realized gain (loss):      
Net realized gain (loss) 1,196,573 21,408,577 (12,941,524)
Net change in unrealized appreciation (depreciation):      
Net change in unrealized appreciation (depreciation) (23,845,171) 20,125,055 (2,123,600)
Non-Controlled, Affiliated Investments      
Investment income      
Interest income (excluding PIK): 0 11,867 474,862
PIK interest income 456,686 481,800 461,367
Dividend income (excluding PIK) 0 71,500 0
Other income 0 0 (3,055)
Net realized gain (loss):      
Net realized gain (loss) 0 (7,989,591) (43,851,965)
Net change in unrealized appreciation (depreciation):      
Net change in unrealized appreciation (depreciation) 620,438 6,932,957 35,523,356
Controlled Investments      
Investment income      
Interest income (excluding PIK): 0 718,571 19,794,470
PIK interest income 0 0 1,053,664
Dividend income (excluding PIK) 0 1,647,661 8,190,499
Other income 0 0 70,712
Net realized gain (loss):      
Net realized gain (loss) 0 (32,496,018) (59,194,744)
Net change in unrealized appreciation (depreciation):      
Net change in unrealized appreciation (depreciation) $ (2,523,687) $ 38,914,666 $ (55,623,040)
[1] Net investment income and per share amounts displayed above are net of the accrual (reversal) for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with GAAP for the years ended December 31, 2022 and 2021 (see Note 3).
[2] For the years ended December 31, 2022 and 2020, the impact of the hypothetical conversion of the 2022 Convertible Notes was antidilutive (see Note 8).