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Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Investment income      
Total investment income $ 80,355,174 $ 57,935,794 $ 46,245,020
Operating expenses      
Interest and other debt expenses 21,711,617 13,140,402 11,620,899
Management fees 8,912,663 8,311,686 7,784,188
Incentive fees on income 7,740,902 3,422,362 249,385
Incentive fees on capital gains(1) [1] 0 (1,544,569) 1,544,569
Administrative expenses 1,161,339 1,407,775 1,354,283
Professional fees 1,365,075 836,788 1,100,008
Insurance expense 571,104 747,428 809,356
Director fees 815,250 613,750 622,500
Investment advisor expenses 68,374 103,276 350,000
Other operating expenses 1,443,478 1,525,774 1,011,273
Total expenses, before incentive fee waiver 43,789,802 28,564,672 26,446,461
Incentive fee waiver (see Note 3) 0 0 (79,383)
Total expenses, net of incentive fee waiver 43,789,802 28,564,672 26,367,078
Net investment income [1] 36,565,372 29,371,122 19,877,942
Net realized gain (loss):      
Net realized gain (loss) (78,819) 1,196,573 (19,077,032)
Net change in unrealized appreciation (depreciation):      
Net change in unrealized appreciation (depreciation) on Interest Rate Swap (275,964) (1,332,299) 0
Net change in unrealized appreciation (depreciation) on Foreign currency translation 0 0 (285,360)
Net change in unrealized appreciation (depreciation) (10,250,283) (27,080,719) 65,687,318
Net realized and unrealized gain (loss) (10,329,102) (25,884,146) 46,610,286
Net increase (decrease) in net assets resulting from operations $ 26,236,270 $ 3,486,976 $ 66,488,228
Net investment income per share-basic [1] $ 0.5 $ 0.4 $ 0.27
Earnings (Loss) per share - basic [1] $ 0.36 $ 0.05 $ 0.9
Weighted average shares outstanding—basic 72,571,907 73,314,124 74,153,145
Net investment income per share-diluted [1],[2] $ 0.5 $ 0.4 $ 0.27
Earnings (Loss) per share - diluted [1],[2] $ 0.36 $ 0.05 $ 0.83
Weighted average shares outstanding—diluted 72,571,907 81,042,705 91,146,882
Non-Controlled, Non-Affiliated Investments      
Investment income      
Interest income (excluding PIK): $ 74,097,252 $ 54,387,478 $ 40,366,030
PIK interest income 4,885,376 1,138,311 2,092,736
PIK dividend income 376,040 319,524 15,177
Other income 964,712 1,633,795 839,678
Net realized gain (loss):      
Net realized gain (loss) 363,087 1,196,573 21,408,577
Net change in unrealized appreciation (depreciation):      
Net change in unrealized appreciation (depreciation) (10,009,837) (23,845,171) 20,125,055
Non-Controlled, Affiliated Investments      
Investment income      
Interest income (excluding PIK): 0 0 11,867
PIK interest income 31,794 456,686 481,800
Dividend income (excluding PIK) 0 0 71,500
Net realized gain (loss):      
Net realized gain (loss) (441,906) 0 (7,989,591)
Net change in unrealized appreciation (depreciation):      
Net change in unrealized appreciation (depreciation) (864,398) 620,438 6,932,957
Controlled Investments      
Investment income      
Interest income (excluding PIK): 0 0 718,571
Dividend income (excluding PIK) 0 0 1,647,661
Net realized gain (loss):      
Net realized gain (loss) 0 0 (32,496,018)
Net change in unrealized appreciation (depreciation):      
Net change in unrealized appreciation (depreciation) $ 899,916 $ (2,523,687) $ 38,914,666
[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 year ended December 31, 2022, the impact of the hypothetical conversion of the 2022 Convertible Notes was antidilutive (see Note 8).