INCOME TAXES

Schedule of reconciliation of "Net increase in net assets resulting from operations" to taxable income and total distributions declared


	2025		2024		2023
Net increase in net assets resulting from operations (includes net investment income, realized gain (loss), unrealized appreciation (depreciation) and taxes)	$	27,045,329	$	45,844,627	$	17,533,167
Net change in unrealized depreciation (appreciation)		11,073,858		(19,555,654)		(2,785,648)
Income tax provision		1,580,338		(191,114)		(2,860,890)
Loss on debt extinguishment		226,095		—		—
Pre-tax expense, loss reported at Taxable Subsidiaries, not consolidated for tax purposes		2,120,912		1,810,914		20,172,550
(Decrease) increase in long term capital loss carryover		(1,988,306)		20,257,106		—
Book income and tax income differences, including debt origination, interest accrual, income from pass-through investments, dividends, realized gains (losses) and changes in estimates		(3,021,577)		1,501,004		11,860,086
Estimated taxable income⁽¹⁾	$	37,036,649	$	49,666,883	$	43,919,265
Taxable income earned in prior year and carried forward for distribution in current year		45,441,036		36,997,828		28,606,043
Adjustment for cumulative effect of distributions carried forward		—		—		—
Taxable income earned prior to period end and carried forward		(40,874,927)		(49,104,269)		(36,997,828)
Distribution payable as of period end and paid in following period		3,858,669		3,663,233		—
Total distributions accrued or paid to common stockholders	$	45,461,427	$	41,223,675	$	35,527,480

(1)

The Company’s taxable income for each period represents a preliminary estimate and will not be finalized until the applicable federal income tax return is filed. Accordingly, the actual taxable income for each period, including amounts available to be carried forward for distribution in subsequent periods, may differ from these estimates.

Schedule of deferred tax (liability) asset


	2025		2024
Deferred tax asset	$	6,631,206	$	5,520,821
Deferred tax liability		—		—
Total deferred tax asset before valuation allowance	$	6,631,206	$	5,520,821
Deferred tax valuation allowance	$	(6,631,206)	$	(5,520,821)
Net deferred tax asset (liability)	$	—	$	—