NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2022

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

Summary of interest income

	For the three months ended				For the nine months ended
	September 30,		September 30,		September 30,		September 30,
	2022		2021		2022		2021
Loan interest	$	18,194,230	$	14,812,457	$	46,926,570	$	41,336,827
PIK income		356,527		247,391		1,010,061		607,393
Fee amortization income(1)		769,272		701,489		2,070,733		936,083
Fee income acceleration(2)		297,439		699,242		385,073		1,939,451
Total Interest Income	$	19,617,468	$	16,460,579	$	50,392,437	$	44,819,754

(1) Includes amortization of fees on unfunded commitments.

(2) Unamortized loan origination fees recognized upon full or partial realization of investment.

Schedule of distributable earnings (accumulated undistributed deficit) on the Statements of Assets and Liabilities

	September 30,		December 31,
	2022		2021
Accumulated net realized gain from investments, net of cumulative dividends of $25,571,955 for both periods	$	7,461,702	$	2,810,908
Net unrealized depreciation on non-controlled non-affiliated investments and cash equivalents, net of benefit for taxes of $0 and $151,278, respectively		(24,942,806)		(11,981,353)
Net unrealized depreciation on foreign currency translations		(53,874)		—
Accumulated undistributed net investment income		19,829,121		19,703,039
Accumulated undistributed surplus	$	2,294,142	$	10,532,594