NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2023

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

Summary of interest income

	For the three months ended				For the six months ended
	June 30, 2023		June 30, 2022		June 30, 2023		June 30, 2022
Loan interest	$	23,514,608	$	14,620,267	$	45,399,697	$	28,732,340
PIK income		1,134,900		323,423		1,904,853		653,534
Fee amortization income(1)		760,023		670,324		1,482,846		1,301,461
Fee income acceleration(2)		253,364		44,004		284,103		87,634
Total Interest Income	$	25,662,895	$	15,658,018	$	49,071,499	$	30,774,969

(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 on the Statements of Assets and Liabilities

	June 30, 2023		December 31, 2022
Accumulated net realized gain from investments, net of cumulative dividends of $29,361,648 for both periods	$	2,349,482	$	2,675,719
Net unrealized depreciation on non-controlled, non-affiliated investments and cash equivalents, net of deferred tax liability of $206,049 and $61,936, respectively		(40,425,785)		(29,736,797)
Net unrealized (depreciation) appreciation on foreign currency translations		(12,409)		6,040
Accumulated undistributed net investment income		30,567,700		27,697,264
Total distributable (loss) earnings	$	(7,521,012)	$	642,226