NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2023

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

Summary of interest income

	For the three months ended				For the nine months ended
	September 30, 2023		September 30, 2022		September 30, 2023		September 30, 2022
Loan interest	$	24,266,242	$	18,194,230	$	69,665,939	$	46,926,570
PIK income		827,678		356,527		2,732,530		1,010,061
Fee amortization income(1)		745,222		769,272		2,228,069		2,070,733
Fee income acceleration(2)		384,844		297,439		668,947		385,073
Total Interest Income	$	26,223,986	$	19,617,468	$	75,295,485	$	50,392,437

(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

	September 30, 2023		December 31, 2022
Accumulated net realized gain from investments, net of cumulative dividends of $29,361,648 for both periods	$	2,927,719	$	2,675,719
Net unrealized depreciation on non-controlled, non-affiliated investments and cash equivalents, net of deferred tax liability of $206,361 and $61,936, respectively		(54,219,416)		(29,736,797)
Net unrealized (depreciation) appreciation on foreign currency translations		(15,204)		6,040
Accumulated undistributed net investment income		32,119,291		27,697,264
Total distributable (loss) earnings	$	(19,187,610)	$	642,226