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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended 139 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2023
Cash flows from operating activities        
Net increase in net assets resulting from operations $ 17,533,167 $ 14,491,784 $ 33,572,872  
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:        
Purchases of investments (183,858,762) (211,010,869) (387,281,160)  
Proceeds from sales and repayments of investments 134,223,224 127,548,194 287,639,512  
Net change in unrealized (appreciation) depreciation on investments (2,792,152) 17,542,230 6,928,160  
Net change in unrealized depreciation (appreciation) on foreign currency translations 6,360 (5,897)    
Increase in investments due to PIK (3,799,843) (1,357,177) (939,030)  
Amortization of premium and accretion of discount, net (2,749,543) (2,519,462) (2,412,991)  
Deferred tax provision (benefit) 126,957 213,214 (510,868)  
Amortization of loan structure fees 657,323 567,375 518,930  
Amortization of deferred financing costs 446,720 446,719 444,153  
Amortization of loan fees on SBA-guaranteed debentures 1,255,753 1,227,952 1,088,132  
Net realized loss (gain) on investments 30,211,467 (3,660,595) (23,703,499)  
Loss on debt extinguishment     539,250  
Changes in other assets and liabilities        
Increase in interest receivable (897,929) (1,039,810) (755,151)  
Increase in income tax receivable (1,588,708)      
(Increase) decrease in other receivables (8,750) 20,507 (29,257)  
Decrease (increase) in prepaid expenses 60,593 (155,053) (25,026)  
(Decrease) increase in management fees payable (4,231,871) 3,696,182 628,903  
Increase in income incentive fees payable 420,772 715,278 1,067,470  
(Decrease) increase in capital gains incentive fees payable (569,528) (2,818,623) 2,867,130  
Increase (decrease) in administrative services payable 45,232 (29,449) (5,123)  
Increase in interest payable 600,323 947,179 1,549,577  
(Decrease) increase in related party payable (1,060,321) 1,060,321    
Increase (decrease) in unearned revenue 77,050 (209,051) 6,302  
(Decrease) increase in income tax payable (1,175,373) (2,094,141) 2,544,749  
(Decrease) increase in other accrued expenses and liabilities (197,248) 136,635 164,227  
Net Cash Used in Operating Activities (17,265,087) (56,286,557) (76,102,738)  
Cash flows from Financing Activities        
Proceeds from the issuance of common stock 63,348,436 2,158,540 449,515 $ 341,650,411
Sales load for common stock issued (943,248) (31,066) (2,489)  
Offering costs paid for common stock issued (253,913) (517,054) (53,327)  
Stockholder distributions paid (35,527,480) (26,594,095) (21,044,928)  
Repayment of Notes     (48,875,000)  
Proceeds from issuance of Notes     100,000,000  
Financing costs paid on Notes     (2,237,835)  
Proceeds from SBA-guaranteed debentures 11,400,000 63,600,000 73,500,000  
Financing costs paid on SBA-guaranteed debentures (277,590) (1,548,660) (3,139,725)  
Financing costs paid on Credit facility (2,663,106) (193,635) (136,219)  
Borrowings under Credit Facility 108,400,000 149,888,800 268,700,000  
Repayments of Credit Facility (148,135,600) (126,607,800) (265,360,000)  
Net Cash (Used) Provided by Financing Activities (4,652,501) 60,155,030 101,799,992  
Net (Decrease) Increase in Cash and Cash Equivalents (21,917,588) 3,868,473 25,697,254  
Cash and Cash Equivalents Balance at Beginning of Period 48,043,329 44,174,856 18,477,602  
Cash and Cash Equivalents Balance at End of Period 26,125,741 48,043,329 44,174,856 $ 26,125,741
Supplemental and Non-Cash Activities        
Cash paid for interest expense 29,051,198 21,280,060 15,099,656  
Income and excise tax paid 2,508,825 3,255,809 1,445,000  
(Decrease) increase in distributions payable   (1,171,059) 1,171,059  
Increase (decrease) in deferred offering costs 6,212 $ (13,788) (75,112)  
Gain on conversion of equity investment     $ 6,668  
Exchange of investments $ 3,610,846