NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2024

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

Summary of interest income

	For the three months ended				For the six months ended
	June 30, 2024		June 30, 2023		June 30, 2024		June 30, 2023
Loan interest	$	23,480,314	$	23,514,608	$	46,471,401	$	45,399,697
PIK income		805,814		1,134,900		1,555,868		1,904,853
Fee amortization income(1)		750,791		760,023		1,522,532		1,482,846
Fee income acceleration(2)		128,025		253,364		653,630		284,103
Total Interest Income	$	25,164,944	$	25,662,895	$	50,203,431	$	49,071,499

(1) Includes amortization of fees on unfunded commitments.

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

Schedule of distributable (loss) earnings on the Consolidated Statements of Assets and Liabilities

	June 30, 2024		December 31, 2023
Accumulated net realized loss from investments, net of cumulative dividends of $29,808,394 for both periods	$	(43,554,272)	$	(25,107,128)
Net unrealized depreciation on non-controlled, non-affiliated investments and cash equivalents, net of deferred tax liability of $0 and $188,893, respectively		(8,950,799)		(27,071,601)
Net unrealized depreciation on foreign currency translations		(9,953)		(464)
Accumulated undistributed net investment income		38,507,532		36,175,872
Total distributable loss	$	(14,007,492)	$	(16,003,321)