NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2024

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES

Summary of interest income

	For the three months ended				For the nine months ended
	September 30, 2024		September 30, 2023		September 30, 2024		September 30, 2023
Loan interest	$	23,489,366	$	24,266,242	$	69,960,767	$	69,665,939
PIK income		934,986		827,678		2,490,854		2,732,530
Fee amortization income(1)		734,121		745,222		2,256,653		2,228,069
Fee income acceleration(2)		179,888		384,844		833,518		668,947
Total Interest Income	$	25,338,361	$	26,223,986	$	75,541,792	$	75,295,485

(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

	September 30, 2024		December 31, 2023
Accumulated net realized loss from investments, net of cumulative dividends of $29,808,394 for both periods	$	(46,676,200)	$	(24,988,557)
Net realized loss on foreign currency translations		(195,561)		(118,571)
Net unrealized depreciation on non-controlled, non-affiliated investments and cash equivalents, net of deferred tax liability of $0 and $188,893, respectively		(446,781)		(27,071,601)
Net unrealized appreciation (depreciation) on foreign currency translations		4,635		(464)
Accumulated undistributed net investment income		38,141,710		36,175,872
Total distributable loss	$	(9,172,197)	$	(16,003,321)