INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Schedule of tax character of distributions paid

	December 31, 2024		December 31, 2023
Ordinary income	$	40,674,964	$	35,032,563
Qualified dividends		4,344		48,171
Distributions of long-term capital gains(2)		544,367		446,746
Total distributions paid to common stockholders	$	41,223,675	$	35,527,480

(1) The Company’s taxable income for each period is an estimate and will not be finally determined until the Company files its tax return for each year. Therefore, final taxable income earned in each period, and the undistributed ordinary income and capital gains for each period carried forward for distribution in the following period, may be different than this estimate.

(2) Distributions of long-term capital gains of $544,367 and $446,746 as of December 31, 2024 and December 31, 2023, respectively, may differ from distributions of net capital gains on the Consolidated Statement of Changes in Net Assets because certain prepayment gains are characterized differently for tax reporting purposes. The qualified dividend amount in 2024 and 2023, respectively, represents the completion of a distribution of qualified dividends derived from qualified dividends received by the Company from a portfolio company in 2023 and 2022, respectively, for tax purposes.

Schedule of reconciliation of "Net increase in net assets resulting from operations" to taxable income and total distributions declared

	2024		2023		2022
Net increase in net assets resulting from operations (includes net investment income, realized gain (loss), unrealized appreciation (depreciation) and taxes)	$	45,844,627	$	17,533,167	$	14,491,784
Net change in unrealized (appreciation) depreciation		(19,555,654)		(2,785,648)		17,536,190
Income tax provision		(191,114)		(2,860,890)		213,214
Pre-tax expense, loss reported at Taxable Subsidiaries, not consolidated for tax purposes		1,810,914		20,172,550		1,392,247
Long term capital loss carryover		20,257,106		—		—
Book income and tax income differences, including debt origination, interest accrual, income from pass-through investments, dividends, realized gains (losses) and changes in estimates		1,501,004		11,860,086		(3,615,815)
Estimated taxable income	$	49,666,883	$	43,919,265	$	30,017,620
Taxable income earned in prior year and carried forward for distribution in current year		36,997,828		28,606,043		24,011,459
Adjustment for cumulative effect of distributions carried forward		—		—		—
Taxable income earned prior to period end and carried forward		(49,104,269)		(36,997,828)		(28,606,043)
Distribution payable as of period end and paid in following period		3,663,233		—		—
Total distributions accrued or paid to common stockholders	$	41,223,675	$	35,527,480	$	25,423,036

Schedule of aggregate gross unrealized appreciation and depreciation, the net unrealized appreciation ad cost for U.S. federal income tax purpose

	December 31, 2024		December 31, 2023
Aggregate cost of portfolio company securities	$	961,788,706	$	902,143,550
Gross unrealized appreciation of portfolio company securities		47,590,719		38,379,839
Gross unrealized depreciation of portfolio company securities		(54,903,019)		(65,262,547)
Gross unrealized appreciation on foreign currency translations of portfolio company securities		3,973		11,142
Gross unrealized depreciation on foreign currency translations of portfolio company securities		(982,691)		(811,301)
Aggregate fair value of portfolio company securities	$	953,497,688	$	874,460,683

Schedule of deferred tax (liability) asset

	2024		2023
Deferred tax asset	$	5,520,821	$	6,507,196
Deferred tax liability		—		(188,893)
Total deferred tax asset before valuation allowance	$	5,520,821	$	6,318,303
Deferred tax valuation allowance	$	(5,520,821)	$	(6,507,196)
Net deferred tax liability	$	—	$	(188,893)