XML 22 R6.htm IDEA: XBRL DOCUMENT v3.25.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended 151 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2024
Cash flows from operating activities        
Net increase in net assets resulting from operations $ 45,844,627 $ 17,533,167 $ 14,491,784  
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities:        
Purchases of investments (221,154,933) (183,858,762) (211,010,869)  
Proceeds from sales and repayments of investments 151,834,875 134,223,224 127,548,194  
Net change in unrealized (appreciation) depreciation on investments (19,570,409) (2,792,152) 17,542,230  
Net change in unrealized depreciation (appreciation) on foreign currency translations 14,755 6,360 (5,897)  
Increase in investments due to PIK (3,310,111) (3,799,843) (1,357,177)  
Amortization of premium and accretion of discount, net (2,715,802) (2,749,543) (2,519,462)  
Deferred tax (benefit) provision (188,893) 126,957 213,214  
Amortization of loan structure fees 1,140,079 657,323 567,375  
Amortization of deferred financing costs 447,943 446,720 446,719  
Amortization of loan fees on SBA-guaranteed debentures 978,582 1,255,753 1,227,952  
Net realized loss (gain) on investments 15,737,004 30,211,467 (3,660,595)  
Changes in other assets and liabilities        
Increase in interest receivable (65,427) (897,929) (1,039,810)  
Decrease (increase) in income tax receivable 286,743 (1,588,708)    
(Increase) decrease in other receivables (45,000) (8,750) 20,507  
Increase in related party receivables (3,687)      
(Increase) decrease in prepaid expenses (60,192) 60,593 (155,053)  
Increase (decrease) in management fees payable 1,115,573 (4,231,871) 3,696,182  
Increase in income incentive fees payable 224,380 420,772 715,278  
Decrease in capital gains incentive fees payable   (569,528) (2,818,623)  
(Decrease) increase in administrative services payable (8,638) 45,232 (29,449)  
Increase in interest payable 40,179 600,323 947,179  
(Decrease) increase in related party payable   (1,060,321) 1,060,321  
Increase (decrease) in unearned revenue 150,901 77,050 (209,051)  
Decrease in income tax payable   (1,175,373) (2,094,141)  
Increase (decrease) in other accrued expenses and liabilities 658,971 (197,248) 136,635  
Net Cash Used in Operating Activities (28,648,480) (17,265,087) (56,286,557)  
Cash flows from Financing Activities        
Proceeds from the issuance of common stock 46,494,756 63,348,436 2,158,540 $ 387,011,611
Sales load for common stock issued (698,166) (943,248) (31,066)  
Offering costs paid for common stock issued (428,078) (253,913) (517,054)  
Stockholder distributions paid (37,560,442) (35,527,480) (26,594,095)  
Proceeds from SBA-guaranteed debentures   11,400,000 63,600,000  
Financing costs paid on SBA-guaranteed debentures   (277,590) (1,548,660)  
Financing costs paid on Credit Facility (691,137) (2,663,106) (193,635)  
Borrowings under Credit Facility 187,900,000 108,400,000 149,888,800  
Repayments of Credit Facility (172,435,600) (148,135,600) (126,607,800)  
Net Cash Provided (Used) by Financing Activities 22,581,333 (4,652,501) 60,155,030  
Net Decrease in Cash and Cash Equivalents (6,067,147) (21,917,588) 3,868,473  
Cash and Cash Equivalents Balance at Beginning of Period 26,125,741 48,043,329 44,174,856  
Cash and Cash Equivalents Balance at End of Period 20,058,594 26,125,741 48,043,329 $ 20,058,594
Supplemental and Non-Cash Activities        
Cash paid for interest expense 28,899,285 29,051,198 21,280,060  
Income and excise tax paid 1,808,838 2,508,825 3,255,809  
(Decrease) increase in distributions payable 3,663,233   (1,171,059)  
(Decrease) increase in deferred offering costs (7,312) 6,212 $ (13,788)  
Exchange of investments $ 8,256,411 $ 3,610,846