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Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Investment income        
Total investment income $ 27,328,704 $ 18,610,066 $ 71,745,693 $ 53,778,440
Operating expenses        
Management fees 3,065,581 2,301,656 8,487,820 6,647,207
Incentive fees 3,625,686 2,686,475 8,590,821 6,498,482
Interest expense 3,588,289 812,852 6,070,906 2,302,582
Professional fees 720,115 612,854 1,968,036 1,433,360
Overhead allocation expense 258,191 249,141 713,457 655,260
Insurance expense 268,806 23,087 806,042 69,638
Administrative fee 161,245 179,500 497,896 420,360
Debt financing fees 794,124 738,087 2,226,658 1,447,288
Directors' fees 90,727 67,750 261,727 201,750
Tax expense 1,073 41
Other expenses 258,991 197,540 685,841 539,142
Total operating expenses 12,831,755 7,868,942 30,310,277 20,215,110
Net investment income 14,496,949 10,741,124 41,435,416 33,563,330
Realized and unrealized gain (loss) on investments        
Net realized gain (loss) on investments 406,917 718,310 939,377 (4,076,766)
Net change in unrealized appreciation (depreciation) on investments (3,182,093) (1,228,382) (28,617,263) (3,172,841)
Net increase in net assets resulting from operations $ 11,721,773 $ 10,231,052 $ 13,757,530 $ 26,313,723
Net investment income per common share, Basic $ 0.29 $ 0.31 $ 0.33 $ 0.81
Net investment income per common share, Diluted 0.29 0.31 0.33 0.81
Net investment income per common share [1],[2] $ 0.36 $ 0.32 $ 1.01 $ 1.04
Weighted average shares outstanding, Basic 40,774,154 33,160,481 41,119,467 32,360,107
Weighted average shares outstanding, Diluted 40,774,154 33,160,481 41,119,467 32,360,107
From Non-controlled/ Non-affiliated Investments        
Investment income        
Interest income $ 25,365,328 $ 16,732,069 $ 61,749,677 $ 47,542,136
Payment in-kind interest income 1,199,498 434,464 3,248,563 2,424,022
Dividend income 317,674 343,755 1,020,766 1,031,265
Fee income 445,399 982,190 1,519,292 2,663,160
Realized and unrealized gain (loss) on investments        
Net realized gain (loss) on investments 406,917 718,310 939,442 (4,076,766)
Net change in unrealized appreciation (depreciation) on investments (1,956,044) (6,857,594) (14,275,206) (10,979,143)
From affiliated investments        
Investment income        
Interest income 4,654
Payment in-kind interest income 96,291
Fee income 8,311
Realized and unrealized gain (loss) on investments        
Net change in unrealized appreciation (depreciation) on investments (171,789) (3,380,221)
From controlled Investments        
Investment income        
Interest income 113,554 1,112,421 113,554
Payment in-kind interest income 3,786 2,984,450 3,786
Other income 805 248 1,268 517
Realized and unrealized gain (loss) on investments        
Net realized gain (loss) on investments (65)
Net change in unrealized appreciation (depreciation) on investments $ (1,054,260) $ 5,629,212 $ (10,961,836) $ 7,806,302
[1] Financial highlights are based on weighted-average shares outstanding.
[2] Return from investment operations was 2.55% and 2.19% for the three months ended September 30, 2022 and 2021, respectively. Return from investment operations was 6.89% and 7.01% for the nine months ended September 30, 2022 and 2021, respectively. Return from investment operations represents returns on net investment income (loss) from operations.