XML 23 R4.htm IDEA: XBRL DOCUMENT v3.26.1
Consolidated Statements of Operations - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Non-controlled/non-affiliate, Controlled/affiliate, investment income:      
Other income $ 1,367,017 $ 188,222 $ 177,942
Dividend income 974,596 1,045,339 1,546,675
Total investment income: 39,749,283 44,187,596 47,362,351
Operating expenses:      
Interest and other financing fees 8,073,752 12,745,236 14,194,984
Management fees (Note 6) 4,707,419 4,464,449 5,183,339
Incentive fees (Note 6) 3,410,080 4,097,254 4,996,040
Professional fees 2,417,935 2,460,268 1,525,307
General and administrative fees 998,092 612,444 535,638
Legal expenses 562,782 382,836 328,091
Director expenses 140,000 143,750 91,250
Total expenses before fee waivers 20,310,060 24,906,237 26,854,649
Net investment income before fee waivers 19,439,223 19,281,359 20,507,702
Management fee waiver (Note 6) 0 0 (633,649)
Incentive fee waiver (Note 6) 0 (1,283,530) (1,034,565)
Total expenses 20,310,060 23,622,707 25,186,435
Net investment income before taxes 19,439,223 20,564,889 22,175,916
Income tax expense 79,746 37,907 0
Net investment income 19,359,477 20,526,982 22,175,916
Net realized gain (loss):      
Tax Expense on realized gain (loss) on investments (761,000) 0 0
Net realized gain (loss) on investments 3,591,098 3,899,990 45,283
Net change in unrealized gain (loss):      
Net change in unrealized gain (loss) on investments (11,427,181) 552,900 (3,449,646)
Net gain (loss) (7,836,083) 4,452,890 (3,404,363)
Benefit (provision) for taxes on change in unrealized appreciation (depreciation) on investments 2,059,533 (6,094,196) 0
Net increase (decrease) in net assets resulting from operations $ 13,582,927 $ 18,885,676 $ 18,771,553
Per common share data:      
Net investment income per share - basic (in dollars per share) $ 1.92 $ 2.42 $ 3.02
Net investment income per share - diluted (in dollars per share) 1.92 2.42 3.02
Net increase (decrease) in net assets resulting from operations per share - basic (in dollars per share) 1.35 2.23 2.56
Net increase (decrease) in net assets resulting from operations per share - diluted (in dollars per share) $ 1.35 $ 2.23 $ 2.56
Weighted average shares outstanding - basic (in shares) 10,091,308 8,480,833 7,349,990
Weighted average shares outstanding - diluted (in shares) 10,091,308 8,480,833 7,349,990
Non-controlled/Non-affiliate Investments [Member]      
Non-controlled/non-affiliate, Controlled/affiliate, investment income:      
Interest income $ 31,626,060 $ 35,518,530 $ 42,194,403
PIK interest income 2,567,790 4,069,038 3,099,419
Other income 1,276,339 188,222 159,915
Dividend income 974,596 839,055 1,498,864
Net realized gain (loss):      
Net realized gain (loss) on investments 4,352,098 3,899,990 45,283
Net change in unrealized gain (loss):      
Net change in unrealized gain (loss) on investments (14,054,896) 4,784,046 (5,454,105)
Controlled/Affiliate Investments [Member]      
Non-controlled/non-affiliate, Controlled/affiliate, investment income:      
Interest income 2,542,068 2,896,720 253,540
PIK interest income 671,752 469,747 90,372
Other income 90,678 0 18,027
Dividend income 0 206,284 47,811
Net change in unrealized gain (loss):      
Net change in unrealized gain (loss) on investments $ 2,627,715 $ (4,231,146) $ 2,004,459