CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025
Revenue:
Interest income	$ 8,061,509	$ 16,519,757
Interest expense	(1,858,174)	(3,673,445)
Total investment income	6,203,335	12,846,312
Expenses:
Management and incentive fees, net (less rebate of $260,742 and $389,322, respectively)	680,358	1,496,548
General and administrative expenses	845,750	1,580,707
Stock-based compensation	484,502	1,038,251
Professional fees	361,104	733,040
BDC conversion expenses	226,780	226,780
Total expenses	2,598,494	5,075,326
Provision for current expected credit losses	(15,851,566)	(15,152,142)
Change in unrealized losses on loans at fair value, net	(1,055,970)	(1,741,448)
Net loss before income taxes	(13,302,695)	(9,122,604)
Income tax benefit	(138,044)	(25,638)
Net loss	$ (13,164,651)	$ (9,096,966)
Earnings per common share:
Basic (in dollars per share)	$ (0.60)	$ (0.42)
Diluted (in dollars per share)	$ (0.60)	$ (0.42)
Weighted average number of common shares outstanding:
Basic weighted average shares of common stock outstanding (in shares)	22,114,341	22,106,205
Diluted weighted average shares of common stock outstanding (in shares)	22,116,886	22,112,769