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Statements of Operations (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Investment income    
Total investment income $ 7,060,930 $ 2,506,467
Operating expenses    
Interest and other debt expenses 856,354 306,925
Management fees 478,894 262,050
Administrative expenses 78,292 101,230
Professional fees 66,617 113,356
Director fees 31,500 43,500
Custody and transfer agent fees 17,840 12,927
Insurance expense 6,746 6,746
Incentive fees earned 0 201,710
Incentive fees on capital gains [1]   4,656
Other operating expenses 32,897 50,078
Total operating expenses 1,569,140 1,103,178
Net investment income before taxes 5,491,790 1,403,289
Excise tax expense 1,809  
Net investment income 5,489,981 1,403,289
Net realized gain (loss):    
Net realized gain (loss) (4,768) 4,026
Net change in unrealized appreciation (depreciation):    
Change in net unrealized appreciation (depreciation) (791,978) (279,255)
Net realized and unrealized gain (loss) (796,746) (275,229)
Net increase (decrease) in net assets resulting from operations $ 4,693,235 $ 1,128,060
Basic earnings (loss) per share [2] $ 0.27 $ 0.14
Diluted earnings (loss) per share [2] $ 0.27 $ 0.14
Basic weighted average shares outstanding 17,481,246 8,371,979
Diluted weighted average shares outstanding 17,481,246 8,371,979
Non-Controlled, Non-Affiliated Investments    
Investment income    
Interest income (excluding PIK) $ 6,886,519 $ 2,418,590
PIK income 154,786 69,006
Other income 19,625 18,871
Net realized gain (loss):    
Net realized gain (loss) (4,768) 4,026
Net change in unrealized appreciation (depreciation):    
Change in net unrealized appreciation (depreciation) $ (791,978) $ (279,255)
[1] Net investment income and per share amounts displayed above are net of the accrual for incentive fees on capital gains which is reflected on a hypothetical liquidation basis in accordance with Generally Accepted Accounting Principles (“GAAP”) for the three months ended March 31, 2023 and 2022 (see Note 3).
[2] Computed based on the actual number of shares outstanding and capital activity during the time periods such earnings occurred.