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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Interest income $ 16,258,744 $ 15,183,450 $ 46,624,842 $ 46,369,976
Interest expense (1,799,351) (1,449,143) (5,742,333) (4,062,365)
Net interest income 14,459,393 13,734,307 40,882,509 42,307,611
Expenses        
Management and incentive fees, net 1,669,116 1,601,387 5,198,738 5,539,059
General and administrative expense 1,254,062 1,251,307 3,898,864 3,833,733
Professional fees 468,652 491,107 1,327,659 1,598,376
Stock based compensation 845,524 540,426 2,213,150 942,605
(Decrease) increase in provision for current expected credit losses (989,597) (41,351) (884,789) 1,193,880
Total expenses 3,247,757 3,842,876 11,753,622 13,107,653
Change in unrealized gain on debt securities, at fair value 85,567 (75,604) 112,767
Realized gain on debt securities, at fair value 72,428
Net Income before income taxes 11,211,636 9,976,998 29,125,711 29,312,725
Income tax expense 0 0 0 0
Net Income $ 11,211,636 $ 9,976,998 $ 29,125,711 $ 29,312,725
Earnings per common share:        
Basic earnings per common share (in Dollars per share) $ 0.57 $ 0.55 $ 1.53 $ 1.62
Diluted earnings per common share (in Dollars per share) $ 0.56 $ 0.54 $ 1.49 $ 1.6
Weighted average number of common shares outstanding:        
Basic weighted average shares of common stock outstanding (in Shares) 19,625,190 18,175,467 19,094,462 18,052,293
Diluted weighted average shares of common stock outstanding (in Shares) 20,058,417 18,562,930 19,531,691 18,269,171