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Consolidated Statement of Cash Flows
9 Months Ended
Dec. 31, 2021
USD ($)
Operating activities  
Net income $ 9,496,436
Adjustments to reconcile net income to net cash provided by operating activities:  
Accretion of deferred loan origination fees and other discounts (595,872)
Payment-in-kind interest income (798,019)
Provision for current expected credit losses 147,949
Amortization of deferred debt issuance costs 75,861
Stock based compensation 29,611
Changes in operating assets and liabilities:  
Interest receivable (197,735)
Other receivables (6,148)
Interest reserve (2,587,249)
Management fee payable 905,123
Accounts payable and accrued expenses 199,480
Net cash provided by operating activities 6,669,437
Cash flows from investing activities  
Issuance of and fundings of loans (159,892,272)
Proceeds from sales of loans 4,872,232
Principal repayment of loans 9,798,364
Net cash used in investing activities (145,221,676)
Cash flows from financing activities  
Proceeds from sale of common stock 226,031,597
Dividends paid (5,136,072)
Payment of debt issuance costs (943,883)
Payment of deferred offering costs (1,150,877)
Net cash provided by financing activities 218,800,765
Change in cash and cash equivalents 80,248,526
Cash, beginning of period
Cash, end of period 80,248,526
Supplemental disclosure of non-cash financing and investing activity  
Loans acquired for issuance of shares of common stock 39,345,197
Interest reserve withheld from funding of loan 9,223,802
OID withheld from funding of loans 3,529,406
Dividends declared and not yet paid 4,537,924
Supplemental information:  
Interest paid during the period
Income taxes paid during the period