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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income $ 19,335,727 $ 15,267,791
Adjustments to reconcile net income to net cash provided by operating activities:    
Accretion of deferred loan origination fees and other discounts (1,433,293) (1,362,776)
Paid-in-kind interest (4,345,434) (2,400,627)
Provision for current expected credit losses 1,235,231 1,097,008
Amortization of deferred debt issuance costs 259,102 241,095
Stock based compensation 402,179 243,465
Changes in operating assets and liabilities:    
Interest receivable 209,600 (777,837)
Other receivables and assets, net (119,819) (146,102)
Interest reserve (1,526,242) (6,162,392)
Related party payables 204,258 739,950
Related party receivables (237,885)
Purchase of debt securities, at fair value (877,610)
Management and incentive fees payable (1,495,933) 342,438
Accounts payable and accrued expenses 302,891 292,669
Net cash provided by operating activities 11,912,772 7,374,682
Cash flows from investing activities    
Issuance of and fundings of loans (34,791,660) (125,383,782)
Proceeds from sales of loans 13,399,712
Principal repayment of loans 51,907,313 6,654,703
Net cash provided by/(used) in investing activities 30,515,365 (118,729,079)
Cash flows from financing activities    
Proceeds from sale of common stock 7,222,363 4,505,664
Proceeds from borrowings on revolving loan 34,000,000 45,000,000
Repayment of borrowings on revolving loan (49,000,000)
Dividends paid to common shareholders (22,004,274) (11,575,495)
Payment of debt issuance costs (56,791) (177,261)
Payment of offering costs (284,574) (23,941)
Net cash (used in)/provided by financing activities (30,123,276) 37,728,967
Net increase (decrease) in cash and cash equivalents 12,304,861 (73,625,430)
Cash and cash equivalents, beginning of period 5,715,827 80,248,526
Cash and cash equivalents, end of period 18,020,688 6,623,096
Supplemental disclosure of non-cash financing and investing activity    
Interest reserve withheld from funding of loan 5,895,863
OID withheld from funding of loans held for investment 1,118,340 1,835,592
Dividends declared and not yet paid 8,708,161 8,380,271
Transfer of loan held for investment to loan held for sale 13,399,712  
Supplemental information:    
Interest paid during the period $ 2,442,866 $ 102,500