INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAXES

Schedule of distributions paid

	December 31, 2025		December 31, 2024
Ordinary income	$	16,233,665	$	16,698,542
Qualified dividends		7,212		3,397
Distributions of long-term capital gains(2)		272,933		254,817
Total distributions paid to common shareholders	$	16,513,810	$	16,956,756

(1) The Company’s taxable income for each period is an estimate and will not be finally determined until the Company files its tax return for each year. Therefore, final taxable income earned in each period, and the undistributed ordinary income and capital gains for each period carried forward for distribution in the following period, may be different than this estimate.

(2) Distributions of long-term capital gains of $272,933 and $254,817 as of December 31, 2025 and December 31, 2024, respectively, may differ from distributions of net capital gains on the Consolidated Statement of Changes in Net Assets because certain prepayment gains are characterized differently for tax reporting purposes. The qualified dividend amount in 2025 and 2024, respectively, represents the completion of a distribution of qualified dividends derived from qualified dividends received by the Company from a portfolio company in 2024 and 2023, respectively, for tax purposes.

Schedule of reconciliation to taxable income and distributions declared

	Year Ended
	December 31, 2025		December 31, 2024		December 31, 2023
Net increase in net assets resulting from operations (includes net investment income, realized gain (loss), unrealized appreciation (depreciation) and taxes)	$	16,939,141	$	16,391,747	$	15,454,039
Net change in unrealized appreciation		(399,146)		(880,477)		(2,578,242)
Income tax provision		177,451		123,774		355,778
Pre-tax expense (income), loss (gain) reported at Taxable Subsidiary, not consolidated for tax purposes		101,688		143,108		(597,456)
Book income and tax income differences, including debt origination, interest accrual, income from pass-through investments, dividends, realized gains (losses) and changes in estimates		1,779,677		289,671		392,220
Estimated taxable income	$	18,598,811	$	16,067,823	$	13,026,339
Taxable income earned in prior year and carried forward for distribution in current year		647,253		1,536,186		277,935
Taxable income earned prior to period end and carried forward		(2,732,254)		(647,253)		(1,536,186)
Total distributions accrued or paid to common shareholders	$	16,513,810	$	16,956,756	$	11,768,088

Schedule of aggregate gross unrealized appreciation and depreciation and aggregate cost and fair value of portfolio company securities

	December 31, 2025		December 31, 2024
Aggregate cost of portfolio company securities	$	396,791,982	$	297,791,269
Gross unrealized appreciation of portfolio company securities		12,170,075		6,531,245
Gross unrealized depreciation of portfolio company securities		(8,857,372)		(3,597,372)
Gross unrealized appreciation on foreign currency translation		27,239		11,656
Gross unrealized depreciation on foreign currency translation		—		(4,733)
Aggregate fair value of portfolio company securities	$	400,131,924	$	300,732,065

Schedule of Deferred tax asset (Liability)

	December 31, 2025		December 31, 2024
Deferred tax asset	$	—	$	—
Deferred tax liability	$	(338,611)		(259,455)
Total deferred tax asset (liability) before valuation allowance	$	(338,611)	$	(259,455)
Deferred tax valuation allowance	$	—	$	—
Net Deferred Tax Asset (Liability)	$	(338,611)	$	(259,455)