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CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
INVESTMENT INCOME    
Interest income $ 7,903,158 $ 6,309,381
Other income 147,701 109,596
Total Investment Income 8,050,859 6,418,977
OPERATING EXPENSES    
Management fees 1,035,829 800,654
Income incentive fees 578,315 598,401
Capital gains incentive fee 163,139 37,891
Professional fees 180,049 196,911
Amortization of deferred offering costs 69,834 46,728
Administrative services expenses 142,999 121,777
Trustees' fees 40,000 40,000
Insurance expense 21,884 20,196
Valuation fees 38,705 27,159
Interest expense and other fees 3,016,561 2,110,119
Income tax expense 2,349 21,589
Other general and administrative expenses 76,870 42,933
Total Operating Expenses 5,366,534 4,064,358
Expenses reimbursed/fees waived by Investment Advisor (Note 2) (622,426) (1,197,896)
Net Operating Expenses 4,744,108 2,866,462
Net Investment Income 3,306,751 3,552,515
Net realized gain on foreign currency translation 1,621 8,442
Net change in unrealized appreciation on non-controlled, non-affiliated investments 1,180,792 333,461
Net change in unrealized appreciation (depreciation) on foreign currency translations 13,034 (8,881)
Benefit for taxes on net unrealized loss on investments 61,859 45,885
Net Increase in Net Assets Resulting from Operations $ 4,564,057 $ 3,931,422
Net Investment Income Per Share - basic $ 0.31 $ 0.49
Net Investment Income Per Share - diluted 0.31 0.49
Net Increase in Net Assets Resulting from Operations Per Share - basic 0.42 0.54
Net Increase in Net Assets Resulting from Operations Per Share - diluted $ 0.42 $ 0.54
Weighted Average Common Shares of Beneficial Interest Outstanding - basic 10,767,600 7,227,206
Weighted Average Common Shares of Beneficial Interest Outstanding - diluted 10,767,600 7,227,206
Distributions Per Share - basic and diluted $ 0.36 $ 0.5