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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Operating activities:    
Net income $ 12,142,409 $ 6,868,421
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Provision for current expected credit losses 2,029,056 40,180
Amortization of deferred financing costs 477,989 41,455
Accretion of deferred loan original issue discount and premium, net (1,481,495) (263,102)
Stock-based compensation 1,019,168 326,904
Interest drawn on loans (17,354,062) (5,291,615)
PIK interest (45,722) 0
Changes in operating assets and liabilities:    
Interest receivable (1,125,572) (1,138,561)
Prepaid expenses and other assets 445,998 (530,818)
Accrued interest 599,027 131,617
Accrued management and incentive fees 299,653 393,063
Accrued direct administrative expenses (433,278) 715,574
Accounts payable and other liabilities (3,749) 347,417
Net cash (used in) provided by operating activities (3,430,578) 1,640,535
Cash flows from investing activities:    
Issuance of and fundings on loans (204,576,675) (158,339,598)
Principal repayment of loans 51,516,841 33,160,685
Net cash used in investing activities (153,059,834) (125,178,913)
Cash flows from financing activities:    
Net transfers and distributions from (to) Former Parent 0 80,104,097
Proceeds from sale of common stock 72,588,000 0
Payment of offering costs - equity offering (1,817,353) 0
Payment of financing costs (600,616) (569,238)
Borrowings on revolving credit facilities 214,060,000 248,840,000
Repayment of revolving credit facilities (290,900,000) (50,000,000)
Dividends paid to common shareholders (15,021,061) (1,454,333)
Net cash (used in) provided by financing activities (21,691,030) 276,920,526
Net (decrease) increase in cash and cash equivalents (178,181,442) 153,382,148
Cash and cash equivalents, beginning of period 184,626,770 31,244,622
Cash and cash equivalents, end of period 6,445,328 184,626,770
Supplemental disclosure of non-cash activity:    
OID withheld from funding of loans 2,097,728 2,085,761
Dividends declared and not yet paid 4,026,296 2,941,964
Offering costs included in accounts payable and other liabilities 2,197 0
Supplemental information:    
Interest paid during the period 3,724,968 43,197
Income taxes paid during the period $ 0 $ 0