Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF OPERATIONS

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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Investment income:        
Total interest from portfolio companies $ 1,995,227 $ 1,473,540 $ 3,808,875 $ 2,770,443
Total interest from other investments 144 104 2,058 236
Total dividend and other investment income 73,175 192,597 225,010 667,340
Total fee income 67,603 149,191 167,425 228,911
Total investment income 2,136,149 1,815,432 4,203,368 3,666,930
Operating Expenses [Abstract]        
Base management fee (see Note 8) 322,672 255,867 625,267 501,260
Capital gains incentive fees (see Note 8) 1,641,000 491,000 1,753,300 782,000
Interest expense 393,172 258,912 783,192 417,312
Professional fees 91,460 100,307 323,767 271,282
Stockholders and office operating 82,667 85,080 151,695 149,384
Directors' fees 66,550 67,391 130,400 131,241
Administrative fees 40,000 37,250 78,167 74,500
Insurance 10,380 10,380 23,424 23,340
Corporate development 4,881 554 10,426 4,267
Total expenses 2,652,782 1,306,741 3,879,638 2,354,586
Net investment (loss) income before income taxes: (516,633) 508,691 323,730 1,312,344
Income taxes, including excise tax expense 562 16,061 1,340 104,798
Net investment (loss) income (517,195) 492,630 322,390 1,207,546
Net realized gain on sales and dispositions of investments:        
Net realized gain on sales and dispositions of investments, before income taxes 428,108 3,818,247 3,878,200 3,871,635
Income tax expense   338,158   338,158
Net realized gain on sales and dispositions of investments 428,108 3,480,089 3,878,200 3,533,477
Net change in unrealized appreciation/ depreciation on investments:        
Change in unrealized appreciation/depreciation before income taxes 7,779,026 (1,367,270) 4,888,730 34,703
Deferred income tax benefit (47,834) (66,441) (47,834) (66,441)
Net change in unrealized appreciation/depreciation on investments 7,826,860 (1,300,829) 4,936,564 101,144
Net realized and unrealized gain on investments 8,254,968 2,179,260 8,814,764 3,634,621
Net increase in net assets from operations $ 7,737,773 $ 2,671,890 $ 9,137,154 $ 4,842,167
Weighted average shares outstanding, Basic 2,581,021 2,581,021 2,581,021 2,581,021
Weighted average shares outstanding, Diluted 2,581,021 2,581,021 2,581,021 2,581,021
Net increase in net assets from operations per share, Basic $ 3 $ 1.04 $ 3.54 $ 1.88
Net increase in net assets from operations per share, Diluted $ 3 $ 1.04 $ 3.54 $ 1.88
Control investments        
Investment income:        
Total interest from portfolio companies $ 198,885 $ 179,922 $ 386,368 $ 330,838
Total fee income 4,516 4,311 9,032 8,211
Affiliate investments        
Investment income:        
Total interest from portfolio companies 1,192,116 941,201 2,358,201 1,729,022
Total dividend and other investment income 13,125 59,677 26,250 406,825
Total fee income 54,815 138,902 128,535 206,744
Net realized gain on sales and dispositions of investments:        
Net realized gain on sales and dispositions of investments, before income taxes (831,891) 2,537,765 (831,891) 2,596,094
Change in unrealized appreciation/ depreciation before income taxes 8,849,945 (886,698) 8,749,945 (886,698)
Non-Control/Non-Affiliate investments        
Investment income:        
Total interest from portfolio companies 604,226 352,417 1,064,306 710,583
Total interest from other investments 144 104 2,058 236
Total dividend and other investment income 60,050 132,920 198,760 260,515
Total fee income 8,272 5,978 29,858 13,956
Net realized gain on sales and dispositions of investments:        
Net realized gain on sales and dispositions of investments, before income taxes 1,259,999 1,280,482 4,710,091 1,275,541
Change in unrealized appreciation/ depreciation before income taxes $ (1,070,919) $ (480,572) $ (3,861,215) $ 921,401