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 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Investment income:        
Total interest from portfolio companies $ 1,945,595 $ 1,535,677 $ 5,754,470 $ 4,306,120
Total interest from other investments 113 456 2,171 692
Total dividend and other investment income 57,125 154,416 282,135 821,756
Total fee income 215,621 50,565 383,046 279,476
Total investment income 2,218,454 1,741,114 6,421,822 5,408,044
Operating Expenses [Abstract]        
Base management fee (see Note 8) 309,265 268,609 934,532 769,869
Income based incentive fees (see Note 8) 178,218   178,218  
Capital gains incentive fees (see Note 8) 313,000 (41,300) 2,066,300 740,700
Interest expense 245,006 290,522 1,028,198 707,834
Professional fees 113,168 120,828 436,935 392,110
Stockholders and office operating 57,869 57,097 209,564 206,481
Directors' fees 66,550 66,550 196,950 197,791
Administrative fees 40,000 37,250 118,167 111,750
Insurance 10,467 10,380 33,891 33,720
Corporate development 387   10,813 4,267
Total expenses 1,333,930 809,936 5,213,568 3,164,522
Net investment income before income taxes: 884,524 931,178 1,208,254 2,243,522
Income tax (benefit) expense, including excise tax expense (2,511) 132,595 (1,171) 237,393
Net investment income 887,035 798,583 1,209,425 2,006,129
Net realized gain (loss) on sales and dispositions of investments:        
Net realized gain (loss) on sales and dispositions of investments, before income taxes 7,230,082 (2,802,731) 11,108,282 1,068,904
Income tax expense       338,158
Net realized gain (loss) on sales and dispositions of investments 7,230,082 (2,802,731) 11,108,282 730,746
Net change in unrealized appreciation/ depreciation on investments:        
Change in unrealized appreciation/depreciation before income taxes (5,665,541) 2,599,652 (776,811) 2,634,355
Deferred income tax benefit (184,940)   (232,774) (66,441)
Net change in unrealized appreciation/depreciation on investments (5,480,601) 2,599,652 (544,037) 2,700,796
Net realized and unrealized gain (loss) on investments 1,749,481 (203,079) 10,564,245 3,431,542
Net increase in net assets from operations $ 2,636,516 $ 595,504 $ 11,773,670 $ 5,437,671
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 $ 1.02 $ 0.23 $ 4.56 $ 2.11
Net increase in net assets from operations per share, Diluted $ 1.02 $ 0.23 $ 4.56 $ 2.11
Control investments        
Investment income:        
Total interest from portfolio companies $ 164,167 $ 175,962 $ 550,535 $ 506,800
Total fee income 4,515 4,515 13,547 12,726
Affiliate investments        
Investment income:        
Total interest from portfolio companies 1,164,525 1,002,553 3,522,726 2,731,575
Total dividend and other investment income 13,125 13,126 39,375 419,951
Total fee income 202,834 40,072 331,369 246,816
Net realized gain (loss) on sales and dispositions of investments:        
Net realized gain (loss) on sales and dispositions of investments, before income taxes 6,980,728   6,148,837 2,596,094
Change in unrealized appreciation/ depreciation before income taxes (5,153,166)   3,596,779 (886,698)
Non-Control/Non-Affiliate investments        
Investment income:        
Total interest from portfolio companies 616,903 357,162 1,681,209 1,067,745
Total interest from other investments 113 456 2,171 692
Total dividend and other investment income 44,000 141,290 242,760 401,805
Total fee income 8,272 5,978 38,130 19,934
Net realized gain (loss) on sales and dispositions of investments:        
Net realized gain (loss) on sales and dispositions of investments, before income taxes 249,354 (2,802,731) 4,959,445 (1,527,190)
Change in unrealized appreciation/ depreciation before income taxes $ (512,375) $ 2,599,652 $ (4,373,590) $ 3,521,053