Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.25.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Investment income:        
Total interest from portfolio companies $ 1,514,562 $ 1,995,227 $ 3,191,728 $ 3,808,875
Total interest from other investments 36,556 144 46,939 2,058
Total dividend and other investment income 0 73,175 13,125 225,010
Total fee income 51,179 67,603 358,409 167,425
Total investment income 1,602,297 2,136,149 3,610,201 4,203,368
Operating Expenses [Abstract]        
Base management fee (see Note 8) 217,649 322,672 469,857 625,267
Income based incentive fees (see Note 8) 0 0 119,673  
Capital gains incentive fees (see Note 8) (1,490,000) 1,641,000 (1,565,000) 1,753,300
Interest expense 25,417 393,172 61,903 783,192
Professional fees 142,020 91,460 350,862 323,767
Stockholders and office operating 103,349 82,667 194,112 151,695
Directors' fees 66,550 66,550 130,400 130,400
Administrative fees 50,250 40,000 99,000 78,167
Insurance 9,974 10,380 23,136 23,424
Corporate development (2,493) 4,881 4,501 10,426
Bad debt expense 13,125 0 38,462  
Total (benefits) expenses (864,159) 2,652,782 (73,094) 3,879,638
Net investment income (loss) before income taxes: 2,466,456 (516,633) 3,683,295 323,730
Income tax (benefit) expense (11,778) 562 (13,054) 1,340
Net investment income (loss) 2,478,234 (517,195) 3,696,349 322,390
Net realized gain (loss) on sales and dispositions of investments:        
Net realized gain (loss) on sales and dispositions of investments 0 428,108 925,332 3,878,200
Net change in unrealized appreciation/ depreciation on investments:        
Change in unrealized appreciation/depreciation before income taxes (10,312,214) 7,779,026 (11,610,598) 4,888,730
Deferred income tax benefit (97,826) (47,834) (94,210) (47,834)
Net change in unrealized appreciation/depreciation on investments (10,214,388) 7,826,860 (11,516,388) 4,936,564
Net realized and unrealized (loss) gain on investments (10,214,388) 8,254,968 (10,591,056) 8,814,764
Net (decrease) increase in net assets from operations $ (7,736,154) $ 7,737,773 $ (6,894,707) $ 9,137,154
Weighted average shares outstanding, Basic 2,969,814 2,581,021 2,920,135 2,581,021
Weighted average shares outstanding, Diluted 2,969,814 2,581,021 2,920,135 2,581,021
Net increase in net assets from operations per share, Basic $ (2.6) $ 3 $ (2.36) $ 3.54
Net increase in net assets from operations per share, Diluted $ (2.6) $ 3 $ (2.36) $ 3.54
Control investments        
Investment income:        
Total interest from portfolio companies $ 12,979 $ 198,885 $ 12,979 $ 386,368
Total fee income 4,516 4,516 9,032 9,032
Net change in unrealized appreciation/ depreciation on investments:        
Change in unrealized appreciation/depreciation before income taxes 0 0 (875,000) 0
Affiliate investments        
Investment income:        
Total interest from portfolio companies 1,264,789 1,192,116 2,547,648 2,358,201
Total dividend and other investment income 0 13,125 13,125 26,250
Total fee income 42,891 54,815 174,646 128,535
Net realized gain (loss) on sales and dispositions of investments:        
Net realized gain (loss) on sales and dispositions of investments 0 (831,891) 925,357 (831,891)
Net change in unrealized appreciation/ depreciation on investments:        
Change in unrealized appreciation/depreciation before income taxes (10,122,270) 8,849,945 (10,545,654) 8,749,945
Non-Control/Non-Affiliate investments        
Investment income:        
Total interest from portfolio companies 236,794 604,226 631,101 1,064,306
Total interest from other investments 36,556 144 46,939 2,058
Total dividend and other investment income 0 60,050 0 198,760
Total fee income 3,772 8,272 174,731 29,858
Net realized gain (loss) on sales and dispositions of investments:        
Net realized gain (loss) on sales and dispositions of investments 0 1,259,999 (25) 4,710,091
Net change in unrealized appreciation/ depreciation on investments:        
Change in unrealized appreciation/depreciation before income taxes $ (189,944) $ (1,070,919) $ (189,944) $ (3,861,215)