Quarterly report [Sections 13 or 15(d)]

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.25.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Investment income:        
Total interest from portfolio companies $ 1,425,134 $ 1,945,595 $ 4,616,862 $ 5,754,470
Total interest from other investments 73,488 113 120,427 2,171
Total dividend and other investment income 0 57,125 13,125 282,135
Total fee income 81,001 215,621 439,410 383,046
Total investment income 1,579,623 2,218,454 5,189,824 6,421,822
Operating Expenses [Abstract]        
Base management fee (see Note 8) 184,382 309,265 654,239 934,532
Income based incentive fees (see Note 8) 66,505 178,218 186,178 178,218
Capital gains incentive fees (see Note 8) 0 313,000 (1,565,000) 2,066,300
Interest expense 25,416 245,006 87,319 1,028,198
Professional fees 133,415 113,168 484,277 436,935
Stockholders and office operating 59,398 57,869 253,510 209,564
Directors' fees 66,550 66,550 196,950 196,950
Administrative fees 50,250 40,000 149,250 118,167
Insurance 8,250 10,467 31,386 33,891
Corporate development 2,037 387 6,538 10,813
Bad debt expense 0 0 38,462 0
Total expenses 596,203 1,333,930 523,109 5,213,568
Net investment income before income taxes: 983,420 884,524 4,666,715 1,208,254
Income tax benefit (9,159) (2,511) (22,213) (1,171)
Net investment income 992,579 887,035 4,688,928 1,209,425
Net realized (loss) gain on sales and dispositions of investments:        
Net realized (loss) gain on sales and dispositions of investments     (2,001,997) 11,108,282
Net realized (loss) gain on sales and dispositions of investments (2,927,329) 7,230,082 (2,001,997) 11,108,282
Net change in unrealized appreciation/ depreciation on investments:        
Change in unrealized appreciation/depreciation before income taxes     (11,902,301) (776,811)
Change in unrealized appreciation/depreciation before income taxes (291,703) (5,665,541) (11,902,301) (776,811)
Deferred income tax expense (benefit) 4,741 (184,940) (89,469) (232,774)
Net change in unrealized appreciation/depreciation on investments (296,444) (5,480,601) (11,812,832) (544,037)
Net realized and unrealized (loss) gain on investments (3,223,773) 1,749,481 (13,814,829) 10,564,245
Net (decrease) increase in net assets from operations $ (2,231,194) $ 2,636,516 $ (9,125,901) $ 11,773,670
Weighted average shares outstanding, Basic 2,969,814 2,581,021 2,936,938 2,581,021
Weighted average shares outstanding, Diluted 2,969,814 2,581,021 2,936,938 2,581,021
Net increase in net assets from operations per share, Basic $ (0.75) $ 1.02 $ (3.11) $ 4.56
Net increase in net assets from operations per share, Diluted $ (0.75) $ 1.02 $ (3.11) $ 4.56
Control investments        
Investment income:        
Total interest from portfolio companies $ 13,417 $ 164,167 $ 26,396 $ 550,535
Total fee income 4,515 4,515 13,547 13,547
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 1,177,248 1,164,525 3,724,896 3,522,726
Total dividend and other investment income 0 13,125 13,125 39,375
Total fee income 72,714 202,834 247,360 331,369
Net realized (loss) gain on sales and dispositions of investments:        
Net realized (loss) gain on sales and dispositions of investments (2,850,015) 6,980,728 (1,924,658) 6,148,837
Net change in unrealized appreciation/ depreciation on investments:        
Change in unrealized appreciation/depreciation before income taxes (481,647) (5,153,166) (11,027,301) 3,596,779
Non-Control/Non-Affiliate investments        
Investment income:        
Total interest from portfolio companies 234,469 616,903 865,570 1,681,209
Total interest from other investments 73,488 113 120,427 2,171
Total dividend and other investment income 0 44,000 0 242,760
Total fee income 3,772 8,272 178,503 38,130
Net realized (loss) gain on sales and dispositions of investments:        
Net realized (loss) gain on sales and dispositions of investments (77,314) 249,354 (77,339) 4,959,445
Net change in unrealized appreciation/ depreciation on investments:        
Change in unrealized appreciation/depreciation before income taxes $ 189,944 $ (512,375) $ 0 $ (4,373,590)