Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF OPERATIONS

v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Investment income:      
Total interest from portfolio companies $ 5,689,511 $ 7,727,949 $ 5,979,355
Total interest from other investments 176,668 2,356 933
Total dividend and other investment income 122,832 295,260 1,037,131
Total fee income 485,881 533,720 320,744
Total investment income 6,474,892 8,559,285 7,338,163
Operating Expenses [Abstract]      
Base management fee (see Note 9) 830,630 1,212,160 1,057,166
Income based incentive fees (see Note 9) 186,178 178,218 0
Capital gains incentive fees (see Note 9) (1,565,000) 1,012,300 804,700
Interest expense 112,528 1,089,678 1,044,831
Professional fees 742,439 600,298 547,456
Stockholders and office operating 311,138 265,617 261,639
Directors' fees 263,500 263,500 263,500
Administrative fees 199,950 158,167 149,000
Insurance 41,358 44,358 44,100
Corporate development 7,488 12,986 5,927
Bad debt expense 58,462 0 0
Total expenses 1,188,671 4,837,282 4,178,319
Net investment income before income taxes 5,286,221 3,722,003 3,159,844
Income tax (benefit) expense, including excise tax expense (2,690) 296,926 192,111
Net investment income 5,288,911 3,425,077 2,967,733
Net realized (loss) gain on sales and dispositions of investments:      
Net realized (loss) gain on sales and dispositions of investments, before income taxes (2,001,313) 11,124,864 1,051,079
Income tax expense 0 0 359,682
Net realized (loss) gain on sales and dispositions of investments (2,001,313) 11,124,864 691,397
Net change in unrealized appreciation/ depreciation on investments:      
Change in unrealized appreciation/depreciation before income taxes (11,279,709) (6,062,300) 2,972,084
Deferred income tax expense (benefit) 47,509 (339,971) 104,564
Net change in unrealized appreciation/depreciation on investments (11,327,218) (5,722,329) 2,867,520
Net realized and unrealized (loss) gain on investments (13,328,531) 5,402,535 3,558,917
Net (decrease) increase in net assets from operations $ (8,039,620) $ 8,827,612 $ 6,526,650
Weighted average shares outstanding, Basic 2,945,315 2,581,021 2,581,021
Weighted average shares outstanding, Diluted 2,945,315 2,581,021 2,581,021
Net (decrease) increase in net assets from operations per share, Basic $ (2.73) $ 3.42 $ 2.53
Net (decrease) increase in net assets from operations per share, Diluted $ (2.73) $ 3.42 $ 2.53
Control investments      
Investment income:      
Total interest from portfolio companies $ 35,292 $ 733,774 $ 698,872
Total fee income 18,063 18,063 17,242
Net change in unrealized appreciation/ depreciation on investments:      
Change in unrealized appreciation/depreciation before income taxes (1,475,000) (2,565,130) 0
Affiliate Investments      
Investment income:      
Total interest from portfolio companies 4,565,668 4,739,802 3,858,696
Total dividend and other investment income 122,832 52,500 506,076
Total fee income 285,543 450,255 278,061
Net realized (loss) gain on sales and dispositions of investments:      
Net realized (loss) gain on sales and dispositions of investments, before income taxes (1,923,974) 6,165,419 2,574,829
Net change in unrealized appreciation/ depreciation on investments:      
Change in unrealized appreciation/depreciation before income taxes (10,804,709) 1,400,942 (259,031)
Non-Control/Non-Affiliate investments      
Investment income:      
Total interest from portfolio companies 1,088,551 2,254,373 1,421,787
Total interest from other investments 176,668 2,356 933
Total dividend and other investment income 0 242,760 531,055
Total fee income 182,275 65,402 25,441
Net realized (loss) gain on sales and dispositions of investments:      
Net realized (loss) gain on sales and dispositions of investments, before income taxes (77,339) 4,959,445 (1,523,750)
Net change in unrealized appreciation/ depreciation on investments:      
Change in unrealized appreciation/depreciation before income taxes $ 1,000,000 $ (4,898,112) $ 3,231,115