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Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Investment income        
Total investment income $ 50,515,777 $ 70,932,487 $ 157,869,689 $ 198,188,021
Operating expenses        
Interest and other debt expenses 16,816,947 21,160,551 50,989,413 54,117,604
Management fees 5,544,927 6,185,025 16,489,889 18,567,719
Professional fees 825,189 842,389 2,640,088 2,443,988
Administrative expenses 414,900 547,458 1,566,294 1,702,669
Insurance expense 215,873 214,102 652,799 565,168
Director fees 182,500 202,500 567,500 616,719
Custody fees 91,880 96,574 276,413 285,639
Incentive fees 0 6,540,286 0 19,236,336
Other operating expenses 990,597 1,265,961 3,105,305 2,687,733
Total operating expenses, before management fee waiver 25,082,813 37,054,846 76,287,701 100,223,575
Management fee waiver (Note 3) (1,848,309) 0 (5,496,629) 0
Total operating expenses, after management fee waiver 23,234,504 37,054,846 70,791,072 100,223,575
Net investment income 27,281,273 33,877,641 87,078,617 97,964,446
Net realized gain (loss):        
Net realized gain (loss) (97,037,398) (31,425,777) (204,252,111) (67,107,784)
Net change in unrealized appreciation (depreciation):        
Net change in unrealized appreciation (depreciation) [1] 94,125,837 19,181,096 146,531,210 (55,443,078)
Net realized and unrealized gain (loss) (2,911,561) (12,244,681) (57,720,901) (122,550,862)
Net increase (decrease) in net assets resulting from operations $ 24,369,712 $ 21,632,960 $ 29,357,716 $ (24,586,416)
Basic earnings (loss) per share $ 0.29 $ 0.25 $ 0.35 $ (0.32)
Diluted earnings (loss) per share $ 0.29 $ 0.25 $ 0.35 $ (0.32)
Basic weighted average common shares outstanding 85,034,351 85,591,134 85,051,475 77,772,017
Diluted weighted average common shares outstanding 85,034,351 85,591,134 85,051,475 77,772,017
Non-Controlled, Non-Affiliated Investments        
Investment income        
Interest income (excluding PIK) $ 40,969,242 $ 61,647,228 $ 126,035,196 $ 173,856,058
PIK interest income 3,346,311 3,827,236 14,584,650 8,267,269
Dividend income 463,624 141,677 1,349,150 1,048,373
Other income 2,244 127,308 4,209 132,654
Net realized gain (loss):        
Net realized gain (loss) (77,727,536) (31,425,777) (184,932,758) (54,297,646)
Net change in unrealized appreciation (depreciation):        
Net change in unrealized appreciation (depreciation) [1] 79,382,048 27,118,840 146,250,740 (36,652,226)
Non-Controlled, Affiliated Investments        
Investment income        
Interest income (excluding PIK) 912,871 381,494 1,589,518 1,113,813
PIK interest income 1,011,878 0 1,011,878 92,675
Dividend income 221,500 1,015,415 1,444,050 2,747,604
Net realized gain (loss):        
Net realized gain (loss) (4,097,709) 0 (4,097,709) [2] (12,810,138)
Net change in unrealized appreciation (depreciation):        
Net change in unrealized appreciation (depreciation) [1] 915,853 (3,594,328) (1,366,401) [2] (9,661,686)
Controlled Investments        
Investment income        
Interest income (excluding PIK) 2,258,585 2,980,201 6,838,396 8,535,851
PIK interest income 415,661 388,897 1,491,424 1,092,618
Dividend income 913,861 [1] 423,031 [1] 3,521,218 1,301,106
Net realized gain (loss):        
Net realized gain (loss) (15,212,153) 0 (15,212,153) [3] 0
Net change in unrealized appreciation (depreciation):        
Net change in unrealized appreciation (depreciation) [1] 13,827,936 (4,539,213) 1,656,187 [3] (9,190,060)
Interest Rate Swap        
Net realized gain (loss):        
Net realized gain (loss) 0 0 (9,491) 0
Net change in unrealized appreciation (depreciation):        
Net change in unrealized appreciation (depreciation) [1] $ 0 $ 195,797 $ (9,316) $ 60,894
[1]

(1) Includes $21,347,357 change in unrealized appreciation from application of Merger accounting under ASC 805 for the nine months ended September 30, 2024 (see Note 12).

[2] The issuers of the securities listed on this schedule are considered non-controlled affiliates under the 1940 Act due to the ownership by the Company of 5% to 25% of the issuers’voting securities.
[3] The issuers of the securities listed on this schedule are considered controlled affiliates under the 1940 Act due to the ownership by the Company of more than 25% of the issuers’ voting securities.