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Investment Income
 3 Months Ended
Mar. 31, 2026
Investment Income [Abstract]  
INVESTMENT INCOME

NOTE 12. INVESTMENT INCOME

The following table sets forth the components of investment income for the three months ended March 31, 2026 and 2025, respectively:

 

Three Months
Ended
March 31,
2026

  

Three Months
Ended
March 31,
2025

Interest income – debt investments

  

 

    

 

  

 

Stated interest income

  

$

3,317,518

  

$

3,960,281

 

Original issue discount and market discount income

  

 

994,796

  

 

870,249

 

Discount income/(amortization of premium) derived from unscheduled remittances at par

  

 

6,436

  

 

(4,126

)

Total interest income – debt investments(1)

  

$

4,318,750

  

$

4,826,404

 

Interest income – debt investments – PIK(1)

  

$

786,922

  

$

708,351

 

Income from securitization vehicles and investments

  

$

3,224,198

  

$

3,956,053

 

Commitment, amendment and other fee income

  

 

    

 

  

 

Fee letters

  

$

203,583

  

$

145,678

 

Money market fund income and all other fees(2)

  

 

409,225

  

 

524,564

 

Total commitment, amendment and other fee income

  

$

612,808

  

$

670,242

 

Total investment income

  

$

8,942,678

  

$

10,161,050

 

(1)      Change in prior period was made to conform to the current period presentation.

(2)      For the three months ended March 31, 2025, the Company earned approximately $131,000 of PIK fees.

The 1940 Act requires that a BDC offer significant managerial assistance to its portfolio companies. The Company may receive fee income for managerial assistance it renders to portfolio companies in connection with its investments. For the three months ended March 31, 2026 and 2025, the Company received no fee income for managerial assistance.