Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
Income Taxes [Abstract] |
|
Schedule of Permanent Differences for Tax Purposes from Distributable Earnings to Additional Paid in Capital |
The
permanent differences for tax purposes from distributable earnings to additional paid in capital were reclassified for tax purposes for
the tax years ended December 31, 2023, 2022, and 2021. These reclassifications have no impact on net assets.
|
|
Year
Ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
2021 |
|
Increase (decrease) in distributable
earnings |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
Increase (decrease) in capital in excess of par value |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
Schedule of Net Increase in Net Assets Resulting from Operations to Taxable Income |
The
following reconciles net increase in net assets resulting from operations to taxable income for the years ended December 31, 2023, 2022,
and 2021:
| |
Year
Ended December 31, | |
| |
2023 | | |
2022 | | |
2021 | |
Net increase (decrease) in net
assets resulting from operations | |
$ | 107,835,651 | | |
$ | (74,482,335 | ) | |
$ | 19,059,718 | |
Net change in unrealized appreciation (depreciation)
from investments | |
| (52,563,544 | ) | |
| 107,432,980 | | |
| 8,527,786 | |
Other book tax differences | |
| 1,677,010 | | |
| 8,109,784 | | |
| (897,245 | ) |
Taxable income before
deductions for distributions | |
$ | 56,949,117 | | |
$ | 41,060,429 | | |
$ | 26,690,259 | |
|
Schedule of Distributions Paid |
| |
Year
Ended December 31, | |
| |
2023 | | |
2022 | | |
2021 | |
Distributions paid from: | |
| | |
| | |
| |
Ordinary income | |
$ | 56,068,285 | | |
$ | 43,482,016 | | |
$ | 22,163,852 | |
Capital gains | |
| - | | |
| 573,101 | | |
| 3,788,641 | |
Return of Capital | |
| - | | |
| - | | |
| - | |
Total | |
$ | 56,068,285 | | |
$ | 44,055,117 | | |
$ | 25,952,493 | |
|
Schedule of Components of Accumulated Earning |
For
the years ended December 31, 2023, 2022, and 2021, the components of accumulated earnings on a tax basis were as follows:
| |
Year Ended December 31, 2023 | | |
Year Ended December 31, 2022 | | |
Year Ended December 31, 2021 | |
Undistributed net investment income (loss) | |
$ | 148,613 | | |
$ | - | | |
$ | 1,834,053 | |
Undistributed capital gains | |
| - | | |
| - | | |
| 513,796 | |
Capital loss carryforward | |
| (9,042,947 | ) | |
| - | | |
| - | |
Other accumulated gain (loss) | |
| (85,947 | ) | |
| (7,575,518 | ) | |
| (101,573 | ) |
Net unrealized appreciation (depreciation) | |
| (49,754,535 | ) | |
| (102,926,664 | ) | |
| 5,788,994 | |
Total | |
$ | (58,734,816 | ) | |
$ | (110,502,182 | ) | |
$ | 8,035,270 | |
|
Schedule of Aggregate Unrealized Appreciation and Depreciation on Investments |
As
of December 31, 2023, 2022, and 2021, the Company’s aggregate unrealized appreciation and depreciation on investments based on
cost for U.S. federal income tax purposes was as follows:
| |
December 31, | | |
December 31, | | |
December 31, | |
| |
2023 | | |
2022 | | |
2021 | |
Tax cost | |
$ | 1,158,548,300 | | |
$ | 1,120,121,398 | | |
$ | 1,188,452,438 | |
Gross unrealized appreciation | |
| 9,383,672 | | |
| 1,008,264 | | |
| 9,331,858 | |
Gross unrealized depreciation | |
| (59,138,207 | ) | |
| (103,934,928 | ) | |
| (3,542,964 | ) |
Net unrealized appreciation/(depreciation) on investments | |
$ | (49,754,535 | ) | |
$ | (102,926,664 | ) | |
$ | 5,788,994 | |
|