QQ1 2024 performance highlights:
- Revenue: $10,677,424; YoY change: -17.5%; QoQ change: -13.36%
- Gross Profit: $10,677,424; YoY -17.5%; QoQ -13.36%
- Operating Income: $8,824,338; YoY -18.34%; QoQ -15.45%
- Net Income: $(1,768,390); YoY -128.21%; QoQ +75.81%
- EPS: $(0.0297); YoY -122.85%; QoQ +77.15%
- Net Investment Income: ≈$6.50 million ($0.11 per share); QoQ comparison shows a step-down from $7.8 million, consistent with NII softness in Q1 2024
- EBITDA: $8,824,338; EBITDA Margin: 0.83x; Operating Margin: 0.83x
- NAV per share: $2.42 vs $2.55 prior quarter (NAV decline of ~5.2%)
- Cash flow: Net cash provided by operating activities $20,293,981; Free cash flow $20,293,981; Net change in cash $15,166,137; Cash at end of period $20,906,690
- Balance sheet: Total assets $275,288,020; Total liabilities $130,948,197; Total stockholders’ equity $144,339,823; Long-term debt $123,133,174; Net debt $102,226,484
- Dividends/Distributions: Monthly distributions declared at $0.035 per share for July–September 2024; ATM activity: ~324k shares issued, net proceeds ~$924k
- Key ratios: Current ratio 4.46; Debt/Equity 0.853; Interest Coverage 4.50; Dividend Yield 3.23%; Price/Book 1.30; Price/Sales 17.54; Payout/Dividend Payout Ratio negative (−3.42x) reflecting negative net income