Quarterly report pursuant to Section 13 or 15(d)

Financial Highlights

Financial Highlights

3 Months Ended

Mar. 31, 2024

Investment Company, Financial Highlights [Abstract]

Note 9. FINANCIAL HIGHLIGHTS

The following schedule provides the financial highlights, calculated based on shares outstanding, for the periods indicated:


	Three months ended March 31, 2024 (Unaudited) *			Three months ended March 31, 2023 (Unaudited) *
Net asset value, beginning of period		23.56			22.36
Income from operations (1):
Net investment income		0.32			0.28
Net realized gains		1.34			0.02
Net unrealized (depreciation) appreciation		(1.12	)		0.54
Increase in net assets from operations		0.54			0.84
Payment of cash dividend		(0.25	)		(0.20	)
Increase in net assets		0.29			0.64
Net asset value, end of period	$	23.85		$	23.00
Per share market price, end of period	$	13.97		$	13.42
Total return based on market value (2)		9.47	%		2.25	%
Total return based on net asset value (3)		2.30	%		3.76	%
Supplemental data:
Ratio of expenses before income taxes to average net assets (4)		8.02	%		7.16	%
Ratio of expenses including income taxes to average net assets (4)		8.02	%		7.76	%
Ratio of net investment income to average net assets (4)		5.49	%		4.88	%
Portfolio turnover		13.56	%		8.59	%
Debt/equity ratio		31.18	%		13.39	%
Net assets, end of period	$	61,569,339		$	59,375,393

(1)

Per share data is based on shares outstanding and the results are rounded to the nearest cent.

(2)

Total return based on market value is calculated as the change in market value per share during the period plus declared dividends per share, assuming reinvestment of dividends, divided by the beginning market value per share.

(3)

Total return based on net asset value is calculated as the change in net asset value per share during the period plus declared dividends per share, divided by the beginning net asset value per share.

(4)

Percentage is presented on an annualized basis.

* Amounts are rounded.

The Corporation’s interim period results could fluctuate as a result of a number of factors; therefore results for any interim period should not be relied upon as being indicative of performance for the full year or in future periods.