| Summary of changes in Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) |
The following table provides a summary of changes in Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) for the nine months ended September 30, 2024:
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Fair Value Measurements Using Significant
Unobservable Inputs (Level 3) |
|
Description |
|
Loan Investments |
|
|
Debt
Investments |
|
|
Equity
Investments |
|
|
Total |
|
Ending balance December 31, 2023, of Level 3 Assets |
|
$ |
12,417,977 |
|
|
$ |
36,861,525 |
|
|
$ |
20,536,560 |
|
|
$ |
69,816,062 |
|
Realized gains (losses) included in net change in net assets
from operations: |
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|
|
|
|
|
|
|
|
|
|
|
DSD Operating, LLC (DSD) |
|
|
— |
|
|
|
— |
|
|
|
23,699 |
|
|
|
23,699 |
|
Knoa Software, Inc. (Knoa) |
|
|
— |
|
|
|
— |
|
|
|
(1,229,155 |
) |
|
|
(1,229,155 |
) |
Mezmeriz, Inc. (Mezmeriz) |
|
|
— |
|
|
|
— |
|
|
|
(742,850 |
) |
|
|
(742,850 |
) |
SciAps, Inc. (SciAps) |
|
|
— |
|
|
|
— |
|
|
|
7,699,879 |
|
|
|
7,699,879 |
|
Tilson Technology Management, Inc. (Tilson) |
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|
— |
|
|
|
— |
|
|
|
397,264 |
|
|
|
397,264 |
|
Total realized gains, net |
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|
— |
|
|
|
— |
|
|
|
6,148,837 |
|
|
|
6,148,837 |
|
Unrealized gains (losses) included in net change in net assets
from operations: |
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|
|
|
|
|
|
|
|
|
|
|
BMP Food Service Supply Holdco, LLC (FSS) |
|
|
— |
|
|
|
— |
|
|
|
(610,000 |
) |
|
|
(610,000 |
) |
BMP Swanson Holdco, LLC (Swanson) |
|
|
— |
|
|
|
— |
|
|
|
250,000 |
|
|
|
250,000 |
|
Filterworks Acquisition USA, LLC (Filterworks) |
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|
— |
|
|
|
— |
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(396,226 |
) |
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|
(396,226 |
) |
Knoa |
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— |
|
|
|
— |
|
|
|
1,129,155 |
|
|
|
1,129,155 |
|
Mezmeriz |
|
|
— |
|
|
|
— |
|
|
|
742,850 |
|
|
|
742,850 |
|
Mountain Regional Equipment Solutions (MRES) |
|
|
— |
|
|
|
— |
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|
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(264,545 |
) |
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|
(264,545 |
) |
Pressure Pro, Inc. (Pressure Pro) |
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— |
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|
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— |
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|
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720,000 |
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|
720,000 |
|
Tilson |
|
|
— |
|
|
|
— |
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|
|
1,761,000 |
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|
|
1,761,000 |
|
Total unrealized gains, net |
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|
— |
|
|
|
— |
|
|
|
3,332,234 |
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|
|
3,332,234 |
|
Purchases of securities/changes to securities/non-cash
conversions: |
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|
|
|
|
|
|
|
|
|
|
|
FSS |
|
|
— |
|
|
|
— |
|
|
|
107,619 |
|
|
|
107,619 |
|
Caitec, Inc. (Caitec) |
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|
434,064 |
|
|
|
— |
|
|
|
— |
|
|
|
434,064 |
|
FCM Industries Holdco LLC (First Coast Mulch) |
|
|
— |
|
|
|
34,499 |
|
|
|
— |
|
|
|
34,499 |
|
Filterworks |
|
|
— |
|
|
|
193,885 |
|
|
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— |
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|
193,885 |
|
GoNoodle, Inc. (GoNoodle) |
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— |
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|
10,722 |
|
|
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— |
|
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|
10,722 |
|
HDI Acquisition LLC (Hilton Displays) |
|
|
— |
|
|
|
16,069 |
|
|
|
— |
|
|
|
16,069 |
|
Highland All About People Holdings, Inc. (All About People) |
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|
— |
|
|
|
93,776 |
|
|
|
— |
|
|
|
93,776 |
|
Inter-National Electronic Alloys LLC (INEA) |
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|
— |
|
|
|
33,995 |
|
|
|
— |
|
|
|
33,995 |
|
ITA Acquisition, LLC (ITA) |
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|
771,009 |
|
|
|
— |
|
|
|
— |
|
|
|
771,009 |
|
Mattison Avenue Holdings LLC (Mattison) |
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|
5,572,902 |
|
|
|
— |
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|
|
— |
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|
|
5,572,902 |
|
MRES |
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|
— |
|
|
|
2,949,000 |
|
|
|
264,545 |
|
|
|
3,213,545 |
|
Pressure Pro |
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|
— |
|
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|
52,129 |
|
|
|
— |
|
|
|
52,129 |
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Seybert’s Billiards Corporation (Seybert’s) |
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|
— |
|
|
|
1,895,806 |
|
|
|
— |
|
|
|
1,895,806 |
|
Total purchases of securities/changes to securities/non-cash
conversions |
|
|
6,777,975 |
|
|
|
5,279,881 |
|
|
|
372,164 |
|
|
|
12,430,020 |
|
Repayments and sales of securities: |
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|
|
|
|
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DSD |
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|
— |
|
|
|
— |
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|
|
(23,699 |
) |
|
|
(23,699 |
) |
FSS |
|
|
— |
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|
(34,838 |
) |
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|
— |
|
|
|
(34,838 |
) |
Mattison |
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(1,894,470 |
) |
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|
— |
|
|
|
— |
|
|
|
(1,894,470 |
) |
Pressure Pro |
|
|
— |
|
|
|
(1,427,452 |
) |
|
|
— |
|
|
|
(1,427,452 |
) |
SciAps |
|
|
— |
|
|
|
(2,090,000 |
) |
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|
(10,823,863 |
) |
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|
(12,913,863 |
) |
Tilson |
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|
— |
|
|
|
— |
|
|
|
(397,264 |
) |
|
|
(397,264 |
) |
Total repayments and sales of securities |
|
|
(1,894,470 |
) |
|
|
(3,552,290 |
) |
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(11,244,826 |
) |
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|
(16,691,586 |
) |
Ending balance September 30, 2024, of Level 3 Assets |
|
$ |
17,301,482 |
|
|
$ |
38,589,116 |
|
|
$ |
19,144,969 |
|
|
$ |
75,035,567 |
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Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date |
|
|
|
|
|
|
|
|
|
|
$ |
1,460,229 |
|
The following table provides a summary of changes in Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) for the nine months ended September 30, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using Significant
Unobservable Inputs (Level 3) |
|
Description
|
|
Loan Investments |
|
|
Debt
Investments |
|
|
Equity
Investments |
|
|
Total |
|
Ending balance December 31, 2022, of Level 3 Assets |
|
$ |
14,578,351 |
|
|
$ |
19,582,616 |
|
|
$ |
20,935,744 |
|
|
$ |
55,096,711 |
|
Realized gains (losses) included in net change in net assets
from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
ClearView Social, Inc. (Clearview Social) |
|
|
— |
|
|
|
— |
|
|
|
10,432 |
|
|
|
10,432 |
|
DSD Operating, LLC (DSD) |
|
|
— |
|
|
|
— |
|
|
|
2,537,765 |
|
|
|
2,537,765 |
|
Microcision, LLC (Microcision) |
|
|
— |
|
|
|
— |
|
|
|
58,329 |
|
|
|
58,329 |
|
Rheonix, Inc. (Rheonix) |
|
|
— |
|
|
|
— |
|
|
|
(2,802,731 |
) |
|
|
(2,802,731 |
) |
SocialFlow, Inc. (Social Flow) |
|
|
— |
|
|
|
— |
|
|
|
(4,941 |
) |
|
|
(4,941 |
) |
Somerset Gas Transmission Company, LLC (Somerset) |
|
|
— |
|
|
|
— |
|
|
|
(448,717 |
) |
|
|
(448,717 |
) |
Total realized losses, net |
|
|
— |
|
|
|
— |
|
|
|
(649,863 |
) |
|
|
(649,863 |
) |
Unrealized gains (losses) included in net change in net assets
from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
DSD |
|
|
— |
|
|
|
— |
|
|
|
(886,698 |
) |
|
|
(886,698 |
) |
Open Exchange, Inc. (Open Exchange) |
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|
— |
|
|
|
— |
|
|
|
(701,940 |
) |
|
|
(701,940 |
) |
Rheonix |
|
|
— |
|
|
|
— |
|
|
|
2,802,731 |
|
|
|
2,802,731 |
|
Somerset |
|
|
— |
|
|
|
— |
|
|
|
594,097 |
|
|
|
594,097 |
|
Total unrealized gains, net |
|
|
— |
|
|
|
— |
|
|
|
1,808,190 |
|
|
|
1,808,190 |
|
Purchases of securities/changes to securities/non-cash
conversions: |
|
|
|
|
|
|
|
|
|
|
|
|
BMP Food Service Supply Holdco, LLC (FSS) |
|
|
— |
|
|
|
2,320,000 |
|
|
|
— |
|
|
|
2,320,000 |
|
BMP Swanson Holdco, LLC (Swanson) |
|
|
100,115 |
|
|
|
— |
|
|
|
— |
|
|
|
100,115 |
|
Caitec, Inc. (Caitec) |
|
|
55,822 |
|
|
|
— |
|
|
|
— |
|
|
|
55,822 |
|
DSD |
|
|
31,652 |
|
|
|
— |
|
|
|
— |
|
|
|
31,652 |
|
FCM Industries Holdco LLC (First Coast Mulch) |
|
|
— |
|
|
|
3,807,147 |
|
|
|
— |
|
|
|
3,807,147 |
|
Filterworks Acquisition USA, LLC (Filterworks) |
|
|
— |
|
|
|
204,489 |
|
|
|
— |
|
|
|
204,489 |
|
GoNoodle, Inc. (GoNoodle) |
|
|
— |
|
|
|
10,614 |
|
|
|
— |
|
|
|
10,614 |
|
HDI Acquisition LLC (Hilton Displays) |
|
|
— |
|
|
|
17,182 |
|
|
|
— |
|
|
|
17,182 |
|
Highland All About People Holdings, Inc. (All About People) |
|
|
— |
|
|
|
3,018,000 |
|
|
|
1,000,000 |
|
|
|
4,018,000 |
|
Inter-National Electronic Alloys LLC (INEA) |
|
|
— |
|
|
|
3,321,071 |
|
|
|
1,011,765 |
|
|
|
4,332,836 |
|
ITA Acquisition, LLC (ITA) |
|
|
547,282 |
|
|
|
— |
|
|
|
— |
|
|
|
547,282 |
|
Mattison Avenue Holdings LLC (Mattison) |
|
|
28,300 |
|
|
|
— |
|
|
|
— |
|
|
|
28,300 |
|
Pressure Pro, Inc. (Pressure Pro) |
|
|
— |
|
|
|
3,038,446 |
|
|
|
30,000 |
|
|
|
3,068,446 |
|
Seybert’s Billiards Corporation (Seybert’s) |
|
|
— |
|
|
|
93,720 |
|
|
|
— |
|
|
|
93,720 |
|
SciAps, Inc. (Sciaps) |
|
|
— |
|
|
|
5,000 |
|
|
|
— |
|
|
|
5,000 |
|
Social Flow |
|
|
— |
|
|
|
— |
|
|
|
4,941 |
|
|
|
4,941 |
|
Tilson Technology Management, Inc. (Tilson) |
|
|
— |
|
|
|
— |
|
|
|
250,000 |
|
|
|
250,000 |
|
Total purchases of securities/changes to securities/non-cash
conversions |
|
|
763,171 |
|
|
|
15,835,669 |
|
|
|
2,296,706 |
|
|
|
18,895,546 |
|
Repayments and sales of securities: |
|
|
|
|
|
|
|
|
|
|
|
|
Clearview Social |
|
|
— |
|
|
|
— |
|
|
|
(10,432 |
) |
|
|
(10,432 |
) |
DSD |
|
|
(3,171,434 |
) |
|
|
— |
|
|
|
(3,605,265 |
) |
|
|
(6,776,699 |
) |
FSS |
|
|
— |
|
|
|
(40,047 |
) |
|
|
(210,000 |
) |
|
|
(250,047 |
) |
Hilton Displays |
|
|
— |
|
|
|
(300,000 |
) |
|
|
— |
|
|
|
(300,000 |
) |
Microcision |
|
|
— |
|
|
|
— |
|
|
|
(58,329 |
) |
|
|
(58,329 |
) |
Somerset |
|
|
— |
|
|
|
— |
|
|
|
(270,380 |
) |
|
|
(270,380 |
) |
Total repayments and sales of securities |
|
|
(3,171,434 |
) |
|
|
(340,047 |
) |
|
|
(4,154,406 |
) |
|
|
(7,665,887 |
) |
Ending balance September 30, 2023, of Level 3 Assets |
|
$ |
12,170,088 |
|
|
$ |
35,078,238 |
|
|
$ |
20,236,371 |
|
|
$ |
67,484,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date |
|
|
|
|
|
|
|
|
|
|
$ |
(701,940 |
) |
|