| 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, 2025:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements Using Significant
Unobservable Inputs (Level 3) |
|
Description |
|
Loan Investments |
|
|
Debt
Investments |
|
|
Equity
Investments |
|
|
Total |
|
Ending balance December 31, 2024, of Level 3 Assets |
|
$ |
15,037,873 |
|
|
$ |
38,043,721 |
|
|
$ |
17,736,447 |
|
|
$ |
70,818,041 |
|
Realized (losses) gains included in net change in net assets
from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
GoNoodle, Inc. (GoNoodle) |
|
|
— |
|
|
|
— |
|
|
|
(25 |
) |
|
|
(25 |
) |
Lumious |
|
|
(77,314 |
) |
|
|
— |
|
|
|
— |
|
|
|
(77,314 |
) |
Microcision, LLC (Microcision) |
|
|
— |
|
|
|
— |
|
|
|
55,357 |
|
|
|
55,357 |
|
Pressure Pro, Inc. (Pressure Pro) |
|
|
— |
|
|
|
— |
|
|
|
870,000 |
|
|
|
870,000 |
|
Tilson Technology Management, Inc. (Tilson) |
|
|
— |
|
|
|
— |
|
|
|
(2,850,015 |
) |
|
|
(2,850,015 |
) |
Total realized losses, net |
|
|
(77,314 |
) |
|
|
— |
|
|
|
(1,924,683 |
) |
|
|
(2,001,997 |
) |
Unrealized (losses) gains included in net change in net assets
from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
BMP Food Service Supply Holdco, LLC (FSS) |
|
|
— |
|
|
|
(3,331,662 |
) |
|
|
(497,619 |
) |
|
|
(3,829,281 |
) |
Carolina Skiff LLC (Carolina Skiff) |
|
|
— |
|
|
|
— |
|
|
|
(442,755 |
) |
|
|
(442,755 |
) |
FCM Industries Holdco LLC (First Coast Mulch) |
|
|
— |
|
|
|
484,837 |
|
|
|
— |
|
|
|
484,837 |
|
Inter-National Electronic Alloys LLC (EFINEA) |
|
|
— |
|
|
|
— |
|
|
|
488,235 |
|
|
|
488,235 |
|
ITA Acquisition, LLC (ITA) |
|
|
(875,000 |
) |
|
|
— |
|
|
|
— |
|
|
|
(875,000 |
) |
Mobile RN Holdings LLC (Mobile IV Nurses) |
|
|
— |
|
|
|
— |
|
|
|
125,000 |
|
|
|
125,000 |
|
Mountain Regional Equipment Solutions (MRES) |
|
|
— |
|
|
|
(739,352 |
) |
|
|
— |
|
|
|
(739,352 |
) |
Pressure Pro |
|
|
— |
|
|
|
— |
|
|
|
(720,000 |
) |
|
|
(720,000 |
) |
Seybert’s Billiards Corporation (Seybert’s) |
|
|
— |
|
|
|
— |
|
|
|
256,000 |
|
|
|
256,000 |
|
Tilson |
|
|
— |
|
|
|
— |
|
|
|
(6,649,985 |
) |
|
|
(6,649,985 |
) |
Total unrealized losses, net |
|
|
(875,000 |
) |
|
|
(3,586,177 |
) |
|
|
(7,441,124 |
) |
|
|
(11,902,301 |
) |
Purchases of securities/changes to securities/non-cash
conversions: |
|
|
|
|
|
|
|
|
|
|
|
|
Autotality (formerly Filterworks Acquisition USA, LLC) |
|
|
— |
|
|
|
134,806 |
|
|
|
— |
|
|
|
134,806 |
|
BlackJet Direct Marketing, LLC (BlackJet) |
|
|
— |
|
|
|
2,251,187 |
|
|
|
250,000 |
|
|
|
2,501,187 |
|
BMP Swanson Holdco, LLC (Swanson) |
|
|
21,344 |
|
|
|
— |
|
|
|
— |
|
|
|
21,344 |
|
Caitec, Inc. (Caitec) |
|
|
324,366 |
|
|
|
124,606 |
|
|
|
— |
|
|
|
448,972 |
|
Carolina Skiff |
|
|
— |
|
|
|
— |
|
|
|
34,755 |
|
|
|
34,755 |
|
EFINEA |
|
|
— |
|
|
|
17,177 |
|
|
|
— |
|
|
|
17,177 |
|
First Coast Mulch |
|
|
— |
|
|
|
38,031 |
|
|
|
— |
|
|
|
38,031 |
|
FSS |
|
|
— |
|
|
|
1,053,470 |
|
|
|
— |
|
|
|
1,053,470 |
|
GoNoodle, Inc. (GoNoodle) |
|
|
— |
|
|
|
10,830 |
|
|
|
— |
|
|
|
10,830 |
|
Highland All About People Holdings, Inc. (All About People) |
|
|
— |
|
|
|
97,289 |
|
|
|
— |
|
|
|
97,289 |
|
ITA |
|
|
375,000 |
|
|
|
— |
|
|
|
— |
|
|
|
375,000 |
|
Mobile IV Nurses |
|
|
— |
|
|
|
19,054 |
|
|
|
— |
|
|
|
19,054 |
|
MRES |
|
|
— |
|
|
|
359,419 |
|
|
|
— |
|
|
|
359,419 |
|
Pressure Pro |
|
|
— |
|
|
|
22,445 |
|
|
|
— |
|
|
|
22,445 |
|
Seybert’s |
|
|
— |
|
|
|
69,983 |
|
|
|
— |
|
|
|
69,983 |
|
Total purchases of securities/changes to securities/non-cash
conversions |
|
|
720,710 |
|
|
|
4,198,297 |
|
|
|
284,755 |
|
|
|
5,203,762 |
|
Repayments and sales of securities: |
|
|
|
|
|
|
|
|
|
|
|
|
HDI Acquisition LLC (Hilton Displays) |
|
|
— |
|
|
|
(1,071,824 |
) |
|
|
— |
|
|
|
(1,071,824 |
) |
Lumious |
|
|
(712,630 |
) |
|
|
— |
|
|
|
— |
|
|
|
(712,630 |
) |
Mattison Avenue Holdings LLC (Mattison) |
|
|
(5,572,902 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,572,902 |
) |
Microcision |
|
|
— |
|
|
|
— |
|
|
|
(55,357 |
) |
|
|
(55,357 |
) |
Pressure Pro |
|
|
— |
|
|
|
(1,725,150 |
) |
|
|
(900,000 |
) |
|
|
(2,625,150 |
) |
Seybert's |
|
|
— |
|
|
|
(7,748,770 |
) |
|
|
— |
|
|
|
(7,748,770 |
) |
Total repayments and sales of securities |
|
|
(6,285,532 |
) |
|
|
(10,545,744 |
) |
|
|
(955,357 |
) |
|
|
(17,786,633 |
) |
Transfers within Level 3 |
|
|
(4,799,278 |
) |
|
|
4,799,278 |
|
|
|
— |
|
|
|
— |
|
Ending balance September 30, 2025, of Level 3 Assets |
|
$ |
3,721,459 |
|
|
$ |
32,909,375 |
|
|
$ |
7,700,038 |
|
|
$ |
44,330,872 |
|
Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date |
|
|
|
|
|
|
|
|
|
|
$ |
(4,532,316 |
) |
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
— |
|
|
|
— |
|
|
|
397,264 |
|
|
|
397,264 |
|
Total realized gains, net |
|
|
— |
|
|
|
— |
|
|
|
6,148,837 |
|
|
|
6,148,837 |
|
Unrealized gains (losses) included in net change in net assets
from operations: |
|
|
|
|
|
|
|
|
|
|
|
|
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) |
|
|
— |
|
|
|
— |
|
|
|
(396,226 |
) |
|
|
(396,226 |
) |
Knoa |
|
|
— |
|
|
|
— |
|
|
|
1,129,155 |
|
|
|
1,129,155 |
|
Mezmeriz |
|
|
— |
|
|
|
— |
|
|
|
742,850 |
|
|
|
742,850 |
|
Mountain Regional Equipment Solutions (MRES) |
|
|
— |
|
|
|
— |
|
|
|
(264,545 |
) |
|
|
(264,545 |
) |
Pressure Pro, Inc. (Pressure Pro) |
|
|
— |
|
|
|
— |
|
|
|
720,000 |
|
|
|
720,000 |
|
Tilson |
|
|
— |
|
|
|
— |
|
|
|
1,761,000 |
|
|
|
1,761,000 |
|
Total unrealized gains, net |
|
|
— |
|
|
|
— |
|
|
|
3,332,234 |
|
|
|
3,332,234 |
|
Purchases of securities/changes to securities/non-cash
conversions: |
|
|
|
|
|
|
|
|
|
|
|
|
FSS |
|
|
— |
|
|
|
— |
|
|
|
107,619 |
|
|
|
107,619 |
|
Caitec, Inc. (Caitec) |
|
|
434,064 |
|
|
|
— |
|
|
|
— |
|
|
|
434,064 |
|
FCM Industries Holdco LLC (First Coast Mulch) |
|
|
— |
|
|
|
34,499 |
|
|
|
— |
|
|
|
34,499 |
|
Filterworks |
|
|
— |
|
|
|
193,885 |
|
|
|
— |
|
|
|
193,885 |
|
GoNoodle, Inc. (GoNoodle) |
|
|
— |
|
|
|
10,722 |
|
|
|
— |
|
|
|
10,722 |
|
HDI Acquisition LLC (Hilton Displays) |
|
|
— |
|
|
|
16,069 |
|
|
|
— |
|
|
|
16,069 |
|
Highland All About People Holdings, Inc. (All About People) |
|
|
— |
|
|
|
93,776 |
|
|
|
— |
|
|
|
93,776 |
|
Inter-National Electronic Alloys LLC (INEA) |
|
|
— |
|
|
|
33,995 |
|
|
|
— |
|
|
|
33,995 |
|
ITA Acquisition, LLC (ITA) |
|
|
771,009 |
|
|
|
— |
|
|
|
— |
|
|
|
771,009 |
|
Mattison Avenue Holdings LLC (Mattison) |
|
|
5,572,902 |
|
|
|
— |
|
|
|
— |
|
|
|
5,572,902 |
|
MRES |
|
|
— |
|
|
|
2,949,000 |
|
|
|
264,545 |
|
|
|
3,213,545 |
|
Pressure Pro |
|
|
— |
|
|
|
52,129 |
|
|
|
— |
|
|
|
52,129 |
|
Seybert’s Billiards Corporation (Seybert’s) |
|
|
— |
|
|
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
DSD |
|
|
— |
|
|
|
— |
|
|
|
(23,699 |
) |
|
|
(23,699 |
) |
FSS |
|
|
— |
|
|
|
(34,838 |
) |
|
|
— |
|
|
|
(34,838 |
) |
Mattison |
|
|
(1,894,470 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,894,470 |
) |
Pressure Pro |
|
|
— |
|
|
|
(1,427,452 |
) |
|
|
— |
|
|
|
(1,427,452 |
) |
SciAps |
|
|
— |
|
|
|
(2,090,000 |
) |
|
|
(10,823,863 |
) |
|
|
(12,913,863 |
) |
Tilson |
|
|
— |
|
|
|
— |
|
|
|
(397,264 |
) |
|
|
(397,264 |
) |
Total repayments and sales of securities |
|
|
(1,894,470 |
) |
|
|
(3,552,290 |
) |
|
|
(11,244,826 |
) |
|
|
(16,691,586 |
) |
Ending balance September 30, 2024, of Level 3 Assets |
|
$ |
17,301,482 |
|
|
$ |
38,589,116 |
|
|
$ |
19,144,969 |
|
|
$ |
75,035,567 |
|
Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date |
|
|
|
|
|
|
|
|
|
|
$ |
1,460,229 |
|
|