FINANCIAL HIGHLIGHTS

12 Months Ended

Dec. 31, 2022

NOTE 12 — FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights for the years ended December 31, 2022 through 2018:

	Year Ended December 31,
	2022			2021			2020			2019			2018
Per Share Data ⁽¹⁾
Net asset value at beginning of period	$	2.80			2.44			2.05			2.30			1.96
Net investment gain (loss)		0.23			0.27			0.11			(0.14	)		(0.11	)
Net realized and unrealized gains		(0.11	)		0.54			0.41			0.00			0.45
Provision for income taxes		(0.03	)		(0.23	)		(0.05	)		0.00			0.00
Stock-based compensation		0.05			0.00			(0.02	)		0.00			0.00
Repurchase of common stock		0.00			0.00			0.05			0.00			0.00
Other changes in equity		0.03			0.00			0.00			0.00			0.00
Payment of common stock dividend		0.00			(0.22	)		(0.11	)		(0.11	)		0.00
Net asset value at end of period	$	2.97			2.80			2.44			2.05			2.30

Ratio / Supplemental Data
Per share market value of investments at end of period	$	2.73			2.95			1.40			0.36			2.03
Shares outstanding at end of period		6,185,255			4,795,739			4,793,739			4,918,845			4,918,845
Average weighted shares outstanding for the period		5,333,028			4,795,242			4,830,691			4,918,845			4,918,845
Net assets at end of period	$	18,342,339			13,414,049			11,640,887			10,068,533			11,278,889
Average net assets ⁽²⁾	$	15,733,550			13,155,207			10,504,563			11,473,535			10,341,702
Total investment return		3.57	%		24.07	%		23.08	%		(5.88	)%		17.24	%
Portfolio turnover rate (3)		128.80	%		168.67	%		61.11	%		7.63	%		26.93	%
Ratio of operating expenses to average net assets ⁽³⁾		(17.53	)%		(10.30	)%		(7.16	)%		(7.27	)%		(6.59	)%
Ratio of net investment income (loss) to average net assets⁽³⁾		9.16	%		9.89	%		5.35	%		(5.86	)%		(5.13	)%

(1)	Per-share data was derived using the weighted-average number of shares outstanding for the period.
(2)	Based on the monthly average of net assets as of the beginning and end of each period presented.
(3)	Ratios are annualized.