FINANCIAL HIGHLIGHTS

12 Months Ended

Dec. 31, 2023

NOTE 13 — FINANCIAL HIGHLIGHTS

The following is a schedule of financial highlights for the years ended December 31, 2023 through 2019:

	Year Ended December 31,
	2023			2022			2021			2020			2019
Per Share Data ⁽¹⁾
Net asset value at beginning of period	$	2.89			2.80			2.44			2.05			2.30
Net investment gain (loss)		(0.07	)		0.13			0.27			0.11			(0.14	)
Net realized and unrealized gain (loss)		(0.19	)		(0.11	)		0.54			0.41			0.00
(Provision for) benefit from income taxes		0.07			0.00			(0.23	)		(0.05	)		0.00
Issuance of common stock		0.07			0.00			0.00			0.00			0.00
Stock-based compensation		0.23			0.05			0.00			(0.02	)		0.00
Repurchase of common stock		0.00			0.00			0.00			0.05			0.00
Other changes in equity		(0.09	)		0.02			0.00			0.00			0.00
Payment of common stock dividend		0.00			0.00			(0.22	)		(0.11	)		(0.11	)
Net asset value at end of period	$	2.91			2.89			2.80			2.44			2.05

Ratio / Supplemental Data
Per share market value of investments at end of period	$	2.75			2.70			2.95			1.40			0.36
Shares outstanding at end of period		6,385,255			6,185,255			4,795,739			4,793,739			4,918,845
Average weighted shares outstanding for the period		6,366,481			5,333,028			4,795,242			4,830,691			4,918,845
Net assets at end of period	$	18,590,263			17,871,560			13,414,049			11,640,887			10,068,533
Average net assets ⁽²⁾	$	18,647,600			15,639,394			13,155,207			10,504,563			11,473,535
Total investment return		(7.27	)%		1.43	%		24.07	%		23.08	%		(5.88	)%
Portfolio turnover rate (3)		59.65	%		129.57	%		168.67	%		61.11	%		7.63	%
Ratio of operating expenses to average net assets ⁽³⁾		(19.94	)%		(21.73	)%		(10.30	)%		(7.16	)%		(7.27	)%
Ratio of net investment income (loss) to average net assets⁽³⁾		(2.25	)%		5.12	%		9.89	%		5.35	%		(5.86	)%
Ratio of realized gains (losses) to average net assets ⁽³⁾		(3.00	)%		0.85	%		31.30	%		0.05	%		28.35	%

(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.