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Investments (Tables) | 12 Months Ended
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Dec. 31, 2024
Equity Method Investments and Joint Ventures [Abstract] |
Summary of the Significant Unobservable Inputs to Determine the Fair Value of Level 3 Portfolio Investments | The following table provides a summary of the significant unobservable inputs used to determine the fair value of the Corporation’s Level 3 portfolio investments as of December 31, 2024:
Investment Type |  | Market Approach EBITDA Multiple |  |  | Market Approach Liquidation Seniority |  |  | Market Approach Revenue Multiple |  |  | Market Approach Transaction Pricing |  |  | Totals |
Non-Control/Non-Affiliate Equity |  | $ | — |  |  | $ | — |  |  | $ | 700,000 |  |  | $ | 100,063 |  |  | $ | 800,063 |
Non-Control/Non-Affiliate Loan and Debt |  |  | 13,619,638 |  |  |  | 2,230,196 |  |  |  | — |  |  |  | — |  |  |  | 15,849,834 |
Total Non-Control/Non-Affiliate |  | $ | 13,619,638 |  |  | $ | 2,230,196 |  |  | $ | 700,000 |  |  | $ | 100,063 |  |  | $ | 16,649,897 |
Affiliate Equity |  | $ | 7,061,384 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,875,000 |  |  | $ | 16,936,384 |
Affiliate Loan and Debt |  |  | 30,475,441 |  |  |  | — |  |  |  | — |  |  |  | 4,256,319 |  |  |  | 34,731,760 |
Total Affiliate |  | $ | 37,536,825 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,131,319 |  |  | $ | 51,668,144 |
Control Equity |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Control Debt |  |  | — |  |  |  | 2,500,000 |  |  |  | — |  |  |  | — |  |  |  | 2,500,000 |
Total Control |  | $ | — |  |  | $ | 2,500,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,500,000 |
Total Level 3 Investments |  | $ | 51,156,463 |  |  | $ | 4,730,196 |  |  | $ | 700,000 |  |  | $ | 14,231,382 |  |  | $ | 70,818,041 |
Range |  | 4-10X |  |  | 1X |  |  | 3.5X |  |  | Not Applicable |  |  |  |
Unobservable Input |  | EBITDA Multiple |  |  | Asset Value |  |  | Revenue Multiple |  |  | Transaction Price |  |  |  |
Weighted Average |  | 5.5 X |  |  | 1X |  |  | 3.5X |  |  | Not Applicable |  |  |  |
The following table provides a summary of the significant unobservable inputs used to determine the fair value of the Corporation’s Level 3 portfolio investments as of December 31, 2023:
Investment Type |  | Market Approach EBITDA Multiple |  |  | Market Approach Liquidation Seniority |  |  | Market Approach Revenue Multiple |  |  | Market Approach Transaction Pricing |  |  | Totals |
Non-Control/Non-Affiliate Equity |  | $ | 72,522 |  |  | $ | — |  |  | $ | 700,000 |  |  | $ | 100,063 |  |  | $ | 872,585 |
Non-Control/Non-Affiliate Loan and Debt |  |  | 6,829,263 |  |  |  | 4,465,882 |  |  |  | — |  |  |  | — |  |  |  | 11,295,145 |
Total Non-Control/Non-Affiliate |  | $ | 6,901,785 |  |  | $ | 4,465,882 |  |  | $ | 700,000 |  |  | $ | 100,063 |  |  | $ | 12,167,730 |
Affiliate Equity |  | $ | 5,889,991 |  |  | $ | — |  |  | $ | 3,223,984 |  |  | $ | 10,550,000 |  |  | $ | 19,663,975 |
Affiliate Loan and Debt |  |  | 26,177,241 |  |  |  | — |  |  |  | 2,090,000 |  |  |  | 5,568,156 |  |  |  | 33,835,397 |
Total Affiliate |  | $ | 32,067,232 |  |  | $ | — |  |  | $ | 5,313,984 |  |  | $ | 16,118,156 |  |  | $ | 53,499,372 |
Control Equity |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Control Debt |  |  | — |  |  |  | 4,148,960 |  |  |  | — |  |  |  | — |  |  |  | 4,148,960 |
Total Control |  | $ | — |  |  | $ | 4,148,960 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,148,960 |
Total Level 3 Investments |  | $ | 38,969,017 |  |  | $ | 8,614,842 |  |  | $ | 6,013,984 |  |  | $ | 16,218,219 |  |  | $ | 69,816,062 |
Range |  | 4-7X |  |  | 1X |  |  | 1X-3X |  |  | Not Applicable |  |  |  |
Unobservable Input |  | EBITDA Multiple |  |  | Asset Value |  |  | Revenue Multiple |  |  | Transaction Price |  |  |  |
Weighted Average |  | 5.4 X |  |  | 1X |  |  | 1.7X |  |  | Not Applicable |  |  |  |
summary of the components of Assets Measured at Fair Value | The following table provides a summary of the components of Level 1, 2 and 3 Assets Measured at Fair Value at December 31, 2024:
|  |  |  |  | Fair Value Measurements at Reported Date Using |
Description |  | December 31, 2024 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Other Significant Unobservable Inputs (Level 3) |
Loan investments |  | $ | 15,037,873 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,037,873 |
Debt investments |  |  | 38,043,721 |  |  |  | — |  |  |  | — |  |  |  | 38,043,721 |
Equity investments |  |  | 17,736,447 |  |  |  | — |  |  |  | — |  |  |  | 17,736,447 |
Total |  | $ | 70,818,041 |  |  | $ | — |  |  | $ | — |  |  | $ | 70,818,041 |
The following table provides a summary of the components of Level 1, 2 and 3 Assets Measured at Fair Value at December 31, 2023:
|  |  |  |  | Fair Value Measurements at Reported Date Using |
Description |  | December 31, 2023 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Other Significant Unobservable Inputs (Level 3) |
Loan investments |  | $ | 12,417,977 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,417,977 |
Debt investments |  |  | 36,861,525 |  |  |  | — |  |  |  | — |  |  |  | 36,861,525 |
Equity investments |  |  | 27,846,210 |  |  |  | 7,309,650 |  |  |  | — |  |  |  | 20,536,560 |
Total |  | $ | 77,125,712 |  |  | $ | 7,309,650 |  |  | $ | — |  |  | $ | 69,816,062 |
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 year ended December 31, 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) |  |  | — |  |  |  | — |  |  |  | 7,716,461 |  |  |  | 7,716,461 |
Tilson Technology Management, Inc. (Tilson) |  |  | — |  |  |  | — |  |  |  | 397,264 |  |  |  | 397,264 |
Total realized gains (losses) |  |  | — |  |  |  | — |  |  |  | 6,165,419 |  |  |  | 6,165,419 |
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 |
Caitec, Inc. (Caitec) |  |  | — |  |  |  | — |  |  |  | (72,522 | ) |  |  | (72,522 | )
Carolina Skiff LLC (Carolina Skiff) |  |  | — |  |  |  | — |  |  |  | (500,000 | ) |  |  | (500,000 | )
Filterworks Acquisition USA, LLC (Filterworks) |  |  | — |  |  |  | — |  |  |  | (396,226 | ) |  |  | (396,226 | )
FCM Industries Holdco LLC (First Coast Mulch) |  |  | — |  |  |  | (484,837 | ) |  |  | — |  |  |  | (484,837 | )
Highland All About People Holdings, Inc. (All About People) |  |  | — |  |  |  | — |  |  |  | (400,000 | ) |  |  | (400,000 | )
ITA Acquisition, LLC (ITA) |  |  | (2,565,130 | ) |  |  | — |  |  |  | — |  |  |  | (2,565,130 | )
Knoa |  |  | — |  |  |  | — |  |  |  | 1,129,155 |  |  |  | 1,129,155 |
Mezmeriz |  |  | — |  |  |  | — |  |  |  | 742,850 |  |  |  | 742,850 |
Mountain Regional Equipment Solutions (MRES) |  |  | — |  |  |  | (452,000 | ) |  |  | (264,545 | ) |  |  | (716,545 | )
Pressure Pro, Inc. (Pressure Pro) |  |  | — |  |  |  | — |  |  |  | 720,000 |  |  |  | 720,000 |
Tilson |  |  | — |  |  |  | — |  |  |  | 950,000 |  |  |  | 950,000 |
Total unrealized gains (losses) |  |  | (2,565,130 | ) |  |  | (936,837 | ) |  |  | 1,548,712 |  |  |  | (1,953,255 | )
Purchases of securities/changes to securities/non-cash conversions: |  |  |  |  |  |  |  |  |  |  |  |
All About People |  |  | — |  |  |  | 125,904 |  |  |  | — |  |  |  | 125,904 |
Caitec |  |  | 590,424 |  |  |  | — |  |  |  | — |  |  |  | 590,424 |
Filterworks |  |  | — |  |  |  | 253,952 |  |  |  | — |  |  |  | 253,952 |
First Coast Mulch |  |  | — |  |  |  | 46,681 |  |  |  | — |  |  |  | 46,681 |
FSS |  |  | — |  |  |  | 177,911 |  |  |  | 107,619 |  |  |  | 285,530 |
GoNoodle, Inc. (GoNoodle) |  |  | — |  |  |  | 14,314 |  |  |  | — |  |  |  | 14,314 |
HDI Acquisition LLC (Hilton Displays) |  |  | — |  |  |  | 21,519 |  |  |  | — |  |  |  | 21,519 |
Inter-National Electronic Alloys LLC (INEA) |  |  | — |  |  |  | 33,995 |  |  |  | — |  |  |  | 33,995 |
ITA |  |  | 916,170 |  |  |  | — |  |  |  | — |  |  |  | 916,170 |
Mattison Avenue Holdings LLC (Mattison) |  |  | 5,572,902 |  |  |  | — |  |  |  | — |  |  |  | 5,572,902 |
Mobile RN Holdings LLC (Mobile IV Nurses) |  |  | — |  |  |  | 2,506,319 |  |  |  | 375,000 |  |  |  | 2,881,319 |
MRES |  |  | — |  |  |  | 2,952,000 |  |  |  | 264,545 |  |  |  | 3,216,545 |
Pressure Pro |  |  | — |  |  |  | 66,721 |  |  |  | — |  |  |  | 66,721 |
Seybert’s Billiards Corporation (Seybert’s) |  |  | — |  |  |  | 1,928,257 |  |  |  | — |  |  |  | 1,928,257 |
Total purchases of securities/changes to securities/non-cash conversions |  |  | 7,079,496 |  |  |  | 8,127,573 |  |  |  | 747,164 |  |  |  | 15,954,233 |
Repayments and sale of securities: |  |  |  |  |  |  |  |  |  |  |  |
DSD |  |  | — |  |  |  | — |  |  |  | (23,699 | ) |  |  | (23,699 | )
Filterworks |  |  | — |  |  |  | (206,250 | ) |  |  | — |  |  |  | (206,250 | )
FSS |  |  | — |  |  |  | (34,838 | ) |  |  | — |  |  |  | (34,838 | )
Mattison |  |  | (1,894,470 | ) |  |  | — |  |  |  | — |  |  |  | (1,894,470 | )
Nailbiter, Inc. (Nailbiter) |  |  | — |  |  |  | (2,250,000 | ) |  |  | — |  |  |  | (2,250,000 | )
Pressure Pro |  |  | — |  |  |  | (1,427,452 | ) |  |  | — |  |  |  | (1,427,452 | )
SciAps |  |  | — |  |  |  | (2,090,000 | ) |  |  | (10,840,445 | ) |  |  | (12,930,445 | )
Tilson |  |  | — |  |  |  | — |  |  |  | (397,264 | ) |  |  | (397,264 | )
Total repayments and sale of securities |  |  | (1,894,470 | ) |  |  | (6,008,540 | ) |  |  | (11,261,408 | ) |  |  | (19,164,418 | )
Transfers within Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending Balance December 31, 2024, of Level 3 Assets |  | $ | 15,037,873 |  |  | $ | 38,043,721 |  |  | $ | 17,736,447 |  |  | $ | 70,818,041 |
Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date |  |  |  |  |  |  |  |  |  |  | $ | (3,825,260 | )
The following table provides a summary of changes in Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) for the year ended December 31, 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) |  |  | — |  |  |  | — |  |  |  | 2,459,819 |  |  |  | 2,459,819 |
Mercantile Adjustment Bureau, LLC (Mercantile) |  |  | — |  |  |  | — |  |  |  | 3,440 |  |  |  | 3,440 |
Microcision, LLC (Microcision) |  |  | — |  |  |  | — |  |  |  | 115,010 |  |  |  | 115,010 |
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 gains (losses) |  |  | — |  |  |  | — |  |  |  | (667,688 | ) |  |  | (667,688 | )
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) |  |  | — |  |  |  | — |  |  |  | 266,667 |  |  |  | 266,667 |
Caitec, Inc. (Caitec) |  |  | — |  |  |  | — |  |  |  | (300,000 | ) |  |  | (300,000 | )
Carolina Skiff LLC (Carolina Skiff) |  |  | — |  |  |  | — |  |  |  | (249,000 | ) |  |  | (249,000 | )
DSD |  |  | — |  |  |  | — |  |  |  | (886,698 | ) |  |  | (886,698 | )
Open Exchange, Inc. (Open Exchange) |  |  | — |  |  |  | — |  |  |  | (701,940 | ) |  |  | (701,940 | )
Post Process Technologies, Inc. (Post Process) |  |  | — |  |  |  | — |  |  |  | (100,000 | ) |  |  | (100,000 | )
Rheonix |  |  | — |  |  |  | — |  |  |  | 2,802,731 |  |  |  | 2,802,731 |
Somerset |  |  | — |  |  |  | — |  |  |  | 594,097 |  |  |  | 594,097 |
Total unrealized gains (losses) |  |  | — |  |  |  | — |  |  |  | 2,035,857 |  |  |  | 2,035,857 |
Purchases of securities/changes to securities/non-cash conversions: |  |  |  |  |  |  |  |  |  |  |  |
Caitec |  |  | 228,606 |  |  |  | — |  |  |  | 72,522 |  |  |  | 301,128 |
DSD |  |  | 31,652 |  |  |  | — |  |  |  | — |  |  |  | 31,652 |
FCM Industries Holdco LLC (First Coast Mulch) |  |  | — |  |  |  | 3,818,156 |  |  |  | — |  |  |  | 3,818,156 |
Filterworks Acquisition USA, LLC (Filterworks) |  |  | — |  |  |  | 247,841 |  |  |  | — |  |  |  | 247,841 |
FSS |  |  | — |  |  |  | 4,535,000 |  |  |  | — |  |  |  | 4,535,000 |
GoNoodle, Inc. (GoNoodle) |  |  | — |  |  |  | 14,170 |  |  |  | — |  |  |  | 14,170 |
HDI Acquisition LLC (Hilton Displays) |  |  | — |  |  |  | 22,523 |  |  |  | — |  |  |  | 22,523 |
Highland All About People Holdings, Inc. (All About People) |  |  | — |  |  |  | 3,049,187 |  |  |  | 1,000,000 |  |  |  | 4,049,187 |
Inter-National Electronic Alloys LLC (INEA) |  |  | — |  |  |  | 3,338,074 |  |  |  | 1,011,765 |  |  |  | 4,349,839 |
ITA Acquisition, LLC (ITA) |  |  | 612,753 |  |  |  | — |  |  |  | — |  |  |  | 612,753 |
Mattison Avenue Holdings LLC (Mattison) |  |  | 37,934 |  |  |  | — |  |  |  | — |  |  |  | 37,934 |
Pressure Pro, Inc. (Pressure Pro) |  |  | — |  |  |  | 3,063,436 |  |  |  | 30,000 |  |  |  | 3,093,436 |
SciAps, Inc. (SciAps) |  |  | — |  |  |  | 5,000 |  |  |  | — |  |  |  | 5,000 |
Seybert’s Billiards Corporation (Seybert’s) |  |  | — |  |  |  | 125,569 |  |  |  | — |  |  |  | 125,569 |
Social Flow |  |  | — |  |  |  | — |  |  |  | 4,941 |  |  |  | 4,941 |
Swanson |  |  | 100,115 |  |  |  | — |  |  |  | — |  |  |  | 100,115 |
Tilson Technology Management, Inc. (Tilson) |  |  | — |  |  |  | — |  |  |  | 250,000 |  |  |  | 250,000 |
Total purchases of securities/changes to securities/non-cash conversions |  |  | 1,011,060 |  |  |  | 18,218,956 |  |  |  | 2,369,228 |  |  |  | 21,599,244 |
Repayments and sale of securities: |  |  |  |  |  |  |  |  |  |  |  |
Clearview Social |  |  | — |  |  |  | — |  |  |  | (10,432 | ) |  |  | (10,432 | )
DSD |  |  | (3,171,434 | ) |  |  | — |  |  |  | (3,527,319 | ) |  |  | (6,698,753 | )
FSS |  |  | — |  |  |  | (640,047 | ) |  |  | (210,000 | ) |  |  | (850,047 | )
Hilton Displays |  |  | — |  |  |  | (300,000 | ) |  |  | — |  |  |  | (300,000 | )
Mercantile |  |  | — |  |  |  | — |  |  |  | (3,440 | ) |  |  | (3,440 | )
Microcision |  |  | — |  |  |  | — |  |  |  | (115,010 | ) |  |  | (115,010 | )
Somerset |  |  | — |  |  |  | — |  |  |  | (270,380 | ) |  |  | (270,380 | )
Total repayments and sale of securities |  |  | (3,171,434 | ) |  |  | (940,047 | ) |  |  | (4,136,581 | ) |  |  | (8,248,062 | )
Transfers within Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Transfers out of Level 3 |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Ending Balance December 31, 2023, of Level 3 Assets |  | $ | 12,417,977 |  |  | $ | 36,861,525 |  |  | $ | 20,536,560 |  |  | $ | 69,816,062 |
Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date |  |  |  |  |  |  |  |  |  |  | $ | (474,273 | )

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- Definition Tabular disclosure of the effect of fair value measurements using significant unobservable inputs (Level 3) on changes in plan assets of pension plans and/or other employee benefit plans for the period. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(02) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480506/715-20-50-1 + Details
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