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v3.25.3

Investments (Tables) | 9 Months Ended
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Sep. 30, 2025
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 September 30, 2025:
Investment Type |  | Market Approach EBITDA Multiple |  |  | Market Approach Liquidation Seniority |  |  | Market Approach Revenue Multiple |  |  | Market Approach Transaction Pricing |  |  | Totals |
Non-Control/Non-Affiliate Equity |  | $ | 2,000,000 |  |  | $ | — |  |  | $ | 700,000 |  |  | $ | 100,038 |  |  | $ | 2,800,038 |
Non-Control/Non-Affiliate Loan and Debt |  |  | 4,923,884 |  |  |  | 1,451,082 |  |  |  | — |  |  |  | — |  |  |  | 6,374,966 |
Total Non-Control/Non-Affiliate |  | $ | 6,923,884 |  |  | $ | 1,451,082 |  |  | $ | 700,000 |  |  | $ | 100,038 |  |  | $ | 9,175,004 |
Affiliate Equity |  | $ | 4,650,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 250,000 |  |  | $ | 4,900,000 |
Affiliate Loan and Debt |  |  | 24,254,681 |  |  |  | — |  |  |  | — |  |  |  | 4,001,187 |  |  |  | 28,255,868 |
Total Affiliate |  | $ | 28,904,681 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,251,187 |  |  | $ | 33,155,868 |
Control Equity |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Control Loan and Debt |  |  | — |  |  |  | 2,000,000 |  |  |  | — |  |  |  | — |  |  |  | 2,000,000 |
Total Control |  | $ | — |  |  | $ | 2,000,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,000,000 |
Total Level 3 Investments |  | $ | 35,828,565 |  |  | $ | 3,451,082 |  |  | $ | 700,000 |  |  | $ | 4,351,225 |  |  | $ | 44,330,872 |
Range |  | 4X - 11X |  |  | 1X |  |  | 3.5X |  |  | Not Applicable |  |  |  |
Unobservable Input |  | EBITDA Multiple |  |  | Asset Value |  |  | Revenue Multiple |  |  | Transaction Price |  |  |  |
Weighted Average |  | 5.8X |  |  | 1X |  |  | 3.5X |  |  | 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 September 30, 2025:
|  |  |  |  | Fair Value Measurements at Reported Date Using |
Description |  | September 30, 2025 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Other Significant Unobservable Inputs (Level 3) |
Loan investments |  | $ | 3,721,459 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,721,459 |
Debt investments |  |  | 32,909,375 |  |  |  | — |  |  |  | — |  |  |  | 32,909,375 |
Equity investments |  |  | 7,700,038 |  |  |  | — |  |  |  | — |  |  |  | 7,700,038 |
Total |  | $ | 44,330,872 |  |  | $ | — |  |  | $ | — |  |  | $ | 44,330,872 |
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 |
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 | ) |  |  | (12,913,86 3 | )
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 |

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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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