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Investments (Tables) | 3 Months Ended
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Mar. 31, 2026
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 March 31, 2026:
Investment Type |  | Market Approach EBITDA Multiple |  |  | Market Approach Liquidation Seniority |  |  | Market Approach Revenue Multiple |  |  | Market Approach Transaction Pricing |  |  | Totals |
Non-Control/Non-Affiliate Equity |  | $ | 3,000,000 |  |  | $ | — |  |  | $ | 700,000 |  |  | $ | 150,038 |  |  | $ | 3,850,038 |
Non-Control/Non-Affiliate Loan and Debt |  |  | 5,075,356 |  |  |  | 1,458,346 |  |  |  | — |  |  |  | — |  |  |  | 6,533,702 |
Total Non-Control/Non-Affiliate |  | $ | 8,075,356 |  |  | $ | 1,458,346 |  |  | $ | 700,000 |  |  | $ | 150,038 |  |  | $ | 10,383,740 |
Affiliate Equity |  | $ | 5,365,245 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,000,000 |  |  | $ | 6,365,245 |
Affiliate Loan and Debt |  |  | 30,394,079 |  |  |  | — |  |  |  | — |  |  |  | 3,000,000 |  |  |  | 33,394,079 |
Total Affiliate |  | $ | 35,759,324 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,000,000 |  |  | $ | 39,759,324 |
Control Equity |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Control Loan and Debt |  |  | — |  |  |  | 1,400,000 |  |  |  | — |  |  |  | — |  |  |  | 1,400,000 |
Total Control |  | $ | — |  |  | $ | 1,400,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,400,000 |
Total Level 3 Investments |  | $ | 43,834,680 |  |  | $ | 2,858,346 |  |  | $ | 700,000 |  |  | $ | 4,150,038 |  |  | $ | 51,543,064 |
Range |  | 4X - 14.7X |  |  | 1X |  |  | 3.85X |  |  | Not Applicable |  |  |  |
Unobservable Input |  | EBITDA Multiple |  |  | Asset Value |  |  | Revenue Multiple |  |  | Transaction Price |  |  |  |
Weighted Average |  | 6.1X |  |  | 1X |  |  | 3.85X |  |  | 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, 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 |  | $ | 3,000,000 |  |  | $ | — |  |  | $ | 700,000 |  |  | $ | 100,038 |  |  | $ | 3,800,038 |
Non-Control/Non-Affiliate Loan and Debt |  |  | 5,050,064 |  |  |  | 1,454,709 |  |  |  | — |  |  |  | — |  |  |  | 6,504,773 |
Total Non-Control/Non-Affiliate |  | $ | 8,050,064 |  |  | $ | 1,454,709 |  |  | $ | 700,000 |  |  | $ | 100,038 |  |  | $ | 10,304,811 |
Affiliate Equity |  | $ | 4,915,245 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,307,659 |  |  | $ | 6,222,904 |
Affiliate Loan and Debt |  |  | 27,314,181 |  |  |  | — |  |  |  | — |  |  |  | 3,238,600 |  |  |  | 30,552,781 |
Total Affiliate |  | $ | 32,229,426 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,546,259 |  |  | $ | 36,775,685 |
Control Equity |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Control Loan and Debt |  |  | — |  |  |  | 1,400,000 |  |  |  | — |  |  |  | — |  |  |  | 1,400,000 |
Total Control |  | $ | — |  |  | $ | 1,400,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,400,000 |
Total Level 3 Investments |  | $ | 40,279,490 |  |  | $ | 2,854,709 |  |  | $ | 700,000 |  |  | $ | 4,646,297 |  |  | $ | 48,480,496 |
Range |  | 4X - 14.7X |  |  | 1X |  |  | 3.9X |  |  | Not Applicable |  |  |  |
Unobservable Input |  | EBITDA Multiple |  |  | Asset Value |  |  | Revenue Multiple |  |  | Transaction Price |  |  |  |
Weighted Average |  | 6.1X |  |  | 1X |  |  | 3.9X |  |  | Not Applicable |  |  |  |
Summary of the Components of Portfolio Investment Assets Measured at Fair Value | The following table provides a summary of the components of Level 1, 2 and 3 portfolio investment assets measured at fair value at March 31, 2026:
|  |  |  |  | Fair Value Measurements at Reported Date Using |
Description |  | March 31, 2026 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Other Significant Unobservable Inputs (Level 3) |
Loan investments |  | $ | 3,187,551 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,187,551 |
Debt investments |  |  | 38,140,230 |  |  |  | — |  |  |  | — |  |  |  | 38,140,230 |
Equity investments |  |  | 10,215,283 |  |  |  | — |  |  |  | — |  |  |  | 10,215,283 |
Total |  | $ | 51,543,064 |  |  | $ | — |  |  | $ | — |  |  | $ | 51,543,064 |
The following table provides a summary of the components of Level 1, 2 and 3 portfolio investment assets measured at fair value at December 31, 2025:
|  |  |  |  | Fair Value Measurements at Reported Date Using |
Description |  | December 31, 2025 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Observable Inputs (Level 2) |  |  | Other Significant Unobservable Inputs (Level 3) |
Loan investments |  | $ | 3,154,587 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,154,587 |
Debt investments |  |  | 35,302,967 |  |  |  | — |  |  |  | — |  |  |  | 35,302,967 |
Equity investments |  |  | 10,022,942 |  |  |  | — |  |  |  | — |  |  |  | 10,022,942 |
Total |  | $ | 48,480,496 |  |  | $ | — |  |  | $ | — |  |  | $ | 48,480,496 |
Summary of Changes in Portfolio Investment Assets Measured at Fair Value Using Significant Unobservable Inputs (Level 3) | The following table provides a summary of changes in portfolio investment assets measured at fair value using significant unobservable inputs (Level 3) for the three months ended March 31, 2026:
|  | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
Description |  | Loan Investments |  |  | Debt Investments |  |  | Equity Investments |  |  | Total |
Ending balance December 31, 2025, of Level 3 Assets |  | $ | 3,154,587 |  |  | $ | 35,302,967 |  |  | $ | 10,022,942 |  |  | $ | 48,480,496 |
Realized gains included in net change in net assets from operations: |  |  |  |  |  |  |  |  |  |  |  |
Carolina Skiff LLC (Carolina Skiff) |  |  | — |  |  |  | — |  |  |  | 3,112 |  |  |  | 3,112 |
Seybert’s Billiards Corporation (Seybert’s) |  |  | — |  |  |  | — |  |  |  | 1,072,459 |  |  |  | 1,072,459 |
Total realized gains, net |  |  | — |  |  |  | — |  |  |  | 1,075,571 |  |  |  | 1,075,571 |
Unrealized (losses) gains included in net change in net assets from operations: |  |  |  |  |  |  |  |  |  |  |  |
Autotality |  |  | — |  |  |  | (1,023,457 | ) |  |  | — |  |  |  | (1,023,457 | )
Bauer Sheet Metal and Fabricating, LLC (Bauer) |  |  | — |  |  |  | — |  |  |  | 288,000 |  |  |  | 288,000 |
BlackJet Direct Marketing, LLC (BlackJet) |  |  | — |  |  |  | — |  |  |  | (250,000 | ) |  |  | (250,000 | )
Highland All About People Holdings, Inc. (All About People) |  |  | — |  |  |  | — |  |  |  | 400,000 |  |  |  | 400,000 |
Mountain Regional Equipment Solutions (MRES) |  |  | — |  |  |  | (403,000 | ) |  |  | — |  |  |  | (403,000 | )
Seybert’s |  |  | — |  |  |  | — |  |  |  | (1,051,659 | ) |  |  | (1,051,659 | )
Total unrealized losses, net |  |  | — |  |  |  | (1,426,457 | ) |  |  | (613,659 | ) |  |  | (2,040,116 | )
Purchases of securities/changes to securities/non-cash conversions: |  |  |  |  |  |  |  |  |  |  |  |
AME Holdco, LLC (AME) |  |  | — |  |  |  | 3,000,000 |  |  |  | 1,000,000 |  |  |  | 4,000,000 |
Autotality |  |  | — |  |  |  | 123,886 |  |  |  | — |  |  |  | 123,886 |
Bauer |  |  | — |  |  |  | 600 |  |  |  | — |  |  |  | 600 |
BlackJet |  |  | — |  |  |  | 5,642 |  |  |  | — |  |  |  | 5,642 |
BMP Food Service Supply Holdco, LLC (FSS) |  |  | — |  |  |  | 400,000 |  |  |  | — |  |  |  | 400,000 |
BMP Swanson Holdco, LLC (Swanson) |  |  | 32,964 |  |  |  | — |  |  |  | — |  |  |  | 32,964 |
Caitec, Inc. (Caitec) |  |  | — |  |  |  | 25,292 |  |  |  | 50,000 |  |  |  | 75,292 |
FCM Industries Holdco LLC (First Coast Mulch) |  |  | — |  |  |  | 13,521 |  |  |  | — |  |  |  | 13,521 |
GoNoodle, Inc. (GoNoodle) |  |  | — |  |  |  | 3,637 |  |  |  | — |  |  |  | 3,637 |
Highland All About People Holdings, Inc. (All About People) |  |  | — |  |  |  | 33,058 |  |  |  | — |  |  |  | 33,058 |
Mobile RN Holdings LLC (Mobile IV Nurses) |  |  | — |  |  |  | 6,330 |  |  |  | — |  |  |  | 6,330 |
MRES |  |  | — |  |  |  | 680,924 |  |  |  | — |  |  |  | 680,924 |
Total purchases of securities/changes to securities/non-cash conversions |  |  | 32,964 |  |  |  | 4,292,890 |  |  |  | 1,050,000 |  |  |  | 5,375,854 |
Repayments and sales of securities: |  |  |  |  |  |  |  |  |  |  |  |
Applied Image, Inc. (Applied Image) |  |  | — |  |  |  | (29,170 | ) |  |  | — |  |  |  | (29,170 | )
Carolina Skiff |  |  | — |  |  |  | — |  |  |  | (3,112 | ) |  |  | (3,112 | )
Seybert's |  |  | — |  |  |  | — |  |  |  | (1,316,459 | ) |  |  | (1,316,459 | )
Total repayments and sales of securities |  |  | — |  |  |  | (29,170 | ) |  |  | (1,319,571 | ) |  |  | (1,348,741 | )
Ending balance March 31, 2026, of Level 3 Assets |  | $ | 3,187,551 |  |  | $ | 38,140,230 |  |  | $ | 10,215,283 |  |  | $ | 51,543,064 |
Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date |  |  |  |  |  |  |  |  |  |  | $ | (988,457 | )
The following table provides a summary of changes in portfolio investment assets measured at fair value using significant unobservable inputs (Level 3) for the three months ended March 31, 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 gains (losses) included in net change in net assets from operations: |  |  |  |  |  |  |  |  |  |  |  |
GoNoodle, Inc. (GoNoodle) |  |  | — |  |  |  | — |  |  |  | (25 | ) |  |  | (25 | )
Microcision, LLC (Microcision) |  |  | — |  |  |  | — |  |  |  | 55,357 |  |  |  | 55,357 |
Pressure Pro, Inc. (Pressure Pro) |  |  | — |  |  |  | — |  |  |  | 870,000 |  |  |  | 870,000 |
Total realized gains, net |  |  | — |  |  |  | — |  |  |  | 925,332 |  |  |  | 925,332 |
Unrealized gains (losses) included in net change in net assets from operations: |  |  |  |  |  |  |  |  |  |  |  |
BMP Food Service Supply Holdco, LLC (FSS) |  |  | — |  |  |  | — |  |  |  | (247,619 | ) |  |  | (247,619 | )
Inter-National Electronic Alloys LLC (EFINEA) |  |  | — |  |  |  | — |  |  |  | 288,235 |  |  |  | 288,235 |
ITA Acquisition, LLC (ITA) |  |  | (875,000 | ) |  |  | — |  |  |  | — |  |  |  | (875,000 | )
Pressure Pro |  |  | — |  |  |  | — |  |  |  | (720,000 | ) |  |  | (720,000 | )
Seybert’s Billiards Corporation (Seybert’s) |  |  | — |  |  |  | — |  |  |  | 256,000 |  |  |  | 256,000 |
Total unrealized losses, net |  |  | (875,000 | ) |  |  | — |  |  |  | (423,384 | ) |  |  | (1,298,384 | )
Purchases of securities/changes to securities/non-cash conversions: |  |  |  |  |  |  |  |  |  |  |  |
Autotality (formerly Filterworks Acquisition USA, LLC) |  |  | — |  |  |  | 58,573 |  |  |  | — |  |  |  | 58,573 |
Caitec, Inc. (Caitec) |  |  | 158,454 |  |  |  | — |  |  |  | — |  |  |  | 158,454 |
FCM Industries Holdco LLC (First Coast Mulch) |  |  | — |  |  |  | 12,222 |  |  |  | — |  |  |  | 12,222 |
FSS |  |  | — |  |  |  | 212,770 |  |  |  | — |  |  |  | 212,770 |
GoNoodle, Inc. (GoNoodle) |  |  | — |  |  |  | 3,601 |  |  |  | — |  |  |  | 3,601 |
Highland All About People Holdings, Inc. (All About People) |  |  | — |  |  |  | 31,751 |  |  |  | — |  |  |  | 31,751 |
ITA |  |  | 375,000 |  |  |  | — |  |  |  | — |  |  |  | 375,000 |
Mobile RN Holdings LLC (Mobile IV Nurses) |  |  | — |  |  |  | 6,266 |  |  |  | — |  |  |  | 6,266 |
Mountain Regional Equipment Solutions (MRES) |  |  | — |  |  |  | 124,575 |  |  |  | — |  |  |  | 124,575 |
Pressure Pro |  |  | — |  |  |  | 22,445 |  |  |  | — |  |  |  | 22,445 |
Seybert’s |  |  | — |  |  |  | 31,950 |  |  |  | — |  |  |  | 31,950 |
Total purchases of securities/changes to securities/non-cash conversions |  |  | 533,454 |  |  |  | 504,153 |  |  |  | — |  |  |  | 1,037,607 |
Repayments and sales of securities: |  |  |  |  |  |  |  |  |  |  |  |
HDI Acquisition LLC (Hilton Displays) |  |  | — |  |  |  | (1,071,824 | ) |  |  | — |  |  |  | (1,071,824 | )
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 | )
Total repayments and sales of securities |  |  | (5,572,902 | ) |  |  | (2,796,974 | ) |  |  | (955,357 | ) |  |  | (9,325,233 | )
Ending balance March 31, 2025, of Level 3 Assets |  | $ | 9,123,425 |  |  | $ | 35,750,900 |  |  | $ | 17,283,038 |  |  | $ | 62,157,363 |
Change in unrealized appreciation/depreciation included in earnings related to Level 3 investments still held at reporting date |  |  |  |  |  |  |  |  |  |  | $ | (578,384 | )

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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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