v3.25.3

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2025

Significant Accounting Policies

Schedule of Investments Measured at Fair Value

		Fair Value Measurements as of June 30, 2025
(in thousands)		Total				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant  Unobservable Inputs (Level 3)
Assets
Investments:
Control investments		$	22,850			$	—			$	—			$	22,850
Non-affiliate investments			10,632				—				7,313				3,319
Total investments		$	33,482			$	—			$	7,313			$	26,169

		Fair Value Measurements as of December 31, 2024
(in thousands)		Total				Quoted Prices in Active Markets for Identical Assets(Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Investments:
Control investments		$	27,500			$	—			$	—			$	27,500
Total investments		$	27,500			$	—			$	—			$	27,500

Schedule of Reconciliation of Fair Value Changes for Investments

		Fair value measurements using significant unobservable inputs (Level 3)
(in thousands)		Control    Investments				Affiliate        Investments				Non-affiliate Investments				Total
Fair value as of January 1, 2025		$	27,500							$ $				$	27,500
Sale of portfolio securities			(4,000	)			—				—				(4,000	)
Purchases of portfolio securities			—				—				2,750				2,750
Change in unrealized appreciation			1,000				—				1,208				2,208
Fair value as of March 31, 2025			24,500				—				3,958				28,458
Change in unrealized appreciation			(1,650	)			—				(639	)			(2,289	)
Fair value as of June 30, 2025		$	22,850			$	—			$	3,319			$	26,169

		Fair value measurements using significant unobservable inputs (Level 3)
(in thousands)		Control   Investments				Affiliate       Investments				Non-affiliate      Investments				Total
Fair value as of January 1, 2024		$	40,853			$	—			$	—			$	40,853
Purchases of portfolio securities			2,247				—				—				2,247
Change in unrealized appreciation			(1,350	)			—				—				(1,350	)
Fair value as of March 31, 2024			41,750												41,750
Change in unrealized appreciation			4,750				—				—				4,750
Fair value as of June 30, 2024		$	46,500			$	—			$	—			$	46,500

Schedule of Fair Value Measurement Significant Non-Observable Inputs

										Range
(in thousands)		Fair Value				Valuation Techniques		Unobservable Inputs		Minimum				Minimum				Weighted Average
Limited liability company investments
						Guideline Public Company Method		Proved Reserve Multiple			5,902	x			6,911	x			6,407	x
								Daily Production Multiple			26,200	x			27,216	x			26,708	x
Morgan E&P, LLC			12,350			Guideline Transaction Method		Proved Reserve Multiple			5,304	x			8,878	x			7,091	x
								Daily Production Multiple			22,297	x			34,222	x			28,260	x
						Discounted Cash Flow		Discount Rate			10.8	%			11.7	%			11.25	%
Senior debt
Morgan E&P, LLC			10,500			Yield analysis		Company specific yield			10.82	%			12.0	%			11.41	%
Preferred Stock
North American Energy Opportunities Corp.			-			Transaction Value		Conditions to redemption			0.0	%			0.0	%			0.0	%
Warrant
General Enterprise Ventures, Inc.			3,319			Black-Scholes		Volatility			110.0	%			107.0	%			108.5	%
			26,169

										Range
(in thousands)		Fair Value				Valuation Techniques		Unobservable Inputs		Minimum				Maximum				Weighted Average
Limited liability company
investments
								Acreage Value (per acre)		$	1,000			$	4,000			$	1,784
						Guideline Transaction		Proved Reserve
Equus Energy, LLC		$	4,000			Method		Multiple			6.2	x			10.8	x			8.65	x
								Daily Production
								Multiple			24,921.7	x			45,307.1	x			40,787.19	x
						Discounted Cash Flow		Discount Rate			10.9	%			10.9	%			10.9	%
						Transaction Price				$	4,000			$	4,000			$	4,000
						Guideline Public Company Method		Proved Reserve Multiple			6,415	x			7,342	x			6,878.5	x
								Daily Production Multiple			29,948	x			40,946	x			35,447	x
Morgan E&P, LLC			13,000			Guideline Transaction Method		Proved Reserve Multiple			5,304	x			8,786	x			7,045	x
								Daily Production Multiple			22,297	x			32,595	x			27,446	x
						Discounted Cash Flow		Discount Rate			11.7	%			12.6	%			12.15	%
Senior debt
Morgan E&P, LLC			10,500			Yield analysis		Company specific yield			11.52	%			12.0	%			11.76	%
		$	27,500

Schedule of basic and diluted earnings per share

(in thousands, except share and per-share data)		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Net income (loss) attributable to common shareholders		$	(86	)		$	3,900			$	3,857			$	1,505
Weighted average shares outstanding - basic			13,586				13,586				13,586				13,586
Effect of dilutive securities			—				—			$	(0.04	)			—
Weighted average shares outstanding - diluted			13,586				13,586				16,238				13,586
Basic earnings per share		$	(0.01	)		$	0.29			$	0.28			$	0.11
Diluted earnings per share		$	(0.01	)		$	0.29			$	0.24			$	0.11

Schedule of Distributable Earnings

(in thousands)		June 30, 2025				December 31, 2024
Accumulated undistributed net investment losses		$	(56,500	)		$	(54,780	)
Unrealized appreciation of portfolio securities, net			18,732				8,889
Accumulated undistributed net capital gains			(3,664	)			602
Accumulated deficit		$	(41,432	)		$	(45,289	)

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