Significant Accounting Policies (Tables)
|
9 Months Ended |
Sep. 30, 2022 |
|---|
| Significant Accounting Policies |
|
| Schedule of Investments Measured at Fair Value |
| | | | | Fair Value Measurements as of September 30, 2022 | | (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 | | $ | 15,500 | | | $ | — | | | $ | — | | | $ | 15,500 | | Total investments | | | 15,500 | | | | — | | | | — | | | | 15,500 | | Temporary cash investments | | | 3,999 | | | | 3,999 | | | | — | | | | — | | Total investments and temporary cash investments | | $ | 19,499 | | | $ | 3,999 | | | $ | — | | | $ | 15,500 | |
| | | | | Fair Value Measurements as of December 31, 2021 | | (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 | | $ | 13,000 | | | $ | — | | | $ | — | | | $ | 13,000 | | Total investments | | | 13,000 | | | | — | | | | — | | | | 13,000 | | Temporary cash investments | | | 2,500 | | | | 2,500 | | | | — | | | | — | | Total investments and temporary cash investments | | $ | 15,500 | | | $ | 2,500 | | | $ | — | | | $ | 13,000 | |
|
| 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, 2022 | | $ | 13,000 | | | $ | — | | | $ | — | | | $ | 13,000 | | Change in unrealized appreciation | | | 2,500 | | | | — | | | | — | | | | 2,500 | | Fair value as of September 30, 2022 | | $ | 15,500 | | | $ | — | | | $ | — | | | $ | 15,500 | |
| | 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, 2021 | | $ | 7,000 | | | $ | — | | | $ | — | | | $ | 7,000 | | Change in unrealized appreciation | | | 4,650 | | | | — | | | | — | | | | 4,650 | | Purchases of portfolio securities | | | 350 | | | | — | | | | — | | | | 350 | | Fair value as of September 30, 2021 | | $ | 12,000 | | | $ | — | | | $ | — | | | $ | 12,000 | |
|
| Schedule of Fair Value Measurement Significant Non-Observable Inputs |
| | | | | | | | | Range | | (in thousands) | | Fair Value | | | Valuation Techniques | | Unobservable Inputs | | Minimum | | | Maximum | | | Weighted Average | | Limited liability company investments | | $ | 15,500 | | | Guideline Transaction Method | | Acreage Value (per acre) | | $ | 1,500 | | | $ | 11,000 | | | $ | 4,062 | | | | | | | | | | Proved Reserve Multiple | | | 3.8 | x | | | 9.3 | x | | | 7.4 | x | | | | | | | | | Daily Production Multiple | | | 29,466.6 | x | | | 45,285.2 | x | | | 44,850.1 | x | | | | | | | Discounted Cash Flow | | Discount Rate | | | 11.0 | % | | | 11.0 | % | | | 11.0 | % |
| | | | | | | | | Range | | (in thousands) | | Fair Value | | | Valuation Techniques | | Unobservable Inputs | | Minimum | | | Maximum | | | Weighted Average | | Limited liability company investments | | $ | 13,000 | | | Guideline Transaction Method | | Acreage Value (per acre) | | $ | 1,500 | | | $ | 10,000 | | | $ | 5,750 | | | | | | | | | | Proved Reserve Multiple | | | 3.6 | x | | | 7.3 | x | | | 7.2 | x | | | | | | | | | Daily Production Multiple | | | 15,425.3 | x | | | 37,215.1 | x | | | 36,393.7 | x | | | | | | | Discounted Cash Flow | | Discount Rate | | | 11.0 | % | | | 11.0 | % | | | 11.0 | % |
|
| Schedule of Distributable Earnings |
& Negative Thick Space; | | As of September 30, 2022 | | | As of December 31, 2021 | | Accumulated undistributed net investment losses | | $ | (46,436 | ) | | $ | (43,801 | ) | Unrealized appreciation of portfolio securities, net | | | 7,539 | | | | 5,039 | | Accumulated undistributed net capital gains | | | 429 | | | | 429 | | Accumulated deficit | | $ | (38,468 | ) | | $ | (38,333 | ) |
|
| Schedule of Cash and Cash Equivalents |
| | As of September 30, 2022 | | | As of December 31, 2021 | | Cash and cash equivalents at end of period | | $ | 20,094 | | | $ | 23,465 | | Restricted cash at end of period | | | 40 | | | | 25 | | Cash and cash equivalents and restricted cash at end of period | | $ | 20,134 | | | $ | 23,490 | |
|